Bike insurance is an essential investment for any bike owner in India. It provides financial protection against damage, theft, or injury caused by or to your bike. With so many different bike insurance policies and providers out there, it can be challenging to choose the right one. In this ultimate guide, we’ll cover everything you need to know about bike insurance, including types of coverage, choosing the right policy, and understanding the claims process.
Types of bike insurance coverage
There are two primary types of bike insurance coverage: third-party insurance and comprehensive insurance.
Third-party insurance:
Third-party bike insurance is mandatory in India as per the Motor Vehicles Act, 1988. It covers any damages, injuries, or liability caused to a third party by your bike. It does not cover damages to your own bike or injuries to yourself.
Comprehensive insurance:
Comprehensive bike insurance offers comprehensive coverage for you, your bike, and any third-party involved in the accident. It covers damages to your bike, theft, natural calamities, and personal accidents.
Things to consider when choosing the right bike insurance policy
Choosing the right bike insurance policy can be a daunting task, with so many options available in the market. However, it’s important to take the time to choose the right policy that fits your budget and requirements. Here are some essential things to consider when selecting a bike insurance policy:
1. Coverage:
Determine the type of coverage you need- third-party coverage or comprehensive coverage. Consider if you need additional coverage like zero depreciation or personal accident cover.
2. Premium:
Compare the premium rates of different insurance providers and policies to get the best deal.
3. Discounts:
Check if the insurer offers any discounts for safe driving or installing anti-theft devices. These discounts can help reduce the premium amount.
4. Reputation of insurer:
The reputation of the insurer and their claim settlement ratio is an essential factor to consider when choosing a policy.
5. Add-ons:
Insurers offer add-ons like pillion rider cover, engine protector, roadside assistance, and others. Consider if these add-ons fit your requirements and if they are worth the extra premium.
6. Claim settlement process:
Understand the claim settlement process and the time taken by the insurer to settle claims. Choose an insurer that provides a hassle-free claims process.
Types of bike insurance claim process
Making a claim is an essential part of any bike insurance policy. It can be a complicated process, depending on the type of claim being made. Here, we’ll take a closer look at the different types of bike insurance claim processes:
1. Third-party claim:
In case of damages caused by you to a third-party’s property or injuries caused by you to someone else, file a third-party claim process. The process includes submitting documents like the FIR copy, driving license, RC book, and claim report.
2. Own damage claim:
An own damage claim is filed when your bike is damaged due to an accident, natural disaster or is stolen. Notify your insurance provider within 48 hours of the event. Once the claim is registered, an appointed surveyor will examine the bike, and a repair estimate will be provided.
3. Personal accident claim:
A personal accident claim can be made if the policyholder sustains injuries or disability due to an accident involving the bike. Submit documents like the FIR copy, medical report, original bills, and discharge summary to the insurer to initiate the claim process.
4. Theft claim:
Theft claims are filed when the bike is stolen. File a complaint with the nearest police station and ensure to report the same to the insurer to initiate the claim process. Submit documents like the FIR copy, driving license, RC book, and claim report.
Steps to bike insurance claims process
The claims process is the most crucial aspect of insurance. Make sure to follow the proper steps below to make a successful claim:
1. Inform the insurance company: Inform the insurer as soon as an accident takes place. The claim should be registered within 48 hours of the event.
2. File an FIR: In the case of theft or injury, file an FIR (First Information Report) from a competent authority like the police station or hospital.
3. Collect information: Collect all the necessary information like the policy number, bike registration number, location of the accident, and the contact details of the third party involved.
4. Submit the required documents: When filing a claim, you need to submit documents like the RC book, driving license, insurance policy document, and FIR copy.
ICICI Bike Insurance
ICICI Lombard is one of the top icici bike insurance providers in India, offering a wide range of coverage options. The company provides a range of policies from third-party coverage to comprehensive coverage, and additional features like personal accident cover, zero depreciation cover, and 24X7 roadside assistance. ICICI Lombard also provides a hassle-free claims process, with its customer support available round the clock.
In conclusion, buying bike insurance is an essential investment for every bike owner. With this guide, you can determine the type of coverage you require and choose the right policy that fits your budget and requirements. By understanding the claims process, you can ensure a smooth experience in case of an unfortunate event. ICICI Lombard offers a range of coverage options and benefits that you can consider while purchasing bike insurance.