Bike Insurance
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A bike insurance policy protects the insured person, his motorcycle or scooter, a third-party person or property from damages caused by accidents, theft, fire, natural disasters, human-made disasters, total loss, and third-party liabilities. Third-party insurance is required by law for all two-wheeler owners under the Motor Vehicles Act of 1988.
A bike insurance policy covers the damages that may occur to the insured’s two-wheeler – scooter, or motorcycle in case of accidents, theft, fire, natural calamities, man-made disasters, total loss, and third-party liabilities. Third-party bike insurance is mandatory for all two-wheeler owners according to the Motor Vehicles Act 1988.
Highlights of Bike Insurance Plans
Most popular Bike Insurance Plans
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Bike Insurance Policy Everything You Need to Know
Types of Bike Insurance
In addition to third-party liabilities, it also covers damages to your car from accidents, theft, natural disasters, etc.
It covers third-party liabilities like injuries, losses, or damages caused by your car. This is mandatory for driving in India.
It includes stand-alone third-party cover for 3 years and own-damage cover for 1 year for new cars.
It only covers damages to your car. It can be bought separately or together with third-party insurance.
It offers third-party coverage for 3 years for new private cars, as per IRDAI rules.
IRDAI permits insurers to offer comprehensive coverage for 2 or 3 years, eliminating the need for yearly renewals. This also shields you from yearly hikes in third-party rates as regulated by IRDAI.
Key Features of Bike Insurance
Choose from stand-alone third-party, comprehensive, or stand-alone own-damage cover based on your needs.
Comprehensive or own-damage cover includes protection for accidents, natural calamities, man-made disasters, fire, defacement, etc.
Annual or long-term plans are available. New bikes registered after XX (month) 2018 require a mandatory 5-year third-party coverage. First year includes 1-year own-damage cover; subsequent years are optional for own-damage cover. After five years, choose from annual third-party/comprehensive plans or long-term comprehensive plans (2-3 years).
Additional coverage options like engine protection, zero depreciation, consumables, key replacement, etc., with comprehensive or own-damage cover. When you choose a comprehensive coverage or stand-alone own-damage cover, you can improve the coverage by choosing from add-ons like engine protection, zero depreciation, consumables, key replacement. etc.
No-claim bonus offers premium discounts on renewals if no claims made. It is transferable to another insurer or new bike purchase.
You can purchase and renew policies online and access assistance from our certified insurance advisors.
The IRDAI has made it mandatory to have a personal accident cover for accidental deaths and disablements. There is an affordable premium for a ₹15 lakhs cover. If you already have a policy in your name, you don’t need to buy another one.
Eligible for discounts on policy renewal if no claims are made during the coverage period, ranging from 20%-50%.
Offers on anti-theft devices, voluntary deductibles, and Automobile Association of India memberships.
The claim process is clearly outlined during policy purchase. There is a seamless cashless and reimbursement claim process.
Benefits of Bike Insurance
Bike insurance provides financial security by covering losses from theft, accidents, natural disasters, and third-party liabilities.
Insurance is available for scooters, mopeds, bikes, new or used, offering comprehensive protection.
It is mandatory under the Motor Vehicles Act 1988 for third-party coverage, ensuring legal adherence and avoiding penalties.
Low-cost premiums, which are further reduced with no-claim bonuses or AAI memberships.
Access a wide network of cashless garages for convenient repairs.
It includes compensation for injuries, death, or disability from accidents.
Enhance your coverage with add-ons like zero depreciation, engine protection, and roadside assistance for comprehensive coverage.
You can pay for repairs and later claim reimbursement from the insurer.
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Bike Insurance – Inclusions
What is covered in bike insurance
Any third-party injury, death, or damage to property, that is a result of an accident involving the insured bike.
A comprehensive plan will also include damages/loss to the insured bike in:
Road accident.
Fire, explosion, self-ignition, etc.
Loss of the insured bike due to theft.
An act of terrorism, malicious act, riot, or strike.
Natural disasters like earthquakes, landslides, floods, cyclones, storms, etc.
Transit by rail/road, inland waterways, lift, elevator, or air.
Bike Insurance – Exclusions
What is not covered in bike insurance
Add-ons in Bike Insurance
Under zero depreciation add-on cover, the policyholder is not charged for depreciation during the claim settlement. If you purchase this cover, the insurance company will pay the full amount of the replaced part without any depreciation.
