Bike Insurance

Hello there, I would like to answer your question. By the law, it is mandatory for all vehicle owners to have a motor insurance policy. There are two types of policies; third-party and comprehensive. Third-party insurance will only provide coverage for third-party damages, whereas comprehensive two-wheeler insurance will provide coverage for your vehicle as well as third-party damages. Here are some reasons why you should opt for comprehensive insurance determined through  two-wheeler insurance comparison Protection against weather calamities: A comprehensive two-wheeler insurance policy will not only provide financial protection for damages caused due to an accident but also provide coverage for damages inflicted due to natural disasters. You will not find coverage from natural calamities if you opt for a basic third-party two-wheeler insurance policy for your vehicle. You will be provided coverage for damages caused due to an earthquake, flood, etc. This is a great benefit to hav...

  If you are into bikes, you should also know that you cannot take your vehicle out for a ride without having a bike insurance policy. However, while it is only mandatory for you to have a basic third-party insurance policy, there are many policyholders out there who opt for a comprehensive insurance policy. Now, why would anyone want to pay more premium when it is not even mandatory? To answer this question, we would have to dig deeper. Let us learn more about each of these policies and look at their differences. Third-party bike insurance A third-party bike insurance policy is the basic mandatory policy you need to have which covers injury/loss/damage caused to the third party. Basically, your third-party liabilities are taken care of by this insurance policy. For instance, if you are in an accident, your insurance policy would provide coverage for the losses of the third party. However, it would not cover the damages faced by you. Benefits of a third-party insurance policy Help...

  You might have heard friends and fellow riders tell you to always renew bike insurance on time. And, they are right! Allowing your coverage to lapse can prove to be detrimental in more ways than one. In this article, we take a look at a few reasons why it makes sense to always renew your bike insurance plan on time. 1.     You stay covered against financial losses This is definitely the biggest benefit from renewing your two wheeler insurance plan on time. When your plan stays active, you can ride knowing you are protected against the unforeseen. While a third party insurance plan covers you against third party liabilities, a comprehensive plan goes further to cover you against own damages, third party liabilities, natural disasters, and manmade calamities. You can also enhance the protection your vehicle receives by opting for add-ons like engine protection cover and zero depreciation cover. If you do not have an active bike insurance plan, you expose yourself to...

  Getting your first bike insurance can be quite a confusing task if you do not have the right information. Due to this, a lot of questions and doubts may arise in your mind that can leave you perplexed and in a dilemma about your next step.   However, to help you understand the world of insurance better, here are 5 FAQs about two-wheeler insurances and their answers - 1)       How many types of bike insurances are there and what are they? - There mainly 2 types of bike insurance policies available in the market today, comprehensive bike insurance and third-party bike insurance. While having at least a valid third-party bike insurance policy is mandatory to drive your two-wheeler legally, getting a comprehensive bike insurance policy gives you wider coverage in case of an accident. 2)       What is covered in the two types of bike insurance policies? - The third-party insurance for bike insurance covers you against the damages...

  It can be quite confusing to understand the various terminologies that you come across when buying bike insurance online. One such term that you might not understand is IDV. However, knowledge is power and to acquire the power of being completely financially stress-free in the event of an accident, getting to know your IDV is very important. So, what exactly is IDV? An Insured Declared Value, or IDV, is essentially the market value for your bike in the eyes of the insurer. This is the maximum amount of money you can receive from the insurance company if your bike gets completely damaged in an accident or gets stolen. It is important to keep in mind that your IDV is directly related to the age of your vehicle and the older your bike is, the lesser insured declared value an insurer provides. But why is IDV important? Understanding the IDV is very important as it is directly proportional to the premium you pay for your two-wheeler insurance policy . It is recommended to choose an i...

