Types Of Bike Insurance Policies You Can Purchase | Bharti AXA

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Types Of Bike Insurance Policies You Can Purchase

Bike accidents account for an alarming 25% of the road accidents. These accidents could lead to severe financial strain.  Bike insurance policies not only safely cover us from the financial damages caused to the bike in such situations, but also from any expenses that one may incur to treat injuries. Another important aspect is that such vehicle insurance policies also pay for third-party damages caused. One cannot predict future and many situations like burglaries and nature-related causes are not controllable. Bike insurance policies also give protection against financial losses arising out of the theft of bikes or natural disasters. Bike insurance policies also offer protection from liabilities arising due to off-road accidents. As per the Motor Vehicle Act 1988, all scooters and motorbikes need to have third-party two wheeler insurance. Thus by paying a minimal premium, one can ensure one’s two wheeler and third-party property and life.

Bharti AXA offers to be at the beck and call of all bike insurance customers in order to assist them in all such situations. 

Two types of bike insurance plans are:

  1. Comprehensive Two Wheeler Insurance
  2. Third-party Liability Insurance

There is a bouquet of add-on covers over and above the main coverage.

Comprehensive Two Wheeler Insurance

As the name suggests, comprehensive insurance covers all aspects of vehicle insurance – Coverage to the rider, the bike, third-party property and third-party life. It also provides complete financial protection against any kind of losses caused by accidents, thefts and natural disasters. It is known as the ‘360-degree cover’. The premium depends on the exact type of the two wheeler considering it’s cubic capacity, make, year of manufacture, engine capacity, and location.

Third-Party Liability Coverage

This is mandatory as per the Motor Vehicle Act, 1988. However, it provides basic and minimal coverage. It covers only third-party injuries and their damaged property. It does not cover the rider against any kind of damage, neither to the bike nor for any injuries. Again, the premium for third-party liability for vehicle insurance depends on the two wheeler’s engine’s cubic capacity. The regulator, Insurance Regulatory & Development Authority of India (IRDAI) revises premium rates annually. As per the latest guidelines by IRDAI, insurers have to offer third-party liability for five years for new two wheelers.

As of 16th June 2019, the third-party insurance premium rates are as following:

Engine Capacity

Third-party Premium rate - annual renewal 

Third-party Premium rate - 5 year policy

Below 75 cc

₹ 428

₹ 1,045

Above 75 cc and less than 150 cc

₹ 752

₹ 3,285

Above 150 cc and less than 350 cc

₹ 1,193

₹ 5,453

Above 350 cc

₹ 2,323

₹ 13,034

 

For Electric Two Wheelers

Engine Capacity

Third-party premium rate - annual renewal 

Third-party premium rate - 5 year policy

Below 75 cc

₹ 428

₹ 1,045

Above 75 cc and less than 150 cc

₹ 752

₹ 3,285

Above 150 cc and less than 350 cc

₹ 1,193

₹ 5,453

Above 350 cc

₹ 2,323

₹ 13,034

 

Comprehensive and third-party liability plans cover compulsory personal accident cover owner-driver for a particular premium, where in the owner-driver receives Rs. 15 lacs in case of:

INJURY TYPE

COMPENSATION LEVEL

Death

100%

Loss of two limbs or eye-sight of two eyes or eye-sight of one eye and loss of one limb

100%

Loss of one limb or eye-sight of one eye

50%

Permanent disablement from injuries apart from the ones named above

100%

 

Bharti AXA also offers add-on riders, which can enhance the policy with some healthy benefits. Optional Add-On Covers offered under Bharti AXA bike insurance policy:

  1. Personal accident covers – Unpredictability of accidents is daunting. This cover provides full or partial insurance for the pillion rider.

Zero depreciation cover - In regular policies one has to pay for depreciation. But with this rider, one can make profits by not paying for depreci

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