Here is Everything you Need to know About Bike Insurance Inclusions and Exclusions
You need to understand the importance of having a good insurance cover for your bike as it will provide you the financial coverage in case of an accident. Apart from that, you should also remember that buying car insurance is mandatory as per law. You will have to pay a hefty penalty if you drive without valid insurance document.
In case your bike gets involved in an accident, without sufficient insurance coverage you will have to shell out lots of money to pay for the damages caused.
In extreme cases, you may even be imprisoned for not having insurance coverage for your bike when it gets involved in an accident. In order to be safe and secure, buy a bike insurance policy and safeguard yourself financially against the future road mishaps. Make sure that you go through the inclusions and exclusions of the plan before you buy them from the market. This will help you to choose the best deal that suits your insurance expectations. Additionally, it will help you to understand the coverage offered by the policy and you can avail it whenever it is required. There are many service providers including Tata AIG bike insurance that offer insurance coverage for your bike at best insurance premium.
If you want, you call the customer care support of your preferred insurance company; they will explain all the details about various inclusions and exclusions of the policy.
Why is Insurance Mandatory for Your Bike?
- In India, as per motor vehicles act, 1988, it is compulsory for every vehicle owner to buy insurance his/her every vehicle plying on the roads. It safeguards the financial interest of everyone on the road.
In case someone damages another vehicle or property or life and the driver responsible for the accident also dies in the accident, in that situation, there will be no one left to answer the victim and it can expose him/her to a financial crisis.
To avoid such incidents, buying insurance for every vehicle is mandatory. The driver responsible for the accident will have to pay for the incurred expenses. The vehicle insurance provides the compensation. This will also be useful in case the owner of the vehicle is not in a financially sound position to pay for the losses of victim.
- The insurance policy will come to the rescue in such a troublesome situation and make it easy for everyone involved in the situation. The victim will get sufficient help from the insurance coverage. As a vehicle owner, your legal liabilities that arise out of an accident will be fulfilled. This is the basic reason why motor insurance is mandatory in our country.
- There are various vehicle insurance policies like Tata AIG bike insurance that provides sufficient insurance coverage based on your individual requirements. It is a good idea to consult a professional advisor while choosing a motor insurance plan for your bike.
How Buying Bike Insurance will Helpful?
- The first and foremost benefit of having bike insurance coverage from reputed companies like Tata AIG Bike Insurance is that it fulfills your legal liability. It will safeguard you against hefty penalties imposed by the traffic police in case you don’t have any insurance coverage.
- When your bike is involved in an accident it damages a third-party life or property, you need to bear the expenses from your In this situation, having a good bike insurance plan will save you from the legal liabilities. Even having a basic third-party cover will help you in this situation. When compared to comprehensive insurance plans, it is very inexpensive.
- When you opt for comprehensive cover for your bike, you are entitled to get compensation when your bike is stolen or gets damaged due to an accident. You can even get coverage for damages caused due to natural disasters and man-made disasters.
In the case of own-damage, motor insurance coverage makes it easy for you to restore your bike in a good working condition without spending money from your pocket.
Which Bike Insurance is Best for Your Bike?
There are two types of insurance plans available in the market. You can opt for the one that fulfills your insurance expectations and fits in your budget. The cheapest option is to a third party cover and when you can afford to spend more, you can go for comprehensive coverage.
The third-party cover saves you from legal liabilities when your vehicle is involved in an accident and is causes damage to a third-party property or life. Note that it does not compensate damages done to your own bike.
However, the comprehensive cover offers enhanced protection and even covers damages caused to your bike along with third-party liabilities. In this way, it is the best two wheeler insurance plan for new bikes and you will be completely protected in case of any mishap to your own bike in the future.
You can visit the official websites of insurance service providers like Tata AIG bike insurance and get car insurance quotes. To simplify the comparison process, you can visit the website of web aggregators and compare car insurance plans online.
Based on the search results, you can consider the option that fulfills your insurance expectations and fits in your budget.
