Updates over WhatsApp
Insuring your bike before driving it on Indian roads is a mandate. The Motor Vehicles Act of 1988 requires every bike to be insured under a valid third-party insurance policy. However, the third-party policy has restricted coverage which is why a comprehensive bike insurance policy comes in handy.
A comprehensive bike insurance policy provides a wide scope of coverage. It covers your bike against third-party claims as well as the damages that it might face. What’s more, you get covered even when your bike is stolen. One policy, inclusive coverage, that’s what a comprehensive bike insurance policy provides.
As the name suggests, a comprehensive bike insurance policy is an insurance policy that covers financial emergencies that you might face due to your bike.
You pay a premium to the insurance company, and the company undertakes to compensate you for the financial loss that you might face in emergencies wherein the insured bike is involved. The policy covers third-party legal liabilities that you might face if you cause a financial loss to another individual. Moreover, if your bike is damaged due to natural or man-made causes, the comprehensive two-wheeler insurance plans cover the cost of repairs too. The financial loss suffered in the case of theft of the bike is also covered under a comprehensive bike insurance policy.
Besides covering your bike against possible contingencies, a comprehensive bike insurance plan also allows optional coverage benefits called add-on covers. These add-ons enhance the scope of coverage as per your needs at an additional payment of premium.
Coverage under a comprehensive bike insurance is offered against the following contingencies:
If your bike causes physical injury or death of another individual, you will suffer a financial liability for such third-party loss. Moreover, if your bike damages third-party property, you will incur financial liability for the same.
Comprehensive bike insurance covers these third-party financial liabilities and compensates the third parties for the financial loss suffered on your behalf.
If your bike is damaged due to natural calamities, the cost of repairing the damages will be covered. The calamities that are covered include earthquakes, lightning, storm, flood, hurricane, cyclones, road and landslides, subsidence, inundation, etc.
If your bike is damaged due to man-made calamities, the repair costs will be covered. Man-made calamities include fire, explosion, implosion, strike, riot, malicious acts, etc.
If your bike is stolen, you will be compensated for the financial loss that you suffer.
A comprehensive bike insurance policy also offers personal accident cover of up to 15 lakhs for the owner/driver of the bike. The benefit under the PA cover is paid in case of death or permanent and total disablement of the owner/driver in an accident.
Though a comprehensive bike insurance policy offers an extensive scope of coverage, some damages and costs are not covered by the policy. These are called policy exclusions, and some common exclusions are as follows –
Losses suffered due to depreciation of the bike and its parts
Losses suffered due to normal wear and tear
Damages suffered when riding the bike without a valid driving license
Damages suffered when riding the bike outside the borders of India
Damages suffered when riding the bike under the influence of intoxicating substances
Damages suffered when using the bike to engage in hazardous activities, adventure sports or criminal acts.
Losses or damages suffered due to war, nuclear contamination and related perils
Electrical or mechanical breakdown of the vehicle
Consumables like tyres and tubes will be covered only if the vehicle is also damaged. In such cases too, the coverage would be restricted to 50% of the cost of such consumables.
These are the basic exclusions that are applicable under the bike insurance policy. For a detailed list you can read the policy wordings.
Comprehensive bike insurance proves useful and is recommended for your bike. Here are the reasons why you should buy comprehensive bike insurance –
1. It offers a wider scope of coverage and pays you for the repair costs of your bike.
2. If your bike is stolen, you are financially compensated for the loss that you have suffered. This helps you pay off a bike loan or buy a new bike to replace the stolen one.
3. The add-ons offered under comprehensive bike insurance plans help you enhance the scope of coverage.
4. When you buy comprehensive bike insurance, you get a no-claim bonus if you don’t make claims in a year. This bonus helps you earn discount on OD portion of the premium on renewals. You can enjoy up to 50% premium discounts by accumulating the no-claim bonus for five claim-free years.
5. The premiums are lower for long-term plans. For instance, the 3-year comprehensive bike insurance price is lower compared to annual comprehensive plans. Thus, long-term comprehensive plans also help save premiums.
The salient features of a comprehensive bike insurance policy are as follows –
1. You can opt for annual or long-term comprehensive insurance coverage on your bike. The long-term policy comes for a continuous period of two or three years.
2. Long-term comprehensive bike insurance coverage proves cheaper since insurers offer a premium discount.
3. You can choose from a range of add-ons available under a comprehensive insurance policy. These add-ons can be added at an additional premium for wider coverage.
4. For each year that you don’t make a claim in your comprehensive bike insurance policy, you earn a no-claim bonus. The bonus starts at 20% and keeps increasing after each claim-free year. You can earn a maximum bonus of 50% and claim a 50% discount on the premium.
5. Cashless claims are available under comprehensive insurance coverage. You can get hassle-free repairs at networked garages, and the insurance company handles the claim.
Here’s a look at the benefits of a comprehensive bike insurance policy –
The primary benefit of comprehensive insurance is the enhanced scope of coverage. The policy not only covers the mandatory third-party liability but also extends coverage for the damages that your bike might face. If your bike is damaged in an accident, natural or man-made, the cost of repairs is borne by the comprehensive bike insurance policy. Moreover, if your bike is stolen, you get a lump sum benefit compensating you for the financial loss suffered. Thus, comprehensive bike insurance plans offer inclusive coverage and are recommended.
