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What is Bike Insurance/Two-Wheeler Insurance?
Bike insurance, also known as two-wheeler insurance, provides you with financial protection for your bike against various unforeseen situations such as accidents, theft, fire, strikes, natural disasters, third-party damages, and more. A bike insurance policy covers all kinds of bikes, including motorcycles, electric bikes, mopeds, and scooters.
There are three types of bike insurance plans available: third-party bike insurance, own-damage (OD) insurance, and comprehensive bike insurance. In India, according to the Motor Vehicle Act 1998, all bike owners must have at least third-party bike insurance. While third-party insurance is required by law, it is recommended to get comprehensive bike insurance to cover major expenses.
Therefore, it is highly recommended to buy and renew two-wheeler insurance online to avoid heavy challan fines and adhere to all legal requirements.
What is Car Insurance?
Car insurance is an agreement between you and your insurance company that protects you from financial losses due to unexpected events like accidents, theft, and natural disasters. In India, the government requires all car owners to have at least third-party car insurance. Having valid car insurance also helps you avoid heavy traffic fines.
Types of Two-Wheeler Covered Under Bike Insurance Policy
Motorbikes, also known as bikes, are available in the market in different sizes, from small (like 100cc) to large (like 1000cc). They are used for both daily travel and fun rides.
Scooters, sometimes called scooty, have a step-through design and automatic gears. They are quite smaller and lighter than motorbikes, making them perfect for city travel because they are easy to use and save fuel.
This type includes all the electric motorcycles and scooters, which run on electric motors and batteries. They are popular these days because they are good for the environment and cheaper to run.
Mopeds are light motorised bikes with small engines, usually between 50cc and 100cc. They usually have pedals that you can use along with the engine. Mopeds are affordable to run and highly suitable for short trips.
Importance of Buying Bike Insurance Policy
Here are the important documents you’ll need to buy health insurance online:
Legal Requirement
Buying two-wheeler insurance is mandatory by law in India. Without having insurance, you could face huge penalties.
Financial Protection
Bike insurance helps in covering the costs of repairs or damages to your bike after an accident, theft, or third-party liability, saving you from large expenses.
Personal Accident Cover
If you get injured in a bike accident, this insurance policy helps you pay for your medical expenses which provides financial support during recovery.
Third-Party Liability Coverage
Bike insurance also helps pay for damages or injuries you cause to other people or their property while riding your bike. It ensures you don’t have to pay out of pocket for these costs, providing financial protection and peace of mind.
Coverage of all bike types
With the help of bike insurance, you can cover the damages of all bike types including e-bikes, scooters, motorcycles, or mopeds at an affordable premium rate.
Cost of spare parts
A two-wheeler insurance policy covers the cost of repairing or replacing spare parts, from simple nuts and bolts to more expensive parts like gears or brake pads.
No Claim Bonus (NCB)
If you don’t make any claims during the policy year, you get a discount on your insurance premium when you renew. This reward, called a No Claim Bonus (NCB), helps you save money while maintaining your coverage.
Different Types of Bike Insurance Plans
Comprehensive Bike Insurance Policy
If you want an all-in-one policy that provides protection against all types of legal liabilities, you should buy comprehensive bike insurance. This policy covers your own damages and third-party liabilities. You can stay calm while riding your bike because you know it is protected. Even if a tragedy happens to your parked bike, you can claim compensation with comprehensive insurance.
Third-party bike insurance
This is the mandatory type of bike insurance that every bike owner must have as per Indian law. It protects the rider against all legal obligations resulting from harm to other people, such as injury, property loss, or even death, in the event of a collision or accident. 3rd party bike insurance coverage provides adequate compensation for injuries and damages caused to any third-party vehicle, person, or property. It is important to remember that third-party insurance doesn't cover damages or injuries to the rider or insured bike.
Own-damage bike insurance
Own-damage bike insurance policy covers damages to the insured bike. At the time of accident, if your bike is damaged, you can get financial compensation for the damages. Depending on the contract terms, you can get the bike repaired for free or at a very low cost. The coverage also extends to any damage caused to the bike due to natural or man-made calamities. If you already have third-party bike insurance, you can buy an additional OD policy to extend the coverage. However, as both of these policies are separate policies, you have to pay two different premiums and track the policy expiration period properly to avoid a lapse in coverage.
Difference Between Third-Party, Own Damage and Comprehensive Bike Insurance
Aspect
Third-party Insurance
Own Damage Insurance
Comprehensive Bike Insurance
Coverage
Covers damages to third-party property and injuries.
Covers damages to your own bike.
Covers both third-party damages and your own bike's damages.
Legal Requirement
Mandatory by law.
Not mandatory.
Not mandatory but highly recommended.
Protection for Your Bike
No coverage for your bike
Covers only your bike's damages.
Covers your bike's damages and third-party liabilities.
