Saturday, August 13, 2022
24 °c
Chandigarh
  • Home
  • News
    • Local
    • Business
    • Lifestyle
    • Health
    • Travel
    • Politics
    • Tech
    • World
    • Entertainment
    • Education
  • About Us
  • Privacy Policy
  • Disclaimer
ChandigarhFirst.com
No Result
View All Result
  • Login
  • Register
  • Local
  • World
  • Tech
  • Politics
  • Business
  • Lifestyle
  • Entertainment
  • More
    • Education
    • Health
    • Travel
    • Sports
    • Misc
Report News
Telegram
ChandigarhFirst.com
  • Local
  • World
  • Tech
  • Politics
  • Business
  • Lifestyle
  • Entertainment
  • More
    • Education
    • Health
    • Travel
    • Sports
    • Misc
No Result
View All Result
ChandigarhFirst.com
No Result
View All Result
  • Local
  • World
  • Tech
  • Politics
  • Business
  • Lifestyle
  • Entertainment
  • More
Home Business

Everything About Standalone Bike Insurance Explained

Shivani Dev by Shivani Dev
July 21, 2022
in Business
Reading Time: 7 mins read
0

Bike insurance is mandatory for all bikes being driven on Indian roads. Third party insurance is compulsory for all bikes, which encompasses any kind of losses caused to a third party in case of an accident. However, it does not cover any financial aspects of your own bike.

RELATED POSTS

How Do I Renew Car Insurance After an Accident in India?

Saif Ahmed Belhasa Net Worth 2022 – Bio, Age, Earnings & More

Want to Manage Money in India? Remember These 5 Golden Rules!

Also Read – Top 10 Splendor Modified Bikes in India (Photos)

To complement this type of bike insurance, standalone bike insurance or own damage bike insurance was introduced by IRDAI. Standalone bike insurance covers losses caused only to the bike of the insured. This alone is not enough to cover the legality of the bike insurance clause. Here is a complete guide to knowing standalone bike insurance. 

How is Standalone Bike Insurance Different from Third-Party & Comprehensive Insurance? 

To understand the differences between the 3 types of bike insurance, refer to the table below. 

Standalone bike insurance

Third party bike insurance

Comprehensive bike insurance

Standalone bike insurance or own damage bike insurance covers damages caused to the bike of the insured only. 

Third party bike insurance covers damages caused to the bike of the other party involved in the collision. 

Comprehensive bike insurance is a combination of third party insurance and standalone insurance and covers damages caused to the other party as well as the bike of the insured.  

Only standalone bike insurance is not enough according to the law. 

Third party insurance is mandatory as per the law. 

Comprehensive bike insurance is enough to cover the legal requirements.  

Only bikes that have existing third party bike insurance can buy standalone bike insurance.

All bikes are eligible for third party bike insurance. 

Any bike is eligible for buying comprehensive bike insurance. Any bike with comprehensive bike insurance does not need to buy any other insurance policy. 

Add-ons are available in standalone bike insurance. 

There are no add-ons available in third party bike insurance.

There are add-ons available in comprehensive bike insurance. 

Also Read – Best Motorcycle Face Mask for Bikers

Coverage Under Standalone Bike Insurance 

Now that the concept of standalone bike insurance is explained, it is essential to note who should invest in this bike insurance policy. For those who have already bought a third party insurance and want to fortify the protection around their bike, standalone bike insurance is for those. At the same time, if your third party insurance is recently renewed and you feel the need to cover damages for your own bike, you can choose standalone insurance till the end of tenure and then upgrade to comprehensive bike insurance. 

Here are the things covered under standalone bike insurance:

  1. Damages and losses caused to your bike in an accident.
  2. Damages caused to your bike due to a fire.
  3. Covers for losses in case of bike theft. 
  4. Damages caused to the bike in case of a natural calamity. 

Also Read – How Do I Renew Car Insurance After an Accident in India?

Exclusions Under the Standalone Bike Insurance 

Knowing the exclusions are just as important as knowing the inclusions as there is ambiguity while filing for claims and settlements. Here are the exclusions mentioned under standalone bike insurance. 

  1. Damages or losses caused to the third party due to an accident will not be covered. Your third party insurance will cover those. 
  2. If an accident occurs while riding under the influence of alcohol, it is not covered under standalone bike insurance.
  3. You cannot place a claim if the rider has no legal driving license. It includes an expired license too. 
  4. If you have not purchased a particular add-on, you will not benefit from that.
  5. Damages that have not occurred during the accident will not be covered. 
  6. If you have done something with your bike that you were not supposed to do, then you will not be covered for damages. For example, you got your bike damaged in flood.
  7. If you have learner’s permit, you need to have a person with a valid permanent license on the pillion seat. Your standalone insurance is invalid if you drove without a pillion rider with a permanent license. 

Add-on Covers with Standalone Bike Insurance 

One of the advantages of standalone bike insurance is that you can purchase add-ons and make your plan more robust. Here are some of the add-ons available to choose from. 

  1. Zero depreciation cover – Whenever your bike is repaired, the insurer has to pay the full cost for parts, and depreciation is not calculated. 
  2. Return to Invoice cover – If the bike gets stolen or damaged beyond repair, the full cost of the bike is given to the insured as mentioned on the invoice cover, including road tax and registration fees. 
  3. Engine and gearbox protection cover – This cover is perfect for taking care of any consequential damages post the accident. 
  4. Consumable cover – This cover takes care of the smaller costs like nuts, bolts, screws, and so on. 
  5. Breakdown assistance – This cover can be used in case your bike breaks down, and you need assistance. 

