With the diverse landscape, hidden destinations, varied cultures, and growing road connectivity with the remotest corners, India can be a paradise for long-distance bikers. Hence, many people are hitting the road to explore this wonderland on their bikes.
However, a well-maintained bike is not enough for long-distance riders. They should also ensure appropriate bike insurance coverage by following the steps mentioned herein.
Steps to Select the Right Bike Insurance for Long-Distance Riders
1. Select the Right Type of Two-Wheeler Insurance
In India, motorbike insurance is of two types- Third-Party or Comprehensive insurance. As per the Motor Vehicles Act 1988, all vehicles must have third-party insurance. However, it only covers the damages caused to a third party and not the insured vehicle.
Therefore, comprehensive two-wheeler insurance can be a more practical choice for long-distance riders. It provides insurance protection against own damage and the damages caused to a third party. Moreover, you can have the mandatory personal accident cover bundled with your comprehensive insurance, eliminating the need to buy it separately.
2. Set the Proper IDV
Insured Declared Value (IDV) is the maximum amount you can claim from the insurance company in the event of a total loss of your bike.
The higher the IDV amount, the higher your comprehensive insurance premium and vice versa. Moreover, setting it too high will not help you as the insurance company will charge depreciation on your bike as per the depreciation guidelines set by the IRDA and give you this amount received or the IDV set in the policy, whichever is lower.
Therefore, set a proper IDV amount per your bike’s condition and the IRDA depreciation guidelines considering your bike’s age.
3. Include Useful Add-ons
You can enhance the coverage of your two-wheeler insurance by including certain add-ons by paying an additional premium amount. Of course, these add-ons can make your vehicle insurance premium costlier, but some of them described below can prove to be very helpful for long-distance riders.
-
Engine Protect
This add-on covers the cost incurred in the replacement or repair of engine parts, gearbox parts, etc., due to the damages caused by accident.
-
Consumable Cover
The consumables, such as nuts, bolts, engine oil, pipes, etc., are not covered by standard comprehensive vehicle insurance. But they can add up to the overall cost of repair if your bike is involved in an accident. The cost can be high if you own a high-end bike.
Therefore, long-distance riders should consider including this add-on to their comprehensive bike insurance plan giveme5.
-
Return to Invoice Cover
The insurer will compensate not the IDV but the bike’s price as stated in the invoice in case of the total loss of the bike. Thus, you get the full ex-showroom price of the bike.
4. Select Multiple Tenures
You can now purchase bike insurance for multiple years, say 2 to 3 years, at once. The main advantage of purchasing multiple-year motor insurance is you don’t need to remember the renewal dates every year. Secondly, you can get additional discounts on multi-year motorbike insurance.
If you belong to the growing tribe of free souls who love to live their life on the road with a tankful of petrol, do so with adequate insurance coverage. After all, you should leave only the pleasant surprises to destiny. For everything else, be prepared with a good and adequate comprehensive insurance plan.
