A two-wheeler is the most convenient mode of transport for many people in India. It allows you to easily navigate through traffic-like conditions and narrow lanes. However, as the make and model of most motorcycles are light-weighted, the damage incurred by the rider and the vehicle when involved in an accident can be huge. To safeguard yourself and your precious possession in case of an unfortunate event, you need comprehensive two-wheeler insurance. Though the third-party cover is mandatory in India, it provides limited coverage to your own bike, stressing the importance of extensive coverage.
Here are the major features of comprehensive bike insurance.
Third-party liabilities include all the expenses you must bear as compensation to the third-party involved in an accident with you. You might have to pay the costs of the repairs of their vehicle and the medical expenses of any injuries that were sustained. Hence, comprehensive bike insurance offers coverage for such expenses.
Comprehensive bike insurance covers not only third-party coverage, but also the costs of fixing the damages sustained by your own vehicle. This is commonly known as standalone own-damage coverage. Through such coverage, you can get financial protection against the expenses of repairs/replacements of your own bike. You can claim coverage through reimbursement or cashless services.
A personal accident cover is extra coverage you can claim if you sustain injuries during a road accident. This can cover accidental hospitalisation bills along with other medical expenses that could make a huge dent in your finances. Through this cover, you are offered two claim options: reimbursement claims and cashless treatment.
Having your finances, health, and vehicle covered can bring you peace like no other. You can rest assured knowing that all repair/replacement expenses and accidental hospitalisation costs are covered through the financial support of your comprehensive bike insurance. Moreover, you need not worry about the expenses of a third-party liability as well.
Check out some of the key benefits of getting a comprehensive insurance policy for a two-wheeler to safeguard your motorbike.
Mishaps on the road are common but that doesn’t mean you shouldn’t have a backup against such unfortunate risks. Accidents not only leave you with physical and emotional trauma but also impact your finances as bike repair expenses can be expensive. To ensure you never have to worry about the monetary aspect of accidental damage and loss caused to your vehicle, comprehensive insurance for bikes is a must.
Once in a while, we all face issues due to natural calamities such as floods, earthquakes, hurricanes, etc. depending on where we are located in India. Moreover, man-made disasters like riots, fire, explosions and other such perils can easily affect your precious two-wheeler.
With comprehensive insurance for bikes, you don’t have to panic about either, as both these aspects are covered under the plan. Your insurance provider shall compensate you for the loss incurred from such disasters without any trouble!
Many a time accidents can end with more than just scratches and a totalled vehicle. Though we never wish such an untoward incident to ever affect you, Personal Accident (PA) cover is a mandatory cover to safeguard against accidental injuries.
Comprehensive motorcycle insurance comes with a PA cover that ensures financial security in the event of a disability, injuries or death resulting from the accident. So, your dependents won’t be left on their own in case something were to happen to you and would receive financial compensation depending on the injury sustained.
As a vehicle owner, you must already know that third party bike insurance is mandated under the Motor Vehicles Act, 1988. However, by purchasing a comprehensive two-wheeler insurance plan, you can get coverage against such third-party liabilities.
So, any damage or loss caused to the third party property, injuries sustained during the accident or death of the victim is covered by the policy. Therefore, you can legally drive on Indian roads and enjoy extensive protection against perils under bike insurance.
Theft of your motorcycle can be a problem if the authorities aren’t able to track it down. Without insurance, you wouldn’t have much of a choice apart from reporting it to the police. However, comprehensive bike insurance shall compensate you in the event of theft and pay the coverage amount. So, it is recommended to inform your insurer about the stolen vehicle at the earliest for a successful claim.
Here’s why purchasing your comprehensive two-wheeler insurance from Bajaj Markets is the best decision you can make.
The partners at Bajaj Markets can offer you cashless services at various partner garages through your bike insurance plan.
Speed and efficiency is a promise here since claiming your bike insurance benefits and coverage is a process that is seamless and quick.
You can contact Bajaj Markets through any time of the day or night, and you will find answers to your questions round the clock.
With various add-ons and insurance rider options on Bajaj Markets, you can choose to enhance your comprehensive bike insurance to best suit your needs.
Here is everything you need to know about the differences between third-party bike insurance and comprehensive bike insurance.
Third-Party Bike Insurance
Comprehensive Bike Insurance
The insurance plan only covers the third-party loss. You can avail a personal accident cover to secure against bodily injuries or death.
The plan provides extensive coverage against third-party damage and loss incurred by your own bike. This cover includes man-made and natural calamities, theft, accidents, etc.
It is more affordable than a comprehensive bike insurance policy.
The premium quote is higher but the coverage provides complete protection against numerous risks on the road.
Third-party insurance doesn't have an option for customisation.
You can easily personalise the features and opt for add-on covers like zero depreciation cover, return to invoice cover, consumables cover, etc.
The damages incurred by your vehicle are not covered.
The insurance plan is more expensive when compared to a third-party policy.
In order to have complete clarity on the comprehensive two-wheeler insurance you would like to purchase, it is important to learn all about its inclusions and exclusions. Here is everything that comprehensive bike insurance can and cannot cover.
Here are some key inclusions of comprehensive two-wheeler insurance:
Damage to third-party property
Bodily injuries sustained by the third party or death of the victim
Theft of bike
Every insurance plan comes with certain limitations. Hence, let’s understand the aspects of comprehensive two-wheeler insurance that are not covered by the insurance provider.
Damage or loss incurred when the policy is inactive or expired
Damage due to mechanical or electrical breakdown
Natural wear and tear or ageing
Loss incurred while riding without a valid driver’s licence
Damage resulting from riding under the influence of intoxicants
Using the bike for commercial purposes
Given below are the insurance riders you could add to your comprehensive bike insurance to customise it to fit your preferences.
