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What is Bike Insurance?
Bike insurance is the best solution that can help you cover the financial costs and losses that can arise because of an accident. A two-wheeler insurance policy covers all kinds of two-wheelers such as a scooter, motorcycle, moped, etc. irrespective of their use, which could be commercial or personal.
The concept behind two-wheeler insurance is to bring a financial cover against unforeseen damage that is caused to the two-wheeler, the riders as well as the other people or property involved in an accident.
However, according to a recent survey, it has been seen that 75% of the two-wheelers in India are still uninsured.
Why do I need Bike Insurance?
If you own a 2-Wheeler in India, having third-party insurance is a must regardless of whether it is a commercial vehicle or a personal vehicle.
What kind of Policy is Mandatory by Law?
At times, you may end up hurting others or damaging other's property in an accident. A third-party insurance policy can cover liabilities. That’s why it’s crucial to buy & renew your policy on time.
What other Add-ons can I buy to get Enhanced Protection?
A comprehensive bike insurance policy, also known as motor package insurance, saves you money when your bike is damaged in an accident or natural calamity. It also covers your vehicle against theft and burglary.
Apart from comprehensive bike insurance, third-party only and own-damage only bike insurance policies are also available. You can choose the policy type as per your needs.
Benefits of Bike Insurance Policy
Pay now so that you can Save Later
A bike accident can be a costly affair. The premium amount that you pay towards your motor insurance is like an investment that you make to help you avert costly damages in the future.
Protect yourself, Protect others
With appropriate two-wheeler insurance, you not just cover your vehicle but also protect your driver and property. When you meet with an accident, bike insurance will take care of the costs that will arise.
Peace of Mind
No matter how good a driver you are, an accident may not always be avoided. Then there are also factors like vehicle theft, floods, landslides, earthquakes, or riots, bomb blasts, etc. that can damage your vehicle. With the right bike insurance, you can have the satisfaction that in case something goes wrong, your monetary loss will be covered.
Be a Responsible Citizen
Having a bike insurance policy is mandated by the law. Being a law-abiding citizen saves you from penalties and other legal impediments. The motor insurance will also pay for lawsuits that arise due to the accident.
There are multiple add-on benefits that can enhance the cover of your motor insurance. Some of the most popular add-on benefits that are available with bike insurance plans in India are:
Choose from 3 types of Bike Insurance
|What is Covered?|
Comprehensive insurance offers 360-degree bike protection. It provides complete cover against third-party/person.
A third party bike insurance only provides cover against damages incurred to a third person or property.
OD bike insurance provides insurance coverage only for the accidental damages sustained by the bike.
|Third-Party Vehicle Damage|
|Third-Party Property Damage|
|Own Vehicle Damage|
|No Claim Bonus|
|Damage from Natural Calamities|
|Personal Accident Covered|
|Engine Protection||Through add on|
|Zero Depreciation Cover||Through add on|
|NCB Protection||Through add on|
|Invoice Cover||Through add on|
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What is covered in Bike Insurance Policy?
Any damages to your bike due to accident
Loss incurred due to theft or burglary is covered.
If your bike catches fire, resulting from self-ignition, explosion or lighting.
Any damage due to natural or man made causes like floods, earthquake, riots etc.
Third Party Losses
Death, injury or property damage to any third party arising from your bike.
Any damages to engine parts, gear box etc. arising due to water ingression, oil leakage or hydrostatic lock.
And what’s not covered
Any damage to own bike in case of third-party or liabality only insurance policy
Any damage which is a result of driving under the influence of alcohol/drugs
No coverage is offered for depreciation expenses & mechanical/electrical breakdowns of the bike
Driving without a valid licence
If you hold a learner’s licence and driving without a valid driving licence holder in the front seat
Any negligence which is not recommended as per the manufacture’s driving manual.
How to claim your damages
The following documents will be required when you request the two wheeler insurance claim
Bike Insurance claims can either be Cashless or on Reimbursement
For a cashless claim, once the surveyor submits a report for the estimated cost of repair of the damage, the insurance company will settle the amount directly with the network garage.
For a reimbursement claim, the garage need not be a part of the network garages of the insurer. Once the surveyor submits a report for the estimated cost of repair of the damage, you can initially pay the same from your pocket. Then the original bills and receipts need to be submitted at the insurance company along with the claim form in order to get a reimbursement of the amount paid towards the repair work.