Bike Insurance - Check Plans, Benefits and Buy Online

Key Features and benefits of Two-wheeler Insurance

With a bike insurance policy, the insured gets huge coverage and a wide range of benefits. Check out these striking features and benefits of a bike insurance policy below-

• Low Premium

The premiums payable are standard and not too hefty on the owner's pocket. Also, availing of the plans during times of discounts and offers further lowers the premium to a great extent

• Claim Settled Quickly

All the claims raised are tried to settle as earliest as possible. With several trained employees in this segment, companies ensure that the claims are quickly resolved. These are the reasons why many companies shows a high claim settlement ratio

• No Claim Bonus

No claim bonus is one of the basic benefits that one gets to enjoy with responsible driving. Under no claim bonus, if the owner makes no claim in a policy year, he/she gets several discounts and leverage on policy renewal

• Wide Coverage

A bike insurance policy has a wide range of coverage, including both own-damage cover and that for the third party. However, it depends on the type of plan you choose

• Add-Ons

Not all the benefits are covered under one policy, and you may wish for that extra inch of coverage. For this, you can purchase add-ons. Depending on your need, you can buy from a range of options available

• Go Cashless

The cashless repair facility has allowed the bike owners to get their bike repaired without any hassle. At any of the network garages of the insurance company, you need not make the payment for the repairing task done. The company settles the bills directly with the garage and pays all the admissible charges

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 Reduce Bike Insurance Premium?

One of the most frequently asked questions is how one can reduce their bike insurance premium. Well, there are some easy ways in which you can do so, like-

• Avoid Minor Claims

No claim bonus helps avail discounts on premiums, and in order to avail of NCB, it is essential that you make no claim in a policy year. It is only possible when you try to avoid minor damages and claims

• High Deductibles, Low Premium

Deductibles are part of the claim amount that the owner of the bike has to pay. It is decided between both parties at the time of purchasing the policy. The higher the deductibles will be, the lower will be the premium. So, choose deductibles accordingly

• Claim NCB

When you are renewing your policy, do not forget to avail the NCB if you have accumulated. It provides you huge discounts on the renewal of further premiums

• Install Security Devices

There are several basic security devices that all bike owners must install. These include sirens, CCTV cameras, etc. It helps you avoid thievery and also catch it immediately in case of any mishap

• Your Bike's Age

Your bike's age and cubic capacity also impact the premium that you have to pay. In simple terms, the older your bike is, the lower the premium. This is because the older bike may not get a wide range of coverage. And the high CC bike will attract high premium

• Avoid Unnecessary Add-Ons

A wide range of add-ons are available for your bike, and each one is unique and useful in its own way. However, you need to analyse if or not you need those add-ons. The more add-ons you purchase, the higher will be your premium

• Keep Minimal Modifications

Do not over-modify your bike, as this can attract a higher premium. Try to make minimal modifications because the more you do it, your bike's value surges and the premium is increased. 

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.

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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.

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