If you plan to buy a motorcycle in the future, then you also need to know that you will also need to know that you will need to buy a motorcycle insurance policy.
Yes, when you avail a motorcycle insurance policy, the insurance company bears the financial obligation that you otherwise pay out of your pockets in a mishap. However, it’s not that everyone has the expertise to buy a suitable motorcycle insurance.
Hence, here is some meaningful information about motorcycle insurance. Read on!
1) You really need it, indeed
Even if you have the minutest of doubt about whether to avail the motorcycle insurance, keep off it as you really need it, for sure. What would be your condition if your motorcycle gets involved in an accident and you have to pay out of your own pocket for injuries to self and third party? You will surely end up losing a considerable amount of your savings or income due to the financial and medical obligation of the accident. Thus, even a basic motorcycle insurance plan will cover the financial losses that you may incur in case of not availing it. Thus, to be on the safe side, it’s better to avail a motorcycle insurance policy as per your needs and budget.
2) Type of plan
When it comes to the motorcycle insurance, there are two types of plan that you can avail such as liability only policy and comprehensive plan.
- Liability only policy – It is a third party policy that you need to avail the least as it covers bodily injury and/or death or property damage or any third party. The owner-driver is also granted for the personal accident cover.
- Comprehensive plan – Apart from already including the above liabilities, it also covers damage to your own policy.
It is a must to avail the first policy as per the law and the second one is as per your choice and is not mandatory.
3) Coverage types available
There are varieties of coverage available for your two-wheeler insurance. Examples are fire, collision coverage, theft, coverage, pillion rider insurance. Thus, select a coverage that would fulfil your requirement.
4) Uninsured motorist cover
Although a third party coverage is mandatory, yet as per the concept of common population, many drivers don’t have a mandatory cover (lapsed cover and not renewed). Thus, anyone involved in an accident with an uninsured driver, you won’t be able to ask for any claim and have to bear all expenses out of your pocket. Thus, in the same context, an uninsured motorist coverage, in this case, may help you.
5) No claim bonus
You are also entitled to get a no claim bonus (NBC) for every year when you don’t ask for any claim. You can get a discount on your premium for the motorcycle insurance in the context. You can get from 20% and avail up to 50% for every subsequent claim free year.
6) Third party claim cap
You should also need to know that the third party claim submitted by an insurer is limited to Rs.1,00,00. As per clauses of the Motor Vehicles Act, you are allowed to restrict the cover to a minimum of Rs.6000.
The Bottom Line
Some of the basic information that you may not have known of the motorcycle insurance is now revealed to you now. Buying a motorcycle insurance plan will not be a difficult task for you and you will have the confidence to manage the same. All the best for subscribing to a suitable motorcycle insurance!