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Bike insurance provides you financial protection if your bike is damaged due to an accident or man-made/ natural calamities like theft, flood, fire, earthquake, riots, etc. Motorbike Insurance also helps you protect yourself against third party liabilities arising out of accidental damages to third-party, i.e., person or property or vehicle.
India has the worst roadways and transportation infrastructure. In fact, even metropolitan cities have terrible road conditions with frequent bouts of potholes, flooding, and repairs throughout the year. Plus, you are more exposed to the perils of the harsh driving environment while riding a bike.
Keeping these facts in mind, you need to have a bike insurance plan. Also, the Government of India has made it mandatory to have a third party bike insurance cover for all bike owners through the Motor Vehicles Act, 1988. There are two types of bike insurance plans which you can choose from, i.e., Third-party Liability Only Cover and Comprehensive Bike Insurance.
As the name suggests, third party bike insurance provides cover only against damages arising out of third party liability (the third party refers to a third person or property involved in an accident with you.
Comprehensive Bike Insurance plan offers cover against damages arising out of third party as well as damage to your own motorbike. If you are confused about the two mentioned above. It is okay. This is where Coverfox comes into the picture.
Your motor insurance plan will protect your bike against the following instances!
Your motor insurance policy will not protect your bike against the following instances!
Here is a list of the best online bike insurance plans offered by the top motor insurers in India with the incurred claim ratio for 2018-19%.
The incurred claim ratio has been sourced for the annual report 2018-19 published by IRDAI.
| Top Insurance Provider | Policy Term | Incurred Claim Ratio for 2018-19 |
|---|---|---|
| Universal Sompo Bike Insurance | 1 Year | 76% |
| United India Bike Insurance | 1 Year | 120.79% |
| TATA AIG Bike Insurance | 1 Year | 70% |
| Shriram Bike Insurance | 1 Year | 69% |
| SBI Bike Insurance | 1 Year | 87% |
| Reliance Bike Insurance | 1 Year | 85% |
| Oriental Bike Insurance | 1 Year | 112.60% |
| NAVI Bike Insurance (DHFL has been acquired by NAVI Technologies Pvt Ltd) | 1 Year | 29% |
| New India Assurance Bike Insurance | 1 Year | 87.54% |
| National Bike Insurance | 1 Year | 127.50% |
| Liberty Bike Insurance | 1 Year | 70% |
| Kotak Mahindra Bike Insurance | 1 Year | 74% |
| IFFCO Tokio Bike Insurance | 1 Year | 87% |
| HDFC ERGO Bike Insurance | 1 Year | 82% |
| Bajaj Allianz Bike Insurance | 1 Year | 62% |
| Bharti AXA Bike Insurance | 1 Year | 75% |
| Digit Two Wheeler Insurance | 1 Year | 76% |
With Coverfox, you can get your favorite new bike insurance online in just 5 mins! Plus, here are five reasons to get bike insurance online:
In short, you can easily buy, renew, and compare online bike insurance policy on Coverfox at the click of a button. So what are you waiting for? Give us a call today on 1800 209 9930.
If you are looking for bike insurance cover, you have come to the right place. Please follow these steps to get bike insurance offers from Coverfox.
Well, it takes close to 5 minutes to get your favorite policy straight into your inbox. Plus, you can quickly pay online with a credit, debit, net banking. Our website has a direct secure payment gateway option with all the major insurance providers in India.
Did we mention that you can avail of a discount of up to 80% on the bike insurance premium amount? Buy bike insurance online today, only on Coverfox.
As the name suggests, personal accident cover provides cover against:
Damages arising due to accidental death or injury
It can be availed only as a rider option.
Covers people up to the age of 65 years
The maximum compensation can go up to Rs. 15 lakhs.
It comes with accidental death benefit and disability compensation.
Provides 100% of the sum insured in case of accidental death
The benefit is paid to the family of the policyholder in case of death.
| Amount Covered | Accidental Event |
|---|---|
| 100% of the Sum Insured | Death |
| 100% of the Sum Insured | Dismemberment of both limbs or loss of sight of both eyes or one limb and one eye |
| 50% of the Sum Insured | Dismemberment of one limb or loss of sight of one eye |
| 100% of the Sum Insured | Permanent and Total Disability |
Here is a list of rider options that you can add to your new bike insurance policy to make it better.
