What Does Your Bike Insurance Cover?

Purchasing a bike is easy, but deciding which one is more complicated. Since you have invested hard-earned money to buy your dream bike, you must keep it safe by covering with the right bike insurance policy. While purchasing bike insurance online, you might wonder what is covered under your bike insurance policy. Here is a detailed article about bike insurance coverage to make your purchase successful.

Read more
  • Save up to 85% by comparing plans
    Save up to 85%# by comparing plans
  • 20+ Insurers to choose from
    20+ Insurers to choose from
  • 1.2 Crore+ Bike Insured
    1.2 Crore+ Bike Insured
Two Wheeler Top Fold Kapil Sharma Image
No paperwork required! Renew insurance in 60 seconds^

Plans starting at only @ ₹1.3/day*

Enter bike number (e.g DL1SB1234)
Processing

Types of Bike Insurance Coverage

Before you dive into bike insurance coverage, you must have the correct knowledge about the types of bike insurance policies in India. Usually, there are two types of plans offered by motor insurance companies:

  1. Third-party Cover

    This policy is also known as a liability-only policy and offers the minimum mandatory coverage. As a two-wheeler owner, you must have at least this third-party bike insurance cover. This policy provides coverage against all types of third-party liabilities. Suppose your insured bike causes an accident that results in the injury/death of a third party or damages to a 3rd party property. In that case, this policy provides financial and legal coverage for it.

  2. Comprehensive Cover

    This policy covers damages caused to your own vehicle and third-party liabilities both. It financially assists the insured bike for any cost incurred for repairing or replacing the damaged bike due to accidents or other insured perils. Moreover, with a comprehensive bike insurance policy, you can purchase various add-ons to enhance the coverage.

What Should Your Bike Insurance Cover?

If you wish to buy only mandatory third-party bike insurance coverage, you only have financial coverage for third-party liabilities. However, if you want to obtain a comprehensive bike policy, you will have coverage against the following instances:

  • Natural Calamities Coverage

    A comprehensive bike insurance policy covers the damages/losses incurred due to floods, earthquakes, fire & lightning, storms, cyclones, typhoons, landslides, explosions & self-ignition, etc. However, you must check the list of inclusions in your policy under this category.

  • Man-made Disasters Coverage

    Man-made disasters include the losses/damages caused to your insured bike due to human activities. These damages could be due to an accident. In addition, it provides coverage for mishaps due to malicious activities like thefts, vandalism, strikes, riots, etc. The policy also covers the transit damage when your two-wheeler is transferred via road, rail, water, or airways.

  • Third-party Liabilities Coverage

    As third-party liability is a mandatory cover in India, a comprehensive bike insurance policy offers coverage for it.

  • Personal Accident Coverage

    During a road accident, some chances might cause temporary or permanent disabilities to the bike owners. Hence, Personal Accident coverage provides compensation for such injuries/deaths of the insured if they are riding the bike.

What is Not Covered in Bike Insurance Policy?

Mentioned above is bike insurance coverage. Now, here are the exclusions of a bike insurance plan:

  • Loss of accessories
  • Any legal liability on the part of a paid driver
  • Personal accident coverage for the pillion riders
  • Any damages caused due to the negligence of the driver
  • Normal wear & tear of the automobile
  • Driving under the influence of intoxicants such as alcohol, sedatives or drugs.

10 Tips to Reduce Motorcycle Insurance Premiums

You should try to get all the necessary features that you need in a bike insurance plan, even if it comes with an additional premium. However, if the premium is your top concern read on and find the tips to reduce bike insurance premiums:

  • Select a base model to get an insurance plan that falls within your budget. Moreover, the spare parts replacement cost and bike repair cost will be reasonable.
  • Avoid opting for modified or unusual bikes, as there spare parts replacement or repairing cost is quite expensive.
  • The less your two-wheeler is plying on the road, the more it is exposed to risk. Your insurance provider considers this factor and offers you a cheaper insurance premium.
  • It would be less expensive if you paid your insurance premium in full when you bought an insurance plan. If you want to pay monthly instalments, it will be costlier.
  • If you’ve not filed any claims for a specific time period, you can enjoy the NCB benefits during policy renewal.
  • At the time of renewal, ensure you do not settle for your existing insurance provider. Look out for other insurance providers willing to offer you better benefits for a competitive premium. You can visit Policybazaar.com that will help you compare different two-wheeler insurance plans and find one within your budget.
  • Always keep your two-wheeler safe and secure. It is best to park it at an authorized parking zone instead of leaving it unattended on the streets.
  • The more riding experience you have, the less risky you appear in front of your insurance provider. It means that you will have to pay the minimum premium. As insurance provider might check your driving record.
  • Try to buy your home, car, health, etc., insurance from a single general insurance company so that there is a scope for a discount.

Wrapping it up!

If you don’t want to buy comprehensive two-wheeler insurance, it is alright. However, you need to purchase third-party insurance to fulfil your legal obligations. Otherwise, you can be penalized. Be a responsible citizen of the country by ensuring you have an active bike insurance policy.

Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Two Wheeler insurance articles

Recent Articles
Popular Articles
Common Problems Faced by Bike Owners and Their Solutions

10 Jun 2024

As a motorcycle owner, you might face various problems that
Read more
10 Best Bikes for Long Rides in India 2024

07 May 2024

Are you the one who want to cruise through the winding roads of
Read more
MCWG Driving License in India

01 May 2024

To regulate and ensure safe operation, every motorbike owner in
Read more
9 Tips to Maintain Your Bike's Engine

22 Apr 2024

Since the engine is your bike's heart, it is essential to keep
Read more
Best Engine Oil for Bikes in India 2024

18 Apr 2024

In the fast-paced world of biking, you must ensure your riding
Read more
Three Easy Ways to Check Bike Insurance Expiry Date Online
As significant as it is to buy a bike insurance policy for your motorbike, it is equally important to renew it
Read more
How to Check Bike Owner Details by Registration Number?
In a world full of different types of two-wheelers, each one has its unique identity enclosed in its registration
Read more
Vehicle Owner Details by Registration Number
Vehicle owner details can come in handy in various situations, such as road accidents, cases of reckless driving
Read more
10 Best Bikes for Long Rides in India 2024
Are you the one who want to cruise through the winding roads of the Himalayas or explore the beautiful coastline
Read more
How to Get Bike Insurance Details by Registration Number?
According to the IRDA, all bike owners must hold at least a third-party bike insurance policy in India. The bike
Read more

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis