Comprehensive Bike Insurance

A two-wheeler is the most convenient mode of transport for many people in India. It allows you to easily navigate through traffic-like conditions and narrow lanes. However, as the make and model of most motorcycles are light-weight, the damage incurred by the rider and the vehicle when involved in an accident can potentially be huge. To safeguard yourself and your vehicle in case of an unfortunate event, you need comprehensive two-wheeler insurance. Though the third-party cover is mandatory in India, it provides limited coverage to your own bike, stressing the importance of a more extensive coverage.

Here is everything you need to know about the differences between third-party bike insurance and comprehensive bike insurance.

Given below are the insurance riders you could add to your comprehensive bike insurance to customise it as per your preferences:

1. Return-to-Invoice Cover

The return-to-invoice cover can work greatly in your favour, should you lose your bike to theft or complete damage. In such cases, you can claim your bike’s invoice cost through this add-on. The compensation you can claim is directly proportional to the Insured Declared Value of the bike. 

2. Additional Personal Accident Coverage

The additional personal accident coverage can be very beneficial since accidents in India are commonplace. As the owner of the insured vehicle, getting this added cover can protect your finances in the event of a major accident. You or your family members can claim compensation in case of an unfortunate demise or permanent disability.

3. Consumables Expenses

Bike consumables are important two-wheeler parts that include nuts, bearings, bolts, gearbox oil, engine oil, etc. A basic bike insurance plan might not cover the expenses associated with these consumables. Hence, adding this rider to your insurance plan can be highly useful during times of a crisis.

4. Zero Depreciation Cover

You can make sure that deductions are made from the sum insured without factoring the depreciation accrued on your bike’s components. A benefit like this one can be enjoyed only through the zero depreciation add-on cover. 

5. Emergency Medical Costs Cover

With healthcare costs touching the skies, some extra benefits attached to your bike insurance could help you a tonne. This cover can act as a small health plan included with your comprehensive bike insurance plan. If you find yourself or a pillion rider injured after an accident, you can benefit greatly from this add-on. It can cover the medical and transportation costs that could arise after an accident, potentially resulting in immense savings.

6. Additional TPD Coverage

This refers to additional third-party damage coverage. Through this cover you can enhance the already existing third-party liability cover from your comprehensive bike insurance. This helps increase the coverage amount and hence, you will be able to claim a larger sum insured, should the need arise.

7. Roadside Assistance Coverage

There could come a time when you find yourself stranded in the middle of nowhere with a bike that broke down unexpectedly. This cover allows you to claim roadside assistance from your insurer for towing, tyre changes, accommodation assistance, etc.

Insured Declared Value in Bike Insurance is the maximum coverage your vehicle shall receive under the comprehensive insurance policy. Thus, it is crucial to check the IDV being offered and compare various plans, besides just the premium quote.

 

Similarly, the No Claim Bonus or NCB in Bike Insurance is a reward you can earn on your renewal premium by making zero claims during the policy period. Although it is not advised to avoid filing high-value claims, you can easily make great savings on becoming eligible for NCB!

If you’d like to calculate the premium price of your comprehensive bike insurance, you can follow the steps given below. 

 

• Step 1: Visit a bike insurance premium calculator page

 

• Step 2: Enter the details of your bike’s registration number, your phone number, etc. 

 

• Step 3: Confirm if you have an active bike insurance or not

 

• Step 4: Choose your preferred bike insurance type

 

• Step 5: Proceed to compare and analyse the various insurance options displayed on your screen

Here are the determining factors of the premium price of your comprehensive bike insurance. 

 

1. Insured Declared Value

 

The IDV or Insured Declared Value of your bike refers to the value at which your bike can be bought or sold on the current market. It is also the highest sum insured that your insurer can provide you with. Hence, the higher the IDV of your bike, the higher the premium price will be. 

 

2. Age of the Bike

 

The age of your bike matters greatly when it comes to deciding the premium price of your comprehensive bike insurance plan. The older your bike, the higher the bike insurance premium price will be. 

 

3. Make and Variant of Bike

 

If the make, model, variant, and brand of your bike makes it a low-cost or medium-cost bike, you can expect a lower premium price. However, if your two-wheeler is an advanced or expensive sports or luxury bike, you will be charged a higher premium price.

 

4. Location of Registration

 

The location at which your bike was registered can impact your comprehensive bike insurance. If the registration region is a highly trafficked area or is a high-risk location, you might have to pay a higher premium price. 

 

5. No-claim Bonus and Discounts

 

An NCB or No-claim Bonus is a discount you can earn on an upcoming renewal premium for not filing a claim through one or more policy years. Through this, you premium could be reduced by a maximum rate of 50%, therefore, impacting your premium heavily. 

 

6. Add-ons

 

These are extra insurance covers that can be added to your basic comprehensive bike insurance plan to significantly enhance the coverage. The inclusion of add-on covers invites an addition to the premium price, which on increasing can offer you substantial coverage.