There are many benefits of buying bike insurance online. From getting the plans at attractive rates to being able to easily renew them, the advantages of online insurance are many indeed. In this article we take an in-depth look at the online bike insurance plans and the beneficial covers they offer.
Covers on damage of the vehicle in bike insurance online
When you buy bike insurance online, you get to choose from between two types of covers. They are:
- The third party cover: A third party bike insurance cover is the more common and popular kind of bike insurance in India. This is a legal mandate and you cannot ride your bike unless you have this cover. Under a third party bike insurance cover, your insurance provider pledges to compensate all third party damages when your vehicle gets involved in a road accident. The legal costs, if any, are also covered. Under such a plan however you do not stand to make any claims for the damages sustained by your own bike. This is a basic and inexpensive bike insurance cover that you can greatly benefit from.
- The comprehensive cover: As the name suggests, the comprehensive cover offers a more wholesome protection. When you buy a comprehensive bike insurance plan online, you get all the benefits of a third party cover. In addition, you also get protection for your own bike. So you can make claims for damages to the body of the bike. You can also send your bike for regular maintenance and get your bills reimbursed. And lastly, if your vehicle is stolen or damaged in a fire (or any other cause), you can get a full compensation to replace the bike.
Understand what each type of bike insurance cover offers. Then assess your needs and see which type of cover suits you the best. Once that is known, go ahead and get some good bike insurance online.
Depreciation allowance in bike insurance online
All forms of motor insurance, including bike insurance online, take the factor of depreciation when calculating the insurance cover for your vehicle. Your bike goes through its usual age-related wear and tear with every passing year. A bike that is brand new is therefore more valuable than one that is two-years old. Keeping this in mind, the insurance provider offers a higher cover for newer bikes and the value of the cover depreciates after the completion of every policy year. Under a standard online bike insurance plan, your depreciation levels will be calculated according to the following table:
| Between 1 & 2 years | 20% |
| Between 2 & 3 years | 30% |
| Between 3 & 4 years | 40% |
| Between 4 & 5 years | 50% |
Depreciation is a very crucial part of bike insurance. You must thus keep it in mind at all times. You can only make claims up to the limit allowed by your insurance provider, after depreciating the value of your bike.
Zero depreciation rider
If you do not want the value of your bike to depreciate, you can simply opt for the zero depreciation rider that is available with most bike insurance plans online. It is an add-on cover available with your base bike insurance policy. You have to buy it at an added cost, but the benefits you get out of it will be worth every extra paisa that you pay!
Speak to your insurance provider before you buy the plan and the rider. The zero depreciation rider needs to be purchased when you are purchasing bike insurance online. So do the needful at the right time. If however your bike is too old and you are planning to change it shortly, it is not advisable for you to pay the extra money for the rider.
The bottom line
There are many options for bike insurance online. You therefore need to run a comparison to see which plan at what rate is best suited for you. Analyse your own requirements beforehand to know exactly what type of cover you need. Also remember to explore the riders to make your plan more flexible. All the above mentioned steps can be completed online. So you can just how beneficial it is to get your bike insurance online. Log on, look around, do your research and choose an appropriate cover right away. You will not regret your choice after that and will be able to ride your bike with a lot of mental peace.
