Insurance plays a very crucial role in keeping us safeguarded from any financial tremors at fateful times. Yet we all feel reluctance when it comes to investing in Insurance, as we feel that this money is going to be stuck and are not going to see any positive growth. But this is going to be any reason to avoid taking insurance, as we are going to tell you the reason why you should take Insurance. Above all, we are also going to talk about the 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com. So read this article till the end to acquire knowledge about the same.
Know About Bike Insurance
In the year 2002, Indian Motor Tariff was launched under which two-wheeler insurance was made mandatory. The two-weller Insurance which is also called Bike Insurance is made mandatory and without taking it you are not allowed to ride your bike on the roads. Furthermore, these bike insurances prove to be very useful at the fateful times.
Various Types of Bike Insurance
Bike Insurance or two-wheeler insurance are of three types, all these three types have different price ranges and coverage. We have discussed these three types of Insurance below in brief.
Standalone or Own Damage: This type of Insurance as the name suggests covers the damages made by the owner of the vehicle. This also means that this insurance will not cover any losses made by the third party. Thus it is mandatory to take the third party insurance when you take up the Standalone or Own Damage Insurance.
Comprehensive Insurance: Comprehensive Insurance covers all types of losses either made by the third party or by the owner of the vehicle. Buyers of this insurance can claim the insurance without worrying about who made the losses occur.
Third-Party Insurance: The audience can understand the policy of this insurance by just reading the name. Yet we would like to tell you that these types of insurance cover only the losses made by any third party. And this is also suggestive that this insurance will not cover any losses made by the owner of the vehicle.
Why take Bike Insurance?
You also like others might think that taking up bike insurance is of no use but let me tell you that, bike insurance is very useful. The Insurance has the capacity to save you from heavy financial losses that may occur at the time of fateful events like accidents, Vehicle damage, or others. Plus if you opt for bike insurance you will also abide by the rules and regulations thereby saving yourself from any kind of sudden penalties.
Factors to Remember while Choosing Bike Insurance
At the time of your Insurance purchase, we know that you will already confused about what is going to be best for you, but we have listed here some of the useful points that will help you in selecting the best Insurance for you.
Add-ons: Make sure to look and know for any Add-ons provided along with your insurance. As many Insurance companies provide various add-ons on different types of insurance in order to make it more lucrative and at the same time beneficial for the users or the insurance buyer.
No Claim Bonus: Different companies also have bonuses for the insurance buyer when they do not claim even single insurance at the time of their tenure. As a bonus, you may get an extended insurance period or any other useful stuff, which depends on the company to the company.
Hidden Clauses: Be an aware buyer and read or ask about any hidden clauses, because any unawareness or negligence can sometimes lead you into some serious troubles and losses.
Terms and Conditions: When you are given any brochure by the company, read the terms and conditions very carefully, because we mostly ignore them and simply accept them. This type of negligence can create issues and can also become a hindrance at the time of claiming insurance.
Settlement Process: Ask the insurer about the settlement process to take up a smooth process when you are trying to claim the insurance. Because if the settlement process is lengthy then you might have to witness a few hurdles.
Success Percentage: Make yourself informed about the settlement percentage because if the percentage is less then you might have to witness issues at the time of claiming your insurance.
5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com
Finally, after telling you all the necessary details and aspects of bike insurance it is time to discuss the Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com.
|Company Name||Company Detail||Premium Plan Starts at Rs.|
|Royal Sundaram Bike Insurance||Foundation Year 2001||Rs. 250|
|New India Bike Insurance||Foundation Year 1919||Rs. 108|
|Tata AIG Bike Insurance||Foundation Year 2000||Rs. 475|
|Universal Sampo General Insurance||Foundation Year 2007||Rs. 317|
|HDFC Ergo Bike Insurance Company||Foundation Year 2002||Rs. 538|
In this blog, we have tried and provided all the crucial details about the 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com, and alongside that, we have also incorporated crucial details about bike insurance and its needs. Furthermore, we have also talked about the points that you should keep in mind while looking for bike insurance, which surely makes your task of comparing different companies at the time when you are going to opt for the insurance for your bike.