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Owning a bike is more than just enjoying the thrill of the ride or the convenience of getting from one place to another; it's also about ensuring that both you and your bike are protected from the unexpected. Whether you're navigating a busy city or enjoying a leisurely cruise on a scenic highway, having the right bike insurance is crucial. A comprehensive bike insurance policy doesn't just fulfil legal obligations - it provides peace of mind, financial security, and essential support when you need it most.
In this guide, let’s discuss everything you need to know about comprehensive bike insurance in India. From understanding the basic insurance types to inclusions exclusions of comprehensive bike insurance, this guide aims to help you make an informed decision so you can ride confidently, knowing that you’re well-protected. Let’s dive in and explore how comprehensive bike insurance can safeguard your ride and your finances.
A bike insurance policy is a type of insurance designed to cover motorcycles, scooters and certain types of two-wheelers. It is primarily meant to protect you or your passenger on the bike against financial losses you may encounter due to damages caused by accidents, theft, natural disasters, third-party liabilities, etc. According to the Motor Vehicles Act 1988, 3rd party bike insurance is compulsory. Driving on a public street without insurance is an offence under this Act. If you’re purchasing bike insurance, whether online or through traditional methods, make sure to choose an insurer licenced by the IRDAI (Insurance Regulatory and Development Authority of India).
Here are some of the types of insurance policies for bikes -
As mentioned earlier, this policy covers accidental fire, theft, damage sustained by your bike and damages caused by your bike to a third party involved.
During accidents, if you cause bodily injury, property damage, or death to someone, then such Comprehensive bike insurance protects you from legal liabilities.
Comprehensive bike insurance also covers any loss or damage to your vehicle during accidents, natural disasters, theft, and other man-made incidents.
It also provides financial support if you or the driver pass away or suffer injuries. However, this isn't included by default; you'll need to buy it with an additional premium. Remember, it's mandatory, so you can either add it to your bike insurance or buy it separately.
It is a bonus given by the insurer that gives you a reduction on your premium when you do not make any claims during a policy year.
Besides, there are optional add-ons that can be included with your basic policy in order to increase its coverage such as roadside assistance, consumables cover, zero depreciation among others.
When choosing a voluntary deductible, it implies that you have decided to pay a portion of the claim money before the insurer steps in to pay the remaining amount. Since this reduces the burden on the insurer, you will acquire lower premiums.
However, you’ll have to pay the voluntary deductible each time you file a claim, in addition to other fees and charges. So, keep this in mind before choosing this option to avoid unexpected surprises later on.
In addition, bike insurance also covers repair or replacement costs for electrical/electronic accessories and non-electrical/electronic accessories attached to your bike, provided they are declared and mentioned in the policy document during purchase.
Even though your bike insurance works within India’s boundaries, you may consider extending it when riding into some neighbouring countries. It’s like adding an extra layer of cushioning around your travelling plans and ensuring the safety of your motorbike wherever you go.
Insurer |
Claim Settlement Ratio (CSR) |
Network Garages (Cashless) |
Notable Add-ons |
HDFC ERGO |
95.30% |
2,000+ (bike-specific; motor up to ~9,000) |
Zero Depreciation, RSA, Engine Protect |
Tata AIG |
~96% |
7,500+ |
Consumables, NCB Protector, RSA |
Reliance General |
~99% |
8,000-9,000+ |
Key Loss, Tyre Cover, Zero Depreciation |
Liberty General |
97% |
5,000+ |
Return to Invoice, RSA, Engine Protect |
Go Digit |
~97% |
9,000+ |
Zero Depreciation, RSA, Engine Protect, Consumables |
Cholamandalam MS |
76.63% |
8,500+ (varies by source) |
Zero Depreciation, RSA |
Kotak Mahindra (Zurich Kotak) |
~89–90% |
3,000+ |
Zero Depreciation, RSA |
IFFCO-Tokio |
~89–96% (varies by FY/line) |
4,000+ |
Zero Depreciation, PA Cover |
Shriram General |
~88% |
2,000+ |
Zero Depreciation, RSA, Engine Protect |
Bajaj Allianz |
~96% |
4,000–9,000+ (varies) |
Zero Depreciation, RSA, Engine Protect |
Disclaimer: The information provided in the above tables is intended for general informational purposes only. The specifics of coverage, claim settlement ratios, and the number of cashless garages may vary over time and across regions. Users are advised to verify the latest details directly with the respective insurance providers or through IRDAI-approved portals before making any purchasing decisions.
You have the freedom to boost your bike insurance coverage by adding various optional benefits called add-ons, which are designed to serve unique purposes and are charged a specific extra cost.
Here are some of the add-ons you can opt for under the comprehensive bike insurance -
Here’s why investing in comprehensive bike insurance is worth every penny -
Comprehensive bike insurance coverage protects you against all types of natural and man-made calamities that may require costly repairs or even render your bike a total loss. Bike insurance provides coverage and financial protection from such kinds of disasters. It is prudent to have such coverage.
