See The Best Bike Insurance Options In India
This article will describe what bike insurance is, why you need it, and the best bike insurance companies in India.
Bike Insurance in India is insurance that covers the risk of theft, damage, and accidental loss. Bike insurance policies usually come with three tiers of cover. Theft and accidental loss are covered without any deductible amount while damage is covered at an agreed upon rate like 10% or 20%. The third tier deals with property damage to third-party property as well as other riders in case of an accident.
Why Do You Need Bike Insurance In India?
Protection against accidental death, injury or loss of bike due to unforeseen circumstances: the bike can be stolen by thieves, be damaged by accidents or natural calamities and even be lost due to negligence on your part. The protection is offered by various insurance companies in India and you can choose the one that suits your needs.
Reduces risk of acquiring debts that you can’t afford: Accidents or accidents caused by negligence can lead to a loss which is unrepairable and result in loss of finances. By grabbing the bike insurance, you reduce the risk of financial losses against accidents caused due to negligence.
Bike Insurance Qualities To Select The Best Bike Insurance Company In India?
A bike insurance policy should offer a good amount of coverage against theft and accidental loss as well as comprehensive service facilities. The coverage should be up to the standard necessary for the value of the bike. The services offered by the company should also be in sync with the type of bike you own. To select a bike insurance company, there are a couple of key factors that must be considered.
Coverage
Liability Coverage: This coverage is important because it deals with your legal responsibility against the property damage or injury caused. The policy should at least cover you for a million rupees in case of negligence or accidental damage.
Medical Expenses Coverage: Medical expenses are to be covered by most bike insurance policies and the amount can be between Rs 50,000 to a lakh rupees. If you have any serious injuries, your medical bills can run up to lakhs of rupees and this is why it is necessary to have this coverage in place.
Accidental Death Coverage: In case of an accident involving death, you will need this coverage to help pay for the funeral costs etcetera. This coverage is also important when you have an accident while racing or while taking part in a bike rally or event.
Other covers offered by the policy should be in sync with the value of the bike and be reasonable enough to protect your bike. The other things that should be considered before selecting a bike insurance company are the following:
Value of Bike: Some policies cover bikes worth Rs 1,00,000 but for some bikes it can be as low as Rs 99,000. For valuable bikes, it is necessary to ensure a reasonable amount of insurance cover to protect them from theft or accidental loss.
Policy Limits: The limit is the amount of risk being insured. For example, a bike worth Rs 1,00,000 can have an insurance limit of Rs 10,000 which means that if it is stolen or damaged but not both then only Rs 9,990 will be paid by the insurance company.
Roadside Assistance: Some policies also include roadside assistance services in case you face any accidental loss or theft due to negligence and other factors on the road. This is to help you in case you are unable to reach your destination. The services should be offered with reasonable prices so that it can be utilized by all riders.
The best bike insurance companies in India?
There are many companies in the market, offering bike insurance policies. According to your needs, you can choose the best bike insurance company in India based on the above factors and other aspects too. Some of the notable bike insurance companies in India are as follows:
- Provident General Insurance Company of India Limited (PGI): PGI offers products for both personal and commercial customers. They offer comprehensive cover with a variety of products like motorcycle, scooter, car and also cover under their policies. They also offer comprehensive service facilities so that you need not face any inconvenience if you have any accident or theft due to negligence.
The policy that you get from PGI offers cover for Rs 1,00,000 in theft and accidental loss and offers a no-claims bonus of 20% for the first year to 18% after the first year. However, this is reduced to 12% after five years. For medical expense benefits, the benefit is up to 1 lakh rupees which can be used only within India. This insurance has two parts with both liability and medical expenses covered within one policy.
- Bajaj Allianz General Insurance Company Limited (BAJ): BAJ also provides comprehensive coverage as it covers risks to bikes, as well as other riding vehicles like cars or scooters. It also offers roadside assistance services for those who need help in case of an accident. The premium is affordable and the advantage of this policy is that it covers all riding vehicles so that you need only one policy to protect all your vehicles.
- ICICI Lombard General Insurance Company Limited (Lombard): Lombard also offers comprehensive bike insurance policies and a variety of other insurance products like car insurance, health insurance, life insurance etcetera. Based on the coverage you require, the premium charged will vary along with the cover provided. For example, if you have a bike worth Rs 1 lakh then you should consider getting a policy worth Rs 1 lakh and not Rs 50,000. You can also choose a policy that offers benefits for fitness and health if you are concerned about your health.
- Reliance General Insurance Company Ltd (Reliance General Insurance): Reliance is among the most popular bike insurance companies because it provides you with a wide range of insurance products for both personal and commercial use. The company has been a very long-time player in the Indian market, offering numerous products over the years. It provides comprehensive coverage as it covers all types of risks including damage to property, theft, life and health insurance, among others.
You can get coverage for a bike worth Rs 1,00,000 and can also choose from a variety of options that include health and fitness cover as well as any accident and theft cover. The insurance company offers a very reasonable policy price and does not offer any claim payment policies so that the customer always has an assured settlement. Their no-claims bonus is 15.5% after one year of the policy to 18% after five years.
- Tata AIG General Insurance Company Limited (TAIG): TAIG has been among the leading companies in providing comprehensive coverage to customers’ bikes so that they have peace of mind when it comes to their bikes or other riding vehicles. It also offers many other insurance policies for customers who need to protect their house, car and also their health.
The policy that you get from TAIG covers your bike worth Rs 1 lakh to Rs 1 crore and covers some of the following cover types:
Excess cover: This cover will come into effect only if you have incurred an accident while riding a bike that is worth Rs 10 lakh or more. In such case, the excess or unearned amount will be paid by TAIG, up to 75% of the insured value.
Non-excess cover: This type of coverage is offered for those who have had an accident while riding their bike that is worth between Rs 1 crore and Rs 3 crore. This cover provides the same benefits as that of the excess cover.
Third party motor vehicle cover: This cover will provide you with 100% of the insurance amount paid by TAIG if your bike is damaged due to a third party, such as an animal or another bike causing an accident.
Fourth Western Union: If you have been involved in a legal dispute, it is possible that you may be asked to raise bail and provide documents. In such cases, TAIG will do the needful by providing assistance in getting your bail if you have not been able to collect them. It can also help with documentation if there has been any dispute regarding title transfer etcetera.
These were some options of bike insurance in India and a description of what it is and why it is important to have them.