5 Years’ Insurance-As we know that it has become compulsory to get insurance whenever we buy a new bike. The advantage of this is that if our new bike meets with an accident or is stolen. The insurance company pays for it. But some rules of indemnification. Have changed earlier we used to get indemnification. for only 1 year on a new bike and in 2020 this rule has changed now we get insurance for 5 years. Let us know further the advantages and disadvantages of 5 years of insurance.
Let’s know a little deep about 5 years of insurance
The insurance that we get is actually the first year of the first party and the rest of the 4 years of third-party insurance. This means the first year is of the first party. In that, if we get the bike stolen or If an accident happens, we can claim easily and that is the insurance for the remaining 4 years Its only advantage is that no challan will be deducted from us. The company should clear this scheme whenever the customer goes to pick up the bike how long is their insurance and what are its benefits
What Are The Things We Should Keep In Mind While Taking Insurance?
First, we should see which company we are taking insurance from and its price. And if we compare this insurance with other insurance, then at what rate we are getting it? Maybe we can get even cheaper insurance and claim it easily. At the time of taking the vehicle. We should know the working of the insurance which we get for 5 years. Whether after 1 year we can claim the full amount of that insurance or not. And it should be noted that outside 1 year we must get the insurance renewed because if the insurance is of a third party then we don’t get the whole claim.