Top 3 Reasons to Buy Bike Insurance

A two-wheeler offers ease of commuting on the busy traffic-packed roads. However, the two-wheeler or bike riders must understand the importance of a two-wheeler or bike insurance.

Here are the top three reasons for you to buy the bike insurance :

1. It is Compulsory

It is mandatory. Government of India has a regulation under which you must have third-party insurance coverage if you own a bike or two-wheeler. You must not ride on the roads without third-party legal liability coverage; it is a legal offence to do so.

Third-party coverage offers you protection against :

• Legal liability due to accidental damages resulting in the permanent injury or death of a person
• Damage caused to the surrounding property

2. It Covers you Against Accidental Expenses

A proper bike insurance plan offers you coverage against loss or damage to your vehicle caused in an accident or theft. If you meet any unwanted circumstances, you do not have to bear the losses out of your pocket.

3. It Covers you Against Natural Disasters

The bike insurance plan covers you for damages caused in a natural calamity such as fire, explosion, self-ignition, earthquake, flood, landslide, cyclone etc.

While it is important to buy an adequate bike insurance plan, we at Cover 360 offer you all the needed information and facility to compare all available bike insurance plans at a single platform, before you decide on the best-suited one.

Top Benefits of Buying Bike Insurance in India

You must buy bike insurance not only because it is mandatory under the law, but it also brings a lot of benefits that save you a lot of cost in case of an accident, theft or any natural disaster.

Here are the key benefits of buying bike insurance in India :

• Accidental Coverage : With a comprehensive bike insurance policy, you can cover your financial expenses incurred on repairing your vehicle due to an accident. Even small repairs and minor damages are covered in a comprehensive policy.
• Third-Party Liability Coverage : If you cause damages to another vehicle or a person during an accident, your bike insurance policy will come in handy to pay for the damages. This also covers medical expenses such as treatment charges and hospitalisation for the third party.
• Coverage against Theft and Vandalism : If your bike is stolen or gets damaged in a riot incident, your bike insurance policy will cover you against the loss and you can get the value for your bike.
• Coverage against Natural Disasters : Your bike is secured against natural incidents that can cause damage such as flood, earthquakes, storms, landslides etc. You get the damages if such incidents occur.
• Add-on Covers : Apart from basic insurance coverage, you can also buy add-on covers with your bike insurance to get extra coverage. There are add-on covers for cashless garage facility, free towing, accessories etc.
• No Claim Bonus : Even if you do not face any such situation throughout the year and do not put any claim to your bike insurance provider, you are entitled to a no-claim bonus (NCB) for not filing any bike insurance claim. Your next bike insurance comes at a lower premium.
  It is very important to buy a comprehensive bike insurance policy at the earliest and if you already have coverage, get it renewed within time by easily comparing various bike insurance policies at Cover360.

Types of Bike Insurance in India

Bike insurance in India is available under two main categories. These categories ensure the coverage for all major incidents around bike theft and damages.

Here are the types of bike insurance policies offered by various insurance providers in India :

1. Third-Party or Liability Cover :

• Third-party cover is mandatory under the Motor Vehicles Act and it is a legal offence to ride a bike without this type of insurance.
• The liability coverage helps you in covering damages caused to another person, their vehicle or property involved in an accident with your vehicle.
• It also covers the expenses made for medical care needed due to injuries by the third party. It reduces your financial liability caused due to an accident.

2. Comprehensive Bike Insurance Policy :

• A comprehensive bike insurance policy provides coverage for all kinds of unforeseen incidents that cause damage to the vehicle.
• It offers compensation against the repair of damages caused to your vehicle/property and the third party’s vehicle and property. This bike insurance policy also covers you against legal expenses, medical costs, loss of limbs or death, theft, vandalism and natural disasters.

A comprehensive bike insurance policy comes at a higher premium than the mandatory policy. It can further be enhanced by adding add-on covers like NCB cover, zero depreciation cover, accessories cover etc. It is always advisable to go for comprehensive bike insurance as it provides coverage against all kinds of damages.

