Varun raj
Renewing my bike insurance policy online was quick and easy
09 Jan
Language
Bike insurance is a type of financial protection designed to cover expenses arising from accidents, theft, damages, and legal liabilities involving your two-wheeler. It ensures that you are financially secure in case of unforeseen events on the road. Depending on the policy, it can cover damages to your bike, third-party liabilities, personal accidents, and more.
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
Bike insurance is essential for several reasons:
Legal Requirement: As per the Motor Vehicles Act in India, at least third-party bike insurance is mandatory for all two-wheeler owners.
Financial Protection: Covers repair costs, medical expenses, and legal liabilities in case of an accident.
Peace of Mind: Reduces financial stress by covering expenses due to theft, natural disasters, or damage.
Third-Party Coverage: Ensures compensation for damages caused to other people or property in an accident.
Selecting the right bike insurance policy can be challenging. Here are some factors to consider:
Coverage Needs: Determine if you need only third-party liability coverage or a comprehensive plan.
Premium Costs: Compare premium rates and benefits from different insurers to find the best deal.
Add-ons and Customization: Look for add-ons like zero depreciation, roadside assistance, and engine protection.
Claim Settlement Ratio: Choose an insurer with a high claim settlement ratio to ensure a hassle-free claims process.
No Claim Bonus (NCB): Opt for a policy that offers discounts for claim-free years to lower long-term costs.
When selecting a bike insurance policy, it’s important to understand the available options to choose the one that best fits your needs. Here’s a detailed look at the three main types of bike insurance policies:
Third-party bike insurance is the most basic form of coverage and is mandatory by law under the Motor Vehicles Act, 1988.
Legal Requirement: Without third-party insurance, riding your bike on Indian roads is illegal and can result in fines or penalties.
Third-Party Liability Coverage: It covers financial liabilities arising from damage to third-party property or injuries to third-party individuals caused by your bike.
Affordable Premiums: This type of policy is typically the most affordable because it offers limited coverage.
It does not cover damages to your bike in case of accidents, theft, or natural disasters.
No protection for the rider’s injuries or medical expenses.
Riders looking for minimal coverage to meet legal requirements.
Budget-conscious individuals who want low premiums without additional benefits.
Comprehensive insurance provides extensive coverage, ensuring all-around protection for both third-party liabilities and damages to your bike.
Third-Party Coverage: Includes the benefits of third-party bike insurance by covering damages or injuries to third parties.
Own-Damage Cover: Protects your bike against accidents, theft, fire, natural calamities (floods, earthquakes), and man-made events (riots, vandalism).
Personal Accident Cover: Offers coverage for injuries or death of the rider-owner while riding the insured bike.
Policyholders can enhance their coverage with add-ons like Zero Depreciation Cover, Roadside Assistance, or Engine Protection.
No Claim Bonus (NCB) allows discounts on premiums for every claim-free year.
Riders seeking complete financial protection for their bike.
Those who frequently travel or live in areas prone to theft, accidents, or natural disasters.
Standalone own-damage insurance focuses solely on covering damages to your bike, offering flexibility to those who already have third-party insurance.
Own-Damage Cover: Includes protection against accidents, theft, fire, and natural or man-made disasters.
Separate from Third-Party Insurance: You must already have a third-party insurance policy, as own-damage insurance does not fulfill the legal requirement.
Offers the freedom to choose third-party insurance from a different provider, enabling better customization and cost savings.
Can be enhanced with add-ons for more comprehensive coverage.
Does not cover third-party liabilities; a separate policy for third-party coverage is mandatory.
Slightly higher premiums compared to third-party insurance alone.
Those who already have third-party insurance and want additional protection for their bike.
Riders looking for flexibility in choosing their insurance provider.
Bike insurance is essential for protecting your two-wheeler against financial losses due to accidents, theft, or other unforeseen events. Below are the key features and benefits of bike insurance:
Covers damages to your bike due to accidents, natural calamities (floods, earthquakes), and man-made events (riots, vandalism).
Includes third-party liability coverage, protecting you from legal and financial liabilities for damages or injuries caused to others.
Legally mandated coverage for third-party property damage or injuries caused by your bike.
Avoid hefty fines and legal complications by meeting the requirements of the Motor Vehicles Act, 1988.
Protects your bike against damages caused by accidents, theft, fire, or natural disasters.
