Bike Insurance

Coverage against legal liability 

If your bike causes injury, death or property damage to another individual, you are held financially responsible for their loss. The bike insurance policy covers this loss.

Financial security 

With the financial compensation allowed under bike insurance, you get financial security against possible accidents or mishaps involving the bike. 

Fulfils legal mandate 

The bike insurance policy fulfils the legal mandate of having your bike insured. You can avoid legal fines and penalties when you have a bike insurance policy 

Affordable 

The premiums of the policy are affordable, and the available discounts also lower the premium outgo 

Add-ons enhance coverage 

Comprehensive bike insurance plans offer a choice of riders which enhance the coverage and provide added financial security  

IDV 

Short for Insured Declared Value. It represents the vehicle’s value after factoring in age-based depreciation. 

Compulsory deductible 

The part of claim which is compulsorily borne by the policyholder while the insurer pays the rest.

Voluntary deductible 

The part of claim which you voluntarily undertake to pay from your pockets over and above the compulsory deductible  

Add-ons 

Optional coverage features that enhance the scope of the policy and are available at an additional premium 

No Claim Bonus (NCB) 

Premium discount allowed on renewals for not making claims in the previous policy years.  

IDV is calculated by the following formula 

IDV = (market value of the vehicle - depreciation) + (value of accessories - depreciation on accessories) 

 Depreciation is determined as follows