When it comes to bikes, Hero is one company that has earned the trust of the Indians. If you decide to buy a Hero bike then remember that the Motor Vehicles Act, 1988 makes it mandatory to buy a two-wheeler cover if you are a bike owner. A bike insurance policy acts as a guard, by covering expenses that are related to the damage and theft of your motorcycle. The comprehensive insurance policy covers the rider, as well as, any damages to the third-party.
When you decide to buy the policy, you must have in-depth knowledge about a few important points related to a Hero bike insurance policy. This will help you to find the most suitable insurance plan.
Types of bike insurance
Broadly, the types of bike insurance covers include the following:
- Third-party liability cover
This kind of policy covers the expenses if your insured bike causes an accident and damages a third-party property. The policy also offers cover for liabilities in case of any damage to the life of a third-party. However, you must understand that this policy provides no cover for the damages caused to your own bike. Hence, third-party insurance can be bought at a lower price. This insurance cover is available for both commercial and personal bike owners.
- Comprehensive cover
The comprehensive bike insurance policy includes third-party liability cover, as well as, coverage for your own bike. This means that if your insured bike is ever damaged due to an accident, natural disaster, or various other reasons, the comprehensive insurance plan will cover these damages. The cover is also provided for loss of bike due to theft.
About the ‘Depreciation’ add-on cover
Add-on covers are additional policies that you can buy with your existing insurance plan to ensure added protection for your bike. The ‘depreciation’ is one of the most popular add-on covers that you can purchase along with your existing Hero bike insurance policy by paying an extra premium. Depreciation is the wear-and-tear that occurs to any vehicle with time. This is taken into calculation when you make an insurance claim for replacing or repairing any part of the bike. If you buy the ‘depreciation’ add-on cover, you will not have to pay the depreciation expenses.
What are the exclusions?
Before buying a bike insurance plan, it is important that you learn about the exclusions of the policy. This way, you can have a complete idea about what to expect from the policy.
Some of the most common exclusions are:
- Riding under the influence of alcohol or drugs
- Riding without a valid license, or if an under-aged person riding the bike
- Mechanical and electrical failures
- Using a private bike for commercial purposes
There are many bike insurance companies available in the market. To buy the most affordable comprehensive insurance policy, you must take some time to compare different insurers and find the insurance company that meets your requirements.