After you are done with the formalities of buying your new two-wheeler, the first question that arises is, how & where do I get the best insurance coverage for my vehicle?
Well, sit back and relax because Coverfox has all the answers to your bike insurance queries. You simply need to visit www.coverfox.com, and you will find answers in this guide to buy bike insurance from Coverfox. We at Coverfox assure you that you will get hold of the best as well as an affordable two-wheeler insurance cover.
Why bike insurance through Coverfox is it the best?
A good two wheeler insurance plan will ensure you a safe ride every single time. And if the plan is as good as your precious new bike, then it will surely help you save a fair amount in case of losses. And who wouldn't want insurance that does not burn a hole in the pockets? So, with authentic sources, professional assistance, and affordable premiums, buying bike insurance through Coverfox can be your best and reliable option.
Here’s a guide to what you need to keep in mind before buying bike insurance:
Full Insurance Coverage
This means that not only your insurance plan covers third-party liability, but it also takes care of the loss or damaged that occurred due to accidents on your bike. Losses due to natural calamities or human-made disasters are also included.
Additional Coverage: Know What to attach Add-on
Besides the standard coverage that you avail of through your insurance, additional coverage would be needed too. Like a zero-depreciation add-on will give you a broader coverage where you don't have to bear depreciation costs during a claim.
Ask Out All your Queries
Whether it’s about your insurance cover or safety measures, many questions will come up. Here are some of the common yet most important questions that are frequently put up:
Does the bike insurance plan cover additional accessories?
A standard bike insurance plan may or may not cover the loss of additional fittings. However, some companies offer optional coverage for the damage or theft of personal belongings that come under safety accessories such as helmets, gloves, boots, etc.
What are the discounts & benefits available under the bike insurance plan?
If you have an approved anti-theft device or some other safety feature installed on your bike, then you can avail of great discounts. However, it varies from one insurer to another. One common discount that policyholders are eligible for is the No-Claim Bonus discount. NCB is awarded for every claim-free year.
Is a personal accident cover for the co-rider important?
In case of unfortunate accidents, having a personal accident cover for the co-rider always works as it is an essential add-on cover. It can save the rider from a major financial crisis.
In Which Scenario Can I Make a Claim?
In two-wheeler insurance, you file a claim in case of:
1. Heavy damage to the bike.
2. The rider is injured.
3. Your bike got vandalized, and probably your GPS got stolen.
4. And many such scenarios that lead to accidental injuries and bike damages.
When you buy bike insurance or scooter insurance cover, always start by comparing it on Coverfox, exploring add-ons, check for basic coverage & additional coverage, understand IDV & how it works.
Six important things to take note of while buying bike insurance
1.Two-wheeler insurance is categorized under motor insurance , which is a part of the general insurance industry.
2.A two-wheeler insurance policy includes financial coverage against theft or damage incurred to or by your insured two-wheeler.
3.Make sure you have a valid bike insurance policy, or you may have to bear the entire financial burden in the case of loss or damages arising from an accident caused by your two-wheeler.
4.Two-wheeler insurance policies also offer coverage against certain specific instances of natural calamities and human-made disasters.
5.You are supposed to pay your premiums on time so as to avoid late fees or penalties on the lapsed policy.
6.Personal Accident Coverage on bike insurance outspreads to up to Rs.15 lakh in case of death/disability caused to the insured due to an accident.
Want more details on types of two-wheeler insurance? If yes, then here are the types of two-wheeler insurance in India:
Third-party liability insurance
1. Third-party liability insurance is mandatory to buy in India. This policy covers damage or loss caused by the insured bike to the third party or property. It also provides personal accident cover for the bike owner.
2. Comprehensive policy provides complete financial protection against ‘own damage’ and any third-party loss or damages caused by the insured vehicle.
Some important add-on covers that you can attach to your bike insurance plan
Suppose you live in a city prone to flooding or water-logging, then engine cover is a must-buy for you. Engine cover protects against damages to the engine. It can save up to thousands of rupees.
Imagine there's a case of mechanical failure or the breakdown of your bike, and you are stuck in the middle of a highway, and help seems a little bit far; this cover will surely come to your rescue. It offers facilities like free towing, immediate repairs, and much more.
Daily Cash Allowance
If you are someone who travels every day and the bike is your daily commute companion, then this cover can be an ideal option for you if your bike is getting repaired due to an accident.
