shakti
it was nice product
08 Dec 2021
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Bike insurance is a financial safeguard for your two-wheeler, covering damages to your vehicle, third-party liabilities, and even personal injuries. It provides peace of mind and ensures financial protection against unforeseen circumstances.
Legally mandatory under the Motor Vehicles Act, 1988.
Protects against financial losses from accidents, theft, or natural disasters.
Covers third-party liabilities, avoiding hefty penalties.
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.
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.
If you’re looking for basic legal compliance, go with Third-Party Insurance.
For comprehensive protection for your bike and third-party liabilities, Comprehensive Insurance is the best choice.
If you have third-party insurance and want extra coverage, opt for Standalone Own-Damage Insurance.
Each policy type has its own benefits and limitations, so assess your needs, budget, and risk exposure before making a decision.
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.
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.
