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Top 5 Bike Insurance Plans and its Features

Bikes are more than just a necessity. They signify social status. Since everyone wants to outdo the other, people are buying expensive bikes. The WHO stated that approximately 230000 people in India die from road accidents every year, with most of them being bike accidents. The accidents with minor injuries and damage to property are also increasing. Sometimes, the accidents might not be anybody’s fault, arising from a blind spot obstruction. Without proper insurance, it is hard to find someone besides the victim for financial aid.

Bike insurance covers damage from theft, accidents, natural disasters, injuries, and even death. Bike insurance, prescribed by the Government of India, is a mandatory requirement for all bike owners. According to a recent directive by the Supreme Court, a five-year third party insurance policy is necessary for all new bikes before hitting the streets. Failure to comply with the law will result in hefty fines and penalties.

Who Can Apply for Bike Insurance?

According to the Indian Motor Vehicles Act, 1988 all bike owners must acquire a third-party bike insurance. It means that if anyone or any vehicle or property is injured or damaged with your bike by accident, the insurance will deal with the financial costs and legal charges. However, a third-party bike insurance does not cover up the costs of damage at your end. You will require a comprehensive bike insurance coverage for damage to your own bike or yourself in person. Comprehensive bike insurance, while not compulsory by Indian law, is necessary for your safety. It helps you cover costs that may involve natural disasters, mob riots, theft, or self-ignition. Bike insurance provides you with legal and financial stability.

How Can You Apply for Bike Insurance?

  • Applying for bike insurance is easier than it was a few years ago. Now, you can apply for insurance online as well as offline. Usually, showrooms provide bike insurance to bike purchasers on the spot, so that they don’t lose customers. However, you must choose the insurance policy and plan that best suits your needs.
  • You need to go through bike insurance plans of different companies instead of picking an insurance policy by placing blind faith in the vehicle dealer. It is important to decide if you are going to apply for third party insurance, or cover up self by buying a comprehensive bike insurance plan. The latter is recommended because it provides insurance from your end as well.
  • Since you will be sticking with a five-year insurance plan on buying a new bike, you need to make sure that the insurance policy is compliant with your needs. You need to look at the premium, the coverage, and the benefits offered. Next, you need to set the Insured Declared Value (IDV) of the bike and select from add-ons provided by the insurance company. Once you get the policy, read the document from start to end. You must take note of the terms, conditions, limitations, and exclusions of the bike insurance. After providing the necessary details and rechecking them, you can make a payment, and get your bike insurance.

What Documents Do You Need to Apply for Bike Insurance?

Along with signing the declaration and filling up the bike insurance form, you also need to provide some documentation to support your claim. These include an attested copy of the ID proof, an attested copy of the proof of residence, vehicle registration certificate copy and passport-sized photographs. If you are buying a bike on loan, you also need to submit income proof. Furthermore, the original address proof and identity proof are required for verification.

Top 5 Bike Insurance Plans and Their Features

  • Bajaj Allianz Bike Insurance offers a cashless garage network with over 4000 garages all over India. It provides many special add-ons and facilities like depreciation cover, consumables costs, and engine protection. Furthermore, it has instant paperless renewal, an all-round the clock claims settlement service, and provides up to three years insurance in one click. It also offers up to 50 per cent discount on insurance depending on claim-free years under No Claim Bonus, rewarding you for good driving.
  • With over 2500 garages all over India, Bharti AXA responds through a sophisticated claims service and support network. They offer a basic cover of 1 lakh for personal insurance, and also provide add-ons to cover for passengers on your bike. They offer a premium discount for no-claims for previous years. It provides up to 3 years of insurance at a time.
  • With an 82% incurred claim ratio for 2018-19 and over 6800 garages, HDFC Ergo is one of the premium destinations for bike insurance with numerous services. It offers on-road assistance, in-transit damage, damage from natural and man-made disasters, and insurance for third party and ourselves. They provide an NCB protection plan for up to three years.
  • Reliance Bike Insurance provides paperless hassle-free three-year renewal and claims settlement. It provides up to 40% discount on bike insurance with 159 cashless garages throughout India. It helps in renewal without an inspection, thus speeding up the process.
  • With over 615 garages all over India, they offer a variety of services. Liberty General Bike Insurance offer renewal discounts, lost key assistance, third party cover, quick claim settlement, guaranteed compensation, online insurance facilities, and a personal cover. They also provide zero depreciation cover, consumables cover, roadside assistance, engine protection, and massive discounts. They offer multi-year insurance and renewal.

What Are the Limitations of Comprehensive Bike Insurance?

Comprehensive bike insurance does not cover cases involving drunk driving, normal wear and tear due to ageing, riding without a legal or valid license, any damages incurred when the insurance policy is no longer active, mechanical or electrical breakdown, and using private two-wheelers for commercial purposes.

What Are the Limitations of a Third Party Bike Insurance?

The main drawback of a third party bike insurance is that it doesn’t include coverage for own damage due to accidents. The owner needs to pay the cost for repairs of the bike. Third-party bike insurance is valid within a limited geographical location.

Renewal of Bike Insurance Policy

After the initial insurance policy of five years is over, you need to renew the insurance. You can either prefer to stay with the same insurance company or opt for another one. It is preferable to opt for a multi-year policy online, as it offers a better discount. Renewal of bike insurance policy is essential. If your bike insurance is not active, you cannot make claims, and get coverage against liabilities to you, the third party and damage incurred, or theft. You will also find yourself in a worse position legally for not having bike insurance. Traffic police these days ask for papers, license, insurance, and check how cautious you are to safety. There are huge repercussions, with fines sometimes totalling over INR 20,000.

How to Stay Updated?

  • Check your bike insurance expiry date.
  • Check the current IDV the insurers are offering if your vehicle suffers a complete loss.
  • Check the amount of coverage and other services the insurers are offering you, and choose effectively.
  • Select add-ons properly to enhance your experience. It might cost more, but in the end, properly choosing them will enhance benefits.
  • Check all information that you have entered, correcting errors during form fill up and application.
  • Check the terms and conditions of the insurance policy.

Benefits of Renewal of Bike Insurance Policy Online

  • Applying for a bike insurance policy online allows freedom from providing documentation all over again. Applying online is easy; all you need is to fill up a few details.
  • You will always have a soft copy of the bike insurance policy and can find the nearest garage for cashless claims support.

How to Apply for Bike Insurance Claims?

  • For everything other than theft, you must apply with a duly filled insurance form, registration copy of the vehicle, estimates of loss and repair, and payment invoice.
  • Additionally, for theft, you need to lodge an FIR at a police station and send a copy of the same to the insurer.

Online vs Offline Application for Bike Insurance

An online application is more advantageous than applying for bike insurance offline.

  • It limits the hassle of going to places to find the right insurance to apply.
  • You can return the policy to the insurer within the grace period if you don’t find the terms and conditions suitable for your needs. As a whole, if you’re computer literate, you should always apply online.

Conclusion

Bike insurance uses a small recurring premium and helps us in times of need; financially, and legally. One can never be too careful; accidents can happen anywhere, and most insurances only cover so much. Sometimes, all it takes is simple bike insurance to set things straight.

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