Purchasing a Royal Enfield? Before getting into know all about what make the bikes so coveted and how you can ensure maximum financial protection for them with a Royal Enfield two-wheeler insurance policy.

If you ask any bike enthusiast which bike they dream of owning one day, most will name Royal Enfield. This should help you gauge the popularity and reputation that the company enjoys in India. In August 2019, Royal Enfield sold more than 48,000 motorcycle units domestically. (1)

When it comes to the affordability of Royal Enfield, their price is set above most of the Indian brands available in the market. Thus, any damage befalling the vehicle after purchase can be devastating.

Especially, obtaining replacement parts or initiating repairs on the vehicle can be extremely expensive. Royal Enfield insurance plans are essential while curtailing some of the financial liability arising from accidents, involving the bike.

Further, the Motor Vehicles Act 1988 mandates a third-party liability policy for every motorised vehicle plying on Indian roads.

Following are the car insurance add-ons available for Royal Enfield Motorcycle insurance:  

• Zero Depreciation Cover
• Return to Invoice Cover
• Engine & Gear-box Protection Cover
• Consumable Cover
• Breakdown Assistance
• Tyre Protect
• Daily Conveyance Benefit
• EV Shield Add-on Cover

Royal Enfield’s first bike was developed in 1901. At that time, the company operated under
The Enfield Cycle Company Limited of Worcestershire. Apart from motorcycles, it manufactured lawnmowers, bicycles as well as stationary engines.

The Enfield Cycle Company produced the Royal Enfield Bullet, which became the longest-lived motorcycle concept in history. Between October and December 2018, Royal Enfield earned around Rs. 2,300 Crore in India.

While all of the company’s bikes are popular, listed below are some models that are in highest demand across India.

• Royal Enfield Classic 350
• Royal Enfield Bullet 350
• Royal Enfield Interceptor 650
• Royal Enfield Himalayan
• Royal Enfield Thunderbird 350X

Keep in mind that these are high-valued two-wheelers. Even a small dent on the body of such bikes can lead you to incur immense repair expenses. Therefore, to avoid such liabilities, Royal Enfield bike insurance plans are vital.

Why are Royal Enfield Bikes so Popular?

Royal Enfield is one of the oldest motorcycle brands in the world. Apart from its rich heritage and reliability, the following reasons are responsible for making these bikes popular amongst the masses:

• All modern-day Royal Enfield bikes are manufactured using robotics and other advanced technology. In India, their production plant is present in Chennai. Further, the engines in each of these high-end bikes also rely on advanced tech today, leading to better performance.
• The brand keeps innovating even when its competitors fail to produce variety in their bike line up. While Royal Enfield takes longer to launch new products, each variant has something new and unique to offer to consumers.
• Royal Enfield customers are made to feel like an elite group, as the bike company arranges specific bike riding events around the year. From Himalayan Odyssey to Ridermania, these events keep consumers actively engaged with the brand even after purchasing the vehicle.
• Royal Enfield bikes offer the owner immense room to customise its various parts. The customisation depends on the user’s specific needs and requirements.

For some people, Royal Enfield bikes are equivalent to an emotion. They do not require any other grounds to invest in this vehicle.

Do you think you are a safe rider and do not require insurance cover for your bike? Think again.

Even the safest rider is susceptible to accidents on the road. Therefore, an insurance cover is not just an option but a necessity for all Royal Enfield riders.

