Do You Ride a Bike in the City? Do Not Forget to Insure Your Bike

India is seeing a huge surge in the number of bikes every year. In 2021 itself, the number increased by 1.2 lakhs to surpass 25 lakhs.^[1]

However, there are also increasing concerns based on road safety. According to Statista there were around 168 thousand deaths in India due to road accidents in the year 2022. This is an even bigger concern in cities due to their high population. Times of India states that around half of all accident fatalities in Mumbai involve two-wheelers.^[3]

Bike insurance is an agreement between you and the insurance company. The insurance covers the cost related to collision, theft, and accident. It also provides for third-party damages. Additionally, bike insurance is mandatory per the Motor Vehicles Act of 2019.

You will be liable to pay ₹2,000 without an insurance fine for two-wheelers and even bear the third-party damages. Moreover, bike insurance also provides comprehensive coverage and financial assistance. But buying insurance can be tough.

Thus, this article will explain what you should consider before buying bike insurance and the essential add-ons that make the job easier.

Things to Keep in Mind While Buying Bike Insurance

Selecting the best bike insurance might be difficult, given the available variety. As a result, you need to be aware of the following while purchasing insurance:

• Frequent Driver: The farther you travel, the higher the danger of an accident. Therefore, you must consider obtaining motorcycle insurance that includes greater coverage levels and any other benefits you might like.
• You Drive in the City: Because there is more traffic in metropolitan regions than in rural ones, there is a larger chance of accidents. 
• Costlier City Garages: Bike maintenance and repairs in cities might be fairly costly due to increasing running expenditures. For this reason, choosing an insurance plan that allows you access to a wide range of cashless garages is essential.
• Strict Traffic Rules and Challans: City law enforcers usually have access to technology, which helps impose strict rules and challenges. You can prevent paying a fine for two wheeler without insurance by getting one.

You are advised to get insurance to avoid the challans and any other fines. If you have one and it is expired, it’s time to renew it. You should also add appropriate add-ons to benefit from them.

Add Ons to Suit City Riders

Add-ons can benefit city riders as they help expand the coverage. Here are some add-ons that can suit regular commuters:

• Engine Protection: Because of the frequent pauses and short drives in cities, engine damage from water intrusion or oil leakage is common. An engine protection cover can cover these expensive repair costs.
• Zero Depreciation: As your bike ages, its parts depreciate. In case of a claim, the insurer deducts the depreciation value from the claim amount. However, with a zero depreciation add-on, you get the entire claim without any depreciation deduction.
• Key Protection: If you lose your bike keys, this add-on covers the cost of making a new one and changing lock systems.
• Consumables: Covers for consumable items like engine oil, nuts, bolts, lubricants, etc.
• NCB protection: Prevents your no-claim bonus from becoming zero even if you claim damages.
• Daily Allowance: If you cannot use your bike for commuting due to required repairs, this coverage gives you a daily travel allowance.

There are also some good add-ons available for occasional commuters:

• Zero Depreciation: Bike parts of those who don’t commute daily can depreciate as quickly as those who travel often.
• Engine Protection: When not used often, the bike’s engine is more vulnerable to damage.
• NCB Protection: Less travel means lesser chances of claims, which means more NCB amount. People with more NCB accumulated amounts should get this cover to prevent a small claim from making the amount zero.
• Return to Invoice: In case of theft or total loss, this coverage offers the invoice amount of the bike instead of the depreciated costs.

Few Exclusions in Bike Insurance you Should be Aware of

Every bike insurance has a certain inclusion and exclusion. Thus, you must know the exclusions in your bike insurance policy to know the expenses you will have to bear in case of an accident. Some of the exclusions are:

• Speeding: Insurance companies may not cover damages caused due to speeding or reckless driving. It’s crucial to always adhere to speed limits and drive responsibly to avoid potential exclusions.
• Loss of Keys: The insurance company does not provide coverage if you lose your keys or leave them attached to your bike, leading to stealing your bike.
• Valid License: Any accident or damage caused while driving without a valid license or by a minor will not be covered.
• Value Reduction: Value reductions resulting from wear and tear, repair, services, etc., are not anticipated.
• Electrical or Mechanical Fault: Any kind of electrical or mechanical fault is not covered.
• Accidents Caused by Unauthorized Drivers: If an unauthorized driver was driving your bike when the accident occurred, the damages won’t be covered.

Key Takeaways

Getting bike insurance is a necessity. The right insurance ensures peace of mind and avoids a without insurance fine for a two-wheeler. It also assists you in getting the required financial coverage in case of an accident or bike breakdown. You can get the right bike insurance coverage by following the tips mentioned in the article.

Moreover, if you are looking for two-wheeler insurance, you should consider PhonePe bike insurance. We offer multiple types of plans based on your needs. You can easily buy our insurance through our mobile application at affordable rates. Additionally, it only takes less than two minutes to buy bike insurance.