A two-wheeler is a passion for many. The convenience offers while tackling the Indian narrow and congested road is simply sublime. Moreover, it emerges as a highly personal vehicle as a maximum of two people can ride on it. Thus, it is not uncommon for a person to own more than one two-wheeler. It is also possible that two or more members have their personal bikes in the family.
By now, we all know that owning two-wheeler insurance is a mandatory requirement by law. It is also understood that maintaining it and keeping it protected is another huge responsibility with any bike owner. The problem gets aggravated by owning more than one bike. Hence, most are looking for cost-effective ways in this direction. One such way is opting for multi-bike insurance. Here, we would walk through various aspects of it.
What is multi-bike insurance?
Multi-Bike insurance is like a standard bike policy only. But instead of one, it covers two or more bikes under the same policy cover. It can be compared to a family floater health plan which covers the entire family. The policy can cover the same or different types of two-wheelers like the scooters, bikes, mopeds, etc. under the same premium amount. It proves more advantageous and beneficial to families owning more than a single two-wheeler.
Types of multi-bike insurance?
Like normal bike insurance, Multi-Bike Insurance is of primarily two types. The first is the third-party insurance that covers damage done to the third-party vehicle and property of involved in an accident. But it provides no cover to you or your bike. You can enhance it with a personal cover.
The second type of insurance is the comprehensive cover that includes third-party damage as well as damage to your vehicle. You can enhance it with various add-ons so that you, your co-passengers, as well as your vehicle, get protected against all kinds of unfortunate accidents, theft, etc.
Things covered in a multi-bike insurance
Like all policies, the multi-bike insurance has also some base coverage that you can extend with a few add-ons. The extent of coverage is decided by the type of insurance you are choosing. But a standard good quality comprehensive multi-bike insurance would provide cover for:
All the bikes covered under the policy would be covered for the repair costs to the extent dictated by the policy.
Breakdown cover –
If the bike breaks down in the middle of the road and needs to be towed to the garage, it would be covered if the policy has it included. Few companies offer this cycle of towing, repairing and delivery at your residence as an add-on.
If your vehicle is stolen, broken beyond repair or simply can’t be recovered; you might be compensated its current market value i.e. its depreciated amount.
Legal expenses –
Sometimes after an accident, a legal case can ensue. In that scenario, you can claim reimbursement for the legal costs that you paid.
Lock and key cover –
It is a common enough occurrence for the bike keys to get lost. In that scenario, you can claim reimbursement for a new set of lock or keys.
24-hour helpline –
In case you need any help and advice regarding your insurance policy, you will easily call their helpline and seek the right advice.
Benefits of a multi-bike insurance
Now let’s understand the benefits of opting for multi-bike insurance. Few of them include:
Reduced premium –
The first benefit you receive is of a reduced premium compared to if you were individually insuring each bike.
A simplified process –
The biggest benefit of the multi-bike policy is the simplicity it offers you. You need not purchase a separate policy for each bike. This implies that remembering the time to renew it as well the process of renewal is made hordes simpler. You need not stress about every individual policy. All are done by a single paper. This convenience is a boon for any multi-bike owner.
Things to Note
One thing that must be noted with multi-bike insurance that only one bike on the road is considered at a time under the insurance. The other two-wheelers must remain in the garage.
There are several advantages and convenience attached to getting multi-bike insurance. One must certainly think about it if there are multiple two-wheelers in a home.