1. Third-Party Liability Coverage: As per the Motor Vehicles Act, 1988, having third-party liability coverage is mandatory in India for all two-wheelers. Bike insurance provides financial protection against legal liabilities for injury, death, or property damage caused to a third party due to your motorcycle.
2. Own Damage Coverage: Comprehensive bike insurance policies provide coverage for own damage to your motorcycle. This includes damages due to accidents, theft, vandalism, fire, natural disasters, and other unforeseen events.
3. Financial Protection: Bike insurance offers financial protection against various risks and damages to your motorcycle. It covers expenses arising from accidents, theft, fire, natural disasters, and also provides coverage for third-party liabilities.
4. Personal Accident Cover: Bike insurance usually includes a personal accident cover, providing financial assistance in case of accidental death or permanent disability of the policyholder while riding the insured motorcycle.
5. Cashless Claims: Many bike insurance companies have tie-ups with authorized garages and service centers, allowing for cashless claims. In case of an accident or damage, you can get your motorcycle repaired without paying upfront, and the insurance company settles the bill directly with the garage.
6. No Claim Bonus (NCB): Similar to car insurance, bike insurance also offers a no claim bonus if you don't make any claims during the policy period. NCB is a discount on the premium during policy renewal and can accumulate over the years, reducing your premium amount significantly.
7. Add-On Covers: Bike insurance policies offer various add-on covers that you can opt for, such as zero depreciation cover, roadside assistance, personal belongings cover, engine protection, and more. These add-ons enhance the scope of protection and provide extra benefits tailored to your needs.
8. Legal Compliance: Having valid bike insurance ensures compliance with the law, which is mandatory in India. Riding without insurance can lead to penalties, fines, and even suspension of your driving license.
