All You Need To Know About Bike Insurance
Hitting the age mark of 18. And you are finally eligible to apply for driving licence in India. The first thing on your mind is to purchase your dream bike. The bike you have been wanting since forever. The one that you will ride to your college and act as the coolest dude of your batch. Not only this, you have already planned the thrilling and speedy road trips. As exciting and fascinating as it sounds, it is equally life threatening. The thrills of the speed and your obsession might lead to ignorance of the most important factor that is safety.
A bike insurance policy is the only way to deal with the number of risks associated with the purchase of the bike. In India, it is mandatory to avail a bike insurance policy by law. So, if you own a two wheeler, you cannot hit the roads without a valid insurance policy. Most people often overlook the importance of availing an insurance policy. And some people only buy it to save themselves from any financial penalties. However, there are a number of safety benefits associated with a bike insurance policy. Read on to know more.
A bike insurance policy falls under the category of two wheeler insurance policy. There are two types of two wheeler insurance coverage. One is the comprehensive cover and the other is the third party liability. The comprehensive type of policy will provide a broad range of safety benefits. It will cover financial compensation in case if accidents due to various reasons. Whereas the third party liability will save you from financial and legal liabilities arising out of damages caused to another party due to owner rider’s fault.
The mandate on insurance policies by law is only applicable on Third party liability cover and not on the comprehensive cover.