The optional add-ons are available only under comprehensive bike insurance plans. These add-ons enhance the coverage further and increase the claim payout.
Attractive premium discounts are available under comprehensive bike insurance plans. This makes the premiums more affordable, and you can enjoy wider coverage.
One of the major advantages of comprehensive bike insurance plans is the financial security that they offer. By covering the repair costs and the financial loss in the case of theft, along with the mandatory third-party liability, comprehensive bike insurance give you complete financial security. In the case of bike-related emergencies, you can be assured that your policy comes to your financial rescue.
If you get your bike repaired at a networked garage, you can enjoy the cashless claim facility. Under this facility, the insurance company handles your repair bills, and you don’t suffer any financial strain. Your bike is repaired and delivered hassle-free.
Thanks to the online platform, you can buy comprehensive bike insurance easily in a few steps. Here’s how you to buy comprehensive bike insurance online through Kotak General Insurance –
1. 1. Visit Kotak Two-Wheeler Insurance Page and click on ‘Get a Quick Quote’.
2. Enter the registration details of your bike, like your registration number and the previous policy details (if any).
3. provide your vehicle details, i.e., model and variant, registration location and registration date.
4. Provide your mobile number and email ID and click on ‘Continue’
5. The quote for your comprehensive bike insurance policy will be generated. You can opt for add-ons, apply for discounts and change the IDV. Once the changes are made, the premium will be updated.
6. Pay the premium online through any digital payment channels. Also, fill up the application form and submit it online.
7. We will assess your application, accept the premium and issue the policy. The whole thing takes about a few minutes, and you can buy comprehensive bike insurance instantly.
8. Once issued, a policy copy will be sent to your registered email ID. You will get a hard copy within a few days.
A comprehensive bike insurance policy is suitable for every bike owner, given its wide scope of coverage and hassle-free claims. Furthermore, the policy becomes all the more relevant if –
1. You buy a new bike
2. You buy an expensive bike
3. The repair costs of the bike can be considerable
4. You want complete protection against damages and theft.
A comprehensive bike insurance policy is suitable even for old two-wheelers. It is because old vehicles are also prone to damage and theft. The comprehensive policy takes care of the financial aspects of such damages and theft and gives complete coverage.
As mentioned earlier, a range of optional add-on covers are available under comprehensive bike insurance plans.
With Kotak General Insurance, filing a claim for your comprehensive bike insurance policy is quite simple. Follow these steps to register your claim –
Cashless Claim Process
Step 1: Call us on 1 800 266 4545 (8 a.m. – 8 p.m.) and intimate us about your claim with the details of your policy.
Step 2: Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.
Step 3: You will be required to submit the relevant documents, which may include your Driving License, RC Copy, and Policy FIR Copy, in accordance with the Policy terms and conditions.
Step 4: An arrangement will be made by us for an inspection, it will be conducted within 24 hours if a claim is reported on a working day, or the next working day if the claim is reported on a Sunday or a public holiday.
Step 5: The vehicle can then be repaired by the insurer followed by the payment for the same by the insurer.
Step 6: Submit all bills, payment receipt along with your policy details to us, and we will make the payment within 7 working days of completion of the documentation
Reimbursement Process
Wondering how to select comprehensive bike insurance? Here are some tips that might help –
1. Go for a comprehensive policy for wider coverage and better financial security.
2. Opt for suitable add-on covers as per your needs.
3. You can choose a long-term policy for continued coverage without the hassles of annual renewals. Moreover, long-term comprehensive bike insurance plans also help save on the aggregate premium cost because of the available discounts.
4. Choose appropriate Insured Declared Value (IDV) so that the claim pay-out will be higher in the case of theft or total loss.
5. Check for discounts, if any.
6. When filling up the proposal form for buying the comprehensive bike insurance policy, ensure that you enter all the correct details.
Kotak General Insurance offers a comprehensive bike insurance policy for every leading brand of two-wheelers such as
Yamaha
Hero
Bajaj
Kawasaki
Mahindra
TVS
Vespa
Royal Enfield
And many more
No, a comprehensive bike insurance policy is not compulsory. The Motor Vehicles Act of 1988 requires only third-party liability coverage. However, comprehensive bike insurance provides a wider scope of coverage and is, thus, recommended.
There are annual as well as long-term comprehensive bike insurance plans available. Annual plans come with a one-year tenure, while long-term plans offer tenures of two or three years.
A comprehensive insurance policy for bikes and two-wheelers is one that covers the mandatory third-party liability and also extends coverage for own damages that the bike might face. The comprehensive plan covers accidental, natural, or man-made damages and also the theft of the bike.
All bike parts are covered under a comprehensive bike insurance policy.
Usually, the engine is covered under a comprehensive bike insurance policy, provided the damage is due to any calamity covered by the policy. For wider coverage, you can opt for the engine protect add-on.
If the engine is blown due to an accident, natural or man-made calamity, and such calamity is covered under the comprehensive bike insurance plan, coverage will be available.
Disclaimer