Different Types of Bike Insurance Policies - Bad roads, unfavorable weather, rash drivers on the road, etc. can cause road accidents at any time. In the last year alone, more than 9,500,000 people were injured in accidents and thousands were killed. Unfortunately, careful and law-abiding motorists also become victims of bike accidents. Therefore, if you own a motorcycle, protecting yourself with a good bike insurance cover is mandatory. It's hard for a common man to find a good bike insurance plan from the host of schemes available on the market. Here are a few types of bike insurance policies that you would come across.
Comprehensive bike insurance
This is one of the most expensive packages available on the market but it is worth the money you pay. As the name says, this plan offers total financial coverage to you and your bike when you are on the road. It covers the physical damages caused to your bike as well as pays your medical bills in case you get injured in a bike accident.
The policy also offers you coverage for theft, vandalism and some policies even cover damages caused to your bike in natural calamities. Liability insurance is also a part of the comprehensive bike insurance policy. In the sense, if your bike damages third-party property or you injure someone on the road, the insurance policy pays the compensation to the victim.
Well, never be in an assumption that the policy covers every accessory you have mounted on your bike. You may have to opt for accessory coverage depending upon the accessories you have on the bike and the policy you choose.
Liability insurance
Like discussed earlier, this policy covers up all your liabilities associated with bike accidents and this policy is mandatory by law.
Collision insurance for bikes
This policy covers all the repair expenses involved in restoring the good condition of your bike after it encounters damages due to collision with another vehicle on the road, traffic signs, mail boxes and other stationary objects on the road. This policy is not mandatory in the majority of the countries but if you are using an expensive bike, this policy is worth paying for.
Uninsured motorist protection
Though car and bike insurance are mandatory by law, not every driver on the road has an insurance policy. Uninsured motorist protection offers you coverage if you are hit by an uninsured motorist on the road. The policy pays your medical expenses, if you encounter bodily injury in the accident, and also pays compensation for the damages caused to your property in the accident.
Accessory coverage policy
This bike insurance policy is optional but if your bike is mounted with expensive accessories, it is worth paying for this policy. Accessory coverage is mostly opted for sports bikes to ensure financial coverage for the expensive accessories attached to those superbikes. You need to list out the accessories you have on your bike to get the coverage when you need it.
The coverage offered and the prices of the policies vary based on the plan you opt for and the service provider you choose. Therefore, thoroughly compare the bike insurance policies available on the market and pick the most cost-efficient deal.