All you need to know about bike insurance for rental bikes!


08 Jun 2023

Get all the essential information about bike insurance for rental bikes.

Having a personal vehicle certainly makes it convenient to commute between places, especially for working adults. But what about the people who cannot afford to purchase a vehicle? If you have not already guessed yet, rental bikes are the solution!

Rental bikes have become the new economical solution for people who do not own a personal vehicle. Regardless of whether your ride is long or short, rental bikes serve as a great alternative. You can rent a bike for a few hours, days, or even months, depending on your requirements and the rental service.

Like any other vehicle, rental bikes also require bike insurance as mandated by the law in order to legally ride on Indian roads. As you must already be aware, bike insurance is a solid solution to protect your finances in case of an unanticipated accident, theft, or third-party damages.

Renting a bike sounds effortless but have you ever wondered about how rental bike insurance works? No need to go any further; we have all the answers you need about the process!

How do you get rental bike insurance?

If you own a rental bike, you must purchase a commercial two-wheeler insurance policy in order to safeguard your vehicle from any unforeseen damages. Such bike insurance policies are outlined in a way that shall cover not only damage to your rental bike but also in case of any third-party liabilities.

The scope of coverage provided by your rental bike insurance will depend upon the type of plan you purchase!

Whether you own a single rental bike or a fleet of rental bikes, a comprehensive commercial insurance plan shall cover all your needs by providing your own damage cover as well as third-party insurance.

Things to keep in mind while purchasing insurance for a rental bike

  1. Decide the scope of coverage you want

First, you must figure out what features/benefits you want from your bike insurance policy. Accordingly, check if the plan you wish to purchase checks all your requirements and budget as well. Look for add-ons such as bike engine protection, zero depreciation, etc., to make your policy more comprehensive.

  1. Browse online & select the right plan.

As per the law, you must have third-party bike insurance. Nevertheless, you can look for bike insurance online to check for more comprehensive plans that can provide wider coverage. Make sure to browse online thoroughly before you select an insurance plan for your rental bike.

  1. Buy digitally

Purchasing rental bike insurance online is much easier in recent times. You can not only compare various plans but also avoid any physical effort and the hassle of handling loads of paperwork. You can easily buy, renew, or raise claims as well. Nowadays, digital insurers provide convenient insurance purchases through their websites or mobile apps as well.

Now that you are aware of everything you need, you can easily purchase bike insurance online and protect your rental bike!

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.