How do I choose bike insurance

Last Updated : 25-09-2022

How to Choose the Best 2 Wheeler Insurance?

As a comprehensive two-wheeler insurance cover provides an all-inclusive cover, it is advisable to prefer buying comprehensive cover over third-party insurance. Like any other type of insurance purchase, bike insurance purchase should also be a well-researched decision after evaluating your requirements as well as after comparing different insurance plans on offer.

Know your Coverage Requirement

Before you start to look for insurance, it is important to make an assessment based on your requirement and budget. Bike insurance is of two types depending upon coverage – third-party cover and comprehensive cover. Depending upon the usage of your two-wheeler, your expenditures and other existing liabilities, choose a plan that offers the right coverage.

How to Choose the Best 2 Wheeler Insurance?

Why Buy Two Wheeler Insurance?

Accidents involving two wheeler resulted in 44,000 deaths in 2016. This figure highlights the need of buying a comprehensive bike insurance policy that secures you against the accidental damages and injuries.

Further, since motor insurance is mandatory as per the Motor Vehicles Act 1988, riding a bike without insurance is an offense that’s punishable by law. But, as per law, only third-party insurance is mandatory, and people prefer buying third-party cover to save on premium. However, it is important to understand that having insufficient insurance cover is as good as having no insurance at all. Therefore, it is essential to compare bike insurance online and buy an insurance policy that meets your requirements in the best way.

Which type of bike insurance is best?

A comprehensive two-wheeler insurance policy is the best type of plan available for bikers. It provides comprehensive protection against damages to your vehicle as well as damages to the vehicle or property of a third party. It also protects the policyholder against the theft or loss of his/her two-wheeler.

What is full insurance for bike?

Comprehensive bike insurance policy is a combination of Third-party liability insurance and own-damage cover. Your bike will be covered against theft, loss, and damage. It offers monetary support against all kinds of damages caused to your bike as well as another individual, vehicle or property.

Is insurance compulsory for bike?

Having third-party insurance is anyway compulsory for all vehicles as per the Motor Vehicles Act, 1988. If you have just bought a brand new scooter or bike and decided to go with basic third-party bike insurance, you will necessarily have to buy a 5 year insurance policy.

Which insurance policy is best in India?Top 10 Life Insurance Policies in 2021

Plan NamePlan TypePolicy Term (Min/Max)
LIC’s Jeevan Pragati PlanEndowment12 Years to 20 Years
Max Life Online Term Plan Plus Basic Life CoverTerm10 Years to 40 Years
ICICI Prudential iProtect SmartTerm10 years to 30 years
Bharti Axa Life Elite SecureTerm10 years to 25 years

What is NCB in bike insurance?

What is NCB in Bike Insurance? Now insurers say that if you drive safely, and do not raise a claim for a year, on your policy renewal, you will receive a discount on the premium. This discount is called a No Claim Bonus.

What is 5 year insurance rule?

The change made by IRDAI to make 5 years’ two-wheeler insurance mandatory was prompted by a Supreme Court ruling in September 2018. … If you choose a comprehensive two-wheeler insurance cover, then your policy tenure will be for 3 years as opposed to 5 years.

Is it safe to buy online bike insurance?

Buying online two-wheeler insurance is secured. However, customer may be worried because of online transactions but if brought with extra research, it is always safe to buy two-wheeler insurance online. It is advisable to read all the features offered before purchasing an insurance plan online.Know your Coverage Requirement. …

The Cubic Capacity of Bike Decides your Premium Understand Insurance Declared Value (IDV) Look for Riders to Extend your Insurance Cover Choose a Reputed Insurer Compare Bike Insurance Online Don’t Forget to Read Online Reviews.