Uncertainties do not come with prior notice. Even if your bike usage is limited during winters, you still need to cover yourself with a comprehensive insurance policy. Even during winters, your bike is exposed to threats such as theft, natural calamities, physical damage, third-party damages, and man-made calamities. And a vehicle insurance policy will ward off such risks and save you from any financial strain.
The Supreme Court made long-term third-party liability insurance mandatory for all the 2-wheelers that are sold on or after 1st September 2018. So, 3rd party insurance is mandatory and comprehensive insurance is recommended for extensive coverage.
Unfortunately, people are not fully aware of the intricacies of motor insurance in India. Due to that reason, picking the right type of insurance cover becomes quite challenging. Mostly, the policies are picked based on insurance premium and it may limit adequate coverage in case of a mishap, leading to dissatisfaction at the time of claim.
Insurance Plans that You Can Buy to Secure Your Bike this winter
Two-wheeler insurance offers two-type of coverage to scooters, bikes, and mopeds:
Third-party Liability Policy
This type of insurance is designed keeping in view the interest of a third-party including pillion rider, another vehicle, passers-by, and even a third-person’s property. The insurance company compensates for the third-party damages (accidental expenses). If you own a bike, this one is mandatory.
Comprehensive Insurance Policy
It is also called as the own damage insurance. It offers third-party cover along with damages caused to your bike from accidental damage and natural disasters like flood, fire, earthquakes, etc.
The policy also recompenses for man-made calamities damages such as theft, burglary, terrorist activity, and malicious acts. Its premium is comparatively higher in comparison to a liability insurance policy.
Supreme Court Order
The Supreme Court issued an order to the entire general insurance companies to provide mandatory long-term 3rd party bike insurance on all the vehicles (including bikes and cars) sold on or after 1st September 2018. But now this order has been withdrawn to reduce the premium. The ruling came out to reduce the number of non-insured motor vehicles on roads. Furthermore, the customers would not have to go through annual renewals of their motor policy. However, in order to prevent the misuse.
Importance of Two Wheeler Insurance during winters
Super-bikes have become a trend these days. Passionate bikers have been opting for high-end bikes and they need regular maintenance, especially during winters. If not properly maintained, the renewal can be denied and if you do not have insurance you will have to pay accidental expenses from your own pocket.
And the basic plan will not cover repair expenses of such high-end bikes. However, there are chances of you getting overcharged by the insurer, therefore it is important to compare and do proper research while selecting plans from different insurance companies.
Things to Consider While Selecting Insurance Plan
Some important factors to consider while selecting the best two-wheeler insurance plan:
1. Deciding The Insurance Plan- After purchasing a bike, the next important step is selecting the right insurance plan. As mentioned earlier, it is essential to buy a third-party insurance plan. However, it is advisable that you buy a plan that covers your own damage as third-party damages cover to get full protection cover, especially in the case of a highly expensive superbike.
2. Selecting the Insurance Provider- Always select an insurance company that follows the fast claim settlement process and provides good customer service. Nobody would want to get stranded in the middle of a road emergency that requires immediate help. So, compare different plans online or read customer reviews. You can even speak to your friends for their experiences.
3. Select the Policy Term- Usually, people purchase an annual insurance and then renew it every year. But it would be smart to buy a long-term two-wheeler policy you from the hassle of renewing it every year and save it from getting lapsed (if there is a delay). There are some insurance companiesthat offer a discount on long-term insurance plans.
4. Cost of Premium - Firstly, it is imperative to understand how premium is calculated in order to avoid any hidden cost. Select a plan that offers maximum facilities with a minimal premium amount. Take into consideration a lot of factors like the geographical area, two-wheeler’s price, duration, etc. while selecting insurance plan.
5. Understand The Limitations-Usually, people look at the policy benefits and coverage and tend to ignore the exclusions. It is imperative important to look at the limitations and then select a plan that meets most of your requirements and causes you no financial trouble in case of a road emergency.
Moreover, Secure Your Bike This Winter with Insurance
Fortunately, you can save your time and effort while buying vehicle insurance. A lot of detailed information is available on the internet. You can read about different insurance plans in detail. You don’t need to waste time on meeting agents and brokers.
You can also use an online bike insurance calculator on the insurer’s site for a comparative analysis of the various 2-wheeler plans and calculate the premium. Upon satisfaction, you can simply buy the policy online. The insurer will send you the policy documents and the receipt on your registered email id and a hard-copy will be sent on your registered address.
Looking at the increasing number of road accidents in India, it is important for all the bike owners to buy a two-wheeler plan to be prepared to deal with road emergencies and also drive cautiously. Insurance is as important as fuelling your vehicle as it ensures timely assistance and security. Be it summers or winters, insure your bike, and drive safely and stress-free!
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