✔️What is bike insurance?
A third party bike insurance is mandatory by law under the Motor Vehicle Act. Bike insurance offers protection to your two-wheeler in case of damage, theft, or loss incurred due to man-made and natural disasters. In simple terms, it covers the financial loss incurred in case of unfortunate events.
✔️What types of bike insurance plans are available in India?
There are two types of bike insurance available in the market - Third Party Bike Insurance - It only covers third-party liabilities and is mandatory by law Comprehensive Bike Insurance - Along with coverage for third-party liabilities, it covers damage incurred by your vehicle in an accident.
✔️What are the different long term plans available for bike insurance?
The following are the long term bike insurance plans that you can choose from - Liability only plan for five years - It covers all the third-party liabilities. Package plan for five years - This plan extends coverage to your vehicle in case of damage, theft, or loss incurred due to natural and man-made disasters. Also, it covers all the third-party liabilities. Bundled plan for five years - This plan provides comprehensive coverage for one year and covers the third-party section for five years.
✔️Can I renew my expired bike insurance plan?
Yes. You can easily renew the expired bike insurance at Finserv MARKETS online.
✔️Can I retain/avail my No Claim Bonus when renewing an expired bike insurance plan?
The No Claim Bonus (NCB) is valid for 90 days after policy expiration. Hence, it is essential to new bike insurance within 90 days after the policy expiry date. You cannot avail/retain the benefits of the No Claim Bonus if you fail to renew the policy within the stipulated period.