Bike Insurance Types, Coverage | Everything you need to know

Bike Insurance Defination

A vital legal document containing the terms and conditions of the contract between the insured and insurer. And, as it is mandatory in India for all two-wheeler drivers to have at least third-party insurance, you may be fined if you are caught riding without it. In addition, if you lack the required documentation, you will be unable to submit a claim in the event of an accident. Therefore, it is essential to request a duplicate copy of your insurance documents or to select for an online bike insurance download in order to obtain the documents immediately.

In accordance with the Motor Vehicles Act of 1988, all two-wheeled vehicles operating on Indian highways must be insured. Under the new Motor Vehicles (Amendment) Bill 2016, you will be fined Rs. 2,000 if traffic officers or motor department employees discover you driving without insurance.

Key Features And Benefits Of Bike Insurance

360-Degree Protection: A bicycle insurance policy offers complete financial and legal protection for you, your vehicle, and any third-party person or property in the event of an accident. Having a bike insurance also protects you against loss and damage arising due to theft, strike or war. While third-party insurance is required, you can opt for a comprehensive coverage policy that will also cover damages to your bike.

This is one of the primary advantages of a bike insurance policy. In the event that their bike sustains damage due to an accident or other incident, an insured bike owner can simply file a cashless claim. They need only bring their damaged vehicle to any of the network garages, where the garage proprietor and insurance company will settle the bill directly.

No-Claim Bonus The no-claim bonus is a form of discount offered by insurance companies to policyholders who have not filed a claim in the preceding years. Bicycle insurance companies offer up to a 50 percent NCB discount on the insurance premium, which is a tremendous benefit for the insured. The NCB discount can be increased even further at the time of policy renewal.

Personal Accident Coverage: Personal accident coverage is one of the benefits insureds receive when they purchase a motorcycle insurance policy. This coverage protects the motorcyclist against bodily injuries or mortality resulting from an accident. Personal accident coverage is essential when driving, but if you do not have a separate PA policy, you can certainly purchase it at the same time as your motorcycle insurance.

Long-Term Coverage: cycle insurance companies have introduced a variety of long-term insurance policies that can cover your cycle for up to three years. The benefit of being covered in a long-term policy is that the premium is fixed for the next three years and there will be no inconvenience of yearly renewal of policy. Long-term bike insurance policies are also eligible for premium discounts from a number of insurance providers.

Bike Insurance Types, Coverage | Everything you need to know

Tips to Follow if Your Two-Wheeler Insurance Document Gets Lost

  • The first step is to exhaustively investigate your residence, place of business, and vehicle for your two-wheeler insurance documentation.
  • There is a strong possibility that this is a false alarm.
  • If you cannot locate your two-wheeler insurance documents, you must cease operation of your vehicle until the documents are located or substituted.
  • Before you can ride your motorcycle or scooter, you must submit an application for a duplicate copy of your two-wheeler insurance and wait for the documentation to arrive.

Different Types Of Bike Insurance Policies?

While purchasing motorcycle insurance, you can choose from a variety of policies based on your coverage needs. In India, there are three main types of cycle insurance, which are as follows:

Third-Party Insurance Coverage
The Motor Vehicles Act of 1988 makes third-party insurance mandatory for riding a motorcycle on Indian roads. Third-party insurance covers any injuries, disabilities, or deaths caused by the insured’s bicycle to a third party. However, this plan does not cover larceny or damage to the insured’s cycle. The insurance regulator of India, IRDAI, has already determined the following third-party premiums for the fiscal year:

How to Get Duplicate Two Wheeler Insurance Copy Offline?

Notify Your Insurer

You must inform the bike insurance provider that a duplicate document is necessary. They are the only ones who instigate the process of issuing a duplicate document, as they are the document that is transmitted.

Filing a FIR

Your insurance may request a FIR, thus completing a FIR with the nearest police station about the loss of the document is critical. You are required to submit a copy of this FIR.

Publicity in the newspaper

Declare in a state newspaper that your motorcycle insurance policy is absent. You may also be required to send the insurance company a copy of the advertisement.

Sign a Surety Bond.

In order to obtain a duplicate copy of your insurance document, the final stage is to sign this bond with the insurer.

What does third-party liability insurance cover?

Your bike’s third-party liability insurance covers damages and injuries it causes to third parties. It ensures that you can compensate others for losses incurred as a result of your cycling actions.

What is comprehensive bike insurance?

Comprehensive bike insurance provides coverage for damages to your bike resulting from accidents, theft, natural disasters, and fire, as well as liability coverage for third parties. It provides greater protection than standard third-party insurance.

Can I ride my bike without insurance?

If bike insurance is required in your country or state, operating a bicycle without it may result in penalties, fines, and license suspension. Even if insurance is not required, it is highly recommended for financial protection.

Can I claim insurance for bike theft?

Bike Insurance Types, Coverage | Everything you need to know

Yes, if you have comprehensive bike insurance that includes theft coverage, you can file a claim in the event that your bicycle is stolen. You must adhere to the claim procedure and submit the required documentation, such as a police report.

Can I switch my bike insurance provider?

Yes, you can transfer bike insurance providers when your policy is up for renewal. Before making a decision, it is advisable to compare various insurance plans, their coverage, premiums, and customer reviews. Notify your current insurer and submit the required documentation to ensure a seamless transition.

Is It Necessary to Carry a Printed Copy of Bicycle Insurance?

When operating a motorcycle in the country, all proprietors are required to have a valid motorcycle insurance policy or face a fine of Rs. 2,000 and/or up to three months in jail. On the other hand, the Insurance Regulatory and Development Authority of India (IRDAI) has developed the e-Vahan Bima app to make it simpler for motorcycle proprietors to transport their policy documentation. The program is designed to assist motorcycle proprietors in transporting their insurance policy documents digitally rather than on paper. The QR code on the e-Vahan Bima contains all the details of the bike’s insurance policy; police officers need only scan the code.

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