Team AckoMay 16, 2022
A two-wheeler is probably one of the most convenient vehicles in India, thanks to its manoeuvrability and lightweight. Thus, bikes are popular. If we talk about bikes for women, models like Scooty Pep pop up in our minds. But the preference for women is not limited to scooters. There are many successful only-women biking clubs that use two-wheelers not only for daily commute but also long-distance travelling. This brings us to the mandatory aspect of riding a bike — bike insurance for women.
In this article, you will find information on how a woman can choose the best bike insurance policy. Let’s begin by understanding the concept in-depth.
You must have a valid bike insurance policy if you want to ride a two-wheeler legally in India. This applies to everyone riding a vehicle on Indian roads. Two-wheeler insurance for women is similar to standard bike insurance plans and offers the same coverage. Of course, the coverage depends upon what the bike owner chooses to purchase.
Ladies bike insurance policies can be priced lower as compared to other genders, but this depends upon the terms and conditions of the insurance company. This is because some insurers believe that women bike riders are conservative in nature and drive more safely than male bike riders. They renew bike insurance in time, avoid breaking traffic rules, and ride the bike safely.
When you start looking for a suitable bike insurance plan, you will notice that the insurer offers the following two major types of policies.
Third-Party Liability Insurance: As the name suggests, only third-party liabilities (third-party death, disability, property damage) are covered under this plan. You must buy this coverage if you want to meet the bare minimum legal requirement of riding a two-wheeler. Any coverage apart from third-party liabilities will not be covered in this basic plan.
Comprehensive Bike Insurance: A Comprehensive policy offers more coverage than a mere Third-party Two-Wheeler Liability plan. When you choose a Comprehensive policy for your bike, you can make claims against damages to your bike as well. For example, say you met with a minor accident, and your bike suffered damages. You can go ahead and raise a claim to cover the costs of repairs if you have a Comprehensive Insurance plan.
Along with accidents, the Comprehensive Insurance plan also covers man-made calamities, natural calamities, theft, and total loss.
There is no separate bike insurance plan for women. All riders must buy an insurance policy to cover possible financial loss from situations like theft, fire, accidents, natural calamities, etc. Here are some tips that ladies can use to get a bike insurance plan.
Review your requirements: Most people think that bike insurance is a one-size-fits-all product. However, this is not true. By opting for relevant add-ons, you can customise a Comprehensive Bike Insurance policy as per your requirements.
Select consolidated coverage: The basic Third-party Liability plan may not provide enough coverage when it comes to the repair cost of your bike. Hence, opt for a Comprehensive Bike Insurance policy that offers extensive coverage.
Enhance the insurance plan with add-ons: Add-ons are optional and help you to customise your bike insurance policy. Some add-ons like Zero Depreciation, Bike Engine Protect, etc., offer financial help at the time of claims. At the same time, the Roadside Assistance add-on offers an array of services like breakdown assistance, fuel refill, flat tire change, towing services, etc. Choose add-ons that will be useful for you.
Find a reliable bike insurance company: Buying from a reliable bike insurance company is as important as buying adequate insurance coverage. The proactiveness of the insurer and short turnaround time will help you in the time of need. For example, choose a company that offers instant claim settlements, low-priced bike insurance policies, and quick repairs.
Women's motor insurance policies are important as they offer financial coverage at the time of need. The extent of coverage depends upon the type of bike insurance plan selected and the availability of add-ons. Once you have the right bike insurance policy in place, you can ride the bike at ease without worrying about the financial burden of damages. Then there can be Third-party liabilities that can burn a hole in your pocket.
1. Accident: Say you accidentally hit someone on the road and caused them injuries. Your bike insurance policy will take care of the treatment cost of that person.
2. Natural calamity: Suppose your bike is parked in a garage, and it got damaged due to heavy rains and floods. The Comprehensive Bike Insurance policy will cover the cost of this damage.
3. Fire: A Comprehensive policy covers damage to the bike in case of fire or explosion.
Bike insurance is an important financial backup for a person of any gender in case of damage to the bike or to other people and their property. A Comprehensive policy offers the following coverages.
Natural and man-made calamities
Note that every bike owner must buy a separate Personal Accident cover with their motor insurance policy. This is mandatory by law.
Here are some tricks that will help you get the cheapest bike insurance plans for women.
Buy bike insurance online as digital policies are cheaper than traditional offline counterparts. This is because the operational costs of online policies are less. Additionally, you get an instant bike insurance policy delivered to your registered email address.
Compare bike insurance plans before purchasing. This way, you can buy the best plan for a lower price. These tools are available online for free. You must first find bike insurance plans that offer similar coverage and then compare the cost and insurer’s services.
Opt for Voluntary Deductibles. By doing so you promise the insurer to bear the part of the claim amount when the need arises. Another type of deductible is the ‘Compulsory Deductible’ that you must compulsorily bear during claims.
Set the right Insured Declared Value (IDV). It is the approximate market value of the bike. Setting a higher amount will increase the premium, and setting a lower IDV will decrease the claim amount.
Install an anti-theft device certified by the Automotive Research Association of India (ARAI) to avoid theft-related claims. Get in touch with the insurer to enquire about a possible discount.
Here is a list of some common questions related to bike insurance for women.
Can women ride a bike without a two-wheeler insurance policy?
No, it is illegal to ride a bike without bike insurance. You will be fined for doing so, and with repeated offences, the officials can temporarily suspend your driver's license.
Can I claim for minor damages like scratches or broken mirrors?
Yes, you can raise a claim for minor damages against your Comprehensive bike insurance policy for women. However, it is not advisable to do so because you may lose any accumulated No Claim Bonus (NCB). Losing the NCB can increase your bike insurance premium during renewal time.
Is it mandatory to buy add-ons with a bike insurance policy for women?
No, buying add-ons is not mandatory except for the Personal Accident (PA) add-on. However, every bike owner opts for the PA add-on irrespective of gender. You can choose other add-ons as per your requirements.
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