Read the following table to understand the coverage provided by each type of bike insurance policy :

Inclusions and Exclusions of a Bike Insurance Policy

You must buy a bike insurance policy if you are a bike or two-wheeler owner and riding on the roads in India. Insurance provides you protection against losses and damages during accidents and other unforeseen circumstances. It also offers a third-party cover to save you from paying a lot of compensations.

However, certain facilities are not included in your bike insurance policy. You must know all the inclusions and exclusions of a bike policy before buying.

Inclusions :

• Your bike insurance policy covers you against accidental and theft damages.
• The mandatory third-party cover helps you to bear the losses faced by other vehicle and its driver if you are involved in an accident caused by you.
• A comprehensive car policy is optional but it offers accidental cover, liability cover, damages cover, theft and vandalism, third-party cover, collision cover and invoice cover.

Exclusions :

• Any damage caused to your bike due to regular wear and tear
• Any damage caused to your bike when some other person was riding it without a license
• Damages caused due to electrical or mechanical breakdowns
• Regular depreciation of the vehicle
• Any loss to tyres and tyre tubes
• Any loss caused if you were riding under the influence of drugs or alcohol
• Any loss or damaged that occurred in the period when your policy had expired and not renewed
• Any loss or damage as a result of war /mutiny /nuclear risks
• Any damage caused if your vehicle was used for any irregular purpose it is not intended for

You must buy the best-suited bike insurance policy after knowing the inclusions and exclusions so that you know what you are not covered for and where can you ask for a claim.

Factors that Affect Premium on Your Bike Insurance

A bike insurance policy is important for you if you are riding a bike or a two-wheeler on Indian roads. When you buy insurance for your bike, you have to pay a premium, which is dependent on a certain number of factors.

Let us find out the factors that affect the premium on your bike insurance policy.

• Age and Gender of the Biker
  The insurance providers look at your age, gender and sometimes even marital status to decide on the premium. Customers belonging in the age group of 18-25 years are considered riskier than the middle-aged buyers based. Higher the risk, higher is the premium.
• Model and Variant of the Bike
  A high-end expensive bike with a higher cubic capacity (cc) will attract a higher premium compared to an economical bike with lesser cc. There are three categories for bikes when it comes to their cc: 0-150cc, 150-350cc and above 350cc. The premium goes up as cc goes higher.
• Make/Year of Manufacture/IDV of the Bike
  New bikes attract higher premiums as the cost of repair and damages for the newer parts is going to be expensive. Also, newer bikes have higher Insured Declared Value (IDV), hence the insurers have to reimburse a higher amount in case of accident or theft. Older bikes have lesser IDV as per market values and thereby attract lower premiums.
• No Claim Bonus (NCB)
  Not filing for claims in a single year makes you eligible for No Claim Bonus (NCB) in the following year that starts from 20% and goes up to 50% discount on the premium. There is also a provision of transferring your NCB from one policy to another!
• Zone for Which the Insurance is Required
  There are different zones in all insurance providers’ policy book. Based on it; living in an urban and densely populated area will attract a higher premium since the chances of an accident are higher. Also, the areas where cases of theft or vandalism are more prevalent will lead to a higher premium.
• Type of Insurance
  A third-party insurance cover comes at a lower price than a comprehensive bike insurance policy. Since comprehensive insurance provides complete coverage, the insurers charge a higher premium for it.
• Driving History of the Biker
  The number of claims filed, records of accidents, rash driving etc. are put under consideration while calculating premium at the time of bike policy renewal. The higher percentage of such instances will result in higher premiums.
• Anti-theft Device Safety Discount
  If your bike is fitted with an ARAI (Automotive Research Association of India) approved the anti-theft device, you can get further discounts on premium.
  You can compare various bike insurance policies at Cover360 to find the best product for your bike and be secured.

