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Wondering, whether your bike insurance protects bike from fire damage? In the widespread urban areas of India, having a two-wheeler is more of a necessity. A motorbike or scooter can make your life so much easier in terms of commuting. You do not have to worry about relying on public transport and even the annoying traffic jams can be easily managed when you have a trusty two-wheeler. However, one of the most important things that you should not forget at any cost is having a bike insurance policy. A bike insurance policy provides coverage for the damages that your bike has received and the damage caused to the other vehicle in an accident.
Nevertheless, while buying bike insurance online, you need to find out if the policy provides comprehensive and sufficient coverage for damages including the damage caused by fire. So, let us talk about it here today and find out much-required information about it.
Here are some of the types of two-wheeler insurance plans that provide coverage for damages by fire. Mentioned herein below are the types of two-wheeler insurance plans that you can very easily find in the market.
Going by the rules of the Government, buying a third-party two-wheeler insurance policy is compulsory for all owners of two-wheelers. The coverage you will get under a third-party insurance plan is for the damage to the other party’s vehicle in case of a collision. If you met with an accident while riding your two-wheeler, this policy will only cover the damages to other vehicles and not your own vehicle. There are some additional third-party bike insurance benefits available with some insurance plans but you need to clarify from the insurance provider about the plan that you are getting.
It is basically a full-proof plan that comes with all the required protection that a bike may need. A comprehensive two-wheeler insurance policy will certainly protect your bike from self-inflicted damages and along with that damages caused because of any external factors. Your bike will even receive protection from all types of accidents that involve fire. We can call this policy an all-around protection plan as it protects against all types of eventualities. A comprehensive two-wheeler insurance policy will cover damages caused to other vehicles or third-party liabilities, as well as all damages to the own vehicle including natural calamities and even theft.
This kind of two-wheeler insurance policy protects a bike against self-inflicted damages. This may include a natural calamity, a man-made accident, or any other event like riots. Under this policy, damages by fire are also included. However, you may not receive any compensation for fire caused by overheating or any kind of internal sparks. The damages by fire will be considered if there are visible flames. If you are using this kind of a policy to get compensation, and the damage happened because of riots, the insurer might ask you to show proof of the event, which can be the piece of newspaper in which the news of the riot was published.
For a hassle-free claim for fire damages from your insurance provider, you need to follow some important steps. Here are some of them mentioned below:
If your bike received damages because of fire, the maximum amount of compensation that you can expect is the Insured Declared Value (IDV). IDV is determined while buying the insurance policy. The compensation that you will receive also depends upon the extent of damage that has happened; the depreciation value is subtracted; and the voluntary deductibles. Another factor on which the compensation amount depends is the terms and conditions that are mentioned in the policy. If your bike is not in a state to repair, it will be counted among a total loss and you will only receive the IDV in your policy as a compensation amount.
As you plan to buy a two-wheeler insurance policy, you need to keep certain things into consideration. Here are a few of them mentioned below:
Now that you know almost everything about two-wheeler insurance policies and how they protect bikes from fire damage, you can start looking for a policy that you need. You can come across them from the comfort of your home through the internet.
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