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If you are a bike owner, you probably love your bike more than you love yourself. Then what about insurance?
You can always prove your undying love for your bike by choosing that perfect insurance policy that seems to have been custom-made for you. But with so many insurance companies offering so many policies, it could be quite a task to choose the best insurance policy that fits your bill perfectly.
What are the factors that affect the Two Wheeler Insurance Premium?
There are 5 factors which need to be considered while buying a two-wheeler insurance:
You may also refer to: Factors that define your Two-Wheeler Insurance Premium
I already have a Third Party Liability cover for my Bike. Why should I Opt for comprehensive Bike Insurance?
Your third party liability cover protects the vehicle owner against any damage caused a third person (in case of an accidental death or disability) or property. While, Third Party property damage is mandatory cover as per the law, but buying a comprehensive policy will cover the losses incurred to your vehicle and provide you a financial stability.
A comprehensive car insurance policy covers the third party liability and damage caused to your vehicle or owner. Below are the benefits offered:
Own Damage: Loss or damage to the vehicle due to
Third Party Liability Cover: Death or bodily injury to a third person or Damage to third party property
Personal Accident Cover: Cover to the Owner Driver (Up to 1 Lac) in case of an accident, which leads to Accidental Death or Permanent Total Disablement of the insured vehicle owner
To safeguard your vehicle against any damage (listed above) you should opt for a comprehensive car insurance policy.
You may also refer to: What is covered under your Two-Wheeler Insurance Policy?
My policy has expired, how do I renew my policy?
If your policy has expired, you don’t need to worry. Follow the below process and renew your policy instantly.
Step 1: Two-Wheeler Insurance Coverfox.com
Step 2: Fill in your vehicle details
Step 3: Select the Insurer
Step 4: Add your details, bike details and communication address
Step 5: Make a payment and get an Instant Policy
Note: If your policy has expired and you make a payment today, then the policy will commence after 3 days from the date of payment without any inspection.
You may also refer to: Why dodge trouble with a lapsed Bike Policy when you can renew it instantly?
If I do not buy a Bike Insurance Policy, do I need to pay a fine?
Yes, if you do not buy Bike Insurance or riding an uninsured vehicle or even if your policy has lapsed, a fine will be imposed on you, i.e. Rs. 2000 or 3 months imprisonment.
Can I buy a Two Wheeler Insurance policy for a vehicle, which is not registered, on my name?
Technically, you cannot buy Insurance for a third person because of AML guidelines. But for certain cases like where there is a purchase of a used bike, if you have applied for registration ownership change, you can purchase an Insurance policy by submitting relevant documents.
Note: If the policy and RC are on different names for the same vehicle, then Policy is of no use. You should transfer the RC on your name and then purchase a new policy.
In case of Theft what is covered under a Comprehensive Bike Insurance Policy?
In the event of theft, your comprehensive bike insurance policy will pay up to the Insured Declared Value (Minus Rs. 100 – Deductible amount) that was defined at the time of purchase of your two-wheeler insurance.
You may also refer to: The role of theft cover in bike insurance