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How to Choose the Best Bike Insurance Policy?

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Created on
December 1, 2022


What’s Inside

Your new or vintage bike may be your most prized possession.

But in case of an unexpected accident or natural disaster, your vehicle may be damaged significantly. To avoid this, you need to purchase the best bike insurance policy available for your vehicle, so you can get it restored to its original condition without spending a lot out-of-pocket. 

3 Reasons to Buy the Best Bike Insurance Plan

There are three key reasons to buy the best two-wheeler insurance for your prized vehicle, as outlined below:

1. Mandatory Requirement

The Motor Vehicles Act, 1988 has made it mandatory for all two-wheeler owners to purchase third-party covers. This kind of bike insurance policy offers financial protection in case you incur third-party liabilities due to an accident. 

2. Financial Protection

The best bike insurance plans also offer financial protection in case of various emergencies or incidents. This will help you get your bike repaired and serviced at the most reliable network garages in the country without spending a fortune. 

3. Personal Protection

Bike insurance policies also offer personal accident coverage, so you can seek the best-in-class medical care in case you are injured in an accident. 

How to Choose the Best Bike Insurance Policy for Your Vehicle?

The following helpful tips can make it easier for you to choose an adequate insurance cover for your bike or two-wheeler. 

Compare Policy Options

Compare different types of policies like third-party covers, own damage insurance and comprehensive bike insurance plans. While third-party covers are the bare minimum, comprehensive bike insurance offers wide-ranging financial protection that covers third-party liabilities, damages to your own vehicle as well as accidental injuries and damages and more. 

Choose the Right IDV

The Insured Declared Value (IDV) represents the maximum amount that your insurance provider will pay out in case your two-wheeler is damaged, lost or stolen. As time passes, your bike’s value depreciates and the IDV goes down. 

Your insurer will set a specific IDV when you enter the details of your vehicle at the time of purchasing the policy. You can alter this IDV, but the premium will also change proportionately, increasing for higher IDVs and vice versa. 

Include Necessary Add-On Covers

The best bike insurance policies are also easily supplemented by add-on covers that enhance the overall benefits you receive in case of specific emergencies. Some common add-on riders for bike insurance include: 

  • Zero depreciation cover
  • Roadside assistance cover
  • Return to Invoice cover
  • Consumable cover 

Select the Right Insurance Provider

Above all, you must choose the right insurance provider. Look into factors like the claim settlement ratio, the network of cashless partner garages, the customer support and the benefits offered (like a no-claim bonus, premium discounts on installation of anti-theft or GPS devices etc.).

Planning to Upgrade Your Current Bike? Ensure You Insure it Adequately

If you want to trade in your old two-wheeler for a new one, you must ensure it is adequately insured right from day one. The best bike insurance will help you get your vehicle serviced or repaired at the best network garages in your city in case it is damaged. You can restore it to brand-new condition without any significant out-of-pocket expenses. 

Not sure how to save up for a new bike? Fi Money can help!

Custom-built for digital natives, it lets you set up fun FIT Rules, like 'Set aside ₹50 each time I order food online'. When the rule gets activated, Fi automatically saves your cash into Smart Deposits. You can also assign a 'Goal Amount' you aspire to achieve: A New Bike, a PlayStation, or a wonderful family Vacay.

Frequently Asked Questions

1. What is the best bike insurance policy in India?

Many leading bike insurance providers in India offer excellent two-wheeler insurance plans. You can compare the options available and choose the best bike insurance policy for your vehicle. 

2. How to find the best two-wheeler insurance?

To find the best insurance plan for your two-wheeler, you must look into factors like the insurer’s claim settlement ratio, their network of cashless garages, their customer support and the insurance premiums. 

3. Which insurance is the best for my bike: third-party liability or comprehensive cover?

Select your bike insurance as per your needs. Third-party covers legality, not your bike. Comprehensive insurance includes third-party and bike damage, plus extras. Compare costs and choose smartly for budget. 

4. How to apply for bike insurance online?

You can apply for a bike insurance policy online from the official website or mobile application of any insurance provider. 


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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