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Getting bike insurance might not be the most fun task on your list, but believe me—it’s a big adult move that really pays off. Whether you zip through city roads or enjoy long rides on the weekend, the right insurance can cut down a lot of stress (and cash). But hold on—don’t just go for the first plan you see when you search for car insurance online. Bike insurance is a bit different! From what it covers to how you claim, there are many things to think about. In this blog, I’ll go over the top 7 things you really need to think about before picking the best plan. Let’s make sure both your ride and your money stay safe.
1. Coverage Type: Third-Party vs Comprehensive:
Why It’s Important:
In the world of keeping your stuff safe, there are two key types: Third-Party and Comprehensive Insurance.
- Third-Party (TP) Insurance: A must by the Motor Vehicles Act of 1988. It pays for damages you cause to another’s stuff or harm to other people. If money is short, TP is the least you must have to drive right by law.
- Comprehensive Insurance: This choice sounds good and covers all that TP does and more! It keeps your own ride safe from crash harm, bad weather (like big floods!), fire, theft, and even bad acts like break-ins.
Pro-Tip: Plan Ahead:
If your bike is over three years old and its price has dropped, TP insurance may cut down your costs for now. But if it’s a fresh or decent-quality bike, a full cover is a must. It will help a lot if heavy rains sweep your bike away or if someone tries to take your parked scooter for a fun ride.
2. Premium: What You Pay vs. What You Get:
Why It’s Key:
Your premium is the yearly pay you give for insurance. It’s set by:
- Bike’s Cubic Capacity (CC): Big CC = more risk (so, big cost).
- Bike’s Make/Model and Age: New, top-grade bikes are more to cover.
- Location (City of Registration): Big cities like Mumbai and Delhi tend to have more costs due to more thefts and wrecks.
Pro-Tip: Use Web Compare Sites:
Many websites help you see different prices quickly. Look not just at the cost; check what’s included and what’s not. A bit more money can get you much more back when bad things happen.
3. Insured Declared Value (IDV):
Why This Is Key:
IDV is the top amount the insurance firm will give you if your bike gets stolen or is a total write-off. It is, in simple terms, your bike’s “current market value” with some value taken off for use. If the IDV is too low, you get less money; if too high, your payment to the insurer goes up.
Pro-Tip: Check the IDV Calculator:
Use online tools to find IDV, look at what different ones say, and be ready to speak up if the IDV they say seems too low.
4. No Claim Bonus (NCB):
Why It’s Good:
A No Claim Bonus (NCB) cuts your yearly pay for each year you don’t ask for money. Most times, they cut 20–50% off after 3–5 years without a claim. It’s like finding cash you forgot in your jeans, but it could save you lots of money each year!
Pro-Tip: Think Before You Claim:
If fixing your vehicle costs less than what you would save with NCB, pay it yourself. Say your NCB saves you ₹2,000, but the fix costs ₹1,200, don’t make a claim. You’ll be happy you didn’t next year.
5. Add-On Covers:
Why It’s Key:
Add-on covers (or riders) help you add more to your plan to keep safe from set risks. Well-liked bike add-ons have:
a. Zero Depreciation Cover: Makes sure you get all of your claim with no cut for parts wear.
b. Roadside Assistance: A true savior when your dear bike stops working far from home.
c. Engine Protection Cover: Takes care of parts broken down that were not from a crash.
d. Consumables Cover: Pays for things like brake oil, nuts, and bolts.
Pro-Tip: Only Buy What You Need:
Extras make premium go up, so keep it low. If reside in a rainy area, zero depreciation and engine protection are smart. But, if you drive an old, worn-out scooter you’d swap out soon, forget the extra stuff, and just keep to the simple things.
6. Claim Settlement Ratio (CSR) & Good Customer Service:
Why This is Important:
The real check on an insurer is how well they handle claims. Claim Settlement Ratio (CSR) shows how many claims a firm clears against the total they get. A high CSR often tells of a firm you can trust.
Pro-Tip: Look Up Online Reviews & NCB Pals:
Look at web chats, and social media, and ask other riders about their claim stories. Check out CSR stats (found on IRDAI’s site) and go for firms with ≥95% CSR. Also, try their helpline before you buy—if they answer fast, in 30 seconds, that’s a good sign.
7. Cashless Claims & Network Garages:
What It’s About:
Think of this: you are left on the road after a small crash. You want your vehicle fixed fast and do not want to deal with paying the garage right then and there. This is when many garages with no cash needed step in. They send the costs straight to the company that provides your bike cover, and you only pick up the bill for the extra bits not covered, like wear and tear if you do not have a special plan.
Pro-Tip: Check Garage Spots & What They Do:
Before you go for it, get your insurer to give you a list of these garages near your house, work, and the paths you take often. If a cover provider does not have many garages, think twice. You might have to pay first and wait to get your money back.
FAQs:
1. Should You Get Full Insurance for an Old Bike?
If your bike is over four years old, it might not cost much now. Then, just getting Third-Party insurance could be enough if you don’t want to spend a lot. But think about adding simple extras like help on the road if you still want protection from sudden problems. Weigh the cost of fixes against the cost of higher premiums—often, a small full insurance deal might save you more than paying for fixes yourself.
2. Can I Move My Existing NCB to a New Insurance Firm?
Yes! Your No Claim Bonus (NCB) stays with you, not your old insurance firm (if there is no break in your policy). When you switch, tell your new firm to check your NCB by calling your old one. Always give them your old policy papers when it’s time to renew. This makes sure you keep your well-earned discount.
3. How Do I Pick the Best Insurance for My Bike?
Find insurance firms with a top Claim Settlement Ratio (CSR) (best if over 95%), a strong set of cashless garages, and round-the-clock customer help. Look up online feedback, recent claim stories from other bikers, and the insurance’s online services (app, website). If you often use cashless claims, make sure the insurer has garages near your house and on paths you take a lot. Lastly, look at premiums, IDV, and extra costs to choose the most fair, worth-your-money plan.