Online Honda Bike Insurance

As per the Motor Vehicles Act of 1988, it is mandatory to have Honda bike insurance for the vehicle owners to cover the repairing and replacement expenses due to any accidental damages incurred. The two-wheelers designed by Honda come in an affordable range and are technologically advanced as they are a subsidiary manufacturing unit of a Japanese company Honda Motor Co. Ltd . You can purchase a Honda two-wheeler in India starting at ₹66,033.  However, while you are riding your two-wheeler, you are always exposed to the risk of a road accident, therefore the two-wheeler insurance offers coverage for accidental damages and losses incurred.

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 About Honda Bike Insurance

Honda Motorcycle & Scooter India Pvt. Ltd is the Indian two-wheeler manufacturing subsidiary of the popular Japanese automobile manufacturer Honda Motor Company Ltd. The Honda bike price in India ranges between ₹66,033 and ₹39.16 lakh. The vehicles manufactured by Honda come with all three ideals - quality, technology, and affordability, which makes them a great choice for all. However, while you are riding your two-wheeler, you are always exposed to the risk of a road accident. To ensure that you do not have to dip into your savings and avoid any financial burden in such events, you must secure your precious bike with adequate Honda two-wheeler insurance.

Popular Honda Two-Wheelers

Let us take a look at some of the company’s popular bike models, along with the Honda bike price and Honda two-wheeler insurance cost:

Honda Model

Fuel Type

Ex-Showroom Price*

Proposed Third-Party Premium Rates (Rs.) FY 2022-23

 

(effective 1* April, 2022)

 

Honda CD 110 Dream

Petrol

₹66,033

₹714

Honda Activa 6G

Petrol

₹71,432

₹714

Honda Shine

Petrol

₹76,314

₹714

Honda SP 125

Petrol

₹81,407

₹714

Honda Unicorn

Petrol

₹1.02 Lakh

₹714-₹1366

Honda H'ness CB350

Petrol

₹1.96 Lakh

₹1366

Honda Hornet 2.0

Petrol

₹1.34 Lakh

₹1366

Honda Gold Wing

Petrol

₹37.20 Lakh

₹2804

How to Buy Honda Bike Insurance Online?

To buy Honda two-wheeler insurance online, all you need to do is follow the steps given below:

 

  1. Visit the ‘Bike Insurance Premium Calculator’ section on Bajaj MARKETS.

  2. Fill the relevant details like your contact number and bike registration number.

  3. Choose the Honda two-wheeler insurance plan of your choice.

  4. Complete the premium payment online.

  5. The policy will be issued in no time.

How to Renew Honda Bike Insurance?

To continue reaping the benefits of your Honda two-wheeler insurance, renew the policy by following the steps given below:

 

  1. Visit the ‘Bike Insurance renewal’ section on the insurer’s website.

  2. Provide your bike registration number, contact details, and details of your existing/expired bike insurance policy.

  3. Check your Honda bike insurance renewal premium.

  4. Make the premium payment online.

  5. Download the policy copy.

Do not forget to avail the No-Claim Bonus (NCB) discount at the time of Honda bike insurance renewal.

Note: NCB is earned on a claim-free policy term.

Why is it Important to Insure Your Honda Bike?

Honda has been a preferred brand for many bike lovers in India over the decades. While Honda assures you of top quality and performance when on the road, your Honda bike or scooter is vulnerable to damage regardless. Loss or damage to your two-wheeler due to accidents can burden you financially and emotionally, even if you are an experienced rider. Similarly, in case your Honda two-wheeler is stolen, you will face a financial loss of more than ₹60,000. Thus, it is best to cover your Honda bike with a comprehensive bike insurance plan. The policy protects your motorcycle financially in case of accidents, theft, or loss due to man-made or natural disasters. Moreover, it is mandatory to have a third-party bike insurance plan to legally ride on Indian roads.

Types of Honda Bike Insurance Plans

Honda bike insurance is available in two types:

  • Third-Party Honda Motorcycle Insurance Plan

As mentioned above, third-party bike insurance is mandatory by law under the Motor Vehicles Act, 1988. However, the policy is known to cover third-party liabilities only, which means that the coverage protection is not extended to you or your Honda bike in any unfortunate event. Hence, the premium charges are easy on the pocket. If you are looking to buy an extensive cover for your motorcycle, it is recommended to buy a comprehensive bike insurance policy.

  • Comprehensive Honda Motorcycle Insurance Plan

A comprehensive bike insurance plan for Honda bikes will cover third-party liabilities and damage to your own motorcycle. A comprehensive Honda bike insurance policy has a relatively higher premium as compared to third-party bike insurance. You can also extend the scope of your comprehensive bike insurance policy with add-on benefits. Having comprehensive Honda motorcycle insurance makes sure that your two-wheeler is protected against any unfortunate event at all times.

What is Included in Your Honda Bike Insurance?

A third-party Honda two-wheeler insurance will only cover the third-party liabilities like death, injuries, or damages, that are caused by your insured two-wheeler. A comprehensive Honda bike insurance will cover the third-party liabilities as well as the damages to your own bike due to accidents, fire explosions, malicious acts, natural calamities, theft, etc.