Important Things to Consider Before Selecting Bike Insurance

Bike insurance policy is important coverage for you if you are riding a bike or any other two-wheeler on the roads. Bike policy helps you to stay financially protected under some unforeseen circumstances such as accident, theft or vandalism etc.

While insurance companies put a lot of consideration into assigning suitable bike insurance to you, it is your responsibility to consider a few important points before selecting the best bike policy.

Let us understand those important points you need to consider before buying a bike insurance policy :

• Choose between a third-party cover and a comprehensive policy only after analyzing your needs completely. If you are a regular rider, a comprehensive policy will best suit your insurance needs.
• A comprehensive car policy is always a better option, as it is a full package of features like liability cover and accident cover. You can make it better by choosing add-ons like invoice cover, consumables cover and engine cover etc.
• If you have not made any claims in the previous year of bike insurance policy, make sure to ask for no claim bonus from the insurance company. You can get a rebate of up to 50% depending on the number of no-claim years.
• Make thorough research and compare various bike insurance plans offered by insurance companies in India. Buy the one that offers maximum features in fewer premiums.

You can read all the relevant information related to bike insurance policies at Cover360. Be sure that you are making a well-informed decision to buy the most suitable insurance policy for your bike or two-wheeler.

Add-on Covers You Can Buy With Your Bike Insurance Policy

A comprehensive bike insurance policy covers you in a lot of instances. You can further customise your comprehensive policy by purchasing add-ons or riders. These add-on covers provide you coverage for many other issues, which you may face as a bike rider. It is important to check for the available add-on covers and choose the ones that suit your driving patterns. Add-on covers come at an additional premium.

Here are the types of add-on covers that you can choose with your bike insurance policy :

• Zero Depreciation Cover : As the years pass, the value to your bike is depreciated. If you meet with an accident while riding on your old bike, the insurance provider will only pay for repairs or the parts that need to be changed, based on the depreciated value because it is an old bike. This compensation can be very less. If you buy a zero depreciation cover, you can get the actual value of parts just like it was in a new vehicle.
• Accident Cover for the Co-rider : This add-on cover is important for your co-rider. If the co-rider is injured during an accident, this cover helps you to meet the expenses that you need to incur on the medicine and treatment. It covers the co-rider in the event of partial/permanent disability and in some cases even death.
• Road Assistance : Purchasing this cover means you will get help in case your vehicle breaks down in the middle of the road. The insurance company will provide the tow facility, cashless garage facility, accommodation benefits in case vehicle breaks down in a secluded place, and other such provisions for the emergency purpose.
• Accessories Coverage : If you have to change or add electrical/non-electrical accessories to your vehicle; the cost for the same will be paid by the insurance provider, only if you have this rider added to your bike insurance policy.

All of the above add-ons are optional but they are very useful in certain situations. You can opt for some or all of them, based on your bike riding patterns and insurance requirements.

Benefits of Comparing Bike Insurance

Bike insurance policy is important for you if you are riding a bike or a two-wheeler on the roads. However, it is tricky to choose the right policy, especially when there are so many bike policies offered by bike insurance providers in India. You can compare bike insurance online and choose the best-suited product.

At Cover 360, we offer you all the imperative information related to all the available bike insurance policies.

Here are the major benefits of comparing bike insurance policies online :

• You can make the best choice of insurance provider offering the best coverage benefits.
• You can choose the maximum add-ons in the most reasonable premium value.
• You can save on the premium by comparing various plans and buying with maximum features in the lowest premium.
• You can look for the best claim settlement ratio and choose the bike insurance policy based on that.
• You can check the grievance settlement ratio of various providers and choose the one with the highest ratio.
• You can compare the list of network garages associated with bike insurance providers in India and choose the one with nearest garages to you.
• You can compare the discounts offered by various insurance providers and choose what suits you the most.
• You can create the best bike insurance experience for yourself if you carefully compare bike insurance policies online and make sure you have the best one suited to all your needs.

