Bike insurance
What Is Bike/Two wheeler Insurance ?
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A two wheeler insurance policy is one that helps you to cover financial expenses against any unforeseen circumstances including accidents, thefts or natural disasters, if you are an owner of a two wheeler/bike. It is not optional, but mandatory under the Motor Vehicles Act to have your two wheeler covered under an insurance policy. When you buy a new vehicle, the seller adds the cost of an insurance cover in the total cost as a premium, which is valid for one year. After one year, you can get your policy renewed with the same insurance provider or you can buy a new policy with a different insurance provider.
Depending upon the kind of insurance policy you choose and add-ons you select, the two wheeler insurance policy works for the following:
- ☂ Liability Cover
- ☂ Comprehensive Coverage
- ☂ Discount For Having Anti-Theft Devices
- ☂ Damages Due To Accident
- ☂ No Claim Bonus
- ☂ Personal Accident Cover For Pillion Rider
- ☂ Zero Depreciation Cover
Key Advantages And Features of Bike Insurance!
One should buy a bike insurance not only because it is mandatory under the law, but also because it provides a lot of benefits that can come handy in case of an accident, theft or any natural disaster.
Accidental Coverage
With a comprehensive bike insurance policy, you can cover your financial expenses incurred on repairing your vehicle due to an accident. Even small repair and minor damages can be taken care of at a fraction of a cost, thanks to insurance.
Third Party Liability
In case of an accident, the insurance policy will provide cover to reimburse damages to the third party’s vehicle. Not only that, medical expenses incurred for treatment or hospitalisation expenses are also taken care of. It even covers damage to third party’s property so that you don’t have to pay anything from your pocket!
Coverage Against Natural Disasters
Any damage caused due to floods, storms earthquake etc. is also covered by a comprehensive bike insurance policy.
Coverage Against Theft/vandalism
You can be a victim of theft or robbery or probably get your vehicle damaged due to a riot. A bike insurance policy will take care of such disasters as well so that you don’t lose your hard-earned money owing to factors out of your control.
Add-on Covers
Apart from basic insurance coverage, such insurance policies also provide various add-on covers to provide a wholesome shield against unforeseen expenses by paying an extra amount. These can include coverage for cashless garage facility, free towing and the likes
No Claim Bonus
Even if you do not face any such situation throughout the year, you get a handsome no claim bonus (NCB) for not filing any two wheeler insurance claim. Your next bike insurance comes cheaper to you.
Importance of Having Bike Insurance
A bike that you own is a prized possession that you have bought with hard-earned money. It is an asset that needs to be taken care of so that it doesn’t become a liability for you. With two wheeler insurance, you can be rest assured that you only enjoy driving your vehicle and don’t feel stressed because of it.
Medical Coverage
An accident can lead to physical injuries for everyone involved. A comprehensive insurance policy pays for the medical treatment, legal expenses and even provides financial assistance in case of loss of limbs or even death of not only the owner of the vehicle, but also of the third party involved in accident.
Man-made Disasters
With increasing instances of theft, vandalism or rioting, it is better to have a comprehensive bike insurance policy so that you’re not penalised for something that’s not your mistake. The insurance cover reimburses the cost of the vehicle damaged or stolen under such circumstances.
Coverage Against Accidents
Precaution is better than cure! An accident can happen anywhere with anyone and it can lead to massive expenses to get your vehicle back in shape. two wheeler insurance policy covers such unforeseen expenses and pays for all kinds of damages so that your vehicle can be repaired without making a big hole in your pocket.
Protection From Natural Disasters
A flood, earthquake, fire or any such natural calamity can also result in you losing your vehicle or it getting badly damaged. Having a bike insurance cover ensures your financial losses are reduced or totally eliminated without you having to spend a single rupee.
Follow The Law
Driving a bike without adequate insurance cover is illegal in the country as per the Motor Vehicles Act that can lead to fines and penalties.
| Third Party Coverage | Comprehensive Policy | |
|---|---|---|
| Damage ToThird Party's Vehicle | Yes | No |
| Financial Support During Emergencies | Yes | Yes |
| Damage to Own Bike | NO | Yes |
| Low Premium | Yes | NO |
| Coverage Other Than Collisions | NO | Yes |
| Personal Accident Cover | NO | Yes |
| Coverage of Loss of Belongings in The Bike | NO | Yes |
| Medical Expenses For Self | NO | Yes |
| Medical Expenses For Third Party | Yes | Yes |
| Loss Due To Natural Calamities | NO | Yes |
| Bike Theft | NO | Yes |
If you already have an insurance cover, do remember to renew it on time. Getting your bike covered under a third party or a comprehensive insurance policy is a must, not only to save money, but also for peace of mind!
Tips To Buy Online Bike Insurance
There are certain considerations to be kept in mind while buying a bike/twowheeler insurance policy.
Here are the most important tips to follow while doing research for the best policy:
Types of Insurance
There are two types of bike insurance in India
Third Party or Liability Insurance- It is an insurance policy to cover the damages caused to the vehicle, property, accidental death and injuries caused to the third party, except the insured and the insurer, due to an accident. This policy is mandatory under the laws of our country.
Comprehensive Plan- Under this type of insurance policy, the damages, legal expenses and medical costs are covered for both the insured as well as the third party involved in an accident. It also covers natural disasters as well as man-made disasters including theft, vandalism, riots etc.
Even though comprehensive policy is a bit expensive than third party insurance cover, it is beneficial to provide complete financial assistance in times of need.
Lowest Premium
Depending on Vehicle –It is important to get your vehicle inspected before selecting a policy. The premium will be dependent on the age, brand, make and model of your bike. compare two wheeler insurance policy available for your vehicle that meet your requirements and choose the one that offers best benefits at the lowest possible cost.
Depending on Claims History–Insurance providers offer No Claim Bonus (NCB) for not filing for claims in a given year. This can reduce the premium amount and makes it advisable not to file claims for petty repair work and damages.
Ways To Reduce Premium
The documents that you will need if you are buying online bike/two-wheeler insurance are:
1. Ensure the vehicle is driven by a single driver and who is a safe driver
2. Remember to install an Automotive Research Association of India (ARAI) approved security feature in your vehicle to avoid burglary and theft. This can help in reducing the premium
3. Don’t file claims for every little damage or repair to enjoy No Claim Bonus in the following year at the time of renewal
4. Some insurers offer you to pay premium in instalments in a given year, but making a one-time payment makes it economical
Precautions–What Not To Do!
Ensure the vehicle is driven by a single driver and who is a safe driver
Remember to install an Automotive Research Association of India (ARAI) approved security feature in your vehicle to avoid burglary and theft. This can help in reducing the premium
Don’t file claims for every little damage or repair to enjoy No Claim Bonus in the following year at the time of renewal
Some insurers offer you to pay premium in instalments in a given year, but making a one-time payment makes it economical
