Bike Insurance Guide

Every experienced rider knows how valuable it is to have a good bike insurance plan. Accidents can occur regardless of how carefully you are on the road. They may happen due to bad road or weather conditions, faults of fellow commuters or mechanical failures — all factors outside your control. A bike insurance guide can help you pick the best insurance plan to help mitigate these repair costs. This is especially useful for beginners who can find it a bit daunting to navigate the nuances of picking a good bike insurance plan. It also helps in understanding the basic terms, benefits, and know-how, so you can choose the right bike insurance and financially safeguard your vehicle.

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Bike Insurance Guide

Many say that ‘there’s no thrill without danger’. But no matter how experienced a rider you are, mishaps can take place any time. If you don’t have insurance cover for your bike or scooter, the financial implications of an accident can put a significant dent in your hard-earned savings. A bike insurance or two-wheeler insurance policy offers coverage against losses that you may have to incur in case of an untimely eventuality like an accident, theft of your vehicle, etc.

Moreover, having third-party two-wheeler insurance is mandatory in India under the Motor Vehicles Act, 1988. Riding without two-wheeler insurance not only makes you vulnerable to potential losses but also makes you liable to heavy penalties. Hence, every two-wheeler owner in India is expected to hold at least a mandatory third-party liability policy. In this article, let’s find out how to choose the right bike insurance to financially safeguard your vehicle!

Types of Two-Wheeler Insurance

There are two types of two-wheeler insurance plans that you can opt for:

 

  • Third-Party Bike Insurance

third-party liability insurance covers the damages or loss caused to a third party individual or property. It is the minimum coverage offered by insurance companies and is mandatory in India. When compared to comprehensive two-wheeler insurance, it has a lower premium. However, it should not be the only coverage you opt for, as it does not protect your own vehicle against damages.

  • Comprehensive Bike Insurance

As the name suggests, a comprehensive two-wheeler insurance policy offers complete financial protection against your own damages in addition to any third party loss. Moreover, a comprehensive plan offers coverage against a wide range of risks such as theft, accidents, vandalism, natural calamities, etc. Although comprehensive two-wheeler insurance comes at a slightly higher premium rate, it is an investment worth making.

Important Two-Wheeler Insurance Terminology

  • No Claim Bonus

No Claim Bonus or NCB is a discount given by an insurance company on the insurance renewal premium. However, you are eligible for an NCB reward only if you don't file a claim throughout the previous policy period. It can be considered as a reward for being a responsible rider. The best part about the NCB is that it increases progressively up to 50% after each claim-free year.

  • Insured Declared Value

Insured Declared Value or IDV is the current market value of your vehicle which is calculated after deducting the depreciation amount. The IDV is an important component of a two-wheeler insurance policy as it determines the amount of compensation you shall receive. In case your bike is stolen or damaged beyond repair, the Insured Declared Value is offered as the sum insured. In other words, the IDV is the maximum compensation you can get for your vehicle under the two-wheeler insurance policy.

Key Benefits of Buying Two-Wheeler Insurance Online

Since the emergence of numerous insurance companies in India, the two-wheeler insurance market has changed dramatically. Today, bike insurance companies offer plans with a wide range of features and benefits at competitive rates. Here are some of the key benefits of buying two-wheeler insurance online:

  • Quick paperless process

  • Cost-effective policy premiums

  • Speedy processing and approval

  • Easy transfer of No Claim Bonus (NCB) discounts

  • Property damage and/or physical injury coverage

  • Safe and convenient method

  • Extensive cover against numerous perils

  • Hassle-free renewals

  • Availability of cashless claim facility

Steps To Buy Two-Wheeler Insurance Online

Since the advent of online bike insurance, buying a policy online has become a quick and simple process. These simple steps will help you buy a two-wheeler insurance policy online easily:

 

Step 1: Compare and research insurers online

 

Step 2: Select the right insurance company

 

Step 3: Pick a suitable insurance type

 

Step 4: Set the correct IDV (Insured Declared Value) of your bike

 

Step 5: Opt for any add-on covers to enhance your coverage

 

Step 6: Go through the policy documents thoroughly

 

Step 7: Fill in the online application form and make payment

How is Two-Wheeler Insurance Premium Calculated?

