Riding a bike is a popular mode of transportation in India, with millions of people using it to commute to work, run errands, or simply enjoy a leisurely ride. However, with the increasing number of vehicles on the road, the risk of accidents and damages also increases. This is where bike insurance comes in.
Understanding Bike Insurance
Types of Bike Insurance
There are two types of bike insurance in India - third-party insurance and comprehensive insurance. Third-party insurance is the minimum requirement by law for all vehicles in India. It covers damages or losses caused to a third party, including bodily injury, death, or property damage. This type of insurance does not cover damages to your own bike. Comprehensive insurance covers both third-party damages and damages to your own bike. It also provides coverage for theft, natural disasters, and other unforeseen events.
Coverage and Premiums
The coverage and premiums of bike insurance depend on various factors such as the type of insurance, the age and make of your bike, your location, and your driving history. Comprehensive insurance offers higher coverage but also comes with a higher premium. The premium for third-party insurance is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) and is based on the engine capacity of your bike. For example, the premium for a bike with an engine capacity of up to 75cc is Rs. 482, while for a bike with an engine capacity of 350cc and above, the premium is Rs. 1,884. On the other hand, the premium for comprehensive insurance is calculated based on the Insured Declared Value (IDV) of your bike, which is the current market value of your bike. The premium is a percentage of the IDV and can range from 1.5% to 3% depending on the age of your bike.
Top Bike Insurance Companies in India
ICICI Lombard
ICICI Lombard is one of the leading bike insurance companies in India, offering both third-party and comprehensive insurance. They have a network of over 3,500 garages across the country for cashless claim settlements and also offer 24/7 roadside assistance. Their comprehensive insurance also includes personal accident cover for the owner-driver, up to Rs. 15 lakhs. They also offer add-on covers such as zero depreciation cover, engine protect cover, and return to invoice cover for an additional premium.
HDFC ERGO
HDFC ERGO is another popular choice for bike insurance in India. They offer both third-party and comprehensive insurance with a wide range of add-on covers such as zero depreciation cover, roadside assistance, and personal accident cover for the owner-driver. They also have a network of over 4,800 garages for cashless claim settlements and offer a hassle-free claim process through their mobile app.
Bajaj Allianz
Bajaj Allianz is a well-known name in the insurance industry and offers comprehensive bike insurance with a range of add-on covers such as zero depreciation cover, personal accident cover, and key replacement cover.
They also offer a unique feature called "Convenience of Cashless Claim Settlement", where they provide a temporary replacement bike while your bike is being repaired at a network garage.
Reliance General Insurance
Reliance General Insurance offers both third-party and comprehensive bike insurance with a range of add-on covers such as zero depreciation cover, personal accident cover, and roadside assistance.
They also offer a unique feature called "No Claim Bonus Protection", where you can retain your no claim bonus even if you make a claim during the policy period.
New India Assurance
New India Assurance is a government-owned insurance company and offers both third-party and comprehensive bike insurance. They have a wide network of over 1,500 garages for cashless claim settlements and also offer add-on covers such as zero depreciation cover and personal accident cover.
How to Buy Bike Insurance in India
You can buy bike insurance in India through various channels such as insurance agents, brokers, or directly from the insurance company. You can also purchase bike insurance online through the company's website or through third-party insurance aggregators. To buy bike insurance online, you will need to provide details such as your bike's registration number, make and model, and your personal details. You can also compare different policies and premiums online to make an informed decision.
Renewing Bike Insurance in India
Bike insurance in India is usually valid for one year and needs to be renewed before the expiry date to ensure continuous coverage. You can renew your bike insurance online through the insurance company's website or through third-party insurance aggregators. To renew your bike insurance, you will need to provide details such as your policy number, bike's registration number, and your personal details. You can also opt for add-on covers or change your coverage during the renewal process.
In Conclusion
Bike insurance is an essential aspect of owning a bike in India. It provides financial protection against damages or losses incurred by your bike and is mandatory by law. By understanding how bike insurance works and comparing the top companies, you can choose the right policy for your bike and ride with peace of mind.
