Buying a bike and choosing the right bike insurance policy are equally important. The right policy helps manage financial losses caused by theft, accidents, natural disasters, and third-party liabilities.
So, it is essential to understand the coverage, useful add-ons, and the renewal process for easier policy selection. Continue reading to explore the new bike insurance policy, compare coverage, choose add-ons, and renew on time for uninterrupted protection.
Understanding Bike Insurance Policy
What is Bike Insurance?
A bike insurance policy is a contract between the bike owner and insurer. Policies like the honda activa insurance, among others, offers financial protection against accidents, theft, and other events. In India, third-party bike insurance is compulsory under the Motor Vehicles Act.
Depending on the policy type, it can also protect the insured bike from damage and offer additional benefits through add-ons.
What Does it Cover?
Coverage depends on the type of two-wheeler insurance policy. Third-party insurance covers liability for damage, injury and loss of life to others. Comprehensive insurance also covers damage to the insured bike caused by accidents, theft, fire, natural disasters, and some man-made events along with third-party coverage. With the comprehensive bike plan, you can choose add-ons for additional protection.
Top 5 Add-ons Available for Bike Insurance Policy
Listed below are the add-ons available for a bike insurance policy:
Depreciation Allowance
Depreciation Allowance, also known as zero depreciation cover, reduces the impact of depreciation during claim settlement. The policyholders receive a higher claim amount for replaced bike parts, making this add-on beneficial for newer bikes.
Return to Invoice
In case of total loss and theft of the bike, the insurer compensates the difference between the bike’s invoice value and the insured declared value. This helps recover the bike's original value.
Consumables Expense
This add-on covers repair costs for consumables after an accident. This might include engine oil, lubricants, nuts, bolts, screws, etc. These expenses are not covered under a standard policy.
Emergency Medical Services
This add-on provides financial support for emergency medical services after an accident. It covers immediate medical costs and emergency services, providing peace of mind during unforeseen situations.
Additional Personal Accident Cover to Owner Driver
This add-on further enhances the owner-driver's personal accident coverage. It offers extra financial assistance in case of death and permanent disability. It will benefit riders by strengthening their personal financial security while riding.
How to Renew Your Bike Insurance Policy?
For bike insurance renewal online, follow the steps below:
Step 1: Go to your insurer’s official website and locate the renewal option.
Step 2: Enter your bike's registration number or existing policy number, then click the Renew button.
Step 3: Review your existing policy details, including the renewal premium and No Claim Bonus.
Step 4: Change the IDV or tenure to modify the coverage. Add or remove add-ons as needed.
Step 5: Review your choices and pay the revised premium to renew your bike insurance policy.
Choose Reliable Protection with TATA AIG Bike Insurance
The right bike insurance policy ensures that you and your bike are adequately protected against unforeseen events. With the right policy and add-ons, you get greater peace of mind on every journey. The policy also protects you in case of accidents, theft, or any other covered events, making every ride safer and more secure.
TATA AIG offers standalone own damage, comprehensive, and third-party policies to meet different insurance needs. Policyholders can also choose add-ons like depreciation allowance, return to invoice, emergency medical expenses and others to their cover. Furthermore, TATA AIG has an easy digital purchase and renewal system, and instant claim assistance to simplify the claims process.
