The IDV of a vehicle denotes its current market value. A new bike has a higher value than an old bike, which means the former will have to pay a higher premium for insurance, while the latter would have to pay a lesser cost. Therefore, when purchasing a bike insurance policy, insurers require you to enter the age of the bike in order to provide policy rates. The age of a vehicle is also taken into account when calculating the policy premium.
However, if you own a high-priced sports bike, you will have to pay a greater premium. If you own a low-cost bike, your insurance rate will be lower as well. The manufacture and model of the vehicle are the one of the essential elements that influence the bike insurance rate. Here’s the list of factors that influence the cost of a bike insurance policy: The insurance company calculates the premium amount by weighing various risks. The premium of two-wheeler insurance is determined by several criteria. 1 lakh per passenger as per the terms and conditions of the bike insurance policy.
In such cases, you will get coverage of up to Rs. It helps you to safeguard your loved ones in the event of an accident that results in permanent injury or death. Personal accident cover for passengers is an added layer of protection for your loved ones. In addition, if the repair time reaches 12 hours, the insurance company also reimburses you with Rs. Outstation emergency cover protects you from accidents or breakdowns that occur outside of a 100-kilometer radius of your home. Key protect cover in bike insurance is an add-on that covers the cost involved in the repair or replacement of your two-wheeler keys. In case your bike key is stolen, you should immediately replace the lockset and key as there is a risk of vehicle theft. With the roadside assistance add-on, you'll have access to 24X7 emergency roadside assistance, including towing services in the event of a vehicle breakdown. One of the most terrifying scenarios for any rider is being stuck on the road with a two-wheeler that won't start.
UNITED INDIA INSURANCE BIKE RENEWAL FULL
In this cover, you receive full value for your two-wheeler and all its spare parts, as the depreciation of your car is not considered by your insurer. It lets you avoid depreciation cuts and the owner gets the full benefit of automotive repairs. Zero-depreciation add-on protection is best suited for new vehicles. This 2-wheeler insurance policy covers the legal liability of the third party for unintentional damages in case of an accident. Also, by paying an additional price, you can get optional personal accident insurance for co-passengers as well.Īccidents resulting in an injury or death of a third party, or damage caused to the third-party’s property can have legal implications. It provides financial assistance to the insured in the event of a serious accident. Loss or harm to your two-wheeler against man-made disastersĪ bike insurance policy also helps keep your two-wheeler insured from not just burglary or theft, but also from riots, strikes, malicious acts, accidents by external forces, terrorism, and any harm caused while traveling by road, train, inland waterway, lift, elevator, or air.Ī personal accident cover is an important aspect of two-wheeler insurance. In such cases, a two-wheeler insurance policy helps cover your loss. Your two-wheeler can get damaged or destroyed in case of a natural calamity like fire, explosion, self-ignition, lightning, earthquake, flood, or more. Loss or damage to your two-wheeler due to natural disasters Here’s what is covered in a two-wheeler insurance plan: Read on to know about other important features and benefits offered under a bike insurance. Protection against fire, theft, accidents, etc. Here’s a quick glance at the features offered under bike insurance/two-wheeler insurance by Bajaj Finance: Time taken to buy a bike insurance It also covers the legal liability of third-party in case of any damage or loss caused by the insured vehicle, along with the damages suffered by the policyholder.įeatures and Benefits of Two-wheeler Insurance Policies The Motor Vehicle Act, 1988 mandates acquiring a two-wheeler insurance for all the two-wheeler owners.Ī bike insurance provides financial protection against any damage or loss caused due to natural or man-made disasters, theft, accident, vandalism, terrorism, and more. While you own a two-wheeler, it is also essential to have a bike insurance and be a responsible rider. It is one of the most preferred modes of transportation among people. Majority of the Indian population today owns a two-wheeler.
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