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Ultimate Guide for Buying a Two-Wheeler Insurance Plan for Your Bike


Feb 3, 2023
Two-Wheeler Insurance


Before buying a bike, you put in a lot of effort to find the best ride for yourself. But your effort isn’t over after buying it because you have to look for a proper bike insurance policy.

Knowing some hacks will ensure that you invest in the best motorbike insurance policy. But before we provide you with the hacks, we will shed light on the two types of bike insurancepolicies. So, let’s get started.

Types of Motorcycle Insurance

The two different types of insurance policies for your bike are as follows:

● Third-Party Bike Insurance

A third-party liability insurance policy will look after damages caused to a third-party individual or property. Having a third-party insurance plan is mandatory for all bike riders in India, and it is the basic coverage offered by insurers. The premium of a third-party liability policy is quite affordable. But it’s not enough because you won’t get any protection for your own = damage.

● Comprehensive Bike Insurance

A comprehensive two-wheeler insurance plan is for getting complete protection when your bike gets involved in an accident. It will help cover all your medical expenses to recover from an accident. Moreover, a comprehensive insurance plan also offers protection against theft, natural calamities, vandalism, man-made disaster, and more. Even though a comprehensive bike insurance plan comes with a higher premium, it’s worth your investment.

Tips to Find the Perfect Motorbike Insurance Plan

Now, let’s equip you with the tricks to choose an appropriate insurance plan for your motorbike.

1. Go for a Reputable Insurance Provider

While buying your two-wheeler insurance, you should always go for a reputed company. Determining the claim settlement ratio of the company is the easiest way to determine its reputation. You will come across hassle-free claim settlement with a reputable insurer.

Remember to analyse reviews by verified customers. The experience of past customers with the insurance company will reveal a lot about its efficiency. A high satisfaction rate among customers will ensure that the company will be able to cater to your needs properly.

2. Compare Different Insurance Providers

Before buying your two-wheeler insurance plan, you need to compare different companies. Check out all the details of the plans, including premiums and coverage, to find the best insurer. Comparing the available insurance plans from different companies will help you make an informed decision.

3. Learn About Insured Declared Value

Insured Declared Value is an important terminology when purchasingtwo-wheeler insurance. IDV refers to the maximum insured sum at the time of buying a policy. The IDV determines the reimbursement amount in case of theft or total loss of your two-wheeler.

The depreciation of a bike, instead, with time and its IDV, reduces. Therefore, the premium of your insurance policy will go lower as your two-wheeler gets older.

4. Understand Your Coverage Needs

You must assess your budget and requirements before starting to look for a two-wheeler insurance policy. You will have to look at your liabilities and expenditure before going ahead with a bike insurance policy. Moreover, you should also choose the add-ons you need carefully.

While buying add-ons for your new motorbike, going overboard is pretty easy. But every add-on will increase your premiums. Therefore, you should carefully assess your requirements before picking the add-ons.

For instance, you don’t need the Pillion rider add-on cover if you usually ride alone. If your motorbike has too many modifications, you should get the accessories cover. Remember that the company-fitted accessories of your motorbike are covered by any insurance policy. Some popular add-on covers for your motorbike include a return to invoice, roadside assistance, and zero depreciation cover.

5. Check the Cubic Capacity of Your Bike

The premium of your two-wheeler insurance policy is determined according to the cubic capacity of your engine. A high cubic capacity will mean a higher premium. Some other factors affecting your premium include the manufacturing date and model of your bike. You will find all these details on the invoice for your motorbike.

6. Read Between the Lines of the Policy Document

While buying two-wheeler insurance in India, you should go through the policy document meticulously. The document will include everything about the coverage and exclusions of your policy. While learning about the coverage is important, you should also have an idea about the exclusions.

Some common exclusions associated with a bike insurance policy are as follows:

  • Electrical and mechanical breakdown
  • Wear and tear due to regular use
  • Getting involved in an accident while riding under the influence of drugs or alcohol
  • Damaged occurred outside specified geographical limits
  • Damage due to nuclear reactions

Knowing about the exclusions will help you understand when you can’t make a claim. Additionally, go through the terms and conditions and the fine print to be more cautious while buying a motorbike insurance plan from your insurance provider.

Final Words

If you are attempting to invest in a bike insuranceplan in India, you should check Future Generali. With affordable premiums and multiple add-on covers, Future Generali motorbike insurance is for the safety of all Indian riders.

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