What is bike insurance?
A bike insurance policy is a contract between the insurer and the bike owner in which the insurance company provides financial coverage to your bike against any loss or damage due to an accident. As per the Motor Vehicles Act 1988, third-party bike insurance is mandatory in India. Bike insurance covers you against any accidental injuries that may occur while driving a two-wheeler/motorbike on Indian roads. Rupee. Buy or renew two-wheeler insurance online within 30 seconds to avoid paying a penalty of ₹2,000.
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Reasons To Buy Two Wheeler Insurance Online
- Here are some additional benefits you can consider before buying two-wheeler insurance online:
- Instant Two Wheeler Policy: You can buy instant two wheeler insurance on Policybazaar as it issues policies online in a matter of seconds
- Do not pay any additional charges: You will not be required to pay any additional charges
- Previous Two Wheeler Policy Details Not Required: If for more than 90 days you are not required to provide your previous bike insurance policy details
- No Inspection or Documentation: You can renew your policy without any inspection and documentation
- Easy Renewal of Expired Policy: You can easily renew your expired policy on the website
- Quick Claim Settlement: Policybazaar team helps you while filing a claim for your vehicle
- Online Support: Our team is always with you whenever you need it. You don't have to worry about anything if you get stuck anywhere
Types of Bike Insurance Plans in India
Broadly, there are generally two types of two-wheeler insurance policies offered by the insurance companies in India. You can buy third-party bike insurance and comprehensive bike insurance. See below for more details:
Third party bike insurance
As the name suggests, third-party bike insurance insures the rider against all legal liabilities arising out of causing damage to the third party. Third-party, herein may be property or person. Third-party bike insurance covers any liability you have ceded to you for causing accidental damage to someone else's property or vehicle. It also covers your liabilities for accidental injury to a third-party person, including his/her death.
The Indian Motor Vehicles Act, 1988 mandates a person who owns a two-wheeler, be it a motorcycle or a scooter, to take valid third-party bike insurance if plying on public roads in the country. Those who do not follow this rule will be liable to pay huge penalties.
Comprehensive Bike Insurance
Comprehensive bike insurance that insures the rider against any damage to his vehicle in addition to the legal liabilities of third parties. It protects your bike from incidents of fire, natural calamities, theft, accidents, man-made calamities, and related calamities. It also provides you a personal accident cover in case you sustain any accidental injury while riding your bike.
Why two-wheeler insurance necessary?
As per the Indian Motor Vehicles Act, 1988, all owners of motor vehicles must have a valid vehicle insurance policy. At least third-party insurance motor insurance is a must if you want to drive legally on the roads of India.
Apart from the mandatory features, it is also important for financial security. It provides necessary financial assistance for protection against damage to the insured vehicle, third party property, and bodily injury to the rider, pedestrian, or rider.
Loss or damage to the vehicle due to fire, earthquake, accident, theft or any other natural calamity is covered under the policy.
Third-party insurance is the one that protects against legal issues that can result in damage to property due to any third party injury, death, or damage.
Benefits of two wheeler insurance
It is true that in the recent years, the two wheeler insurance industry has changed a lot. Nowadays, insurance companies have come up with many different options that can easily help you choose the best option as per your needs. You can buy it online also. Some of the benefits of bike insurance plan are:-
Comprehensive and third party two wheeler coverage
optional cover
Property damage and physical cover
Discount
NCB - No Claim Bonus
Let us discuss the above benefits in detail
Comprehensive and liability coverage: In two wheeler insurance, you can choose the right insurance policy according to your needs. It is always advisable to opt for a comprehensive insurance plan as it provides you coverage for both your bike and third party liability. Whereas under third party insurance policy, customers will get coverage only against third-party liability.
Optional cover: There are many covers under this option like personal accident cover, zero dep cover etc. By paying a small extra amount, you can easily get a number of additional riders that will provide additional yet effective coverage.
No-Claim Bonus (NCB): No-claim bonus is the percentage of the amount deducted from the premium at the time of policy renewal on account of no claim being made during the previous policy tenure. With bike insurance plans you will get free NCB for each unclaimed year which will help you in reducing the premium amount. If the two wheeler policy needs to be transferred to any other insurer then the applicable no-claim bonus can also be easily transferred.
Discount: Insurance companies offer a discount on the premium of a two wheeler policy. This exemption can be given for long term policies of more than two years. Discounts can also be given for safety equipment and facilities installed on the bike and for group two wheeler plans.
Property Damage and Physical Cover: It is designed to provide coverage against damages caused due to man-made and natural calamities.
On what factors two wheeler insurance premium depend?
Bike Insured Declared Value (IDV): The IDV is actually the present value of the vehicle to the vehicle owner. This is the amount that the vehicle owner can claim against vehicle theft or damage to the bike. Higher IDV leads to higher premiums to be paid.
Depreciation: This is one of the main factors that affect the bike insurance premium. The older the bike, the higher the depreciation and the lower the premium. There is no depreciation amount for new bikes.
- Bike Value: More expensive bikes tend to have higher insurance premiums.
- NCB: It's a matter of renewal. NCB is deducted from the premium amount, and the premium is reduced.
- Exemption Applicable: Installation of high security and theft protection devices is deducted from the premium and the premium is reduced.
- Geographical Location: Geographical location also greatly affects the bike insurance premium. The premium for a hilly area will always be higher than that of a flat area.
Documents Required to Buy Two Wheeler Insurance Policy
New Insurance Purchase: Less documentation is required for two wheeler purchase. Simply fill the application form and attach the registration copy of your bike
- Copies of old insurance papers.
- A copy of your two-wheeler policy.
- Copy of your bike registration certificate.
- driving license copy
- First Information Report (FIR) lodged in the police station.
- Medical bills (for personal accident cover claim).
- Bike repair bill (for bike repairs in non-network garages).