Helps cover repair or replacement costs.
Provides compensation in case of accidental death or injuries to the insured rider.
Often extends coverage to passengers in certain cases.
Enhances your policy with optional add-ons like:
Discounts on premium for every claim-free year, incentivizing safe riding.
Access to a wide network of garages for cashless repair services, reducing out-of-pocket expenses.
Allows you to choose the declared value of your bike to optimize your premium and claim benefits.
Option to purchase multi-year policies to avoid annual renewals and secure long-term coverage. Digital Convenience
Easy online purchase, renewal, and claims processing for a seamless experience.
Legal Compliance: Ensures adherence to legal requirements and avoids fines or penalties.
Financial Security: Protects against unexpected repair or replacement expenses due to accidents, theft, or natural disasters.
Peace of Mind: Offers mental relief by safeguarding you from unforeseen liabilities and expenses.
Third-Party Protection: Covers legal and financial responsibilities arising from damages or injuries to third parties.
Comprehensive Protection: Provides all-around safety for your bike and personal well-being, ensuring uninterrupted mobility.
Enhanced Safety with Add-Ons: Add-ons like Zero Depreciation Cover and Roadside Assistance improve your overall riding experience.
Cost Savings: No Claim Bonus rewards safe riding with reduced premiums, making long-term ownership affordable.
Choosing Coverfox for your bike insurance offers several benefits, including:
Comprehensive Coverage: Coverfox provides comprehensive bike insurance that covers your own damage, third-party liabilities, and total loss due to accidents, theft, fire, and natural disasters.
Add-ons and Customisation: You can enhance your policy with add-ons like Zero Depreciation Cover, Roadside Assistance, and Engine Protection, allowing for customised coverage according to your needs.
Cashless Claims: Policyholders can enjoy cashless claim benefits at network garages, reducing out-of-pocket expenses for repairs.
Digital Convenience: The online platform allows for easy purchase, renewal, and claims processing, saving time and effort.
24/7 Assistance: Online support is available through chatbots and customer service, offering guidance and assistance whenever needed.
Cost Savings: Buying insurance online often results in lower premiums, making it a cost-effective option.
Peace of Mind: Comprehensive coverage provides financial security and peace of mind, safeguarding against unforeseen liabilities and expenses.
Follow these simple steps to purchase or renew your bike insurance online:
Visit the Coverfox website.
Enter your bike details, including registration number and model.
Choose the insurance type (third-party or comprehensive).
Select add-ons if required.
Make a secure online payment.
Receive your policy instantly via email.
Financial Coverage: Bike insurance provides financial protection against expenses caused by accidents, theft, or natural disasters. Repair or replacement costs can be significant, and insurance ensures you don’t bear the burden alone.
Add-ons for Enhanced Protection: With options like zero depreciation, roadside assistance, and engine protection, insurance allows you to customize coverage for specific needs. These add-ons offer peace of mind and improve your bike's safety.
Legal Mandate: In India, owning at least third-party bike insurance is required by law under the Motor Vehicles Act. Failure to comply can lead to legal penalties or fines. Insurance ensures legal and financial security.
Here are five benefits of buying bike insurance online:
Convenience: You can purchase or renew your policy from the comfort of your home without visiting an agent or office.
Time-Saving: Online platforms streamline the process, reducing paperwork and offering instant policy issuance.
Cost-Effective: Many online insurers provide discounts and eliminate intermediary costs, making policies more affordable.
Comparison Options: You can easily compare multiple policies to find the best coverage and price.
Seamless Renewals: Renewing your policy online is quick and hassle-free, with reminders and renewal links sent directly to you.
While buying a bike insurance policy one has to keep the following pointers in mind:-
Add-ons: Consider add-ons such as zero depreciation, roadside assistance, or personal accident coverage to enhance your policy.
NCB Discounts: Look for No Claim Bonus discounts to lower premium costs for claim-free years.
Types of Available Plans: Choose from third-party liability, standalone own damage, or comprehensive plans based on your needs.
Online Process: Use online platforms to compare policies, access discounts, and ensure a smooth buying experience.
Insurance providers may not compensate for losses or damages caused due to the following reasons:-
Visit your insurer's website, log in, and choose the renewal option. Verify policy details, select add-ons if needed, and calculate premiums. Pay securely through online modes like UPI, cards, or net banking. You'll receive the renewed policy immediately via email or on the website for download.