There are several factors that are considered while estimating the two-wheeler insurance premium for your vehicle. So, to learn how to know your bike insurance premium calculation, check out the below-mentioned aspects that are taken into account:

 

  • Fuel type of bike

  • Vehicle-owner’s age

  • Insured Declared Value (IDV)

  • Geographical location

  • Cubic capacity of the bike

  • Make & model of the vehicle

  • No Claim Bonus (NCB)

You can estimate the premium you need to pay for insurance with our online bike insurance calculator! By filling in a few details, the two-wheeler insurance premium quote will be available for you.

Benefits of Buying Two-Wheeler Insurance with Finserv MARKETS

  • Quick Online Application/Renewal

With Finserv MARKETS, you can buy bike insurance through our website or even our mobile insurance app in a few simple steps. Bike insurance renewal online at Finserv MARKETS is just as easy and absolutely hassle-free.

  • Secure Discounts

Enjoy discounts on premium if you are a member of a recognised automotive association, by getting an anti-theft device installed or if you have a good rider history.

  • Easy NCB Transfer

NCB refers to No Claim Bonus, which is a reward received when you don’t make any claims throughout the year. If you want to switch to Finserv MARKETS from your previous insurance provider, you can easily transfer up to 50% of your existing NCB to the new insurer.

  • Simple Claims and Inspections

Through Finserv MARKETS, insurance inspections are quick and hassle-free and the claim settlement process is also simple. This makes the overall two-wheeler insurance buying and claiming experience very convenient.

To Conclude

With this, you must have understood how to choose the right bike insurance for your prized possession! Though third-party insurance is mandatory, taking that step towards opting for comprehensive bike insurance goes a long way in securing your bike.

At Finserv MARKETS, you can buy bike insurance online in a simple and straightforward process. Moreover, you can enjoy exclusive benefits like a cashless claim facility, quick claim settlement, round-the-clock assistance and much more. To buy or know more about bike insurance visit Finserv MARKETS today.

Check Out Bike Insurance Plans Available at Bajaj MARKETS

FAQs related to Bike Insurance Guide

  • ✔️How to pay for bike insurance online?

    You can pay for bike insurance online via multiple modes of payment such as net banking, debit card, credit card or even a mobile wallet. All of these online payment methods don’t take more than a few minutes.

  • ✔️How to know about my bike insurance policy number?

    To know your bike insurance policy number, check the Certificate of Insurance that you receive after buying the policy. If you buy a bike insurance policy online, you will receive regular correspondence from your insurer via emails and letters with your bike policy number mentioned in it.

  • ✔️How is the premium calculated for two-wheeler insurance?

    The bike insurance premium is calculated after considering various factors such as bike model & make, year of manufacture, engine capacity, geographic location, voluntarily deductible, etc. Depending on these factors, the bike insurance premium usually varies from person to person.

  • ✔️How to check if your bike is insured?

    You can check if your bike is insured by referring to your two-wheeler insurance policy document to learn the due date. In case you have missed the policy renewal due date, you can choose to continue your coverage by renewing within the grace period. If you are still confused about ‘how to know your bike insurance expiry date’, you can contact your insurance provider. 

  • ✔️How to buy bike insurance online on Finserv MARKETS?

    You can follow the steps below to buy bike insurance online on Finserv MARKETS:

    • Go to the ‘Bike Insurance’ section on Finserv MARKETS

    • Select the type of two-wheeler insurance policy

    • Fill in the application form with relevant details

    • Opt for add-on covers and review the policy terms

    • Pay the premium

    • Your two-wheeler insurance policy document will be issued soon!