Nuts, bolts, ball bearings, gearbox oil, grease, etc., are consumables that undergo the most wear and tear. Getting them repaired is often an out-of-pocket expense unless you opt for this add-on.
Your engine is the heart of the vehicle, but it is not covered in a comprehensive plan. With this add-on, the insurance company provides compensation for mechanical or electrical damages to the engine due to an oil spill or water ingression due to water logging. It covers the gearbox, hydrostatic lock, etc.
If the insured bike is damaged beyond repairs or if it is stolen, with this add-on, the insurance company pays the invoice value of the bike while purchasing a new vehicle of the same make and model, along with the registration and other applicable taxes.
With this add-on cover, at the time of emergency when you have been stranded in the middle of the road due to a breakdown, mishap or malfunction, you can avail of any of the round-the-clock services offered by the cover. A few of the assistance provided under the cover include a towing facility, jump start, fuel recharge, changing of tyres, etc.
If you lose both keys to your bike, this add-on will cover the cost of replacing the lost keys with a duplicate set.
In case of total damage or loss of the insured vehicle, this coverage provides you with money for a brand-new vehicle of the same make and model.
With this add-on, the insurance company will cover the costs for any damages caused to your bike’s tyres as in-tyre bulge, puncture or bursting of tyres, or cut on a tyre due to an accident.
This add-on gives you money to buy a brand-new bike of the same make and model.
Covers the towing expenses of the bike in case the vehicle is immobilised or rendered unfit for riding and cannot be repaired on the spot of breakdown or accident.
This add-on helps you protect your no-claim bonus even after a claim is made. This coverage is especially necessary if you have a high NCB and you do not wish to let that go in case of a claim.
This covers pays for repair or replacement of damaged battery due to water ingress or submergence in water following a flood and or inundation.
The company will pay for repair or replacement expenses for the consequential loss or damage to internal parts of the electric bike, and in the case of a hybrid electric vehicle, the differential and transmission units, water ingression, undercarriage damage, leakage of lubricating oil, will be covered.
The add-on helps cover the expenses of damage to the chargers and cables due to over-voltage, fire, towing damage, etc.
If the insured bike is in the garage for accidental repairs for a longer period of time, the insurance company pays the sum of the EMI due to the financial institutions on behalf of the insured (depending upon the coverage opted/selected).
A rim damage cover offers your insured vehicle protection against any loss or damage to the wheel rims.
With this add-on, the insurance company will pay for the daily transport in case your vehicle is out being repaired.
In case the passengers of your bike or the rider sustain any injuries during a road accident, this add-on covers the medical treatment expenses up to a certain limit.
Covers the expenses of the helmet if it gets damaged or destroyed due to an accident that involves the insured vehicle.
How to Select the Best Bike Insurance Plan?
Here are some factors you need to consider before buying the best bike insurance plan.
Factors to consider while selecting a Bike insurance policy are mentioned below:
Bike insurance companies in India offer mandatory stand-alone third-party, a stand-alone own-damage, or a comprehensive insurance plan. Based on your unique requirements, you can choose a coverage that suits your needs.
Add-on covers like zero depreciation, RSA, engine protection, etc., are the additional coverage offered by an insurance company. Enhance the coverage of the policy by selecting them.
While buying a bike insurance policy, you can choose an insurance company with a high claim settlement ratio.
Look for a bike policy that offers access to many network garages. The network garages in your city and across the country will help you with cashless claims.
During the tenure of the bike insurance, if no claims have been made, then the insured is eligible for a no-claim bonus during the renewal of the policy. Get a no-claim bonus benefit ranging between 20%-50%.
Insured Declared Value (IDV) is the current market value of the bike. It is the maximum amount for which the policyholder can raise a claim during the policy tenure. Check IDV vs. the premium. A lower premium for a high IDV is value for money.
Also make sure you get the right discount for the installation of an anti-theft device, voluntary deductibles, and AAI membership.
It’s always important to read the fine print about the claim process, renewal process, and more before you finalise a bike policy.
Factors Affecting the Premium of Bike Insurance
Here are some of the factors that are taken into consideration while calculating the premium of bike insurance.
The policy premium depends upon the make, model, cubic capacity as well as variants.
The age of the bike is an important determining factor when it comes to calculating insurance premiums online. The older the vehicle, the higher will be the depreciation on it.
A customised plan with add-ons like zero-depreciation, roadside assistance, or engine protect coverage gives better coverage at an affordable cost.
