Bike Insurance in Jharkhand

Why is Bike Insurance Essential in Jharkhand?

Having bike insurance in Jharkhand is crucial, as the state has witnessed a significant number of two-wheeler accidents. The National Crime Records Bureau (NCRB) reported that in 2023, there were 1,861 fatalities and 1,632 injuries from accidents. This marks the highest number of two-wheeler accidents the state has ever recorded.

You can also consider the following reasons to understand the importance of having a bike insurance policy in Jharkhand:

1. Protection from Third-Party Liabilities

   You may accidentally damage a third party's property or cause bodily injury. In this situation, you will to responsible for their bike repair expenses. If you have a valid comprehensive bike insurance policy or a third-party bike insurance policy, your insurer will offer financial coverage in such cases.

2. High Incidence of Accidents

   As Jharkhand reports a high number of two-wheeler accidents, it is crucial to purchase a two-wheeler insurance policy that provides protection against such risks. This will help in minimising your out-of-pocket expenses if you get into an accident and injure yourself or damage your bike.

3. To Comply with the Traffic Mandate

   Having a valid bike insurance policy is a legal requirement in the country, and Jharkhand is no exception. The state has implemented the regulations of the Motor Vehicles Act, 1988, to ensure that all vehicles are covered by a valid insurance policy. If you're caught riding your two-wheeler without a valid bike insurance policy, you could face traffic fines or even jail time.

Finding the Right Bike Insurance Policy in Jharkhand

By using these pointers, you can find the best two-wheeler insurance policy:

1. Search for Your Preferred Add-ons

   After selecting your bike insurance policy, you can add optional extras by paying an additional premium to extend the policy's coverage. Typically, the add-ons vary from one provider to another. If you are keen to include a particular bike insurance add-ons, like a helmet cover or a tyre protect cover, check which insurer is offering it when searching for your two-wheeler insurance policy in Jharkhand.

2. Understand Your Coverage Requirement

   When searching for a bike insurance policy, it's essential to consider your coverage needs. You may choose a policy that offers broad coverage against risks or opt for a policy with minimal coverage to meet the legal mandate. Depending on your preferences, you can select the policy that best matches your coverage needs and budget.

3. Know Your Budget Constraints

   The cost of a bike insurance policy typically varies according to the coverage and add-ons you select. To find the right bike insurance policy, you should first evaluate how much you are willing to pay.

4. Analyse Different Policies

   Compare different bike insurance policies from various insurance providers. This comparison will give a clear idea of which insurer is offering the coverage you need at the price you want.

How to Compare Bike Insurance Policies in Jharkhand?

1. Check the Extent of Coverage

   The inclusions and exclusions of a bike insurance policy vary for various insurance companies. When examining various bike insurance policies, ensure you verify the coverage limits, inclusions, and exclusions for each policy to understand which risks are covered.

2. Look for Discounts

   Insurance providers usually give online discounts to attract more customers. You should visit multiple insurance providers' websites or log in to Policybazaar.com to find the least expensive bike insurance policy. You should also check for NCB (No Claim Bonus) and voluntary deductible for better coverage.

3. Search through Customer Reviews

   You must visit online forums to check the customer reviews of different bike insurance providers to find one with a good rating. Read the customer experiences and check the claim approval rates and claim processing times to find the best bike insurance policy.

4. Check the Claim Procedure

   You will need to submit a claim if you encounter an unexpected incident, such as an accident or theft. During such situations, it is helpful if your insurance provider has a simple claim procedure. This will allow you to submit your claim application easily without worrying about processing delays. You must also check which insurer has the quickest claim processing time, as it will give an idea of when you can receive your compensation or reimbursement.

5. Select the Right IDV

   Insured Declared Value (IDV) is the amount you get in case of a total loss of your vehicle. It is essential to select an amount that accurately reflects the market value of your two-wheeler.

Which Type of Insurance Coverage is Ideal in Jharkhand?

As Jharkhand has a high rate of two-wheeler accidents, it is a good idea to sign up for a comprehensive bike insurance policy. This policy will provide coverage against typical risks, including damage to bicycles due to natural disasters, accidents, fire, and theft. However, if you do not use your bike daily, you can opt for a third-party bike insurance policy or an own-damage bike insurance policy. This will help you to meet the legal obligations.

How to Buy a Bike Insurance Policy Online in Jharkhand?

Step 1: Open Policybazaar.com. Press the '2-Wheeler Insurance' icon.

Step 2: Put in your bike's RC number and press 'View Prices'. For a new bike, press 'Purchasing a new bike?'.

Step 3: Select 'Jharkhand' as your state. Furnish the necessary details.

Step 4: Pick a bike insurance policy that meets your needs. You can also include optional add-ons at this stage.

Step 5: Pick your preferred online payment mode and make the payment online.

Step 6: After your payment is processed, you will receive your policy documents to your email.

Challan for Not Having a Valid Bike Insurance Policy in Jharkhand

In Jharkhand, all two-wheelers are required to have a valid bike insurance policy. This is a compulsory requirement under the Indian Motor Laws. If you ride your bike without a valid two-wheeler insurance policy, you have to pay a penalty of Rs 2,000 if it is your first offence. For subsequent violations, a penalty of Rs 4,000 will be levied, along with a six-month jail term.