Decoding Bike Insurance: A Beginner’s Guide To Two-Wheeler Insurance In India

Decoding Bike Insurance: A Beginner’s Guide To Two-Wheeler Insurance In India

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Despite India’s annual purchase of 10 million motorcycles, the country’s infrastructure needs to match the demand. Experienced two-wheeler riders may encounter challenges on poorly maintained roads, necessitating assistance. A two-wheeler insurance will assist you in paying for any unexpected mishap, such as a bike theft, traffic accident, or property damage to a third party. Before hitting the road, performing a bike insurance check online ensures your coverage is up-to-date and meets your riding needs. *

Types Of Two-Wheeler Insurance In India

A liability-only policy, also known as a third-party two-wheeler insurance policy, is a minimum coverage mandated by law. This policy covers demise, physical harm, and property damage to third parties. When exploring insurance options for your two-wheeler, consider coverage provided by Bajaj Allianz third-party two-wheeler insurance. Claims are subject to terms and conditions set forth under the motor insurance policy. *

Apart from third-party coverage, a comprehensive policy shields against theft, loss, and damage caused by natural or artificial events, including floods, storms, riots, strikes, and vandalism. *

How Do You Calculate An Insurance Premium?

The characteristics of your bike are crucial in this regard. The vehicle’s Cubic Capacity (CC), the city of purchase, the chosen coverage, and the selected accessories are some variables that determine the premium. Certain insurers also provide add-on coverage, but you must pay a higher premium.

IDV: What Is It?

The insured vehicle’s value is indicated by the insured declared value (IDV), a figure that stays fixed for the duration of the policy. The formula for determining a two-wheeler’s IDV is provided below.

IDV is calculated by subtracting the cost of depreciation from the listed selling price and adding sales tax, registration fees, and insurance costs.

Renewal Of Two Wheeler Insurance

To ensure continuity, you must renew your insurance before the deadline. If your policy has lapsed, you must inspect your bike to restore your insurance. Ensure you complete the Bajaj Allianz general insurance renewal process for two-wheelers on time.

Advantages Of A No-Claim Bonus

The concession on your premium for not filing a claim during that year is known as NCB or No-Claim Bonus. Policyholders can receive a 50% concession for years without a claim, an incentive programme to encourage safe driving. * ##

How Can I Submit A Claim?

In case of an accident, initiate the claims process by contacting your insurer via phone or mail. Submit the claims form with required documents, including your driver’s license, FIR for theft, and repair estimates for accidents. Upon damage assessment by a surveyor, your insurer will disburse the appropriate amount. Claims are subject to terms and conditions set forth under the motor insurance policy. *

If you need help choosing the ideal insurance plan for your bike, use third-party comparison websites to evaluate coverage and premium prices. Acquiring knowledge of the terminology related to bike insurance will ultimately save you great trouble and prove beneficial in the long run. Consider the convenience of a bike insurance check online to quickly verify and update your coverage before embarking on your next ride. Claims are subject to terms and conditions set forth under the motor insurance policy.

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*Standard T&C Apply

##All savings are provided by the insurer as per the IRDAI-approved insurance plan

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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