Frequently Asked Questions About Motorcycle Insurance

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Owning a two-wheeler is the norm now. It has become more of a necessity than a luxury because of how convenient and affordable it has become. With a rise in demand, the cost has reduced, and hence, people prefer buying a bike rather than using public transport or buying a four-wheeler.

In India, there are about 13 million bikes used, and the number is ever-growing. We should also consider the increasing population of India.  Because there are so many people using a certain commodity, many people have common questions about it.

Two-wheelers demand safety and maintenance. For the safety bit of it, you need two-wheeler insurance policies. To find the best possible insurance in the market, you will have to compare two wheeler insurance online.

In this blog, we are going to discuss the frequently asked questions about motorcycle insurance.

 12 Bike Insurance FAQs

  • Can I drive a bike without insurance for a two-wheeler?

Unfortunately, driving a bike without insurance is now allowed! In India, having a bike insurance policy is mandatory by law. If you own a bike, you should at least purchase a third-party liability policy.

  • Should I make a claim if the amount is very minimal?

There is a concept called No-Claim Bonus (NCB) in reference to insurance for two-wheelers. If you do not claim any amount for the entire policy tenure, you receive a monetary reward. If the claim you are raising is less than the NCB amount, do not make the claim. If not, then you should consider it!

  • Can I transfer my insurance policy to someone else?

Yes! If you are selling your two-wheeler, you can transfer the insurance policy to the said person. There is a procedure you will need to follow.

  • What documents are required to buy two-wheeler insurance?

The following documents are necessary for buying two-wheeler insurance:

  1. Duly filled out proposal form of insurance
  2. Driver’s license
  3. Vehicle Invoice
  4. Registration certificate
  5. Identity proof
  6. Address proof
  • How much does a two-wheeler insurance cost in India?

The cost of a usually depends on the insurance company that you choose and the policy’s coverage scope. For example, a third-party bike insurance plan offers limited coverage and costs less compared to a comprehensive bike insurance plan, which provides extensive coverage.

Moreover, if you add insurance riders to your basic plan, it enhances the coverage scope of your plan along with its policy premium. On the other hand, features like deductibles reduce the plan’s cost.

  • What is the policy tenure of motor insurance?

The average tenure of a comprehensive two wheeler insurance policy is from 3 to 5 years. It is compulsory to buy at least a 5-year third-liability insurance policy when you buy a bike for yourself.

  • What if someone else is driving the bike and not the owner?

The liability of the policy lies with the insured two-wheeler. No matter who was driving the bike, the owner or someone else (with the owner’s permission), the insurance policy will be liable to pay for the repairs and replacement of the bike. If the policy claim meets its limit, the person driving the bike will pay the remaining amount.

  • What are the determining factors of motorcycle insurance premiums?

Premiums are calculated based on factors like your riding experience, the type of motorcycle, make and model, location, and coverage choices. There are many more factors that determine the premium, but these are the most important ones.

  • How can I lower my motorcycle insurance costs?

If you want to reduce your premiums, you can maintain a low claim history, a clean driving record, take safety courses, and also install anti-theft devices. These factors determine your premiums and help you lower the amount, too.

  • Do I need to buy insurance if I do not ride my bike often?

One thing you need to understand is that buying a policy for your two-wheeler is legally mandatory. It doesn’t matter how much you use it. The only thing you can manage is getting a cheaper policy, for example, a third-party liability policy.

  • How does your insurance policy lapse?

These are the reasons why your policy can lapse:

  1. If you do not renew your policy in time.
  2. If you do not pay the premiums in time.
  3. If there are numerous missing payments.
  • Can I switch my motorcycle policy mid-way?

You can switch your motorcycle policy and insurance providers mid-way, in between your policy tenure. You should have a good reason to do so! If you see better terms and conditions in any other policy or company, you should switch.

 Conclusion

Buying motorcycle insurance is a compulsion, but which policy to buy is your choice. It is important that you understand the bike insurance details, terms, conditions, benefits, and terminologies when it comes to insurance policies. Because every case is unique to every bike and owner,  you can always get professional help from insurance agents for accurate information.

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