Inclusions and Exclusions of Third-party Insurance
The third party bike insurance can be opted when your bike has lost a major share of its market value due to standard depreciation. In general terms, the depreciation rate works at 10 percent for the first 5 years and later gets reduced to 5 percent per year. If your bike is more than 5 years old, 50 percent value of your car is lost. In this situation, you can easily consider the third-party cover. You can consider buying Tata AIG bike insurance or any other reputed bike plans available in the market.
Inclusions of Third Party Bike Insurance Plan
Here are the inclusions of a third party insurance plan:
- If your bike has caused any bodily injuries to third-party, your legal liabilities will be fulfilled as the cost of treatment of the third-party is covered under this plan.
- In the same manner, the damage done to third party property is also covered and you can get compensation for the losses claimed by the victim.
- The amount of compensation provided to victims will be decided by the Motor Tribunal Court. If it is less than the coverage offered by your plan, you need not pay anything from your pocket.
Exclusions of Third Party Bike Insurance Plan
Here are the exclusions of the third-party insurance plan:
- It is important to note that any damage done due to non-collision will not be covered under the third party plan. You need to bear the expenses of repairs yourself.
- In the same manner, your vehicle will not be covered when it is damaged in an accident and only third-party liabilities will be covered by the plan. While the company provides compensation for the claims made by victims, you have to pay from your pocket to get your bike repaired.
- Any damage done to the vehicle due to natural disasters or theft will not be covered under this plan. All these clauses are clearly mentioned in the policy document and you can check them to understand the exclusions in a detailed manner.
Inclusions and Exclusions of Comprehensive Bike Insurance
The comprehensive cover is the best option for new bikes as your bike will have a good market value. It offers adequate insurance coverage for an expensive bike. It offers better protection for your bike as compared to a third-party plan. Since it offers enhanced insurance coverage, it costs more than a third-party plan.
Inclusions of Comprehensive Insurance Plan
Here are the inclusions of the comprehensive insurance plan:
- It covers damages caused to your vehicle due to non-collision. In many cases, damage can happen even when your vehicle is not involved in an accident and this will be offered coverage under the plan.
- It also covers third-party liability that arises out of an accident situation and you can get relief during this troublesome situation. Along with the third-party cover, damages done to your own vehicle during the accident will also be covered by the policy.
- The best part about the plan is that you can get coverage against damages caused due to natural disasters like earthquake and heavy rains. You can file a claim in case your bike is stolen and it is not traced within a few months after the incident. In that situation, you need to file a complaint with the police and submit the details to the insurance company. After a few months, when the vehicle will be declared non-traceable, you will be provided compensation based on the current market value of your vehicle.
Exclusions of Comprehensive Insurance Plan
Here are the exclusions of the comprehensive insurance plan:
- Remember that the coverage will be provided only when you are driving with a valid license issued by the local transportation If you are involved in an accident without a valid license, compensation may be rejected by the insurance company.
- In the same manner, when the driver is found to be riding the vehicle under the influence of alcohol during an accident, coverage will not be provided.
- You will not get coverage when you use the vehicle out of the geographical location specified in the policy. The coverage will be valid throughout the country and any damages that happen outside the country will not be covered under this plan.
Additional covers available with comprehensive plans
There are many other additional covers available with the comprehensive insurance plan. If you want to avail additional insurance coverage, you can consider it after understanding their benefits. Make sure that you get in touch with the customer support team of your preferred insurance company to know about such options.
Here are the additional covers offered under comprehensive insurance plan:
- The roadside assistance cover can be a huge advantage when your vehicle breakdown in the middle of nowhere. You can easily get it towed to the nearest service station.
- You can choose the theft cover and avail coverage for loss of the vehicle.
- If you have installed any additional accessories in your bike, you can opt for a cover to enhance your basic insurance coverage.
Note- These covers are optional and you need to pay extra money to avail them.
Summing it up
Now that you know about insurance inclusions and exclusions, you know what is covered and what’s not covered under a third-party as well as comprehensive car insurance plan.