Mobility has always been an essential need in life. It becomes all the more important especially when you want to move for your job. In a country like ours, the number of bikes sold is higher in comparison to other vehicles. One of the reasons that contribute to this higher number is worse traffic conditions. Not only this, the cost of maintenance and insurance for bikes are lower. And if you own a bike like Ducati, then getting insurance becomes important. A car may give luxury but a bike has its advantages.
Choosing a bike is difficult and so is the purchase of an insurance cover. In the Indian market, there are two types of motor insurance policies available. This includes:
1. Third-Party Liability Policy.
2. Comprehensive Package Policy.
A Third-Party Liability policy is a mandatory cover. But it provides coverage to the third-party only for injury or loss of property due to an accident. The scope of the cover under the policy is quite restricted.
Whereas, under the Comprehensive Bike Insurance Policy damage to the vehicle and owner is covered in addition to the third-party liability. The package policy is referred to as the widest possible cover for a vehicle. Let us know the feasible reasons that support the purpose to buy a Comprehensive Package Policy:
●Safe for the owner of the bike: The value of your life is way too much than anyone can imagine. A Comprehensive Bike Insurance Policy protects the owner of the bike as well as the vehicle. The protection is in terms of the repairs and compensation for medical assistance.
●Cover against unnatural losses: Suraj parked his bike outside his house. Some burglars stole his bike and took it away. Even after an FIR and search, the bike could not be found. But his bike insurance policy paid him the cost of the bike lost due to theft. A Comprehensive Package Policy extends its scope of cover for incidents like burglary, malicious acts and terrorism.
●Protection from natural calamities: Imagine after returning from work, you parked your bike on the road where everyone else parks. It rained heavily that night which resulted in clogged roads and floods. Suddenly, you realized that your bike was not there and that it was swept away with the heavy flow of water. This kind of loss which was not in your hand can be indicated as a calamity. Having a comprehensive insurance policy in place will help to recover the cost of the bike.
●Third-Party Liability Policy: Other than the own damage of the vehicle, a Comprehensive Package Policy covers third-party for accidental death. It also indemnifies third-party for the loss to property. Arjun lost balance and hit a bike rider whose name was Pankaj. After the hit, Pankaj sustained leg fracture and his bike broke down. As per the defined limits in the policy, the third-party will be compensated.
● Add-Ons: For a detailed cover, the Comprehensive Bike Insurance policy allows individuals to opt for some add-ons. It will enhance the existing cover and the premium will also increase. Some of the add-ons from which one should consider buying are:
1. Zero Depreciation Cover.
2. Engine Protection Plan.
3. Personal Accident Cover owner.
4. Accessories Cover.
5. Cashless Hospitalization.
Two wheelers especially bikes are involved in most number of accidents. It may be due to speeding vehicles or poor traffic conditions. In such a scenario, a Comprehensive Package Policy will serve a lot more than expected at the time of accident.
