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As per the Indian Motor Vehicles Act, only third-party vehicle insurance is compulsory for bikes. The third-party coverage is a reasonably priced insurance that is necessary to have for every two-wheeler and four-wheeler owners. However, the third-party insurance covers only the third-party damages. Thus, if you want to cover the damages of your own bike caused due to accidents, you must buy a comprehensive bike insurance plan or a standalone bike insurance plan. There are many people who are not sure about the various aspects of bike insurance policies.
So, in this post we are addressing the different queries related to the purchase of a two-wheeler insurance plan in the form of some frequently asked questions.
Here are some FAQs that are common while purchasing a bike insurance policy:
Yes, everyone with a vehicle, be it a two-wheeler or four-wheeler, needs insurance. In fact, the government of India has made it obligatory for every bike owner to have at least a third-party insurance policy to be able to drive safely on the roads. With a third-party insurance in hand, the bike owner is not burdened in case of unforeseen costs incurred in an accident causing third-party damages.
The two wheeler insurance online renewal process has made it very simple to renew your bike insurance these days. Most insurers inform the policyholder about the expiry date of the policy in advance. So, all you need to do is to visit the website of the insurance company and get your bike insurance renewal online by following a few simple steps.
Further, you also have the option of visiting the branch of your insurer or contacting the customer care of your insurer to renew the policy offline.
The papers required at the time of raising claim might vary as per the requirement of your insurance company. Below are the paperwork that you primarily require to file a bike insurance claim.
The bike insurance premium cost generally varies depending on the policy and as per the determining criteria of each policy. Some such determining criteria include year of manufacture of bike, model and make of bike, the age of the bike owner, the size of the engine, the anti-theft equipment installed (if any), voluntary deductible, as well as location of buying the insurance, among others.
Also Read: Top Five Fastest Speed Bikes in India
You can see the policy number of your bike insurance on the Insurance Certificate that your insurance company gives you at the time of buying the two-wheeler insurance policy. The bike insurance policy number is also mentioned in the correspondence letters, emails etc. that is regularly sent to you by your insurer.
Further, you can visit the website of the State Transport Department and submit your bike RC to check your insurance details. Also, the www.parivahan.gov.in website of the Road Transport and Highways Ministry can also be checked to get details about your bike insurance by submitting your bike registration number.
No, you cannot cancel a bike insurance coverage until you have a solid reason for doing so within a month of acquiring the policy. For instance, if you bought two bike insurance plans by mistake, or you bought a commercial bike insurance plan, while you have a private bike etc. However, no fee is levied for cancellation of a policy.
The following papers should be kept with the rider while riding a bike on the Indian roads:
You must ensure that all the papers are valid and active. No single document is out of date. To protect the physical copies from damage, you can preserve them as digital versions.
A policy bought at any city or town across India can be used anywhere in the country. Though the facility of pick-up and drop-off of your bike may not be available outside the city limits. However, you can find the list of network garages available in the list offered by the contact centre of your insurer. The assessment of loss will be performed by an outside surveyor.
The primary focus at the time of buying an insurance should always be on thoroughly reading the policy words. Not just reading the terms and conditions of the policy, you should also be able to comprehend the coverage before buying the product.
You must compare and invest in the best two wheeler insurance policy that is suitable for your bike and cover your own bike damages along with third-party liabilities.
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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