Take a look at the reasons why two-wheeler insurance policies are important for your bike:

• Insurance is Mandatory – Legally speaking, you cannot drive any motor vehicle on Indian roads without insurance cover for it. As per the Motor Vehicles Act, 1988, every bike must at least possess a third-party liability cover. Without this insurance cover in place, you can attract a traffic fine amounting to Rs. 2000, Rs. 4000 for repeated offence. 
• Saves You from Third Party Liabilities – Suppose you are involved in an accident with your Royal Enfield bike. Along with damage to your vehicle, you end up hurting an unrelated individual, who requires immediate medical treatment. Without insurance cover, you are liable to pay for any damages caused to the other party. On the other hand, if you possess insurance, the insurer will bear the financial liability arising from the accident. Further, this insurance policy also covers damages to a third party vehicle or property alongside bodily injury or death of a third person. This also includes all the legal liabilities that can arise under such circumstances.
• Financial Aid to Repair own Bike Damage – If you possess a comprehensive two-wheeler insurance policy for your Royal Enfield bike, you can also raise a claim for your own financial loss during accidents. Since Royal Enfield bikes are comparatively more expensive than other Indian bikes, their repair costs also tend to be higher. Apart from this, the comprehensive insurance policy also covers damages from fire, natural disasters like earthquakes, flood, etc. and other man-made calamities. With this insurance policy, you can save a great deal of money in case of accidents.
• Recovery of Financial Loss During Theft – Insurance policies come with a pre-determined IDV or Insured Declared Value. This is calculated by taking the manufacturer’s price for the bike minus its depreciation. In the event of irreparable damage to your bike or in case of theft, you can claim this IDV amount from the insurer.
• Personal Accident Cover – This is a mandatory add-on cover offered under two-wheeler insurance policies that can provide financial assistance to the policyholder’s family members in the event of his/her accidental death or permanent disability as a result of the bike accident.

Now, if you are looking to purchase a Royal Enfield bike insurance policy or considering changing your existing insurance provider, you must look for a company that offers maximum benefits under their policies.

With Royal Enfield bike insurance online availability, picking a provider is simple. Further, the presence of several key players in the market has enhanced the competitiveness amongst two-wheeler insurance companies.

Digit, for instance, is one of the few dependable choices available to Royal Enfield consumers. If you are looking for an insurance provider, read on to know why Digit is the right choice.

Royal Enfield owners tend to seek the best protection for their expensive vehicles. Digit provides quality coverage, ensuring your finances remain unharmed regardless of accidental or natural damage to the bike.

Consider the reasons listed below to understand why Digit’s protection is suitable for you.

• Several Policy Options to Choose from - Digit provides a number of choices when it comes to the kind of policy you can buy: 
• a) Third-party liability – With such plans, you cannot claim your own damage costs in case of accidents. However, the insurer fulfils your financial liability arising from damage caused to a third-party individual, property or vehicle in an accident. 
• b) Comprehensive policy – The most extensive coverage comes in the form of comprehensive policies from Digit. Apart from the third-party liability cover, there are policies that also offer own damage assistance in the event of accidents. Further, you can claim for damages to your bike due to storms, earthquakes and a range of other natural calamities. It also covers damages from incidents like theft, fire, etc.

Digit also offers standalone Own Damage Bike Insurance Cover to Royal Enfield owners who have purchased their bikes after September 2018. If you already possess a third-party cover and, are simply seeking additional protection for any damage sustained by your bike in accidents, opting for own damage can significantly reduce your hassle.

