A bike insurance policy is a kind of motor vehicle insurance policy. The Insurance Regulatory Development Authority of India (IRDAI) is the body that authorizes and officially accepts a bike insurance policy. This policy is a part of the General Insurance Sector. A bike insurance policy provides protection from a number of mis-happenings that can cause damage to the vehicle including damages resulted from violent riots, strikes as well as explosions. The protection/coverage offered under a bike insurance policy is completely dependent on the insurance company you choose. Each insurance company has its own policies, rates, benefits and features; as such there are variations in a bike insurance policy.  It is important that a bike owner carries valid bike insurance all the time wherever he/she goes.

Bike insurance is crucial because it is one of the best methods to protect and safeguard your precious bike from various threats such as road accidents, robberies/ theft, natural calamities, man-made disasters and sudden perils. A bike owner will purchase a suitable insurance cover from a known and trustable insurance company offering the services.  Bike insurance policy is a type of written contract where the insurance company (insurer) assures to provide financial assistance to the insurance policy holder (insured) for a certain amount of premium. The premium is the amount that the amount that the policyholder has to pay on the decided dates as per the policy to the insurance company. In return of the premium, the insurance company will offer monetary help in events of accidents, natural calamities, theft, human disasters, in-transit damages, and third-party liability and so on. If the premium is not paid on time, then the policy holder may face certain issues when the need arises.

Bike insurance can be taken to protect private vehicles, public vehicles, commercial vehicles (i.e. bikes used for business purposes as well as mixed vehicles. Bike insurance is mainly of two types: 1) A third-party insurance that only protects the policyholder in time of third-party claims and 2) A comprehensive insurance cover that provides an all-round protection for almost all kinds of damages caused to the vehicle as well as the owner.

Most of the renowned companies also offer additional covers that enhance the protection, thus giving you more relief. However, when you opt for additional covers, the premium increases significantly, depending upon the type of additional cover you require. As such, it is recommended to opt for additional covers only if you feel the need for it and only when it has become a dire necessity.  

How To Find The Best Bike Insurance Company For Your Needs:

The insurance market is flooded with various insurance companies offering an array of motor insurance policies to satisfy customer needs. Each company has something different and special to offer such as add on covers, No claim Bonus, Unique and Discounted Premium Rates, Special Allowances to people having exceptional driving skills and more. All these factors are extremely appealing, but it too many options add on to the confusion. Since there are so many insurance companies offering lucrative motor insurance policies, it becomes difficult to decide which the best insurance company among them is.

The simple formula to finding the best bike insurance company is to match your personal needs with the offerings by a particular bike insurance company. The best bike insurance company is a perfect blend of good customer support, trustworthiness, goodwill in the market, decent claim settlement ratio, affordable premium rates and timely financial assistance to the policyholder. A bike insurance company should keep customer satisfaction above all the other factors.

One such company that is considered as the Best Bike Insurance Company in the market is ‘HDFC’. HDFC is one of the biggest and most renowned companies in India that offers HDFC Ergo Insurance Policy. It offers specially designed bike insurance with unique premium benefits to cater to all sections of the society.   

  1. HDFC Ergo Bike Insurance

  • HDFC ERGO provides an all-inclusive bike insurance policy to satisfy needs of people from all section of the society. It offers multiple additional covers (add-ons), third party (liability only) insurance cover as well as an individualistic personal accident insurance cover in order to provide complete protection to the bike insurance policy holder.

  • With HDFC Ergo Bike insurance, policyholders can very easily obtain and acquire a bike insurance policy. All thanks to the bike insurance companys online facility through its official website. It provides an instantaneous bike insurance online policy at extremely competitive premium rates coupled with special personalized services. All you need to do is log in to the company’s website, click on bike insurance, choose the bike insurance type, fill in the required details of the motor vehicle (registration number, model, age of the bike, year of manufacturing and more) and also personal details (mobile number, age, driving license number, email address, etc), and check the premium rates through the premium insurance calculator. Once you have chosen the type of policy you want to buy as per your suitable premium rates, click on buy bike insurance and pay the premium through the various payment options. The online insurance buying process is quick, simple and extremely reliable.  

  • Additionally, policyholders have the convenience and liberty of renewing bike insurance policies online through the HDFC ERGO officially registered website.

  • HDFC ERGO Bike insurance also provides a repayment or reimbursement facility on all types of accidental damages caused to the bike along with financial assistance to the insurance policyholder.

  • In case of damages to the vehicle, the policy holder can get the bike repaired at the associated garages all around the country offered by HDFC. Also, the accessories can be repaired under these services.

  • The bike insurance company has made claim filing easy, quick and hassle free. In order to offer convenience and prompt action, you can file a claim settlement online through the company’s official website.

  • If you are facing any difficulties in regards of the policy renewal process, filing claims, availing the services or any other issue that is not getting solved on your own, you don’t have to worry. This bike insurance company offers an all day customer service and support service facility. In case of any problems, you just have to contact the customer care by making a call on the dedicated support service numbers. The numbers are available on the companys official website. Additionally, you can also make use of the customer care services online by singing in the customer’s voice box and dropping your query there.  

  • The bike insurance policy provided by HDFC ERGO Insurance Company can be bought for a period of 1 to 3 years of time. It offers an all round customer service to benefit its policyholders. Buying bike insurance with HDFC ERGO does not involve a long and extensive documentation procedure. It is simple, quick and offers great service to the customer.

The trustworthiness, goodwill and reliability of HDFC ERGO Bike Insurance are noteworthy. Also, it has an exception claim settlement ratio. The company has collaborated with 4,800 and more authorized garages, to provide policyholders cashless claim settlement services.

  • All in all, the HDFC ERGO Bike Insurance provides good protection and coverage against almost all sorts of damages and losses caused to your valued bike. With this bike insurance policy, bike owners can enjoy a safe ride with maximum coverage.

Types of Coverage by HDFC ERGO Bike Insurance Policy

The bike insurance company offers three types of bike insurance covers to the riders. All these covers have their own unique features and benefits. Additionally, each policy has its own inclusions and exclusions. As such, it is very important to read the terms and conditions of the policy before sealing the deal.    

1. Comprehensive cover

This type of bike insurance cover offers protection to the policyholder by providing financial assistance under the following circumstances.  

  • Road Accidents or Mishaps

  • Burglary (also called breaking and entering and sometimes housebreaking)

  • Theft and Robbery

  • Event Fire , out-burst, Explosions  and lightning

  • During terrorist attacks, riots (uproar), strikes, or any other harmful activities

  • Events of Natural Calamities like floods, earthquake, storms, tsunamis, landslides, etc. All types of Act of God events are covered

  • While the insured vehicle is in transit by any mode of transport namely railway, roadway, waterway or airway

2. Third Party Insurance ( Liability Only Cover)

The HDFC ERGO Bike insurance policy offers a decent third party liability cover. It helps to tackle any kind of any legal liability against third party. It covers third party injury, death as well as property damages that have occurred due to accidents involving the bike insured in accordance to the sum assured.

3. Personal Accident Insurance Cover

This bike insurance company also provides a special Personal Accident Insurance cover.  This cover is offered to the bike owner for up to Rs 1 lakh that covers accidental injuries and death along with permanent disability.

HDFC also offers special additional covers to suit the needs of varying customers. However, these add on covers are offered at an additional premium cost. Summing up, HDFC is the best bike insurance company considering the features and benefits offered to the customers. For the bike insurance company customer satisfaction is the ultimate aim.

Published by Peter Garlow