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About 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.

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! 

Benefits of Opting for Comprehensive Two-Wheeler Insurance

Check out some of the key benefits of getting a comprehensive bike insurance policy to safeguard your motorbike:

 

  • 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 is a must.

 

  • 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 a comprehensive bike insurance policy, 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!

 

  • 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 bike 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. 

 

  • 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. 

 

  • 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.

Inclusions of Comprehensive Bike Insurance

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

Exclusions of Comprehensive Bike Insurance

Every insurance plan comes with certain limitations. So, let’s understand the aspects of 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

Difference Between Third-Party and Comprehensive Bike Insurance

 

Third-Party Bike Insurance

Comprehensive Bike Insurance

Coverage

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.

Premium Quote

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.

Customisation

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.

Limitations

The damages incurred by your vehicle are not covered.

The insurance plan is more expensive when compared to a third-party policy.

FAQs on Comprehensive Bike Insurance

  • ✔️What are some key bike insurance add-on covers that I should opt for?

    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

  • ✔️Is it compulsory to purchase comprehensive bike insurance?

    No. Comprehensive bike 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.

  • ✔️Can I skip purchasing third-party bike insurance because I am a responsible rider?

    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.

  • ✔️Who should opt for a comprehensive 2-wheeler insurance plan?

    Owner-riders who frequently use their bike and want to secure it from any damage or loss should definitely opt for a comprehensive insurance plan.

  • ✔️How can I buy two-wheeler insurance online at Bajaj Markets?

    You can head over to the bike insurance section to purchase the right plan on Bajaj Markets.

     

  • ✔️ What is the meaning of comprehensive bike insurance?

    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.

  • ✔️ Which is the best comprehensive bike insurance?

    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!