Cover360 is your best insurance compare platform that offers all the information related to bike insurance policies available in India. If you have any queries, please call us today!

Tips on Buying Bike Insurance

It is important to keep certain important things in mind if you want to buy the best bike insurance policy.

Here are some important tips to follow while researching the bike insurance policy :

Tips based on types of bike insurance :

There are two types of bike insurance in India :

• Third-Party or Liability Insurance : It is an insurance policy to cover the damages caused to the vehicle, property, accidental death and injuries caused to the third party, except the insured and the insurer, due to an accident. This policy is mandatory under the laws of our country.
• Comprehensive Plan : Under this type of insurance policy, the damages, legal expenses and medical costs are covered for both the insured as well as the third party involved in an accident. It also covers natural disasters as well as man-made disasters including theft, vandalism, riots etc.

A comprehensive bike insurance policy comes at a higher price, but it offers the best coverage.

How to make the best deal for a bike insurance policy?

• Your Vehicle – Before you buy a bike insurance policy, you must get your bike or two-wheeler inspected. The insurance companies decide the premium based on the age, brand, make and model of your bike. Compare various plans available for your kind of bike that meet your requirements and choose the one that offers the best benefits at the lowest possible cost.
• Your Claims History - Insurance providers offer No Claim Bonus (NCB) for not filing for claims in a given policy year. This can reduce the premium amount and makes it advisable not to file claims for small damages and repairs, which you can afford easily.

How to reduce the premium on your bike insurance?

• Ensure a single and safe driver drives the vehicle.
• Remember to install an Automotive Research Association of India (ARAI) approved security feature in your vehicle to avoid burglary and theft. This can help in reducing the premium.

What not to do while buying bike insurance?

• Do not declare a lesser Insured Declared Value (IDV) on the insurance form to claim a lower premium. The premium might be less, but in case the vehicle meets a total-loss accident or gets stolen, the insurer will reimburse you the value of the vehicle based on the lower IDV you submitted.
• Do not renew your bike insurance policy after a long gap of the lapse of your previous policy. Make sure you renew on the right date or within the grace period to avoid the lapse of certain features.

You can compare various bike insurance policies at Cover 360 buy the best bike insurance now!

Claim Process for Bike Insurance

It is not difficult to have a bike insurance claim approved. All you need to do is follow the steps diligently and keep all the documents ready for claiming bike insurance policy.

Here, we are listing all the important steps you need to follow in case you want to apply for a bike insurance claim :

• In case you met an accident, take note if the number of vehicles involved in the accident other than yours.
• Take pictures of the accident spot and damaged bike.
• Call your insurance provider to inform the accident.
• Lodge an FIR at the nearest police station, if there is an utmost need, like physical injury to a third party, property damage to a third party, or death of third-party involved in the accident.
• In case your bike is stolen and you are filing a claim, then also an FIR must be filed.
• Fill the online claim form available at the insurer's website.
• The assigned insurer's representative will contact you within 24 hours to have your claim registered with the company and will also provide you with a claim registration number to keep the track.
• An insurance surveyor will be sent to inspect the vehicle before repair.
• The insurance company will inform you about network repair shops or garages where you can get your bike/two-wheeler repaired. You can take your bike at a garage nearest to you.

Documents needed to file for a cashless bike insurance claim :

• Registration Certificate Copy (RC)
• Tax Receipt Copy of Your Bike
• Valid Bike Insurance Documents
• Valid Driving License Copy
• FIR copy in the event of theft, third-party injury, death or property damage

If you got the repairs done on your own and then filing for reimbursement, you also need :

• Bills and receipts of repair and replacement of parts

If you are filing a claim against bike theft, you need these additional papers;

• Duly verified R.T.O. Paper
• NOC letter in case of hypothecated bike
• Letter of Subrogation and Indemnity issued by a notary

For third party claims, you need :

• Copy of the legal notice sent by the affected third party
• All original documents that you furnished for verification

Once you all the duly filled forms and required documents, the insurance surveyor will check the vehicle and make a report. Based on his report the insurance provider will approve your claim. The insurer will pay the cost of repair to the network repair shop, in case you filed for a cashless claim. Rest claims made and approved (reimbursement/compensation) will be settled through NEFT or Check.

