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Why Bike Insurance Is Important

Riding a two-wheeler always offers an exhilarating experience, whether for commuting or leisure. No matter what you use it for, you must buy bike insurance to protect it from financial liabilities due to theft, damage, or road accidents.<br><br>

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Why Bike Insurance Is Important

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  1. Why Bike Insurance Is Important? squareinsurance.wordpress.com/2023/06/06/why-bike-insurance-is-important Riding a two-wheeler always offers an exhilarating experience, whether for commuting or leisure. No matter what you use it for, you must buy bike insurance to protect it from financial liabilities due to theft, damage, or road accidents. But, consider buying the best two-wheeler insurance that best will fulfill your requirements. However, this post will highlight other reasons to buy two-wheeler insurance and things to consider before applying. Importance of Bike Insurance- Explaining the Reasons Due to the growing number of bike accidents, many countries, including India, made bike insurance mandatory for two-wheeler owners. It is a wise decision because the insurance policy can cover your two-wheeler from any possible threats. However, here, we will discuss the primary reasons to get bike insurance and how it can benefit you and your bike. So, without further ado, let’s quickly jump into the main part. Legal Requirements According to the Motor Vehicles Act of 1988, buying at least a third-party insurance policy has become essential by law. Like, suppose during your bike ride, you end up damaging any property or third-party bikes; this insurance can protect you from any legal consequences. Consider selecting comprehensive bike insurance, as it offers third-party insurance along with your damages. Protection Against the Natural Calamities 1/3

  2. Natural calamities are very uncertain and unpredictable. But, if you buy bike insurance, you can receive financial protection against the injuries and damages caused by fire, flood, earthquake, heavy storms, etc. You just need to claim a request to get the fund for the same. Coverage for Personal Accidents Riding a two-wheeler can be dangerous, and you may encounter road accidents when you least expect it to happen. But, with adequate bike insurance, the driver can get financial support for all the damages. Even in case of the unfortunate demise of the insured person in a bike accident, that individual’s family can get the total amount as compensation from the insurance company. Coverage Against Theft Two-wheelers are highly susceptible to theft because of their lightweight build. So, if you get bike insurance online, it will offer coverage against theft to ensure you get the total compensation for the value of your two-wheeler. You just need to submit the necessary documents to settle your claim and get financial support. Offers Premium-quality Repairs for your two-wheeler Any damages to your two-wheeler can break your bank as some repair services are expensive. So, you need to get bike insurance for getting top-quality repair services. Now, there is no need to invest your money to pay for the services because of the insurance. It is so because the insurance policy will get you covered fully. In this way, you can easily maintain your bike as well so that it will serve you well for a long time. Things You Must Keep in Your Mind When Purchasing a Two- Wheeler Insurance The importance of bike insurance is huge. But, to get the maximum benefits, people should understand the things they must keep in their mind. So, to help you with that, below we have discussed those things that you should consider when getting two- wheeler insurance. Coverage Type Regarding bike insurance, two types of coverage are available: comprehensive coverage and third-party liability coverage. The second one is mandatory for bike owners in India and covers all third-party damages. It means when your bike encounters a road accident, this insurance can cover it. On the other hand, comprehensive coverage will cover everything, including third-party liability. Claim Settlement Ratio or CSR 2/3

  3. The CSR or the Claim Settlement Ratio is mainly a ratio that the insurance company settles to the total received claims. A high CSR implies that the insurance company imposes a percentage of a large claim. IDV The Insured Declared Value or IDV is the total sum the insurance company pays in case of complete bike loss. Hence, you must select an Insured Declared Value or IDV close to the market value to offer adequate coverage. Conclusion You must purchase bike insurance online as it is mandatory in India. The coverage provides the bike owners protection against natural disasters, accidents, third-party liabilities, and theft. It also offers peace of mind to them as they can rest assured that they will get financial protection for unforeseen circumstances. Related Search:- buy bike insurance online, renew bike insurance online 3/3

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