Bike Insurance
A bike insurance plan essentially shields the vehicle owner from financial burden resulting from an accident, theft, or a natural disaster.
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Let’s understand this with the help of an example: If an unfortunate accident results in the death of a third-party individual, the financial and legal burden on the vehicle owner is significant. In case the vehicle owner is not insured, he/she will face uncapped liability leading to a huge financial risk. A Bike Insurance plan ensures the financial safety of the vehicle owner and other commuters who could potentially be impacted by their vehicle. Therefore, an insurance plan is your best resource against unexpected expenses.
With the number of vehicles on-road increasing every year, vehicle owners, especially bike riders are exposed to unpredictable risks on road. Bike riders are more vulnerable to dangers on the road than a driver seated inside a car. Hence, the Motor Vehicles Act of 1988 mandates all Bike to be covered by at least a third-party insurance plan. In some states, one can face up to 3 months imprisonment, community service and/or a fine of up to ₹2000, if found driving without an insurance policy for the vehicle.
In fact, with the intention to have maximum number of vehicles insured and to reduce the number of expired or uninsured vehicles, the IRDAI mandated all new vehicles purchased after 2018 to opt for either a 5-year Third-Party Insurance policy or a 3-year Comprehensive policy when purchasing the vehicle. This move is welcomed by many given the low premium a long-term insurance policy can be bought at and the benefit of not having to renew the policy year after year.
READ MOREHow does Bike Insurance help bike owners?
Bike Insurance should not be considered as only a mandatory document that the vehicle owner needs to carry. Insurance helps policyholders cover unexpected expenses that cannot be avoided.
In fact, the premium amount that you pay towards the Bike Insurance policy is much lesser than the sum insured (the amount up to which you can make claims) in case of plans that cover damages to your own vehicle. Thus, you only have to shell out a small amount that would cover most expenses that may arise as a result of an accident, calamity or theft. Plans typically cover third-party liability, physical injury, and damage/loss of the vehicle but can vary based on the type of insurance plans, as explained below.
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Types of Bike Insurance plans
Third-party Insurance
This insures you from financial liability you may face due to damage caused to a third party. It covers third-party property damage up to a sum of Rs.7.5 lakhs and the cost of treatment of injuries to a third party in case of an accident. Also, in the unfortunate event that an accident leads to the death of a person, the policy will cover the legal liabilities arising out of the same and compensate the family of the deceased as per the court’s judgement.
Own Damage Cover
If you have an active third-party cover and also wish to protect your own vehicle as well, you can choose the Own Damage cover. This plan insures you against damage caused to your vehicle due to accidents, fire or natural calamities, theft/loss, and repair/replacement expenses resulting from an accident.
Comprehensive plan
Comprehensive plans are a combination of third-party and own damage covers that insure you against third-party liability as well as damage or loss caused to your vehicle due to any possible accident or natural calamity.
| Comprehensive | Third Party* | Own Damage** | |
|---|---|---|---|
| Damages to your bike due to accidents |  |  | |
| Damages to your bike due to natural or man-made disasters | | | |
| Damages to your bike in case of accidental fire/explosion | | | |
| Theft of your Bike | | | |
| Damages to a Third-party Vehicle/ Property | | | |
| Injuries or Death of a Third-Party individual | | | |
* Mandatory by law
** You can opt for an own damage cover if you have only an active third-party cover
What can't be claimed from your Bike Insurance?*
Riding under intoxication
If you meet an accident under the influence of drugs/alcohol, you will have to shoulder the losses and expenses on your own.
Riding without a valid driver's license
Losses incurred while the rider did not hold a valid driver's license cannot be claimed. The insurance company is not liable for such losses.
Damages due to nuclear war
As a standard rule, any bike insurance won’t be able to cover for losses or damages caused due to a nuclear attack or war.
Warranty claim
An insurer cannot be held liable for any loss or damage covered by the manufacturer's warranty
Delayed claim
If there is additional damage (including corrosion) due to a delay in filing the claim, it will not be considered.
Consequential claim
Losses or damages to your bike that are consequential or planned.
Wear and tear
Normal aging, wear and tear of your bike is not covered.
Electrical breakdown
Mechanical or electrical breakdown of your bike is not covered.
Timely depreciation
Bike Insurance cannot protect your bike from its timely depreciation over time
Fiber and rubber parts
The fiber and rubber parts of your bike aren’t fully covered within a standard bike insurance
Gross negligence
Where reasonable care has not been taken to protect the insured vehicle's loss or damage
*Coverage, terms and exclusions may differ from insurer to insurer. Please read respective product’s terms and conditions carefully before concluding a sale.
Riding under intoxication
If you meet an accident under the influence of drugs/alcohol, you will have to shoulder the losses and expenses on your own.
Riding without a valid driver's license
Losses incurred while the rider did not hold a valid driver's license cannot be claimed. The insurance company is not liable for such losses.
Damages due to nuclear war
As a standard rule, any bike insurance won’t be able to cover for losses or damages caused due to a nuclear attack or war.
Warranty claim
An insurer cannot be held liable for any loss or damage covered by the manufacturer's warranty
Delayed claim
If there is additional damage (including corrosion) due to a delay in filing the claim, it will not be considered.
Consequential claim
Losses or damages to your bike that are consequential or planned.
Wear and tear
Normal aging, wear and tear of your bike is not covered.
Electrical breakdown
Mechanical or electrical breakdown of your bike is not covered.
Timely depreciation
Bike Insurance cannot protect your bike from its timely depreciation over time
Fiber and rubber parts
The fiber and rubber parts of your bike aren’t fully covered within a standard bike insurance
Gross negligence
Where reasonable care has not been taken to protect the insured vehicle's loss or damage
*Coverage, terms and exclusions may differ from insurer to insurer. Please read respective product’s terms and conditions carefully before concluding a sale.
Which is the best type of Bike Insurance?
While third-party Bike Insurance is mandatory by law, it offers only basic coverage. A comprehensive insurance policy, on the other hand, gives you extensive coverage for your own as well as third-party damages.
Why choose us for Bike Insurance?
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Purchase experience is hassle-free and can be completed within 2 minutes
Access your policy document any time on the PhonePe app!
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How to get Bike Insurance?
It’s simple - fill in your bike details, get quotes from different insurers, choose a quote, confirm your vehicle & previous policy details and pay to get the policy instantly! What’s more, you can also renew your Bike Insurance policy in just a few taps. A Bike Insurance policy helps you stay prepared against potential financial burden up to the sum insured, for which you will have to pay only a nominal premium amount.
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PhonePe Insurance Broking Services Private Limited. IRDAI Direct Broker (Life & General)
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