Two Wheeler Insurance

About Bike insurance

Why Do You Need Bike Insurance

We all are aware that riding on Indian roads, means having a third-party bike insurance policy is mandatory by law. Not riding an insured two-wheeler could cost you a penalty of Rs. 2000 and even imprisonment. Having said that, this is not the only reason to get yourself a bike insurance policy. With other factors at par, it remains a necessity. Let’s understand why you need bike insurance.

Increasing number of road accidents: With increasing number vehicle on Indian roads, the threat of accidents continues to rise. Hence, a bike insurance coverage for damages caused to your vehicle during such mishaps is vital.

Third-Party Liability Cover: As bike insurance covers third-party liabilities, you need not worry about the unfortunate damages due to collisions.

Protection against Natural Calamities: With an extensive security for damages caused to your bike due to natural calamities like earthquakes, floods, cyclones and other such natural disasters, a bike insurance helps get your life back on track

Protection against Man-made Disasters: Not just natural calamities but protecting your vehicle against acts of vandalism is also very important. A bike insurance policy lets you do just that.

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Different types of Bike insurance

There are 2 types of Bike Insurance plans available in India.

Two-wheeler insurance is categorised into Third-Party and Comprehensive insurance plans. You can go ahead and pick the plan that best suits your needs and budget.

Third-Party Bike Insurance

This type of bike insurance covers only third party liability arising due to an accident or collision by your insured bike. This is the most basic plan and is made mandatory as per the New Motor Vehicle Act,2019. Driving an uninsured vehicle can attract a fine of Rs. 2000 and can also result in imprisonment. Hence, getting a two-wheeler insurance plan ensures that you are in compliance with the traffic rules while it also offers financial coverage against third-party damages.

Comprehensive Bike Insurance

A comprehensive cover on the other hand, covers damages to your bike apart from third party liabilities. Such damages include accidental loss or damage, theft, damage due to natural calamities and man-made calamities, and even fire. Although this plan is not mandatory and also comes with a higher premium, it is popular amongst customers due to its all-round protection and complete coverage.

Difference Between Third Party And Comprehensive Bike Insurance

Read on to understand the difference between third party insurance and comprehensive insurance

Why Compare Bike Insurance Policies Online

Comparing bike insurance plans online before making the actual purchase is a very important part of getting your bike insurer. This way, you don’t just make the right choice, but you also understand the product details before getting your plan.

Here’s why you need to compare plans online:

• Hassle-free Process

Comparing bike insurance plans online is very convenient and hassle-free! You can go through the product details, see which plan offers the benefits you need and make a well-informed decision

• Cost-Effective

With no middle-men involved in the process, comparing and choosing your suitable bike insurance plan online, is not just easy, but cost-effective too.

• Customer Reviews

Understanding what customers have to say about a bike insurance plan gives a real insight into the product offering. It is easy to understand the reliability of the bike insurance plan and the insurer by going through the customer reviews available on the website, so you can pick the product that has proven beneficial for others too.

How to Compare Bike Insurance Plans Online

Online bike insurance calculation has eased the process of getting a quick quote for your bike insurance, within minutes.  All you have to do is enter a few details and the calculator displays the premium amount payable by you.

Here’s how you can compare bike insurance quotes to get the right plan:

• Type of plan - Choose the type of plan you wish to buy
• Plan details - Don’t forget to go through the features and benefits of the plan. This would help in making the right choice
• Check the premium payable – Pick the plan that fits your budget as premium payment is a regular transaction, and hence, should not become a financial burden
• Add-on covers - Check for the add-on covers available with the bike insurance plan, so you can enhance your protection against damages.

Benefits of Long Term Bike Insurance Plan

Bike insurance plans come with different variants and choices for you to have flexible options when it comes to your bike’s financial security. Insurance companies in India offer 2 types of bike insurance policies: Long term insurance policy and single year insurance policy.

Below mentioned table highlights the benefits of a long term policy over a single year short-term policy.

How to Calculate Your Two Wheeler Insurance Premium Online

With the online bike insurance premium calculator, Finserv MARKETS has made is very easy for you to calculate your Two-wheeler Insurance premium. All you need to do go through a quick process, and your premium amount is displayed on your screen.

• Start by providing details like your bike’s registration number & your mobile number. Provide the details of your previous policy
• Enter other details of your bike such as registration number, its make & model, fuel type, registration details, and more
• Pick the plan of your choice: Third-party Plan or Comprehensive Plan
• Provide your personal details and proceed
• And, your Bike Insurance premium will be visible on screen

List Of Different Add-On Covers In Bike Insurance

Bike Insurance plans available on Finserv MARKETS come with bespoke add-on covers that enhance the financial protection for your bike.

