Here's How You Can Customize Your Bike Insurance Policy

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Driving any vehicle without valid insurance is neither advisable nor legal. It is a serious offense to drive without a good insurance cover under the Motor Vehicles Act. It essentially protects the owner financially against accident, theft, or natural disaster. The insured is covered up to the limit of the insured amount.

Getting insurance is now a straightforward process, but not all policies match your requirement. So purchasing a policy that does not fit your needs can provide copious benefits. So let's explore which custom bike insurance policy best suits your vehicle.

Finding the right bike insurance policy can be tricky and messy. So, first, let's check out the different types of bike insurance cover policies.

Different types of insurance cover:

Third-party cover

This is a mandatory insurance policy and covers the risk of loss or damage to third persons or property. No vehicle can be on the road without valid third-party insurance. This is a limited insurance cover. It is restricted to damage caused to a third party - another vehicle by your bike. It does not cover any damage or loss caused to your bike. This cover is also known as act only and is compulsory for everyone under bike insurance. However, third-party and own damage covers have some limitations, and this is where comprehensive policy comes into play.

Comprehensive insurance cover
A comprehensive two wheeler insurance provides full coverage and includes cover against damages to your own two-wheeler or a third-party – person or property. However, since this covers your own bike's damage plus offers third-party cover, it is a bit more expensive than the pure third-party covers. Further, this cover may be taken for just a year as per updated rules.

Additional riders
As a part of your insurance cover, you can choose additional riders by paying an extra premium. These riders can be included at the inception of the insurance or at the time of its renewal. These riders can have emergency assistance cover or 24 hours roadside assistance. This covers expenses incurred towards the repairs and towing of your bike and quicker processing of any insurance claims. It offers you round-the-clock assistance to deal with emergency breakdowns. This cover includes minor repairs on-site, duplicate key issues, tyre changes, battery jumpstarts, fuel tank emptying, and towing charges, among others.*

Moreover, the other additional riders are

1) Engine Protection: This cover protects you in case of water ingression, gearbox damage, and lubricant leakage, among others.*

2) Consumable expenses: This will provide coverage for all types of motor vehicle oil, refrigerants, coolants, electrolytes, fluids, nuts, bolts, screws, filters, bearings, washers, clips, and other similar items that are a part of the vehicle.*

3) EMI Protection: After an accident, if the bike is being repaired at the certified and approved garage, the insurer will pay the EMI's of the insured vehicle under the EMI bike insurance and protection cover.*

4) Cover for Pillion rider: This pillion rider cover under the bike insurance policy is beneficial when the secondary rider is injured in an accident riding with you. The two-wheeler insurance policy add-on covers the treatment cost for the co-passenger or the pillion rider.*

5) Zero depreciation cover
You can opt for a zero depreciation cover. Usually, it is available for new bikes at the time of issuance of the first policy. However, it may not be available if you want it later or may involve additional premium and inspection by the insurance company.*

Usually, insurance policies cover the claim amount after deduction of depreciation on various parts made of rubber, plastic, metal, glass, etc. No assumptions are made with a zero depreciation cover, no deductions are made, and you can get the entire claim amount. The zero depreciation option is an add-on cover and must be purchased by paying an additional premium.

*Standard T&C Apply

Generally, Bike Insurance does not cover:
● Depreciation – general wear and tear or depreciation in the bike's value.
● Electrical and mechanical breakdown.
● Illegal driving - driving under the influence of drugs or alcohol or not possessing a valid driving license.

Some features to evaluate
Apart from the premium, you also need to evaluate other features such as a cashless facility, several authorized garages, the spread of insurance network - especially in the city of residence, the turnaround time for processing claims, etc. All these matters in case there is some damage to the bike, and you want to claim.

What are the documents required to purchase insurance:
· Identity proof - PAN, Aadhaar, passport or voter ID
· Bike's registration certificate
· Old policy documents, if any
· Address proof

Which company provides a custom bike insurance policy?
Bajaj Allianz is among the top-recommended companies for buying comprehensive or third party bike insurance plans. It provides custom features as per your requirements. Being the most trustworthy company, Bajaj Allianz offers coverages such as fire and theft.

Natural Calamities: Provides coverage if there is any uncertainty like earthquakes and floods and your bike gets damaged.

Personal Coverage:
Coverage from man-made disasters: In case of injuries due to bike accidents. The person can use the money; the amount of bike insurance claims can differ under different circumstances.

Man-made Disaster: Disasters like theft, robbery, riot, strike, terrorist activity, damage in the transit by road, rail, lift, or elevator is covered under the coverage of bike insurance.

*Standard T&C Apply

Also, it allows you to choose the add-on depending on your requirement. If you wish to have any other custom requirements, you can directly contact or check out more details online. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

This article is part of a featured content programme.
Published 31 January 2022, 11:30 IST

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