That’s right, it is Motorcycle insurance that gives you protection and safety during any accidents. According to government data, young or inexperienced riders or are more involved in bike accidents. The premium of insurance can be high for riding because it has a high probability of accidents.
Bike insurance is mandatory for every individual who has a bike. You can take motorbike insurance from any company. But you must add on these insurance coverages while taking motorbike insurance. And what are the important tips you need to keep in mind during applying for two-wheeler insurance?
future young riders! did you ever think what is the most important thing for bike riders?
Look Also: Bad Motorcycle Riding Habits
Types of bike insurance policies
There are many different types of bike insurance policies available that will ensure the complete protection of your bike. As a bike rider, you should be aware of your riding style and insurance add-ons.
Comprehensive cover: This insurance policy provides maximum benefit from other policies. The comprehensive policy includes both third-party bike liability cover and own damage cover. This coverage also provides a theft and fire benefit. You can also add on other coverages if you want.
Third-party bike insurance: This motorcycle insurance policy is mandatory for every type of vehicle. It covers the damage of third parties including body injuries and loss of property. Damage to your bike is not covered in it.
Stand-alone own bike damage insurance: This insurance covers the only damage to the insured bike. If you have mandatory third-party bike insurance then it is advisable to take OD cover to protect your own bike.
Type of riders and Insurance they need
You need to identify yourself that what type of rider you are. Here are different types of insurance add-ons for different types of riders.
Slow Driver: You are a safe rider, if you ride your scooter/bike at a slow speed and follow all traffic rules. For slow riders, the chance of getting involved in an accident is very low. Comprehensive motorbike insurance is more than sufficient for slow riders.
The Adventure Rider: These type of riders ride their bike on different paths. This increases the chance of higher damage to the bike. An adventure ride can look for Outstation Emergency Cover and key product cover with comprehensive insurance.
- The outstation Emergency add-on cover is helpful when the damage happens outside the 100km radius of the residence.
- The key product cover is beneficial when you lose your bike key on the trip.
The Fast Rider: The fast riders are those who have high-speed or sports bikes. These sports bikes typically have premium parts and premium engines that are not protected by comprehensive insurance. For that, you need to add on an Engine protection cover and consumable cover.
- An engine protection cover is helpful in case of damage to your engine. The lower the engine quality, the higher the insurance premium.
- The consumable covers the damage of consumable items such as engine oil, coolant, nuts, bolts, etc.
The new Rider: These riders are in the learning phase so their chance of damaging their bike is higher. They also need to pay higher premiums for insurance. New riders can consider Zero Depreciation Cover and roadside assistance cover to protect their bike.
- Zero Depreciation Cover will helps to protect your depreciation while replacing or repairing of your bike.
- Roadside assistance cover provides you face any trouble in the middle of the road like flat type, damage, fuel runs out, and others.
How is the premium for bike insurance calculated?
The premium of your bike’s insurance is calculated based on various important factors of your bike. You need to keep in mind these points that can increase or decrease your premium. An insurance agent always tries to look for drawbacks of your bike.
Experience: Your riding experience matters a lot. Young riders may have higher premiums because they have less riding experience.
Type of Bike: Sports and faster bikes usually have a high premium due to high risk.
Security Feature: When you have a bike with high security then it can lead to a lower premium.
The premium also depends on your riding style, age, and physical condition of the rider.
let’s sum it all up! Motorbike insurance is like a special shield that protects you and your bike from accidents. There are different types of insurance policies and add-ons available to choose like comprehensive coverage, third-party insurance, engine damage, and others. Each one has its own benefits.
Comprehensive insurance is mandatory for all types of riders. But adventure riders, fast riders, and new riders can consider other coverage also like outstation emergency cover, engine protection, key product, consumables, etc.
The insurance premium depends on things like your experience, type of bike, and security features. Remember to follow the rules and protect yourself with the right insurance.
You need motorbike insurance for several reasons.
it provides financial protection in case of property loss.
You can add-on many optional coverages which you want.
Give you support when you are in trouble
You and your family also have peace of mind
It is a legal requirement to ensure that riders have financial protection and can cover any damages or injuries caused to third parties.
If you need to make an insurance claim, follow these steps:
Contact your insurance company as soon as possible and inform them about the incident.
Provide accurate information about the accident or damage.
Follow any specific instructions provided by the insurance company.
Complete any required claim forms and submit all necessary documents.
Cooperate with the insurance company’s investigation process.
Keep maintaining all communication and documentation
you can switch from third-party to comprehensive bike insurance. But the premium and terms may change. You can contact your insurance company to discuss available options.