Premiums are lower in low-traffic areas as compared to metro cities and accident-prone zones, where roads are busy 24*7.
Premium will also depend upon the type of engine because depending upon the type, whether it is petrol or diesel the IDV changes.
If you haven’t made a claim in the previous year, you can avail the benefit of a no-claim bonus on your renewal premium.
IDV also impacts the premium; more IDV will result in more premium as the value of the vehicle will be more.
Things to consider while buying Bike insurance Online
Select the coverage that is required as per your need and vehicle type. Choose either the mandatory stand-alone third-party and stand-alone own-damage or the comprehensive cover.
Check the add-ons available for additional cover to your Bike policy.
Check and compare the various features of different motor insurance policies, premium, special features, claim settlement ratio, network garages, and more.
Also check if the claim process is simple or cumbersome so that you can easily make a claim whenever required.
Also, check if the insurer offers enough cashless network garage facilities to avail cashless claims.
See how the premium of the policy is calculated and seek a low premium.
How to Claim Bike Insurance
The claim process for your bike will depend on the type of claim you raise for own- damage, and it is vital to follow these step-by-step procedures. As an insurance broker, we aim to provide you with comprehensive guidance and support throughout the process. Visit the Mahindra Paybima store near you, connect with your relationship manager, or call the toll-free number 1800 267 67 67.
Furthermore, you can also incur a third-party claim.
The steps for all types of bike insurance claims is given below –
Immediate Notification
Promptly inform your insurance provider about the accident or damage incurred by your bike. Time is of the essence in reporting the incident.
Authorised Network Garage
Take your bike to the nearest network garage authorised by your insurer.
Document Submission
Submit the required documents, including the claim form, a copy of your insurance policy, driving license, and registration certificate. Accurate and complete documentation expedites the claims process.
Repair Cost Estimation and Communication
The authorised network garage will thoroughly assess the damage and promptly share the repair estimate with the insurance company.
Surveyor's Assessment
The insurer will diligently review the claim and assign a surveyor if necessary. In some cases, a video survey may be conducted on their behalf, providing an efficient evaluation of the damage.
Direct Settlement
Upon claim approval and after due repairs, the insurer will settle the expenses directly with the network garage.
Claim Deductibles
You are required to pay the deductible or depreciation amount as per coverage taken in the insurance policy.
Vehicle Collection
After the repairs are completed, and confirmation of the final insurance liability is received at the garage, you can collect your bike, ensuring a seamless conclusion to the claim process.
Immediate Notification
It is crucial to promptly inform your insurance provider about the accident or damage sustained by your bike. Immediate reporting ensures a prompt assessment of the situation.
Authorised Garage
Take your vehicle to the nearest authorised garage or workshop for repair.
Repair Cost Estimation
Obtain an estimate of the repair cost from the authorised garage. This evaluation facilitates an accurate estimation of the financial aspects involved.
Document Submission
Submit the repair cost estimate, along with the required documents, such as the claim form, insurance policy copy, driving license, and registration certificate, to your insurer. Complete documentation ensures a smooth claims process.
Surveyor's Assessment
The insurance company will assign a surveyor to meticulously assess the damage and validate the claim.
Approved Claim and Repairs
Once the claim is approved, you can proceed with the necessary repairs at garage and ensure quality repairs.
Payment and Reimbursement
After the repairs are satisfactorily completed, make the payment to the garage and collect the invoices and receipts. Submit these documents to your insurer for reimbursement in a timely manner.
Immediate Police Notification
Without delay, inform the police and file an FIR (First Information Report). This formal report establishes the incident and is essential for initiating the investigation.
Inform Your Insurance Provider
Notify your insurance provider promptly about the theft and provide them with all the necessary details.
Documentation Submission
Submit a copy of the FIR, completed claim form, insurance policy copy and registration certificate to your insurance company. These documents form the foundation of your claim and facilitate a thorough evaluation.
Surveyor's Investigation
The insurer will assign a skilled investigation agency to investigate the theft claim. The investigator’s expertise ensures a comprehensive assessment of the circumstances surrounding the incident.
Additional Document Submission
Upon claim approval, you will be required to provide additional documents, including the original keys, bike documents, and any other relevant paperwork requested by your insurer. These documents support the claim verification process.
Verification and Settlement
The insurance company will conduct a diligent verification process to validate the claim.
Final Report and A-Summary
If the vehicle is not recovered within 90 days, the police authority will issue a final report and A-summary.
