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What is Bike Insurance?
Two-wheeler insurance is a type of vehicle insurance designed to protect motorcycles, scooters, and other two-wheeled vehicles from financial losses due to accidents, theft, fire, natural disasters, or other incidents.
It provides financial coverage for repairs, medical expenses, and property damage.
Why should I buy Bike Insurance?
Two-wheeler insurance is essential for financial protection.
It covers repair costs, medical expenses, and property damage in case of accidents. It’s also a legal requirement in many places. By having insurance, you can ride with peace of mind knowing you’re financially protected.
Why Choose Bike Insurance by Policy Digit?
Policy Digit stands out in the insurance market for its commitment to providing comprehensive coverage and exceptional service. Here are further advantages of choosing Policy Digit:
Wide Range of Coverage Options
Policy Digit offers a variety of coverage options to suit different needs. Whether you’re looking for basic third-party liability insurance or comprehensive coverage that includes own damage and personal accident cover, Policy Digit has plans that cater to various requirements.
Customizable Plans
Tailored policies ensure that you get coverage that matches your bike model, usage patterns, and individual preferences. This customization allows you to optimize your insurance plan to meet specific needs without paying for unnecessary coverage.
Efficient Claims Process
Policy Digit is known for its streamlined claims process, which ensures quick and hassle-free settlements. This efficiency reduces the stress and inconvenience associated with filing claims, allowing you to get back on the road sooner.
24/7 Customer Support
With round-the-clock customer support, Policy Digit ensures that help is always available whenever you need it. Whether you have questions about your policy, need assistance during an emergency, or want to file a claim, their dedicated support team is ready to assist you promptly.
Additional Benefits and Add-Ons
Policy Digit provides additional benefits and optional add-ons that enhance your coverage. These may include roadside assistance, zero depreciation cover, engine protection, and more. These options allow you to customize your policy further to suit specific requirements and provide added peace of mind
Digital Convenience
Managing your insurance policy with Policy Digit is convenient and user-friendly. From purchasing a policy to renewing it online, Policy Digit offers digital solutions that simplify the insurance process, saving you time and effort.
What's Covered in Bike Insurance?
What's Not Covered in Bike Insurance?
FACTORS AFFECTING BIKE PREMIUM
The premium for two-wheeler insurance is influenced by several factors.
Here are some of the key factors that can affect the cost of your bike insurance:
Vehicle-related factors:
- Cubic Capacity (CC): Bikes with higher CC engines generally have higher premiums.
- Age of the Bike: Older bikes tend to have lower premiums compared to newer models.
- Make and Model: The brand and model of your bike can also impact the premium. Some bikes may be considered riskier to insure due to their performance or theft rates.
- Modifications: Any modifications made to your bike, such as engine upgrades or custom parts, can increase the premium.
Rider-related factors:
- Age: Younger riders may face higher premiums due to a higher risk profile.
- Driving Experience: Riders with a clean driving record and more experience may qualify for discounts.
- Location: Where you live can affect your premium. Areas with higher accident rates or theft rates may have higher premiums.
Insurance policy factors:
- Type of Coverage: Comprehensive insurance, which covers both third-party liability and own damage, generally has higher premiums than third-party only insurance.
- Add-ons: Optional features like engine protection, personal accident cover, and zero depreciation can increase the premium
- No-Claim Bonus (NCB): If you have a claim-free insurance history, you may be eligible for a discount on your premium.
Key Features of Bike Insurance by Policy Digit
Customizable Plans
Tailored policies to suit your bike model, usage patterns, and specific requirements.
Efficient Claims Process
Streamlined procedures for quick and hassle-free claim settlements, ensuring minimal disruption after an incident.
24/7 Support
Round-the-clock assistance for any queries or emergencies, providing peace of mind whenever you need assistance.
Comprehensive Coverage Options
Flexible coverage options including Own Damage, Third-Party Liability, Personal Accident Cover and Optional Add-Ons.
No Claim Bonus (NCB) Protection
Earn discounts on premiums for claim-free years, promoting safe riding habits and rewarding loyalty.
Types of Bike Insurance
1. Comprehensive Insurance:
Comprehensive insurance is the most extensive coverage option available for bikes. It provides protection against a wide range of risks, including:
- Own Damage: Covers repair costs for damages to your bike due to accidents, fire, theft, vandalism, natural disasters (like floods or earthquakes), and other perils.
- Third-Party Liability: Covers legal liabilities towards third parties for injury, death, or property damage caused by your bike.
Comprehensive insurance is highly recommended for bike owners who seek maximum protection for their vehicle and themselves against various unforeseen circumstances.
