Bike Insurance in Kolkata

Why Bike Insurance is Essential in Kolkata?

Kolkata records the highest number of road accidents right after peak office hours. A high number of black spots in the city, inadequate road infrastructure, and similar factors contribute to these accidents. The high number of fatalities involving pedestrians and two-wheeler riders makes a two-wheeler insurance policy crucial for all.

Here are some more reasons that make a comprehensive bike insurance policy essential:

1. Ageing Infrastructure

   The old infrastructure of Kolkata also contributes to traffic congestion and several accidents in the city. The city experiences numerous potholes during the monsoon season, resulting to severe waterlogging. It is essential to financially protect the parts of your two-wheeler against these issues.

2. Narrow Lanes

   The narrow lanes of Kolkata pose a significant urban challenge. This leads to traffic congestion and a higher risk of accidents.

3. Occupied Pavements

   Street vendors hinder traffic by occupying footpaths with their carts and unauthorised shops. This creates an issue for already slow-moving traffic in the city.

4. Mandated by IRDAI

   IRDAI has mandated a third-party bike insurance policy for all motorised vehicles. Driving a vehicle without a valid insurance certificate in Kolkata results in a fine of Rs. 500 for the first violation and Rs. 1,500 for subsequent violations.

Finding the Right Bike Insurance Policy in Kolkata

Read more below to know how you can opt for your bike insurance policy in Kolkata:

1. Check Claim Settlement Ratio (CSR)

   CSR is the percentage of claims that the insurance provider settles. It is important that you opt for an insurance policy with a higher CSR, ideally above 90%.

2. Select the Right Coverage

   Consider all the risk factors in your area before choosing a two-wheeler insurance policy. There are two types of policies available, including a third-party bike insurance policy and a comprehensive bike insurance policy.

   It would be ideal to opt for a comprehensive two-wheeler insurance policy in Kolkata, given to poor road conditions, severe traffic congestion, and high population density.

3. Check Local Garage Availability

   The list of local garages available is a crucial step to finalising your policy purchase. They ensure cashless claims in case of accidental repairs. Some repair centres must be located in prominent residential areas, such as New Town and Rajarahat.

4. Do a thorough Comparison Online

   Reliable Insurance aggregators like Policybazaar.com offer the option to compare multiple bike insurance policies from trusted insurance providers. You can access that list using the steps listed below:

   • Enter the model, registration number, and other vehicle details.
   • Compare different available quotes for both third-party and comprehensive policies to suit your needs.
   • Select add-ons and customise your plan as per your requirements.

5. Opt for the Required Add-ons

   Some of the essential add-ons for a two-wheeler insurance policy include:

   • Engine Protection Cover: Since Kolkata experiences monsoon drainage problems and is situated on the east bank of the Hooghly River, an engine protection cover compensates you for engine failure during monsoons.
   • Zero Depreciation Cover: Ensures you receive the full bike insurance claim amount without deducting depreciation on the specified parts listed in your policy.
   • Return to Invoice Cover (RTI): If your bike is declared a total loss, the insurance provider pays the motorcycle's invoice price rather than a depreciated IDV.

6. Thoroughly Go Through the T&Cs

   You must look for the listed things in the terms and conditions of your policy:

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

How to Compare Bike Insurance Policies in Kolkata

Keep these in mind when comparing bike insurance policies in Kolkata:

• Select the Right IDV: The Insured Declared Value (IDV) must match the market value of your two-wheeler, as the IDV you receive is for a complete vehicle loss.
• Don’t Just Look at the Price: Consider the risks in your city and choose a bike insurance policy with comprehensive coverage. Opting for the cheapest option will ultimately compromise financial security.
• Take Essential Add-ons: Add-ons like engine protection cover and zero-depreciation cover can be beneficial to securing a higher claim amount in the event of an accident.

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

While about a crore people reside in Kolkata, another crore visit it daily. It results in longer traffic jams and several road accidents, putting bikers at the highest risk. In that case, it is ideal to get a comprehensive bike insurance policy in Kolkata, which must at least provide coverage against:

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

How to Buy Bike Insurance Online in Kolkata?

These are the steps to get bike insurance online in Kolkata:

• 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 ‘Kolkata’ 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 Kolkata

In Kolkata, riding a two-wheeler without a third-party bike insurance policy attracts a fine of Rs. 500 for the first offence, and Rs. 1,500 for subsequent violations.

FAQs on Bike Insurance in Kolkata