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Bike Insurance 953 views April 1, 2020
Bike Insurance Policy and its procurement is not just a smart thing to do but is also a compulsory addition to owning a bike in accordance with the Motors Vehicles Act, 1988. Therefore, investing in a relevant Bike Insurance Plan would be considered a responsible act of monetary investment. To choose the right plan, a variety of elements associated with Bike Insurance Plans should be taken into consideration; wherefore, doing one’s homework while picking a policy is advised.
Premiums play a big role. Which is why your “right” two-wheeler insurance policy should be that which meets your different requirements to its best capacities without burning a hole in your pocket; hence to help decide from the initial stages free online Bike Insurance Calculators are available to potential clients. Let’s know more!
Table of Contents
Before we get on with premium calculation and Bike Insurance Calculator, let us know why bike insurance is as important.
The process of procuring bike insurance is quick and easy. Bike Insurance not only provides monetary coverage across various factors but also provides a sense of security. It looks after you, your vehicle and other liabilities depending on the policy chosen.
Cashless settlements are when an insurance company directly settles repair costs with two-wheeler garages. Most insurance companies have tie-ups with several garages and through this program, they settle bills directly when insured.
All third-party property damages or third-party physical injury are covered by bike insurance policies. Instant Claims and assistance are also provided within 24-hours.
Usually, two-wheeler insurance policies are issued for twelve months. It is convenient to renew policies before the expiration date to avoid a break in coverage and accrued benefits.
Sufficient coverage for damages to your bike due to natural calamity like floods or fire etc., other damage or loss such as theft, riot or accident are provided.
Additionally, some Bike Insurance policies cover for third-party legal liabilities that can occur out of a death, an injury, or damage to property of a third-party due to an accident involving your vehicle and theirs are also taken care of.
The premium payable for a two-wheeler insurance policy depends on the factors mentioned below:
The type of insurance policy is the primary determinant of the premium payable for two-wheeler insurance. It is a choice between a basic third-party motor insurance plan and a comprehensive motor insurance plan: former being cheaper.
However, the coverage provided should also be taken into consideration.
The two types of bike insurances are Third-Party Liability Insurance Plan which covers only for third-party losses and liabilities and Comprehensive Insurance Plans covers for third-party liabilities as well as personal losses. The premium payable depends on the plan chosen and various other factors and can be calculated easily through Bike Insurance Calculators through the aforementioned steps.