How Bike Insurance Protects Your Vehicle from Fire Damages?

5 min read

Wondering, whether your bike insurance protects bike from fire damage?  In the widespread urban areas of India, having a two-wheeler is more of a necessity. A motorbike or scooter can make your life so much easier in terms of commuting. You do not have to worry about relying on public transport and even the annoying traffic jams can be easily managed when you have a trusty two-wheeler. However, one of the most important things that you should not forget at any cost is having a bike insurance policy. A bike insurance policy provides coverage for the damages that your bike has received and the damage caused to the other vehicle in an accident.

Nevertheless, while buying bike insurance online, you need to find out if the policy provides comprehensive and sufficient coverage for damages including the damage caused by fire. So, let us talk about it here today and find out much-required information about it.

Types of Two-wheeler Insurance Plans in India

Here are some of the types of two-wheeler insurance plans that provide coverage for damages by fire. Mentioned herein below are the types of two-wheeler insurance plans that you can very easily find in the market.

1. Third-party two-wheeler insurance policy

Going by the rules of the Government, buying a third-party two-wheeler insurance policy is compulsory for all owners of two-wheelers. The coverage you will get under a third-party insurance plan is for the damage to the other party’s vehicle in case of a collision. If you met with an accident while riding your two-wheeler, this policy will only cover the damages to other vehicles and not your own vehicle. There are some additional third-party bike insurance benefits available with some insurance plans but you need to clarify from the insurance provider about the plan that you are getting.

2. Comprehensive two-wheeler insurance policy

It is basically a full-proof plan that comes with all the required protection that a bike may need. A comprehensive two-wheeler insurance policy will certainly protect your bike from self-inflicted damages and along with that damages caused because of any external factors. Your bike will even receive protection from all types of accidents that involve fire. We can call this policy an all-around protection plan as it protects against all types of eventualities. A comprehensive two-wheeler insurance policy will cover damages caused to other vehicles or third-party liabilities, as well as all damages to the own vehicle including natural calamities and even theft.

3. Standalone two-wheeler insurance policy

This kind of two-wheeler insurance policy protects a bike against self-inflicted damages. This may include a natural calamity, a man-made accident, or any other event like riots. Under this policy, damages by fire are also included. However, you may not receive any compensation for fire caused by overheating or any kind of internal sparks. The damages by fire will be considered if there are visible flames. If you are using this kind of a policy to get compensation, and the damage happened because of riots, the insurer might ask you to show proof of the event, which can be the piece of newspaper in which the news of the riot was published.

How to claim bike damages that were caused by fire in India?

For a hassle-free claim for fire damages from your insurance provider, you need to follow some important steps. Here are some of them mentioned below:

  • You need to file an FIR and get in touch with the insurance company from which you bought your two-wheeler insurance policy, in case your bike received considerable damage because of an accident.
  • You need to ensure of recording all the details of the incident so that you can provide those to your insurer when they ask for them.
  • Once your insurance provider received all the required details, they will assign an inspector or surveyor who will be assessing your bike. Once the inspector submits a report back to the insurer and the report meets all the requirements, the claim process will proceed.
  • At this point, you will be asked to provide the required documents by your insurer. Once the documents are verified, you can get the bike insurance benefits.

How much compensation can be expected in case of two-wheeler damage by fire?

If your bike received damages because of fire, the maximum amount of compensation that you can expect is the Insured Declared Value (IDV). IDV is determined while buying the insurance policy. The compensation that you will receive also depends upon the extent of damage that has happened; the depreciation value is subtracted; and the voluntary deductibles. Another factor on which the compensation amount depends is the terms and conditions that are mentioned in the policy. If your bike is not in a state to repair, it will be counted among a total loss and you will only receive the IDV in your policy as a compensation amount.

Also Read: 4 Common Causes of Bike Skidding and Tips To Control It

Things to remember while buying a two-wheeler insurance policy in India

As you plan to buy a two-wheeler insurance policy, you need to keep certain things into consideration. Here are a few of them mentioned below:

  • If your two-wheeler catches fire, just a third-party two-wheeler insurance policy will not be enough to cover the damages. To get coverage for fire damages, buying a standalone own damages policy is always a prudent idea.
  • If you are buying a comprehensive two-wheeler insurance policy, you need to make sure of choosing one that will offer you the necessary compensation against fire damage.
  • If you are modifying your bike, there are chances that I may catch fire. This can result in the rejection of your claim. Therefore, you must go through all the workings in your policy documents before you decide to modify your bike.
  • Mechanical breakdown in the bike that results in fire is usually not covered under two-wheeler insurance policies.
  • The two-wheeler insurance policies include certain geographical boundaries. An accident taking place outside the geographical boundaries is not covered by the insurers.

Now that you know almost everything about two-wheeler insurance policies and how they protect bikes from fire damage, you can start looking for a policy that you need. You can come across them from the comfort of your home through the internet.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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