It always makes sense to get a bike insurance to financially protect your vehicle from accidents and theft. In fact, when we consider the legal aspect, it is mandatory to get your two-wheeler insured under the Motor Vehicles Act, 1988.
There are two types of covers that an ideal bike insurance can provide you, including:
- Third-party liability cover
The third-party liability covers any damage caused or loss incurred by your bike. Besides, it also provides coverage of personal accident to the bike owner. However, damages or loss to your bike due to natural calamities and theft is not covered here. This type of insurance is mandatory as per the Indian law.
- Comprehensive Bike Insurance
Here, own damage as well as third-party liability is covered. Besides, any loss or damage incurred to your bike due to theft, natural as well as man-made calamities are covered. Comprehensive cover is not mandatory by law.
Best Bike Insurance plans available in the Market
Since there are a plethora of bike insurance plans that one can opt for, we have handpicked the top one’s for you here:
1. Bajaj Allianz Two-Wheeler Insurance
- It provides your vehicle a range of protection against theft, strikes, burglary, riots, damage caused in transit, and even natural disasters.
- The validity of this bike insurance spans a period of 3 years.
- It comes with a No Claim Bonus and protection against legal proceedings and third-party liabilities.
- Also includes personal accident cover of up to INR 1 lakh for the owner cum driver of the vehicle.
- These benefits can also be extended to additional members if required.
2. Bharti AXA Two-Wheeler Insurance
- This bike insuranceneeds to be renewed for 2 to 3 years after you purchase it.
- Renewals carry discounts with them with 10% for the 2nd year and 20% for the 3rd year.
- No Claim Bonus usually becomes zero if you make a claim. However, if you opt for a long term two wheeler insurance, at the time of a claim, your NCB amount doesn’t drop to zero. It will however drop down to the previous percentage slab.
- Can be easily bought and renewed online.
- Customer-centric approach with excellent telephonic support.
- Smooth inspection process without any hassles.
- Protects both the driver and the pillion.
- Comes with death/disability cover and a lump sum payment.
- Protection is not affected even if any changes are made in third party premiums.
3. ICICI Lombard Two-wheeler Insurance
- Offers cashless claim services across the whole nation via 2000+ authorized network garages.
- Claims can be made within minutes through the app or call center.
- Intuitive online facility to buy and renew bike insurance.
- No Claim Bonus included for every year that goes unclaimed.
- Multiple options with 1,2, or 3 years of policy tenures.
- Personal Accident coverage for the driver for an amount of up to INR 2 Lakhs.
- Protection against third-party legal liabilities.
4. HDFC Ergo Bike Insurance
- Multi-year coverage with a policy feature of up to 3 years of validity before renewal.
- No Claim Bonus facility that is applied as a discount on future premiums.
- Third party premium hikes can be avoided and hence you can save money on it.
- Additional discounts are provided to the customers as bonuses who opt for the 3-year policy tenure.
- Death and injury cover included for the driver of the vehicle.
- Legal liability protection against any damage caused to the party.
- Personal Accidental protection for the pillion rider also included in the policy.
5. Oriental Two-Wheeler Insurance Policy
- Policy duration of one and shorter time periods can be opted for.
- Bike insurance plans can be easily purchased, renewed, and migrated online.
- Availability of Zero Depreciation Cover with a bit extra premium.
- Personal Accident Cover included for an amount of up to INR 1 lakh.
- The provided cover can be extended to third-party liabilities after an accident. This includes injury, death, or property damage.
- In case you meet with an accident, Oriental provides free availability of roadside assistance.
Self-protection is really crucial today to deal with the ever-increasing uncertainty of the world. Not only does a reliable bike insurance protects you from financial liabilities, it makes sure your focus is on recovery rather than fiscal or legal troubles.
Here’s what makes a bike insurance important:
- Support for unplanned expenses
- Extra coverage features
- Protection against legal troubles
- Provides medical expenses for self as well as third party
- Protects against natural disasters
- Protects against theft of the bike
The importance of bike insurance for your two-wheeler cannot be understated. Check out our engaging online tool that can help you purchase or renew a bike insurance within seconds!