What is Bike Insurance Policy?

Bike insurance policy is a coverage plan formulated to protect your bike against unforeseen perils like accidents, natural calamities, man-made disasters, etc. It is like a financial cushion enabling you to rest easy even during such a crisis, i.e. it offers compensation against damages caused to you and your bike due to the threats mentioned above. Furthermore, insuring your motorcycle with a two-wheeler insurance plan is a legal obligation under the Motor Vehicles Act, 1988. So, if you want to take your two-wheeler out for a spin, you need to buy bike insurance. Let’s further understand the importance, features, and key highlights of the best insurance for bikes in India.

Why Buying/Renewing Bike Insurance is Important

Here are a few reasons why bike insurance is of paramount importance:

• Increasing Number of Road Accidents

With the increasing number of vehicles on Indian roads, the threat of accidents continues to rise. Hence, it is vital to ensure your bike against damages caused during such unanticipated mishaps.

• Third-Party Liability Cover

As bike insurance covers third-party liabilities, you need not worry about paying for the damages caused by an accident.

• Protection Against Natural Calamities

With extensive security for damages caused to your bike due to natural calamities like earthquakes, floods, cyclones, etc., your motorcycle remains fit.

• Protection Against Man-made Disasters

Along with natural calamities, you must also safeguard your vehicle against the acts of vandalism. A bike insurance policy ensures you feel financially secure during such instances.

• Helps Meet the Legal Obligation

As mentioned above, insuring your two-wheeler is mandatory under the Motor Vehicles Act, 1988. So, driving an uninsured vehicle will simply keep you worried about being caught by the traffic police. A bike insurance plan helps you satisfy regulatory requirements and drive in accordance with the law.

Best Bike Insurance Plans of 2022 on Bajaj Markets

 

How to Buy Bike Insurance Online in India

Follow the below steps to buy two-wheeler insurance online seamlessly:

Step 1: Head over to the ‘Bike Insurance Premium Calculator’ page.

Step 2: Fill out the form with the necessary details and proceed.

 

Step 3: Enter your bike details such as the make, variant, registration year, etc.

 

Step 4: Select the type of coverage you want to purchase, the NCB bonus from your previous policy and the Insured Declared Value. Moreover, you can opt for additional coverage with add-on covers.

 

Step 5: Choose a suitable bike insurance plan and go through the policy details before proceeding.

 

Step 6: Enter your details like your name, date of birth, email ID, address, etc., and proceed.

 

Step 7: Enter other bike details like engine number and chassis number.

Step 8: Now, enter the details of your previous bike insurance policy.

Step 9: The page shall display all the information you have entered, so go through it once to ensure they are accurate.

 

Step 10: Now, pay the premium amount using your preferred payment option and protect your vehicle with bike insurance.

Step 11: After successful payment, your bike insurance policy document will be issued soon!

How to Renew Two-Wheeler Insurance Online in India

Here’s a complete step by step guide for bike insurance renewal online:

Step 1: Go to the “Bike Insurance” section on the insurer's website

Step 2: Enter the information required on the page and click on ‘Get Quote’.

Step 3: Enter your vehicle details such as make and model, fuel type, etc., and proceed.

Step 4: Now, select the type of coverage, policy expiry date, add-on covers, and No Claim Bonus reward.

Step 5: Go through the policy details and renew your bike insurance plan.

Step 6: You must enter your details, vehicle-related information, and previous policy details next.

Step 7: Finally, make the premium payment online.

Step 8: Voila! You will soon receive your renewed bike insurance policy document.

Types of Bike Insurance in India

Now that you know how to buy/renew bike insurance online, let’s move on to explore the types of policies offered by insurers. It will help you gauge your needs and make an informed decision.

• Third-Party Bike Insurance

The third-party bike insurance plan is a basic and low-cost bike insurance policy that comes to your rescue if your bike causes an accident. It protects you against losses caused to the third party and all legal liabilities related to an accident. The law mandates this type of two-wheeler insurance cover. Thus, riding your bike without this insurance policy will cost you hefty fines or imprisonment. It also includes a basic accident cover to offer coverage against injuries, death, or disability of the insured.

• Comprehensive Bike Insurance

As the name suggests, a comprehensive plan offers extensive coverage. Along with lending a hand in managing legal liabilities and third-party losses (in case of accidents), this type of insurance policy covers you and your vehicle as well. Moreover, a comprehensive bike insurance plan goes beyond accidental losses. It provides financial assistance against damages/losses caused due to man-made disasters, natural calamities, theft, etc. Since comprehensive insurance offers complete protection, it is deemed most lucrative despite being priced higher than a third-party cover.

• Own-Damage Cover

A standalone own-damage two-wheeler insurance plan offers financial protection to cover expenses incurred in repairing the damages caused to your vehicle due to accidents, natural/man-made calamities, and theft. This type of two-wheeler insurance is purchased by individuals who already have third-party cover and are now willing to protect their vehicle as well.

