Bike Insurance in Dwarka

We are doing Bike Insurance in Dwarka. We deal in multiple companies and have all types of the bike insurance policies. We have third party bike insurance policy, comprehensive bike insurance and a standalone OD policy. We do bike insurance of multiple companies such as HDFC Ergo, IFFCO, ICICI, Reliance, Digit, SBI General Insurance, Shriram and more. 24x7 support and get a policy in 2 minutes only. Cashless process and no inspection is required. We are located in Delhi and working in PAN India.

There are three types of Bike Insurance: Third party, Comprehensive and Standalone OD Policy.

Third Party Bike Insurance and Comprehensive Bike Insurance

Third Party Bike Insurance and Comprehensive Bike Insurance are two types of insurance policies available for two-wheelers. While both are designed to provide financial protection to the policyholder in case of an accident or damage to the vehicle, they differ in terms of the level of coverage offered and the cost of the policy.

Third-Party Bike Insurance:

Third-party bike insurance is a type of insurance policy that provides coverage against any legal liability arising out of the use of a two-wheeler. As the name suggests, it covers only the third party, i.e., the person(s) other than the policyholder who may be affected in case of an accident or damage caused by the bike.

This type of insurance is mandatory by law in India, under the Motor Vehicles Act, 1988. It is aimed at providing financial protection to the third party who may suffer any injury or damage due to the use of the bike. The coverage provided by third-party bike insurance includes compensation for the injury or death of the third party, as well as for any damage caused to their property.

In the case of third-party bike insurance, the insurance company pays the compensation to the third party directly. The policyholder is not entitled to any compensation for the damage caused to their own bike. The cost of third-party bike insurance is usually lower than that of comprehensive bike insurance, as the coverage provided is limited to the third party only.

Comprehensive Bike Insurance:

Comprehensive bike insurance is a type of insurance policy that provides complete coverage for the policyholder's bike, as well as any third-party liability arising out of the use of the bike. In addition to the coverage provided by third-party bike insurance, it also covers the policyholder for any damage caused to their own bike due to an accident, theft, or any other natural calamity.

Comprehensive bike insurance provides a higher level of coverage and financial protection to the policyholder. It covers a wide range of risks and ensures that the policyholder is compensated for any loss or damage caused to their bike, as well as any third-party liability arising out of the use of the bike.

The cost of comprehensive bike insurance is higher than that of third-party bike insurance, as it provides a wider range of coverage. However, it offers greater peace of mind to the policyholder, as they are assured of complete financial protection in case of any unforeseen circumstances.

Comparison between Third Party Bike Insurance and Comprehensive Bike Insurance:

The following are the key differences between third-party bike insurance and comprehensive bike insurance:

Coverage: Third-party bike insurance provides coverage only for the third party who may be affected in case of an accident or damage caused by the bike. In contrast, comprehensive bike insurance provides coverage for both the policyholder's bike and any third-party liability arising out of the use of the bike.

Cost: The cost of third-party bike insurance is lower than that of comprehensive bike insurance, as the coverage provided is limited to the third party only. The cost of comprehensive bike insurance is higher, as it provides a wider range of coverage.

Benefits: Third-party bike insurance provides limited benefits, as it covers only the third party. In contrast, comprehensive bike insurance provides a higher level of coverage and financial protection to the policyholder.

Legal Compliance: Third-party bike insurance is mandatory by law in India, under the Motor Vehicles Act, 1988. In contrast, comprehensive bike insurance is not mandatory but highly recommended.

Exclusions: Both types of insurance policies come with certain exclusions, such as driving under the influence of alcohol or drugs, intentional damage, and mechanical failure. However, the extent of coverage and exclusions may vary between the two policies.

Conclusion:

Both third-party bike insurance and comprehensive bike insurance are important insurance policies that provide financial protection to the policyholder.

What is no claim bonus in Bike Insurance?

No Claim Bonus (NCB) is a discount given to the policyholder by the insurance company for not making any claims during the policy period. In other words, if you do not make any claims on your bike insurance policy during the policy term, you become eligible for an NCB discount on the premium of the next policy term.

The NCB is a way for the insurance company to reward the policyholder for their safe driving habits and for maintaining their bike in good condition. The discount percentage varies based on the number of claim-free years and can range from 20% to 50%. The maximum discount of 50% is applicable after 5 consecutive claim-free years.

For example, if your bike insurance premium is Rs. 10,000 (OD) and you have a 20% NCB, then the premium for the next policy term will be Rs. 8,000. The NCB discount is applicable only on the Own Damage premium and not on the third-party premium.

It is important to note that the NCB is applicable only if you renew your policy before the due date without any break in coverage. If you fail to renew your policy on time or let it lapse, you lose your NCB discount, and you will have to pay a higher premium for the next policy term.

Also, if you make a claim during the policy period, you lose your NCB for the next policy term. However, some insurance companies offer an NCB protection add-on, which ensures that you do not lose your NCB discount even if you make a claim. This add-on comes at an additional premium, but it can be a good investment in the long run.

In conclusion, No Claim Bonus is a discount offered by the insurance company to policyholders who have not made any claims during the policy term. It is a way to reward safe driving habits and maintaining the bike in good condition. NCB discount varies based on the number of claim-free years and can range from 20% to 50%. It is advisable to renew your policy on time and opt for an NCB protection add-on to retain your NCB discount even if you make a claim.