What Is Bike Insurance? Different Types of Bike Insurance

Two wheeler insurance/Bike Insurance is an agreement between an insurance company and a bike owner, where the former promises the latter to cover the financial liabilities which may arise due to an unforeseen incident involving the insured’s bike. The bike insurance policy protects all types of two-wheelers vehicle like motorcycle, scooter, scooty & moped. There are three kinds of bike insurance plans available in the market namely third-party bike insurance, standalone own-damage (OD) bike insurance, and comprehensive bike insurance. These motorcycle or scooter insurance covers are distinguished on the basis of their coverage. No matter which policy you choose but you should go for bike insurance renewal before the expiry date as it is the only way out to keep your bike insured.

Different Types of Bike Insurance

Comprehensive Bike Insurance- A comprehensive bike insurance policy gives complete coverage by paying your financial liabilities that you may incur towards a third party and by providing compensation for expenses arising due to own-damages sustained by your bike. This policy shields your bike against damages it sustains due to an accident, fire, theft, man-made disasters, natural calamities, self-ignition, explosion, and so on. You can also enhance its coverage by paying an additional premium to purchase add-on covers like zero depreciation cover, roadside assistance cover, engine cover, etc.

Third Party Bike InsuranceIn India, a third-party bike insurance plan is a compulsory requirement to ride a bike. It is also known as liability-only policy which covers bodily injuries, temporary or permanent disability, and death of the third party person due to an accident or a mishap with the involvement of the insured’s bike. This motorcycle or scooter insurance policy also covers the property damage expenses sustained by the third party up to Rs. 1 Lakh, but does not cover damages incurred by the insured’s bike or the insured person.

Own-Damage Bike Insurance-The standalone own-damage bike insurance policy gives coverage for the own-damages sustained by the insured bike due to an accident, theft, fire, natural disaster and man-made calamity. A standalone own-damage policy provides flexibility to policyholders for choosing an insurance company of their choice. The policyholders can buy a third-party policy and own-damage policy either from the same insurer or a different one. An insured individual can expand the coverage of a own-damage insurance policy by buying add-on covers.

How to Choose Two Wheeler Insurance Policy?

Buying a two wheeler insurance policy needs thorough research. In order to shortlist the most suitable bike insurance policy, you must evaluate your requirements and compare several bike insurance plans online. Here are other tips that you can follow to choose a bike insurance policy according to your budget and requirements:

1. Know Your Coverage Requirements – Assess your requirements and budget so that you can choose between different types of bike insurance plans that suit you the best. When assessing your requirements, you must consider different factors such as usage of your two wheeler, your expenditure, liabilities, etc.

 

2. Choose Add-ons Wisely – Riders or add-ons allow you to enhance the coverage of your bike insurance policy. But as you are required to pay an extra premium for it, therefore, you include the ones that you actually need. Common add-on covers in two wheeler insurance are zero depreciation cover, personal accident cover for pillion riders, and towing cover.

3. Choose a Reliable Insurance Company – Checking the claim settlement ratio is of utmost importance when choosing a trustworthy bike insurance company online. It ensures that the claim settlement is hassle-free.

 

4. Compare Two Wheeler Insurance Plans Online – It is important to compare different bike insurance policies online in order to make the best buying decision. You can compare different plans on the basis of inclusions, exclusions, premiums, etc.5. Read Online Reviews: Reading reviews online of verified customers who have bought bike insurance policies will help you decide if you are going for the right two wheeler insurance policy or not. Therefore, it is recommended to read positive as well as negative comments online so that you can decide what is best for you.

Benefits of Buying A Two Wheeler Insurance Policy

Two wheeler insurance provides a wide array of benefits to its policyholders. The key benefits are as follows:

1. Helps You Comply With Law

A motorcycle or scooter insurance helps you comply with the law. According to the Indian Motor Tariff, every bike owner is compulsorily required to hold at least a third-party bike insurance plan. Driving without a valid third-party bike insurance plan attracts a penalty of Rs. 2,000 and/or imprisonment of up to 3 months.

2. Protection Against Third-Party Liabilities

A bike insurance plan covers the financial liabilities that you may incur towards a third-party like bodily injuries, disability, death and property damage. The coverage for property damage is limited up to Rs. 1 Lakh.

3. Protection Against Own-Damages

A bike insurance plan covers the own-damage expenses of your bike which may incur due to accidents, fire, theft, natural and man-made disasters, etc. Such coverage is provided under standalone own-damage plans and comprehensive bike insurance plans.

4. Coverage Against Thefe

A two-wheeler insurance plan gives you coverage even if your bike/two wheeler gets stolen. In such cases, your insurer will provide you with your bike’s Insured Declared Value (IDV) which will be equal to the market price of your bike at the time of policy purchase.

5. Personal Accident Cover

You can include a personal accident cover of up to Rs. 15 Lakh in your bike insurance plan to cover bodily injuries, disability or death of the bike insurance policyholder.

How To Buy Two Wheeler Insurance Online

With InsuranceDekho, you can buy motorcycle / scooter insurance very easily and quickly. You can follow the below-mentioned steps to get the best two wheeler insurance plan.

Enter Your Bike Details

Enter Your Bike Details

Fill up your two wheeler details like make, model, fuel type, etc., to find the top bike insurance policy quotes offered by different insurance companies based on your specifications.

Compare Bike Insurance Policy Quotes

From all the available plan options, pick the bike insurance policy which meets your requirements and budgets in the best possible manner.

Pay for the Policy Online

Pay the premium price of the chosen two wheeler insurance policy online. After paying the premium, you will instantly receive your bike insurance document in your email inbox.

Benefits of Two Wheeler Insurance Renewal Online

Following are the benefits of buying bike insurance renewal online :

Unbiased Opinion – When you buy or renew a two-wheeler insurance policy online, there is no involvement of any agent which eliminates the influence of any kind. You get to choose from the most suitable motorcycle or scooter insurance plans as per the information provided by you, without any persuasion.

Easy to Compare Different Plans Online – Buying or renewing bike insurance plans online allows you to compare different bike insurance plans in terms of features, inclusions, and exclusions. This helps you know the pros and cons of every policy and premium rates of different similar plans so that you are able to make an informed buying decision.

Convenience – There is no more convenient way to buy or renew a two wheeler insurance policy than doing it online. You can choose the most suitable policy by going through different options in the comfort of your house. Also, you can buy a policy from any part of India, at any time. Renewing a bike insurance policy takes just a few minutes when done online.

Direct Transaction With The Company – When buying bike insurance plans online, you can avoid paying an extra fee to the insurance broker or agent. In case of any difficulty, you can get in touch with the customer care executives of the insurance company and get your queries solved.

Payment Security – Buying or renewing two wheeler insurance plans online allows you to pay premiums via a secured payment gateway. There are flexible modes of premium payment allowed, from which you can choose as per your own convenience. These are Debit cards, Credit cards, and e-wallets.

Least Documentation – When buying a bike insurance policy online, you do not require to undergo a lot of paperwork. There is no need to submit photocopies of documents. All you need to do is fill in quotes online, compare different plans online, and shortlist the most suitable policy online.

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