• Home
  • /
  • Vehicle
  • /
  • Bike Insurance

Bike Insurance

Bike Insurance Benefits

Everything You Want To Know

Bike insurance, otherwise called bike insurance, safeguards the policyholder from monetary responsibility in the event of harm supported in a mishap. An individual mishap add-on likewise covers the proprietor driver on account of injury or passing.

The strategy is an official understanding between the policyholder and the insurance agency, which offers monetary inclusion in case of a mishap including the protected bike.

Bike insurance is an extraordinary method for safeguarding yourself from monetary ruin on the off chance that your bike is taken, engaged with a mishap, or supports harm because of causes remembered for the contract. It's likewise the most effective way to remain in consistence with the rule that everyone must follow.

Getting your bike fixed after sustaining major damage in an accident can put a strain on your finances. But having a two-wheeler insurance policy can cushion that blow. Instead of stressing out on how to pay the mechanic to get your beloved bike up and running again, you can rest easy knowing that you bought your insurance policy for just such a rainy day.

Types of Bike Insurance Policies

Different Types of Two Wheeler Insurance Policies

Long term two-wheeler insurance plans : IRDAI allows comprehensive two-wheeler insurance plans to be offered for a longer tenure of 2 or 3 years. This removes the hassle of annual renewals. Also, you are protected against an annual increase in third party rates by IRDAI

Long term third party liability plans : These plans are available only for new bikes. They offer long term coverage for 5 years against third party liabilities. If you are buying a new bike, you have to get coverage against third party liabilities for a continuous period of 5 years. This is where this policy becomes mandatory

Third party liability only plans : These plans, as necessitated by the Motor Vehicles Act, cover only third party financial liabilities. These liabilities arise if you cause injury or death to any third party in an accident involving your two-wheeler. Moreover, third party property damages are also covered under this plan

Comprehensive package plans : These plans provide a combination of two types of coverage benefits. The first part of the plan covers third party legal liabilities which arises when a third party is hurt or killed or his property is damaged because of your two-wheeler. The second part of the coverage is called the own damage cover. This covers damages suffered by the two-wheeler itself and pays for the applicable cost of repairs

Standalone Own damage plan : It provides protection against damages to your bike in case of accidents, theft, fire or natural calamities. It can only be bought if you already have an existing third party insurance cover valid for at least a year

Bundled Insurance Plan : New Bikes need to have a mandatory third-party insurance coverage for at least 5 years and hence a Bundled Insurance Policy can be availed for the same. This plan offers 1-year own damage cover and 5 years third party cover

BIKE INSURANCE PLAN COVERAGE INCLUSIONS & EXCLUSIONS

Here’s a look at the coverage available as well as the instances when the twoo wheeler insurance policy does not pay a claim –

INCLUSIONS

  • Financial loss due to theft of your two-wheeler

  • Damages suffered by your two-wheeler when in transit through air, land or water

  • Personal accident coverage against death or disablement while riding your two-wheeler

  • Damages to the two-wheeler due to natural disasters like flood, earthquake, landslide, hurricane, storm, cyclone tempest, typhoon, lightning, etc.

  • Damages to the two-wheeler due to natural disasters like flood, earthquake, landslide, hurricane, storm, cyclone tempest, typhoon, lightning, etc.


EXCLUSIONS

  • The expense of regular wear and tear of your two-wheeler

  • Any damages or losses sustained by the usage of the bike by a person under the influence of drugs or alcohol

  • The depreciation caused by everyday use of the two-wheeler

  • Loss from mechanical or electrical breakdowns

  • Any damages sustained by the two-wheeler while being ridden by a person without a valid driver’s license.

GO Bima