Inclusions
Third-party property damage, third-party injuries.
Accidental damage, theft, natural disasters.
Third-party liabilities, accidental damage, theft, natural disasters, and more.
Premium Cost
Generally the cheapest
Costs more than third-party insurance.
Costs the most but offers extensive coverage.
Ideal for
Minimum legal requirement.
Those wanting protection for their own bike.
Those seeking complete protection for themselves and third parties.
Ad-ons Availability
Limited add-ons.
Multiple add-ons available.
Multiple add-ons available.
Example Situation Covered
Damaging another vehicle or injuring someone.
Your bike gets damaged in an accident or more.
Your bike gets stolen, you damage someone else's property, or your bike gets damaged in an accident.
Features of Bike Insurance Policy
Categories
Key Features
Bike Insurance Premium
Plan starts @₹390/month*
Compare & Save
Compare bike insurance online from 17+ trusted insurers
Claim Settlement
24*7 claim support for instant settlements available
Third-party Liabilities Coverage
Mandatory coverage
Own damage cover
Available with comprehensive or standalone own damage bike policy.
Add-ons or Riders
Zero depreciation cover, roadside assistance cover, personal accident cover, etc are available.
Cashless Repair Services
Only available at authorised garages
Buying & Renewal Process
Zero paper issuance or renewal of bike insurance online
No Claim Bonus (NCB)
Get up to 50% discount on policy renewal for 5 consecutive claim free years.
How to Choose the Right Insurance Policy?
When choosing the right car insurance policy, there are several factors to consider. Here are some key points:
Pick the Right Coverage
Third-party insurance is enough to avoid fines, but if you want full protection for your car, a comprehensive policy is better.
Choose the Right IDV
Select an Insured Declared Value (IDV) that’s close to your car's market value. A lower IDV might lower your premium but could bring higher costs for you if you need to make a claim. You can use the car insurance IDV calculator to help you decide.
Check the Insurer’s Claim Settlement Ratio (CSR)
Look at the insurer's CSR before buying. A higher CSR means that the company can settle your claims quickly, so choose an insurer with a good CSR.
Consider the Claim Process
Choose an insurance company that offers a quick and easy claim process, with 24/7 support and fast claim settlements.
Compare Plans Online
Compare different car insurance plans online to find the best one that fits your needs and budget.
Customer Assistance
Make sure the insurance company offers 24/7 customer support. This is important for resolving any questions or claims whenever you need help.
Online vs Offline: How You Should Buy Car Insurance
Factors
Online
Offline
Convenience
Can be done anytime, anywhere using a computer or smartphone
Requires visiting an insurance office or meeting an agent
Comparison
Easy to compare multiple policies and prices
Limited to what the agent offers
Time
Quick process, usually completed in minutes
Time-consuming, may require multiple visits or calls
Discounts
Often offers online-exclusive discounts and lower premiums
Fewer discounts, typically higher premiums
Documentation
Paperless process, all documents stored digitally
Requires handling and storing physical documents
Personal Interaction
No face-to-face interaction; support is via chat or call
Face-to-face interaction with an agent
Customer Support
24/7 online support available via chat, email, or phone
Support depends on the agent's availability
Payment Options
Multiple online payment options (cards, UPI, etc.)
Payment often through cash, cheque, or limited online options
Policy Issuance
Instant policy issuance and download
May take time for the policy to be issued and delivered
Renewal Reminders
Automated reminders via email/SMS
Depends on the agent or insurer to notify
Bike Insurance Policy Inclusions & Exclusions
Inclusions:
Before choosing a bike insurance policy, you have to pay attention to the inclusions. This refers to the coverage included as a part of the purchased insurance policy. The common inclusions are:
- Damage and loss due to natural disasters like thunder, lightning, storms, earthquakes, etc.
- Loss and damage due to strikes, riots, terrorist activities, etc.
- Loss of bike due to burglary, housebreaking, theft, or total loss of the bike
- Liability protection against injuries and damages to third parties or property during a road accident involving the insured bike.
- Damage or loss due to any explosion, self-ignition, or fire.
- Damage or loss to the insured bike while it is in transit
- Personal accident cover (as per contract) for injuries to bike owners resulting in permanent or temporary disabilities.
Exclusions:
Similar to inclusions, you should also pay attention to exclusions. The insurance company will not provide coverage for the mentioned exclusions. Every policy will have a detailed list of exclusions, which you must read before purchasing. Some of the standard exclusions for 2 wheeler insurance online are:
- Damage to the bike caused by regular wear and tear
- Loss or damages caused due to electrical or mechanical breakdowns
- Loss or damages caused when the bike was driven outside of the geographical boundaries as per the policy contract.
- Any damage or loss due to driving under the influence of alcohol or other prohibited drugs.
- Any damage or loss while riding the motorcycle without valid documents
- Any loss or damage due to mutiny, nuclear risk, or war.
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