Bike insurance is an agreement between an insurance company and the bike owner. It covers financial liability that may result from an accident involving the insured two-wheeler. Bike Insurance insurance policies cover all types of two-wheelers, including scooters, mopeds, scooty, and motorcycles. There are three types available for two-wheeler insurance in India: third-party, standalone own-damage (OD), and comprehensive. The coverage they provide is what distinguishes these insurance plans.
There are many types of Bike insurance
| Comprehensive Bike Insurance |
| Comprehensive bike insurance provides complete coverage. It covers all financial liabilities you might have towards third parties and pays for any expenses that arise from your own damages. The policy protects your bike from damage caused by an accident, fire or theft, man-made catastrophes, natural disasters, self-ignition, blast, and other factors. An additional premium can be paid to add on coverages such as zero depreciation, roadside assistance, and engine cover. |
| Third-Party Bike Insurance |
| A third-party insurance plan for bikes is mandatory in India. This policy is also called a liability-only policy. It covers bodily injury, permanent or temporary disability, as well as death of third parties due to accidents or mishaps involving the insured’s bicycle. The policy covers property damage to third parties up to Rs. 1 Lakh but does not include damages to the insured’s motorcycle or insured person. |
| Own-Damage Bike Insurance |
| A standalone insurance policy for own-damage bikes provides coverage for damage to the bike that is caused by an accident, theft or fire. Policyholders have the option to choose an insurance company they prefer with a standalone own-damage policy. Policyholders have the option to buy a third-party policy or an own-damage policy from the same insurance company. By purchasing add-on coverages, an insured person can increase the coverage of their own-damage policy. |
How do you choose a Bike Insurance policy?
It is important to do thorough research before purchasing a two-wheeler insurance policy. You should carefully review your needs and compare multiple two-wheeler insurance policies online in order to find the best one. These are some tips to help you select the right two-wheeler insurance policy for your needs and budget.
1. Know your Coverage Requirements – This will allow you to choose the right type of two-wheeler insurance plan for you. You must take into account your usage of your two-wheeler, your liabilities, and other factors when determining your needs.
2. Select Add-ons Carefully – These add-ons can help to increase the coverage of your policy for two-wheeler insurance. For an additional premium, you can add on two-wheeler insurance coverage. Two-wheeler insurance policies often include zero depreciation coverage, personal accident coverage for pillion riders, or towing cover.
3. Select a Reliable Online Insurance Company – It is crucial to verify the claim settlement ratio when looking for a reliable two-wheeler insurance company. This ensures that claim settlement is easy.
4. Online Comparison of Bike Insurance Plans – To make the best purchasing decision, it is important to compare two-wheeler insurance policies online. Compare different plans based on inclusions, exclusions and premiums.
5. Read Online Reviews – Read reviews from verified customers who purchased two-wheeler insurance policies online to help you make a decision about whether you want it. It is a good idea to read both positive and negative reviews online before you decide which policy is right for you.
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Bike Insurance Add-ons
Bike insurance add-ons are additional protections that are designed to enhance the coverage offered by your regular Bike insurance.
| Zero Depreciation Cover Bike insurance | Return To Invoice Cover Bike insurance |
| Depreciation lowers its value for a vehicle and its parts , due to which policy holders receive lower claim amounts. However, if you choose the zero depreciation option that you will receive an increase in the amount you claim as this add-on takes care of the cost of depreciation for your bike as well as its components comprised of plastic, nylon and fibreglass. Zero depreciation covers the complete replacement of damaged or old bike components without taking into account depreciation. | If your bike sustains the total loss, you are entitled to your Insured Declared Value (IDV) of your bike in compensation. But IDV is a small amount. IDV is less than the amount actually paid by you at the time of purchasing your bike because it doesn’t include the amount that you paid for registration and road taxes. With the return-to-invoice cover you will be able to get protection of the total invoice amount of your bike in case of loss total. |
| NCB Protection Cover Bike insurance | Return To Invoice Cover Bike insurance |
| Insurance companies provide an incentive in the form of discounts to the policyholders who have not made any claims during the policy year. The benefit for each year without a claim is called the No Claim Bonus. It is accrued with each claim-free year and can range from 20% and 50% of the damage cost. This benefit could be forfeited if you even make one claim. However, with the NCB Cover, you can maintain it after you have made claims. | If your bike sustains the total loss, you are entitled to your Insured Declared Value (IDV) of your bike in compensation. But IDV is a small amount. IDV is less than the amount actually paid by you at the time of purchasing your bike because it doesn’t include the amount that you paid for registration and road taxes. With the return-to-invoice cover you will be able to get protection of the total invoice amount of your bike in case of loss total. |
| Engine Protection Cover Bike insurance | Road Assistance Cover Bike insurance |
| The basic bike insurance policy covers the damages that your bike’s engine causes only in the event of an accident. It it does not provide insurance for damages sustained by the engine as a result of leakage of oil or water. If you do include engine protection coverage in your policy you are eligible to receive coverage for injuries sustained from the engine on your bicycle due to leakage of oil or water and leakage. | If you find yourself stuck in the middle of the road as a result of an abrupt break-down of your bike, or because of an unresponsive battery, a key or tyre failure and fuel shortage, incident, etc. or the requirement for hotel accommodations, then you will be able to get the needed assistance when you opt to purchase a roadside assistance insurance. This insurance option for bikes assists you in a variety of sudden and unexpected situations that can lead to emergency roadside situations. |
| Consumables Cover Bike insurance | Tyre Protection Cover Bike insurance |
| The standard insurance for two wheels policy doesn’t provide coverage for the cost of items such as bolts, screws, nuts brake oil, engine grease, oil, etc. These small-looking consumables can add up to the repair cost of your bike by a significant amount, therefore when you include the cover for consumables to add on your policy, you’ll be able to receive coverage for these consumables when you repair your bike following an accident or repairs to your bike. | In default, a two-wheeler insurance plan will not provide coverage for damage to the tyres of your bike caused by tyre bursts or sidewall bulging or flattening, for example. If you choose to purchase an insurance policy that protects your tyres and a tyre protection plan, you can receive the required protection for the cost of replacement of a damaged tyre . This also covers the cost of labour that is incurred in removing or refitting and balance the wheel. This option can help you save an amount of money. |
Benefits of purchasing a Bike Insurance policy
Bike insurance isn’t a one-time task. It requires regular renewal. If you fail to renew your policy in time, your Bike Insurance policy will be canceled and become invalid. You cannot claim coverage benefits from a lapsed two-wheeler insurance policy until it is renewed. Here are some benefits of renewing your two-wheeler insurance policy online.
Unbiased opinion – Online purchasing or renewing a two-wheeler policy is possible without the involvement of an agent. This eliminates any potential influence from any type. Without any pressure, you can choose the best two-wheeler insurance plan that suits your needs and budget.
It’s easy to compare and renew two-wheeler insurance plans online – Comparing different plans online is a great way to find out the details, exclusions, and features of each plan. This will help you make an informed decision and determine which plan is best for your needs.
Convenience – There is no easier way to renew your two-wheeler insurance than by going online. Online renewals of two-wheeler insurance policies are easy from the comfort of your home. You can save time and complete less paperwork by renewing your two-wheeler insurance online.
Direct transaction with the Company – By purchasing two insurance plans online you can avoid paying an additional fee to an agent or broker. If you have any questions, you can contact the customer service representatives of the insurance company.
Payment Security – Renewing two-wheeler insurance plans online lets you pay premiums through a secure payment gateway. You have the option to choose from a variety of payment options for premium payments. These include Debit cards and Credit cards as well as e-wallets.