Finding the right bike insurance is important to reduce the hefty expenses that might incur when you repair your two-wheeler in the event of unforeseen circumstances. For this reason, insurance companies in India provide a comprehensive bike insurance policy that provides protection against your personal vehicle damage, as well as third-party liabilities.
Remember, it is mandatory in India to have at least a third-party vehicle insurance as per the Motor Vehicles Act. As we look forward to 2024, insurance companies in India are expected to bring extensive coverage to your two-wheeler policy, instant claims procedure, and even many more benefits.
Let’s explore the best bike insurance to look forward to in 2024.
Reliance General Two-Wheeler Package Policy
Reliance General two-wheeler package policy is a comprehensive plan for insured that provides cover for both third-party liability and personal damage. The insured gets a personal accident coverage for up to INR 15 lakh, and covers any kind of damage to your vehicle arising out of natural calamities such as earthquake. The insurance company has more than 8,200 network garages across the country.
Besides, it offers a host of add-ons should you require a full-on protection with nil depreciation where the claim is paid to you after deducting the depreciation cost of the replaceable parts. Also, the insurance company takes up the cost of your running easy monthly installment (EMI) if your two-wheeler is under repair at an authorized service center for more than 21 days. You can also avail of voluntary deductibles between INR 500 to INR 1,500 to lower the premium by 5% to 20%.
ICICI Lombard Two-Wheeler Comprehensive Insurance
ICICI Lombard two-wheeler insurance is a comprehensive two wheeler insurance, which means it provides cover for both third-party bike liabilities as well as own vehicle damage into a single policy. Insured gets a personal accident cover for up to INR 15 lakh , and up to INR 1 lakh coverage to the third-party. The insurance company has more than 10,800 network of garages across the country.
You can avail of an add-on should you require coverage for zero depreciation in case of any damage to the two-wheeler. The policy provides 24/7 roadside assistance for any kind of repair. You just need to contact customer care and visit the nearest network garage. ICICI Lombard offers an easy way to get insurance online by submitting required documents, and making the premium payment online. You will immediately receive the policy emailed to your id.
TATA AIG Comprehensive Bike Insurance Policy
TATA AIG comprehensive bike insurance offers an all-round coverage for your bike, and third-party liabilities. Besides, it also offers a huge variety of insurance add-ons should you need an additional layer of coverage. You can get your bike repaired from the nearest network garage by simply calling up the company’s customer care. It has more than 8,700 network garages spread across the country.
Remember, if you haven’t made any claim in five years, then you’re provided with up to 50% discount on premium as no claims bonus (NCB). The policy can be purchased by visiting the nearest branch or at banks that have collaboration with the insurance company. Instead, you can avail of up to 75% discount on premium if you purchase the two-wheeler policy online by submitting relevant documents, and making the payment. On the downside, the policy doesn’t cover regular wear and tear of your two-wheeler, nor any electrical and mechanical issues.
Bajaj Allianz- Long term Two-Wheeler Package Insurance
As the name suggests, Bajaj Allianz two-wheeler package insurance is a long-term policy with a minimum of two-and three-years tenure. The policy is a comprehensive plan that offers all-round coverage for your bike, and third-party liabilities. The policy provides up to INR 15 lakh personal accident coverage, with an option to increase at an additional premium rate. Whereas, the coverage for third-party liabilities is up to INR 1 lakh for injury, death and/or property damage.
Another benefit that policy provides is that the premium rate will remain the same during the policy period. Should you choose to avail of add-ons, it offers zero depreciation cover wherein the claim amount will include the depreciating value of your insured vehicle. This policy won’t provide coverage for regular wear and tear, or electrical and mechanical issues.
HDFC Ergo-Comprehensive Two-Wheeler Insurance
HDFC Ergo comprehensive two-wheeler insurance is a comprehensive bike insurance that provides all-in-one coverage to your personal vehicle damage as well as third-party liability. The policy provides up to INR 15 lakh personal accident coverage, which can be further customized by purchasing add-on covers like zero depreciation, emergency roadside assistance, engine and gearbox protection, etc. The policy provides added benefits to those who opt for a three-year tenure plan to avoid any kind of renewal issues.
Further, the no-claim benefits (NCB) for the first claims-free year offer a 20% discount upon renewal, and 50% on five claim-free years. There’s also zero depreciation cover that covers the cost of your vehicle’s depreciation, and round-the-clock emergency assistance should you require an emergency repair of your vehicle. The policy does not cover expenses related to electrical and mechanical issues.