  Owning and riding a sports bike is no less than an adventure! Therefore, it is quite natural that those who own these bikes would want the best for their precious two-wheeled beasts! So, when it comes to insuring your bike against any unforeseen events, you would want the best  bike insurance  with comprehensive coverage. However, even the most comprehensive policy may not cover certain risks that your sports bike is prone to. Here, add-ons may be of immense help. But which add-ons are suitable for a sports bike? We answer this question in this article.  1. Zero Depreciation add-on Depreciation refers to the gradual decrease in the value of the vehicle as a result of daily wear and tear.  The older your sports bike gets, the more its depreciation increases. Generally, when you raise a claim on your two-wheeler  insurance policy , the insurer takes into account the depreciation value of the bike before paying you the compensation. With a zero- depreciatio...

  Buying your very first bike is an experience you will always remember and cherish. After all, your bike is not just a means of transport but also your reliable companion on the road. Now, it is also important for you to be aware of the two wheeler insurance requirements in the country before you take your vehicle out. As a bike owner, you need to have at least third party insurance for your vehicle to be able to ride it in compliance with the law. You may also go a step further and buy comprehensive insurance too for better protection. If you are thinking about how to buy insurance for your bike, you should definitely consider getting coverage online. Wondering why? Let’s take a look at some really big benefits you enjoy when you buy bike insurance online . 1.     Easily compare various insurance plans When you choose to buy your bike insurance online, you save yourself from the hassles of running from one insurance office to the next. With the click of a mouse, y...

  You might be extremely confident of your control on the bike, but you can never be sure of how the other riders and drivers are on the road. In such cases, getting financial coverage for yourself and your bike is a must. This is why so many riders opt for comprehensive bike insurance policies, even though they are not mandatory like third party coverage. A comprehensive bike insurance plan covers your bike from own damages as well as damages caused by manmade or natural disasters. You can also customise this plan by including various add-ons as well. However, there are certain things that a comprehensive bike insurance plan does not cover. It is also important for you to be aware of these things so that you are sure about the coverage of your plan. So, let us take a look at the exclusions of a comprehensive bike insurance policy : 1.     Damages caused by the rider under the influence of alcohol/drugs   Any rider driving under the influence of alcohol...

  For those who are not aware of the insurance laws – having a basic third-party two-wheeler insurance policy is mandatory for any rider before they can start riding their bike on Indian roads. This rule has been declared by the Motor Vehicles Act of 1988. Failing to adhere to this law would result in monetary fines and actual jail time. If you get into an accident without having insurance, you could face further legal complications. Let us understand why your bike insurance policy is so important: Importance of a bike insurance policy As we all are aware, accidents are unpredictable and can happen at any time and to anyone. This is why it is so important to be armed with a bike insurance policy to at least be financially covered in case of any injuries faced by you or the third party. Of course, your basic plan would only cover the third party. However, you can secure coverage for yourself with a comprehensive bike insurance plan. While only the former is mandatory, most policyh...

  A comprehensive bike insurance policy covers a lot more as compared to a third-party insurance cover. However extensive, there a few things that are not covered in the basic comprehensive insurance policy and need to be insured by availing of the various add-ons that an insurance company provides. Bike consumables are one of such add-ons and need to be manually added to your insurance cover when you buy a comprehensive two-wheeler insurance policy . So, what exactly is the bike consumables add-on? Consumables are anything that need to be replaced once they are used up completely. In your bike, that could essentially mean parts like nuts, bolts, engine oil, grease, brake oil, etc. A bike consumables add-on covers all such small parts that need to be replaced in your bike. Including this add-on in your comprehensive insurance policy surely brings up the premium a little higher but it also has plenty of benefits. Here’s why you should include a bike consumables add-on to your insu...

  Getting a new bike is an exciting and joyous event. With more accessibility, however, comes more responsibility. As per the Motor Vehicles act of 1988, it is illegal to ride a bike without a basic bike insurance. If you are entering the world of insurance for the first time, it could be confusing to understand where to start from and what to look at. However, to give this topic a little clarity and help you pick the right insurance suiting your needs, here are 5 steps to purchasing two-wheeler insurance online -   Step 1  - Research for a good insurance company It is very important to get the right company to provide you with insurance for your bike as you are going to trust them with your hard-earned money in times of peril. A good insurance company has a higher claim settlement ratio and a lower claim processing time. This means that the company would take less time to pay the bill for your repairs and pay it whenever an appropriate need arises without denying you th...