Why Bike insurance is compulsory now a days?

Hello Guys, In this blog post we are going to learn about the what is bike insurance and how much does it cost and what bike insurance will cover. Let straightly get into the post.

What is bike insurance?

Bike insurance covers damage done to your bicycle as well as theft. Theft may be something as simple as losing your keys or locking your bike outside overnight. More likely than not, however, a thief will use tools to remove your wheels, frame, and derailleurs. If this happens, then you need to make sure you have proper coverage.

You should purchase insurance from a reputable company that offers liability coverage as well as theft protection. You want to know that if someone were to steal your bike, they would pay out at least some of your money. A good bike insurance policy will cover damage to your bike no matter who caused it (i.e., an accident, vandalism, etc.). Your insurance company could even help cover your deductible.

A good place to start looking for bike insurance is online. You’ll find many companies offering it. Just look for ones that offer both liability and theft protection. Most companies will require you to file a police report before they will cover a claim.

How much does it cost?

The cost of bike insurance varies depending on what kind of insurance you buy. You can choose between different levels of coverage, so don’t worry about trying to save money. But don’t go overboard either. There’s nothing worse than paying $600 for a single incident only to receive $300 back!

Liability coverage costs around $40 per year. Theft coverage usually ranges anywhere from $20-$100 per year. You can add extra features to your insurance plan for a little bit more. For instance, you might be able to get replacement parts coverage for the bike.

Who Pays My Deductible?

If you have a low deductible, you won’t be responsible for anything above that amount. However, you still might end up paying that deductible. Your deductible will depend on the size of your bike insurance plan. For example, let’s say you had a $50 deductible and your bike was stolen. That means the company wouldn’t pay until your total expenses reached $500. So when you’re choosing a bike insurance plan, try to avoid plans where your deductible exceeds $200.

Does my policy cover replacement parts?

Replacement parts coverage is always a nice addition to any bike insurance package. Not only does it provide peace of mind, but it can help you save money in the long run. For instance, let’s say your bike gets stolen and you’ve purchased replacement parts for it. If you have a high deductible, you may need to shell out a lot of cash upfront. But if you have replacement parts coverage, you can simply replace the parts yourself and still save money.

Can I add extras to my insurance plan?

Yes, you can add extras to your insurance plan. These options can help protect your bike and add extra value to the bike insurance plan. One example would be the optional 24-hour emergency roadside assistance program. This service provides access to a certified technician who can perform basic repairs to fix minor problems such as flat tires.

Another great option is to add a lock to your bike. Locks can prevent others from stealing your bike while you’re away. You can also attach a chain guard to keep thieves from removing your chain. Finally, adding a GPS tracking unit to your bike might be useful. A GPS tracker works just like a car GPS device; it lets the insurance company know exactly where your bike is at all times. You can view the location on your phone using the app.

What your bike insurance will cover:

1. Assistance on the Road

Most states require motorists to carry some level of auto insurance. In addition to liability coverage, these policies may provide roadside assistance services like jump-starting a vehicle. As long as your policy provides roadside assistance, you should not have any problems getting back on the road if your vehicle breaks down. Most roadside assistance companies offer a basic service free of charge, while others may charge extra fees for additional help. Be sure to check with your insurance company before calling a roadside assistance provider. You might be able to get a discount for having your car serviced at their shop instead of a repair facility. Also, make sure that your deductible is low enough that you don’t mind paying out of pocket.

2. Theft Defense

Many people choose to purchase theft protection on top of their standard auto insurance policy. When your vehicle is stolen, you’ll receive a letter detailing what happened. If you haven’t already been notified by the police department where the crime occurred, call your insurer immediately. Your insurer will then send you a letter confirming the incident and outlining how they will handle the claim. Keep copies of these letters and receipts.

 3. Accident Notification

If you’re involved in an accident resulting in damage to someone else’s property, notify your insurance agent immediately. If you’re uncertain whether your coverage extends to the damaged party’s property, ask your agent.

4. Collision Coverage

Collision coverage is optional on most auto policies. If you’ve never had collision coverage before, ask your agent about it. This type of coverage pays for repairs to your own vehicle after an accident. If the vehicle is totaled, you won’t be responsible for repaying the difference between its value before and after the accident.

5. Comprehensive Coverage

Comprehensive coverage extends beyond just repairing your vehicle. It covers damage caused by vandalism or natural disasters like floods or earthquakes. It may also cover repairs to damaged windows, tires, windshield wipers, headlights, etc. Be careful when purchasing comprehensive coverage. While many people believe that comprehensive coverage will pay for everything, it only applies to things related to the car itself. Don’t assume that it will protect you from personal injury lawsuits. That responsibility falls under liability coverage.

6. Liability Insurance

Liability coverage, also known as third-party liability coverage, ensures that you or your passengers won’t face financial ruin if someone gets hurt in an accident involving your vehicle. Liability coverage pays for medical expenses (both yours and the victim’s) and legal fees.

7. Medical Payments Insurance

Medical payment coverage, often called MedPay, compensates the other driver and/or pedestrians when someone suffers injuries due to your negligence. It doesn’t protect you from financial loss; it simply helps pay medical costs incurred by those who are injured in accidents with your vehicle. Make sure that you understand how it works. Most policies limit the amount you can be reimbursed to $100 per person per occurrence.

Conclusion:

In this blog post you might have learnt about the bike insurance. If you feel this post is very useful kindly share this with your friends and family and help us to grow more in future. Thanks!

Aravind Velu

Hello Dears ! My name is Aravind. I am a working professional. I am interested in blogging, writing contents and creating YouTube videos etc.

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