Renewal Process for Bike Insurance

You can follow these steps to renew your bike insurance policy :

• If you wish to buy a new bike policy, you can compare bike insurance online offered by various insurance providers in India and choose the best suited.
• If you want to renew the bike policy with the same insurance provider, you can visit insurance provider’s website and fill the policy renewal form with all the valid information such as make and model of the vehicle, IDV, previous policy number, n claim bonus etc.
• You can also get in touch with the representative of the insurance company on call and get the bike policy renewal done through their guidance.
• You can renew bike insurance here at Cover 360 by easily comparing the features and offerings of various insurance providers. You must fill in all the relevant information in the forms provided to reach the best bike insurance for you.
• Make sure to ask for No Claim Bonus in case you did not file a claim in the previous policy year.

In these easy steps, you can renew your bike insurance and get a good deal for your next policy year.

Importance of Renewing Bike Insurance

It is very important to renew your bike insurance policy because :

• As per the Motor Vehicles Act, a third-party liability cover is mandatory. It is a legal offence to ride a bike or a two-wheeler on roads without third-party insurance.
• Without a renewed bike policy, you will have to bear all the expenses on your own in case of an accident or a theft.

Here is why you must renew your bike insurance policy within time :

• It is a regulation enforced by the government of India to have a mandatory third-party cover, without which you cannot run a vehicle on the roads.
• If you do not renew your bike insurance policy in time, you may lose benefits like no claim bonus.
• If you keep renewing your bike insurance policy in time with the same insurer, you get bonus benefits or loyalty points from the bike insurance company.
• No claims will be accepted by the insurance provider after the expiry date of the policy until you renew the same.

What is the Grace Period?

Insurance providers offer a time window to renew your bike insurance policy. You must get the bike insurance renewal done immediately after its expiry.

Top Companies Offering Bike Insurance in India

When you are buying or renewing your bike insurance policy, you must make a well-researched online comparison around all the bike insurance plans and offered schemes. When you know all the insurance providers and bike insurance policies offered by them, it becomes easy to reach the best deal.

We are listing the top insurance companies offering bike insurance in India to help you make a well-informed choice.

• Bajaj Allianz General Insurance
• SBI General Insurance
• Bharti AXA General Insurance
• Shriram General Insurance
• Universal Sompo General Insurance
• HDFC Ergo General Insurance
• Tata AIG Insurance
• Reliance General Insurance
• National Insurance Insurance
• IFFCO Tokio Insurance
• Go Digit General Insurance

Top Trending Bike Insurance Policies in India

There are various insurance companies in India offering bike insurance policies. All the companies offer various discount and add-on schemes that you can opt for depending upon your needs. There are always some trending bike insurance plans that attract the buyers.

We are listing here top trending bike insurance policies n India to help you choose the best :

Importance of Having Bike Insurance

If you are a bike rider, you need bike insurance! It is as simple as that! It is an important tool that keeps you safe while driving on the roads and also protects you from unwanted expenses.

