Selecting a bike is harder than buying one. Buying a two-wheeler requires so much effort. You can compare bike models from different manufacturers and choose the best one. After leaving the showroom, your new bike is vulnerable to theft, natural and man-made disasters. How do you protect your bike on the road? Buy bike insurance for extra protection.
Insurance buyers are confused. Does motorcycle insurance cover all my two-wheelers? No. Two-wheeler insurance covers the vehicle, not the owner. Like your vehicles’ registration certificates, they need separate insurance plans. Bike insurance helps. After filing a claim, we realise its value. This article explains all about bike insurance.
Indian bike insurance
Bike insurance is affordable for most people. Banks help people who can’t buy a two-wheeler with their savings. Their two-wheeler dream comes true thanks to low-interest loans from banks. Two-wheelers are convenient and low-maintenance. Two-wheelers’ unique features boost sales and production, making India’s two-wheeler industry the world’s largest.
Two-wheeler safety tips
A bike insurance is essential, given the accident rate. The Motor Vehicle Act requires bike insurance for all vehicles on Indian roads. Bike insurance covers your vehicle and protects you from road accident expenses. Two-wheeler insurance covers natural and man-made disasters, fire, theft, and more. If your bike causes bodily injury or property damage to a third party, your third-party legal liability is also covered. Personal accident coverage is included.
Bike insurance exclusions
- Accessories lost
- Paid drivers’ legal liability
- Pillion rider accident insurance
- Driver negligence damages
- Vehicle maintenance
- Driving while intoxicated
ABC and XYZ have very different insurance needs. If you don’t like a plan’s basic coverage, you can buy riders from your insurance provider. You just pay a small premium. It protects you from additional costs.
Bike insurance benefits
Bike insurance is beneficial as it provides coverage and security. Bike insurance is required by law. Two-wheeler insurance has many advantages like:
Safety from natural disasters:
Bike insurance protects you from earthquakes, fires, explosions, cyclones, floods, landslides, self-ignition storms, and more. It covers disaster repairs. It also compensates riders and owners for unfortunate demise or injury.
Manmade disasters: Burglary, strikes, theft, accidents, malicious acts, and other man-made disasters can damage or destroy your bike. Bike insurance reduces your financial liability if your bike is stolen or needs repairs.
A third party bike insurance is mandatory, so protect your legal interests. Your insurance plan should cover third-party bodily injury and property damage liabilities. You must renew your bike insurance plan on time to meet your legal obligations as a vehicle owner. This insurance covers road accidents.
Bike insurance provides the most security. Having adequate coverage gives you the confidence to ride peacefully. It also protects you from traffic police fines for driving without insurance.
Motorcycle insurance tips
Bike insurance plans vary. There are many insurance options for buying or renewing a policy. Avoid choosing an insurance plan based on price. Look for maximum insurance benefits and minimum premiums.
- Choose a more affordable bike for an affordable insurance. Spare parts and bike repairs are affordable.
- Avoid modified or unusual bikes because spare parts are more expensive to replace. These vehicles attract thieves. Imported bikes also cost more.
- Less road time reduces the risk for your two-wheeler. This affects your insurance premium.
- Paying your insurance premium upfront means a lesser premium. Monthly payments cost more.
- Your insurance provider may lower your premium if you haven’t filed any claims for a while.
- Avoid bike insurance renewal with your current insurer. Look for insurance companies with better benefits at a lower cost. Compare prices and other details on a comparison site.
- Secure your two-wheeler. Instead of parking on the street, use a licenced garage. Locks, chains, etc., can improve vehicle security.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions,
limitations, terms, and conditions, please read the sales brochure/policy wording carefully
before concluding a sale.