LOANS

INSURANCE

INVESTMENTS

CARDS

eStore

Discover

MY OFFERS

CUSTOMER PORTAL

ABOUT US

CONTACT US

Bike Insurance in Mumbai

The roads of Mumbai are constantly bustling, be it day or night as it is aptly called ‘the city that never sleeps’. As the financial capital of our nation, Mumbai is popular among job seekers who come here from all over the country in search of employment. However, this migration of people has made Mumbai one of the most densely populated cities in India. The roads are always packed to the brim with vehicles and the incidents of accidents are quite frequent. Hence, if you wish to drive on Mumbai roads, you will most definitely need a good insurance plan to keep your vehicle protected against perils like accidental damage, theft etc. Let’s take a look at the options for bike insurance in Mumbai and the benefits of choosing comprehensive insurance.

Benefits of Comprehensive Bike Insurance

A comprehensive bike insurance in Mumbai will offer many more benefits over basic third-party bike insurance, such as:

  • Own Damage Protection

Own damage protection refers to the financial coverage that a comprehensive insurance plan provides to your own two-wheeler for damages caused due to an accident. As the cost of vehicle repairs has risen significantly over the years due to inflation, having a comprehensive plan in place is the best choice.

  • Personal Accident Cover

A bike accident could lead to severe injuries. Private healthcare in India is incredibly expensive and almost unaffordable without insurance. Fortunately, one of the benefits of a comprehensive insurance plan is, it will help you cover the cost of your medical treatments for injuries caused by an accident and help you save money in the process.

  • Legal Obligation

Every vehicle owner in India needs to have at least third-party insurance for their vehicle to be able to legally drive on the roads, as per the New Motor Vehicles Act, 2019. By getting comprehensive insurance, you can rest assured knowing that your legal obligations have been fulfilled and that you won’t have to face hefty fines or imprisonment for driving without an insurance policy.

  • Third-Party Cover

Third-party coverage is needed for covering the costs of third-party damages and injuries in the event of an accident. When you buy comprehensive bike insurance in Mumbai, the third-party cover comes included in the policy.

  • Add-on Riders

If you choose to buy a comprehensive insurance plan, you automatically get the choice of buying add-on covers over and above your policy for added protection. Although not compulsory, you can use add-on covers to get enhanced protection against certain scenarios, like zero depreciation cover, consumables cover, etc.

 

Read More: Bike Insurance Cover - Inclusions & Exclusions

  • No Claim Bonus

If you have already been using bike insurance in Mumbai for more than one policy term, you may be eligible for a No Claim Bonus (NCB) discount. This NCB will allow you to get reduced premiums when you renew your bike insurance plan as a bonus for not making any claims. If you wish to switch your insurance providers, you can also transfer your No Claim Bonus to your new provider.

Best Bike Insurance Plans in Mumbai

With so many insurance options available in the market, choosing the correct plan for your bike may be a complicated process. To make things easier, you can take a look at the best bike insurance plans available at Bajaj MARKETS along with their features:

 

Bajaj Allianz General Insurance Co

Acko General Insurance Ltd

HDFC Ergo General Ltd

Third-party cover

Comprehensive Bike Insurance

Premium Amount

Starting at Rs. 538. - + GST (effective 1st April 2022)

Starting at Rs. 538. - + GST (effective 1st April 2022)

Starting at Rs. 538. - + GST (effective 1st April 2022)

No of Network Garages

4,000+

NA

8000+

Claim Settlement Ratio

98%

98%

99.5%

Additional Covers

 

*The aforementioned third-party premium rates are indicative. The actual insurance amount that you may have to pay may change depending on various factors. Please check the prevailing premium rates before purchasing your bike insurance policy.

Network Garages in Mumbai

Over the past few years, most motor insurance companies have started a service known as ‘network garages’ where the policyholders can take their vehicles for repairs after an accident. These network garages are typically located all over the country and the policyholders can get their vehicles repaired free of cost. The network garages have a tie-up with insurance companies, and hence, they settle the repair bills directly with the insurers.

You can check out the nearest network garage for bike insurance plans made available from our partners insurers:

Bajaj Allianz General Insurance - https://apps.bajajallianz.com/gmlocator/locate-garages.php

HDFC ERGO General Insurance - https://www.hdfcergo.com/locators/cashless-garages-network

Final Takeaway

A major threat to your two-wheeler in Mumbai is during the monsoons. During this period, there is a perpetual threat of vehicles skidding on the slippery roads or facing major damage due to excessive flood-like situations. A bike insurance Mumbai can help cover the damages due to such natural disasters as well as accidental damages. With the increasing number of road mishaps happening in Mumbai, it is crucial that you insure your two-wheeler not only with a third-party liability plan but with a more comprehensive insurance policy. The two-wheeler insurance Mumbai available at Bajaj MARKETS offers extensive self and rider coverage in the case of any road accident. The insurance plan also makes provisions for covering any expenses incurred due to damages to your vehicle arising out of theft or sabotage.

Check Out Bike Insurance Plans Available at Bajaj MARKETS

Top Bike Insurance Pages

Top Cities

Top Bike Brands

FAQs on Bike Insurance in Mumbai

✔️Is having a two-wheeler insurance compulsory in India?

Yes, according to the Motor Vehicles Act of 1988, it is compulsory for all vehicle owners in India to hold a third-party motor insurance.

✔️What are the risks covered in third-party two-wheeler insurance?

The third-party two-wheeler insurance available at Finserv MARKETS covers the following risks-

  • Injury or death of the third-party

  • Any other damage caused to the third party

  • Any other liability due to the death of the third party

✔️What is the bike insurance price in Mumbai?

You can get an estimate of the two-wheeler insurance price in Mumbai using the online bike insurance premium calculator. 

✔️What is the fine for driving without bike insurance in Mumbai?

You can be fined ₹2,000 to ₹4,000 for driving without bike insurance in Mumbai or anywhere in the country. 

✔️Can I buy online two-wheeler insurance in Mumbai?

Yes, you can buy bike insurance online in Mumbai using Bajaj MARKETS and other trustworthy insurance websites.