Here is your guide All about bike insurance coverage

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Any bicycle owner must have at least one third party bicycle insurance plan, according to Indian Automobile Tariff

Bikes are one of the best modes of transportation that can never be replaced, especially in Tier 2 and 3 cities in India. Whether it is to go to the market, to the university or to the office, a bike ride is always the first preference. It saves time and has become a style statement these days as well. But, along with all the benefits and convenience, it also comes with some risks. A two-wheel collision is much deadlier than a four-wheel collision. This is when a bicycle insurance policy comes into play.

With the 2019 amendment to the Motor Vehicle Act, it is much more important to take into account the various factors that concern you as a vehicle owner. Bike insurance is an important subject to know.

First of all, let’s answer the question “What is bicycle insurance?”.

Bicycle insurance, also known as two-wheeler insurance, is a unique way to cover you against financial risks resulting from a tragic incident such as a two-wheeled traffic accident. Any bicycle owner must have at least one third party bicycle insurance plan, according to Indian Automobile Tariff.

Benefits of bicycle insurance coverage

1. Liability coverage
Bike insurance protects you against third-party damage resulting from bodily injury or loss of property suffered by the insured bike. In an insurance policy, the insurer can indemnify the third party and manage any civil liability resulting from the case.

2. Comprehensive protection

You should take out a liability policy, which only pays third-party damages and resolves any legal issues that may arise. You should, however, choose a sturdy two-wheeler insurance package if you anticipate that the insurance will cover losses for both you and the third party.

It has extensive coverage for natural and man-made disasters. Compared to the standard policy, you will pay slightly higher fees for add-ons. Zero Amortization, Passenger Endorsement, Personal Two-Wheeled Accident Insurance and NCB Protection are just a few of the options available.
Let’s take a look at some of the add-ons available when you buy bike insurance online or offline.

• Zero amortization coverage

The insurer covers the depreciated loss of parts in the event of a dispute concerning the removal of parts from the bicycle. You are responsible for the remaining balance. No additional damping is advantageous because it eliminates the impact of damping. If the coverage option is chosen, the manufacturer bears the entire cost of repairing or replacing the part, regardless of depreciation.

• PNE

You earn a bonus benefit called the No Claim Bonus Per Year if you don’t file a claim. This discount is in addition to the renewal premium, which ranges from 10% to 50%. However, if you file a claim every year, you will lose the accumulated reduction. If you have the NCB Protect add-on, you can keep your discount even if you take legal action.

• Passenger cover

The provision only protects the owner / driver of the car in the event of bodily injury. This add-on is available if you want a cover for the passenger. It will cost a reward if the passenger has died or has become disabled as a result of an injury.

Bike insurance is necessary and you need to choose the right coverage for your needs. Before purchasing bike insurance online, you can use a free bike insurance calculator to estimate the cost and make an informed decision. You can check bike insurance with reputable insurers like Tata AIG. Find out about bicycle insurance coverages today and protect yourself from all financial crises.

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