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Bike Insurance
Every bike owner must buy a bike insurance plan. Without motorbike insurance, you may have to pay a hefty fine, imprisonment of up to 3 months, or both. The insurance company will also pay for the unintentional loss caused to the third party. Your bike insurance policy protects you from paying for these third-party expenses, including property damage and medical bills. In addition, you must have bike insurance to protect the financial interests of your bike. If your vehicle is damaged without bike insurance, you are responsible for covering the cost of the repair.
What is Bike Insurance Plan?
Bike insurance is a contract between the insurance company and the policyholder in which the insurance company provides coverage against damages caused to your bike/scooty/scooter/moped due to accident, theft, or natural calamities. There are three types of bike insurance plans offered by insurance companies in India which are standalone own damage plans, third-party insurance plans, and comprehensive bike insurance plans.
Types of Bike Insurance Policy
It is mandatory to have a bike insurance policy in India that offer coverage to your bike in case of damage caused to your vehicle due to an accident, theft, or natural calamities. There are three types of bike insurance policies in India for your vehicles i.e. Standalone own damage bike insurance, Third party bike insurance, and comprehensive bike insurance.
1. Comprehensive Bike Insurance
A comprehensive bike insurance policy offers total protection by covering all of your potential financial liabilities to third parties and compensating you for costs associated with your bike's own damage. With this type of plan, your bike is protected from damages caused by self-ignition, explosion, fire, man-made disasters, theft, accidents, etc. Also, you can enhance the basic coverage benefits of the comprehensive bike insurance policy by adding some add-on riders like Zero. Depreciation cover, roadside assistance cover, engine cover, etc. by paying an additional premium amount.
2. Third-Party Bike Insurance
Third-party bike insurance is mandatory for riding a bike in India. It covers temporary or permanent disability, bodily injury, and death of a third party person due to an accident involving the vehicle of the policyholder. Third-party bike insurance also covers expenses related to property damage up to INR 1 lakh by a third party. But, it does not cover the damage done by the insured person or the insured's bike.
3. Standalone Own Damage Bike Insurance
Standalone own-damage bike insurance policy covers all damages caused to the insured bike due to accident, theft, fire, natural calamity, or man-made calamity. A standalone own-damage policy gives policyholders the freedom to choose the insurance provider of their choice. Policyholders have the option of purchasing both their damage and third-party plans from the same insurer or a different one. By purchasing add-on cover, an insured can enhance the coverage benefits of their damage insurance policy.
Coverage Benefits Under Bike Insurance Plans
It is mandatory to have a bike insurance policy in India that offer coverage to your bike in case of damage caused to your vehicle due to an accident, theft, or natural calamities. There are three types of bike insurance policies in India for your vehicles i.e. Standalone own damage bike insurance, Third party bike insurance, and comprehensive bike insurance.
1. Third-party Injuries
All the Injury caused to a third party due to your bike is covered.
2. Third-party Liabilities
If the third party caused disability in an accident due to your bike is covered.
3. Third Party Death
The insurance company will provide compensation if a third party, unfortunately, dies in an accident due to your bike.
4. Third-party Property Damage
The insurance company offers coverage up to INR 1 Lakh in case of damage to a third party's property due to the insured bike.
5. Accident Cover
The insurance company covers all damages caused to your bike in the event of an accident.
6. Natural Calamities
The insurance company covers damages caused to your bike due to natural calamities like earthquakes, floods, etc.
7. Theft
Bike insurance company provides coverage under the bike insurance plan in case of loss of bike due to theft.
8. Man-made disaster
Bike insurance company covers damages caused to the bike due to man-made calamities like terrorism, vandalism, etc.
9. Fire and Explosion
The insurance company covers damage caused to the bike due to fire and explosion
Documents Required to File a Claim Under Bike Insurance Plan
Below mentioned is the list of documents that you required to submit at the time of filling a claim under bike insurance plan:
Xerox of RC (Registration Copy)
Duly Signed Claim Form.
Xerox of Driving License
Xerox copy of your Policy Documenty
First Investigation Report (FIR)
Bills and Payment Reciept
Proof of Release
Bike Insurance Plan Renewal Process
You can renew your bike insurance policy via two platforms i.e. online and offline.
Read below to understand both the renewal process of a bike insurance policy in detail:
Online Process
Visit the official website of the insurance company.
Select the "Motor Insurance" tab.
Then, select the "Bike Insurance" tab.
Select "Renewals" from the menu section.
Enter your policy number and Date of Birth.
The next page will show you the amount that you need to pay.
You can also customize your mediclaim plan as per your needs.
Once you did the Renewal payment, your policy details will be sent to your registered e-mail address.
Offline Process
You can visit the nearest branch of the insurance company and renew your policy from there.
