Comprehensive Bike Insurance

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.

Features of Comprehensive Bike Insurance

Here are the major features of comprehensive bike insurance.

1. Third-party Liability Coverage

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. 

2. Own-damage Coverage

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. 

3. Personal Accident Coverage

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. 

4. Peace of Mind

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. 

Benefits of Opting for Comprehensive Two-Wheeler Insurance

Check out some of the key benefits of getting a comprehensive insurance policy for a two-wheeler to safeguard your motorbike.

1. Protection against Accidental Damage

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.

2. Covers Man-made and Natural Calamities

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!

3. Safeguards against Accidental Injury

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. 

4. Includes Third-Party Liability Cover

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. 

5. Secures from Theft of Vehicle

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.

Why Choose Comprehensive Bike Insurance on Bajaj Markets?

Here’s why purchasing your comprehensive two-wheeler insurance from Bajaj Markets is the best decision you can make. 

1. Cashless Services

The partners at Bajaj Markets can offer you cashless services at various partner garages through your bike insurance plan.

2. Speedy Claim Process

Speed and efficiency is a promise here since claiming your bike insurance benefits and coverage is a process that is seamless and quick.

3. 24x7 Customer Care

You can contact Bajaj Markets through any time of the day or night, and you will find answers to your questions round the clock.

4. Customisable Plans

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.

Difference between Third-party and Comprehensive Bike Insurance

Here is everything you need to know about the differences between third-party bike insurance and comprehensive bike insurance.

What Is Included and Not Included under Comprehensive Bike Insurance

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. 

1. Inclusions

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

• Own damage

• Man-made disasters

• Natural calamities

• Personal accident

2. Exclusions

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

Add-ons for Comprehensive Two-Wheeler Insurance

Given below are the insurance riders you could add to your comprehensive bike insurance to customise it to fit your preferences. 

1. Return-to-Invoice Cover

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. 

2. Additional Personal Accident Coverage

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. 

3. Consumables Expenses

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. 

4. Zero Depreciation Cover

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. 

5. Emergency Medical Costs 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. 

6. Additional TPD Coverage

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. 

7. Roadside Assistance Coverage

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. 

Importance of IDV & NCB in Comprehensive Bike Insurance

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!

How Can You Calculate Comprehensive Bike Insurance Premiums?

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

Determining Factors of Comprehensive Bike Insurance Premium

Here are the determining factors of the premium price of your comprehensive bike insurance. 

1. Insured Declared Value

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. 

2. Age of the Bike

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. 

3. Make and Variant of Bike

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.  

4. Location of Registration

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. 

5. No-claim Bonus and Discounts

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. 

6. The Add-ons

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. 

Reasons for Purchasing Comprehensive Bike Insurance Online

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

• Customisable plans

• Transparent and secure online purchasing

• Ease of shifting to a different insurance provider

• Time-saving exercise

• Ability to choose your desired coverage

• 24/7 and instantaneous access to policy papers and documents

• Safe online payment procedure