• Zero Depreciation Cover

With a zero depreciation cover, you are covered against depreciation value of your bike, thereby minimizing your out-of-pocket expenses during a claim

• Round-the-clock Spot Assistance

With round-the-clock spot assistance cover, you are never left stranded in case of a sudden breakdown during your ride

• Personal Accident Cover 

This cover offers coverage for the treatment cost of injuries due to an accident on your insured bike for the pillion rider

• Return To Invoice

The Return To Invoice cover helps you get the complete value of your bike which is about the same as the one mentioned on your bike’s purchase invoice

Bike Insurance Renewal

Getting your bike insurance after buying a new bike is like half the battle. Real significance lies in ensuring that you continue to get the benefits on a bike insurance policy. And, this can be done be timely bike insurance policy renewal online. It is important to renew the security of your bike and ensure that you are not stranded in case of any bike damages due to an in-active or lapsed bike insurance plan. Moreover, getting a bike insurance policy renewed has its own perks too. On Finserv MARKETS, the renewal process is not just easy, but very quick and time saving.

Steps To Renew Bike Insurance Offline

Although getting your bike insurance policy renewed is simple and convenient online, you may choose to go for the traditional way. For renewing your bike insurance policy offline you can simply visit the branch office of the insurer of your choice, fill up the details, submit the necessary documents for renewal, make payment and renew your plan.

Why Renew Your Two Wheeler Insurance Before Expiry

Accidents and risks come uninvited and an in-active bike insurance policy could be a bad idea! Here’s why it is important to renew your bike insurance policy in time:

• No claims settled in grace period

One of the key reasons why you should renew your bike insurance on time is that any claims made during your policy’s grace period are not settled by the insurer. To be constantly protected you need to ensure timely renewal

• No Claim Bonus benefit

To keep your No Claim Bonus benefit intact, you must ensure that your bike insurance policy is renewed within the required time span and before expiry, as the NCB benefit may get forfeited after.

• Out-of-pocket spends

With a lapsed policy, you are liable to take care of expenses incurred for any bike damages, drilling a hole in your pocket. Hence, timely bike insurance renewal is not a option, but a priority!

Bike Insurance Claims

A bike insurance policy not just holds significance for being on the right side of law for riding an insured vehicle, but also covers all the damages incurred to your vehicle due to theft or accident. In this process, another important thing that people often forget, is understanding the claim process. Understanding the claim process ensures that you can make the most of your bike insurance policy.

There are two types of bike insurance claims: Cashless claim & Reimbursement claim. Cashless claims are a very unique feature that allows you to get your bike repairs done in a cashless manner.  You can get your bike repaired at the nearest network garage, where the bills are settled by the insurer. On the other hand, when it comes to reimbursement claims, you can get your bike repaired at your desired garage and then claim for reimbursement of the costs on the basis of original bills, where the claim amount is sent to you, subtracting the deductibles.

How to Claim Bike Insurance Online

Process for Filing Cashless Claims 

• Register the claim online by calling their toll-free number or by visiting the website
• Get your bike repaired at a network garage
• Submit all the required documents
• On evaluation, your insurer will settle the claim with the network garage

Process for Filing Reimbursement Claims

• Informing the insurer & register the claim
• Get your bike repaired at any nearest garage at your own expenses
• Submit the original bills and payment receipt to the insurer
• Once the documents are verified, your claim amount is sent to your account

Documents Required for Claiming your Two Wheeler Insurance

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

• Bike 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

Glossary

• Policy Number

A policy number is a number that is used as a reference for the administrative and claim- related purposes and is present on the policy document.

• IDV

If you are confused about what is IDV in insurance, it is nothing but IDV stands for Insured Declared Value. This means the value of your bike fixed by the insurance company and is the maximum amount you get paid in case of a claim.

• NCB

NCB or No Claim Bonus is a reward or a discount that is offered to customers that do not raise any claims during the policy period. This benefit is available on policy renewal and lets you enjoy up to 50% discount on the renewal premium after five consecutive claim-free years.

• Deductibles

Deductibles are that portion of the claim amount which is to be taken care of by the insured.

Latest E- Challan News

Nearly 60% vehicle owners drive without insurance, two-wheeler owners top the chart

India is among the countries that encounter most of the road accidents and one of the key reasons being the multiplication of vehicles on the road. According to the report made by the Insurance Information Bureau, in all 57% of vehicles that run on the Indian roads have no insurance against them and out of which 60% of them are two-wheelers. Even though third-party motor insurance is compulsory as per the Motor Vehicle Act 1988, a large number of these two-wheelers continually remain uninsured. There are chances that bike insurance may be purchased for these initially but is not renewed on time, thus becoming inactive after the completion of the tenure. 

Odisha: Not a Helmet Fan? Your Licence Could be Suspended Soon

The government of Odisha recently urged the transport commissioner and the state police to implement suspension of driver's license if they are caught driving without a helmet anywhere in the state. This step is taken to reduce the number of helmetless two-wheelers running on the road in order to reduce the number of road accidents. This becomes even more crucial considering 60% of two-wheelers are recorded to not be insured with bike insurance. 

Over 4,688 two-wheelers and around 11,064 accidents were recorded in the state last year. Officials were also asked to submit a report for each district regarding the suspension of DL (Driving License) for the violation of the law of wearing a helmet, in 2019. 

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