Know Your Bike Insurance

If you own a two wheeler (bike, scooter etc.) in India, then, a comprehensive Two Wheeler Insurance policy has always been an essential pre-requisite. This thoughtful policy serves the vast majority of motorists on the Indian roads (two wheelers number more than four wheelers) by offering them complete protection against natural and man-made calamities. Accidents happen without warning, and most times we are caught unaware. Two Wheeler Insurance ensures that in case of an accident or untoward event that impacts your cherished vehicle, you are prepared- financially and mentally.

 

What is Bike Insurance?

 

Two wheeler insurance, as the name so aptly describes, provides protection against the financial liability that is likely to be incurred by you in instances of theft, damage or third party damage/death caused by your vehicle. Two wheeler insurance offers you peace of mind, saves your money in cases of extensive repairs or loss of vehicle and is an affordable, scalable and popular insurance product.

 

Why Bike Insurance is Required?

 

•       Provides financial protection to you in case your cherished two wheeler is damaged, stolen or is the cause of disability/death of a third party and/or damage to third party property.

•       Is mandatory by law- a copy of the two wheeler insurance policy must always be in your person to be readily available for inspection, as and when required.

•       By not claiming on your policy, you can avail the No Claim Bonus (NCB) that will further add to your margin and is usually adjusted against the applicable policy premium.

•       Offers complete peace of mind in the knowledge that if the worst were to happen, you will not be required to spend exuberantly on the repairs or replacement of your vehicle.

 

Features And Benifits Of Bike Insurance

An average, comprehensive two wheeler insurance policy in India will offer the following features and benefits. Note that this is just a generalized list, and companies in their individual capacity may offer slightly differing options,

·         Signing up for a 2 wheeler insurance policy is simple and involves limited documentation and quick turnaround times.

·         When it comes to online two wheeler insurance, a confirmation copy and digitally signed policy document is issued immediately after subscription or renewal. Stay protected, at all times.

·         Avail cashless claims servicing across the country, at selected network garages.

·         Aside from personal accident cover for the driver/owner, co-passengers are also eligible for optional personal accident cover.

·         No Claim Bonus (NCB) is applicable on renewals if the insured abstains from raising a claim through the previous policy year.

·         Option to shift your two wheeler insurance from one insurer to another, while also taking along your accumulated NCB amount.

·         Discounts apply on renewal if the applicant is a member of specified automobile or biking associations, has implemented specific anti-theft devices in his/her two wheeler, or satisfies other such conditions.

·         Aside from the main comprehensive 2 wheeler insurance policy, a plethora of add-on covers are available to take care of conditions and situations that aren’t covered in the main policy.

 

What Does It Covers:

A good insurance policy is an effective shield against the uncertainties of life. A good two wheeler insurance is solid protection against a number of unexpected events that negatively impact your bike or scooter. What are these ‘events’ against which your vehicle holds protective coverage? The primary list is as follows-

·         Damage or Loss of Vehicle due to Natural Reasons- These include fire, self-ignition, lightning, flood, cyclone, landslide, earthquake, frost, inundation, etc.

·         Damage or Loss of Vehicle due to Man-made Reasons- These include theft, riot, strike, terrorist activity, malicious acts, damage caused when transported by road, rail, elevator, etc.

·         Personal Accident Cover- The applicable conditions include injuries caused when driving, travelling on, mounting and/or dismounting from the 2 wheeler. The coverage amount ranges upto Rs.1 lakh. Also, this cover is available to co-passengers as an option.

·         Third Party Liability- This coverage applies in cases wherein your two wheeler was involved in or caused an accident that resulted in the injury, death and/or damage to third party. This coverage isn’t applicable to you, but the unfortunate victim of an accident that involves your two wheeler.

Renewing a Bike Insurance policy is no longer a cumbersome process. With insurers offering “Online Renewal” on our web portals, the process is a cake walk. Of course, the conventional method of renewing offline, at designated offices still holds good.

To save time and money, online renewal is the most recommended/preferred method as it is convenient and quick. Before renewing online, details and documents such as existing policy document, Registration certificate, and bank/card details should be available to make sure there are no hassles during the process.

Simply log into the web portal of the insurer and use the relevant section to initiate the process. Provide the required details and ensure correctness of information provided before submission. You can use net banking/credit card to make a payment. In just under a few minutes, the new policy document is instantly available for download/print. Preserve this copy and look forward to a sealed hard copy that will be mailed by the insurer as per the timeline.