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- Bike insurance plans start at Rs.457*.
- Instant claim settlements within 2 hours for minor damage.
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- Get insurance online in just 60 seconds.
- Bike insurance plans start at Rs. 1.5/day.
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What is Bike Insurance?
Bike insurance is like a deal you make with an insurance company. They agree to help pay if something bad happens to your bike, such as a crash or theft. It's important because it saves you from having to spend a lot of money if something goes wrong unexpectedly, like an accident or if your bike gets damaged or stolen. Plus, bike insurance also helps with legal stuff if there's an accident. So, whether you're riding or parked, you can feel safe and enjoy your time on the road without worrying about what might happen.
Different Types of Two Wheeler Insurance Policies
Third-Party Bike Insurance Policy
This insurance helps cover legal costs if you're in an accident that hurts someone or damages their property. But it's not the best choice for bike owners unless you're okay with paying for repairs yourself. It covers damage to others' property and injuries to others.
Comprehensive Bike Insurance Policy
Bike insurance offers protection against accidental damage to both third parties and your vehicle. You can enhance your coverage with additional add-ons, including personal accident cover up to ₹15 lakh. This bike insurance is ideal for owners who already have a third-party policy. It covers accident damage, theft, third-party liability, fire, natural calamities, and various add-ons for added security.
Standalone Own Damage Policy
This insurance covers damages caused by both natural disasters (like earthquakes and floods) and man-made disasters (such as theft and riots). It's perfect for owners who already have a third-party policy. It includes coverage for accidents, natural calamities, theft, damage in transit, fire, and additional add-ons for extra protection.
Zero Depreciation Bike Insurance Policy
This policy ensures that you receive the full claim amount without any deduction for depreciation on the value of your bike's parts during a claim settlement. It's especially beneficial for new bikes or those with expensive parts, as it helps you save on repair costs and ensures maximum coverage for your vehicle.Third-Party Vs Comprehensive Bike Insurance Policy
Here's a comparison of third-party and comprehensive bike insurance policies.
| PARAMETER | THIRD-PARTY BIKE INSURANCE | COMPREHENSIVE BIKE INSURANCE |
|---|---|---|
| Meaning | A basic policy required by law that covers third-party liabilities. | An optional policy offering coverage for damages to your bike and third-party liabilities. |
| Coverage | Damages to third-party property/vehicle and injury/death of a third party. | Third-party property damages, injury or death of the third party, and damages to the insured bike due to accidents, natural/manmade calamities, theft, etc. |
| Premium | Low premium | Higher premium due to extensive coverage. |
| Add-ons | Not available | You can opt for add-on covers. |
| Legally Mandatory | Yes | No |
Before You Buy Bike Insurance, Remember These Key Points.
Types of Policies
Choosing between third-party and comprehensive when buying insurance for your two-wheeler, you'll need to decide between two types of policies: third-party and comprehensive. Third-party covers damages to others, while comprehensive also covers damages to your own bike. Experts recommend comprehensive policies for more coverage without major expenses in accidents.Value Consideration
Understanding insured declared value (IDV) consider your bike's value, known as the insured declared value (IDV), when selecting a policy. High-end bikes have higher IDVs, while simpler ones are lighter on the pocket. Compare insurance options to find the right IDV for your bike.Coverage Understanding
Ensuring easy claims process understand your policy's coverage to ensure easy claims. Comprehensive policies usually cover theft, fire damage, natural calamities, man-made calamities, third-party damage, legal liability, and accidents. Visit the insurer's website to check coverage details.Exclusions Awareness
Knowing What's Not Covered Know the exclusions of your policy to avoid claim rejections. Common exclusions include mechanical breakdowns, regular wear and tear, accidents under intoxication, damage outside geographical limits, nuclear reactions, and other situations specified in the policy document.Company Credibility
Choosing a reputable insurance provider choose a credible insurance company to ensure smooth claims processing. Research their turnaround time, services, and reputation before purchasing. Social media can be a helpful platform to gauge customer satisfaction with online two-wheeler insurance.
Why is it important to buy bike insurance?
01
Legal Requirement
Buying bike insurance is a must in most places because it's the law. If you ride without it, you could face big fines and other legal troubles.
02
Financial Protection
Bike insurance helps you out financially if something unexpected happens to your bike, like an accident, theft, or damage. It means you won't have to pay for repairs or a new bike all by yourself.
03
Third-Party Liability
Bike insurance typically includes third-party liability coverage, which protects you from legal and financial liabilities if you cause injury or damage to someone else's property while riding your bike.
04
Personal Injury
Some bike insurance policies offer personal injury coverage, providing financial assistance for medical expenses in case you are injured in an accident.
05
Peace of Mind
Peace of mind comes with bike insurance. Knowing you're covered for unexpected events lets you ride without worrying about accidents or theft and their financial impacts.
06
Comprehensive Options
With comprehensive bike insurance, you can add coverage for things like natural disasters, vandalism, or roadside assistance. It gives your bike extra protection.
07
Reducing Risks
Bike insurance lowers the financial risks of owning and riding a bike. It protects you from the money problems that come with accidents, theft, or damage, so you can ride worry-free.
08
Legal Compliance
Buying bike insurance means you follow the law and feel secure. You can ride knowing you're financially protected if anything goes wrong on the road.
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Key Benefits of Bike Insurance
Financial Protection
Provides financial coverage against damages to your bike due to accidents, theft, or other unforeseen events.Roadside Assistance
Offers assistance services such as towing, fuel delivery, and flat tire repair in case of breakdowns or emergencies.Coverage for Spare Parts
Includes coverage for the cost of spare parts required for repairs after an accident or damage.Coverage for Bike Theft
Protects against financial losses in case your bike is stolen or goes missing.Coverage for Accidental Injuries
Provides coverage for medical expenses in case of injuries sustained during accidents while riding the bike.
Frequently Asked Questions
Bike insurance is essential for financial protection against accidents and damages to your motorcycle.
Renew your two-wheeler insurance effortlessly with vehicleInfo. Simply enter your vehicle number, select your preferred insurance policy, and complete payment.
Third-party bike insurance provides coverage for damages to others' property or injuries caused by your bike, ensuring financial protection in such situations.
According to the Motor Vehicles Act of 1988, bike owners are required to have bike insurance coverage. This mandatory policy protects against the financial burden of paying for injuries or damages related to third parties during an accident, ensuring compliance with legal requirements and financial security for all parties involved.
You need to submit the following documents:
- Vehicle details
- Identification proof
- Previous policy detail
- Location of the vehicle
