How to ensure the safety of your motorcycle from all kinds of damage?
Insurance is one of the most important protective shields, not just for your motorcycle or your car, but also in general as a financial planning tool. Unfortunately, the importance of a solid insurance policy is often underestimated. How else can you explain that nearly 60 per cent of vehicles on Indian roads are uninsured, with most of them being two-wheelers? This is mainly because of the fact that most two-wheeler owners don’t get their insurance renewed after the first year. These statistics become even graver when you consider that around two lakh two-wheelers get stolen in India every year. Moreover, our country accounts for nearly six per cent of the total global road accidents with almost 34 per cent of them involving two-wheelers.
Third-party vs comprehensive policy
A high percentage of people, who do buy bike insurance for their motorcycles, are not completely aware of their insurance policy, what it covers and what it does not. Also, motorcycle insurance is not a ‘one size fit all’ solution. At times, you need to customise your insurance depending on your motorcycle, where you ride, how you ride, etc.
In India, insuring your vehicle is mandatory. To comply with this legal requirement, a lot of people just buy a basic third-party liability policy that only covers the cost of the third-party damages that may arise due to an accident. While it may be enough to stay out of trouble with law enforcement, this kind of policy does not offer you protection against damages to your own vehicle in case of an accident, nor does it cover your financial loss in case of theft.
What you need to ensure full protection for yourself as well as your motorcycle is a comprehensive bike insurance policy, which provides full protection against damages to all parties involved in an accident including your own vehicle, the driver and passenger, as well as the third-party vehicle and its driver. Not only that, but a comprehensive policy also includes protection against theft and damage due to natural and man-made disasters.
Add-ons for your comprehensive policy
What makes a comprehensive policy an even better option is the kind of flexibility it offers, as you can customise it to suit your needs by opting for a variety of add-ons during two wheeler insurance renewal, often called riders. Here is a list of a few valuable add-ons that would maximise the coverage of your motorcycle insurance policy and cover you from unforeseen damages.
1) Engine and gear protection cover
Your standard policy will save you from any damage caused to your vehicle in event of an accident. However, many standard policies don’t cover you if you face consequential or collateral damage that might occur to your engine and the gearbox. This add-on saves you in this situation, covering for your repair charges.
2) Zero depreciation cover
Over time, the value of your asset, in this case, your motorcycle, would decrease. Hence, when you make a claim, you are charged for depreciation as well, which is actually no fault of your own. Therefore, via this add-on, you can get the complete cost for your motorcycle, avoiding its depreciation, during claims and repairs.
3) Breakdown assistance cover
Should you find yourself on a deserted road with a broken down motorcycle, this add-on will come to your rescue. The insurance company will help you in case of your vehicle breaks down during your journey. Leaving your vehicle stranded while you wander for help will do you no good and it’s better if you get this add-on to cover you in those adverse circumstances.
4) Accessory cover
If you installed any accessory on your motorcycle, it is advisable that you cover that under your policy as well. You might install a simple mobile mount or go all in and install quite a few mods on your motorcycle. Whatever might that be, if you have paid for that accessories, it is only fair that you cover them as well. These accessories and modifications are usually not covered under a standard insurance policy and hence this add-on becomes all the more vital.
There are quite a few add-ons out there but the list here is compiled keeping the practicality and an average motorcycle user in mind. You can go for other add-ons as well should need be, depending on your usage. You can use the online bike insurance calculator offered by Bajaj Allianz General Insurance that lets you calculate the premium of your policy based on the different add-ons that you choose. In just a few more clicks, you can buy a comprehensive policy for your two-wheeler.
At the end of the day, it’s better to be safe than sorry. Many people think of insurance as something that drains their money, and they are found cursing themselves later for not getting a proper insurance policy with the right add-on. Also, given the environment we commute in, the quality of the roads, the disregard for protocols, consistent traffic violations and reckless driving attributes, a comprehensive insurance policy is a must now, more than ever. Because in the end, it’s about you and the people that care for you. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.