In 1988, the Government of India introduced the Motor Vehicles Act which stated that an individual who owns a two-wheeler vehicle will need insurance by law. The law specifically stated third-party motor insurance as an insurance that all vehicle owners should purchase.
However, bike insurance is much more than that. Bike insurance can protect your bike from the onslaught of repair and replacement expenses. It can financially protect you should you sustain injuries in an accident. It can offer you access to efficient and trustworthy garages. It can insure your trusted two-wheeler against multiple eventualities, giving it the due protection it deserves.
All You Need to Know About Bike Insurance in India
So, buckle up, folks! Here’s a detailed breakdown of the basic specifications of bike insurance which you should be aware of before you decide to purchase your insurance plan.
Types of Bike Insurance Plans
In India, you will find insurance providers offering you two types of two-wheeler insurance policies viz., third-party two-wheeler insurance and comprehensive two-wheeler insurance.
- Third-party Bike Insurance: Third-party two-wheeler insurance, which offers coverage for a third party and their vehicle involved in an on-road mishap, is a compulsion under the Motor Vehicles Act of 1988.
- Comprehensive Two-wheeler Insurance: Comprehensive bike insurance on the contrary offers coverage for a third party and for you as well. Through comprehensive bike insurance, you can claim coverage for on-road accidental injuries, repairs/replacements for your bike, compensation for bike theft and more.
Inclusions of Bike Insurance
The inclusions of your bike insurance dictate all that is covered under your bike insurance policy. Hence, it is very important to understand the inclusions of your bike insurance. You can find a few common bike insurance inclusions below. However, it is imperative to acquire all details about coverage and benefits before you decide to purchase a bike insurance plan.
- Coverage for repairs of third-party vehicle
- Coverage for injuries caused to a third party
- Comprehensive coverage for your injuries
- Comprehensive coverage for your vehicle
- Death benefit, etc.
Exclusions of Bike Insurance
Bike insurance policies come with a set of terms and conditions that sometimes cover certain circumstances partially or exclude those situations entirely. This forms a list of all that is not covered by the policy. In other words, these clauses are called exclusions. Before purchasing your bike insurance policy, please understand all that is not covered under your policy carefully to avoid any misunderstandings in the future. Here are a few common exclusions of bike insurance.
- Accidents due to mechanical failure
- Driving under the influence
- Accidents caused by underage riding
- Mishaps as a result of riding without a license
- Accidents caused to due lack of wear and tear maintenance
Ways to Get Bike Insurance
You can acquire a bike insurance policy for your two-wheeler vehicle by applying through online and offline means. Here is how you can apply for bike insurance.
Online Application
The steps to apply for bike insurance online are given below.
- Visit the website of the aggregator or provider you wish to get bike insurance from
- You could be asked for basic details and personal information which you can fill in accurately
- Submit bike-related information such as your bike’s brand, model, manufacturing date, RTO, city, etc.
- Here, bike insurance plans will be displayed before you. You can choose the plan you’d like
- You will be asked if you’d like to include any add-ons to the policy. You can add your desired top-ups as per your preference
- Finally, a premium amount will be displayed on your screen. You can make that payment through your choice of online payment method
- Head to your email inbox to confirm the disbursal of bike insurance policy documents from the insurer
Et voila! Your bike insurance will soon be up and running, offering you room to claim coverage and benefits as and when you need them.
Offline Application
The offline application process for getting bike insurance can be a little tedious as compared to the online process. You will be required to visit the office of the insurance company you choose to get bike insurance from. Before the actual application process begins, it is always good to call the insurance company to confirm the set of documents and paperwork you will need to submit. Once you’ve found the nearest branch, collecting copies of all the documents needed would be the next step.
At the branch, you will have to find an insurance executive to assist you with the application process. Real-time form-filling will be carried out and your insurance application request will be accepted in person. When your entire policy is ready for purchase, you will be presented with the premium price of that bike insurance plan. You can pay the premium through your preferred payment method.
You will soon receive your bike insurance policy papers/documents via your registered email, confirming the commencement of the policy duration.
Why Should You Get Bike Insurance
Here are the benefits and advantages of purchasing two-wheeler insurance for your bike.
Legal Compulsion
Bike insurance is compulsory for all bike owners as stated by the law in the Motor Vehicles Act of 1988. Hence, the biggest benefit of bike insurance would be the fulfilment of a crucial duty as a good citizen.
Coverage for Reparation
In case your bike needs repairs and replacements due to the impact of an accident, your bike insurance, if comprehensive, will cover repair costs for your bike and that of a third party. Thus, your finances stay protected despite on-road eventualities always being a possibility.
Third-party Compensation
There could be times when an accident could result in you compensating for the damage your bike has caused to someone else’s vehicle. Bike insurance helps you protect your finances through third-party liability bike insurance plans by offering coverage for such mishaps.
Disaster Protection
Be it a man-made disaster or a natural disaster, your bike insurance can protect you from expensive damage control for your bike. Additionally, under certain circumstances, you could also claim close to the full market value of your bike as compensation. However, you must read the policy document carefully since the specifics of man-made and natural disasters could differ from company to company.
To Put It Concisely…
Getting bike insurance not only helps you stay a good Samaritan by law but also helps you protect your vehicle that serves you tirelessly every single day. Let’s face it. It deserves that protection and security for being your no.1 supporter as your ride to work or travel far to explore. Moreover, getting bike insurance is a concrete protection plan for those around you as well since the aftermath of an accident can drain your savings. So, let’s commit to securing our two-wheeler vehicles and protecting our finances through bike insurance.
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