Like we know, two-wheeler insurance is mandatory in India. After all, they offer financial protection to people from any kind of road accidents. As more vehicles are getting on the road with the passage of time, it has turned out to be more important to get an insurance plan for your bike. The policies developed by the Insurance Regulatory and Development Authority of India (IRDAI) are aimed at offering optimum protection to the vehicle owners from any kind of vehicle damage or unpredictable road accidents by providing services.
The rulesstructured by the authority make people aware of the guidelines regarding the elaborate functions of the representatives of the transportation system. Initially, the rule was just based on the concept of long term insurance that did not cover the free service sessions. Updating the protocols, in the year 2019, IRDAI came up with several strategic ideas that will help the Bike Insurance Policyholders in fetching benefits from the policies.
Changed rule of bike insurance policy
The guidelines demanded that Own Damage (OD), policies would be issued separately in case of two-wheelers and cars. Before this, the package policies included the general policy of insurance along with the recovering protocols of the services. Therefore, in India, the changes in insurance policies related the two-wheeler policies for motorbikes or motorcycles are mostly covered.
The changed guidelines in India are mostly aligned to the comprehensive insurance that helps in covering both personal and third-party liabilities. Some of the key aspects that you need to focus on are as follows:
- Damage of the vehicle due to any natural calamity like storm, hurricane, thunder and lightning.
- Loss of the insured vehicle due to theft, riot or any kind of man-made disasters.
- Third-party liability including accidental death
- Damage caused due to an accident by any other vehicle.
- The new policy will focus on the coverage of the damaged part of accessories partly.
In India, several laws help in facilitating bike owners to gain optimum benefits. As the motor insurance covers the loss of any kind of physical damage, it is widely accepted by the people across the nation. With the rise in the number of bike accidents, it has become even more crucial to get the benefits offered by today’s insurance policies. A well-designed bike insurance policy can provide you with optimum protection.
More about the importance of bike insurance policies
Apart from the disasters mentioned above, a few more aspects of the bike insurance policies are there that will help in keeping your bike safe. The policy change also includes protection from legal issues. Hence, it will
- Give the owners a sense of security
- Protect from all kinds of hazards
- Come up with a Third-party cover
What matters in buying a bike insurance plan?
The concept of Insured Declared Value (IDV) plays an essential role in deciding the entire procedure of the wheeler insurance policy. The rate of the depreciation associated with the cost of the accessories is also measured by the effective value price. Therefore, it can be stated that the formulation of the new set of policies from 1 September 2019 has helped the nation in providing facilities to the two-wheeler holders more effectively.
The new policies are aimed at helping the bike owners recover from disasters and from personal accidents as well. Plus, if the premium is not been used by the owner from a certain period, the owners can even file for NCB (No Bonus Claim) that will help in getting discounted premium rates.