Unlike cars, bikes are prone to more accidents. And if you don't have bike insurance, you would be held legally responsible for any third-party injuries or property damage caused by your bike. In that respect, third-party liability might burn a big hole in your pocket. As far as legal liabilities are concerned, the Motor Vehicle Act will protect you against property damage, death, or bodily injuries.
A bike insurance policy covers you in case your bike is stolen or lost. Once your claim is approved, you'll be compensated with either the Insured Declared Value (IDV) or the current market price of the bike.
According to the law, your motorcycle should be covered by at least third-party insurance. So, comprehensive insurance can protect you financially and legally.
The foremost advantage that this policy offers is its wider scope of coverage. Other than third-party liability, it protects you against monetary losses arising from your own damage. So, be it natural or man-made calamities that cause the damage, your policy has got you covered. In the worst scenario, if your bike gets stolen, then your insurer shall bear the financial loss incurred with respect to the market value of the bike.
Comprehensive bike insurance, therefore, gives you all-around protection and is, hence, the most recommended by many insurers.
The optional add-ons are only available with comprehensive bike insurance plans. The add-ons are designed to stand by your side in times of specific needs. They enhance your coverage, thereby leading to higher payouts.
As already discussed, it protects you from repair costs, theft and third-party liability. Knowing that you are financially secure gives you a sense of reassurance. When a bike-related emergency strikes, you can count on your insurance to step in and provide you with the financial assistance you need.
A comprehensive bike insurance policy is a smart choice for any bike owner due to its broad coverage and straightforward claims process.
This policy would be worth considering in the following cases -
Comprehensive insurance protects you against a wide range of hazards and gives you peace of mind when driving.
Now, you might be wondering how it differs from third-party insurance. Let's understand-
Here’s a table outlining how comprehensive bike insurance and third-party bike insurance differ from each other in various aspects -
Parameters |
Comprehensive Bike Insurance |
Third-Party Bike Insurance |
Meaning |
Provides coverage for both own and third-party damages. |
Provides coverage for damages incurred to third parties and property involving your bike. |
Premium
|
Slightly on the higher side. |
Comparatively lesser |
Add-ons |
Multiple add-ons can be availed of. |
Only personal accident cover is available. |
Is It A Mandatory Requirement? |
No |
Yes |
Here’s a step-by-step guide to help you with buying comprehensive bike insurance from SMC Insurance online -
Open your browser and go to the SMC website.
Look for the bike insurance section and click on it.
You’ll need to fill in information about your bike, such as the make and model, fuel type, variant, and the place where it’s registered, etc.
Provide details about your insurance claims, including your No Claim Bonus (NCB) if applicable.
After entering all the necessary information, you’ll be directed to a page displaying quotes from various insurance companies.
Review the quotes and choose the one that best suits your needs.
Before making the payment, double-check all the information you entered to ensure they are correct. Once everything looks good, proceed to make the payment.
In comprehensive bike insurance, there are two types of claims: cashless claims and reimbursement claims.
Here's what you'll need to file a comprehensive two-wheeler insurance claim:
Having these documents ready will help streamline your two-wheeler insurance claim process.
Owning a bike is beyond the joy of riding; it also means being responsible and prepared for any unforeseen events. Comprehensive bike insurance in India provides a robust safety net against financial losses due to accidents, theft, natural disasters, and third-party obligations. Choosing the right kind of insurance policy will provide a sense of peace and financial stability to enjoy the freedom of the open road. So, as you get ready for your next ride, make sure you have the right insurance in place to protect you and your bike.
First, you need to determine the type of coverage you require. A comprehensive policy is often considered the best option for bike insurance because it provides extensive coverage. It includes mandatory third-party liability insurance as well as protection for your own damages. Plus, you can add extra add-on options to enhance your policy further.
When it comes to bike insurance, you have three main options: third-party liability insurance, comprehensive insurance, and own damage cover.
First-party insurance, also known as comprehensive insurance, is the best choice for bikes because it covers both third-party liabilities and the damages caused to your bike.
To find the best bike insurance, do some online research and choose a digital insurer that offers easy and convenient services like online purchase, renewal, and claim options.
Buying bike insurance online is safe as long as you purchase it from an IRDAI-approved insurance company.
Comprehensive bike insurance is a type of basic coverage plan, while zero-depreciation cover acts as an extra layer of protection. You can add zero-depreciation cover to both comprehensive and standalone own-damage policies. This additional cover ensures you get the full sum assured when filing a claim, without worrying about deductions due to depreciation. Although it's optional, choosing a zero-depreciation add-on enhances the overall coverage and benefits of your comprehensive insurance policy.
It's definitely a smart move to opt for comprehensive bike insurance for your older bike because it's just as susceptible to accidents and damages as a new one. Plus, since the 'Insured Declared Value' of an old bike is lower than that of a new one, the insurance premium for your older bike will also be lower. You can easily get quotes for bike insurance on our website with a simple process.
It's important to get comprehensive bike insurance right after buying your bike. This policy includes third-party liability coverage, which is mandatory for all bike owners. Buying this insurance soon after your purchase ensures a smooth and financially secure driving experience without any worries.
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