Bikes and scooters account for 75% of urban traffic. It’s astonishing that over 60% of motorcycles and scooters lack insurance.
Why Is Purchasing Bike Insurance Necessary?
Bike insurance covers the expense of any damage to your bike or a third-party vehicle as a result of an accident. It also covers the costs of any injuries caused by you or a third party in the event of an accident.
How Much Does Bike Insurance Cost?
The typical cost might range between Rs. 1700 and Rs. 2000, based on numerous parameters listed in this article. Continue reading for more information on what is covered by bike insurance and how much your bike insurance would cost.
7 Benefits of Bike Insurance
The bike insurance provider pays for anything that is covered by the policy. Here’s a list of what’s often covered by a bike insurance policy.
Personal Accident Insurance of Rs. 15 Lakh
What exactly is Personal Accident Insurance?
Personal accident coverage is included with bike insurance. A personal accident policy protects you against minor or significant injuries sustained in the event of a motorcycle accident. It also provides a coverage amount in the event of the policyholder’s death as a result of the accident. In such a circumstance, the policyholder’s family is compensated. If you have bike insurance coverage and you lose part or all of your income as a result of an accident, the insurer will compensate you.
- You may add personal accident coverage to your motorcycle insurance.
- This might vary from one lakh to fifteen lakhs.
- It is compensated in the event of an accident-related injury that results in incapacity or death. The amount of compensation is entirely dependent on your plan and the premium you pay.
Your Own Accident, Injury, and Damage Expenses
Assume you’re riding your bike and you get into an accident. Two things may happen in this situation. First, your bike will be ruined, and second, you will be injured. In such a case, bike insurance will reimburse your expenditures by;
- Paying for your accident and injury treatment expenditures.
- Paying for damage to your own bike as a result of the collision.
Costs of Third-Party Accidents, Injuries, and Damage
- Pays for third-party accident and injury charges incurred by your motorcycle.
- Pays for third-party car damage caused by an accident caused by your bike.
- Pays for damages caused by the untimely death of a third person in an accident involving your motorcycle.
Covers in the Event That Your Two-Wheeler Is Stolen
- If your bike or scooter is stolen or its components are taken, you will be compensated.
Natural Disasters Caused Damages
- Pays for any damages or losses caused by natural disasters to your bike.
- Natural disasters include rockslides, landslides, storms, and floods.
Damages Caused By Man-Made Disasters
- Pays for any damages or losses to your bike caused by man-made disasters.
- Damages caused by transfer by air, inland canal, railway, road, lift, or elevator is an example of man-made disasters.
- Damages caused by terrorist operations, malevolent acts, and riots are other examples of man-made tragedies.
Explosion and fire
- Covers losses caused by an explosion, self-ignition, or fire.
What Doesn’t Bike Insurance Cover?
- Any losses or damages incurred as a result of nuclear peril, rebellion, or war.
- Any losses or damages incurred as a result of the motorist being inebriated or under the influence of alcohol.
- Any costs or damages incurred as a result of the lack of a valid driver’s license.
- Any losses or damages incurred if the vehicle was utilized outside the terms of the insurance.
- Any damage to tubes or tyres that occurs in the usual course of events.
- Losses or depreciation as a result of constant usage.
- Any losses incurred as a result of electrical or mechanical malfunctions.
- Any losses or damages caused by the bike’s regular wear and tear.
How Much Does Bicycle Insurance Cost?
Your Bike insurance premium is determined by a number of variables. These elements are as follows:
- Optional coverage amount
- The bike’s make and model
- Location, age, and driving record