Are you about to buy a bike for the first time? If so, you need to know about bike insurance. In India, it is mandatory for every bike owner to have third party motor insurance for their vehicle. Without this basic form of coverage, you might get penalised. Now, if you are new to insurance coverage, you might have a few questions in mind. If so, read ahead for we have answered a few such questions for you today –
- What does third-party bike insurance cover?
Third-party insurance covers any injuries sustained by a third-party in an accident with you. The third-party is also covered for death. Additionally, your third-party insurance policy also coves you for any damages to the property of the third-party caused by the accident.
- What does comprehensive bike insurance cover?
A comprehensive bike insurance plan covers you for own damages, third-party liabilities, natural calamities, and manmade disasters. This means that, apart from accidents, you also get covered against floods, fires, theft, riots, and so on.
- What is IDV in bike insurance?
IDV stands for ‘insured declared value’. The IDV is the amount that the insurance company will pay you if your bike has been damaged beyond repair. For instance, you will get paid the IDV when your bike is damaged beyond repair in an accident or if your bike has been stolen.
- What is meant by the no-claim bonus?
The no-claim bonus is a discount that you get on your bike insurance if you do not make any claim during a policy year. This benefit is generally given as a discount on the premium when you renew your coverage. The discount given can range anywhere between 20% and 50%.
- Can a policyholder switch between insurance companies?
Yes, you can definitely switch between insurance companies if you are unhappy with the service you are getting from your current insurer. If you switch over to a new insurer, you may even get better coverage at a more affordable price. You do not lose benefits such as the no claims bonus when you switch over to a new insurance company.
- Is the pillion rider covered in an accident?
No, the pillion rider is not covered in an accident. However, you can purchase an add-on that will cover injuries to the pillion rider in a comprehensive bike insurance plan.
- Is it advisable to buy bike insurance online?
Yes, buying bike insurance online is definitely recommended. Buying coverage online can see you get a policy that is cheaper. Plus, the entire process is easy and paperless. You can compare motor insurance policies between various insurers online and take a decision on which one suits your requirements. Moreover, buying bike insurance coverage online means you are free from the external influence of agents who may try to push a particular product onto you.
Hope that these answers have helped clear out a few important questions on bike insurance for you today. Take care and all the best!