• Convenient Renewal and Buying Process - Digit prioritises simple and hassle-free insurance policy purchase. Everything is available online for consumers. You can visit Digit’s website, compare the various two-wheeler insurance products available there, choose the most suitable one and pay the premiums related to the policy. Digit also offers Royal Enfield insurance renewal online, simplifying the process significantly. After the insurance term ends, you can navigate to Digit’s website and avail convenient renewal of the plan or pick a different coverage altogether.
• Easy Claim Settlement Process with a High Claim Settlement Ratio - Digit facilitates a streamlined claim settlement process for their two-wheeler insurance policy. With their Royal Enfield insurance, you will be able to enjoy smartphone-enabled self-inspection and avoid the hassle of getting your vehicle inspected by your insurance providers’ agents for making claims. Further, Digit’s high claim settlement ratio is also an advantage that reduces the chances of your claim getting rejected.
• Avail High and Customisable IDV - IDV or Insured Declared Value is the amount you can avail from your insurance company on the event of total loss or damage to your Royal Enfield bike. IDV is calculated by subtracting your bike’s depreciation from the manufacturer’s selling price. Digit offers a high IDV along with the option to customise it and thus allows you to maximise your benefits from it.
• Avail No Claim Bonus Benefits - We understand that your Royal Enfield is precious to you. We also know that you will ride it with utmost care on roads. That is why, if you do not raise any claims under your Royal Enfield two-wheeler insurance policy you will be imparted with the benefit of No Claim Bonus. What is that? NCB is extended as a discount on the premium for your insurance policy for every year succeeding a non-claim year. This NCB can amount up to 50% and reduce your payment liability by quite a substantial amount.
• Widespread Network Garage Availability - When you pick Digit, you can avail the benefit of cashless repairs across India. The insurance provider lists more than 1,000 network garages. If your bike undergoes damage during accidents, you can simply reach one of these network garages to seek repairs, without spending a single dime. Lacking such support, you would need to rely on the reimbursement claim process only, whenever you need financial assistance from your insurer. This may be difficult for some Royal Enfield owners.
• Quality Customer Care Service - Digit not only provides one of the best pre-sales support systems but also extend the same level of services after you purchase one of their policies. You can call or chat for any grievance or information with a customer care representative, regardless of the time. They are available 24x7, 365 days a year to serve you. Whether you have queries or you need to file a claim, you can simply call up without any delay.
• Extensive Customisation Options - Even when you pick the comprehensive policy to safeguard your Royal Enfield two-wheeler, some parts of the vehicle may lack the desired amount of protection. With Digit’s nifty add-ons though, you can avail such coverage for your pillion riding family member or friend. Other riders for these policies include:
  • Zero depreciation cover
  • Engine and gear protection cover
  • Return to invoice cover
  • Consumable cover
  • Breakdown assistance

With such benefits, Digit offers one of the more well-rounded insurance policies for your Royal Enfield motorcycle.

Now that you know where to buy your two-wheeler insurance cover from, you need to resolve another common issue – substantial premiums payable.

If you follow the pointers mentioned below, the premiums for your bike insurance policy would never be a problem for you:

• Use Voluntary Deductibles Wisely - Deductibles can either be compulsory or voluntary. Compulsory deductible refers to the pre-determined deductible amount set by your insurer, while voluntary deductible is the amount the policyholder can specify as an additional deductible for the cover. If you opt for voluntary deductibles, the insurer’s liability reduces, leading to lower premiums. Keep in mind, however, that increased deductible also increases your liability in the event of accidental bike damage. Therefore, maintain a balance between the coverage and the deductible.
• Learn About No-claim Benefits for the Policy - When buying Royal Enfield bike insurance plans, never fail to check the NCB linked to that particular policy. NCB refers to the bonus that a policyholder can accumulate with each claim-free policy term. This bonus results in lowered premium payable for the two-wheeler plan upon renewal. Over time, the NCB you accumulate can lead to attractive premium discounts as well.
• Choose Add-on Covers Only When Necessary - Not everyone requires add-on protection for their bike. Do not buy such covers without putting some thought into it. While they enhance protection, these add-on covers can add a hefty sum to your yearly premiums. Choose add-ons carefully and only when you specifically need that particular safeguard.
• Avoid Buying Insurance Policies from Agents/Brokers - Dealing with the insurance company directly is in your best interests. Firstly, you tend to receive accurate and extensive information about your policy. Secondly, insurance agents are liable to receive commissions when they sell a policy to you. This commission gets added to your overall premium payable, forcing you to pay more than the actual value of the cover. Therefore, always avoid such intermediaries and deal with the insurance provider directly.

While following the guide would lead to lower premiums, ensure you prioritise the protection over the policy price. Plans with the lowest premiums offer minimal financial assistance to policyholders after an accident.

Owning a Royal Enfield is a matter of great pride. Don’t let it go to waste. Buy an insurance policy that can provide maximum coverage for your bike.