Undoubtedly, bikes are one of the most convenient ways to commute in India. However, when buying a bike, it comes with its own set of risks as it poses a high risk of road accidents.
Hence, it becomes extremely crucial to opt for good bike insurance to protect yourself from financial loss because of accidents and protect the other person injured in any way with your bike. In this article, we will discuss everything you must know about bike insurance.
What is Bike Insurance?
Bike insurance is a type of two-wheeler insurance in which a contract is made between you and the insurance company. The insurance company will provide financial coverage for any damage caused to your bike due to theft, collision, accident, etc. Bike insurance plays a major role in safeguarding legal and financial obligations in case of accidents or any other related reasons. In addition, bike owners must buy a third-party bike insurance policy mandatorily, according to the Motor Vehicles Act, 1988.
Types of Bike Insurance Policy Available for Customers
When you plan to buy an insurance bike policy, you can choose from multiple options on the basis of your coverage requirement. Here are three main types of bike insurance you can opt for in India:
1. Third-Party Bike Insurance Policy
The Motor Vehicles Act of 1988 makes it mandatory for you to buy third-party bike insurance to ride your bike in India. It offers financial coverage for all disabilities, injuries or deaths caused to the third party because of your bike accident. Nevertheless, this plan does not provide financial coverage for losses arising due to bike theft or damages.
2. Standalone Own Damage Insurance Policy
It is a type of bike insurance policy in which you can receive financial coverage for the damages caused on your bike in case of any mishap or unforeseen situation. You can buy this plan as an additional policy for the third-party bike insurance policy. However, this plan does not offer financial coverage for third-party liabilities.
3. Comprehensive Bike Insurance Policy
A comprehensive bike insurance policy offers extensive financial coverage to the bike owner. When you opt for a comprehensive bike insurance plan, you will receive financial coverage for yourself, your bike and a third party. It is an ideal bike insurance policy to ensure full financial coverage for your two-wheeler.
Why Should You Buy Bike Insurance?
Getting bike insurance enables you to protect your bike from various unpredictable situations. Here are a few reasons why it is always advisable to you to get bike insurance in India:
1. Legal Requirement
As per the Motor Vehicles Act of 1988, it is mandatory for you to buy at least a third-party bike insurance plan to ride your bike. If you ride your bike without purchasing third-party bike insurance, you may have to pay up to Rs. 2,000 and/or imprisonment of 3 months.
2. Financial Coverage
When you buy a bike, you must opt for a bike insurance policy to receive 360-degree financial coverage and protection. It offers financial security to you, your vehicle and the third party involved in case of a mishap. With a bike insurance plan, you can get peace of mind as you are financially protected during mishaps.
3. Third-Party Liabilities
As it is mandatory for you to buy third-party insurance in India, it offers financial coverage for damages caused to a third party by your bike. It provides financial assistance so that you are not legally liable to pay the third party in case of a road mishap.
4. Get Add-ons Benefits
Insurance companies, like ACKO Insurance, offer you the privilege to customise your bike insurance plan according to your insurance requirements. There are multiple add-ons you can choose from, such as key loss cover, zero depreciation cover, roadside assistance, etc., to include in your plan.
5. Personal Accident Cover
Apart from the above benefits, your family can receive financial coverage for personal accidents. Under this add-on, the insurance company, like ACKO, can offer financial protection to your family up to Rs. 15 lakhs if an accident happens and leads to your unfortunate demise.
How to Buy a Bike Insurance Plan Online?
You can follow this simple step-by-step guide to buy a bike insurance policy online in a few minutes:
Step 1: Visit the official website of your preferred insurance company.
Step 2: Look for the ‘Bike Insurance’ option and click the option to enter your bike number.
Step 3: Click the ‘Check Prices’ option to check the insurance amount.
Step 4: Choose the add-ons you want to include in your bike insurance plan.
Step 5: Fill in the required details, such as your name, contact number and other required details.
Step 6: Pay the premium amount online to buy the bike insurance.
Please note the steps are generic and may differ depending on the insurance company and your preferred bike insurance plan.
Final Words
In short, when you buy a bike, you must purchase bike insurance as it protects you from financial and legal obligations during any road mishap or unfortunate event. It gives you financial coverage and ensures you follow the legal requirements to ride a bike in India. In addition, you can easily buy bike insurance online according to your preferred requirements within a few minutes.