What is Excluded from Your Honda Bike Insurance?

Some of the exclusions from Honda two-wheeler insurance are loss or damages caused outside the designated geographical area in the insurance policy, damages due to natural wear and tear, riding without a valid driving licence, etc.

Add-On Covers for Your Honda Bike Insurance

Honda motorcycle insurance available online at Bajaj MARKETS come with bespoke add-on covers that enhance the financial protection of your motorcycle. These include:

  • Zero Depreciation Cover:

With a zero depreciation bike insurance cover, you are covered against the depreciation value of your bike, thereby minimising your out-of-pocket expenses during a claim.

  • Round-the-Clock Spot Assistance:

With the round-the-clock roadside assistance cover  you are never left stranded in case of a sudden breakdown during your ride. Be it towing services, tyre change, fuel delivery or spare key requirement, roadside assistance cover with your Honda two-wheeler insurance plan will be there for you!

  • Personal Accident Cover:

This offers coverage to you and/or the pillion rider for the treatment cost of injuries due to an accident on your insured bike.

  • Return to Invoice:

The return to invoice cover helps you get the complete value of your bike in case of unforeseen events. It is the same as the one mentioned on your bike’s purchase invoice.

  • Engine Protection Cover:

This add-on covers the expenses related to the repairs of damaged engine parts. It is most useful if you are living in a flood-prone area.

 

However, note that you can only enhance the scope of comprehensive Honda bike insurance plans. You cannot opt for add-on covers on third-party bike insurance.

Honda Bike Insurance Claim Process

Honda two-wheeler insurance ensures all-around protection in case of unfortunate accidents or motorcycle theft. While getting Honda bike insurance is the first step to security, the next crucial step is understanding how claims are registered.

 

There are two types of Honda two-wheeler insurance claims:

  • Claim Cashless Bike Insurance for Honda Bikes

With cashless claims, you can get your bike with accidental damages repaired at the nearest network garage. The insurer will directly pay the garage for incurred expenses.

  • Claim Reimbursement for Honda Bikes

Here, you can get your Honda bike fixed at your preferred garage, pay the expenses, and raise a reimbursement claim against your policy. Upon claim approval, the settlement amount is transferred to your bank amount (minus the deductible, if applicable).

Now, let’s take a look at the important documents that you need for claiming your Honda insurance:

 

  • Honda two-wheeler insurance policy document

  • Honda bike details

  • Insurer details

  • Details of the Incident

  • FIR copy, in case of theft/vandalism

  • Original bills and receipts of the vehicle repair

Read More: Bike Insurance Claim Settlement Process

Easy Tips to Reduce the Honda Bike Insurance Cost

  • Maintain your Honda Bike

A key factor that is considered while calculating your bike insurance premium is the condition of your bike. Hence, maintain your Honda bike in good condition and get it serviced regularly as per the manufacturer-recommended service schedule.

  • Compare Honda Two-Wheeler Insurance Premiums

You must always compare the Honda bike insurance premiums that are offered by various insurance companies before buying a bike insurance.

  • Avoid Too Many Add-On Covers

Add-on covers come at an additional cost over and above the premium for your basic comprehensive bike insurance plan. Hence, only buy the add-ons that are necessary for your two-wheeler to avoid increasing your bike insurance premium significantly.

  • Avoid Filing Claims for Inexpensive Repairs

Secure your NCB (No Claim Bonus) rewards by bearing the expenses for inexpensive repairs yourself instead of filing insurance claims for such amounts. You can then use these NCB rewards to get a reduced premium during your Honda bike insurance renewal.

Summing Up

Now that you are aware of the importance of Honda two-wheeler insurance, its types and add-on covers, make sure that you secure your Honda bike with an adequate bike insurance policy. This will help you stay financially protected during unfortunate events like accidents, theft, floods, etc. You can use Bajaj MARKETS' bike insurance premium calculator to get a quote for your Honda two-wheeler insurance premium.

Check Out Bike Insurance Plans Available at Finserv MARKETS

FAQs on Honda Bike Insurance

  • ✔️Is it compulsory to buy bike insurance for my Honda bike?

     Yes, a third-party bike insurance policy is mandatory by law under the Motor Vehicles Act, 1988 to legally drive on Indian roads.

  • ✔️Can I get Honda bike insurance for less than a year?

     No, Honda bike insurance plans on Bajaj MARKETS provide minimum coverage of one year.

  • ✔️What will happen if I do not have bike insurance for my new Honda bike?

     You will be issued a challan if you fail to present an active third-party Honda bike insurance plan to the traffic police. Multiple violations can lead to licence cancellation and/or imprisonment.

  • ✔️What is the fine for driving without a valid bike insurance policy?

     The penalty for driving your Honda motorcycle without a valid bike insurance policy is ₹2,000 and/or imprisonment up to three months for the first offence. For subsequent offences, the penalty is ₹4,000 and/or imprisonment of up to three months.

  • ✔️How does IDV affect my Honda two-wheeler insurance premium?

     The bike insurance premium is directly related to the market value or IDV (insured declared value) of the bike. Hence, the IDV of your Honda bike is the primary influencer of your two-wheeler insurance premium.

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