Types of Bike Insurance
For bikers, bike insurance is an indispensable financial safety net that offers vital protection against a range of hazards related to riding on crowded roadways. It protects bike owners from costs associated with unintentional harm, theft, or legal responsibility to third parties. In India, it is not only wise to have at least a basic type of bike insurance, but it is also required by law for all owners of two-wheelers.
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What are the types of bike insurance?
In India, there are three primary forms of bike insurance, each providing varying degrees of protection:
Third-Party Bike Insurance:
- Legal Requirement: All Indian bike owners are legally required to carry at least this minimal level of coverage.
- Coverage: It protects against obligations for harm or losses brought on by a third party. Put another way, this coverage will pay for the costs incurred by the other party in the event of an accident involving you and them being hurt or having their property damaged.
- Limitation: It does not cover personal injury or damages to your own bike.
Third Party Insurance rates have been mandated by the government based on the cubic capacity of the bike - The lowest rates are as cheap as Rs 1.25 per day
Engine Cubic Capacity (cc) of the bike
Third Party Bike Insurance Premiums
Less than 75cc
Rs. 538 / year
Between 75 - 150 cc
Rs. 714 / year
Between 150 - 350 cc
Rs. 1,366 / year
Greater than 350 cc
Rs. 2,804 / year
Similarly, for e-bikes as well, the Government of India has mandated third party insurance rates based on the KW rating of the bike
Engine Cubic Capacity (cc) of the e-bike
Third Party E-Bike Insurance Premiums
Upto 3 KW
Rs. 457 / year
Between 3 - 7 KW
Rs. 607 / year
Between 7 - 16 KW
Rs. 1,161 / year
Greater than 16 KW
Rs. 2,383 / year
2. Comprehensive Bike Insurance:
- Holistic Cover: It provides all-around protection, as the name would imply.
- Coverage: It covers damage to your own car from accidents, theft, fire, natural catastrophes, and even vandalism in addition to third-party coverage.
- Personal Accident Cover: PA Cover in insurance usually comes with a required personal accident cover that pays out monetary benefits in the event that the owner-driver passes away or becomes disabled as a result of an accident.
3. Own-Damage Bike Insurance:
- Focused Coverage: This coverage does not cover third-party liability; it only covers damage to your own bike.
- Adaptable: Perfect for people who want to increase their bike's protection but already have a third-party policy. This cover is available till the first 5 years from the date of purchase of the bike since when you buy a new bike you have to buy a 5 years Third Party policy as mandated by law.
- Coverage: Guards against losses brought on by mishaps, burglaries, fires, natural disasters, etc.
The best kind of bike insurance for you should be chosen based on your personal choices, needs, and tolerance for risk. Prior to choosing a policy, it is critical to comprehend its benefits and drawbacks. In order to have more extensive coverage, riders frequently choose comprehensive plans; however, individuals seeking a more affordable legal need may choose third-party insurance.
Which Add-ons Can you get with bike insurance?
You can supplement the protection offered by your base policy by adding add-ons to your bike insurance policy. Here are a few often accessible add-ons:
- With Zero Depreciation Cover, you can receive the entire cost of repairs or replacement parts during claims because it makes sure that depreciation is not subtracted from the claim amount.
- Roadside Assistance Coverage: Roadside Assistance Coverage coverage provides services like towing, minor repairs, and emergency fuel delivery in the event that your bike breaks down in the middle of the road.
- Engine Protection Cover: Engine Protection Cover offers protection against engine damage and losses brought on by water intrusion and oil leaks.
- Return to Invoice Cover: This add-on makes sure you get paid the full invoice amount, including road tax and registration fees, in the event that your bike is stolen or becomes completely unusable due to an accident.
- No Claim Bonus (NCB) Protection: Use this add-on to safeguard your NCB even after you've filed a claim within the policy's duration. NCB is a discount given for the duration of the policy for which no claims are made.
- Pillion Rider Personal Accident Coverage: It offers financial support to the pillion rider in the event of a disability or death resulting from an accident while operating the insured bike.
- Accessories Cover: This guards against theft and damage to the non-electrical and electrical accessories installed on your bike.
Which Kind of Bike Insurance Is Best for You?
It is up to you to decide what kind of bike insurance suits your needs and tastes.
Third Party Insurance:
- Ideal for: Motorcyclists seeking a more affordable premium while adhering to regulatory requirements.
- Best for Bikes that are older or have a lower market value.
- Ideal for bikes where claim / repair amounts are minimal less than 3,000 to 5,000 in case of an accident
Comprehensive Bike Insurance:
- Ideal for motorcyclists looking for comprehensive protection against third-party liability as well as personal injury.
- Ideal for brand-new bikes or motorcycles in high-risk locations for theft, accidents, or natural calamities.
- Tips: Utilise accessories to obtain specialised protection.
Own-Damage Bike Insurance
- Fit for people who wish to add extra protection for their own bikes and on top of their existing third-party policy.
- Ideal for motorcyclists who want to shield their bikes from theft and damage without purchasing new, comprehensive insurance.
Things to Think About
- Age and Value of Bike: For better protection, new and pricey bikes frequently qualify for comprehensive or own-damage plans.
- Usage Pattern: Comprehensive covers may be beneficial for frequent riders or those who use their bikes for lengthy commutes.
- Budget: Comprehensive coverage provides maximum protection, but third-party insurance is more reasonably priced. Consider both your needs for coverage and your budget.
- Risk Tolerance: Choose a policy with more comprehensive coverage if you would rather have peace of mind and pay less out of pocket in the event of damages.
- Last Word of Advice: Before choosing a policy, always compare them, taking into account the coverage, exclusions, rates, reputation of the insurer, and customer service. In this process, online comparison tools might be of great use.
