In India, anybody who owns a vehicle will invariably have an insurance policy as the Government of India has made it mandatory. In fact, you can read more about the reasons whyTwo Wheeler Insuranceis mandatory here.
It is in the interest of the vehicle owner as it provides financial aid for repair work of the bike, in unforeseen situations like accidents, floods, cyclone etc. In such events, one would definitely want the policy to cover the loss incurred.
Here is the detailed procedure to be followed in case of an accident:
- If your bike has met with an accident and needs repair work, you have to contact your insurance company.
- An authorised representative will be sent to evaluate the amount of damage caused to the bike. He will later have your insurance claim registered. You will then be given a claim registration number. You can use this number for reference while the settlement procedure is underway.
- Take the bike to the nearest garage for repair work and get the work started. Make sure to collect and keep all the bills of repair work done. You can then claim reimbursem*nt, or you can get the repair work done at a garage where a cashless facility is available.
- In case of theft of vehicle or if an accident has occurred with injury to a third party or if the vehicle of the third party has suffered damages, then under these circ*mstances, one has to lodge a FIR at the police station nearest to the accident spot.
Following documents are required to claimBike Insurance:
- Insurance claim form.
- RC copy of the bike.
- Tax payment receipt copy of the bike.
- Driving license
- Insurance policy documents.
- FIR copy in case of third-party bike damage, injury to third party or death.
- Repair bills and receipts.
Here is the detailed procedure to be followed in the event of the bike being stolen:
- Go to the nearest police station and lodge a FIR.
- You are required to give the keys of the stolen vehicle at the police station.
- Inform your insurance company.
- Inform the RTO. They will prepare an RTO transfer paper and give it to you along with Form 28, 29,30 and 35.
- Procure the No Trace report or the Untraced vehicle report from the police saying that the vehicle was not found. Usually, it takes a month to generate this report.
- Submit the following documents to the insurance company:
- FIR copy.
- Insurance claim form
- RC copy of the bike
- Driving license.
- RTO transfer papers along with Form 28,29,30 and 35. Once the insurance company has received all the relevant documents, their investigators will start searching for the stolen vehicle.
- No trace report submitted by the police.
After procuring all these documents, the insurance company will generate an Insured Declared Value IDV of the stolen vehicle if it is not found past 90 days from the date of theft.
Patience is key here as the procedure usually takes 3 to 4 months. However, don’t lose heart, at least this will ensure you get another bike without the financial burden.
Looking to apply for aTwo Wheeler Insurancethrough HDFC Bank? Click here to get started!
* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances.
FAQs
Best Cheap Motorcycle Insurance Companies
- Geico: $428 per year.
- Dairyland: $504 per year.
- Progressive: $530 per year.
- Allstate: $746 per year.
Following documents are required to claim Bike Insurance:
- Insurance claim form.
- RC copy of the bike.
- Tax payment receipt copy of the bike.
- Driving license.
- Insurance policy documents.
- FIR copy in case of third-party bike damage, injury to third party or death.
- Repair bills and receipts.
A standard bicycle insurance policy covers damage and theft of your bicycle as well as liability for damage or injuries where you are held responsible. A typical bike insurance policy will include: Bicycle damage. Bicycle insurance repairs or replaces your bike if damaged due to a collision, theft, vandalism, or fire.
Why is my motorcycle insurance quote so expensive? ›
Year-Round Riding Season
Unlike other states with harsh winters and limited riding opportunities, California's mild climate allows motorcyclists to hit the road all year long. This increased time on the road leads to a higher likelihood of accidents, which in turn drives up insurance rates.
How to lower motorcycle insurance cost? ›
Here are several ways to lower motorcycle insurance costs and still ride with peace of mind:
- Complete a motorcycle safety course. ...
- Maximize all available discounts. ...
- Customize your coverages to your bike and situation. ...
- Increase your deductible. ...
- Combine policies. ...
- Keep your policy current. ...
- Avoid motorcycles with modified engines.
Best Motorcycle Insurance Companies
- Foremost – Best Overall.
- American Family – Best for Low Level of Complaints.
- Erie – Best for Collision Repair.
- Progressive – Best for Military Members.
- Allstate – Great for Discounts.
- Nationwide – Best for Safety Gear Coverage.
If you opt for own damage insurance for bike, you will get coverage against the damages caused to your two-wheeler in the situations mentioned below: Natural Disasters: If your bike gets damaged due to natural calamities like earthquakes, floods, cyclones, etc., your own-damage coverage will pay for the same.
What is a bike claim? ›
A bike insurance claim is a formal request submitted to an insurance provider seeking coverage for costs incurred due to accidental damages to the insured vehicle caused by accidents or thefts. To initiate the claim procedure, quickly inform the insurance provider about the incident.
Which type of insurance is best for a bike? ›
While third-party insurance covers only the liabilities of a third-party, comprehensive insurance is more inclusive and covers third-party liabilities along with any damage to your bike. Comprehensive insurance also offers a range of add-on benefits that can help you save a large sum of money in an accidental case.
How much should bicycle insurance cost? ›
Bicycle insurance premiums typically range from $100 to $300 a year in the US. Rates depend on a variety of factors, including how much the bike costs. In Canada, annual premiums may be equivalent to between 3% and 7% of the bicycle's total value, while in the UK, coverage costs about £50 for a bike worth £1,000.
You should also think about how you use your bike. Bike insurance doesn't just cover your bicycle, it also covers you if you hurt yourself or someone else, or if you damage someone's property while you're riding. If you ride often, long distances, off-road or competitively, bike insurance is probably a good idea.
What is the most expensive bike insurance? ›
Sport bikes, sometimes called “supersports,” are the most expensive motorcycles to insure. These bikes are designed for incredibly high levels of performance. Essentially, sport bikes are racing bikes that have been slightly adjusted to be better suited for everyday road use.
How is motorcycle insurance calculated? ›
As mentioned above, age, experience, your state's laws and the type of bike you own help insurers calculate your motorcycle insurance premium. Additionally, factors like driving history, your location, insurance history and the type of motorcycle you're insuring play an important part as well, according to the III.
How much is bike insurance for a 125cc? ›
How much does motorbike insurance cost?
| Average insurance premium |
|---|
| Bike | £551 |
| 125cc bike | £766 |
| 50cc bike | £510 |
| Young rider (aged between 16 and 17) | £1,147 |
Jul 22, 2024
The cheapest type of motorbike to insure will usually be the most common makes and models found in the 50cc scooter bracket, such as the cheaper end Peugeot and Yamaha bikes. 100cc and 125cc motorbike insurance cost is also considerably low.
Is Geico or Progressive better for motorcycle insurance? ›
We found that Geico is the best motorcycle insurance company currently due to their policies having a great balance of low costs and great coverage. We also found that Progressive, State Farm, Dairyland, and Erie Insurance offer great motorcycle insurance offerings as well.
How much is CA motorcycle insurance? ›
California motorcycle insurance costs an average of $785 per year for full coverage based on quotes we received. For minimum liability coverage, California motorcycle insurance is $264 per year based on our cost research.
What is the average insurance cost for a motorcycle in Florida? ›
How Much Does Motorcycle Insurance Cost in Florida? On average, motorcycles cost just under $600 a year to insure. However, that cost can range from $28 a month to $151. It's important to note that riders must show proof of insurance or financial responsibility if they are ever in an accident while riding their bikes.
