Frequently Asked Questions About Bike Insurance Policies

Posted on: Sep 11, 2023 | | Written by:

Frequently Asked Questions About Bike Insurance Policies

Published on September 11, 2023. EST READ TIME: 3 MIN

According to the law, every bike owner must have third party bike insurance on them always. Though there are different types of bike insurance policies in the market, third party bike insurance is one of the most affordable ones. Due to its affordability, the features on offer might not be adequate as per your requirements. If you are planning to buy a new bike insurance policy or renew an existing one, there is a possibility that you might have a few queries. Here is a list of two wheeler insurance faqs.

FAQs.

1. Is a bike insurance policy mandatory?

Yes, the Motor Vehicle Act of 1988 mandates bike owners to buy insurance policies. The mandatory policy will protect you against the burden of paying for injuries or damages related to third parties during an accident, from your pockets.

2. What should I do if I lose my insurance papers?

Should you lose your two wheeler insurance , you can request your insurance provider to send you a duplicate copy of the policy. But do not forget to file a complaint with the nearest police station about it, to avoid any future issues.

3. Which states are my insurance valid in?

Your bike insurance policy is valid across India. You can ride to any state without having to worry about the coverage on offer.

4. What is PA in bike insurance policy?

PA stands for personal accident cover. The cover offers a sum insured of Rs. 15 lakhs in the event of an accident of the rider-driver. The compensation is applicable if the rider-owner loses his/her life or is disabled due to an accident.

5. What is the penalty for riding a bike without any insurance?

Riding your bike with the minimum third party bike insurance policy is an offence. And if you are caught by a traffic police personnel, the first offence will set you back by Rs. 2,000. Should you continue without insurance and are caught for the second time, the penalty is Rs. 4,000. These can also include imprisonment.

6. Is there a limit on the number of claims?

Though there is no limit on the total number of claims that you can file in one year, the amount should not exceed the coverage of the bike. To avoid such circumstances, it is recommended that you read the policy documents.

7. What are the different types of two wheeler insurance policies?

You can choose from third party liability insurance, comprehensive bike insurance and standalone own damage insurance policies. Each caters to different needs and their premiums vary accordingly.

8. What is a cashless claim in bike insurance?

If your bike needs any repairs, you can visit a network garage or a garage recommended by your insurance provider. In such garages, you will not end up paying for the repairs. Your insurance provider will directly settle the bills with the garage.

9. Is it mandatory to choose a personal accident cover?

Yes, it is mandatory to have a personal accident cover as per the GR 36 of the Indian Motor Tariff of 2002. However, there are a couple of clauses. If you already own another vehicle and have a personal accident cover, you can skip it. Similarly, if another policy of yours offers a life coverage of Rs. 15 lakhs or more, you can skip the PA cover in bike insurance.

10. How can I renew my bike insurance policy?

Before the completion of the term of the policy, you must renew it. To renew a policy, you can access the website or app of your existing insurance provider and renew the plan online. Alternatively, you can choose a different insurance provider. Since more insurers offer online services, you can renew the plan within a few minutes.

11. Can I cancel my bike insurance policy?

Unless you have a concrete reason within a month of buying the bike insurance policy, you cannot cancel it. An example is purchasing two different insurance policies by mistake.

12. What is a reimbursement claim in bike insurance?

If you choose to visit a garage of your choice to repair any damages on your bike, you can pay for the repairs and claim it later from your insurance provider. This is a reimbursement claim.

13. Which documents should I carry along with two wheeler insurance?

It is recommended that you always carry your bike insurance policy, registration certificate of the bike, driving licence, and pollution under control certificate. To avoid any penalties and confusion, ensure that all the documents are up-to-date and valid.

14. Does my policy cover theft?

A third party liability policy does not cover the theft of a bike. However, comprehensive bike insurance policies and standalone own damage policies will compensate if your bike is stolen. It is for this reason, that you must choose the IDV or insured declared value carefully. Choosing a lower IDV will result in smaller premiums. However, it would also translate to lower compensation.

15. Do bike insurance policies cover floods and cyclones?

Comprehensive bike insurance policies provide protection against all kinds of natural calamities such as floods, cyclones, earthquakes, landslides, etc. However, the mandatory third party liability policy will not have your back in natural calamities.

16. What is the process to claim a bike insurance plan?

To claim your bike insurance policy, you can either log on to the website of your insurance provider or their app on your smartphone and file a claim. It would require you to fill out details such as a narrative of the accident, certain particulars and evidence if you have any. You can even call your insurance provider and they will guide you through the entire process.

Conclusion

While it is compulsory to buy a two wheeler policy, bike owners can have a lot of queries. Above is a list of two wheeler insurance faqs. Going through these two wheeler insurance faqs might clear a lot of your doubts about the policy and the processes involved.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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