A Handy Guide to Bike Insurance Policy in India

A bike ride can fix anything from a bad day at work to a broken heart. We all care for our bikes and a priority for your bike is to get the right bike insurance cover to protect yourself and your bike from a mishap !

The right bike insurance is like a safety blanket and here’s a handy guide to get you started on the basics:

  • Why should I buy Bike Insurance ?

In India, every bike owner and rider is legally required to have a third-party bike insurance policy. Other legal documents include a valid driver’s license, vehicle registration and a PUC, not older than 6 months.  In case of absence of a third party insurance, the rider can be fined up to ₹4000 or face imprisonment up to 3 years.

  • What are the types of bike insurance/ two wheeler insurance policies I can buy ?

While there are various insurance companies out there offering various types of insurance covers, there are essentially two basic types of bike insurance as follows :

  • Third Party Insurance : This is a basic insurance cover which is mandatory under law. It covers damages and liabilities in case of an accident involving a third party. It has a low premium rate but it does not offer a personal accident cover or damage in case of natural or manmade disasters (floods, cyclones, riots, theft etc.)
  • Comprehensive Bike Insurance : A comprehensive bike insurance policy covers third party liability and other harms like Personal Accident or Own Damage (OD). The premium is slightly high but there are various benefits like a No Claim Bonus upon renewal and add-on covers for co-rider and roadside assistance etc.

All insurance providers offer both these insurance covers. Sometimes, a third-party cover is better in case  your bike is older than 5 years. A comprehensive cover might not cover costs of repair for pre existing damage or other services and you might end up paying a higher premium on an old bike for a low return. So, evaluate your needs and choose the type which suits you best.

  • Learn Basics of Bike Insurance

Insurance language can confuse many of us and without a proper understanding, we might end up with an inaccurate policy. It is wise to read up on some basic insurance terminologies like Premium, IDV and No Claim Bonus etc. in order to make an informed choice.

  • Where can I buy Bike Insurance ?

You can buy and renew bike insurance both offline and online. It is recommended to buy online insurance as the process is quick, convenient and safe saving you both time and money. Search and compare various bike insurance covers and get an instant insurance quote online. There are discounts and services available like round-the-clock claim assistance, making the online process cheaper, customer friendly and hassle-free.

Bike insurance is a necessity at all times for your safety and protection. Get the right one for your beloved bike today !

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