Bike Insurance policy refers to the policy that is issued against your scooter and/or bike. Bikes or Two-Wheelers are a big hit in the Indian market. Their popularity and demand have seen a significant surge along with the surge in traffic. They are popular because they can wade through any road conditions, making the commute faster. Since we use and abuse this so much it is paramount that we insure our two-wheelers as they go through extreme levels of wear and tear. Bike insurance policies are of two categories – third party liability only and comprehensive policy.
Third Party Liability Only Policy – When the insured, while riding the bike accidentally hurts someone or damages someone’s property. This policy covers the expenses of legal liabilities that arises due to the accident. This policy is to the point and covers only the legal expenses and nothing else. It does not cover the insured vehicle or any damages done by it.
Comprehensive Two-Wheeler Policy – As the name suggests, it is a category of policy that offers coverage against all kinds of damage caused by the vehicle and to the vehicle. This includes a personal accident cover for the person riding it, third party bodily injury and damages done to the third party. You can also include add-on coverage to your comprehensive policy.
Benefits of Bike Insurance:
Instant Policy Issuance – For a policy to be issued, we no longer have to go to an office and wait in a queue. Thanks to technology, the application can be processed, purchased and even issued online. All within a span of minutes. This convenience has also contributed towards the spike in the sales of two-wheeler policy.
Add-on Covers – The add on covers beautify and make the policy even more beneficial. The add on covers include features like – accident cover of pillion riders, coverage for accessories, zero depreciation cover and roadside assistance. The extra coverage comes at a nominal fee and is of great help during the hour of need.
No Claim Bonus – The insurance providers offer discounts to the policyholder if no claims are raised during the policy year. This discount is offered during renewal and can be quite beneficial as it goes up to 50%.
Discounts – IRDA has permitted the insurers to give discounts to people who are members of Indian Automobile Association and if the vehicle has an anti-theft device or the driver has a smooth driving record.
Online Policy Renewal and Claim Registration – As mentioned earlier, purchasing a policy online is very easy and a matter of minutes. Similarly, renewing the insurance policy is also equally simple as the post-sales services are easily available online. This also gives you the chance to select a policy that is within your means and budget.
What is not covered by Bike Insurance Policy?
- Damage done due to everyday wear and tear
- Loss due to mechanical or technical issues
- Damage to the tube or tyre during normal usage
- Damage done beyond the limit of coverage
- Damage done when a person without a license is driving
- Damage done while riding under the influence of alcohol or drugs
- Damage caused due to war or military attack