In comparison to cars, two-wheelers are cheaper to maintain and more enjoyable to ride. They are also easier to manage in traffic. Individuals’ attachments to their two-wheelers are motivated by several factors. However, riding a bike comes with its own set of risks. Its design and engineering make it prone to accidents.
In the event of a bike accident, there can be serious injuries as well as damage to the bike. While insurance cannot reduce the risk of accidents, it surely can provide financial protection in the event of an unforeseen incident. It is important to note that you can stay protected against the damages caused to your bike and any injuries or medical expenses, if and only if you have comprehensive insurance for bike.
Why Switch from Third Party to Comprehensive Cover?
Did you know that in 2022, two-wheelers were involved in the majority of deadly road accidents accounting for about 44.5% (Source taken by NDTV)of total fatalities on the road? When it comes to covering liability towards another driver or a passenger, or any third party, you will not be required to pay additional fees.
But when compared to comprehensive coverage, third-party two-wheeler insurance solely addresses third-party liabilities. However, comprehensive two-wheeler insurance safeguards the bike against mishaps like theft, significant damage to the bike, and total loss. Comprehensive plans include coverage for losses resulting from fire, theft, explosions, natural disasters, damage sustained during transportation, etc. In contrast to third-party coverage, you also get access to a wide range of add-ons that can further widen the coverage of the current policy.
Without comprehensive insurance for bikes, you will remain exposed to high possible expenditures. This is because, in case of an accident or a mishap, you won’t have two-wheeler insurance that would cover the costs of damage to your vehicle or medical assistance that you may need.
Steps to Switch from Third-Party to Comprehensive Bike Insurance
By simply following the steps mentioned below, you can effortlessly switch from a third-party to comprehensive insurance for a bike:
Step 1: Decide the Coverage You Need: It is essential that you first decide what insurance coverages you need. Is there anything here that you will eventually find useful? For your bike insurance, you can choose add-on coverages to get extra benefits depending on your use or your preferences.
Step 2: Check the Premium Amount: Once you’ve decided on the coverage you want, search for the best rate by comparing several insurance providers. Contacting insurance providers both online and offline is a good idea, but online techniques are much easier and quicker. Bear in mind that online comparison can provide additional benefits like lower rates or exhaustive bike insurance coverage. Check the coverages, deductibles, and limitations of any plan.
Step 3: Look for Additional Benefits: Research any extra benefits that your insurance provider could provide for your two-wheeler. Are your bike insurance company’s after-sales services or customer support up to par? Are the assistance services available 24*7? Do you have access to services like an online renewal of an expired policy? Check whether you can manage your claims and repairs using the company’s site or other online resources.
Step 4: Connect with the Insurance Company: Make contact with your bike insurance company and provide them with the necessary documentation. You should inform them about a month in advance, if possible, to make things simpler for them and make the process run faster. Whether you get your insurance for a bike or not significantly depends on the documentation.
Step 5: Assessment of the Two-wheeler: Your bike insurance provider will assign a conveyor to inspect your two-wheeler and other information before converting your third-party insurance to a comprehensive one.
Step 6: Update Your Bike Insurance Policy: Last but not least, make the final modification to the insurance policy you have for your two-wheeler. Your bike insurance provider will update your coverage based on the conveyor’s report, per the terms of the contract that have been agreed upon and negotiated with you.
Benefits of Switching to Comprehensive Bike Insurance
Comprehensive bike insurance has the following benefits over third-party insurance:
- Offers complete protection, including own damage coverage and third-party coverage.
- Along with the coverage against damages resulting from accidents, fire, and natural or man-made disasters, a comprehensive plan offers monetary assistance if your bike gets stolen or is beyond repair.
- By buying extra add-ons like zero depreciation cover, bike engine protection cover, etc., you have the option to increase the coverage.
- Especially if you ride a high-end bike, it offers complete protection.
Factors to Consider Before Switching Comprehensive Bike Insurance
- Before making a switch, think about the usage and your personal preferences.
- If you need comprehensive insurance coverage, look at different insurance companies and compare quotes.
- Checking the details online will reveal many benefits that agents or insurance providers may not disclose.
- Check for the cover period, deductibles, and the plan’s limitations.
To conclude, third-party insurance is necessary and will help you pay for third-party liabilities in the case of a bike accident. However, it does not give the comprehensive coverage that complete insurance does. With a comprehensive plan, both third-party liabilities and own-damage costs are covered by a single policy.
Several bike owners are switching from third-party to comprehensive coverage as they begin to recognize the advantages of a comprehensive bike insurance plan. With the converting procedure so easy and hassle-free, make the switch your bike needs. Also, before purchasing comprehensive insurance for bikes, make sure you are aware of the policy’s coverage and limitations, and that the add-ons you choose are appropriate.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.