In India, it is mandatory to own insurance cover if you wish to run your dream machine on road. And if the vehicle is used without the cover, then you will have to pay hefty fine for breaking the law. Many Indians own two wheeler like mopeds, bikes etc. to commute daily and move quickly during snarling traffic. Just as you use it for your convenience you should also understand that it is important to protect your bike from any mishap. It is typical mentality of Indians that whatever covers we have for four wheeler the same thing implies to bikes as well. However, two wheeler covers are different from bike cover.
The article explains on how bike insurance works and what the claim procedure is for it:
Bike cover generally depends on various factors like type of bike you own, CC, the cost of bike, driving skills, place of living and much more. It covers you against any loss or damage done to your vehicle against natural calamities such as Fire, Explosion, Self-ignition, Lightning, Earthquake, Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm, Frost, Landslide, Rockslide. Your policy lasts a year after which you can either choose to continue with the same policy, else change the policy to the company of your choice, if you’re not satisfied with their services. Today, maximum insurance companies provide best and customized policies online via their websites. Customers can simply login to their computer, laptops or tabs, fill in the details and purchase policy instantly while on the go.
Whenever bike insurance is purchased it is surveyor who inspects every aspect of bike such as shape, size, CC, costs, driving license and after this a value is declared for insurance cover known as “Insured Declared Value” that will be offered at the time of claim. For bikes companies cover accidents, break down to rider and pillion injury as well as 3rd party claims.
A bike insurance cover will cover every metal and plastic part inclusive of the wheel rims and engine. Tyres are sometimes not covered as they come with their own individual warranty from manufacturer. If you get an insurance provider covering so well & good it will be for you. Other consumables like nut & bolts and grease is not included. Also, if your bike has previous scratches and cracks while renewing or buying a new policy, it won’t be covered in the 2 Wheeler Insurance policy.
3rd party Coverage is mandatory cover for any bike. It is the insurance cover in case of mishap happens due to the fault of the insurance holder. The damage cause to the other person involved in the accident is referred to as third party. In such cover insurance company is liable to pay for the third party damage pertaining to property, health or life loss (compensation) as well. In simple words, you hit a person on road; insurance company will pay for the injuries caused to the person.
The claim procedure works in simple way as well. Whenever there is an accident or an incident you have to call the claims department of your insurance company and let them know about the incident. Investigators will then inspect the bike and after a thorough assessment gives his or her go ahead. The necessary action is taken such as either the company pays the money or the customer has to pay for the repairs while the bike insurance company later reimburses the customer for the damages. The amount reimbursed is never in whole and it covers about 80-90% of the total cost.