Bike Insurance for Loss of Personal Electronic Equipment

  • Author :
  • TATA AIG Team
  • Published on :
  • 05/12/2023

Human beings have seen a lot of technological advancement in the past few years. With the advent of mobile phones, laptops, tablets, smartwatches and other electronic equipment, humans have grown to leaps and bounds.

Increasing advancements bring in increasing reliability on these devices. Entertainment, work, communication, plans everything is integrated into these devices. There is no doubt that our routine life will stop if we lose these devices.

We generally insure ourselves, and our homes and vehicles too. We insure every single object that yields value to us. But what about our electronic equipment? Can’t we ensure that too?

Keep reading to find out everything about the personal electronic equipment add-on cover in bike insurance policies.

Is Electronic Equipment Covered Under Insurance?

Yes, electronic equipment can be covered under the ambit of insurance. As the cost of electronic equipment goes up, the risks of theft and losing the equipment increase, too. That is why, many companies have now introduced electronic equipment insurance. This insurance can be differentiated into two types:

Electronic Equipment Insurance Coverage At Home

Electronic equipment can be insured as an add-on to your home insurance policy. This policy covers the liability arising due to the loss of equipment when they are at home. This loss can happen due to theft or accidental damage.

Electronic Equipment Insurance Coverage Under Bike Insurance

Electronic equipment insurance can be added as an add-on under your bike insurance policy. The personal electronic equipment add-on cover in bike insurance covers the loss or theft of electronic equipment when you are travelling outside. This insurance policy can cover both- the loss due to theft and the loss due to accident.

It is worth noting that electronic equipment cannot be insured under any standalone electronic equipment insurance policy. Electronic equipment has to be insured as an add-on under a bike insurance policy, a house insurance policy or any other similar insurance policies.

We will be covering only electronic equipment under bike insurance under this blog.

When Does Electronic Equipment Need Insurance?

Electronic equipment is an item of high value. Along with being monetarily costly, they are also considered high value because of the valuable information that they carry. Apps like gpay and phonepe connect our phones to the bank.

Sometimes we also store our work-related information on our laptops. We carry these electronic devices when we are travelling in our vehicles.

Suppose you are travelling on your bike to your office. One day you meet with an accident. What happens next?

You file a claim for all the expenses you make on your bike’s repair against your two-wheeler bike insurance policy. But will the insurance company pay for your electronic equipment?

Here comes the concept of buying insurance for your electronic equipment. There are many advantages of insuring your electronic equipment:

  • You can claim the damages concerning technological, videography, and communication devices that you have lost.
  • You can claim the insurance even if your devices get stolen.

  • Coverage against damages due to accidents like damage.

  • Claims for data loss are available too.

Getting Electronic Equipment Insured Under A Bike Insurance Policy

Any electronic equipment can be insured under an add-on cover in a 2-wheeler insurance policy. However, you can buy this add-on cover only with a comprehensive bike insurance plan.

A third-party bike insurance covers liabilities arising only due to third-party damage and an add-on cover for your own bike cannot be added to it.

You can add this add-on when you purchase your comprehensive insurance policy or later depending upon the circumstances. You can contact your insurance service provider or agent to know more.

What if My Vehicle Gets Stolen?

You can file a claim for loss or damage of electronic equipment even when your bike gets stolen. However, certain requirements must be met. They are:

Filing an FIR

The insured person must submit a copy of the First Information Report filed with the police along with other documents.

Submission Of Documents

You should submit a document showing the proof of the ownership while filing the claim. These documents include the bill of the item, payment receipt, etc., and submit the original invoice of the equipment lost.

Depreciation

A claim associated with the equipment will be allowed only after consideration of the depreciation of such equipment.

When Can I Not Claim for Electronic Equipment?

There are some situations under which one cannot claim insurance against electronic equipment damages. One cannot claim for damages under a personal electronic equipment add-on or the claim will not be approved in the following situations:

Bike Insurance Claim Not Accepted

The claim for bike insurance for loss of personal electronic equipment is not accepted due to reasons like overspeeding, drinking and driving, driving under the influence of drugs, or driving outside the allowable geographical boundaries. Here, the claim for bike insurance add-on electronic equipment shall not be allowable as well.

*Damage Due To Owner’s Fault *

If the damage or loss is the result of the owner’s fault, such a claim shall be rejected.

*Claim Filed After Certain Date *

Most insurance companies have rules regarding the date of the claim of the insurance. If a person files a claim of damage after the given due date, the claim shall be rejected.

Claim for Any Other Equipment Other Than Personal Electronic Equipment

An insurance claim shall be accepted only for damage to personal electronic equipment. A device used for work or any other purpose or non-electronic equipment shall not be allowable for claim.

Damage to Electronic Equipment During Any Other Time

If the personal electronic equipment is damaged not because of loss or theft of the bike, the insurance claim for the electronic equipment is not available.

To Sum it Up

As we saw in the article, an electronic equipment add-on is essential to protect yourself from financial loss due to theft or damage of electronic equipment. However, not all companies provide a personal electronic equipment add-on on their bike insurance policy.

To ensure that you get the required add-on services from the insurance service company, make sure you buy the appropriate insurance for a 2-wheeler.

One should never compromise when it comes to the purchase of insurance. Buying an appropriate insurance for 2-wheelers and choosing the appropriate add-ons can benefit you during the tough times.

You can do this by evaluating all the options available in front of you. With Tata AIG, you can compare two-wheeler insurance plans available to you to ensure that you have the desired coverage within your budget.

FAQS

Can I buy an electronic equipment add-on on my bike insurance policy?

Yes, any electronic equipment that can be insured under any consumables covered in bike insurance. You can add this add-on when you purchase your insurance policy or later depending upon the circumstances. You can contact your insurance service provider or agent to know more.

Can I claim damage charges only for electronic equipment?

If the personal electronic equipment is damaged not because of loss or theft of the bike, the insurance claim for the electronic equipment as a add-on to bike insurance policy is not available.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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