Bike Insurance refers to an insurance policy that offers protection for a two wheeler / bike against any damage to the vehicle, bodily injured, disability or death of the third-party and the policyholder. The 2 basic types of bike insurance that one can opt for is the Third-party insurance policy and the Comprehensive insurance policy. However, the concept of this two-wheeler insurance was introduced by Motor Vehicles and the Insurance Regulatory Development Authority of India (IRDAI) regulates all motor insurance products. The IRDAI has made it mandatory for all the two-wheeler vehicles to have a third-party policy for 5 years, right at the time of purchasing the vehicle to be able to legally ply on Indian roads. Any vehicle that are on the roads without a valid insurance policy do attract heavy penalties.
Features and Benefits of Bike Insurance:
- As a part of the general insurance industry, the two wheeler insurance is categorized as a motion insurance plan.
- With your two-wheelers insured, you do get a financial coverage against theft / damage incurred to you or to your insured vehicle.
- In case of loss or damages caused to / by your two-wheeler from an accident, you will have no other choice but to bear all the financial burden, in the absence of a valid bike insurance policy.
- Even against the natural calamities like earthquake, floods and so on and from the man-made calamities like explosions, strikes and so on, these two-wheeler insurance policies offer coverages for any damage caused to your vehicle.
- In case such events occur, you can very well opt for the pre-decided sum assured according to your valid two-wheeler insurance policy.
- A pre-determined premium amount has to be paid by you, the policyholder, in order to avail these benefits whenever it is needed.
- In case of an accident, a Personal Accident Coverage of upto Rs.1 lakh can be claimed from your two-wheeler insurance.
- Premium rates are available on a cost-effective pre-negotiated level, starting from an amount as small as Rs.600.
- With a non-claim bonus on their two-wheeler insurance policies, their premiums are also put into a 70% discount by some insurance companies.
ELIGIBILITY & DOCUMENTS REQUIRED:
- Your eligibility to avail this bike insurance will be determined based on the information you prove through your necessary documents.
- Your contact number or the vehicle number has to be provided.
- Submitting your Driving License is mandatory.
- Your vehicle’s RC book should be submitted.
- If possible, you can provide the description about the incident and some photographs of the vehicle, for which you need this bike insurance.
- The insurance document has to be submitted, along with the claim form that includes:
- Your name
- Contact number
- Bike number
- Policy Expiry date
- Existing Policy is with who. (if any)
- Model name: Bike List
- Year of Registration
- In case your bike is stolen / of any third-party claim, police FIR is mandatory.
- The Insurance claim can be claimed in case of your bike being stolen/lost or when a third party is hurt/ their property is damaged or when the bike suffers a damage.
Types of bike Insurance
Bike Insurance are usually of two types namely i) Comprehensive policy or ii) Liability only Insurance Policy. It is mandatory for all the vehicle owners to own a third-party insurance, as per the guidelines of the Indian Motor Vehicles Act.
Under this policy, both the vehicle (Bike) and the owner are provided with full coverage against any losses/ damage. This policy provides a 4 way insurance:
1. Protection against losses due to damages to the vehicle:
Under this aspect, any kind of wear and tear caused to the bike by any external factor will be protected. Some insurers offer additional add-on / optional features which will enhance a further protection for your losses. ‘Zero Depreciation’ being as an optional feature will also prove to be an additional advantage.
2. Personal Account Cover:
Under this type, any injury that results in partial total permanent / temporary disability/ death are all protected and are offered up to Rs.1 lakh against such injuries. In addition to this, the feature of Personal Accident Coverage will act as an extra benefit for you.
3. Insures against Third-party liability:
Under this category, any course of action aroused from this liability will be guarded. Such situations may arise due to:
- Bodily injured / death:
- Damages to Third-party property:
Any wears and tears caused because of any injury / death will be protected under this policy. In case of hospitalization due to loss / damage of any limb/ any other part of human body, the insurer will make a desirable consideration.
Any damage/loss caused to the third-party’s property will be covered by the insurer but with a specific limit as detailed in the policy documents.
Liability Only Policy
Under this policy, the insurer will safeguard the issue when it is against the legal responsibilities which arises due to the injuries suffered by anyone in the surrounding or to the losses suffered solely by them, due to an unfortunate event. As the name suggests, this policy is not the one which will protect against any wear and tears. Sometimes, for the owner some Personal coverage is provided by the insurer to increase the support for the insured.
How to apply for a Bike Insurance at Clicklends?
As stated before, one of our key features is the fact that we possess a simple and quick online application method, unlike the old method which involved more procedures.
Step-1: Filling of the quick form:
A quick form is the most significant prospect, for, it is required to decided who is eligible for a loan and who is not, depending upon one’s credibility and stability and also for one’s own personal information, proof and verification of information provided. In the first step, the customer needs to fill in the quick form which includes their personal and two-wheeler/bike details.
Step-2: Process of Verification and Documentation:
After the Step-1 is completed, you shall receive a call from our customer care regarding your document verification and collection of the mentioned documents (if not yet supplied). Initially, after you finish giving your personal information, our customer care will reach you through a call and will request you to present certain documents such as your Pan card, your Salary receipt and so on in order to verify the given details in the quick form. The next thing which will happen is the process of verification, where the prescribed details will be cross-checked for one last time before initiating the insurance-claiming process.
Step-3: Processing of Insurance:
Once the quick form is filled with the necessary details and once the verification process gets over, you’ll reach the last step to get your insurance amount claimed. Once the verification is done, the insurance-claiming process will start and within 24 hours and the insurance will be proceed to the respective borrower.