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Motorcycle insurance (1)

What is bike insurance ?

If you own a bike, you know its value: the thrill of adventure, fun rides with the family, and the convenience of travelling in the local area. Indian households very quickly become attached to their bikes, and to ensure these sentiments are protected, getting bike insurance is very important. Bike Insurance protects your vehicle from the potential risk of damage and ensures that your bike continues to provide memories even after a setback

SAHWAL INSURANCE (4)

Why Do You Need Bike insurance?​

  1. Legal Requirement – In India, having at least a third-party liability cover is mandatory to legally ride on the roads. Failure to comply can lead to fines or even license suspension.
  2. Financial Security – Bike insurance protects you from the financial burden of repairing damages to your vehicle or another party’s, especially in accidents.
  3. Protection Against Theft – If your bike is stolen, comprehensive coverage can compensate you for the loss, mitigating out-of-pocket expenses.
  4. Personal Accident Cover – Most bike insurance policies include personal accident coverage, providing financial support for medical treatment in case of injuries sustained due to an accident.
  5. Third-Party Liability – If your bike is involved in an accident causing damage or injury to someone else, third-party liability coverage pays for their expenses or legal claims, reducing your financial risk

Types of two wheeler insurance

There are 3 types of bike insurance policy in India and sahwal insurance offers all of them.

Third Party Bike Insurance

 

This insurance policy is mandatory for all motor vehicles. The Indian law makes it compulsory for people to purchase third-party bike insurance policies for their bikes. This policy covers the legal obligation to compensate for damages or injuries caused to a third person or property due to an accident by your bike.

Comprehensive Bike Insurance

 

The Comprehensive bike insurance policy is a combination of both Standalone and Third-party car insurance. It is the most recommended policy as it protects you from the financial risks of causing damage or injury to a third person or property and covers the damages sustained by your bike as well.

Own-Damage Bike Insurance

 

The standalone own-damage policy covers the damages incurred by your vehicle. This policy safeguards your two-wheeler financially as it covers the cost of repair. If your bike gets damaged due to an accident, vandalism, or natural calamities such as earthquakes, floods, and riots, you can file a claim and the insurer will pay for the repair of your bike.

Key Features of a Bike Insurance Policy

 

Below listed are the key features and benefits of buying a bike insurance policy:

Legal Compliance: The Indian Motor Act 1988 makes it mandatory to purchase third-party insurance for every motor vehicle. Hence third-party bike insurance is necessary to purchase as it fulfils a legal obligation.

Third-Party Liability Coverage: The Third-party liability policy covers the compensation you are obliged to pay for damaging any third person’s property or causing injury to a third person by your bike. It also covers the compensation to be paid if the accident caused a disability or death of the victim.

Own Damage Protection: In a Comprehensive Plan or a standalone own damage insurance policy, the risks of your bike getting damaged are covered in the insurance plan. It covers the damages caused by accidents, natural calamities, theft, fire, vandalism, etc.

Key Factors to Consider While Choosing a Bike Insurance Plan

While choosing an insurance policy for your bike, you have to find the policy that meets your expectations and fulfils your requirements. Here are the key factors to consider before selecting a bike insurance policy.

1. Type of Coverage: The policy’s coverage is its primary component. Although some insurers require personal accident coverage, third-party liability typically only covers damages that your vehicle causes to another person or piece of property. The benefits of the own damage and third party policies are covered by the comprehensive coverage. Motorbike damage from theft, accidents, natural disasters like floods and earthquakes, vandalism, and riots is covered by own damage insurance.

2. Insured Declared Value (IDV): The IDV is the current market value of your bike. Your IDV affects your premium, higher IDV has a higher premium. It also is the price the insurer pays in case your bike is stolen or damaged beyond repair.

3. Add-on Covers: Among the list of more than 10 add-ons in the market, some are fairly very popular given the benefits they add to the insurance policy. The most brought add-ons are Zero Depreciation Cover, Roadside Assistance, and Engine Protection. Check if the policy is offering these add-ons to add to your policy.

