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ICICI Lombard Expert Blog

Incredible Benefits of Bike Insurance Renewal

April 12 2016

A motorbike is considered to be a valuable asset by most people across the globe. For most of us, it is a dream to buy a motorbike. Unfortunately, once a bike is taken under possession, most people forget about their main duty towards it.

They forget about ensuring the protection of their investment against a number of unforeseen problems such as accidents, theft, burglary and a lot more.

The best way to ensure maximum protection for a motorbike from unforeseen situations is to buy two wheeler insurance online. The two wheeler insurance plan from ICICI Lombard offers adept protection from a number of perils. Some of the most commonly covered events include the following listed below:

Loss or damage to the two wheeler against natural calamities:

  1. Explosion
  2. Fire
  3. Earthquake
  4. Typhoon
  5. Lightning
  6. Hurricane
  7. Self-ignition
  8. Earthquake
  9. Inundation
  10. Cyclone
  11. Landslide
  12. Tempest
  13. Rockslide
  14. Flood
  15. Hailstorm
  16. Storm
  17. Frost

Loss or damage to your vehicle against man-made calamities:

  1. Theft
  2. Burglary
  3. Riot
  4. Strike
  5. Malicious act
  6. Accident by external means
  7. Terrorist activity Road, inland waterway, rail, lift, elevator or air transit

Another major benefit of buying bike insurance is the personal accident cover of up to `1 lakh for the individual driver and/or owner of the bike. It covers the damage to the vehicle while driving, travelling, mounting or dismounting. An optional protection cover is also available for co-passengers.

Buying bike insurance will cover you against third party legal liability. In case your bike rams into another vehicle and damages it or causes serious injuries/death to the vehicle owner, you are liable to pay for the expenses and undergo legal procedures too. The third party liability cover will save you from that inconvenience.

It is important to understand all about 'sum insured' prior to buying an insurance plan. It is the amount you can claim for (as stated in policy wordings) in a covered emergency.

All two wheelers are insured at a fixed value, called the Insured's Declared Value (IDV). The IDV is calculated on basis of the price listed by manufacturer of the vehicle. This amount is added to the listed price of any accessories, and then deducted from the depreciation according to the Indian Motor Tariff.

However, these benefits are obtainable only when you focus on bike insurance renewal in a timely manner. Unfortunately, only few insurance buyers remember renewal date. Sometimes people tend to ignore the reminder calls they get from their insurance company.

Today, things have become easier. Insurance companies have their websites online. The plans are available on the internet. This means customers can renew their plans right from the comfort of their home or office. Overall, one requires to enter some basic details online and request to renew their two wheeler insurance.

Some of the major benefits of bike insurance renewal online include the following:

  1. Expediency
  2. Ease of renewal process
  3. Time Saving
  4. Security

These days, almost all reputed companies offer bike insurance renewal online. In case, you are planning to buy or renew a comprehensive bike insurance plan, you can get the following listed facilities:

Transfer of all the listed 'No Claim Bonus' (NCB) benefits

  • Transfer of all the listed 'No Claim Bonus' (NCB) benefits
  • Add-on covers
  • Customers can insure old bikes (up to a decade old) on the World Wide Web
  • A digitally signed two wheeler insurance policy is issued at once
  • Protection covers for co-passengers. This is an 'optional' personal accident cover for co-passengers
  • NCB can be claimed on renewals in the event where no claim is made during the previous policy period
  • You can pay premium in instalments. Here, you do not need to pay any extra charges.

The Need for Bike Insurance

Well, bike insurance is an obligation for all two wheeler owners. Riding a bike is more risky than driving a car around, which is why one needs to take more precautions. Also, since the insurance plan is mandatory by law, it is crucial to buy insurance regardless of how old the bike is. In the event where you are caught without a valid insurance policy, law authorities could penalise you severely.

You may encounter an accident on the road and suffer from injuries, or your bike can be damaged. Here, you would need to pay huge bills for hospital and car repair. With a valid two wheeler insurance in place, you don't need to worry about such expenses.

With so many benefits of buying a two wheeler insurance online, there is no reason you shirk away from your responsibility or delay the decision. However, just buying an insurance policy for bike will not do the needful. You should take care of bike insurance renewal too. The benefits of insurance policy can be availed only if you renew the policy each year on time. The process is easy. You can fill in an application on the official website of two wheeler insurance. The company will revert with details. You may upgrade the insurance while renewing as per your specific requirements and budget.

Buying a two wheeler insurance online can save you and your bike from a number of problems and unforeseen situations. Having a clear idea about your requirements and budget is important prior to buying an insurance plan. You should also read the terms and conditions of insurance policy well before signing the dotted line.

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