What Is Covered in Royal Enfield Insurance?

Posted on: Nov 9, 2023 | | Written by:

What Is Covered in Royal Enfield Insurance?

Published on November 09, 2023. EST READ TIME: 3 minutes

Royal Enfield in India

Royal Enfield, an iconic motorcycle brand since 1901, has a long history in India. Royal Enfield bikes, often called "bullets," are the go-to choice for adventurous riders tackling India's challenging terrains. This is why having Royal Enfield bike insurance is just as important as preparing your bike for a ride on the road or on some mountain adventures. Read on as we discuss Royal Enfield bike insurance in detail.

Importance of Bike Insurance in India

Your bike insurance is not just a legal mandate but also offers you a number of other benefits. Take a look at some of the most valid reasons for having Royal Enfield insurance.

1. Liability Coverage

The compulsory third party bike insurance helps when you accidentally hurt someone or damage their stuff with your bike.

2. No Claim Bonus/ Discount

You get a special prize if you go a whole year without making a claim. Your insurance company can lower the amount you pay up to 50% the next time you renew your insurance.

3. Zero Penalties

In India, it's a big no-no to ride without insurance for bike. If the police catch you without it, you could be in trouble. You might be penalised and/ or imprisoned. Therefore, always have your insurance papers when you ride, and you'll be penalty-free.

4. Risk-Free, Stress-Free

Having insurance takes away the stress when things go wrong. You don't have to worry about repair bills for fixing your bike.

5. Protection against Natural Disasters

Insurance helps when your bike gets hurt in natural disasters like big floods or earthquakes.

6. Protection against Man-made Incidents

Insurance for bike also helps when bad stuff happens because of man-made disasters, like theft or riots.

7. Cashless Claim

One big advantage of bike insurance is that you don't need to pay cash when your bike gets fixed. You can take it to certain garages, and the insurance company will take care of the bill.

8. Long-term Insurance

Insurance for bike doesn't have to be renewed every year. You can get coverage that lasts for a couple of years. It's good because the price stays the same, and you don't have to worry about renewing yearly. It's like setting your insurance on autopilot for a few years.

What is Covered in Royal Enfield Insurance?

Royal Enfield insurance has two primary types of coverage: Third-party liability bike insurance and comprehensive bike insurance. Let's see these two options and discuss their coverage.

1. Third-Party Liability Bike Insurance:

This essential and mandatory insurance coverage, under the Motor Vehicle Act, 1988 covers damages and injuries to third parties involved in an accident caused by your Royal Enfield. It provides financial protection against legal liabilities arising from such accidents. Besides, third-party liability insurance does not cover damages to your bike.

2. Comprehensive Bike Insurance:

This type of insurance for bike offers extensive coverage, including protection for Royal Enfield. It covers damages to your Royal Enfield bike due to accidents, natural calamities, theft, and vandalism. Additionally, comprehensive bike insurance also includes the coverage provided by third-party liability insurance. In addition to this, with comprehensive insurance, you have the option to enhance your Royal Enfield insurance coverage with the following add-ons:

• Zero Depreciation Cover:

This add-on eliminates the impact of depreciation, ensuring that you can claim the total value of your bike in case of damage. It's as if your bike were brand new with no depreciation.

• Roadside Emergency Assistance Cover:

This add-on assists if your bike breaks down unexpectedly on the road. The insurer takes care of services like towing, tire repair, and more, reducing your worry during emergencies.

• Accessories Cover:

This add-on protects the extra accessories added to your Royal Enfield. Since these accessories are at a higher risk of theft, including this cover is essential, especially for a new bike.

• Engine Protection Cover:

The engine is a crucial and expensive part of your bike. While regular bike insurance covers accident-related damages, this add-on protects the engine from other factors affecting its performance and longevity, such as oil changes and maintenance.

Things to Know When Buying Royal Enfield Bike Insurance

When you're looking to buy insurance for your Royal Enfield bike, there are a few essential things to keep in mind to ensure you get the proper coverage.

1. Type of Coverage:

You'll need to choose between two main types of insurance: Third-Party Liability and Comprehensive. Third-party insurance is mandatory by law and covers damages to others in case of an accident. Comprehensive insurance covers not only third-party liability but also damages to your bike.

2. Premium Costs:

The cost of your insurance premium depends on various factors, including your bike's model, your location, and your driving history. Compare the different insurance plans to find the best-suited option.

3. Policy Add-ons:

Optional add-ons like zero depreciation cover, roadside assistance, and personal accident coverage can prove to be very handy. Consider if any of these extras are worth adding to your policy.

4. Claim Process:

Understand how the claims process works with your insurance provider. Knowing the steps to follow in case of an accident and what documents you need to provide is essential.

5. No Claims Bonus (NCB):

NCB is a discount you can earn for each claim-free year. It can go up to 50%, and significantly reduce your premium over time. Make sure to transfer your NCB when you switch insurers.

6. Insured Declared Value (IDV):

The IDV is the current market value of your Royal Enfield bike. Make sure the IDV is correctly assessed, as it affects your insurance claim payout.

7. Coverage Limits:

Check the coverage limits and exclusions in your policy. Ensure that the policy covers you adequately in case of theft, natural disasters, and other unexpected events.

8. Network of Garages:

Insurance companies have tie-ups with various garages for cashless repairs. It's helpful to know if there's a nearby garage that can service your Royal Enfield.

9. Renewal Timelines:

Keep an eye on your policy's renewal date to avoid any lapses in coverage. Most policies offer a grace period, but it's best to avoid risking it.

10. Read the Fine Print:

Carefully read your policy document before signing on the dotted line. This will help you avoid any surprises in case of a claim.

11. Rider's Experience:

The premium may be higher if you're a new rider. Experience can often lead to lower premiums, so consider taking a riding course to reduce your insurance costs.

12. Safety Measures:

Installing anti-theft devices can increase the bike’s safety and lower your insurance premiums.

Conclusion

Royal Enfield bike insurance protects your bike from unexpected events like landslides, natural disasters, accidents, and other mishaps that can occur during your daring trips. To stay safe, you can pay a small premium and choose the insurance plan that suits your needs. Whether it's a comprehensive policy or third-party liability, all have their benefits.

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

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