Learn about the various options available for bike insurance in India, from mandatory third-party coverage to comprehensive plans. Learn about standalone options, long-term policies, and multi-year solutions for complete protection against accidents, theft, and more.
Riding a bike is a thrilling experience, but it also comes with its own set of risks. Accidents, theft, and natural calamities can cause damage to your bike, leading to financial losses. This is where bike insurance comes in. It provides financial protection against such unforeseen events and ensures that you are not burdened with hefty expenses.
But with so many types of bike insurance plans available in India, it can be overwhelming to choose the right one for your needs. In this article, we’ll discuss the different types of bike insurance plans in India and help you make an informed decision.
Third-Party Bike Insurance
What is Third-Party Bike Insurance?
Third-party bike insurance is the most basic and mandatory type of insurance for two-wheelers in India. It provides coverage for any damage or loss caused to a third party due to your bike. This includes bodily injury, death, or property damage.
Why is Third-Party Bike Insurance Mandatory?
The Motor Vehicles Act of 1988 makes it mandatory for all vehicles, including bikes, to have at least third-party insurance. This is to ensure that any third party affected by an accident involving your bike is financially compensated.
What is Not Covered Under Third-Party Bike Insurance?
Third-party bike insurance does not cover any damage or loss to your own bike. It only provides coverage for third-party liabilities.
How to Buy Third-Party Bike Insurance?
You can purchase third-party bike insurance from any insurance company or through online insurance aggregators. The premium for third-party bike insurance is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) and is based on the engine capacity of your bike.
Comprehensive Bike Insurance
What is Comprehensive Bike Insurance?
Comprehensive bike insurance provides coverage for both third-party liabilities and damage or loss to your own bike. It is not mandatory by law, but it is highly recommended for complete protection.
What is Covered Under Comprehensive Bike Insurance?
Comprehensive bike insurance covers the following:
- Damage or loss to your bike due to accidents, theft, fire, natural calamities, or man-made disasters
- Third-party liabilities
- Personal accident cover for the owner/driver of the bike
What is Not Covered Under Comprehensive Bike Insurance?
Comprehensive bike insurance does not cover the following:
- Normal wear and tear of the bike
- Mechanical or electrical breakdown
- Damage or loss due to driving under the influence of alcohol or drugs
- Damage or loss due to illegal activities
- Damage or loss due to war or nuclear risks
How to Buy Comprehensive Bike Insurance?
You can purchase comprehensive bike insurance from any insurance company or through online insurance aggregators. The premium for comprehensive bike insurance is based on the Insured Declared Value (IDV) of your bike, which is the maximum amount you can claim in case of total loss or theft of your bike.
Standalone Own Damage Bike Insurance
What is Standalone Own Damage Bike Insurance?
Standalone own damage bike insurance is a type of insurance that provides coverage only for damage or loss to your own bike. It does not cover any third-party liabilities.
Why is Standalone Own Damage Bike Insurance Useful?
Standalone own damage bike insurance is useful for those who already have third-party bike insurance but want additional protection for their own bike. It is also useful for those who have a comprehensive bike insurance policy but want to switch to a different insurance company for better coverage or lower premiums.
What is Covered Under Standalone Own Damage Bike Insurance?
Standalone own damage bike insurance covers the following:
- Damage or loss to your bike due to accidents, theft, fire, natural calamities, or man-made disasters
- Personal accident cover for the owner/driver of the bike
What is Not Covered Under Standalone Own Damage Bike Insurance?
Standalone own damage bike insurance does not cover any third-party liabilities.
How to Buy Standalone Own Damage Bike Insurance?
You can purchase standalone own damage bike insurance from any insurance company or through online insurance aggregators. The premium for this type of insurance is based on the IDV of your bike.
Long-Term Bike Insurance
What is Long-Term Bike Insurance?
Long-term bike insurance is a type of insurance that provides coverage for a longer duration, usually 2 or 3 years. It is available for both third-party and comprehensive bike insurance.
Why is Long-Term Bike Insurance Useful?
Long-term bike insurance is useful for those who do not want to go through the hassle of renewing their insurance every year. It also protects you from any increase in premiums during the policy period.
What is Covered Under Long-Term Bike Insurance?
Long-term bike insurance covers the same things as regular third-party or comprehensive bike insurance, depending on the type you choose.
What is Not Covered Under Long-Term Bike Insurance?
Long-term bike insurance does not cover any additional things that are not covered under regular third-party or comprehensive bike insurance.
How to Buy Long-Term Bike Insurance?
You can purchase long-term bike insurance from any insurance company or through online insurance aggregators. The premium for this type of insurance is usually higher than regular bike insurance, but it provides coverage for a longer duration.
Multi-Year Third-Party Bike Insurance
What is Multi-Year Third-Party Bike Insurance?
Multi-year third-party bike insurance is a type of insurance that provides coverage for a longer duration, usually 2 or 3 years. It is only available for third-party bike insurance.
Why is Multi-Year Third-Party Bike Insurance Useful?
Multi-year third-party bike insurance is useful for those who do not want to go through the hassle of renewing their insurance every year. It also protects you from any increase in premiums during the policy period.
What is Covered Under Multi-Year Third-Party Bike Insurance?
Multi-year third-party bike insurance covers the same things as regular third-party bike insurance.
What is Not Covered Under Multi-Year Third-Party Bike Insurance?
Multi-year third-party bike insurance does not cover any additional things that are not covered under regular third-party bike insurance.
How to Buy Multi-Year Third-Party Bike Insurance?
You can purchase multi-year third-party bike insurance from any insurance company or through online insurance aggregators. The premium for this type of insurance is usually higher than regular third-party bike insurance, but it provides coverage for a longer duration.
Takeaways
Bike insurance is essential for protecting your bike from any unforeseen events. The type of insurance you choose depends on your needs and budget. While third-party bike insurance is mandatory, it is recommended to opt for comprehensive bike insurance for complete protection. You can also consider standalone own damage bike insurance, long-term bike insurance, or multi-year third-party bike insurance for additional coverage. Make sure to compare different insurance plans and choose the one that best suits your requirements.