Also Read – Top 10 Most Fuel Efficient Cars

These add-ons are chargeable and are applicable to you only if you have purchased them. 

Factors Influencing the Standalone Bike Insurance Premium 

It is essential to know how your standalone bike insurance premium is calculated. Here are the factors that affect the premium. 

  1. IDV – The Insured Declared Value refers to the correct value in the bike market. This is one of the reasons why the premium will depend on this. 
  2. Bike’s CC – Your bike’s CC determines the power, speed, and risk of your bike. The higher the bike’s CC, the higher will be the premium. 
  3. Make and model of the bike – This is fairly obvious that the more expensive the bike is, the premium will be that much higher. 
  4. Bike’s age – The older the bike, the more problems it will face. That is why the premium of an older bike will automatically be higher. 

These factors influence the bike’s premium, no claim bonus, and the add-ons opted for. 

This is everything you need to know about standalone bike insurance. The next time you consider buying this insurance, you just need to take a quick look here to make an educated decision. 

Also Read – 6 Reasons to choose Tata Harrier as your next dream car

ShareTweetPin
Previous Post

Best Tips to Get More Views on YouTube

Next Post

Long Term Benefits of Education – What Everyone should know?

Shivani Dev

Shivani Dev

Related Posts

How Do I Renew Car Insurance After an Accident in India?
Business

How Do I Renew Car Insurance After an Accident in India?

June 30, 2022 - Updated On July 8, 2022
Saif Ahmed Belhasa Net Worth 2022 - Bio, Age, Earnings & More Saif
Business

Saif Ahmed Belhasa Net Worth 2022 – Bio, Age, Earnings & More

May 11, 2022
Tech firms may hike pay by 120% to hire, retain niche talent
Business

Want to Manage Money in India? Remember These 5 Golden Rules!

May 5, 2022
Karnataka High Court backs simultaneous levy of excise duty, GST on tobacco
Business

Karnataka High Court backs simultaneous levy of excise duty, GST on tobacco

April 30, 2022 - Updated On May 1, 2022
Gautam Bali Bio, Income, Family & more
Business

Gautam Bali Bio, Income, Family & more

April 28, 2022
LIC IPO likely to open on May 4 as govt proposes dates
Business

LIC IPO likely to open on May 4 as govt proposes dates

April 25, 2022 - Updated On April 26, 2022
Next Post
Long Term Benefits of Education – What Everyone should know?

Long Term Benefits of Education - What Everyone should know?

Top 5 Best and Safest Video Downloaders Available Online

Top 5 Best and Safest Video Downloaders Available Online

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

10 Best Hentai Anime that are a must Watch!

10 Best Hentai Anime that are a must Watch!

November 18, 2021
Raunak Mehta

Raunak Mehta Wiki, Age, Wife, Profession, Photos

July 21, 2021
50 Punjabi Nicknames for Husband & Boyfriends

50 Punjabi Nicknames for Husband & Boyfriends

October 27, 2021 - Updated On January 16, 2022
Top 50 Waheguru ji quotes & Status in English

Top 50 Waheguru ji Quotes & Status in English

March 12, 2022
Who is Shammi Prasad and Why is he Famous?

Who is Shammi Prasad and Why is he Famous?

May 26, 2021
Jagermeister Price in India - Updated list 2022

Jagermeister Price in India – Updated list 2022

February 7, 2022

Recently Updated

Join Crypto Cipher’s Advanced Sound Engineering Course in Delhi for a top-notch career in Music

Join Crypto Cipher’s Advanced Sound Engineering Course in Delhi for a top-notch career in Music

August 12, 2022
Top 5 Best and Safest Video Downloaders Available Online

Top 5 Best and Safest Video Downloaders Available Online

July 22, 2022
Long Term Benefits of Education – What Everyone should know?

Long Term Benefits of Education – What Everyone should know?

July 22, 2022
Everything About Standalone Bike Insurance Explained

Everything About Standalone Bike Insurance Explained

July 21, 2022
How Do I Renew Car Insurance After an Accident in India?

How Do I Renew Car Insurance After an Accident in India?

June 30, 2022 - Updated On July 8, 2022
Best Tips to Get More Views on YouTube

Best Tips to Get More Views on YouTube

June 30, 2022
Role of Histograms in Statistics

Role of Histograms in Statistics

June 30, 2022
How to Make the Best Fantasy Cricket Team

How to Make the Best Fantasy Cricket Team

June 29, 2022

Categories

  • Business
  • Education
  • Entertainment
  • Health
  • Lifestyle
  • Local
  • Misc
  • Politics
  • Social Media
  • Sport
  • Sports
  • Tech
  • Travel
  • Wishes
  • World

Recent Posts

  • Join Crypto Cipher’s Advanced Sound Engineering Course in Delhi for a top-notch career in Music
  • Top 5 Best and Safest Video Downloaders Available Online
  • Long Term Benefits of Education – What Everyone should know?

Legal

  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
DMCA.com Protection Status

© 2021 ChandigarhFirst.com - Public Newspaper

No Result
View All Result
  • Local
  • World
  • Tech
  • Politics
  • Business
  • Lifestyle
  • Entertainment
  • More
    • Education
    • Health
    • Travel
    • Sports
    • Misc
  • Login
  • Sign Up

© 2021 ChandigarhFirst.com - Public Newspaper

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In