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When you purchase a bike, you check out all the options available and then go for the one the suits you the best. It is not an easy task. Similarly, while buying bike insurance it is essential to know all the options in hand before choosing what fits your requirement. When it comes to bike insurance, there are two kinds of policies that you can opt for;
Liability Only – Also known as the third-party policy, this plan covers minimum requirement for any vehicle insurance as per the mandatory rule of Indian laws. Any vehicle driven on Indian roads must have a third-party policy. In case of an accident, the policy protects for injury or death of third party, or any damage to third party property.
Comprehensive policy – A comprehensive policy includes third-party liability as well as coverage for damage to own vehicle in case of an accident or event. This policy also offers benefit of multiple Add-ons.
When you purchase the liability only policy, you choose the basic plan and only need to consider for the sum insured and premium. However, when you buy a Comprehensive insurance policy you need to look into several factors. It is highly significant to go understand all the norms of such policy as it shall cover any damage incurred due to any of these occurrences. It shall compensate for any bodily injury or death of insured as well.These factors include;
Which plan suits you best entirely depend on your requirement however; it is vital to ensure that your bike is optimally insured and that you renew your bike insurance on time.
Every bike insurance plan comes with exclusions based on regular use of the bike. The insurance does not include factors like;
Third-party liability |
Comprehensive policy |
Covers only third-party damage or loss |
Covers for both third-party as well as insured damage or loss |
Mandatory insurance as per Indian laws |
Optional insurance |
Premium fixed as per IRDAI regulations |
Premium fixed as per IRDAI regulations as well as customization for the insured |
IDV not considered while calculating sum assured |
IDV calculation is significant while fixing sum assured |
Standard premium rates applicable |
Optimal cost for the coverage applied |
Add-ons not available |
Add-ons are offered to maximise benefit |
Insurer and Motor Accident Tribunal finalize the amount payable under the claim |
Insurer finalizes claim for insured, for third-party claim both Insurer and Motor Accident Tribunal finalize the amount payable |
Damage or loss to bike due to theft, natural calamities, or human riots does not get covered |
Damage or loss to bike due to theft, natural calamities, or human riots is provided in Comprehensive cover |
When calculating premium for your bike the IDV is taken into consideration. It applies only for Comprehensive insurance policy as the third-party liability insurance is tariffed on basis of vehicle category.
Ideally, you want to opt for a policy that has lower premium so you may declare a lower IDV for your bike. But keep in mind, at the time of claim processing, the insurer will evaluate bike age and corresponding IDV. The depreciation deduction would also be considered when finalizing any claim. Hence in many cases, though your premium is high, depreciation would result in lower claims.
You can always reduce the cost of depreciation by opting for Add-ons like Zero Depreciation or NCB cover. In such plans, you get compensation for damage or loss without financial deductions towards the depreciation of parts. There is other Add on covers option as well that provide great benefits like engine protector cover, consumables cover or return to invoice cover.
So, as you choose your bike insurance remember to consider all the points and benefits that would make the decision for your easier and within your fit. Always remember to compare policies and make an informed decision.
Let's take a look at some frequent queries on bike insurance policy coverage;
No, bike insurance does not cover for regular servicing costs or repair costs unless an unexpected emergency like an accident.
Yes, you can ensure theft for bike under Comprehensive bike insurance plan and get protected.
Yes, the insurer provides coverage only if the tires get damaged due to an accident under a Comprehensive bike insurance policy.