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What Does Bike Insurance Cover? How Much Does It Cost?

Updated On Dec 03, 2021

Two-wheeler insurance, often known as bike insurance, is a contract between an insurance company and a bike owner in which the former pledges to cover the latter's financial responsibilities in the event of an unanticipated occurrence affecting the insured's bike.

Bike insurance covers all sorts of two-wheeled vehicles, including motorcycles, scooters, scooters, and mopeds. Third-party bike insurance, standalone own-damage (OD) bike insurance, and comprehensive bike insurance are the three types of bike insurance policies available on the market. The coverage provided by this motorbike or scooter insurance policy is what distinguishes them. Whatever coverage you pick, you must renew your bike insurance before the expiration date, since this is the only way to keep your bike protected.

What Does Bike Insurance Cover? How Much Does It Cost?

What Is Bike Insurance?

It is essential to compare policies from several insurers in order to choose the lowest two-wheeler insurance policy with suitable coverage. Bike insurance protects the bike owner, rider, and policyholder, as well as any third parties involved in an accident caused by the bike owner. Bicycle insurance coverage is often divided into two categories: Insurance that covers everything The owner, the vehicle, and third parties are all covered under the Comprehensive Bike Insurance Policy. Third-party insurance: This policy protects a third party engaged in an accident caused by the owner's two-wheeler. In its Tata AIG Bike Insurance Policy, Tata AIG offers complete coverage. Comprehensive bike insurance protects the owner's bike or two-wheeler against loss or damage caused.

What Is Covered Under Bike Insurance?

Your two-wheeler is covered by comprehensive insurance coverage if it is damaged, lost, or stolen. Any losses sustained by the two-owner wheeler's are covered by comprehensive insurance coverage. A complete insurance coverage, unlike a liability-only policy, is not required. The following are the characteristics of a comprehensive two-wheeler insurance policy. 

1. Coverage for personal injuries

2. Provides coverage for expenses incurred as a result of damage.

3. Liability insurance for third parties

4. Protection from death or bodily harm.

Damages caused by electrical or mechanical breakdowns, as well as natural wear and use on the vehicle, are not covered by comprehensive insurance coverage. If the vehicle is operated without a valid driver's license at the time of the accident, coverage will be denied. A comprehensive two-wheeler insurance coverage will not cover damages sustained when driving under the influence of alcohol or any other intoxication.

How Much Does Two-Wheeler Insurance Cost?

The cost of bike insurance is determined by the amount of money you spend in exchange for the advantages provided by the policy. Bike insurance premiums are the amounts paid on a monthly or annual basis. The higher the value of premiums you must pay, the broader and more complex the nature of insurance is. The type of insurance you require and the rates you must pay will be determined by a number of criteria, including:

  • The insured declared value: It is the bike's current market value. IDV stands for "Insured Declared Value," and it refers to the amount of money that your bike insurance policy will pay you if something goes wrong. If your bike is stolen or is broken beyond repair, you will receive this amount. The IDV is based on a number of parameters, including the bike's model, manufacturer, age, engine capacity, riding history, claim history, and so on.
  • The Make and Model of Your Bike: Your bike's manufacture and model play a big role in determining the premium value of your insurance. Standard bike models, for example, have lower premiums since components for maintenance and replacement are readily available. Premiums for luxury or sports bikes, on the other hand, are greater since repairs are more expensive and many more.

Take Away

Several elements that determine the cost of bike insurance are fixed, like your age, the engine capacity of your bike, and its make and model. However, how often you ride, how many add-ons you need, and how you maintain it all rely on you and affect how much insurance you need. You may always opt to control the variable aspects and reduce the cost of your bike insurance.

Also Read:

5 Bikes/Scooters expected to launch in 2021 in India

Is Two-Wheeler Insurance Compulsory For Electric Scooters? 

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.

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