The return-to-invoice cover can work greatly in your favour, should you lose your bike to theft or complete damage. In such cases, you can claim your bike’s invoice cost through this add-on. The compensation you can claim is directly proportional to the Insured Declared Value of the bike.
The additional personal accident coverage can be very beneficial since accidents in India are commonplace. As the owner of the insured vehicle, you can get this cover which can protect your finances in the event of a major accident. You or your family members can claim compensation in case of an unfortunate demise or permanent disability.
Bike consumables are important two-wheeler parts that include nuts, bearings, bolts, gearbox oil, engine oil, etc. A basic bike insurance plan might not cover the expenses associated with these consumables. Hence, adding this rider to your insurance plan can be highly useful for you in times of a crisis.
You can make sure that deductions are made from the sum insured without factoring the depreciation accrued on your bike’s components. A benefit like this one can be enjoyed only through the zero depreciation add-on cover.
With healthcare costs touching the skies, some extra benefits attached to your bike insurance could help you a tonne. This cover can act as a small health plan included with your comprehensive bike insurance plan. If you find yourself or a pillion rider injured after an accident, you can benefit greatly from this add-on. It can cover the medical and transportation costs that could arise after an accident, saving you a lot of money.
This refers to additional third-party damage coverage. Through this cover you can enhance the already existing third-party liability cover from your comprehensive bike insurance. In this way, you can increase the coverage amount and hence, be able to claim a larger sum insured, should the need arise.
There could come a time when you find yourself stranded in the middle of nowhere with a bike that broke down unexpectedly. You can eliminate the need to panic entirely if you have this add-on cover on your side. This cover allows you to claim roadside assistance from your insurer for towing, tyre changes, accommodation assistance, etc.
Before we move to the benefits of purchasing comprehensive insurance for bikes, let us first look at some components of such a plan. Insured Declared Value in Bike Insurance or IDV is the maximum coverage your vehicle shall receive under the comprehensive insurance policy. Thus, it is crucial to check the IDV being offered and compare various plans and not just the premium quote.
Similarly, the No Claim Bonus or NCB is the reward you can earn on your renewal premium by making zero claims during the policy period. Although it is not advised to avoid filing high-value claims, you can easily make great savings on becoming eligible for NCB!
If you’d like to calculate the premium price of your comprehensive bike insurance, you can follow the steps given below.
Step 1: Visit a bike insurance premium calculator page, like the Bajaj Markets bike insurance premium calculator
Step 2: Enter the details of your bike’s registration number, your phone number, etc.
Step 3: Confirm if you have an active bike insurance or not
Step 4: Choose your preferred bike insurance type
Step 5: Proceed to compare and analyse the various insurance options displayed on your screen
Here are the determining factors of the premium price of your comprehensive bike insurance.
The IDV or Insured Declared Value of your bike refers to the value at which your bike can be bought or sold on the current market. It is also the highest sum insured that your insurer can provide you with. Hence, the higher the IDV of your bike, the higher the premium price will be.
The age of your bike matters greatly when it comes to deciding the premium price of your comprehensive bike insurance plan. The older your bike, the higher the bike insurance premium price will be.
If the make, model, variant, and brand of your bike makes it a low-cost or medium-cost bike, you can expect a lower premium price. If your two-wheeler is as advanced or expensive as a sports or luxury bike, a higher premium price is bound to hit your pockets.
The location at which your bike was registered can impact your comprehensive bike insurance. If the registration region is a highly trafficked and high-risk location, you might have to pay a higher premium price.
An NCB or No-claim Bonus is a discount you can earn on an upcoming renewal premium for not filing a claim through one or more policy years. In this way, you premium could be reduced by a maximum rate of 50%, therefore, impacting your premium heavily.
Add-ons are extra insurance covers that can be added to your basic comprehensive bike insurance plan to enhance the coverage significantly. The inclusion of add-on covers invites an addition to the premium price, increasing it to offer you substantial coverage.
Purchasing your comprehensive bike insurance online can come with a large number of perks and benefits. Hence, given below are a few reasons why you should buy a comprehensive two-wheeler insurance plan online.
Minimal documentation and zero paperwork
Transparent and secure online purchasing
Ease of shifting to a different insurance provider
Ability to choose your desired coverage
24/7 and instantaneous access to policy papers and documents
Safe online payment procedure
Bajaj Allianz Bike Insurance
Acko Bike Insurance
HDFC ERGO Bike Insurance
You can combine your comprehensive insurance for bikes with the below-mentioned riders for enhanced protection: Zero depreciation cover Roadside assistance cover Engine protection cover NCB protect cover Consumables cover Return to invoice cover Tyre protection cover
No. Comprehensive motorcycle insurance is an optional plan that you can buy to avail maximised protection against perils. Such a policy covers various risks that aren’t included under the mandatory third-party insurance plan.
No. Third-party bike insurance is mandated under the Motor Vehicles Act, 1988 to drive legally on Indian roads. If you are caught without a valid insurance plan, you shall face hefty penalties.
Owner-riders who frequently use their bike and want to secure it from any damage or loss should definitely opt for a comprehensive two-wheeler insurance plan.
You can head over to the bike insurance section to purchase the right plan on Bajaj Markets.
The meaning of comprehensive two-wheeler insurance is that it is a policy that provides extensive security against the perils that may impact your vehicle and lead to a financial burden.
You can get the best comprehensive bike insurance by comparing various policies online. Head over to Bajaj Markets to check out our lucrative offerings at amazing prices!