4. Claim Settlement Ratio: Claim Settlement Ratio or CSR is a crucial metric to analyse the efficiency of the insurer in terms of settling claims. It indicates if the insurer settles the claim smoothly. While searching for a policy, look for insurers that have a CSR between 95-98%

5. Network of Cashless Garages: Cashless garages are a very important facility for motor insurance. These are garages that provide services and don’t charge any money from you. These garages are directly tied with insurers and get paid directly from them. A large network of garages means that you can easily find one near to wherever you are.

6. Premium Cost: After adding add-on covers, your premium amount should be a balance between coverage and affordability. Check plans from different insurers and compare quotes on Sahwal Insurance and find the insurer that provides the required coverage at an affordable price.

Eligibility Criteria for Purchasing a Bike Insurance Policy

To purchase bike insurance, you must fulfil the following conditions:

  • The bike should be registered under your name.
  • You must have a Government authorized identification card.
  • You should have a proof of address.
  • You must be above the age of 18 years and have a valid driving license.
  • The bike must be registered under the RTO (Regional Transport Office).

Benefits of Buying Bike Insurance

Here are some key benefits of buying bike insurance:

Financial protection: The insurer covers the cost of repair if you crash or damage your bike.

2. Covers theft: if your bike gets stolen, the insurer will give you the market value of the bike.

3. Personal Accident cover: With this cover the insurer covers the medical expenses in case you get injured while riding.

4. Legal support: The insurer shows up at the MACT on your behalf with legal expertise in case a third-party claim is filed.

5. Peace of mind: You don’t have to worry about the rising expenses of bike repair.

6. Legal Obligation: Third-party coverage is mandatory for every vehicle, not having the policy can lead to fines and even imprisonment.

7. Roadside Assistance: If your bike breaks down in the middle of a journey, you can call immediate help under this cover. A vehicle with equipment will arrive at your location and get you back on the wheels.

Two Wheeler Insurance Add-ons

Add-ons bring extra protection to your policy. Each add-on comes with a price and hence increases the premium. Here is a list of the most popular add-ons that are favoured to go with Bike insurance plans.

Zero Depreciation Cover​

With this add-on, the policyholder does not have to pay for the depreciated value of parts while filing a claim as the insurer covers that cost as well. This add-on is most suitable for new bike owners.

Return To Invoice Cover​

The Return to Invoice is a very exciting add-on as in case of theft or damage beyond repair, the insurer provides the invoice value of the bike including road tax and RTO registration.​

Engine Protection Cover​

The Engine Protection add-on covers the risk of water damage in the engine. Engine repair is usually very expensive and hence this add-on is a must-have for people living near flood-prone areas.

NCB Protection Cover

This add-on allows you to file a claim that does not exhaust your NCB. This means your NCB bonus will continue on renewal unaffected by the claim you made during the policy.

Roadside Assistance Cover​

This is a very essential service that must be in your policy. Roadside assistance cover provides a 24/7 helpline that sends immediate help to your location in case of an emergency. This emergency can be an accident, a flat tyre, an empty fuel tank, etc.

Consumables Cover​

When your bike is getting repaired at the garage, the mechanic uses screws, nuts, oil, etc for which the policyholder is charged. With this cover, you will not have to worry about these expenses as they will be covered under this cover.

Key Replacement Cover​

This cover covers the cost of replacing the keys and lock system if the keys are stolen or lost. This cover is suitable for bikes with advanced lock systems as it can be expensive to replace.

Personal Accident Cover for Pillion Rider

This add-on should be a priority for people who do not ride alone. This add-on covers the medical expenses in case of injuries and provides compensation in case of disabilities or death of a pillion rider.

Documents Required for Purchasing a Bike Insurance Policy in India

 

To purchase a policy, you need to submit some documents to the insurer. Below is a list of the common documents required.

  • Vehicle Registration Certificate (RC)
  • Valid Driving Licence
  • Identity Proof (Aadhaar Card/PAN Card/Voter ID/Passport)
  • Address Proof
  • Previous Insurance Policy
  • Invoice of the Bike (For new bikes or to determine Insured Declared Value (IDV)

Note that it is best to check with the insurer as some insurers might need some additional documents.

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