Bike Insurance Coverage
What is Covered and What is Not Covered Under Two wheeler Insurance Policy?
Bike Insurance: Driving a two wheeler is convenient in cities where traffic jams are a major issue. Two wheeler saves your time and is a cost effective way to commute for short distances. However, people who love bikes are travelling for longer distances too. To drive a two wheeler on Indian Roads, bike Insurance is must to avoid challans and wastage of time in discussion and bargaining with traffic police. Bike insurance is very cost effective and easy to purchase. One can purchase bike insurance online. There are many companies which are offering bike insurance online without any survey or bike inspection.
What is Bike Insurance?
As per the Motor Vehicle Act 1988, third party bike insurance is mandatory in India. Bike insurance is a contract between the bike owner & insurance provider in which the insurance company provides financial coverage to the bike owner against any loss or damages due to an accident. Bike insurance provides coverage for any accidental injuries caused while driving a two wheeler/motorbike on Indian roads.
What is Covered under bike insurance?
There are reasons why it is important to know what is covered under your bike insurance policy before buying a bike insurance. Insurance companies clearly mention these points on policy documents. We have listed the points which are generally covered under two wheeler insurance. However, you must read terms and conditions of the company offering you a two wheeler insurance and policy documents issued by the company.
Coverage of Losses & Damages Due to Natural Calamities
Natural Calamities are defined as lightning, earthquake, flood, hurricane, cyclone, typhoon, storm, tempest, inundation, hailstorm, and landslide and rockslides when you opt for a two wheeler insurance. Generally all bike insurance covers these natural calamities.
Man Made Calamities Loss Cover
Manmade calamities are defined as riot, a strike by outside means, malicious act, terrorist activity and any damages caused in transit by road, rail, inland waterway, lift, elevator or air, among others. Most of the two wheeler insurance policies cover losses and damages due to this.
Bike Damage Coverage
If there is any damage to the bike / two wheeler due to any loss or damage caused by the natural calamities, fire & explosion, man made calamities or theft, the bike insurance policy will cover the loss incurred up to a certain amount mentioned on the policy document.
Personal Accident Cover
In case of temporary or permanent disabilities or loss of limb- that causes partial or total disability, the two wheeler insurance provides coverage to the person riding the bike or owner of the bike. The cover only applies when the rider is travelling, mounting or dismounting from the vehicle. Although, you can buy a rider for personal accident cover for the co-passengers.
Bike Theft coverage or Burglary cover
Two wheeler insurance covers the loss of a vehicle when it is stolen. The compensation amount is limited to the value mentioned on the policy document.
Legal Third-Party Liability cover
Bike insurance also covers damage caused to any third party property or any legal loss of money occurred due to injuries to a third party, even if it leads to his demise. We advise you to go through the policy document to ensure the compensation amount and to understand legality.
Fire & Explosion Loss
If a damage is incurred due to fire, self-ignition or any explosion, the two wheeler insurance will cover the damage and financial loss. However, there are technicalities while claiming this loss. You should ask your insurer company in detail about this.
Also read How to Claim Two Wheeler Insurance Online?
Things which are not Covered Under Two Wheeler Insurance Policy
Now when we know about things which are covered under a two wheeler insurance policy, it is also important to know what are the things not covered under two wheeler insurance policies. It is important to know this to avoid misunderstandings.
- Damage caused by normal wear and tear of the vehicle
- Loss from mechanical/electrical breakdowns
- Depreciation or any consequential loss from regular use
- Any damage to tyres and tubes in the normal course of running
- Any loss incurred while the bike was being used beyond the scope of coverage
- Damage/ loss incurred when the bike was being driven by a person without a valid driving license
- Any loss/ damage caused due to the driver being driving under the influence of alcohol or drugs
- Any damage/ loss incurred due to war or mutiny or nuclear risk.
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