Did You Know?
75% of the urban traffic consists of bikes & scooters.
It’s shocking that nearly 60% of bikes & scooters don’t have insurance.
Why Buying Bike Insurance Is Important?
Bike insurance pays for the cost of any damages to your bike or the third party vehicle due an accident. It also pays for the treatment cost of any injuries sustained by your or the third party during an accident.
Bike Insurance Premium Cost?
The average cost can be anywhere between Rs. 1700 to 2000 depending on several factors which are given in this article. Read further for details on what's covered in bike insurance & how much your bike insurance would exactly cost.
7 Things Bike Insurance Covers
Everything that is covered under bike insurance is paid by the bike insurance company. Here's a list of things that are generally covered in a bike insurance policy.
Personal Accidental Cover of Rs. 15 Lakh
What is a Personal Accident Cover?
Bike insurance has a personal accident cover. A personal accident cover safeguards you against minor or major injuries you sustain in case of your bike accident. It also offers a coverage amount in case of the policy holder's death due to the accident. In such a case, the policy holder's family gets a compensation amount. As a bike insurance policy holder, in case you lose some of your income or all of your income due to an accident, the insurer offers a compensation.
- You can avail a personal accident cover on your bike insurance.
- This can range anywhere from 1 lakh to 15 lakhs.
- It's paid in case of an injury due to an accident that either leads to disability or death. The compensation amount totally depends on your plan and the premium you pay.
Your Own Accident, Injury & Damage Costs
Let's say you are traveling on your bike and you meet with an accident. In this case, two things can happen. Firstly, your bike will get damaged and secondly, you will sustain injuries. In such a scenario, bike insurance covers for your expenses by;
- Paying for your accident & injury expenses that require treatment.
- Paying for damages caused to your own bike due to the accident.
- For more details on this checkout what is Comprehensive Bike Insurance
Third Party Accident, Injury & Damage Costs
- Pays for third party accident & injury expenses caused due to your bike.
- Pays for damages caused to third party vehicles due to an accident caused by your bike.
- Pays for losses due to the unfortunate death of the third party due to an accident involving your bike.
For more details on this checkout what is Third Party Bike Insurance
Covers In Case Your Two Wheeler Gets Stolen
- Pays a compensation amount if your bike or scooter is stolen or its parts are stolen.
Damages Due To Natural Calamities
- Pays for any damages or losses caused to your bike due to natural calamities.
- These natural calamities include rockslides, landslides, storms & floods.
Damages Due To Manmade Calamities
- Pays for any damages or losses caused to your bike due to manmade calamities.
- These man-made calamities include damages caused due to transition by air, inland waterway, railway, road, lift or elevator.
- The man-made calamities also include damages caused due terrorist activities, malicious act & riots.
Fire And Explosion
- Pays for losses due to any explosion, self-ignition or fire.
What Bike Insurance Does NOT Cover?
- Any losses or damages due to nuclear risk, mutiny or war.
- Any losses or damages due to the driver being in an intoxicated state or alcohol influence.
- Any losses or damages due to absence of valid driving license.
- Any losses or damages sustained in case the vehicle was used outside the scope of policy coverage.
- Any damages to tubes & tyres in a normal course.
- Consequential losses or depreciation due to regular use.
- Any losses due to electrical or mechanical breakdowns.
- Any losses or damages due to normal wear & tear of the bike.
How Much Does A Bike Insurance Premium Cost?
The premium amount of your Bike insurance is based on several factors. These factors include;
- Choice of coverage amount
- Make and model of the bike
- Location, age & driving history
Here are a few examples of bikes & their premiums.
|Bike||Engine||Approximate Price (Rs)||Third Party Insurance Avg. Premium (Rs) Annually|
|Yamaha Fazer||149 cc||1,07,000||1550 to 2200|
|Bajaj Avenger||220 cc||1,00,000||1800 to 2000|
|TVS Apache RTR||180 cc||90,000||1750 to 2300|
|Honda Activa||110 cc||65,000||1350 to 1750|
|Hero Honda Splendor||125 cc||70,000||1300 to 1800|
Please note: These prices are a rough estimation.