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Frequently Asked Questions About Bike Insurance

Wish

Written by Sumit Arora

Updated Sep 16, 2021

In India, almost everyone with a bike owns a bike insurance policy, due to legal obligations and other reasons. Still, not many are clear with its working, benefits, etc. This article contains several FAQs related to bike insurance that will help you understand the concept better.

In India, almost every bike owner has a bike insurance policy. The reason may be financial security, great coverage benefits, or simply fulfilling a legal obligation. However, there are still many people who even after owning a bike insurance policy are not completely aware of its working, benefits, etc. This article contains some Frequently Asked Questions (FAQs) related to bike insurance that will help you make an informed decision when buying, renewing, or making a claim under your policy. Read them below and see if you are able to clear your doubts related to bike insurance: 

Frequently Asked Questions About Bike Insurance

  • What are the different types of bike insurance policies?

There are three types of bike insurance policies in India. These are third-party bike insurance policy, standalone own damage bike insurance policy, and comprehensive bike insurance policy. Third-party bike insurance policy is compulsory to buy to be able to ride legally on the Indian roads, standalone own damage bike insurance policy provides coverage for own damages sustained by the insured bike due to an accident, theft, fire, natural or man-made disaster, etc. Whereas a comprehensive bike insurance policy offers complete protection with third-party cover as well as expenses arising due to own damages.    

  • How can I reduce my bike insurance premium?

Given below are some tips that you must follow in order to reduce your bike insurance premium: 

  • Select only suitable add-on covers
  • Install Automotive Research Association of India (ARAI) approved anti-theft devices
  • Choose the required Insured Declared Value (IDV)
  • Buy bike insurance policy only from reliable portals like InsuranceDekho, so that you don’t end up paying extra commission
  • Ride safely so that you are able to accumulate the No Claim Bonus (NCB). NCB is a discount that the insurer offers you for not making a claim during the policy term. 

You may also like to read: What Is Zero Depreciation Bike Insurance Add-On Cover And Why You Should Buy It?

  • How to renew a bike insurance policy? 

You can renew your bike insurance policy online by following a few easy steps. You will get a notification about your policy expiry so that you don’t forget to renew the policy. To renew the policy, you can visit InsuranceDekho, fill in your details and pay the required premium online. 

  • How can I pay the premium for my bike insurance policy online?

Buying a bike insurance policy online is just a matter of a few minutes. You can pay the premium for the selected policy online via Debit card, Credit card, or e-wallet, as you feel convenient. 

  • How is the premium calculated for a bike insurance policy?

There are several factors that decide the premium for your bike insurance policy, some of which include make, model, engine capacity, year of manufacturing, RTO location, age of bike owner, anti-theft device installation, fuel type, and voluntary deductible.  

  • How to find a bike insurance policy number?

The bike insurance policy number can be found on the certificate of insurance that you must have received at the time of policy purchase. The insurance company may have also sent you a copy of the policy via mail so you can check the same over there too. In case you have misplaced the policy document, then you must file an FIR and apply for a duplicate policy document. 

Bottom Line

As important it is to buy a bike insurance policy in India, equally important it is to understand your policy and how it works. This will not only help you make the best buying decision but also help you avoid any discrepancy at the time of claim settlement. 

Also Read: Return To Invoice Bike Insurance Add-On Cover In Detail

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Wish

Written by Sumit Arora

Sumit is an insurance industry veteran with more than 20 years in the industry. Sumit is a frequenRead More

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