Bike Insurance in Ranchi

Why is Bike Insurance Essential in Ranchi?

Due to the city's heavy traffic and winding roads, two-wheelers are the preferred mode of transportation for most people in Ranchi. However, the city reports a high number of two-wheeler accidents. In the first half of 2024, Ranchi documented 386 road accidents and 294 fatalities. These numbers are higher than the previous year. This gives a clear indication of the danger that motorists in Ranchi face.

In such situations, it is a good idea to ensure that you have good financial coverage against typical risks, such as accidental injuries and bike damage.

1. Poor Condition of the Roads

   All major roads in Ranchi are in poor condition as they are filled with potholes and uneven surfaces. Despite many assurances from the Ranchi Municipal Corporation (RMC), commuters continue to face a greater risk of accidents due to the potholes and broken surfaces of the city's roads. To get financial coverage in these situations, you must sign up for a two-wheeler insurance policy.

2. Varied Topography

   Rancho City has a variety of roads, from wide city streets to narrow alleys and steep hilly roads. Most people in the city, visitors and locals, often visit popular spots like the Rock Garden on Gonda Hill and the Pahari Temple located on the 2,140-foot-high Ranchi hill. Riding your bike on these steep roads can be challenging, especially in poor weather conditions. There is also a high chance of a mechanical failure, tyre puncture or accident on these winding roads. If you find yourself in any of these unfortunate situations, having a comprehensive bike insurance policy can be the best thing for you.

3. Required by Law

   According to the Motor Vehicles Act, 1988, a valid bike insurance policy is mandatory in India. You must have at least a third-party bike insurance policy to comply with this rule. If you ignore this requirement, you may end up paying hefty traffic fines.

Finding the Right Bike Insurance Policy in Ranchi

Use these tips to find the best two-wheeler insurance policy:

1. Look for a Reputable Insurance Provider

   Visit different online forums to know which insurer has a good reputation among consumers. Choosing a two-wheeler insurance policy from an insurance provider with good customer reviews is ideal, as it will help ensure you receive the proper assistance when needed.

2. Check the Insurance Provider's Claim Settlement Ratio (CSR)

   A claim settlement ratio indicates the percentage of bike insurance claims an insurance company accepts compared to the percentage it rejects. When you look at these numbers, you can choose a two-wheeler insurance policy from a provider with a high claim settlement ratio, which helps improve your chances of having your own claim approved.

3. Compare Various Policies and Their Coverage

   Check out two-wheeler insurance plans from different companies online. It’s smart to compare because coverage, add-ons, and prices can vary significantly.

4. Know your Coverage Needs

   You can choose a policy based on how frequently you use your two-wheeler. If you do not use your bike regularly, you can consider signing up for a third-party bike insurance policy, which is typically offered at a lower premium compared to a comprehensive policy. By doing this, you can ensure compliance with the traffic mandate and avoid getting fines.

How to Compare Bike Insurance Policies in Ranchi?

1. Coverage vs. Premium

   You must check what coverage you are getting for the premium you are paying. This comparison can help you choose the right policy that not only fits your budget but also gives you the protection you need.

2. Quality of Customer Service

   When filing a claim or during an emergency, you may need assistance from your insurer. To ensure you receive the desired support, check which insurance provider offers the quickest customer service. You can get accurate information about an insurer’s customer service by visiting different online forums.

3. Discounts on Purchase

   Insurance premium rates can vary significantly from one provider to another. You must compare various bike insurance premiums from different providers to obtain the best possible discount.

Which Type of Bike Insurance Coverage is Ideal in Ranchi?

Considering Ranchi's poor roads and high rate of two-wheeler accidents, a comprehensive bike insurance policy is the best choice. This policy provides coverage against common risks, including accidents, bike theft, injuries, and other related events. However, if you feel that you do not need this coverage, you can sign up for a third-party or own-damage bike insurance policy to meet the legal mandate. You can also extend your policy coverage with specific add-on covers, like roadside assistance, pillion rider cover, and zero depreciation cover.

How to Buy Bike Insurance Online in Ranchi?

Step 1: Open Policybazaar.com and click the 'Two-wheeler Insurance' icon on the homepage.

Step 2: Type in your bike registration number and select 'View Prices'. Click 'Purchasing a New Bike?' if you are buying a new two-wheeler.

Step 3: Fill in your vehicle details after selecting 'Ranchi' as your city.

Step 4: Choose a bike insurance policy that suits your needs. You can also customise your policy with optional add-ons.

Step 5: Pick your preferred payment mode to pay your premium online.

Step 6: Once your payment is processed, you will receive your policy documents via email.

Challan for Not Having a Valid Bike Insurance Policy in Ranchi

In Jharkhand, the penalty for riding a two-wheeler without a valid bike insurance policy is ₹2,000 for the first offence. Repeat offenders will be charged ₹4,000 and will also face a sentence to six months' imprisonment.