• Bike insurance essentials: What every rider should know

Zooming down Indian streets on your two-wheeler is thrilling. But given accident risks, securing your bike with insurance is a must. This article explains why you need insurance and discusses prime bike cover types like third-party liability, standalone own damage and comprehensive insurance. 

We also explore key factors to consider while purchasing policies, assess which bike insurance works best for different scenarios, and outline the claims settlement process. Equipping yourself with this bike insurance knowledge enables smart protection decisions for safe, stress-free rides.

India’s roads pose high accident risks, with over 26 crore two-wheelers and nearly 5 lakh yearly mishaps. In such a landscape, adequate insurance shields your prized assets and legal interests. 

Read on to learn the basics of bike cover, from why you need insurance to navigating claim processes. This ensures you make informed choices to protect your beloved companion responsibly.

• Why do you need bike insurance?

With over 12 lakh two-wheelers sold monthly, India’s roads are bursting with bikes. Simultaneously, the country witnesses nearly 5 lakh bike mishaps annually. In such a scenario, insurance safeguards your prized assets and legal interests.

Key reasons to get insured include:

• Asset protection: Covers bike damage, theft or total loss claims up to Insured Declared Value (IDV).
• Legal shield: Handles injury and death liability claims by third parties against you.
• Cashless repairs: Network garages provide upfront repairs without payment hassles.
• No claim bonus: Get discounts on premiums up to 50% for claim-free years.
• Add-on covers: Enhance protection with covers for personal accidents, zero depreciation, etc.

While third-party liability insurance is legally required, comprehensive policies are strongly advised, given rising claims.

• Types of bike insurance policies

Three prime two-wheeler insurance policy types in India offer varying coverage levels.

• 1. Third-party liability insurance

The primary legal cover protects you against third-party claims if your bike injures or causes death during an accident. However, it does not cover your bike damage. 

Third party insurance is compulsory for all two-wheelers. However, more comprehensive policies are recommended if your bike is valuable or frequently used.

• 2. Standalone own damage insurance

As the name suggests, standalone own damage bike plans only offer coverage against damage to your two-wheeler. Unlike comprehensive policies, own damage policies do not include third-party liability protection. This makes premiums cheaper. 

Standalone own damage is valid for old bikes where third-party cover is unnecessary.

• 3. Comprehensive insurance

The most popular bike insurance option, comprehensive policies bundle third-party liability along with own damage covers. So, you get extensive protection against:

• Third-party injury, death and property damage claims
• Own bike damage, theft, total loss from accidents, disasters, etc.

Comprehensive two-wheeler insurance policy provides end-to-end coverage and top protection for your asset.

• Key factors to consider while choosing a bike insurance policy

While buying coverage, assess these aspects:

• IDV value: Ensure the insured declared value is accurate, the maximum claim amount for total loss or theft.
• No claim bonus: Check if existing NCB can be transferred from the previous insurer to get premium discounts.
• Add-on covers: Evaluate extra covers like zero depreciation, personal accident, etc. as per needs.
• Exclusions: Be aware of exclusions like normal wear and tear to avoid claim rejection surprises.
• Network garages: Choose insurers with a vast authorised garage network for smooth repairs.

Doing thorough research is critical to getting optimal shields.

• Which bike insurance coverage is best for you?

Carefully evaluate the parameters below to decide which two-wheeler insurance policy type meets your needs:

When to opt for only third-party cover

• Using an old bike with negligible resale value
• Vehicles are rarely taken out on roads
• Have an extremely tight insurance budget
• Primarily require essential legal compliance

Third-party liability insurance only covers injury/death claims by third parties. It does not protect your bike from damage. Hence, it is only recommended for old, unused bikes where own protection is unnecessary.

When to choose comprehensive insurance

• Insuring a new/premium motorcycle with high resale value
• Frequently riding the two-wheeler on roads
• Reside in accident or bike theft-prone areas
• Seek financial protection for assets from damage
• Want a cashless repair facility at garages
• Need coverage for pillion riders

Comprehensive insurance makes most sense in a majority of cases. It bundles third party liability with own damage protection for complete security. Do assess useful add-ons like zero depreciation for worry-free ownership.

• How to choose an add-on cover?

While basic two-wheeler insurance policy or plans provide standard protection, opting for relevant add-on covers per your needs is advisable. Here are some tips for choosing suitable add-on covers:

• 1. Evaluate risks

Assess additional risks your bike may be prone to based on where it’s parked, how often you ride, the probability of theft in your area, etc. This helps identify add-ons like zero depreciation or personal accident cover.

• 2. Understand benefits

Carefully read policy documents to gauge the benefits of available add-ons. This clarifies if covers like engine protector, NCB protection or roadside assistance are helpful for you.

• 3. Compare costs

Check incremental premiums for each add-on through online comparison tools to see which ones deliver maximum value within your budget.

• 4. Consult experts

If you need clarification on making the proper selections, speaking to insurance advisors can help you understand which add-on covers best meet your needs.

• How to claim bike insurance?

Follow these steps for smooth claim processing:

• Intimate insurer: Inform the insurance provider about the claim online or offline, along with preliminary details within 48 hours of damage or theft.
• FIR: Obtain a copy of the First Information Report (FIR) from police authorities for theft or complete loss of bike.
• Documents: Based on policy guidelines, submit necessary claim-related documents such as repair estimates, proof of loss or expenses incurred, etc.
• Survey: Insurance company representatives will inspect damaged bikes before approving cashless garage repairs or reimbursement.
• Claim processing: The insurer will verify details and documents and process the claim amount per policy terms and conditions.

Maintaining transparency and cooperating during verification processes is critical for faster settlement.

• Conclusion

Given India’s disproportionate two-wheeler density and mishap rates, bike insurance is extremely vital. 

Do thorough research to buy adequate coverage suited to your asset value, usage patterns and risk appetite. Review protection at renewals to account for added pillion riders, changed addresses or new bikes. 

This guarantees your beloved companion stays shielded against financial and legal turbulences.