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Why Is Bike Insurance Necessary?
- Legal Compliance: As mandated by the Motor Vehicles Act, 1988 in India, possessing a minimum of third-party bike insurance is a legal necessity. Significant fines may be incurred for riding without current insurance.
- Financial Protection: Insurance Against Damages: Insurance for bikes protects against damage brought on by theft, fires, accidents, or natural disasters.
- Third-Party Liabilities: It shields you from large financial obligations by paying for the expenses of losses or injuries to third parties in an accident.
- Personal Accident Coverage: If a bike accident results in disability or death, you are covered for compensation under personal accident coverage.
- Confidence in one's finances: Riding with peace of mind is made possible by knowing you have financial support in case of accidents.
- Rides Without Stress: You can ride without stress if you have insurance because you're covered against a variety of roadside hazards.
- Cost Savings: Prevent Out-of-Pocket Expenses: Insurance pays for repairs in the event of an accident or damage, sparing you from having to pay a large amount out of pocket.
- No Claim Bonus: Insurers will reduce your premium at renewal if you file no claims throughout the policy's term, saving you money.
- Enhanced Protection: You may increase the coverage of your bike insurance by adding add-ons, which will give you greater protection against a range of hazards.
- Simple Claim Procedure:
- No Hassle Claims: You can submit claims and receive prompt payouts from the insurer with ease thanks to a clear and uncomplicated claim procedure.
How To Use Insurance Dekho to Compare Bike Insurance?
Bike insurance comparison and purchase are made simple and hassle-free by Insurance Dekho. Take these actions:
- Open the website: Go to the InsuranceDekho website.
- Fill in the Bike Details: Enter the basic information about your bike, such as its model, year of registration, make, and RTO location.
- Give Previous Policy Information: If you currently have a policy, tell us about it. Include the name of the insurer, the type of policy, and the expiration date. Mention if you submitted any claims the prior year as well.
- View and Compare rates: Using the information you have supplied, Insurance Dekho will obtain rates from other insurance companies. Examine the quotes while taking into account each policy's terms and conditions, coverage, premium, and inclusions and exclusions.
- View Client Testimonials: Examine customer reviews and ratings to get an idea of the level of assistance and service that each insurance provides.
- Make an Informed Decision: After gathering all the information you need and weighing your options, choose the insurance that best fits your needs and price range.
Why Use Insurance Dekho to Compare Different Bike Insurance Types?
- Objective Comparison: Range of Options: Insurance Dekho offers a wide range of options from numerous reputable insurance companies, making it easy for consumers to research and contrast various plans.
- Easily navigable interface:
- Simplified Navigation: Even for non-techies, the platform's user-friendly interface makes it easy to navigate and compare.
- Making Well-Informed Decisions: Comprehensive Data The comprehensive listing of each policy's features, coverage, exclusions, and premiums helps users make well-informed judgements.
- Customer Evaluations and Star Ratings: User Insights Actual client testimonials and rankings provide insightful information about the dependability and calibre of various insurers' services.
- Expert Support:
- Advice and Assistance: The team of professionals at Insurance Dekho is always on hand to provide advice and assistance in choosing the best policy and comprehending the many insurance terms and conditions.
- Safe and Quick:
- Safe Transactions: The platform guarantees safe online transactions, giving users a secure setting in which to make purchases.
- Instant Policy Issuance: This feature saves time and effort by granting instant policy issuance following the purchase.
How to Buy Motorbike Insurance?
- Investigate and Compare: Start by investigating and contrasting the many bike insurance plans that are offered on the internet.
- Choose Insurer: Pick an insurance company that provides the necessary coverage at a reasonable cost.
- Complete Application: Fill out the online application form with the information that is required about you and your bike.
- Select a Coverage: Choose the coverage type and any extras you wish to add to the insurance.
- Compute Premium: The information supplied will be used to compute the premium.
- Transfer Money: Make a secure online payment to cover the premium.
- Policy Issuance: Upon payment, the policy will be issued and delivered to the email address you have registered.
- Go to the insurer's office: Go to the insurance company's or an insurance agent's office.
- Give Specifics: Select the necessary coverage and provide the necessary information about your bike.
- Document Submission: Please submit all required paperwork, including identity verification, the bike's registration, and any pertinent facts from a prior policy.
- Payment: Use a card, cheque or cash to pay the payment.
- Get the Policy: You will be given a hard copy of the policy, or it will be mailed to the address you registered with.
Some Buying Advice:
- Recognise Your Needs: Before you buy, be sure of your financial situation and the coverage you require.
- Go over the terms and conditions. Thoroughly comprehend the terms, conditions, inclusions, and exclusions of the policy.
- Examine: Examine various policies to find the most affordable premium and coverage.
- Verify the Reputation of the Insurer: Prior to making a purchase, check the insurer's market reputation, customer feedback, and claim settlement ratio.
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Which are the primary categories of motorcycle insurance offered in India?
The three primary varieties are stand-alone own-damage, comprehensive, and third-party bike insurance.
Why is motorcycle insurance required in India?
In India, all bike owners are required by law to carry bike insurance. It offers monetary security from losses, pilferage, and third-party obligations.
What is covered by Third-Party Bike Insurance?
Third-party bike insurance pays for obligations related to harm or damages the covered bike may cause to a third party.
What other safeguards does Comprehensive Bike Insurance provide?
In addition to covering third-party liabilities, comprehensive bike insurance also provides personal accident coverage for the owner-driver and covers damages to your own bike from theft, fire, and natural disasters.
What do bike insurance add-ons mean?
In order to improve protection, you can add-ons to your bike insurance. These include things like engine protection, roadside assistance, zero depreciation, and more.
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