Why Bike Insurance Is Important

1. Why Bike Insurance Is Important? topgeneralinsurancebrokersinindia.blogspot.com/2023/06/why-bike-insurance-is-important.html Two-wheelers are a great way to commute or enjoy leisure. You must buy bike insurance regardless of what you plan to use it for. This will protect you from any financial liability due to theft, road accidents, or damage. Consider buying the two-wheeler policy that will best meet your needs. This post will discuss other reasons for buying two-wheeler coverage and what to consider when applying. Why Bike Insurance is Important Many countries, including India, have made insurance for owners of two-wheelers mandatory due to an increase in the number of accidents. This is a smart decision, as the policy will protect your two-wheeler against any threats. Here, we'll discuss the main reasons for getting bike insurance, and how you can benefit from it. Let's jump right into the main section. Legal Requirements The Motor Vehicles Act, of 1988 states that it is mandatory to purchase at least third-party liability insurance. This insurance will protect you if you damage any third-party property or bikes during your bicycle ride. Comprehensive bike insurance offers both third-party and your own damages. Natural Calamities Protection Natural disasters are unpredictable and uncertain. If you purchase bike insurance you will be protected against injuries and damages due to fire, floods, earthquakes, heavy storms, etc. To get the funds, you need to submit a claim. Insurance for personal accidents Two-wheelers can be dangerous and road accidents may occur when you least expect them. With adequate bike insurance, a driver can receive financial assistance for any damages. The insurance company can compensate the family of an insured individual in the event of their unfortunate death in a bicycle accident. 1/3

2. Coverage against Theft Due to their lightweight, two-wheelers are prone to theft. If you purchase online bike insurance it will cover theft and ensure that you receive the full value of your two- wheeler. To settle your claim, you only need to submit all the required documents. Two-wheeler Repairs of the highest quality Repair services can be expensive. You need bike insurance to receive top-quality repair services. The insurance will cover the costs of services, so you don't have to spend money on them. This is because your insurance policy will cover you fully. This will allow you to maintain your bike easily so that it serves you for many years. What You Should Keep in Mind When Buying Two-Wheeler Insurance The importance of bike insurance is enormous. To get the most out of bike insurance, it is important to understand what you need to keep in mind. Below we will discuss the things you need to consider when purchasing two-wheeler coverage. Coverage Type There are two types of bike insurance: comprehensive coverage and third-party liability coverage. In India, the second type of insurance is compulsory for all bike owners and covers any third-party damage. This means that if your bike is involved in a road accident this insurance will cover the damages. Comprehensive coverage, on the other hand, will cover all risks, including third-party liability. Claim Settlement Ratio (CSR) The Claim Settlement Rate or CSR is a ratio of the claims received by the insurance company. A high CSR means that the insurance company will impose a percentage on a large claim. 2/3

3. IDV The total amount that the insurance company will pay in the event of a complete loss is called the Insured Declared Valuation or IDV. You must choose an Insured Declaration Value (IDV) that is close to market value in order to provide adequate coverage. The conclusion of the article is: In India, it is compulsory to purchase online bike insurance. This coverage protects bike owners against theft, natural disasters, accidents, and third-party liability. They can also enjoy peace of mind, knowing that they are covered for any unforeseen circumstances. 3/3