Bike insurance is a contract between an insurance provider and the bike’s owner. It covers financial responsibility that could result from an incident involving insurance-insured two-wheelers. Bike Insurance insurance policies are applicable to all kinds of two-wheelers, such as scooters mopeds, scooters, and motorcycles. The three kinds that are available for insurance for two-wheelers in India Third-party, standalone own-damage (OD) and full. The amount of coverage they offer is what differentiates these plans of insurance.
There are many types of Bike insurance
Comprehensive Bike Insurance – Comprehensive bike insurance, also known as “all-risk” insurance, is a type of motorcycle insurance that provides protection against a wide range of losses and damages. In addition to covering collision and theft, comprehensive insurance typically includes coverage for damages caused by natural disasters, fire, vandalism, and other events not caused by a collision. It also includes third party insurance which covers the damages or injury caused to the third party by the policy holder. Comprehensive bike insurance is considered to be the most comprehensive coverage option available for motorcycles and scooters. It typically offers the broadest protection and the highest level of security for the policyholder’s vehicle.
Third-Party Bike Insurance – Third-party bike insurance is a type of insurance that covers damages or injuries that you may cause to another person or their property while operating your motorcycle. It is typically required by law in many countries and is the minimum level of coverage that must be purchased. This type of insurance does not cover damages to your own motorcycle or injuries that you may sustain in an accident. To be fully protected, it is recommended to purchase a comprehensive insurance policy that includes third-party coverage as well as coverage for your own motorcycle and injuries.
Own-Damage Bike Insurance – Own-Damage Bike Insurance is a type of insurance policy that covers the damages to your own motorcycle or scooter caused by events such as accidents, natural disasters, theft, or fire. This type of insurance is typically purchased in addition to third-party liability insurance, which is mandatory in most countries and covers damages or injuries that you may cause to another person or their property while operating your vehicle. Own-Damage insurance can provide peace of mind and financial protection for you and your motorcycle or scooter.
How do you choose a Bike Insurance policy?
When it comes to purchasing a two-wheeler insurance policy, it’s crucial to conduct thorough research beforehand. To ensure you find the best policy for your needs and budget, it’s a good idea to evaluate your requirements and compare different options available online. Here are a few tips to help you make an informed decision:
1. Assess your coverage needs: Before you start looking for a two-wheeler insurance policy, it’s essential to determine what kind of coverage you need. Consider factors such as the type of bike you own, your daily commute, and how often you use your two-wheeler.
2. Choose Add-ons Carefully: These add-ons could help to expand the amount of coverage you get for insurance on two wheels. To pay an additional cost you can purchase two-wheeler insurance. Two-wheeler insurance policies typically have zero depreciation coverage as well as personal accident insurance for passengers on a pillion and towing coverage.
3. Select a Reliable Online Insurance Company: It is vital to confirm the ratio of claim settlement when searching for a reliable two-wheeler insurance provider. This makes sure that the process of settling claims is quick and easy.
4. Online Comparison of Bike Insurance Plans: To make the most informed purchasing decision, it’s essential to look at two-wheeler insurance plans online. Compare the different policies with respect to the inclusions, exclusions, and rates.
5. Read Online Reviews: Review reviews of verified customers who bought two-wheeler insurance policies online. This will assist you in making a decision on whether or not you’d like to purchase it. It’s a good idea to review both positive and negative reviews online prior to deciding which one is best for you.
Bike Insurance Add-ons
Bike insurance add-ons are additional coverage options that can be added to a basic motorcycle insurance policy. These options may include coverage for accessories, such as custom parts or a sidecar, coverage for trip interruption, coverage for personal injury protection, and coverage for roadside assistance. Some insurance companies also offer add-ons such as coverage for off-road use, coverage for racing events, and coverage for theft or damage while the bike is in storage. These add-ons can help to provide extra protection for your motorcycle and give you peace of mind while you’re out on the road.
Zero Depreciation Cover Bike insurance – Zero Depreciation Cover, also known as “Bumper to Bumper” or “Invoice Cover” insurance, is a type of motorcycle insurance that offers full coverage for the cost of parts without any deduction for depreciation. In other words, it covers the cost of parts without any deductions for their age or wear and tear. This type of coverage is usually more expensive than standard motorcycle insurance but can provide added peace of mind and protection for your bike.
Return To Invoice Cover Bike insurance – Return to Invoice (RTI) Cover is a type of bike insurance that provides coverage for the cost of your bike in case it gets stolen or is declared a total loss in an accident. This type of coverage is also known as “Invoice Price Cover” or “New-for-Old” cover. It pays the difference between the insured value of the bike and the invoice value of the bike at the time of purchase. This type of coverage provides additional protection for your bike, as it ensures that you will receive the full value of the bike if it is stolen or written off, regardless of its age or condition. It is typically more expensive than standard motorcycle insurance but can provide added peace of mind and protection for your bike.
