Many people are not aware of the features of their insurance policy and they assume that having a policy is enough to take care of all the problems in future. This approach can put you in lots of troubles in future as you need to understand that your policy will not offer coverage for every damage that happens to your vehicle. Every policy will have its own exclusions and you have to understand them carefully while buying the bike insurance policy from the market. In simple terms, exclusions means the situations under which coverage will not be given to the vehicle under the policy. This will be clearly mentioned in the policy document. In the same manner, inclusions will also be mentioned and you have to choose the policy based on what is mentioned in this section. In simple terms, inclusions means the coverage offered to your vehicle and you can get to understand them after reading the policy document. When you have a clear understanding about these factors, you will not be under any false assumption and this will help you to plan your insurance purchase in the proper manner. You will be able to get the best policy suited for your individual needs.
Why is it important to know about inclusions and exclusions?
When you are aware of the features of your bike insurance policy, you will not make any mistakes in selecting the best option for your vehicle. All the features offered by the plan will be covered in the inclusions section and this means that you will be covered for the risk factors mentioned in this section. In the same manner, the exclusions section will contain all the situations and risk elements that will not be offered coverage by the policy. This will keep you alert about the risks of choosing such plans for your vehicle. In this way, you will know what you are exactly getting for the money you are spending on the insurance plan.
Consider the situation when you are not aware of all these factors and you blindly choose the best selling plan in the market. In this way, you may not get what you exactly need and the exclusions may be your exact requirement in future. This means that you will effectively be paying money for nothing and your entire investment in the insurance policy will not yield any results for your security in future. If your intention is to get protection for your bike and you end up choosing a third party coverage that only offers coverage for third party damage, your entire policy will be waste when it comes to covering damages for your own vehicle. For this reason, you should be completely aware about the inclusions and exclusions of any insurance plan.
Inclusions of bike insurance: Third Party Coverage
- Includes coverage for damage to third party vehicle.
- If the third party is injured or dies during the accident, coverage will be given for such issue.
- When there is damage to third party property, coverage will be given under the bike insurance policy.
Exclusions of bike insurance: Third party Coverage
- When the damage is done to your own vehicle, coverage will not be given and you have to pay the entire amount for repairs from your pocket.
- When there is damage due to non-collision, coverage will not be given.
- Any sort of damage to your own vehicle will not be provided.
Inclusions of Comprehensive Coverage
- When you have a comprehensive bike insurance policy, you will get coverage for damage to your own bike as well as third party vehicle.
- You can even claim compensation for loss of vehicle due to natural disasters and manmade calamities.
- You will also be getting legal third party liability during accident situation.
Exclusions of comprehensive coverage
- You will not get compensation for general wear and tear of the vehicle.
- In common cases, mechanical and electrical breakdown will also not be covered by the plan.
- When the damage is done due to war or nuclear attack, coverage will not be given to the bike.
Why is it important to compare different plans?
It is very important to compare different plans available in the market so that you can choose the most suitable option for your bike. Different bikes have different requirements and what is suited for a regular bike will not be suitable for an expensive sports bike. In the same manner, the requirements of new bike will be different from that of an old one. In this situation, it makes sense to compare all the plans so that you will have clear understanding about what is suited for your bike. You can even use the services of online portals to know about the bike insurance policy before you buy them. It is also possible to buy them online using their services.
Apart from that, you can even get in touch with your insurance advisor to know about all these plans. They can guide you properly and help you to select the best option that gives adequate coverage at cost effective price. There is no need to depend on expensive options when you are able to choose your policy in this manner. Remember that you can even get good discount when you compare all the available options in the market.
Important Note
You must be aware that most policies do not offer coverage when the vehicle is used outside of the geographical area of coverage. In standard terms, you will only get coverage from your bike insurance policy when the vehicle is used within India. Similarly, when you drive the vehicle under the influence of alcohol or drugs and any damage happens to third party or your own vehicle, coverage will not be given by the policy. In the same manner, when you drive the vehicle without valid license, you will not get any compensation from the insurance company. Be aware of these standard exclusions and save yourself from lots of troubles in future.
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