What is actually Bike Insurance?

Bike insurance protects your bike or scooter from financial loss that occurred due to unforeseeable circumstances. These may include damage caused by accidents, natural disasters, or theft and burglary. Bike Insurance is mainly called two-wheeler Insurance. It is an agreement between a bike owner and an insurance company with all the terms and conditions applied, according to the plans take by the bike owner.

As per the Motor Vehicle Act 1988, every motor vehicle on Indian roads must have third-party motor insurance. Therefore, motor insurance policies are extremely useful in the event of a claim.

What are the Features of Bike Insurance

Two-wheeler insurers now offer a variety of features to attract customers and keep them coming back again after a year. Purchasing bike insurance online is a simple and quick process these days. Let’s take a look at some of the most important aspects of two-wheeler insurance policies:

  • Comprehensive and Liability-Only Coverage: The bike owner can select either a comprehensive or a liability-only policy. AcBike Insurancecording to Indian Motor Vehicle law, each bike owner must have at least a liability-only policy. A Bike insurance policy, on the other hand, protects against damage to the insured vehicle as well as providing personal accident coverage for co-riders in addition to third-party bike insurance coverage.
  • Quick Registration for Internet Purchase: Insurance companies offer online policy purchase or renewal through their websites and, in some cases, mobile apps. It is very accessible for a bike owner to apply for Bike insurance online.
  • Assists You in Complying with the Law: Every bike owner in India is required to have at least third-party bike insurance, according to the Indian Motor Tariff. Driving without valid third-party bike insurance is punishable by Rs. 2,000 fine and/or imprisonment for up to three months.
  • Protection Against Third-Party Liabilities: A bike insurance policy will cover any financial liabilities you may incur towards a third party, such as bodily injuries, disability, death, and property damage.

What are the Benefits of taking Bike Insurance?

  • Protection Against Own-Damage: A bike insurance plan covers a bike’s own-damage expenses that may arise due to accidents, fire, theft, natural, and so on.
  • Theft Protection: A bike insurance policy protects even if your bike is stolen. In such cases, the insurer will provide you with the Insured Declared Value (IDV) of the bike, which is equal to the market price of your bike at the time of policy purchase.
  • Personal Accident: It can almost cover up to Rs. 15 lakh can be included in your bike insurance plan to cover bodily injuries, disability, or death, etc.
  • Financial Safeguarding: They provide financial protection that can help you to save a lot of money at the time of any unforeseeable event. Even minor damage can cost tens of thousands of rupees. A bike insurance policy will assist you in getting the damages repaired without breaking your finances.
  • Cost of Spare Parts: Rising demand for motorcycles in India has resulted in an increase in their price as well as the cost of their spare parts. Insurance companies also cover the cost of spare parts, such as simple nuts and bolts or parts like gears, brake pads etc.
  • Bike of All Kinds: It includes protection against damage to the scooter, motorcycle, or moped. Vehicles have also been improved, with features such as mileage, power, and style.

What does not come in the ambit of Bike Insurance?

  • Damage caused by the vehicle’s normal wear and tear Mechanical/electrical breakdown losses.
  • Depreciation or any other loss caused due to regular usage.
  • Tyre and tube damage that occurs during the normal course of running
  • If the bike is used outside of the scope of the insurance policy, any losses will not be covered.
  • Damage/loss incurred when the bike was driven by someone who did not have a valid driver’s licence.
  • Loss/damage occurred due to the driver being under the influence of alcohol or drugs.
  • The loss occurred due to war, mutiny, or nuclear risk

How to claim your Bike Insurance?

Cashless Claim: In the case of a cashless claim, the claim amount will be paid directly to the garage where the repairs were being performed. Only if you have your insured vehicle repaired at one of your insurer’s network garages can make a cashless claim.

Reimbursement Claim: You can file a reimbursement claim if you get your repairs done at a garage that is not on the list of approved garages. Then, the owner will be deemed to pay the repair costs and then file a claim with your insurer for reimbursement.

What are the documents required for claiming?

Documents Needed to Submit at the time of claiming:

  • Claim form that has been properly completed and signed by all parties.
  • A valid copy of your bike’s registration certificate or RC.
  • Proof of release
  • A valid copy of your driver’s licence is required.
  •  A copy of the police report is required(in case of accidents, theft and third-party liabilities).
  • Original repair invoice and payment receipt.

FAQs on Bike Insurance

✅ Is it necessary to purchase two-wheeler insurance?

If you plan to buy a two-wheeler, the dealer will provide you with two-wheeler insurance coverage. You may purchase two-wheeler insurance from the dealer if you desire; however, there is no such requirement. Purchasing third-party insurance is, however, a legal requirement in India.

✅ How many times can you make a claim for your bike insurance?

No limit as such is being given under your policy. However, filing a claim under your policy will reduce your No Claim Bonus, and if you file multiple claims, your insurance premium will increase when you renew the policy.

✅ Does the no-claim bonus have an expiration date?

An unused no claims bonus will expire two years after you cancel your last policy. So, if you’ve stopped driving but don’t want to lose your NCB, you’ll need to get a new policy within two years to pick up where you left off.