Why should you opt for bike insurance purchase?

Posted by sanjay on August 17th, 2016

In India, motorcycles are the most preferred mode of the vehicle to slide through the snarling traffic, go for endless rides with near and dear ones or daily mode of transport.  Bike helps you get fuel efficiency, relatively low cost of maintenance and the ease of navigation on the roads. But have you ever wonder what happens when your bike gets a sudden jerk in the big pot hole, losing your balance and ramp into a car, person or third party property. For a moment you’ll be shocked. You will get physically damaged and financially bear the losses due to damage done. If it’s a major accident and cause third party life or property damage you will have to pay lots of money creating a huge hole in your pockets.

Relax! There is a way out in the form of bike insurance policies. Bike cover helps you protect an individual against financial losses caused due to third party damage, man-made or natural circumstances.  To keep your vehicle safe from unnecessary problems, nature’s fury, man-made damages, etc. it is better to buy a suitable bike cover. By acquiring an insurance policy, one can get the compensations for natural calamity or other reasons including, accident, Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. Bike cover offers you risk coverage towards self physical injury, damage/loss of the vehicle and third party liability. If you observe carefully, we see two-wheeler is considered riskier than driving a car because they are more exposed to danger than someone seated in a car. This means they are more prone to accidents or mishaps than a four wheeler and require more protection.

Thus, a good insurance policy can compensate the owner for the loss against accidents and thefts, which can happen anytime without any warning. Although, bike insurance is not made mandatory by any Indian state or central government, but, considering its benefits one must go from having one for his or her two wheeler bike or scooter. However, third party insurance for two wheelers is mandatory. You see the cost of the bike insurance is very nominal and these can also be reduced by installing some useful applications like anti-theft devices such as siren and tracker on his or her bike or scooter.

While taking a bike policy comparing quotes and shopping around is important. It helps you save on costs, buying policies with right features, benefits, avail discounts, etc.  While savings on two wheeler cover policy there are two ways: You can opt for basic policy that will offer the bare minimum coverage for your vehicle i.e for third party coverage. Else you can go for comprehensive cover with a higher premium which can help you cover your health or bike part damage in the long run.

Some ways to curb your  expenses on your bike insurance policies are as follows:

•Insurers  like to cover those vehicle with minimum damage and wear & tear of the parts. You rewarded with better coverage and lesser premium. Low risk drivers without a history of accidents and dangerous on road behaviourmay  have to shell out  more money.

•Higher & more technically advance bike model more will be the premium you have to pay. If you choose a relatively expensive bike with a powerful engine or a vehicle which may be classified as rare or exotic by current market standards, you are likely to pay a hefty premium. On the other hand, if you choose an older model, insurers will tend to offer you competitively lower premium rates.

•Every time you complete your car insurance year without a single claim you’re rewarded with No Claim Bonus points.  You can redeem the points against the claim amount or premium reduction. So check and see if you can avail of this benefit. If yes, then the discount will be deducted from your premium and you have to pay less for the current year. It is advisable, don’t claim for petty scratches or dent. Instead accumulate your bonus points and go for higher claim or discounts

•Some insurer provides a small to a medium discount to customers who belong to a riding, touring or Automobile Association of India.

•Also, with an initiative to reduce your every year hassles of annual renewals and reminders,  two-wheeler owners are now able to buy long term bike insurance policies. Long-term policies are expected to reduce instances of dropouts, which is growing amongst the bike owners since agents do not find it lucrative enough to pursue renewals.

[Source:http://checkthis.com/why-should-you-opt-for-bike-insurance-purchase]