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All about New Bike Insurance Explained
Finally got that two-wheeler? We’re happy for you! But as an expert, we would like you to also think about its protection; and it's very simple - you can protect it by simply getting it insured and we’re here to guide you through just that.
What is New Two-wheeler Insurance?
New two-wheeler insurance is an insurance policy designed to protect your two-wheeler against damage or loss. It typically includes coverage for damages resulting from accidents, natural disasters, fire, theft, etc.
You need bike insurance for new bike as it will financially protect you and reduce your out-of-pocket expenses in case you get into an accident. You can choose from 3 types of bike insurance plans catering to your specific needs.
Why is It Important to Insure a New Bike?
Getting bike insurance for new bike is important due to the following reasons:
Legal Requirement: In India, having at least third-party insurance is mandatory. It covers your new bike against financial liabilities to any third party caused due to your vehicle.
Financial Protection: In case of accidents, theft, or damage, a new bike insurance will financially back you up in such situations.
Peace of Mind: Knowing that your new bike is protected at all times with a bike insurance policy allows you to ride with confidence.
Things to Consider When Buying New Bike Insurance
There are several factors to keep in mind when buying bike insurance for your new bike. Paying attention to them will ensure that you fetch an ideal level of cover. Some of these factors are given below:
Compare rates online
Go online to compare the bike insurance premium rates. You can also buy your policy online as there are various options available. The best part of buying a policy online is there is no paperwork involved, just put down your details online and you are sorted. You can also use Bike Insurance Calculator to calculate and compare the premium.
Policy type
Know the policy types, it is very important to know the options you have to make an appropriate decision. Choose third-party insurance or a comprehensive plan depending on your insurance needs.
Add-Ons
Choosing the right bike insurance add-ons along with your policy can give you maximum benefits. Some of these are, Zero Depreciation cover, NCB cover, Return to Invoice Cover and Engine Protect cover, and more.
Right IDV
Right IDV plays an important role in choosing or renewing your bike policy. The higher the IDV, the higher is the compensation at the time of unforeseen situations.
Claim procedure
This is very important; this process should be super-fast and hassle-free. Check the claim history of the insurer from sources such as their social media channels, official website and customer reviews.
Importance of IDV when Buying New Two-wheeler Insurance
IDV or the Insured Declared Value of the two-wheeler is the maximum amount your insurer will give you, in case your bike is completely damaged or stolen. We know low premiums are luring but it will not give you maximum financial benefit. That’s why you should always check the IDV you are being offered and not just the premium.
We suggest you choose higher IDV, you know why? In the case of the total loss of your bike, a higher IDV leads to higher reimbursements.
At Digit, we let you customise your IDV as per your choice because we want you to make the right decision without any compromises.
How to Buy New Bike Insurance Online with Digit?
ID5
Step 1
On the Digit App or website, enter bike’s registration number, select the policy status and click on ‘View Prices’.
Step 2
Select the plan, add-ons and click on ‘Continue.’
Step 3
Enter your personal, nominee and vehicle details and click on ‘Pay Now.’
Step 4
Complete the payment and mandatory KYC verification process.
Step 5
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
New Bike Insurance Plans in India
FAQs about New Bike Insurance
What is new bike insurance?
New bike insurance is an insurance policy purchased for newly bought two-wheelers that protects them against various risks.
Why should I buy insurance for new bike?
New bike insurance is crucial as it covers your new vehicle from financial losses from accidents, theft, or damage, and also allows you to comply with legal requirements.
How can I buy new bike insurance online?
You can buy new two-wheeler insurance online by visiting Digit’s website or app. Then provide your vehicle details, select bike insurance plan you want, pay the premium and you’re done!
What documents are required to purchase new bike insurance?
You will need a bike registration certificate, identity proof, and address proof.
How is the new bike insurance price calculated?
New bike insurance price depends on various factors such as bike model, age, location, coverage type, and rider's driving history.
What is a No Claim Bonus (NCB) in new bike insurance?
It is a discount offered on the bike insurance premium as a reward for not making any claims during the previous policy period.
What is the process for new bike insurance renewal?
To do new bike insurance renewal, visit Digit’s website or app, select the policy type, enter your previous policy details, review and update information, and make the payment.
Is it mandatory to have insurance for new bike in India?
Yes, having at least third-party bike insurance is mandatory by law in India.
What is the difference between third-party and comprehensive new bike insurance?
Third-party plan covers only liabilities to third parties, whereas a comprehensive plan covers third-party liabilities as well as damage to your own bike.
How long does it take to get new bike insurance?
You can buy new bike insurance online instantly, usually within a few minutes.
What happens if I don’t do my new bike insurance renewal on time?
In such a case, your bike insurance policy will lapse, and you won’t be covered financially anymore. Not having an active insurance policy will also lead to legal issues.
Can I switch my new bike insurance provider after purchasing the policy?
Yes, you can switch providers at the time of renewal.
What are the exclusions in the new bike insurance?
Common exclusions include wear and tear, mechanical breakdowns, and driving under the influence of alcohol.