Here are valid reasons why bike insurance is important for you :

• To Comply with the Law
  Without basic bike insurance, which is a third-party liability cover, you cannot drive a bike on the roads. It is a legal offence to ride without insurance, as per the Motor Vehicles Act. Bike insurance saves you from unnecessary challans and penalties.
• To Stay Protected Against Accidents
  It is always good to stay prevented rather than looking for cures. On the accident-prone roads, you must have bike insurance to take care of all the expenses that occur in case you meet with an accident.
• To Get the Medical Coverage
  A comprehensive insurance policy pays for the medical treatment, legal expenses and even provides financial assistance in case of loss of limbs or even death of not only the owner of the vehicle but also of the third party involved in the accident.
• To Be Covered for Natural Disasters
  If you buy a bike insurance policy, you are also covered for the damages that occur during natural disasters like flood, earthquake, fire or a landslide. All the financial losses are paid by the insurance company if your bike gets damaged during such situations.
• To Be Saved from Man-made Disasters
  With increasing instances of theft, vandalism or rioting, it is better to have a comprehensive bike insurance policy so that you do not have to pay for something that is not your mistake. The insurance cover reimburses the cost of the vehicle damaged or stolen under such circumstances.
  If you already have an insurance cover, do remember to renew it on time. Buying a bike insurance policy, be it a third party liability cover or comprehensive insurance, is a must. Bike insurance is important not only to save money but also for peace of mind! Do it now at Cover360!

Online Vs Offline Bike Insurance

You definitely need to buy a suitable bike insurance policy and it is possible to buy bike insurance offline or online. You can make a sensible decision based on this comparison between bike insurance offline vs. online.

• Ease of Buying

  Offline : If you buy bike insurance through an insurance agent, you may have to undergo a series of meetings and paperwork, which can be time-consuming. Also, you may not even get all the information related to all kinds of insurance products available from the agent.

  Online : Buying bike insurance policy online can be done from the comfort of your home and that too after comparing various bike insurance products online. You get all the information related to available bike policies at a single platform and you can buy instantly based on the comparison results.

• Purchase Cost

  Offline : Premium cost for bike insurance may be higher if you buy offline as the agent will charge his or her own commission too.

  Online : You can buy bike insurance online at lower and discounted premiums, which are always available in various schemes offered by the insurance companies. You also save the commission you have to pay the agent.

• Ease of Payments

  Offline : When you buy a bike insurance policy offline through an insurance agent, you may have to pay through check or cash, which are not secured methods of payment.

  Online : Making online payments for the bike insurance policy is very easy through safe and secure payment gateways. You can make payments through net banking, digital wallets, credit cards and debit cards.

• After Sales Service

  Offline : After making the sales, insurance agents are often not available to take care of problems and issues you may face with your bike policy. This is a strong pain-point when you buy bike insurance policy offline.

  Online : When you buy bike insurance policy online, you get an array of customer support avenues like online chat, email, on-the-call support and many more. At Cover 360, all these form the frontline of our customer support endeavours and we make sure you are never left alone to deal with your insurance grievances.

For all the valid reasons above, buying bike insurance online seems a comfortable and secure option. It is always good to make a sensible choice.

How Cover 360 Helps

Cover360 – Poora Car Insurance Services Until Claim!

This is a comprehensive bike insurance services platform that offers all the information, compare facility and easy buying options for all the available bike insurance policies in India.

Here is how Cover 360 helps you with buying the best bike insurance policy :

• You can find customized bike insurance quotes that match your requirements.
• Our compare algorithms are fast and trustworthy and you can make the best-suited choice.
• You can compare bike insurance online across a list of insurance providers while applying various parameters and filters. We bring you accurate results.
• We help you save a lot while buying the best bike insurance policy.
• We offer expert advice on various bike insurance products and insurance providers in India.
• We help you go through the process of buying the bike insurance policy without any hassle.
• We help you avail the bike insurance policy in your mailbox without having to run here and there.
• With our quick, easy and reliable payment methods, you can make easy and secure payments.
• Our processes are simple and trouble-free.
• The forms on our website are short and simple and gather all the possible knowledge.
• We offer live policy tracking to keep a record of activities on your bike insurance policy.
• We help you file your bike insurance claim and get the no-hassle settlement.
• We are always there to offer all kinds of customer support when you get stuck in an insurance situation.

Cover360 is your one-stop solution to all the bike insurance needs. We answer all the tricky questions that you may have in your mind. Call us today or reach out on mail.