Bike Insurance

Bike Insurance

The Private Bike Package Policy covers

  • Accidental Loss of or damage to the Vehicle
  • Liability to third parties, Personal Accident cover to owner-driver
  • Various Add on Covers on extra premium

Loss or damage to two wheeler caused by :

  • Accidental external means.
  • Burglary, House Breaking or Theft.
  • Earthquake, Flood, Storm, Landslide or Rockslide, Inundation. Terrorism, Riots, Strikes, Malicious Acts.
  • Fire, Explosion, Self Ignition & Lightening.
  • Transit by Road, Rail, inland waterways, air or lift.

What is the Amount of Insurance:

The amount of Insurance will be Insured Declared Value of the Vehicle (IDV). IDV for vehicle less than five years old is the Manufacturers listed selling Price, which is adjusted for Deprecation based on age of Vehicle. For vehicles beyond five years of age and obsolete vehicles, the IDV is mutually agreed value.

How is Premium Calculated:

    The Premium calculation is based on the following factors: Loss or damage to vehicle caused by:
  • IDV of the vehicle
  • Cubic capacity of the vehicle
  • Zone of registration
  • Age of Vehicle
  • Additional Premium for :
  • (i) Electrical & electronic items
  • (ii) CNG/LPG FUEL
  • (iii) Add on cover
  • (iv) Extra Benefit

What is not covered under the Private Bike Package policy:

  • Damage by a person driving without a valid driving license
  • Mechanical or Electrical breakdown, failure
  • Damage by a person driving under the influence of Liquor/Alcohol/Drugs
  • Depreciation, any consequential loss
  • Loss/Damage attributable to War/Mutiny/Nuclear risks
  • Damage to tyres/tubes of the Car, unless damage to the vehicle in the accident with liability maximum fifty percent of value.
  • Damage, outside India unless covered by extra premium for Nepal, Bhutan & Bangladesh, Pakistan, Sri Lanka &Maldives
  • Two Wheeler being used for Hire or Reward, speed testing, or Racing, Reliability Trials.
  • Loss of or Damage to accessories by Burglary, Housebreaking or theft unless the Vehicle is stolen at the same time.

Discounts in Premium:

    Following Discounts in premium may be granted
  • Voluntary Deductible
  • Discount for Anti Theft Device
  • If no claim is preferred in the expiring Policy, a Bonus or Discount NO CLAIM BONUS is given on the Premium of the new Policy
  • Automobile Association Membership discount

What does liability to third parties means in the coverage:

If the insured vehicle causes Injury/Death and/or Property Damage to a third party, the legal liability arising out of the same to a third party is covered under liability to third parties.

What is the Period of Insurance :

Coverage period is for a year, however shorter duration covers are also available.

What does Policy pay in Loss on Accident OR Theft :

In case of Partial damage the Repair/Replacement cost subject to deduction of depreciation and wreck value of parts. In case of theft or total loss the Insured Declared Value (IDV). The applicable excess is deducted in all claims.

Important Policy Conditions:

Immediate Notice shall be given to the company in writing upon occurrence of accidental loss/Damage. The Company may at its option repair, reinstate or replace the vehicle or part thereof . Insured shall take all steps to safeguard the vehicle and company has the right to inspect it at any time.