Bike Insurance in New Delhi

Why Bike Insurance is Essential in New Delhi?

Delhi was the most unsafe city for riders in 2023, primarily due to dangerous driving and excessive speeding. Bike accidents resulted in the highest number of deaths, with 2,241 injuries and 622 fatalities. ISBT-Kashmere Gate-Ring Road, Anand Vihar ISBT, and SGT Nagar are some of the identified black spots.

Several reasons behind these crashes included 614 deaths from reckless driving, 528 from speeding, and 19 from drunk driving. Considering these high figures, riders in New Delhi must obtain bike insurance for financial protection.

Let us look at some of the significant reasons for getting a two-wheeler insurance:

1. Legal Compliance

   Third-party insurance is made compulsory for all motorised vehicles in India. Violators are liable to a penalty of Rs. 2,000 for the first offence and Rs. 4,000 for subsequent offences. Bikers are required to have a third-party insurance policy for legal compliance.

2. Most Unsafe City for Commuters

   Delhi reported the highest number of road accidents in the data released by the NCRB in 2023. Since two-wheeler accidents cause the highest number of injuries and fatalities, bikers must be insured to avoid exorbitant vehicle-related expenses.

3. Rising Cases of Theft

   Riding a bike in Delhi-NCR can take a hit on your pocket, as it accounts for over 50% motor vehicle thefts in the country. A comprehensive bike insurance policy in New Delhi provides you with the IDV in case of a complete loss of your vehicle.

4. Severe Traffic Congestion

   New Delhi has several traffic congestion points, including Sardar Patel Marg, Dwarka Palam flyover, Dwarka Link Road, and Bhairon Road. Frequent repair for minor damages in these congestions can take a financial toll on you. A bike insurance policy is important to avoid paying these expenses out of your pocket.

Finding the Right Bike Insurance Policy in New Delhi

Considering these factors can help you buy the right bike insurance in New Delhi:

1. Check Your Coverage Need

   While a third-party bike insurance is mandated by the IRDAI, a comprehensive two-wheeler insurance provides broader coverage. As New Delhi witnesses a high number of vehicle thefts and accidents, a comprehensive plan makes more sense. You can also choose from the add-ons that best suit your needs.

2. Evaluate the Claim Settlement Ratio (CSR)

   CSR is the percentage of claims successfully settled by your insurer. It is recommended to purchase a policy with a CSR above 90% for added convenience in the event of an emergency.

3. Check the Local Network of Garages Available

   Check the number of garages in your area that offer a cashless claim option. Some of the key locations include Rohini, Connaught Place, and Hauz Khas.

4. Online Insurance Comparison

   Compare all the available policies online to make an informed purchase. You can use a user-friendly portal like Policybazaar.com to compare multiple bike insurance policies.

   Type in your vehicle registration details (registration number, model, etc).

   Check quotes available from multiple insurance providers. The quotes are available for both third-party and comprehensive policies.

   You can compare add-ons, coverage offered, and premiums side by side.

5. Choose Required Add-ons

   These bike insurance add-ons provide better coverage in your bike insurance policy:

   Return to Invoice: In case of theft or total loss of your vehicle, this cover provides the original invoice value of your bike. A standard policy, on the other hand, only provides the IDV.

   Roadside Assistance Cover (RSA): This coverage provides the cost of transportation in the event your vehicle breaks down on the roadside.

   Zero Depreciation Cover: A zero-depreciation cover ensures you receive the full amount for replaced parts during a repair, rather than a depreciated value.

   Consumables Cover: It covers the cost of replaceable, small components, such as nuts and bolts.

6. Thoroughly Read the Terms and Conditions

   You must carefully read all the clauses of your bike insurance policy to avoid any last-minute hassle.

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

How to Compare Bike Insurance Policies in New Delhi

• Ensure the Right IDV: IDV is the amount that an insurer pays in case a vehicle is stolen or completely damaged. You must choose an IDV that accurately reflects the market value of your bike.
• Opt for the Best Value for Money: Don’t just choose the most affordable policy available without considering its coverage. Lower costs today might lead to higher expenses during repairs.
• Choose Relevant Add-ons: Enhance your insurance coverage with add-ons like engine protection, roadside assistance, consumables coverage, and zero-dep coverage.

What Type of Bike Insurance Coverage Is Ideal in New Delhi?

Bikers are always at risk in Delhi due to the high number of accidents, vehicle thefts, and potholed roads during the monsoon. It is crucial to get a comprehensive policy that provides coverage against:

• Vehicle Theft, etc.
• Fire and man-made disasters
• Accidents

How to Buy Bike Insurance Online in New Delhi?

Step 1: Go to the ‘Bike Insurance’ tab on the Policybazaar.com portal.

Step 2: Select the ‘Buying a New Bike?’ option for a new bike. Type your bike’s registration number.

Step 3: Select ‘New Delhi’ as your city and type your vehicle details.

Step 4: Select a plan that suits your needs. You can also customise a plan.

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

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

Challan for Not Having Bike Insurance in New Delhi

The penalty for driving a two-wheeler without a valid third-party insurance certificate in New Delhi is Rs. 1,000 for the first offence, and Rs. 4,000 for subsequent offences.