Bike or private car owners need to renew their vehicle insurance to keep them protected on the roads. The policy costs may differ or be more complicated with options for premiums and coverage. So, you need to check bike insurance and car insurance details to keep yourself informed about the lapses and other intricacies of the insurance policy. Scroll down to learn more about what to look for when checking bike and private car insurance renewals.
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Monday 07 Oct. 2024
What are Bike Insurance and Private Car Insurance?
Bike and private car insurance are meant to provide a cushion to owners of automobiles in the case of an unfortunate event where a car is involved in an accident, gets stolen or damaged. Bike insurance is designed to offer financial protection for a motorcycle, scooter, or any type of two-wheeler for repair or third-party damages.
Moreover, it is compulsory to have bike insurance or private car insurance in India if you plan to use it on the road. Otherwise, you can face imprisonment, or fine, or both. Therefore, having bike or private car insurance helps vehicle owners keep a financial cushion in case of an accident while following the norms of the law.
Types of Bike Insurance and Private Car Insurance
Before you check bike insurance and private car insurance availability, you need to know the types of insurance for both types of automobiles. Here are the types of bike insurance available:
1. Standalone Own Damage Insurance Policy
An insurance policy that can give you coverage for any emergency or unforeseen situation is known as a standalone own damage insurance policy. In this case, no third party liabilities are covered and you can only claim insurance for damages of your own vehicle.
2. Third-party Bike Insurance Policy
In India, it is mandatory to buy bike insurance as per the Motor Vehicles Act of 1988. This is a basic policy type that covers injuries or damages caused to any third party individual or property due to accidents involving your vehicle. It does not cover any damage occurring to your own vehicle.
3. Comprehensive Bike Insurance
A comprehensive bike insurance policy protects you against damages caused to your own bike as well as any third-party liabilities. It insures the vehicle against natural calamities, theft, accidents, and man-made disasters.
How to Enjoy Hassle-free Renewal for Bike Insurance?
To ensure a hassle-free renewal of your bike insurance policy you need to check the following conditions:
● Amount and Type of Coverage
You need to go through the policy documents carefully to understand how much coverage you will be getting. It depends on the condition of your bike and depending on your needs.
● Compare Premium Rates
Insurance premiums vary between different vehicle insurance providers. Therefore, you should check and compare premium rates from different insurance providers.
● Check for Discounts and Add-ons
The insurance provider suggests that you check for discounts and add-on benefits when you are considering bike insurance. Additional benefits like personal accident coverage, zero depreciation consideration, or roadside assistance can give you more protection.
● Consider Claim Settlement Ratio
Before taking a new bike insurance or renewing an old one, check the claim settlement ratio of the provider. A high claim settlement ratio will indicate that the provider is reliable and trustworthy.
● Check the Insured Declared Value (IDV)
The IDV is the approximate market value of your bike. You need to customise the IDV before applying or renewing the policy. A higher IDV will result in a higher policy price. So, you need to plan accordingly.
● Check for a No-Claim Bonus
If you have not claimed any insurance amount earlier, then you may have the benefit of getting a no-claim bonus. So, check with your car insurance provider before renewing or buying insurance if you are eligible.
Final Words
Overall, when it comes to your bike and private car insurance, you must check the insurance policy periodically. Also, when your insurance period is about to expire, make sure to renew your insurance to continue receiving the needed coverage during uncertain situations. Hence, knowing policy coverage, premiums, the company’s claim settlement ratios, and possible discounts will enable you to make appropriate choices as you decide to get insurance.
