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Types Of Bike Insurance
In India, general insurance companies offer three types of bike insurance: third-party, comprehensive, and stand-alone insurance. You can select a bike insurance plan based on your budget and requirements.
Third-party Bike Insurance Policy, Mandatory in India, TP insurance covers third-party liabilities, providing financial protection for accidents. It excludes damages to your own bike.
Comprehensive Bike Insurance Policy, Comprehensive Bike Policy includes TP coverage and protects your bike from various incidents like accidents, theft, and natural disasters.
Standalone Own Damage Insurance Policy, OD insurance covers damages to your bike but doesn't include third-party liabilities. Ideal if you have a separate third-party policy.
Benefits Of Buying Bike Insurance
Buying a Bike insurance policy comes with several benefits. have a look at them.
Bike insurance in India provides financial protection against various risks such as accidents, theft, natural disasters, and third-party liabilities, shielding you from significant financial losses.
Having bike insurance is mandatory by law in India. It ensures compliance with legal requirements, preventing any legal penalties or fines for driving uninsured.
Bike insurance covers third-party liabilities, including compensation for injury or property damage caused to others by your vehicle, reducing your financial burden in such situations.
Comprehensive bike insurance offers coverage for own damages to your vehicle, including repairs or replacement costs due to accidents, vandalism, or theft, providing peace of mind.
Bike insurance policies often come with add-on benefits such as roadside assistance, zero depreciation cover, engine protection, and more, offering additional assistance and convenience when needed.
Many bike insurance policies offer cashless repair services at network garages, streamlining the claims process and minimizing out-of-pocket expenses during vehicle repairs.
Bike Insurance Checklist
ID Proof
When submitting your personal details like name, address, age, etc., you'll need to provide a copy of your ID proof, which can be your Aadhaar Card, Driver’s License, Passport, Voter ID, or any other government-issued photo ID.
Details of Your Bike
Next, gather the details of your bike including make, model, variant name, registration number, engine capacity, fuel type, RTO location, etc. Keep these details readily accessible.
Types of Bike Insurance Plans
There are three types of bike insurance policies based on coverage: third-party bike insurance, standalone own-damage bike insurance, and comprehensive bike insurance. While third-party insurance is mandatory as per the Indian Motor Tariff, comprehensive insurance offers maximum coverage.
Driving Without Insurance is Punishable
Every bike owner must have at least third-party insurance as per the Indian Motor Tariff to remain legally compliant on Indian roads. Failure to have valid insurance can result in a fine of Rs. 2,000 and/or imprisonment of up to 3 months.
Premium Calculation
Premium calculation depends on factors like bike's cubic capacity (for third-party insurance) and various factors for other types. Use an online premium calculator to make an informed decision.
Insured Declared Value
The Insured Declared Value (IDV) is your bike's current market price, payable in case of total loss or theft. Opt for an optimal IDV to balance premium cost and claim amount.
Bike Insurance Add-ons
Additional coverages, known as add-ons, can be opted by paying extra premium. Common add-ons include zero depreciation cover, engine cover, tyre cover, no-claim-bonus, loss of luggage, etc.
Network of Garages
Insurance companies have partnerships with network garages for cashless claims. Utilize these facilities for easy claim processing.
Claim Settlement Ratio
Claim settlement ratio indicates the percentage of claims settled by an insurance provider out of the total claims received in a financial year. Higher CSR reflects better service.
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