One of the most popular commuter bikes in India, the Honda CB Unicorn, offers an impeccable blend of class, performance, comfort, and quality. If you have purchased this powerful, fuel-efficient, and reliable bike, then you also need to start thinking about getting the right kind of bike insurance for Honda Unicorn. You can choose a third-party bike insurance policy or a comprehensive bike insurance policy based on your requirements.
In India, road accidents have been on the rise. Two-wheelers are more susceptible to accidents or collisions compared to four-wheelers. While a third-party liability policy is mandatory in the country, it does not offer coverage for damage to the insured bike or injuries to the policyholder due to an accident. Hence, many people look for comprehensive bike insurance plans. Most insurance companies offer Honda Unicorn insurance plans that are designed to offer optimum financial and legal protection to your beloved Unicorn. Today, we will discuss Honda Unicorn Insurance and list five benefits of opting for it.
Understanding the Honda Unicorn CB
Here are some features of a Honda Unicorn CB:
- 2cc engine
- BS-IV emission standard
- 4-stroke, air-cooled SI engine
- Tube tyres
- Disc front brakes
- Drum rear brakes
Types of Honda Bike Insurance Policies
Insurers offer two broad categories of offline or online insurance policies for Honda Unicorn:
- Third-Party insurance: These policies offer coverage for third-party damages which means damages caused to a person or property due to an accident involving the insured bike. It does not include coverage for the insured bike or the policyholder.
- Comprehensive insurance:These policies offer coverage for third-party liability and damage to the insured bike for a range of reasons.
5 Benefits of Honda Bike Insurance in India
Here are five important benefits of Honda Bike Insurance:
Third-Party Liability Protection
If your bike causes an accident that results in the damage of third-party property or injuries to a third-party person, then the legal responsibility of compensating for the repairs of the property or treatment of the person lies with you. Depending on the accident, these costs can burn a hole in your pocket. A third-party liability insurance policy offers coverage for financial and legal liabilities arising from such situations.
The Motor Vehicles Act, 1988 mandates all two-wheelers to have a third-party insurance policy. In case you are caught riding your bike without a valid insurance policy, then you can be fined ₹2000 and/or imprisoned for up to three months. In case you are caught riding the bike without an insurance policy for the second time, then the fine increases to ₹4000 and/or up to three months of imprisonment. A Honda bike insurance policy ensures that you are legally compliant.
Offers Financial Protection from Damages Due to Various Reasons
Let’s say that you have parked your bike inside your housing complex. A branch from the tree under which your bike is parked falls on it and damages it in the process. The garage quotes the cost of repair as ₹15000. Without a comprehensive bike insurance policy, you will have to bear this cost.
When you opt for a comprehensive cover, the insurer offers protection from accidents, collisions, mishaps, natural disasters, man-made disasters, fire, theft, and a range of other incidents. This makes sure that you are financially protected from damages due to a range of reasons.
Opting for a bike insurance policy ensures that you comply with the legal norms and are legally and financially protected from exigent situations. This allows you to ride your bike without any worry. Make sure that you buy the right two-wheeler insurance policy and renew it in time.
No Claim Benefit
Suppose you do not file a claim during a policy term. In that case, the insurer offers a discount on the premium on policy renewal, called NCB or No Claim Bonus. This is a progressive discount that increases with every subsequent year that you do not file a claim.
As you can see, a Honda Unicorn Insurance policy offers legal and financial protection for damage caused to the insured bike and/or third-party property or person based on the type of policy you purchase. A Honda Insurance policy offers a range of benefits as listed above. Before you buy a policy, make sure that you assess your needs and compare plans and providers carefully. Good Luck!