We all love our bikes. But love is just not enough for your favourite ‘beast’ or the reliable partner. A two-wheeler also deserves a comprehensive insurance cover.
The digital boom has made buying a two-wheeler insurance policy as simple as booking a show of your favourite movie. General insurers and web aggregators offer various two-wheeler insurance products online with great features in abundance coupled with low premium.
But we must not forget that two-wheeler insurance policies are quite cheap and just by paying few extra bucks one can lessen his or her financial burden in case of unfortunate events.
Talking about the affordability of such products, Animesh Das, Head, Product Strategy, ACKO General Insurance said, “Electric vehicle premium are charged on the basis of thekilowatt power of the bike and premiums start from Rs 410. Unlike electric vehicle, petrol bikes premium stars from Rs 482 and for regular bikes in range of 110-150CC, the premium is Rs 752 for third party covers. Own damage premium is over and above base premium.”
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So, what is a comprehensive policy?
A comprehensive insurance for two-wheeler is a policy that not only covers third party losses but also the owner's loss. For instance, if one is involved in an accident in which the other party's vehicle suffers damage, this is covered via third party insurance (also mandated by law). The damages caused to ones own vehicle will be covered by a comprehensive insurance.
“Double check the cover that you are opting for. It is highly recommended to go for comprehensive policy as it covers the damage and theft of your bike. One can go for add-ons like zero depreciation and invoice voice cover for high-end bike owners,” said Das.
A comprehensive policy also compensates the vehicle owner in case of theft or burglary. Many insurers also offer special add-on features in their policies. Benefits such as round-the-clock spot assistance, complimentary car towing facilities and legal support are included in many comprehensive vehicle insurance policies.
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“Buying policy online brings transparency. You can evaluate all features and then take a call. Also, most of the insurers offer their best rates through their websites. What is most convenient for buyers is that most of the insurers have made online transactions smooth and paperless for bike owners”, added Das.
Few insurers have simplified the claim process and two wheeler customers just have to submit the picture of the damaged motorbike and claims handler ensure the claims money is transferred directly into the customer’s account with revolutionary paperless claiming process. All in a matter of just two hours as advance on-account settlement whereas any other complex damages claims, it takes 24 hour as insurers receive the final repair invoice.
In case, there is a major damage, insurer ensures to process the claim and directly pay to the insured before the delivery of the two-wheeler from the garage.
From being cheap, to effective and an all-inclusive cover, a comprehensive two-wheeler policy seems to be not only a great deal but also a tool for peace of mind. Above all, it is the gift you must award to your favourite bike.
