Well isn’t it obvious? Bike insurance is mandatory in India because life is unpredictable. You do not know what’s going to happen next – especially when it comes to road accidents. In India, the majority of road accidents comprise bike accidents that can not only affect your vehicle but also your life in a monumental way! Moreover, the Indian legal system has made insurance for bike owners mandatory!
There are mainly two types of insurance policies available in the market –
Comprehensive Bike Insurance
A comprehensive plan provides wide coverage and holistic benefits in case you are ever met with an unforeseeable event. This not only covers third-party liability but also protects the vehicle and the owner from unnecessary financial losses. You also have the choice of add-ons when you avail of a comprehensive plan which will give you extensive coverage.
Third-Party Liability
This type of plan only covers any damage you may have caused to a third party or a third person – the financial expenses of such damage are covered by this insurance provider.
As the comprehensive cover is way more extensive and would take care of your overall financial loss – we do recommend that you purchase this plan. But the best way to purchase a plan is to really research and compare different policies – benefits, terms & conditions, and make an informed decision. Here are some pro-tips when buying bike insurance plans –
- Gauge your needs and requirements from the insurance plan
- Research online for different plans – look at the sum assured, premium amount, and claim process
- It’s important to choose the right insurance provider which is why read reviews, ask around about the insurance provider you’re considering
- Look at how accessible the agent and policy are at the time of the claim process
- Compare policies in the market for the best choice
- Finally, make a decision about the plan and add-ons you’d like to avail
Since bike insurance is a legal requirement, you would ideally have to purchase it at the time you buy your two-wheeler. Check out the bike insurance policies offered by Chola MS here.