Normal people have nightmares but bike lovers have extremely horrifying nightmares. Sleepless nights are spent dreaming about the mafia being in pursuit of the bike. If not the mafia then maybe the aliens! Why does everyone want to steal your beloved bike? Why? Because it is precious.
Thieves know the value of your bike. And if you want to ensure that you do not face a financial loss if your two-wheeler is stolen by thieves, make sure to opt for bike insurance.
But Bike Insurance Is For Third Parties, Right?
Right and wrong. Bike insurance isn’t just for the benefit of third parties, it is for your bike as well. There are two types of bike insurance, Third-party Liability and Comprehensive. Third-party Liability Insurance is the one that covers pedestrians or other third parties and their properties that might be affected by an accident caused by your two-wheeler.
For example, if your bike is insured with a Third-party Liability policy and you accidentally run your bike into a roadside tea vendor’s shop, your insurance company will compensate the damage caused to the tea vendor’s shop after inspection. However, the damage caused to your bike because of the accident won’t be covered. It will be covered if you insure your bike with a Comprehensive Bike Insurance policy. A Comprehensive Bike Insurance policy covers bike theft as well.
What Is A Theft Cover?
Just as a Comprehensive Bike Insurance cover insures your bike against financial losses arising due to accidents, it also provides coverage against calamities and theft. This cover comes in handy in an unfortunate event of a bike theft.
In case your insured bike goes missing, your insurer will compensate you for the financial loss after conducting an investigation. There are certain prerequisites to this, such as you should lodge a First Information Report (FIR) at a police station after you find out your bike has gone missing. Such type of documentation is needed while submitting the insurance claim application.
Does A Theft Cover Cost Extra?
No, a theft cover doesn’t cost extra, it is a part of the Comprehensive Bike Insurance Policy. It is not an Add-on but a feature of the Comprehensive Bike Insurance policy. By going for a comprehensive cover instead of only buying the mandatory Third-party Liability cover, you are getting the mandatory cover, and the calamity, accident and theft covers. And all this for a modest amount. If you compare the expenses incurred on repairing a bike or purchasing a new one after a bike theft, the amount you pay for Comprehensive Bike Insurance is nominal.
Most insurance companies have something called as a bike insurance calculator on their website to help insurance seekers find out the approximate cost of their bike insurance policy. You have to fill certain details, select a few options and the calculator will do its job. It will take into consideration the information you have provided and display the price for which you will get a bike insurance policy.
Online Bike Insurance
Going for online bike insurance is convenient and hassle-free. Now, there is no need to depend on someone to understand the intricacies of insurance plans. Insurance has gone digital and insurance companies are simplifying it for you. Now you can simply read and understand the policy you want and purchase it.
Make sure to read the policy document carefully to understand what is covered and what is not covered under your insurance policy. A lapsed insurance policy is of no use. Thus, ensure to go for bike insurance renewal in a timely manner. You also have the liberty to switch your insurance provider during bike insurance renewal if you are not satisfied with the services offered by your current insurer.