The Motor Vehicles Act of 1988 has made it mandatory for every bike owner in India to get bike insurance. However, bike insurance will ensure protection during emergencies like accidents, thefts, or third-party damage. So, when you buy a policy you need to go for an insurance check bike carefully. Read on to learn more about different types of bike insurance policies, the checklist for bike insurance in India, and the documents required.
Need for a Bike Insurance Policy
A bike owner should always protect themselves against sudden financial losses caused during an emergency.
Therefore, here are the reasons to get a bike insurance policy in India:
Cashless Garages
If you have bike insurance, you can get the benefits of getting your bike repaired without paying anything. This is because a few selected bike repair garages offer cashless repairs to insured vehicles.
Accident Coverage
As a bike owner who has two-wheeler insurance, you can get personal accident coverage of up to Rs. 15 lakhs. Both the comprehensive bike insurance and third-party bike insurance plans offer these benefits.
Financial Protection
You will get complete financial protection with a bike or four wheeler insurance policy during emergencies. If you face any damages because of theft, fire, accident, or involving a third party, then you will get complete financial protection with bike insurance.
Different Categories of Bike Insurance Policy
There are three types of bike insurance policies in India which are:
Comprehensive Bike Insurance
Getting comprehensive bike insurance will give you complete coverage against risks from third parties. So, if your bike is stolen or damaged because of natural calamities, accidents, or other disasters, then this policy will give you protection.
Third-party Bike Insurance Policy
When a third party faces a loss because of your bike, then this policy will give you monetary compensation. It covers medical expenses or compensates for damages caused to third-party property.
Standalone Own-damage Bike Insurance Policy
With a standalone own-damage bike insurance policy, you can get coverage for the damage caused to your own bike. The reason for damage can be because of fire, accidents, theft, natural calamities, man-made disasters, and so on.
Checklist for Bike Insurance in India
Before getting bike insurance in India, you need to make sure of certain important information.
Here is a list for bike owners that they can check before buying bike insurance:
Vehicle Details
All vehicle details need to be included in the policy documents. These details can include engine number, registration number, or chassis number.
Policy Number
You need to provide your policy number before requesting a claim. This is because all information about the vehicle and its owners is stored in the databases of the insurance company against the policy number.
Bike Insurance Coverage
You may need to ensure that the policy you are purchasing has sufficient benefits to cover you during emergencies. It needs to include all types of risk coverage to provide maximum financial benefits to the insurer.
Personal Information
When you are filling up the policy document, you need to provide your personal details correctly. However, you need to inform the insurance company if there is an error and modify it immediately.
Insurance Premium Amount
Many insurance companies offer bike insurance at different premium rates. Therefore, you can check and compare the different premium rates offered by the insurance companies before buying a policy.
Add-on Benefits
Before buying two-wheeler insurance, you need to check the additional benefits offered by the policy. These benefits can include zero-depreciation cover, return-to-invoice cover, engine protection cover and so on.
No Claim Bonus (NCB)
If you already have two-wheeler bike insurance and have not claimed the insurance amount, you can be entitled to an additional amount. Therefore, check this benefit next time you renew your insurance policy.
Policy Validity
When purchasing a new policy, you need to check its validity. It will be more advantageous to you if you can purchase a policy with a longer validity.
Insured Declared Value (IDV)
IDV is the maximum amount of money an insurance company is willing to give for vehicle damage. It is the approximate current market value that needs to be checked before buying two-wheeler insurance.
Insurance Company Details
You should always check the details of the insurance provider before buying insurance from them. This will keep you assured about getting a claim in case you need it.
Final Words
To sum it up, buying bike insurance will require you to check some necessary items from the above checklist. It will keep you assured as a bike owner about the rules and regulations of the policy. In case there is any error in the details of your policy, contact the insurance company immediately to correct it.
