Are All Parts of Your Bike Covered Under The Bike Insurance Policy?

Buying bike insurance becomes simpler when you know what is covered by your insurance plan and what isn’t. A claim for damages can be made if you have the related coverage as a part of your policy.

However, insurance companies have certain conditions when it comes to certain types of spares. Some parts may be covered fully, whereas some, only partially. This article talks about the coverage of different spares in your bike insurance policy.

Do All Policies Provide Coverage for Repairs?

There are two broad categories of bike insurance plans available in India — third-party plans and comprehensive plans. Of the two, a third-party plan is a minimum required coverage whereas a comprehensive plan is an optional upgrade.

Third-party Plans

A third-party plan protects the policyholder against legal liability if an accident injures a third person or their property. Thus, a third-party plan provides legal coverage to the policyholder. Third-party plans also provide compensation for death benefits, including disability benefits for the aggrieved third person.

With such third-party cover, you can safeguard against any financial impact of legal liability arising from the policy. Since a third-party cover is a minimum required coverage, its bike insurance price is governed by the regulatory body, the Insurance Regulatory and Development Authority of India (IRDAI).

You can visit the official website of IRDAI for further details. Further, it is important to note that third-party plans offer limited coverage, and hence, no protection is available for any repairs to your bike. So, the repair costs of any damages in such accidents shall be required to be borne by you. *Standard T&C Apply

Comprehensive Plans

Contrary to third-party coverage, comprehensive plans have a broader scope. They protect you not only against legal liabilities, but also against damage to your bike. Factors like natural calamities and man-made perils (including theft) are covered under comprehensive bike insurance.

A comprehensive cover provides financial backup for repairs, unlike a third-party policy. *Standard T&C Apply

Also Read: How To Check Bike Insurance Policy Status Online

Standalone Own Damage Plans

If a bike owner already has a third-party plan, the Standalone Own Damage policy allows them to pay for damage to their own vehicles separately. Therefore, this method protects against theft, natural and man-made calamities (e.g., floods, earthquakes, and storms), accidental damages, and fire.

This policy is ideal for those who want to raise their coverage amount without opting for a bike insurance comprehensive plan. It lets policyholders combine third-party and damage coverage, letting them customise their protection compared to other insurers. This also gives riders more control over the benefits and costs of their insurance plan.

What Are Some Add-On Covers That Enhance Your Bike Insurance Plan?

Consider these added options to further enhance your bike insurance plan:

1. Zero Depreciation Cover: Ensures that the depreciation associated with different bike parts is not taken into consideration during claim settlements. This means you can claim the full amount for replaced parts.

2. Engine Protection Cover: Covers gearbox and engine damages that are usually excluded and not taken into consideration under all-in-one policies.

3. Road Assistance Cover: Offers 24/7 emergency support when running low on petrol or during battery issues or vehicle breakdowns. This becomes especially crucial when going off-road or long distances.

4. Return to Invoice (RTI) Cover: Ensures you get your bike’s entire on-road rate during any theft or loss instead of its depreciated value.

5. Personal Accident Cover: Compensates during any permanent disablement or accidental death.

Note: A few plans offer extended pillion ride coverage. This becomes an important factor if daily or family commuting is an aspect of the plan.

What Are Some Factors Contributing to Bike Insurance Full Coverage?

Choosing the best bike insurance plan depends on several factors as follows:

1. Bike’s Value and Age: High-value or new bikes benefit from full coverage bike insurance, whereas third-party insurance is sufficient for older bikes.

2. Usage: Frequent riders travelling to distant places must consider inclusive plans that offer relevant add-ons.

3. Budget: Comprehensive plans in bike insurance cover broader protection at a high premium compared to third-party policies, even though they are often cost-effective.

4. Risk Tolerance: Assess your comfort level when considering out-of-pocket expenses during accidents or disruptions.

5. Geographic Location: Be financially sound by opting for anti-theft or engine protection add-ons if you stay in a high-theft or flood-prone area.

Note: Be legally safe and financially compliant by renewing bike insurance in the event of a nearly expiring policy. Bajaj General Insurance’s bike insurance coverage plans offer comprehensive protection with affordable premiums and instant policy issuance.

Are All Types of Spares Covered by a Comprehensive Plan In Bike Insurance?

Like every insurance policy, even comprehensive plans provide a specific coverage mentioned in the policy document. The policy document outlines the terms under which coverage applies. Thus, a comprehensive policy's coverage ambit is defined in its policy document.

For all those spares that aren’t covered by a comprehensive plan, add-on covers are a nifty way to include those damages in your coverage. For instance, depreciation on spares is a significant portion that is excluded when paying compensation under a comprehensive plan. Otherwise, you can cover this with a zero-depreciation add-on.

Similarly, repairs to the engine are specifically excluded, for which an engine protection cover is offered as an add-on facility. At the time of settlement of a claim, nylon, rubber, or plastic parts are depreciated at the rate of 50%, whereas fibreglass is depreciated at the rate of 30%. For all glass spares, there is no depreciation calculated thereon.

*Standard T&C Apply

Also Read: 9 Common Mistakes to Avoid When Renewing Bike Insurance

Wrapping it Up

A bike insurance policy is a financial shield against damage to your bike. However, not all spares are covered under the insurance plan. Certain exclusions are specified in the policy document. Some of these exclusions can be insured using add-on covers. To know how much the add-ons increase the price of your policy, you can make use of a two wheeler insurance premium calculator.

Consider purchasing bike insurance from Bajaj General Insurance to protect your ride with essential, hassle-free plan benefits.

FAQs

Does bike insurance cover engine damage?

Engine damage is usually not covered under a standard policy but can be included with an engine protect add-on.

Are accessories covered under bike insurance?

Accessories aren't covered by default, but you can insure them by purchasing an add-on cover for accessories.

Is damage to tyres and tubes covered in bike insurance?

Damage to tyres and tubes is generally excluded but may be covered under specific circumstances with an add-on.

Are consumables like engine oil and brake fluid covered in bike insurance?

Standard policies don't cover consumables, but you can add a consumable cover add-on.

What is excluded from a bike insurance policy?

Exclusions usually include regular wear and tear, mechanical or electrical breakdowns, and damages caused by illegal activities or drunk driving.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.