Bikes are one of the most preferred private vehicles in India. For many people, the first vehicle they ever buy independently is the bike. Its affordability makes it one of the most popular modes of transport too. If you too have bought a bike for the first time, then you may have also bought the mandatory third-party motor insurance policy that protects you from third-party liabilities. However, as a first-time owner of a new bike, it may be better for you to go for additional protection with a comprehensive two wheeler insurance policy. Let us explain why.
- Financial protection for the bike against natural disasters
Comprehensive insurance is a must if you live in an area that is prone to certain natural
disasters. If your two wheeler is damaged due to earthquakes, floods, lightning, cyclones, and so on, your third-party policy is not going to be of much help. If you do not have adequate finances, then your first ever vehicle may not be able to get access to good quality repairs. Losing your new bike to something that is beyond your control can be very frustrating. A comprehensive two wheeler insurance policy that protects your bike against these natural calamities can help immensely.
- Financial aid in case of theft
New bikes are vulnerable to getting stolen. They fetch a higher price in the market as compared to older bikes so thieves tend to target new bikes. If your new bike, unfortunately, gets stolen as a result of this, you are not only going to lose the bike but also face a strong loss, money-wise. While a comprehensive insurance policy cannot bring back your bike in this case, it can help you cope with the financial loss by reimbursing you with the IDV or the Insured Declared Value. You also get the IDV if your bike suffers a total loss due to fire.
- The premium for new bikes is comparatively lower
Many people hesitate from buying comprehensive two wheeler insurance because they feel that the premium would be very high. The premium of any vehicle is dependent on the age of the vehicle. The older the bike, the higher is the premium. So, now that your bike is new, you can easily get the protection of a comprehensive policy with low premiums. It is much better than buying comprehensive protection a few years after purchase of the bike and incurring high premiums.
- Peace of mind
The first vehicle purchased with your own money always holds a special place in one’s heart. For many, it is not merely a bike but a symbol of their independence as well as their favourite mode of transport. It can help you commute to work, go on long rides, finish errands faster, and much more. A comprehensive motorbike insurance policy assures you to a great extent that when unforeseen incidents affect and damage your beloved bike tremendously, you can always get it repaired. You do not have to worry about the expenses. Just as one insures the health of loved ones with a health insurance policy, one should insure the health of their bike with a comprehensive two wheeler insurance policy.
Besides these, one also has the benefit of choosing extra protection with the help of add-ons. This ensures that you get to enjoy the thrill of your new bike without worrying about the expenses! Ride safe.