Bike insurance is a type of insurance policy that provides financial protection to the policyholder against losses or damages caused to their bike due to unforeseen events like accidents, theft, or natural calamities. There are mainly two types of bike insurance policies – Third-Party Insurance and Comprehensive Insurance.
The benefits of bike insurance include:
- Financial protection: Bike insurance provides financial protection to the policyholder against losses or damages caused to their bike due to unforeseen events like accidents, theft, or natural calamities.
- Legal compliance: Third-party insurance is mandatory as per the Motor Vehicles Act, 1988. A comprehensive insurance policy also ensures legal compliance and provides financial protection against third-party liabilities.
- Peace of mind: Bike insurance provides peace of mind to the policyholder, knowing that they are financially protected against unforeseen events.
- Additional coverage: Policyholders can opt for additional coverage as per their requirement, such as personal accident cover or accessories cover, to enhance the protection provided by the policy.
- No-claim bonus: Bike insurance policies provide a no-claim bonus to policyholders who do not make any claims during the policy term. This bonus can result in reduced premiums or increased coverage.