Motorcycles are a popular form of transport mostly preferred by the younger generation. People are attracted to its high speed, ability to combat traffic, and manoeuvrability. However, driving a bike can be very dangerous as they are more prone to accidents.
Bikes have a higher chance of getting involved in an accident due to their compact size and high speed. Big vehicles like trucks and buses can also crash into a bike as it can be easily missed due to their blind-spot. Therefore, it is necessary to get bike insurance to overcome these uncertainties. In addition to this, one can also get a personal accident insurance add-on to secure themselves even better.
What Is the Personal Accident Insurance Add-on?
Personal accident insurance add-ons can be taken along with bike insurance at an added cost. This helps the victim to receive lump-sum payments in case of an accident. It is important to note that coverage of personal accident insurance policies does not cover medical expenses or any loss of earnings. Insured people also receive a lump sum amount in case of death or permanent disability.
Types of Bike Insurance
There are mainly two types of bike insurance that can be bought from a policy provider. They have been explained in the following section.
In the case of this type of insurance, the insured cannot claim any amount for its bike damage or medical expenses. However, third parties can claim this insurance against the insured. This is applicable when a third party has been involved in an accident with the insured be it a person or property.
A fully comprehensive bike insurance policy is the most popular type of insurance. This allows the insured to claim in case of accident-related damage to self, third parties, fire, and theft. The majority of the population opts for this type of insurance for their vehicle.
Benefits of Bike Insurance and Personal Accident Cover
The most important advantage of getting bike insurance is that it helps to secure both the insured and the vehicle in case of an accident. Hence, an insured person can avail of the following benefits.
Hospital Expenses Coverage
In the event of an accident, some injured victims are required to stay overnight in the hospital. This can either be cheap or expensive, depending on the treatment or the type of room available. Insurance can easily cover these expenses and lift the burden off the insured.
Permanent Disability Coverage
Some bike insurance can also provide benefits for permanent disability as a result of the accident. For insurance policies, a permanent disability is defined as a loss of one or two limbs, loss of vision in one or both eyes, loss of hearing or speech, and total permanent disablement. As a benefit, they provide a lump sum amount to the insured.
Similar to permanent disability, the death benefit provides a lump sum amount to the insured's family in the event of accidental death. Most riders avail of this benefit while buying bike insurance.
Bike Riding Gear Coverage
Generally, it is recommended to ride a bike with a leather outfit and helmet. Although a helmet is mandatory, the leather outfit is optional and mostly worn by sports bike riders. The insured can avail of this benefit as an add-on if it gets damaged during an accident.
24*7 Insurance Claim Assistance
Almost all insurance companies provide 24*7 claim assistance. Therefore, they can initiate a claim in case of an accident at any time and any place through various modes like phone, mobile app, website, etc. Most policy providers can initiate claims on a national level. However, you can claim insurance internationally only if you have explicitly opted for the service.
Bike Insurance Add-ons
Add-ons are special benefits that can be availed while buying bike insurance at an additional nominal premium. This provides additional security to the insured. Some of the common add-ons have been listed below.
- Bike Breakdown Cover: Apart from covering medical expenses and third party liabilities, this add-on can cover repair expenses in the case of a breakdown.
- Bike Helmets and Leather Covers: This is a very popular add-on where the insured's riding gear is also covered.
- Legal Protection: A legal protection add-on helps the insured from being wrongly sued by a third party. This is helpful when the accident is not the insured's fault.
When Can Bike Insurance Be Disqualified?
Bike insurance can be denied to an insured person due to certain conditions. These have been listed in the following section.
Influence of drugs or alcohol
Riding a bike after consuming drugs or alcohol will automatically disqualify the insured from claiming the policy. Therefore, the insurance policy provider will not entertain any medical expenses or third party claims in the event of an accident.
Accidental death or injury due to violation of law
Several road laws have to be followed by every citizen. Any insured party who is involved in an accident by breaking these laws will be disqualified from claiming the policy.
Purposely getting into an accident
An insurance provider can also deny a claim if it is proven that the accident was deliberately caused by the rider. This can be confirmed by CCTV cameras, witness reports, or police reports.
Conditions for claiming Bike Insurance
Claiming bike insurance is pretty easy. As insurance policy providers support 24*7 claim support, you need to follow only two things.
- You should be riding a bike: You cannot claim a bike insurance policy if you were not driving the vehicle at the time of the accident.
- Report the incident within 24 hours of the event: Additionally, you cannot be late while reporting and initiating an insurance claim.
This will help to speed up the process and gather as much evidence as possible.
- Insured people or their representative can raise a claim by calling on the claim helpline number provided during the creation of policy. They can also file a claim through the official web portal. Apart from this, they can directly call the insurance agent to help process the claim.
Factors for Calculating Bike Insurance
In comparison to car insurance, there are a couple of factors that affect the amount of your bike insurance premium. These have been explained below.
Age of the Vehicle
According to insurance providers, the age of the vehicle plays a vital role in determining the premiums, higher the age of the vehicle higher will be the premium to be paid.
Type of Bike
To some extent, the type of bike will also determine the cost of the premium. Usually, sports bikes and classic bike models may incur a higher premium as opposed to a moped or a regular motorcycle. Any modifications done to the bike will be considered for calculating the premium amount as well.
Other factors like the location and safety instruments and precautions help to determine the cost of the premium. If an insured person takes all the necessary precautions, he can enjoy a lesser premium amount for his bike insurance.
Possible Discounts for Bike Insurance Premium
Additionally, there is scope for availing a discount on the premium costs of the insurance policy. Some of the conditions have been discussed in the following section.
New Policy Holders
First-time buyers of bike insurance policies can also enjoy a good discount on the premium amount. This is to encourage other riders to get insurance for their two-wheelers. Moreover, the lesser premium can be awarded to those who haven't claimed the policy in the previous year.
Buying more than one policy for multiple bikes can get you an insurance premium at discounted prices. However, the price may still vary according to the type of bike and previous no-claim bonus.
Insurance policy providers also offer discounted prices on premiums if riders take the necessary safety precautions. This includes adding safety precautions, and other protection measures. This helps to bring down the risk factor and thus, reducing the premium amount.
Getting bike insurance and personal accident cover is crucial as it helps to protect the insured from unforeseen circumstances. Moreover, it is required by law to avail bike insurance to protect both the rider and third parties in the event of an accident. Therefore, you can suffer from legal action if you ride a bike without insurance or a helmet.
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