Key Highlights of Bike Insurance Plans on Bajaj Markets

Calculate Your Bike Insurance Premium

The insurance premium of your bike depends on multiple factors, and they are:

• Type of coverage

• Insured Declared Value (IDV)

• Engine’s Cubic Capacity

• Type, and age of the bike

• Add-on covers

Here’s the formula to calculate your bike insurance premium,

= Own Damage Premium - (No Claim Bonus + Discounts) + TP Liability Premium

Calculating your two-wheeler insurance premium manually can be daunting and time-consuming. However, getting an estimated cost of your insurance policy for a bike will enable you to plan your finances better. So, use our bike insurance premium calculator to get a premium quote instantly. 

Bike Insurance Inclusions

Here’s a list of things included in your comprehensive bike insurance policy:

• Loss or damage incurred to your bike due to natural or man-made calamities

• Damage caused to the third party due to your insured bike is covered

• Repair and replacement arising due to an accident are covered

• Cover for personal accidents and other riders

• Damages incurred due to accidents

Bike Insurance Exclusions

Things that are excluded from your two-wheeler insurance plan are as follows:

• Regular wear and tear of the bike

• Any mechanical breakdown of your bike due to defects in bike parts

• Damage caused to your bike while riding under the influence of alcohol or other intoxicants

• Loss or damage incurred while driving without a valid driver's licence

• Damage caused when the policy is inactive

• Damage or loss incurred during a war-like situation

Bike Insurance Add-On Covers

Two-wheeler insurance plans available on Bajaj Markets come with a range of add-on covers that enhance the financial protection of your bike.

• Zero-Depreciation Cover

With a zero-depreciation cover in bike insurance, you are covered against the depreciation value of your bike, thereby minimising your out-of-pocket expenses during a claim.

• Round-the-Clock Spot Assistance

With around-the-clock spot bike assistance cover, you will never be left stranded in case of a sudden breakdown.

• Personal Accident Cover

It offers coverage for the treatment of the pillion rider in case of injuries due to an accident on your bike.

• Return-to-Invoice Cover

The return to invoice cover helps you get your bike's complete value, i.e., the amount mentioned on your purchase invoice.

• Engine Protection Cover

The repair and replacement price of the engine is generally not covered under comprehensive bike insurance. However, you can add a safety net for your bike’s engine as well with an engine protection cover.

• Lock and Key Replacement Cover

It is quite common to lose your bike keys. Yet, the key and lock replacement cost is not covered under a comprehensive bike insurance policy. With the lock and key replacement cover, you now receive compensation during such instances as well.

Third-Party Vs Standalone OD Cover Vs Comprehensive Bike Insurance

 

Bike Insurance Claim Process

There are two types of bike insurance claims: Cashless claim & Reimbursement claim. The cashless claims feature allows you to get your bike repaired without spending a single penny out of your pockets. You can get your bike repaired at the nearest network garage for quick and easy claim settlements. The garage representative gets in touch with your insurer to settle the bills. With the reimbursement claims feature, you can get your bike repaired at your desired garage and then claim reimbursement based on original bills. The claim amount is sent to you post verification.

How to Claim Bike Insurance Online

Here’s a step-by-step guide to raising a two-wheeler insurance claim:

• Process for Filing Cashless Claims

Step 1: Register the claim online by calling their toll-free number or by visiting the website.

Step 2: Get your bike repaired at a network garage.

Step 3: Submit all the required documents.

Step 4: On evaluation, your insurer will settle the claim with the network garage.

• Process for Filing Reimbursement Claims

Step 1: Informing the insurer & register the claim.

Step 2: Get your bike repaired at any nearest garage at your own expenses.

Step 3: Submit the original bills and payment receipt to the insurer.

Step 4: Once the documents are successfully verified, your claim amount is sent to your account.

Documents Required to Make Bike Insurance Claim

Make sure you keep the following documents handy, when it comes to claim registration:

• Two-wheeler insurance policy document

• Vehicle details

• Insurer details

• Details of the Incident

• FIR copy in case of theft

• Original bills and receipts of the vehicle repair in case of reimbursement claim

How to get a bike insurance using Bajaj Markets app

The Bajaj MARKETS app provides bike insurances that ensures that your riding partner is protected against unexpected damages. The following steps will help you start the process:

• Step 1: Enter the details of the bike you would like to insure including make, model, vehicle number, etc. along with your personal information

• Step 2: Get a quote from the representative about the various options available

• Step 3: Choose a coverage that suits your requirement and budget. Enhance the coverage by selecting add-on covers

• Step 4: Choose the suitable policy cover and read the policy details carefully

• Step 5: Upload the necessary documents and pay the car insurance premium online

The email regarding the policy will be sent to you, soon after you pay the premium.

Latest Bike Insurance News

₹48 lakh compensation for family of pedestrian who died in 2015 accident

As per a new report, a Motor Accident Claim Tribunal has ordered around ₹48 lakh as compensation for the family (wife and children of the deceased) of a 33-year-old victim who lost his life when a speeding motorcycle hit him in 2015. The victim in question, Sanjay Surnar of Dahisar was walking on the road when a speeding motorbike coming from the opposite direction collided with him. The insurance company of the motorcycle owner claimed that the accident was caused due to negligence on Surnar’s part. However, the Claims Tribunal ruled in the favour of the victim’s family and ordered compensation of ₹48 lakh to be jointly paid by the insurance company and the motorcycle owner.

January 9, 2022

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