BIKE INSURANCE
Bike insurance, also known as two-wheeler insurance, provides financial protection to individuals against any damages to their bikes due to accidents, theft, or natural disasters.
According to the Insurance Regulatory and Development Authority of India (IRDAI): “A motor insurance policy covers the loss or damage caused to the insured vehicle, its accessories, or spare parts due to natural and man-made calamities. It also provides personal accident cover to the owner/driver of the vehicle.”
Bike owners must have an insurance policy in India as per the Motor Vehicles Act, of 1988. The Insurance Regulatory and Development Authority of India (IRDAI) is the governing body that regulates and monitors two wheeler insurance policies in India.
Two Wheeler insurance policies offer two types of coverage – third-party liability and comprehensive coverage. Third-party liability insurance covers the damages caused to a third party’s vehicle or property in case of an accident caused by the insured bike.
Comprehensive coverage offers a wider range of protection, including third-party liability coverage as well as coverage for damages caused to the insured bike due to accidents, theft, or natural disasters.
According to a report by the IRDAI, the penetration of two-wheeler insurance in India was only 45% in 2019. This means that more than half of the bike owners in India do not have a valid insurance policy, leaving them vulnerable to financial losses in case of any unfortunate event. This is a major concern because India has the highest number of road accidents in the world. In 2019, a total of 4,49,002 road accidents were reported in India, leading to the loss of over 1,50,000 lives.
Another important factor to consider is the rising cost of bike repairs and maintenance. With the increasing use of advanced technology and modern bike designs, bike repair costs have increased significantly in recent years. In such a scenario, having a valid two wheeler insurance policy can provide much-needed financial assistance to bike owners in case of any damage to their bikes.
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Importance of Bike Insurance for you
Financial Safety Net
Bike insurance provides financial protection in case of an accident or covered event, covering expenses such as repairs, medical bills, and liability claims.
Legal Security
Bike insurance is a legal requirement in many countries, and having it provides peace of mind knowing that one is protected against legal penalties and financial loss.
Comprehensive Coverage Options
Bike insurance offers a range of coverage options, including liability coverage, collision coverage, comprehensive coverage, uninsured motorist coverage, medical coverage, roadside assistance, and personal accident cover, to provide protection and peace of mind for various types of loss.
Frequently Asked Questions
Bike insurance, also known as two-wheeler insurance, is a type of insurance policy that provides financial protection against damages or losses incurred by the insured bike due to unforeseen events such as accidents, theft, natural calamities, etc.
There are mainly two types of coverage provided under bike insurance: Third-party Liability Coverage and Comprehensive Coverage. Third-party Liability Coverage provides coverage against damages caused to a third-party person or property in case of an accident. Comprehensive Coverage provides coverage against damages caused to the insured bike as well as damages caused to a third-party person or property in case of an accident.
Yes, as per the Indian Motor Vehicles Act, it is mandatory to have at least third-party bike insurance while riding on Indian roads.
The premium for bike insurance is calculated based on several factors such as the type of coverage selected, the age and make of the bike, the place of registration, the previous claim history, and the add-on covers opted for.
No Claim Bonus (NCB) is a discount offered by insurance companies on the premium of the policy if no claims have been made during the policy period. It can range from 20% to 50% and increases with every claim-free year.
Yes, the bike insurance policy can be transferred to a new owner in case of a sale. The new owner needs to apply for a transfer of ownership and get the policy transferred in their name.
Yes, you can make modifications to your bike after taking insurance. However, you need to inform the insurance company about the modifications made as it can affect the coverage and premium of the policy.
IDV (Insured Declared Value) is the current market value of your bike. It is used to calculate the premium for your insurance policy and also determines the maximum amount you can claim in case of total loss or theft of your bike.
You will need your bike’s registration certificate (RC), your driving license, and your personal details like name, address, etc. to buy bike insurance. If you are renewing an existing policy, you will also need the previous policy documents.