Settlement
The insurer will settle the claim based on the insured declared value (IDV) of the bike.
Immediate Notification
Inform your insurance provider promptly about the accident involving a third-party. Timely reporting allows for swift action and proper investigation.
Gather Relevant Details
Collect all pertinent information about the third-party involved, including their name, contact information, vehicle details, and insurance particulars. These details facilitate effective communication and evaluation.
File an FIR (First Information Report)
It is compulsory to file an FIR in case of a third-party. This legal document provides essential documentation of the incident.
MACT Court
Third-party claims must route through MACT court. The honourable court will decide the amount of compensation to the third-party.
Claim Approval and Legal Representation MACT
Once the claim is lodged, your insurer will provide legal representation and handle the compensation process on your behalf.
Compensation Determination
The compensation amount will be determined based on the liability and in accordance with the provisions of the Motor Vehicles Act, 1988. This legal framework governs the calculation of compensation.
Direct Settlements
It is important to note that the insured should not settle any claim directly with the third-party. Any such expenses are not authorised for reimbursement.
Documents for Claiming Bike Insurance
A properly filled claim form with your signature
Copy of your bike insurance policy
Copy of your registration certificate (RC)
Driving license
Estimated bill for the repairs
Original repair bills along with payment receipts in case of reimbursement
Police FIR in case of theft
Bike Insurance Claim – How to Avoid Rejection
If the insurer finds intentional damages to the bike or a fraudulent claim, they can reject third-party or comprehensive cover.
If the rider was riding under the influence of alcohol when the bike was damaged, the claim will be rejected.
Every policy has a specified time to notify the company about the accident, from 48 hours to 7 days - intimation beyond that can get your claim rejected.
If the rider has an invalid license, the bike insurance company can reject the claim.
If the policy is expired, your claim will get rejected.
When a personal vehicle is used for commercial, the claim will get rejected, under violation of the terms and conditions of bike insurance.
Guaranteed Claim Support
We will guide you from start till end in your 'claim journey'. Start your claim process with us to get our support.
How to Buy and Renew Bike Insurance Offline and Online
You can now buy and renew bike insurance online in just a few simple steps, saving time and costs. You can visit the website of the insurance company or an aggregator website to buy a bike insurance policy.
Input details like RTO details and bike details (brand, manufacturing year, bike model, fuel type, variant, and the date of registration) to begin the policy procedure. For ‘renewing’ your policy, when you have the bike number (RC) for an existing bike, you can share the number and skip inputting all the details. For renewal, you would also need to provide the previous policy details and ‘no-claim bonus’ details.
Check the various features of different bike insurance policies, premiums, special features, claim settlement ratio, network garages, and more.
Choose the coverage you need. You can choose just the mandatory third-party or a comprehensive or bundled plan.
Choose whichever appropriate add-ons you want to enhance your bike insurance cover.
Once you’ve shortlisted 2-3 policies that suit your requirements, compare them online.
Do a cKYC verification process, fill out the proposal form and upload the relevant documents if required as per the policy requirement.
Pay for the policy online using credit/debit cards, UPI, wallets, or net banking.
The proposal is submitted to the insurance company for approval. Once approved, they’ll receive the policy by email.
You can visit the insurance company to buy the policy or find an insurance intermediator or broker providing motor insurance plans. Paybima has stores to facilitate your insurance needs with our certified insurance advisors by your side. you can locate a Paybima store near you easily.
Benefits of Buying and Renewing Bike Insurance Online
You can easily buy and renew bike insurance online on our website and enjoy many benefits along the way:
The fact that the online bike insurance renewal process is safe and secure makes it the most significant aspect of bike insurance policy renewal. Since all genuine insurance providers are regulated by IRDAI, you can be sure of the authenticity of the policy. So, getting your policy renewed from an authentic insurance company approved by IRDAI ensures the safety of your policy renewal.
Another benefit of buying or renewing your policy online is that you get to buy a policy at a reasonable budget that doesn’t make a hole in your pocket. Since insurers can save the cost of operation in the case of selling policies online, they offer online policies at a reasonable price. Moreover, the charges paid to the middlemen can also be avoided in online policies, which is why you get the advantage of reduced charges and premiums in online buying as compared to offline ways. In addition, the festive offers and discounts also allow insurers to offer a reduced price for their policies while selling them to the insured.
Another benefit of buying/renewing bike insurance online is that it allows you to compare different policies and buy the one that suits you best. This way, you can search for numerous alternatives and compare them before buying the most suitable option as per your needs.
