Every Motor Insurance product is governed by the Insurance Regulatory Development Authority of India (IRDAI). In order to legally ply your two-wheelers on the Indian roads, the Motor Vehicles Act, 1988 mandates all the two-wheelers owners to buy bike insurance or two-wheeler insurance. This insurance plan offers you a financial shield against damages incurred to or by your bike or in case of theft. In absence of bike insurance, you will have to face the entire financial load if there is any loss or any damage taken place due to an accident occurred to or by your bike.
Comprehensive Bike Insurance offers a complete and thorough comprehensive coverage to your beloved prized possession. This type of bike insurance covers bike own damages, third-party loss or any damages occurred due to your insured bike. Getting coverage in case of theft of your bike is the most important feature of the Comprehensive Bike Insurance. If comprehensive bike insurance is in place, you do not have to bother about fire, lightning, cyclone, earthquake, theft, riot, burglary, hurricane, terrorist activity, frost, etc.
The third-party bike insurance is compulsory if you wish to ride one on the Indian roads as per the Motor Vehicles Act, 1988. This type of bike insurance offers coverage in case of any losses or damages occurred by your insured two-wheeler to any third-party (individual/s) or third-party property or both. Besides, it offers unlimited liability cover for bodily injury to a third-party or death of the third-party. The property damage that it offers is up to Rs.7.5 lakh.
Duly filled and signed claim form
FIR for accidental damage
Copy of first two pages of your bike insurance policy document
Copy of valid vehicle Registration Certificate (R.C.)
Copy of valid Driving License (D.L)
Original repair bill, cash receipt, as well as proof of release.
Off course, you can get these accessories insured during the policy period. All you need to do is send a request letter to your insurance company and the rest would be taken care.
Buying comprehensive bike insurance is not mandatory but it is advisable to opt one for the scope of cover that it offers. It protects your bike financially from theft, loss as well as damage caused to the third-party person or property.
IRDAI decides the third-party liability premium for your bike. This change every year. However, the premium of your comprehensive bike insurance is decided by the insurance company from whom you wish to opt your bike insurance from.
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
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