Planning to get a bike for your next birthday? Then you must make yourself acquainted with different bike insurance policies available in India. If you are not sure which bike insurance plan to opt for, this blog will give you a crystal-clear idea about the same. Scroll down and learn more about different types of bike insurance in India!
Insurance for your bike – Why is it important?
You need to buy insurance for your two-wheeler if you want to experience stress-free driving. Also, legally, it is compulsory to have two-wheeler insurance. So, you must get yourself a comprehensive or third-party insurance policy as soon as you get yourself a bike. An insurance plan is necessary even when you buy a pre-owned bike.
Below given are the various benefits of buying an insurance plan for your two-wheeler:
- Minimal financial stress: If you ever run into an unfortunate bike accident, then you will realise how expensive it gets to get your two-wheeler repaired. The situation can get extremely stressful when your bike gets stolen. In such a situation, having insurance for your two-wheeler can keep you financially stable. You can easily get your bike repaired. Also, you can get enough money to buy a new bike in case your bike has been stolen.
- Legal protection: You need to buy third-party insurance for your bike mandatorily before you hit the road. So, if you do not want to face any legal complications, it is necessary that you buy a suitable insurance policy for your two-wheeler.
- PA cover: A PA cover always provides protection against extreme situations like the demise of the policyholder or permanent disability.
Different types of bike insurance available!
- Comprehensive insurance plan: When you buy a comprehensive insurance plan for your bike, it offers maximum coverage in the form of own damage and third-party damages. Natural disasters, theft, terrorist attacks, riots come under the category of own damage. Remember that there will be no coverage for the loss of any product during the accident. Also, if you do not have a valid license or are inebriated at the time of the accident, your claim can get rejected straightaway.
- Third-party insurance plan: This is the basic insurance plan that you should buy on a mandatory basis. It offers coverage to any damage that has been incurred to the bike or vehicle of the third party or any kind of bodily injuries towards the third party.
- Standalone own damage insurance plan: Such types of plans offer complete coverage to any damage that the policyholder/driver suffers during the accident. Any damage that takes place because of thefts, accidents, riots, man-made or natural disasters gets covered under this insurance policy. But it does not offer third party insurance coverage, and hence you will have to get a third-party insurance plan as well to avoid legal consequences.
Q1. Can I transfer the No Claim Bonus?
Ans: Yes, absolutely! The NCB or No Claim Bonus can be transferred to your new insurance company when you are opting for policy renewal.
Q2. Should I transfer the bike insurance when I sell my bike to my friend?
Ans: Yes, it is necessary to transfer the bike insurance in the name of your friend so that he/she does not face any issue while raising a claim with the insurance company.
Q3. What are the various documents or papers that I should carry all the time while I drive my bike?
Ans: You must carry a valid driving license, the registration certificate of the bike, the PUC or pollution under control certificate, as well as a soft copy or xerox copy of the insurance policy for your bike.
Q4. How does my insurance company decide about the premium on my bike’s insurance plan?
Ans: Insurance companies decide upon the premium of the bike based on details like age, model, registration, make etc., of your bike.