With online purchase, you can simply renew your bike insurance policy instantly by comparing quotes and selecting the one policy that you want for your bike. You just need to submit the necessary details of your vehicle and details of the previous insurance policy after choosing a policy. Now, you can simply make the payment and purchase the policy at an instant.
Also, unlike earlier reputed insurance companies, these days have limited the option of clumsy paperwork that was required for buying insurance policies. Thus, it makes buying bike insurance a smooth and hassle-free process with almost zero paperwork. All you need is to submit a few bike details and choose the policy you want to purchase.
Also, if you buy your bike insurance online, you will receive timely reminders from your insurer before the expiry of your policy. This way, you can renew your insurance without missing the deadline for policy expiration.
Add-on coverage is an option you can receive with many insurers beyond the basic cover. These are known as add-on covers, and an insured can buy them by paying an extra amount of payment. You can buy any number of add-on covers as per your requirement, the policy terms and conditions, and your insurance provider. Roadside assistance, zero depreciation, engine protection, etc., are some such covers.
If you do not make a claim during a policy year, you get an NCB discount for such claim-less years. This discount can be transferred even if you change insurer during the time of renewal.
How to Compare Bike Insurance
Look at certain factors when you compare bike insurance online to ensure you get the best deal and coverage.
Bike insurance comes in three main types: third-party, stand-alone, and comprehensive. Third-party is a must, while the other two are choices. Know what coverage you need before picking your plan.
Look at the add-ons that enhance the coverage of your policy. These are usually available at an additional premium amount.
When you buy bike insurance online, you can get access to various discounts like anti-theft, no-claim bonus, and deductibles, depending on your policy and insurer.
This is the current market value of your vehicle minus the depreciation in case of a total loss. A higher IDV will result in a higher premium. In case of a lower IDV, the premium will be low, but the amount you receive will also be lower.
The best way to determine the credibility of a company is to check its claim settlement ratio during your comparison.
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A two-wheeler insurance policy is coverage on your two-wheeler that covers the possible financial contingencies that you might face whenyour insured bike faces any mishap. Third-party coverage is mandated by the Motor Vehicles Act 1988, which covers third-party liabilities resulting due to your insured two-wheeler. You can also opt for an own-damage cover along with the mandatory third-party cover or a comprehensive bike insurance policy to secure coverage against the damages suffered by your own bike itself.
Following are some of the advantages of having an insurance policy for your bike:
- In case of any accident involving your insured bike, if you injure or kill any individual or damage someone’s property, you would be financially liable for the injury or damage caused. In case of accidental death, the liability is quite high. This however gets covered by your insurance policy.
- If your bike suffers heavy damage in an accident, the repair costs are quite high. Having an own-damage cover along with the mandatory third-party cover or a comprehensive bike Insurance will cover such repair
- A bike insurance plan is a mandatory requirement. If you don’t have insurance, you face legal consequences which include heavy fines and might also lead to imprisonment.
Before buying, you should do a bike comparison online. It helps in finding the right bike for your budget. Similarly, it is always recommended to compare bike insurance online and then buy a bike insurance policy. Following are some of the reasons to do so:
- Find the best plan - There are a lot of insurance plans available in the market. Each plan has its own benefits. To know the difference between these plans, you need to compare bike insurance online and select the plan that best suits your requirements.
- Choose a higher IDV– The IDV reflects the market price of your bike after being adjusted for depreciation. Different policies provide different rates for insurance based on the IDV fixed by them. It is the maximum amount for which the policyholder can raise a claim during the policy tenure. Check IDV vs. the premium. A lower premium for a high IDV is value for money.
- Get the best premium rates – Once you choose to compare bike insurance policies, you have the option to get the best quote among the premium rates offered by different insurance companies. Moreover, when you compare bike insurance plans on the discounts offered, you can reduce the premium and save the maximum on two-wheeler insurance costs.
- Get better coverages – If you want your policy to have add-on covers, you should compare different plans and choose the one that has the required coverage features at the best rates of premiums.
- Get cashless garage service – When you compare bike insurance plans, you can choose a policy that has tie-ups with a vast network of cashless garages. This would help you avail of easy cashless claims.
In case of a claim under a two-wheeler policy, the insurer would settle the repair bills after making deductions for depreciation of bike parts. As a result, the difference in the bill and the compensation has to be borne by the owner.
