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Bike insurance, also termed 2 wheeler insurance, is an insurance policy that provides coverage against different damages to your motorcycle or scooter in case of an accident, fire, disaster, or theft.
Moreover, it covers third-party liabilities in case your two-wheeler causes damage to another person's life, health, property, or vehicle.
According to the Motor Vehicle Act of 1988, third-party insurance bike insurance is mandatory in India. The government has made insurance mandatory to protect bike owners during road accidents financially.
Apart from the regulatory compulsion, insurance also provides a hedge against severe consequences in case of a mishap.
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Let’s look at the various reasons and benefits of buying an insurance policy for a bike:
Mainly, there are three types of two-wheeler insurance plans in India, and Hero FinCorp offers them all.
Third Party Bike Insurance Plan is a mandatory insurance plan in India providing two-wheeler insurance coverage against third-party liabilities. It includes coverage if your bike causes damage to a third party but does not cover your own damage.
A comprehensive insurance plan covers both third-party liabilities and damages caused to your own motorcycle in case of an accident, fire, natural disaster, theft, or man-made calamity like riots.
Also called OD insurance, it covers damages to your own two-wheeler.
| Third Party Insurance | Standalone Insurance | Comprehensive Insurance | |
|---|---|---|---|
| Extent of Coverage | Low | Medium | High |
| Third-Party Liabilities | Yes | No | Yes |
| Own Damage Coverage | No | Yes | Yes |
| PA Coverage | Yes | Yes | Yes |
| Add-on Covers | No | Yes | Yes |
| Legal Compulsion | Yes | No | No |
Below the list of events that the Hero FinCorp bike insurance covers
Apart from the basic third-party and comprehensive insurance coverage, you can also purchase add-ons to increase your protection level. These include the following:
While a basic insurance policy covers damage to your bike and third-party liabilities, a personal accident cover provides financial protection in case of your injury, disability, or death when riding the insured two-wheeler. The compensation scale is 100% in the event of the insured person's death, loss of two limbs, eyesight, or permanent total disablement. The compensation coverage is 50% for losing one limb or eyesight in one eye. You may also purchase PA cover for co-passengers in case of a road accident.
This add-on covers the depreciation of your bike parts It gives the full claim amount without deducting depreciation on your vehicle components.
In case of a breakdown, flat tyre, lost key, empty fuel, or urgent repairs, this add-on provides 24/7 roadside assistance within a specified distance. Roadside assistance cover sends you emergency help for towing your vehicle in case of an accident or breakdown, breakdown support over the phone, supply of fuel or keys, message relay, arrangement of a rental vehicle or accommodation, minor repairs, referring a hospital or legal advisor, etc.
In case of a theft or total loss of your bike, you receive the IDV of your insured bike. The add-on bridges the gap between the bike's invoice price and IDV, including taxes and registration
As part of a comprehensive bike insurance policy it offers coverage in case of partial or total damage due to water ingression, lubricant oil leakage, or damage due to hydrostatic lock. It also covers damage to all bike engine parts, including crankshafts, connecting rods, pistons, cylinders, etc.
This add-on covers parts necessary for smooth bike operation, including engine oil, chain lubricants, bolts and nuts, coolant, brake fluids, etc.
If you lose your driving license or registration certificate or both, this add-on will compensate up to a certain limit for the duplicates.
If the insured person or the pillion rider gets injured accident, this add-on will reimburse the medical expense up to a certain limit.
At Hero FinCorp, you can buy two-wheeler insurance online and enjoy the following benefits:
Online insurance services are accessible 24/7. Whether you want to buy a new policy, renew one, or raise a claim, you can do it anytime, anywhere, at your convenience. There is no need to wait for the insurance provider's opening hours.
When buying 2-wheeler insurance online, you don't need to visit the insurer's branch office physically. That means it saves much of the time and effort required for the purpose.
One major benefit of buying bike insurance online is that comparing different insurance plans is easier. You can compare the policies online and choose the one that best suits your requirements.
When comparing insurance policies, you must have noticed that each policy comes with a different premium. Are you wondering why? That is because several factors affect your final bike insurance charges. These include the following:
When selecting a two-wheeler insurance plan, you must check and compare numerous factors. Here are the most crucial factors that will help you choose the right insurance policy:
Firstly, approach an insurer providing different bike insurance plans with the desired add-ons. Also, check what’s included and what’s not in their scope of coverage.
Opt for an insurance company with a customer-friendly process of settling claims. Check their Incurred Claim Ratio, the percentage of claims settled from the claim made.
Most insurance plans are valid for a specific period, usually one year After this period, you must renew it to enjoy the benefits. For instance, if it is an annual policy, you must renew it each year before the last date. Therefore, go through the insurer’s renewal process. Ideally, it should be online, fast, and user-friendly.
The insurance company should have a dedicated customer support team that assists in settling claims and resolving queries while giving preference to their policyholders.
The insurer should calculate your bike's IDV reasonably. The higher the IDV, the bigger your claim amount will be if the need arises. So, calculate IDVs offered by different insurance plans and opt for the highest one.
Your insurance premium will vary based on factors like your coverage, bike model, IDV, etc Compare bike insurance price for various plans to get the best deal without compromising coverage.
Follow the below stepwise procedure to buy two-wheeler insurance online
According to the new guidelines, an insurance company must complete the policyholder’s KYC to sell them an insurance plan. Here is a list of the required documents:
Here are a few tips to minimise your bike insurance price and save money:
Buying two-wheeler insurance online is completely secure. Your information and bike details are confidential through advanced encryption methods no one else can access.
Log in to your account, view your policy document, and click the 'Download' button. You can also download the policy document you must have received at your email address.
Third-party insurance plan covers damages to others due to your bike. Standalone covers only your coverage. A comprehensive plan is the best, as it covers both.
Yes, you can buy insurance for someone else, provided you enter the correct details and documents.
Yes, the bike insurance benefits will transfer to the new owner in that case.
No. You cannot claim bike insurance premiums under Section 80C. Bike insurance is not tax deductible.
Yes, according to the Motor Vehicle Act of 1988, every vehicle running on the road should be insured. Most of the time, the showroom will only let you take the bike out of their premise if you purchase insurance first.
Yes, you can renew your policy online. However, you cannot claim the NCB on your new plan.
Hero FinCorp is a registered finance company as Hero Honda FinLease Limited since 1991. Insurance is a subject matter of solicitation. Please refer to our website for policy wording or contact our Corporate Customer Care Help Desk at 1800-103-5271. Tax benefits are applicable per the recent guidelines, as they are subject to change. All information related to the insurance products, including benefits, premiums, add-ons, sum insured, etc., is authentic. T&C Apply.
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