Bike insurance typically covers the following:
1. Third-Party Coverage:
- Mandatory in India as per the Motor Vehicles Act,
this coverage protects you against legal liabilities and financial losses caused to a third party (other individuals or properties) in an accident involving your motorcycle.
2. Comprehensive Coverage:
- Provides more extensive protection compared to third-party coverage.
- Covers damages to your motorcycle resulting from accidents, theft, natural calamities, fire, vandalism, and other specified perils.
3. Personal Accident Coverage:
- Protects you, the policyholder, against injuries or death resulting from motorcycle accidents.
- Provides compensation for medical expenses and disabilities caused by accidents.
4. Property Damage Coverage:
- Covers damages caused to your motorcycle due to accidental collision, theft, or other covered perils.
5. Liability Coverage:
- Provides protection against legal liabilities arising from injuries or damages to third parties caused by you while operating your motorcycle.
6. Add-On Covers:
- Most insurance companies offer add-on coverage options that you can purchase to enhance your policy. These may include:
- Zero Depreciation Cover
- Medical Reimbursement
- Roadside Assistance
- Legal Liability Cover for Pillion Rider
- Helmet Cover, and more.
7. No-Claim Bonus (NCB):
- If you don't file any claim during the policy period, you may be eligible for a NCB discount on your premium for the subsequent year. The NCB can accumulate to a maximum discount of up to 50% in certain cases.
It is important to carefully read and understand the terms and conditions of your bike insurance policy to know the exact coverage, exclusions, limits, and other relevant details. Different insurance providers may offer different plans and levels of coverage, so it is advisable to compare multiple quotes and choose the one that suits your needs and budget the best.
