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Financial loss suffered when the bike is damaged when being moved from one place to another through road, rail or air.Financial loss suffered when the bike is stolen.Financial loss suffered when the bike is damaged due to man-made causes like fire, explosion, malicious acts, riots, strikes, etc.Financial loss suffered when the bike is damaged due to natural causes like floods, earthquakes, lightning, landslides, cyclones, etc.Liability faced when an individual's property is damaged due to the bike.Here is the scope of cover of comprehensive bike insurance plans – They cover third party liabilities and damages suffered by the bike. Comprehensive plansAs stated earlier, comprehensive plans allow a wider scope of coverage.Liability faced when an individual’s property is damaged due to the bike.Liability faced when an individual is killed due to the bike.Liability faced when an individual is physically hurt due to the bike.The policy covers the following types of financial liabilities – Third-party liability plansUnder third party liability plans, coverage is offered only for third party liabilities which you face when another individual is harmed due to the bike.Here are the two types of bike insurance plans and their respective coverage benefits – The coverage offered by bike insurance plans depends on the type of policy that you buy. Even for new bikes bought on or after 1 st September 2018, long term coverage is not necessary For new bikes bought on or after 1 st September 2018, the coverage duration should be 5 yearsĬan be taken for one year or for a longer tenure of 2 or 3 years. Premium depends on a lot of factors, engine capacity being one of themĪvailable if no claims are made in a policy yearĪ range of premium discounts are available under the planĬan be taken for one year or for a longer duration of 2 or 3 years. Premium depends on the engine capacity of the bike IDV is the value of the bike after considering depreciation based on the bike’s ageĪ range of add-ons are available which can be selected at additional premiums The coverage is limited to the Insured Declared Value (IDV) of the bike insurance policy.
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Property damage coverage, however, is available for up to INR 7.5 lakhs The premium varies across all insurance companiesĪccidental deaths and physical injuries have no coverage limits. The premiums are higher and they are fixed by the insurance company itself. The premiums are also the same across all insurance companies Premiums are low and are fixed by the Insurance Regulatory and Development Authority. You can buy the cover for a wider scope of protection on your bike Here is how the third party and comprehensive bike insurance policies differ from one another –Ĭovers only third party legal liabilitiesĬovers both third party legal liability and damages suffered by the bike