2. Third-Party Insurance:
Third-party insurance is a basic and mandatory cover required by law for all vehicles, including bikes. It provides coverage only for liabilities arising from third-party damages, including:
- Third-Party Property Damage: Covers damages caused to another person’s property (e.g., vehicles, buildings) in an accident involving your bike.
- Third-Party Injury or Death: Covers medical expenses, compensation for injury, or death of a third party involved in an accident with your bike.
How to Claim?
Unexpected events happen on the road, and when they involve your commercial vehicle, downtime can be a major financial setback. PolicyDigit understands the critical role your vehicle plays in your business. That’s why we offer a streamlined claims process to get you back on the road quickly and minimize disruption.
What We Cover:
- Accidents: Collisions with other vehicles or objects, rollovers, and hit-and-run incidents.
- Theft: Partial or complete theft of your vehicle.
- Vandalism: Damage caused by vandalism or malicious acts.
- Fire & Explosion: Damage caused by fire, lightning, or explosion.
- Natural Disasters: Damage caused by floods, hail, storms, or other natural disasters (refer to your policy wording for specifics).
Fast and Hassle-Free Claims Process:
- Report the Incident: Always contact the police immediately to file a report in case of an accident or theft. This report is crucial for your claim.
- File Your Claim: We offer two convenient ways to file your claim:
- Online: Submit your claim details and photos of the damage through our secure online portal (link to online claim form). This is the fastest and easiest way to initiate your claim.
- Offline: Download the claim form (link to claim form) and submit it along with the required documents (listed below) to your nearest PolicyDigit partner branch office.
Required Documents:
- Completed and Signed Claim Form: Ensure all details are accurate and the form is signed by an authorized representative of your company.
- Registration Certificate (RC) photocopy: A clear copy of your vehicle’s Registration Certificate is mandatory.
- Driver’s License photocopy: Provide a photocopy of the valid driving license of the driver involved in the incident.
- Valid Fitness Certificate photocopy: A copy of your vehicle’s most recent fitness certificate is required.
- Police Report (FIR): In case of accidents involving third-party injury/death or property damage, a copy of the FIR is essential.
- Dedicated Claims Representative: Once you file your claim, a dedicated claims representative from PolicyDigit will contact you to discuss your claim details and guide you through the next steps. This includes arranging for repairs (if applicable) and ensuring a smooth claims settlement process.
For any other inquiries, kindly call us at +91-95993 25774 or mail us at Support@policydigit.com.
Why is it Important to Buy/Renew Bike Insurance?
It’s crucial to buy or renew bike insurance to:
- Comply with Law: Bike insurance is mandatory as per motor vehicle regulations in most places.
- Financial Protection: It safeguards you against unforeseen expenses arising from accidents, theft, or damages to your bike.
- Peace of Mind: Having insurance provides assurance that you’ll receive support during emergencies, ensuring minimal financial strain.
Do I have to buy Bike Insurance for my Bike?
Yes, bike insurance is essential for protecting your bike from risks and liabilities, ensuring continuity and financial security for your personal or business use.
How to choose the Best Bike Insurance for my Bike?
Consider these factors when selecting bike insurance:
- Coverage Needs: Assess your risks and opt for adequate coverage that includes essential protections such as own damage, third-party liability, and optional covers like personal accident cover.
- Premium Affordability: Compare premiums from different insurers to find a balance between cost and coverage that fits your budget.
- Insurer’s Reputation: Choose a reputable insurer known for reliability, excellent customer service, and efficient claim settlement processes.
FREQUENTLY ASKED QUESTIOINS
To purchase bike insurance, you typically need documents such as vehicle registration certificate (RC), owner’s identity proof (such as AADHAAR card, PAN card, etc.), address proof, and possibly previous insurance details if renewing. Specific document requirements may vary, so it’s advisable to check with your insurer.
Yes, bike insurance can be transferred to a new owner. During the vehicle transfer process, the existing insurance policy can be transferred to the new owner along with the bike registration. Inform your insurer and complete the necessary documentation for a smooth transfer.
Failing to renew bike insurance on time can lead to several consequences:
- Legal Non-Compliance: Operating the bike without valid insurance is illegal and can result in fines or penalties.
- Loss of Coverage: Without insurance, you risk financial losses from accidents, theft, or damages to your bike.
- Loss of No Claim Bonus (NCB): Delayed renewal may lead to losing accumulated NCB benefits, resulting in higher premiums during renewal.
Factors such as the age of your two-wheeler, its model, your driving history, and your location can influence the premium.
Yes, many insurance companies offer discounts for no-claim bonuses, online purchases, or membership in certain organizations.