Frequently asked questions by individuals seeking bike insurance

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23 Aug 2023

Cleared Doubts: Common Queries About Bike Insurance

Whether it's a powerful sport bike, a rugged cruiser or an efficient commuter, insuring your two-wheeler ensures financial protection in case of unforeseen events. Bike insurance online in India is a crucial aspect of owning and riding a motorcycle. Bike insurance companies receive a barrage of bike questions from policyholders and potential customers alike.

Frequently asked questions by bike riders for insurance related queries

1. What types of bike insurance are available?

Bike insurance typically comes in two primary types: third-party liability insurance and comprehensive insurance. Third-party insurance covers damages to others and their property caused by your bike. On the other hand, comprehensive insurance not only covers third-party liabilities but also provides coverage for damages to your bike due to accidents, theft, natural disasters and more.

2. How is the insurance premium calculated?

Insurance premiums are determined based on several factors such as the bike's make and model, age, location, the rider's age and driving history and the chosen coverage type. High-end bikes generally have higher premiums due to their cost of repair and replacement.

3. Can I renew my policy after it has expired?

Yes, kotak general insurance offer a grace period for renewals after the policy has expired. However, it's recommended to renew the policy before it lapses to avoid any coverage gaps.

4. What is the No Claim Bonus (NCB)?

NCB is a reward for policyholders who have not made any claims during the previous policy term. It usually results in a discount on the premium during policy renewal.

5. Can I transfer my NCB from one bike to another?

Yes, NCB is transferable from one bike to another when you switch bikes. It's essential to provide the necessary documents to avail this benefit.

6. How can I make a claim?

To make a claim, you need to inform the insurance company as soon as the incident occurs. You'll need to submit a claim form along with supporting documents such as a police report, photographs of the damages and repair estimates.

7. What is IDV?

IDV or Insured Declared Value is the maximum amount that the insurance company will pay in case of total loss or theft of the insured bike. It is calculated based on the bike's current market value and depreciation.

8. Can I include accessories in the insurance policy?

Yes, you can include additional accessories and modifications in your bike's insurance policy by paying an extra premium. However, you need to provide a list of accessories and their value.

9. Do I need insurance for pillion riders?

Yes, you can extend your insurance policy to cover pillion riders by paying an additional premium. This ensures that both the rider and pillion are financially protected in case of an accident.

10. Can I transfer my insurance policy to another person?

Yes, bike insurance policies are transferable. If you sell your bike, you can transfer the policy to the new owner. Both parties need to inform us about the transfer and complete the necessary paperwork.

11. How does location impact insurance premiums?

The location of your residence plays a significant role in determining your insurance premium. If you live in an area with high traffic density or a history of thefts, the premium might be higher due to increased risk.

12. Can I cancel my policy mid-term?

Yes, policies can be cancelled mid-term. However, a nominal fee for cancellation is charged. It's essential to understand the terms and conditions before canceling your policy.

13. Is personal accident cover included in bike insurance?

Yes, personal accident cover for the policyholder is included in some policies. This cover provides financial compensation in case of accidental death or disability of the insured rider.

Concluding this article

Bike insurance is a necessity that provides financial security and peace of mind to bike owners. Understanding the importance of bike insurance and asking these frequently asked questions can help individuals make informed decisions when choosing the right insurance policy for their beloved two-wheelers.

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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.