Top Bike Insurance Plans

New India Bike Insurance

Starting from ₹714

Key Features:

• No Inspection Needed
• Immediate Policy Issuance
• No Paperwork

HDFC ERGO Bike Insurance

Starting from ₹812

Key Features:

• No Inspection Needed
• Immediate Policy Issuance
• No Paperwork

Why Do You Need Bike Insurance?

1. Legal Requirement- In India, having at least a third-party liability cover is mandatory to legally ride on the roads. Failure to comply can lead to fines or even license suspension.
2. Financial Security- Bike insurance protects you from the financial burden of repairing damages to your vehicle or another party’s, especially in accidents.
3. Protection Against Theft- If your bike is stolen, comprehensive coverage can compensate you for the loss, mitigating out-of-pocket expenses.
4. Personal Accident Cover- Most bike insurance policies include personal accident coverage, providing financial support for medical treatment in case of injuries sustained due to an accident.
5. Third-Party Liability- If your bike is involved in an accident causing damage or injury to someone else, third-party liability coverage pays for their expenses or legal claims, reducing your financial risk.

Types of Two Wheeler Insurance

There are 3 types of bike insurance policies in India and SSR Insurance Hub offers all of them:

1. Comprehensive Bike Insurance

   The comprehensive bike insurance policy is a combination of both standalone and third-party insurance. It is the most recommended policy as it protects you from the financial risks of causing damage or injury to a third person or property, and also covers damages sustained by your bike.

2. Third Party Bike Insurance

   This insurance policy is mandatory for all motor vehicles in India. It covers the legal obligation to compensate for damages or injuries caused to a third person or property due to an accident by your bike.

3. Own-Damage Bike Insurance

   The standalone own-damage policy covers damages incurred by your two-wheeler. It safeguards you financially by covering repair costs if your bike gets damaged due to an accident, vandalism, or natural calamities such as earthquakes, floods, or riots.

Key Features of a Bike Insurance Policy

Below listed are the key features and benefits of buying a bike insurance policy:

• Legal Compliance: The Indian Motor Act 1988 makes it mandatory to purchase third-party insurance for every motor vehicle. Hence third-party bike insurance is necessary to purchase as it fulfils a legal obligation.
• Third-Party Liability Coverage: The Third-party liability policy covers the compensation you are obliged to pay for damaging any third person's property or causing injury to a third person by your bike. It also covers the compensation to be paid if the accident caused a disability or death of the victim.
• Own Damage Protection: In a Comprehensive Plan or a standalone own damage insurance policy, the risks of your bike getting damaged are covered in the insurance plan. It covers the damages caused by accidents, natural calamities, theft, fire, vandalism, etc.

"Covered" vs "Not Covered" Under Bike Insurance Policies

There are inclusions and exclusions in every policy. Bike insurance policy clearly outlines in the policy documents what is covered and what is not covered in the policy. You can refer to the table below to find out the basic coverages and not covered of a bike insurance policy.

Key Factors to Consider While Choosing a Bike Insurance Plan

While choosing an insurance policy for your bike, you have to find the policy that meets your expectations and fulfils your requirements. Here are the key factors to consider before selecting a bike insurance policy.

1. Type of Coverage: The policy's coverage is its primary component. Although some insurers require personal accident coverage, third-party liability typically only covers damages that your vehicle causes to another person or piece of property. The benefits of the own damage and third party policies are covered by the comprehensive coverage. Motorbike damage from theft, accidents, natural disasters like floods and earthquakes, vandalism, and riots is covered by own damage insurance.
2. Third Party Bike Insurance: This insurance policy is mandatory for all motor vehicles in India. It covers the legal obligation to compensate for damages or injuries caused to a third person or property due to an accident by your bike.
3. Insured Declared Value (IDV): The IDV is the current market value of your bike. Your IDV affects your premium, higher IDV has a higher premium. It also is the price the insurer pays in case your bike is stolen or damaged beyond repair.
4. Add-on Covers: Among the list of more than 10 add-ons in the market, some are fairly very popular given the benefits they add to the insurance policy. The most brought add-ons are Zero Depreciation Cover, Roadside Assistance, and Engine Protection. Check if the policy is offering these add-ons to add to your policy.
5. Claim Settlement Ratio: Claim Settlement Ratio or CSR is a crucial metric to analyse the efficiency of the insurer in terms of settling claims. It indicates if the insurer settles the claim smoothly. While searching for a policy, look for insurers that have a CSR between 95-98%
6. Own-Damage Bike Insurance: The standalone own-damage policy covers damages incurred by your two-wheeler. It safeguards you financially by covering repair costs if your bike gets damaged due to an accident, vandalism, or natural calamities such as earthquakes, floods, or riots.
7. Network of Cashless Garages: Cashless garages are a very important facility for motor insurance. These are garages that provide services and don't charge any money from you. These garages are directly tied with insurers and get paid directly from them. A large network of garages means that you can easily find one near to wherever you are.
8. Premium Cost: After adding add-on covers, your premium amount should be a balance between coverage and affordability. Check plans from different insurers and compare quotes on InsuranceDekho and find the insurer that provides the required coverage at an affordable price.

Eligibility Criteria for Purchasing a Bike Insurance Policy

To purchase bike insurance, you must fulfil the following conditions:

• The bike should be registered under your name.
• You must have a Government authorised identification card.
• You should have a proof of address.
• You must be above the age of 18 years and have a valid driving license.
• The bike must be registered under the RTO (Regional Transport Office).

Benefits of Buying Bike Insurance

Here are some key benefits of buying bike insurance:

1. Financial protection: The insurer covers the cost of repair if you crash or damage your bike.
2. Covers theft: if your bike gets stolen, the insurer will give you the market value of the bike.
3. Personal Accident cover: With this cover the insurer covers the medical expenses in case you get injured while riding.
4. Legal support: The insurer shows up at the MACT on your behalf with legal expertise in case a third-party claim is filed.
5. Peace of mind: You don't have to worry about the rising expenses of bike repair.
6. Legal Obligation: Third-party coverage is mandatory for every vehicle, not having the policy can lead to fines and even imprisonment.
7. Roadside Assistance: If your bike breaks down in the middle of a journey, you can call immediate help under this cover. A vehicle with equipment will arrive at your location and get you back on the wheels.