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Finance

Long Bike Rides Are Covered by Insurance

Bike lovers have several options to explore India’s beautiful mix of terrains. A long bike ride to the valleys, ghats, and hills can rejuvenate you and give you a break from your monotonous daily life.

Such an exhilarating ride often requires a lot of planning. First, ensure that your bike is serviced, you have proper safety gear, and you have a valid bike insurance policy. On all your long trips, bike insurance is an essential component to protect you financially if an accident or mishap occurs.

Several insurance companies in the country offer insurance for 2-wheelers. Instead of selecting the first bike insurance policy you come across, compare two wheeler insurance and select the policy that covers your requirements for the road trip.

Read further to learn how to choose an insurance policy for a bike for long rides.

Why Should You Purchase Bike Insurance For Long Rides

Even the best riders are exposed to possible mishaps when riding a two-wheeler on public roads. An accident, bike theft, natural calamity, etc., may come unannounced on your road trip, and in most cases, these situations are not under your control.

Moreover, such incidents can put a massive dent in your trip budget. You can buy an online two-wheeler policy from a reputed insurance company like Tata AIG to cover you during unpleasant and stressful situations.

Types of Bike Insurance Policy for Long Rides

Buying a bike insurance policy without understanding the extent of coverage it offers may still leave you stranded without sufficient coverage on your long trip. Therefore, you must know the types of two-wheeler insurance policies and the extent of their coverage for a long trip.

  • Third-party bike insurance: It is compulsory by law to have at least a third-party insurance policy for a two-wheeler. Third-party insurance covers the damages your bike may cause to a third-party bike or person during an accident. It also provides legal coverage if the third party files a lawsuit against you. Third-party insurance is an essential component of bike insurance for long rides.
  • Comprehensive bike insurance: It is a full coverage insurance plan as it provides coverage for third-party and own damages. In addition to the third-party damages, the damages to the insured bike and bike owner, theft of the bike, and damages to the bike due to a natural calamity or man-made disaster are all covered under this policy.
  • Standalone own-damage bike insurance: If you already have a third-party insurance policy for your bike, you can buy an additional standalone own-damage bike insurance online. This plan covers the damages to the insured bike and the bike owner.

Factors to Consider When Purchasing Bike Insurance for Long Rides

  • Understand your coverage requirements: Since the different types of two-wheeler insurance plans have different extents of coverage, it is necessary to know your coverage requirement to choose an ideal insurance plan. For example, if you plan to ride on difficult terrains or risky roads, a comprehensive bike insurance policy will keep you covered against your own bike damages and natural disasters en route.
  • Add-on coverage: Insurance providers offer add-on covers that you can add to your regular insurance plan. These add-ons increase the extent of coverage of your bike insurance and provide financial assistance in additional situations beyond the regular bike insurance policy. For example, you can add a roadside assistance add-on cover to your insurance plan to get immediate breakdown assistance wherever you are.
  • Insured Declared Value (IDV): A bike IDV decides the premium payable for its insurance. It also decides the amount you will receive on an insurance claim settlement. Therefore, you must know your bike’s IDV.
  • Claim settlement ratio: This ratio shows the insurance claims settled by the insurer against the claims filed. Some insurers have an exceptional claim settlement ratio of up to 98%. Your claim approval chances are higher with such insurers.
  • Bike’s engine capacity: A bike’s engine capacity also contributes to its premium. A bike with a higher engine capacity has a higher premium amount.

Points to Remember

When you are on a long bike trip, make a note of the following points to ensure you do not face issues when filing an insurance claim:

  • Always carry your vehicle documents and a valid driving licence.
  • Insurers do not approve a claim if the rider was intoxicated during an incident.
  • Ensure that you fully understand the extent of your bike insurance coverage.
  • Inform the insurer as soon as possible about the incident and take pictures and videos for records if possible.

In a Nutshell

Bike insurance keeps you financially covered against road accidents involving your insured bike. You can choose between a third-party and comprehensive insurance policy for your long ride. Moreover, you can opt for additional standalone own-damage bike insurance in addition to third-party bike insurance. Choose a bike insurance policy based on your coverage requirements and buy relevant add-ons to increase the coverage of the policy.

Leighton Jon
the authorLeighton Jon