Many riders are unaware of the coverages and features of the policy, even though you may be aware that, according to Indian traffic laws, a bike insurance policy is required. They only purchase bike insurance online to comply with the law and need to consider the coverage provided. You wouldn’t be able to file a claim if you didn’t know what your bike insurance policy covered or didn’t cover and the two-wheeler insurance benefits. Therefore, it’s essential to understand the bike insurance policy’s inclusions and exclusions. The following list of inclusions and exclusions for your new bike insurance plan should help you understand it better:
1. The Type Of Policy You Choose Will Determine The Inclusions
Third-party liability plans and comprehensive plans are the two categories of bike insurance. The type of plan you choose will determine the coverage you receive. Only third-party liabilities are covered by third-party plans. This indicates the plan would cover your financial obligations if your vehicle ends up in a situation where another party was hurt.*
2. Comprehensive Policies Provide Coverage For Both Natural And Man-Made Disasters That Could Harm Your Bike
If you purchase a comprehensive bike insurance policy, you are protected against several natural and man-made disasters. Thus, the comprehensive policy would cover any damage the bike sustained due to earthquakes, floods, lightning, explosions, etc. The policy may also cover damages if the bike is damaged during rail, road, water, or air transportation.*
3. Theft Of The Bike Is Also Covered
Comprehensive plans will pay for any losses incurred if the two-wheeler is stolen. In these circumstances, the insurer pays the claim based on the insured declared value of the policy.* Claims are subject to terms and conditions set forth under motor insurance policy.
4. Most Plans Offer Personal Accident Coverage
All third-party and comprehensive insurance policies may include a personal accident provision for the bike’s owner or driver. In the event of an accident-related passing away or disability, the insurance pays a lump sum benefit.* Claims are subject to terms and conditions set forth under motor insurance policy.
5. The Amount Of Coverage Is Subject To A Cap
Limitations apply to coverage under two-wheeler insurance policies. However, there are no restrictions in the event of a third party’s passing away. The Motor Accident Claims Tribunal’s decision would determine the claim. The Insured Declared Value of the policy serves as the maximum bike insurance coverage liability in the event of own damage claims.*
6. Exclusions Are Similar Across All Plans
There are virtually no differences in exclusions between plans, whether you are purchasing new bike insurance or renewing two-wheeler insurance. Exclusions frequently include driving while intoxicated, driving without a licence, intentional accidents, consequential losses, and going outside India.*
7. Coverage Under An Expired Policy Is Not Available
Two-wheeler insurance policies have a set duration. You must renew the coverage after the tenure has ended. The policy expires unless you renew your two-wheeler insurance by the deadline. The coverage ends when the policy expires. Your claim would be denied if you had an accident and tried to file a claim under an expired policy. Online bike insurance renewal is crucial to maintain coverage for this reason.
A bike insurance calculator is an easy-to-use tool to determine the premium you need to pay.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