Bike insurance plans do not cover accessories. This add-on cover will provide coverage for all accessories of a two-wheeler. Be it electrical or non-electrical.
Personal Accident Cover for Pillion Rider
This cover will lower your financial liability in case of accidental harm to the pillion rider. It provides coverage for the death or permanent/partial disability of the pillion rider.
Consumables like nuts, bolts, and engine oils are not covered under a bike insurance policy. Since these items happen to degrade time by time, the Consumables Cover will ensure financial protection against these kinds of losses.
Return to Invoice Cover
Return invoice cover reimburses your bike’s/scooter’s actual bill value when it is stolen or suffers a total loss due to natural calamities or theft. This can be a beneficial add-on cover option.
Zero Depreciation Cover
It is important for you to know that all insurers deduct the depreciation value and pay the rest of the amount. However, with this zero-depreciation cover, the depreciation factor is excluded.
Important Note: Rider add-ons come with additional premiums that you are supposed to pay for your bike insurance plan.
When you buy bike insurance or scooter insurance, it may often come to your mind that which are the best two-wheeler insurance plans in India. Here is a list of some of the best two-wheeler insurance plans in India 2020. Have a look:
Best Two Wheeler Insurance Plans in India 2022
|Best Two Wheeler Insurance Plans||Personal Accident Cover||Cashless Garages||Claim Settlement Ratio (2018-19)||Third-Party Damage||Policy Term||No Claim Bonus (NCB)|
|Bajaj Allianz Two Wheeler Insurance||Rs 15 Lakh||4500+||62%||Covered||1 Year||Availability Yes|
|Bharti AXA Two Wheeler Insurance||Rs 15 Lakh||5200+||75%||Covered||1 Year||Availability Yes|
|Digit Two Wheeler Insurance||Rs 15 Lakh||1000+||76%||Covered||1 Year||Availability Yes|
|Edelweiss Two Wheeler Insurance||Rs 15 Lakh||1500+||145%||Covered||1 Year||Availability Yes|
|HDFC ERGO Two Wheeler Insurance||Rs 15 Lakh||6800+||82%||Covered||1 Year||Availability Yes|
|Iffco Tokio Two Wheeler Insurance||Rs 15 Lakh||4300+||87%||Covered||1 Year||Availability Yes|
|Kotak Two Wheeler Insurance||Rs 15 Lakh||1300+||74%||Covered||1 Year||Availability Yes|
|Liberty General Two Wheeler Insurance||Rs 15 Lakh||4300+||70%||Covered||1 Year||Availability Yes|
|National Insurance Two Wheeler||Rs 15 Lakh||3200+||127.50%||Covered||1 Year||Availability Yes|
|Oriental Bike Insurance||Rs 15 Lakh||3100+||122.62%||Covered||1 Year||Availability Yes|
|Reliance Two Wheeler Insurance||Rs 15 Lakh||430+||85%||Covered||1 Year||Availability Yes|
|SBI Two Wheeler Insurance||Rs 15 Lakh||16000+||87%||Covered||1 Year||Availability Yes|
|Shriram Two Wheeler Insurance||Rs 15 Lakh||2000||69%||Covered||1 Year||Availability Yes|
|TATA AIG Two Wheeler Insurance||Rs 15 Lakh||5000||70%||Covered||1 Year||Availability Yes|
|United India Bike Insurance||Rs 15 Lakh||2000||120.79%||Covered||1 Year||Availability Yes|
|Magma HDI Two Wheeler Insurance||Rs 15 Lakh||5200+||65%||Covered||1 Year||Availability Yes|
|ICICI Lombard Two Wheeler Insurance||Rs 15 Lakh||4000||74%||Covered||1 Year||Availability Yes|
|Royal Sundaram Two Wheeler Insurance||Rs 15 Lakh||3300||89%||Covered||1 Year||Availability Yes|
Note: The above information has been sourced from the official website of the respective insurance providers. The claim settlement ratio has been sourced from the official annual report of the Insurance Regulatory and Development Authority of India for 2018-2019 (IRDAI) (Table last updated on October 29th 2020).
To wrap it up ,
You can follow this simple guide and compare/buy and renew the best insurance plans for your bike and scooter without any trouble. So what are you waiting for get started right now?
Recommended Link: Tips to renew two-wheeler insurance policy online