Five Things You Need To Know About Motorcycle Insurance

Two-wheelers have a huge role to play in our day-to-day life. By facilitating seamless and independent communication, it helps us to finish our chores quicker. For something that comes into our use so often, calls for the proper maintenance and protection. But no matter how much you try, there is always going to be a risk of coming across unforeseen cataclysm hanging on your head. Hence, motorcycle insurance lets you take a step ahead by insuring against any unforeseen losses ahead. Applying for one can combust a majority of your worries concerning the risks involved. If you are one of those wondering about getting your motorcycles insured then there are a few things you need to know beforehand.

5 things to know about a motorcycle insurance

Knowing a few basic things about motorcycle insurance can help you make a better decision. Knowing about the coverage plans and premium amounts can also help you invest your funds in an insurance scheme in a lucrative manner.

1. The need to get your motorcycle insured

Your motorcycle is always exposed to threats while on the road. The amount of traffic that you see on the road on today's date makes it challenging to keep your bike away from damages. Even a small scratch on the body can cost a fortune to repair let alone a major accident. Motorcycle insurance can back you up in such circumstances. It can cover your expenses in repairing such damages. There are a lot more things that motorcycle insurance can cover up for that you are going to come across later in this article. Also, under the motor vehicles act, the ministry of road transport has made it mandatory to have at least a third-party liability insurance. Driving a vehicle on Indian roads with no insurance coverage is a legal offense and is penalized with a fine. 

2. Cheaper scheme

A third-party liability motorcycle insurance scheme is the cheapest insurance scheme available in the market. It can cover the costs of only the third-party injuries and damages incurred due to an accident. It does not cover personal damages. Hence, if you end up with a broken and damaged motorbike after an accident, you have to deal with it using your savings.

3. Is third-party coverage alone sufficient?

Even if the government has set third-party cover insurance as the minimum insurance required for a vehicle, it may not be sufficient to have. A third-party insurance scheme will only cover for the expenses due to damage caused to the third party injuries or vehicular damages. In case of any unforeseen cataclysm, a lot can go wrong. The catastrophe may hit in the form of a vehicular accident, accident due to stray animals, natural calamities, etc. Confrontation with any one of the above-mentioned disasters can cause serious damage to your bike along with yourself. Moreover, dealing with the repair costs and hospital bills may put you through a financial conundrum. Hence, insurance schemes for third-party coverage alone may not be a wise option to go for.

4. Comprehensive cover

Comprehensive cover is another category of motorcycle insurance policy offering a wider horizon in terms of coverage. It offers a lot more coverage than a third-party policy does and hence is more expensive. Listed below are some of the damages that comprehensive cover insurance policy covers for.

Injuries caused due to accidents

It is very common to inflict injuries at the time of accidents. The victim might end up with fractures, injuries in joints, dislocation, etc. Comprehensive cover insurance policy lets you claim for the costs of treating such injuries.

Compensation in case of death

Confronting a fatal accident might lead to the policy owner’s or the third party individual’s death. In such a case, the comprehensive cover policy insurance will cover for the damage caused and also provide compensation amount to the nominees in the policy.

Man-made cause

Damage to the vehicle in case of a nuisance caused by humans like thefts, riots, etc. will be covered under a comprehensive cover insurance policy 

5. Attributes that influence the cost of a premium

The cost of premium differs based on certain factors as mentioned below.

• Model and make of your motorcycle

• The city where it is registered

• The type of cover policy you have opted for

• The capacity of the engine

You can also try to get rebates from the company where you are applying for the insurance policy. This can lead to a reduction in the payment of premiums.