NCB Protection Cover Bike insurance – Insurance companies offer an incentive through discounts to policy holders who haven’t made any claims throughout their policy period. The amount you earn for every year that is not a claim is known as”No Claim Bonus. It is earned with every year of no claims and could range between 20 to 50% of the amount of damage. The benefit may be lost when you ever make a claim. But you can benefit from this NCB Cover, you can keep it even after you’ve claimed.
Engine Protection Cover Bike insurance – The bike insurance policy that you are required to carry will cover the damage that your engine can cause in the case the event of an accident. It provide protection for the damages caused by the engine because of leakage of oil or rain. If you include engine protection within your policy, you’re entitled to coverage for injuries sustained by the engine of your bicycle because of water or oil leakage or leakage.
Road Assistance Cover Bike insurance – If you are stuck on the road due to a sudden breakdown of your bike or due to an inactive battery, a problem with a tire or key, incidents, fuel shortages, and so on. or the need to stay in a hotel, you can receive the assistance you require when you purchase insurance for roadside assistance. This insurance plan for bikes helps you in a range of circumstances that are sudden and unexpected, which could result in emergency roadside circumstances.
Consumables Cover Bike insurance – Standard insurance for two wheels does not provide coverage for items like bolts, screws brake oil for nuts, bolts oil, engine grease, and so on. These small-looking items can increase the cost of repair for your bike by an enormous amount. Therefore, if you add the coverage for consumables in your insurance then you’ll be covered for these things in the event that you need to repair your bike after an accident or repair made to the bike.
Tyre Protection Cover Bike insurance – In the absence of a default, the insurance plan for two wheels won’t cover damages to the tires on your bike due to the burst of a tyre or the sidewall bulging or flattening for instance. If you opt to purchase an insurance plan that protects your tyres, and also a tyre protection program, you’ll receive assurance for the expense of replacing damaged tyres. Also, it covers the expense of labor that is required in the process of removing or refitting, as well as make sure the wheel is balanced. This can allow you to save a considerable amount of dollars.
Benefits of purchasing a Bike Insurance policy
In the absence of a default, the insurance plan for two wheels won’t cover damages to the tires on your bike due to the burst of a tyre or the sidewall bulging or flattening for instance. If you opt to purchase an insurance plan that protects your tyres, and also a tyre protection program, you’ll receive assurance for the expense of replacing damaged tyres. Also, it covers the expense of labor that is required in the process of removing or refitting, as well as make sure the wheel is balanced. This can allow you to save a considerable amount of dollars.
Unbiased opinion: Renewing or purchasing insurance for a two-wheeler is feasible without the need for an agent.This is a way to avoid any possible influence of any kind. There is no pressure to buy it is possible to select the most suitable insurance plan for two wheels that meets your requirements and budget.
It’s easy to compare and renew two-wheeler insurance plans online: Comparing plans online is an excellent way to discover the exclusions, details, and advantages of every plan. This will assist you in making an informed decision and figuring out which one is the most suitable for you.
Convenience: There’s no simpler method to renew your insurance policy than to do it online. Online renewals for two-wheeler insurance policies can be done at your convenience at home. You will cut down on time and time-consuming paperwork when renewing your insurance for two wheels on the internet.
Direct transaction with the Company: When you purchase two insurance plans online, you will not have to pay additional fees to brokers or agents. If you need help or have concerns, you can reach the customer service employees of the insurance company.
Payment Security: Renewal of insurance plans for two wheels online allows you to pay premiums through a secure gateway. You can select from a wide range of payment options for premiums. This includes debit cards and credit cards, as well as e-wallets.
FAQ. Related Bike Insurance
Q. What is bike insurance?
Bike insurance is a type of insurance that provides coverage for damage or loss of a motorcycle or scooter. It typically includes liability coverage for injuries or property damage that you may cause to others while operating your bike, as well as coverage for your own bike in case of theft, damage, or accident.
Q. What does bike insurance cover?
Bike insurance typically covers the following:
- Liability coverage for injuries or property damage that you may cause to others while operating your bike
- Collision coverage for damage to your own bike in case of an accident
- Comprehensive coverage for damage or loss of your bike due to non-collision events such as theft, vandalism, or natural disasters
- Medical payments coverage for injuries you sustain in a motorcycle accident
Q. How much does bike insurance cost?
The cost of bike insurance can vary widely depending on a number of factors, including the make and model of your bike, your age, your driving history, and the amount of coverage you choose. On average, however, bike insurance can cost anywhere from $75 to $500 or more per year.
Q. Do I need to purchase bike insurance?
Bike insurance is not mandatory in all states, but it is required in most states. Even in states where it is not required by law, it is still a good idea to have insurance to protect yourself financially in case of an accident.
Q. How can I get bike insurance?
You can get bike insurance through an insurance agent or by purchasing a policy directly from an insurance company. There are also many online insurance comparison websites that allow you to compare policies and prices from multiple companies.