The depreciation rates on the different parts of the bike are as follows:
| Parts of the bike | Rate of depreciation |
|---|---|
| Fibre or glass parts | 30% |
| Plastic, nylon, rubber parts | 50% |
| Metallic parts | 5% to 50% depending on the age of the bike |
However, if zero depreciation add-on cover is opted for, the insurance company does not deduct the above depreciation from the car’s parts. The full cost of repairs is paid after considering deductibles and non-admissible expenses.
If the person driving the vehicle has a valid license, the vehicle is insured for all the accidents that occurred due to the hazards specified. To insure the person driving the vehicle, who is not the owner, an additional personal accident cover has to be taken for unnamed passengers. For the owner-driver, the policy compulsorily has a personal accident cover, as per tariff.
Vehicle make and model: The policy premium depends upon the make, model, cubic capacity as well as variants. .
Age of the vehicle: The age of the bike is an important determining factor when it comes to calculating insurance premiums online. The older the vehicle, the higher will be the depreciation on it.
Add-ons: A customised plan with add-ons like zero-depreciation, roadside assistance, or engine protect coverage gives better coverage at an affordable cost.
RTO Location: Premiums are lower in low-traffic areas as compared to metro cities and accident-prone zones, where roads are busy 24*7.
Engine type: Premium will also depend upon the type of engine because depending upon the type, whether it is petrol or diesel the IDV changes.
No-claim bonus: If you haven’t made a claim in the previous year, you can avail the benefit of a no-claim bonus on your renewal premium.
IDV: IDV also impacts the premium; more IDV will result in more premium as the value of the vehicle will be higher.
Just like you can compare bike insurance policies online, you can pay your bike insurance premium online through one of the various modes of payment . Once you do an online bike insurance comparison and shortlist a bike insurance plan, you should fill out the proposal form. You will be redirected to the payment page of the insurance company. You can then choose to pay through credit or debit cards, net banking, wallets, or UPI. Once payment is successful, your bike insurance policy will be sent by email on the registered email ID, by post on at the given address and for easy download on the customer dashboard.
Yes, you would be required to pay a premium again for the two-wheeler insurance policy. However, you can avail the benefit of the no-claim bonus offered by your insurance company. Through this benefit, you can get a discount of up to 55% on your own-damage component of your insurance premium, depending on the number of claim-free years and the insurance company’s policy.
You can reduce your bike insurance premium in the following ways:
- Choose the appropriate IDV for your bike
- Select only required add-ons
- Install anti-theft devices certified by ARAI
- Accumulate NCB by riding safely and not raising claims with the insurer
You can also reduce your two-wheeler policy premium by doing an online two-wheeler insurance comparison on Mahindra Paybima. This online two-wheeler insurance comparison will help you find the policy with the best premium rates.
The different types of discounts that you can avail of under two-wheeler insurance plans are as follows
- Discount for installing safety devices
- Discount for being a member of a recognised automobile association
- Discount for choosing a voluntary deductible
- Discount when you buy two-wheeler insurance online
- No-claim bonus discount for not making claims in the past policy year (s)
Here are some things that can get your claim rejected:
- If the insurer finds intentional damages to the insured bike or a fraudulent claim, they can reject third-party or comprehensive cover.
- If the rider was riding under the influence of alcohol when the bike was damaged, the claim will be rejected.
- Every policy has a specified time to notify the company about the accident, from 48 hours to 7 days - intimation beyond that can get your claim rejected.
- If the rider has an invalid license, the bike insurance company can reject the claim.
- If the policy is expired, your claim will get rejected.
- When a personal vehicle is used for commercial, the claim will get rejected, under violation of the terms and conditions of bike insurance.
Getting your claim rejected can lead to a heavy financial impact on your wallet. Hence, follow the below rules and avoid getting your claim rejected:
- Always carry a valid driving license while riding
- Do not drive under the influence of liquor or drugs
- Keep a policy of your insurance on your bike
- Know the list of inclusions and exclusions under your policy
- Always inform your insurance company first in case of any unfortunate accident involving your bike
It is important to renew your bike insurance plan within the due date to enjoy uninterrupted coverage. If the policy is not renewed on time, it lapses, and the coverage stops. Claims in a lapsed policy are not paid. Moreover, when you renew the policy after a lapse, an inspection of the bike is conducted by the insurance company after which the policy is allowed to be renewed.
Lastly, if your policy stays in a lapsed state for 90 days or more, you will lose the accumulated no-claim bonus.
