Riding a bike for your daily commute is convenient, fast and brings independence. However, it is also accompanied by risks, including accidents, theft or unplanned repairs. It’s here that the right and appropriate bike insurance policy covers you against all these expenses and offers you a convenient riding experience. Here we will discuss how you can choose a suitable insurance that matches your daily use and budget.
Why Do You Need Bike Insurance?
A bike insurance offers legal and financial protection. All the cars on the road should be covered by a third-party liability cover, which provides compensation to those injured or damaged. However, besides the compliance, insurance assists you in covering the loss as a result of theft, fire, or accidental damage.
For someone who rides daily, the chances of minor dents, scrapes, or accidents increase. Without insurance, every repair would be a personal expense. The right policy will save your bike, as well as your savings, and keep you protected.
Types of Bike Insurance Policies
It is better to know about the three primary types of bike insurance policies before purchasing one. All have different features in terms of cost and coverage.
1. Third-Party Insurance
The third-party bike insurance is the simplest and most crucial type of insurance. It provides coverage against loss or harm caused by you towards another individual or vehicle. However, it does not cover your own bike. This policy is generally of low premium since the coverage is restricted.
2. Own Damage Cover
This policy includes loss to your personal bike because of accidents, theft, fire or natural calamities. Own damage cover does not come with third-party protection, and you have to purchase that separately. It suits those riders who would like to have additional protection to their vehicle despite having third-party insurance.
3. Comprehensive Bike Insurance
The comprehensive bike insurance ensures complete coverage, along with third-party and own damages. It protects your bike in case of accidents, theft, and natural disasters. With this insurance, you are also able to choose add-ons, such as zero depreciation or roadside assistance.
Things to Consider Before Selecting the Bike Insurance
It is all about value when it comes to choosing the right two-wheeler insurance policy. These are the main considerations that you must consider prior to buying insurance:
- Cashless garage network: It is a broader network, which ensures that claims settlements are quicker and simpler in case of a need to repair.
- Premium or coverage: The cost will be dependent on your bike’s age, model and location.
- Claim process: A valuable policy must have clear terms and an easy process for making claims. Always check exceptions such as wear and tear or mechanical breakdowns.
- Coverage scope: Decide on whether the policy will include own damage, third party liability, theft and disasters.
- Insured Declared Value (IDV): It is the market value of your bike and the maximum that your bike can fetch in case of theft or complete loss.
- No Claim Bonus (NCB): It is a compensation for not making a claim over the course of the policy.
- Add-on covers: You can make your policy more convenient by adding optional covers to the insurance policy. This can include zero depreciation, roadside assistance, engine protection cover, etc. Choose them according to where and how you ride.
Choosing the Right Policy for Daily Riding
Your insurance should reflect your usage if you ride daily. Among all three types, HDFC ERGO’s comprehensive plan is often the most suitable option because it covers both your liabilities and the bike’s protection. You can tailor it with the following add-ons based on your requirements:
- Zero Depreciation Cover: You can get the entire amount with zero depreciation cover. Usually, insurance policies cover the claim amount after the deduction of the depreciation. But with a zero depreciation cover, you can get the entire amount back if no deductions are made.
- NCB Protection Cover: With this cover, you can make multiple claims during the policy period without losing NCB benefits.
- Emergency Assistance Cover: This add-on helps to provide you with round-the-clock assistance to deal with emergency breakdowns. The emergency assistance mainly includes minor repairs on site, lost key assistance, tyre changes, duplicate key issue, battery jump starts, fuel tank emptying and towing charges.
- Engine Gearbox Protection: This specific add-on protects your two-wheeler engine repair costs from damage caused by water ingress, dirty air filters, worn spark plugs, or any other concerns.
Final Thoughts
Riding a bike for a daily commute can be simple until unexpected things happen. For instance, a sudden stop or a patch of rain can bring high costs to your vehicle. This is where the right insurance can help you manage these movements without facing any significant challenges. A well-chosen plan keeps the cost of repairs minimal, along with making claims easier.
Editor’s Note: The opinions expressed here by the authors are their own, not those of Impakter.com — In the Cover Photo: bike insurance: a red Piaggio Vespa riding in Rome, Italy. — Cover Photo Credit: BÙI VĂN HỒNG PHÚC
