Hello viewers and thank you for reading insurance for bike. I admire the fact that you guys are asked this question first before you purchased any policy. Doing your research before making a financial decision always pays off.
Now, the answer to your question depends on person to person as what is best for me may not be the best for you. It all depends on the coverage needs of the individual.
Types of Insurance for Bike
Third-party policy – As you may know, a third-party policy provides coverage only for third-party liabilities, and it is mandatory to have as per the Motor Vehicles Act, 1988. So, you will be covered when your car is involved in an accident that leads to third-party/parties getting injured. It will help pay for the injuries to the third party’s car, body, and/or property.
Comprehensive policy – The comprehensive policy offers protection to your bike against a variety of risks and dangers. This includes security against natural disasters such as earthquakes, storms, lightning, floods, and so on. Manmade calamities such as fire, theft, burglary, etc are also covered by most insurers. Apart from these, you can also avail additional coverage through riders/add-ons such as engine protection cover, zero dep cover, NCB cover, roadside assistance, and so on.
While the coverage for insurance for bike the third-party policy would be standard across all insurers, the coverage offered in the comprehensive policy would differ between various providers.
Ideal Policy of Insurance of Bike
Your coverage needs
– Your budget for insurance for bike (to state the obvious, a third-party policy is cheaper than a comprehensive policy)
– Whether you require additional coverage in the form of add-ons
– The uses you have planned for the car – a car that is going to be used on a daily basis may be better equipped with comprehensive two-wheeler insurance.
– Your geographical location – for instance, if you lived in an area where earthquakes are common, then it would be wiser to opt for a comprehensive policy.
Buying either of these policies is quite easy. You can go to the insurer’s website, choose the ‘buy policy’ option on the particular policy and follow the step-by-step instructions. Do not forget to select the coverage you want if you decide to opt for a comprehensive policy.
First off, let me tell you that applying for bike insurance on your own is the best option! It ensures you are not misguided by any agent or pay any unwanted commissions.
Getting your to question – the cost of insurance depends on two variables – the type of bike insurance you have and the type of bike you have. There are two types of insurance you can get for your two-wheeler, third party, and comprehensive.
Cost of third party two-wheeler insurance:
Owing to the fact third-party insurance is the most basic type of cover for your bike, it is the most affordable sort of policy you can purchase. The premium for such a policy is decided by the IRDAI based on the cubic capacity of the bike. Here are the prices of third party bike insurance:
Cost of comprehensive bike insurance:
Comprehensive plans offer a lot more protection and therefore they cost more. The premiums depend on the type of bike you have, the area where you live (theft-prone areas, flood-prone areas, etc. cost more), the number of add-ons you have, etc.
To get a better idea of the cost of insurance for bike, you should just consult with an insurance provider or visit the website to get an instant quotation. Hope this has been helpful, good luck and ride safe!
An insurance for bike policy insulates the vehicle owner or the policyholder from any financial liabilities caused due to damages or theft of the vehicle. Therefore, it is vital to have an insurance policy which can provide you with all-round protection at a cost that does not become a burden for you. Having a clear understanding of your requirements will allow you to purchase insurance which suits your needs and your budget. Here, is a list of few companies that can offer you best motor insurance:
1. TATA AIG General Insurance Company
2. Bajaj Allianz General Insurance Company
3. Bharti AXA Motor Insurance Company
4. HDFC ERGO General Insurance Company
5. ICICI Lombard General Insurance Company
6. Royal Sundaram General Insurance Company
7. Reliance General Insurance Company
8. United India Insurance Company
9. The New India Assurance Company
10. IFFCO Tokio General Insurance Company
While purchasing two-wheeler insurance for bike last year, I bought a bike insurance policy from TATA AIG, one of the popular insurance companies in India. Additionally, they are known to provide you with hassle-free purchase and renewal, seamless grievance solutions and offer an attractive list of add-ons. The bike insurance came with great features and most importantly, the ‘TATA Trust’.