What Your Bike Insurance Covers

Purchasing a bike is very easy but deciding which one to buy is not that simple. So much hard work is invested in the complete process of purchasing a two-wheeler. You can check out various models offered by various bike manufactures and finalize the one that suits you the best. Once your brand new bike is out of the showroom and plying on roads, your bike is exposed to various risks, including theft, natural as well as man-made calamities. What do you do to ensure that your bike is safe and secure on the roads? Simply, buy motorcycle insurance and add an extra layer of safety and security to your vehicle.

At the time of buying insurance, individuals get very confused. They have questions like- does motorcycle insurance cover every two-wheeler I ride? Well, the answer to that question is no. Two-wheeler insurance doesn’t provide insurance coverage to the owner; it provides insurance coverage to the vehicle. Just like you have a separate registration certificate for your various vehicles, you have to buy separate insurance plans for those vehicles as well.

Bike insurance is a blessing in disguise. We don’t understand its value until we have to file a claim. This article will be helpful for you to know about bike insurance in details.

Bike Insurance in India

Bike lovers just love their bikes. They get an adrenaline rush riding their prized possession on the roads. Most of the times, the roads are congested due to jam-packed traffic. The best thing about bike insurance is that it is pretty affordable for the majority of the population. For fellows who can’t afford to buy a two-wheeler from their own savings, banks come to their rescue. Banks offer loans at such low rate of interests that their dream of buying a two-wheeler comes true.

Two-wheelers are convenient to ride  very low on maintenance. These stand out features of two-wheelers boost its sale and production, making the Indian two-wheeler industry the largest in the world.

Indian two-wheeler sector has grown at a rate of 9.5% during 2006 to 2014. No wonder there are plenty of bikes on Indian roads. The thing is that

Indian roads aren’t expanding at the same rate to avoid traffic jams. That is why we need the help of the insurance plans to safeguard ourselves as well as our automobiles plying on the road.

Keeping the rate of accidents in mind, buying a bike insurance plan isn’t a luxury but a basic necessity. As per the Motor Vehicle Act, it is mandatory for all the vehicle owners to buy bike insurance for their vehicles plying on Indian roads. Bike insurance offers coverage to the insured vehicle and protects you from various expenses that you would need to pay from your own pocket in case your vehicle is involved in a road mishap. Not just that, a two-wheeler insurance plan offers you protection from natural perils, man-made perils, fire, malicious act, theft etc.

In addition to that, your third-party legal liability is also covered in case any bodily injury is caused to a third-party or property damage is caused to a third-party vehicle if your automobile is involved in an accident. Along with that, personal accident coverage is also provided.

Exclusions of Bike Insurance Coverage

Mentioned above was the coverage offered by bike insurance. Now, let’s talk about what is excluded from the bike insurance coverage.

Here are the exclusions of a bike insurance plan.

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

Add-on Riders

Insurance is such an individual need; ABC's insurance needs can be totally different from XYZ's insurance needs. If you are not satisfied with the basic insurance coverage offered by a plan, you can always buy add-on coverage in the form of additional riders offered by your insurance provider.

 All you have to do is pay a nominal premium and that’s it. It will safeguard you against various additional expenses that can fall upon your shoulders. 

The Benefits of Buying Bike Plan

Purchasing bike insurance offers various benefits. Not only, does it ensure the coverage but gives you a feeling of security as well. As you know, having an active bike insurance plan is compulsory by law. Here are various benefits of two-wheeler Insurance plan.

  1. Safety from Natural Calamities: Having a bike insurance plan means that you are safe from natural calamities such as earthquake, fire, explosion, cyclone, flood, landslide, self-ignition storm, etc. It offers the coverage for the repair work for the damages arising due to any of the calamities. Not just that, it also provides compensation in case there is a loss of life or any bodily injury caused to either the rider or the owner.
  1. Safety from Manmade Calamities: Incidents like burglary, strikes, theft, accidents, malicious acts and other types of man-made calamities can lead to loss of your bike or can cause damage to your bike. Bike insurance ensures that your fiscal liability is restricted in case there is of loss of automobile or the replacements and repair costs needs to be covered.
  1. Protection of Your Legal Interests: You should protect your legal interests as buying third-party insurance is compulsory. It implies that your insurance plan should provide coverage against the liabilities arising due to any bodily injury or damage caused to a third-party person or property.

    Once you have purchased your bike insurance plan, you need to renew it on time as the active status of your motor insurance plan makes sure that your legal obligations being a vehicle owner are fulfilled. This cover offers financial assistance if there is any road mishap.
  1. A Complete Sense of Security: A complete sense of security is the most prominent feature of a bike insurance plan. Being covered gives you a sense of security so that you can ride your bike with confidence. In addition to that, it saves you from the fines imposed by concerned enforcement agencies, like traffic police, from breaking the law by not having a valid insurance plan.

Tips to Reduce Motorcycle Insurance Premiums

The insurance plan for covering your bike comes in a wide variety. In case you are looking forward to buying a fresh insurance plan or renewing an existing insurance plan, there are various insurance options out there. Don’t make your insurance plan preference revolve around getting the cheapest premium possible. Along with the minimum premium, look out for the maximum insurance benefits.

 You should try to get all the necessary features that you need even if comes with an additional premium. Although, if the premium is your top concern; read on and find the tips to reduce insurance premium for your bike.

  • Select a smaller or cheaper bike to get an insurance plan that falls in your budget. The spare parts replacement cost and bikes repair cost will be cheap.
  • Avoid opting for modified or unusual bikes as these kinds of bike are considered as more costly when there is a need to repair or replacement of the spare components. Also, these vehicles are considered highly attractive to thieves. Along with that, imported bikes are also considered as more costly.
  • The less your two-wheeler is plying on road; it is exposed to lesser risk. Your insurance provider considers this factor and offers you the cheaper insurance premium.
  • When you pay your insurance premium in full the moment you buy an insurance plan, it would be less expensive. If you want to pay monthly instalments, it will be costlier.
  • If you’ve not filed any claims for a specific time period, chances are high your insurance provider will charge you a lower insurance premium.
  • At the time of renewal, ensure that you do not settle for your existing insurance provider. Look out for other insurance providers who will be willing to offer you better benefits for a competitive premium. You can use a comparison site that will help you compare prices and various other details.
  • Always keep your two-wheeler safe and secure. It’s best to park your vehicle at an authorized garage instead of leaving it unattended on the streets. You can use other tools to enhance the security of your vehicle like locks, chains etc.
  • The more riding experience you have, the less risky you appear in front of your insurance provider. It means that you’ll have to pay the best premium. The insurance provider might check your driving record.
  • Try to buy your home, car, health etc, insurance from a single insurance company so that there is a scope for a discount.
  • If you don’t have a pillion, you can get a cheap premium quote.

Wrapping it up!

If you don’t want to buy comprehensive insurance, it is alright. But you need to buy third-party insurance so that your legal obligations can be fulfilled. Otherwise, you can be penalized. Be a responsible citizen of the country by ensuring that you have an active motor insurance plan.

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