When it comes to the Motor Industry, the Two Wheeler Industry in India is the largest in the world. It is also confirmed that India has outrun China with the sale of two wheelers. India alone has sold a whooping total of 17.7 million two wheelers, whereas China has sold 16.8 million. However, we still lag in securing the safety of others as well as our precious possession ‘Bike’. Therefore, the only way out to protect your vehicle and to look for safety of others is ‘Bike Insurance’. As per recent statistics two wheelers account for 70% of the vehicles in India and 75% of these vehicles run without insurance. The reason being is sheer ignorance, lack of knowledge about bike insurance and benefits derived out of it. Read on to learn more about Bike Insurance in India.
Types of Bike Insurance
The Bike Insurance comprises of two types of policy covers in India. The Third Party or Liability Coverage or the Comprehensive or Package Policy Coverage.
- Third Party ( TP ) Coverage
The TP coverage is a requisite in India as per the Motor Vehicles Act, 1988. It will only cover for the damage or loss caused to the third party or the third party property through your your bike. However, theft, loss, or damages incurred to your bike are not covered under this policy. The Insurance Company will provide unlimited liability cover in case of death or any bodily injuries to the third party. Whereas, the third party property damaged is covered up to INR 7.5 lakh. There is a compulsory cover that will cover third party owner-driver and also offer optional pillion rider cover. In case of death or permanent disability of the third party owner-driver coverage, he/she is ought is get a sum of INR 1 lakh by just paying a premium of INR 50.
- The policyholder will have to pay for damage incured to his/her bike due to an accident. The insurance company will not bear the repair cost.
- Any accidental damage, loss or liability which is will take place out of the geographical boundaries will not be covered.
- Any claim arising out of contractual liability will not be covered.
- Any losses, damages which are caused due to war, invasion and other war-like operations will not be covered.
- Bike Comprehensive or Package policy
A Comprehensive Bike Insurance will include a Third party liability coverage as well as Own-Damage coverage. Which means you can cover the repair cost of the damage, total loss and theft on your bike, plus it also covers the third party. Your bike is protected, if the damages are caused are due to the below:
- Damage in transit by road, rails, inland waterway, lift elevator or air.
- It will cover your bike from burglary, theft, riot, strike or any malicious act.
- It covers for any accident caused by external means like terrorist activity.
- It will cover for the damages caused due to hurricane, storm, tempest, inundation, earthquake, flood and typhoon and lightning, fire, explosion, and self-ignition amongst others.
- Driving without legal and valid license.
- Driving your bike under the influence of alcohol, drugs or any intoxicants.
- Daily wear and tear
- Any mechanical or electrical breakdown
- Damages sustained when the policy is expired will not be coved.
Choosing the Best Bike Insurance Plan
The best way to save your hard earned money and to buy a hassle-free bike insurance policy is ‘Online Bike Insurance’. The below tips will help you choose the best plan.
- Comparing bike insurance online is important.
It becomes difficult to compare the benefits, plans, features, prices of all insurance companies separately unless you see them all under one roof. With online two wheeler insurance, it is easier to get a collage of different factors which in turn, will help you to buy a policy as per your need, budget etc. Brokers like Coverfox.com make comparing and buying process like it is a piece of cake.
- Mentioning correct vehicle and personal details.
Did you know mentioning correct details like bike make and model, cubic capacity, IDV, manufacturing year, geographical location and etc. will get you a step closer towards accurate bike insurance premium? Also, mentioning correct personal details while filling the proposal from online will save you from all the correction which might pop after the policy is issued.
- Buy additional cover (add-ons) only if needed.
Add-on covers like zero deprecation or an engine protectors are a must have. However one should only opt for these covers if needed.
- Anti-theft discount.
You are ought to get some discount on your bike premium if you install an ARAI approved anti-theft device. Well you can get close to 2.5% of discount on the own damage premium of your policy.
Hence, be your own hero and buy a Bike Insurance policy not only for your own safety but also to safeguard others.