You'll need the existing policy document, registration certificate, proof of identity, and address. Some insurers may request proof of previous claims or photos of the bike. Ensure all documents are accurate to avoid processing delays during renewal.
Choose an insurer, visit their site or app, and input bike details like registration number, model, and year. Select the coverage type (third-party or comprehensive). Compare quotes, pick the best plan, and pay online. Instant policy issuance confirms your coverage.
Use comparison tools or platforms to view premiums, coverage, and features of policies. Check reviews, claim settlement ratios, and customer ratings. Assess add-ons like roadside assistance or zero depreciation, ensuring optimal value and protection for your bike and preferences.
Add-on covers in bike insurance are optional enhancements that you can include with your comprehensive or standalone own-damage policy. Though they come at a small additional cost, these add-ons significantly boost the protection offered by your standard plan. Here are some popular bike insurance add-ons you can consider:
This is a mandatory add-on for bike owners, as per the guidelines set by IRDAI. It offers up to ₹15 Lakh coverage, ensuring financial support for the policyholder’s nominee in case of an accidental death. The cover also provides compensation for injuries or permanent disabilities sustained in a road accident.
Typically, insurers deduct depreciation before settling claims. With a zero depreciation cover, however, no depreciation is considered, allowing you to receive the full claim amount for parts replaced due to damage.
Earn a discount on your premium for every claim-free year — this is known as the No Claim Bonus, which can go up to 50%. If you opt for an NCB Protection cover, you can still retain your bonus even if you file a claim during your policy term.
Breakdowns happen — but with this add-on, help is always a call away. Whether it's a flat tyre, an empty fuel tank, lost keys, or minor repairs, this cover ensures emergency support, day or night, within the predefined limits of your policy.
In the unfortunate event your bike is stolen or completely damaged beyond repair, this cover ensures you receive the full on-road price (including taxes and registration) instead of the depreciated IDV. It bridges the gap between the current value and the original purchase cost.
Ideal for riders in areas prone to floods or waterlogging, this cover safeguards your bike’s engine against damage from water ingression, lubricant leaks, and hydrostatic lock. It also covers critical engine components like pistons, crankshafts, and cylinders.
Running a bike involves using parts that wear out over time — think engine oil, brake fluid, nuts, bolts, and more. This add-on ensures you’re reimbursed for the cost of these consumables during repairs, up to a set limit.
This add-on extends protection to the person riding the pillion. In case of an accident, it provides financial coverage for their medical expenses or compensation in case of death or injury as specified in the policy.
In case of an unfortunate event, filing a claim should be a straightforward process:
Inform your insurance provider immediately.
Submit a claim form along with the required documents.
Provide details like FIR (if applicable) and repair estimates.
Get the vehicle inspected by the insurer.
Receive claim approval and get your bike repaired at a network garage.
Several factors influence the premium you pay for bike insurance. Here’s a quick breakdown:
Bike’s Make, Model, and Age: Premiums are higher for newer or premium bikes; older bikes have lower premiums.
Type of Coverage: Comprehensive policies cost more than third-party insurance due to broader coverage.
Location: Urban areas or high-risk zones lead to higher premiums due to increased accident or theft risks.
Add-Ons Selected: Additional covers like Zero Depreciation or Roadside Assistance increase the premium.
Driver’s Profile: Younger or less experienced riders often face higher premiums.
No Claim Bonus (NCB): A clean claim record reduces premiums through NCB discounts.
Usage and Mileage: Higher usage or commercial use may result in higher premiums
Vehicle Modifications: Non-standard modifications can increase the premium.
Lowering your bike insurance premium is easier than you think. Follow these simple tips:
Maintain a Claim-Free Record: Avoid filing minor claims to earn No Claim Bonus (NCB) discounts.
Compare Policies Online: Shop around to find the best rates and coverage options.
Opt for Higher Voluntary Deductibles: Agreeing to pay a higher out-of-pocket amount reduces premiums.
Install Anti-Theft Devices: Security devices certified by ARAI can earn discounts from insurers.
Choose Add-Ons Wisely: Only select add-ons you truly need to avoid inflated premiums.
Bundle Policies: Combine bike insurance with other policies for multi-policy discounts.
Renew On Time: Avoid policy lapses to retain NCB and avoid higher renewal premiums.
