Bike Insurance in Bhubaneswar

Why Bike Insurance is Essential in Bhubaneswar?

In the first half of the year 2024, Khurda reported the highest number of road accidents. Odisha witnessed an overall 7% in road accident cases during the same period.

Experts quoted improper law enforcement, street lighting, poor road conditions, and a lack of signboards in rural areas as the most prominent reasons for the rising figure. These concerning figures make a two-wheeler insurance policy in Bhubaneswar crucial for all riders.

These are some additional reasons that make a comprehensive bike insurance policy in Bhubaneswar important:

1. High Number of Road Accidents

   Among all the districts in Odisha, Khurda reported the highest number of accidents in 2024. It exposes two-wheeler riders to a range of injuries, even when it is not their mistake. It is essential that they have a bike insurance policy to cover their expenses related to bike in the event of an accident.

2. Rapid Urbanisation and Development Projects

   Bhubaneswar is one of the first planned Indian cities, and still has several ongoing infrastructure projects in the area. These projects often disrupt traffic movement and compromise road safety.

3. Monsoon-Related Waterlogging

   Bhubaneswar sees a heavy monsoon every year, resulting in several potholed road stretches. The condition is particularly severe in areas such as Jayadev Vihar, Sachivalaya Marg, and Bidyut Marg, among others. It can damage the engine, the most expensive part of a bike. Add-ons like engine protection cover in a bike insurance policy compensate for engine-related damage in such cases.

4. Roadside Encroachments

   While it is a planned city, there are still several roadside encroachments in the city. This is significantly higher around market areas and bus stops. It disrupts the flow of traffic, putting riders’ security at risk.

5. Mandated by IRDAI

   According to Indian motor laws, all vehicle owners are required to have a third-party bike insurance policy for their motorised vehicles. Failing to comply with this requirement results in a fine of Rs. 2,000 for the first offence and Rs. 4,000 for repeated offences.

Finding the Right Bike Insurance Policy in Bhubaneswar

Look at the factors below to choose the right bike insurance policy in Bhubaneswar:

1. Choose the Right Coverage

   It is important to consider all the possible risks in your area to choose the best possible two-wheeler insurance policy. You can choose between a third-party bike insurance policy and a comprehensive bike insurance policy.

   It is advisable to opt for a comprehensive bike insurance policy in Bhubaneswar, given to high rate of road accidents, road encroachments, and waterlogging issues.

2. Look at the Claim Settlement Ratio (CSR)

   The percentage of claims settled successfully by the insurance provider is known as CSR. A CSR above 90% is usually considered good.

3. Check Local Garage Availability

   Review the list of local garages in your area that offer cashless claims. It will ensure that you don’t have to pay an amount upfront, and the proximity will help in a faster repair process. Local garages should be located in prominent areas, such as Chandrashekharpur, Shaheed Nagar, and Bomikhal.

4. Compare Different Policies Online

   Use Policybazaar.com to compare multiple available bike insurance plans. This platform lists all the credible bike insurance companies, and you can access it by following the steps listed below:

   • Type in the registration number, model, and other required vehicle details.
   • Enter the model, registration number, and other vehicle details.
   • There are multiple two-wheeler insurance products available. These include third-party bike insurance policies and comprehensive bike insurance policies.
   • You must also select add-ons and customise your plan as per your needs

5. Add the Required Add-ons

   You must get the given add-ons for broader coverage:

   • Engine Protection Cover: Heavy rains have affected the road conditions in several areas of Bhubaneswar, resulting in engine damage in some instances. An engine protection cover provides additional coverage for the engine, unlike a regular bike insurance policy.
   • Zero Depreciation Cover: In case of an unforeseen event, you get a full claim amount without depreciation deduction on the parts specified in your policy.
   • Return to Invoice Cover (RTI): In the event of a total loss of a vehicle, insurers typically provide a depreciated IDV under a standard policy. The insurer will provide the entire invoice amount for your bike if your policy has an RTI cover.

6. Check the T&Cs in Detail

   You must look for the listed things in the T&Cs of your bike insurance policy:

   • NCB (No Claim Bonus) eligibility
   • Customer reviews
   • Voluntary/excess deductibles
   • Inclusions and exclusions

How to Compare Bike Insurance Policies in Bhubaneswar?

These are the factors to compare various bike insurance policies online in Bhubaneswar:

1. Choosing the Right IDV

   The Insurer Declared Value (IDV) must represent the right market value of your vehicle. It ensures a higher claim amount in case of a total vehicle loss.

2. Price Shouldn’t Be the Only Factor

   Cheaper options are bound to attract your attention, but you must ensure that you get a policy with proper coverage. What looks a little expensive today can save you from trouble in times of need.

3. Take Essential Add-ons

   Add-ons such as engine protection cover and zero-depreciation cover can help secure a higher claim amount in case of an accident.

Which Type of Bike Insurance Coverage Will be Ideal in Bhubaneswar?

A comprehensive bike insurance policy is an ideal choice in Bhubaneswar. It protects against several prominent issues, such as damage caused by traffic congestion and natural disasters. Your policy must provide coverage against:

• Fire and man-made disasters
• Road accidents
• Theft, etc.

How to Buy Bike Insurance Online in Bhubaneswar?

These steps can help you get a bike insurance policy in Bhubaneswar:

Step 1: Visit the website of Policybazaar.com and click ‘Bike Insurance’.

Step 2: Click on the ‘Buying a New Bike?’ option and type in the registration number of your two-wheeler.

Step 3: Select ‘Bhubaneswar’ in the column for city and type the vehicle details.

Step 4: Select or customise a plan as per your needs.

Step 5: Select a payment method to pay the required amount.

Step 6: You will receive your policy via email after payment is completed.

Challan for Not Having Bike Insurance in Bhubaneswar 

Not having a third-party bike insurance policy in Bhubaneswar can result in a fine of Rs. 2,000 for the first offence, and Rs. 4,000 for repeated violations.