Owning a bike extends beyond a passion for riding; it requires financial preparedness for maintenance, repairs, and unexpected events. Unlike some assets, bikes depreciate over time, underscoring the importance of regular maintenance. Collisions, theft, and natural disasters pose potential risks, emphasising the need for budgeting unforeseen expenses.
Various Expenses Related To Riding And Maintaining A Bike
Regular Bike Maintenance:
Regular upkeep involves replacing essential components like air filters, brake pads, levers, spark plugs, and drive chains. While many of these tasks can be DIY, using a garage incurs additional expenses.
Running Costs:
Operating a bike comes with ongoing expenses such as fuel, oil, and routine maintenance. Beyond these, one must be prepared for the financial implications of collisions, accidents, theft, fires, and other mishaps.
Methods to Provide Financial Protection for Your Bike
Establish A Savings Account:
Set aside a fixed monthly amount to create a financial buffer for unforeseen bike-related expenses. These savings can be kept in various financial instruments, ensuring quick access during emergencies. ##
Take Out A Loan For Emergencies:
Maintaining a good credit history facilitates obtaining loans for emergencies. However, it’s crucial to note that loans accrue interest and should be considered a last resort.
Purchase Bike Insurance:
Opting for comprehensive two-wheeler insurance is a prudent choice for financial protection. This coverage includes third-party liabilities and damage to the insured bike caused by theft, fire, disasters, or accidents. Insurance providers offer three bike insurance plans: third-party liability, standalone own damage, and comprehensive coverage. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Why Bike Insurance Is The Right Protection
- Legal Requirement: In India, all motorcycles must have a minimum of third-party liability insurance as mandated by the Motor Vehicles Act of 1988.
- Cost-Effective: The premium for bike insurance is relatively small compared to potential repair or replacement costs. It serves as a financial safety net, preventing significant out-of-pocket expenses.
- No Claim Bonus: Renewing bike insurance online can earn you a No Claim Bonus if no claims are made during the policy term. This bonus accumulates over the years, leading to lower premiums over time. Make sure you carry out the online bike insurance renewal process on time. ## *
- Comprehensive Coverage: Comprehensive bike insurance safeguards against collisions, theft, fire, and damage from disasters, providing reimbursement for repairs and liability expenses in case of harm to third parties or damage to their property. To streamline managing your two-wheeler insurance, check out the user-friendly two-wheeler insurance check app, providing a convenient way to stay updated on policy details and renewal dates. Claims are subject to terms and conditions set forth under the motor insurance policy.*
Opt for comprehensive insurance to effectively protect your bike financially. It covers repair expenses and shields you from liability costs associated with accidents or mishaps. Before committing, thoroughly review the policy document to understand inclusions and exclusions clearly. You can manage all aspects of your bike insurance using a Bajaj Allianz two-wheeler insurance app. Claims are subject to terms and conditions set forth under the motor insurance policy. *
By adopting a proactive approach, combining savings, loans, and comprehensive insurance, you can confidently enjoy your passion for biking without worrying about unexpected financial burdens. ##
Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.
*Standard T&C Apply
##All savings are provided by the insurer as per the IRDAI-approved insurance plan.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
