Why compare Bike insurance?
We help our consumer in choosing the best Two wheeler plans with just a few clicks. Here you will get free insurance quotes that will assist you in comparing different Bike policies from top brands. By taking advantage of our free and unbiased comparison service, you can compare free quotes and can buy the desired plan easily. You can save up to 60% on insurance premiums by using Policy2cover.
Why do you need Bike Insurance ?
Key Benefits of Bike Insurance
It's essential to buy insurance coverage for your two wheeler, not just because it is mandatory but also it help us in saving a lot of money in terms of repairs that the vehicle needs to ensure in case of a mishap. Some of these benefits include-
No Financial Stress: Basically a two wheeler insurance plan provide the needful financial coverage caused by your vehicle.
Legally Protected: It is compulsory to carry a valid two wheeler insurance to drive legally on the roads on India. You must carry a copy of your insurance all time as it will protect you from paying penalty.
Personal Accident Cover: Insurance company offer coverage upto sum of Rs.1 lakh, which is payable in case the policyholder suffers total permanent disability or dies an accidental death.
Peace of Mind: As you know, with a valid insurance plan, you are financially secured against accidental damage repair expenses of your vehicle that will lead you towards the peace of mind.
Types of Bike Insurance
Comprehensive Two Wheeler Plan
A bike is a property which is under so many risks. A bike can catch fire, a bike or its part can get smashed or damaged, a bike can get stolen. A comprehensive two wheeler plan under the vehicle cover features meticulously lists down the various risks a bike can have and specifies the indemnity limit against each risk category.
Comprehensive or package policy is basically an insurance policy that offers coverage to the insured and against third-party liability also.
Third Party Liability Two Wheeler Insurance Plan
This bike insurers provide for covers against each category of third party injury or damage in their liability only two wheeler policy of amount as specified by The Motors and Vehicle Act. In case of third party injury or property damage by a bike insured for liability only cover, the payment of indemnity has to be made by the insurance firm to the third party.
Third party liability two wheeler cover essentially covers:
How to Choose Best Bike Insurance ?
Bike insurance is basically an agreement according to which the insurer is liable to pay against the financial loss that occurs because of damages to the Bike In India, it is compulsory to own a motor insurance plan to drive legally. It will be there to cover the losses that you might face in case of stolen or damaged Bike. The premium calculation is based on the following:
Bike Initial Declared Value (IDV): IDV is actually the cost of the vehicle to the owner. It is the amount required to replace existing vehicle with a totally new vehicle. Higher IDV implies higher premium.
Depreciation: New bikes have no depreciation amount. Older bikes have larger depreciation amounts and premium increases as depreciation increases.
Bike age: Old bikes may cost more premiums due to depreciation and greater risk of bike malfunction.
Cubic capacity of bike: Bikes with larger cubic capacity have larger insurance premiums.
NCB applicable: This is in case of renewals. NCBs are deducted from the premium amount, and the premium is lowered.
Discounts applicable: Applicable discounts on premium like discounts for installation of high security and anti-theft devices are deducted from the premium and premium is lowered.
What is IDV ?
Insured Declared Value(IDV) is your Bike's current market value. It is also an idea about the highest amount that you receive from a bike insurance claim. This includes situations where you have incurred a total loss or damage beyond repair.
The insurance company will arrive at the IDV by assessing the following information:
The premium that you pay to keep your policy active is directly proportional to the IDV of the bike. So, as the vehicle ages, the IDV goes down and so does the premium.
Add on Covers
Bike owners can opt for personal accident cover and bike cover along with third party liability cover under a single two wheeler plan.
Cashless Motor Insurance
The person who has a cashless Motor insurance policy can get their vehicle repaired at any of the garages as listed by the insurance provider without paying a single rupee. The invoice of repairs is sent to the insurance company and the reimbursement is made according to the policy. It is really fast, easy and hassle free.
Bike owners can also include the optional covers as per their requirement and make their insurance plan more comprehensive.
No claim bonus
When you do not make any kind of claims during a policy tenure, then you will get a discount at the time of renewing your policy. This process is known as no-claim bonus. It will assist you in saving huge money in the premium also. In case if you have collected a nice no claim percentage then it will assist you in a future claim which you will make.
Two wheeler plans can be for a single bike belonging to an individual.
Group two wheeler cover can be availed for a set of bikes by family, company, corporate or any legal entity. Insurance companies may offer attractive discounts on group bike insurance, and per head,premium can cost lesser.
Insurance companies are offering discounts on two wheeler policies. Discounts on premium can be given for long-term policy of over two years and one-time premium payment. Discounts may also be given for companies for installed security features on the bike and for a group two wheeler plan.
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