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BMW Group motorcycle brand BMW Motorrad is known for designing performance-oriented bikes in segments such as long-distance enduros, exclusive luxury touring bikes, racing motorcycles and urban bikes. For every type of BMW bike, motor insurance is required to protect the owner-rider against any third party liabilities or damages/losses to the insured bike. Read on to learn all about BMW bike insurance, online bike insurance benefits and answers to some of the frequently asked queries.
Bike insurance is not only a mandatory document to ride the vehicle on public roads, it is essential to protect you against third-party liabilities and the insured vehicle. BMW bikes utilise performance-oriented spare parts either to aid the rider in terms of safety and offer sporty performance. Replacing or repairing these parts are expensive; however, with motor insurance, the liabilities are covered by the insurer. The following benefits of buying bike insurance for BMW bikes are available through the Comprehensive insurance:
Personal accident cover for the owner-rider.
Coverage towards damages or losses to the insured bike.
Coverage towards third party life or property.
Get the sum insured amount in case of total loss or damages.
Losses due to riots, vandalism or such man-made calamities.
Losses due to floods, earthquakes or such natural calamities.
Coverage against damages or losses due to fire or theft.
Bike insurance for your BMW Motorrad bike are of the following types:
Offers coverage only to third party life or damages to property and is mandated by the law through the Motor Vehicles Act.
Offers coverage to third parties and the insured bike and has the option to choose from various Add-on covers.
|Coverage||Comprehensive Bike Insurance||Third-Party Bike Insurance|
|Damages to the insured BMW bike||Yes||No|
|Calamities caused by humans (riots, vandalism)||Yes||No|
|Personal Accident (PA) cover for owner-rider (policyholder)||Yes||Yes|
|Theft or damages due to fire||Yes||No|
|Add-ons for Insurance||Yes||No|
|Customise Insured Declared Value (IDV)||Yes||No|
Ideal bike insurance should offer a wide coverage at a lower price or premium. These are available through the Comprehensive insurance with the following benefits:
Personal Accident cover for the policyholder/driver.
Coverage for third party life/property damage.
Coverage to the insured vehicle.
Losses or damages due to floods, earthquakes and other man-made calamities.
Coverage against theft or fire.
Damages due to vandalism, riots and other natural calamities.
Like all insurance policies, the following are limitations to the BMW two-wheeler insurance:
Damages or losses caused while riding the bike without a driving licence.
Regular wear and tear of bike parts.
Damages or losses caused while riding the bike in an intoxicated state.
Damages or losses caused while riding the bike outside the geographical area.
Insured being used for illegal or unlawful activities.
Damages or losses caused due to electrical or mechanical breakdown.
Add-ons provide extra coverage which the basic Comprehensive insurance does not cover. Below are the Add-on covers that you choose from:
The insurance company will not consider the depreciation of the parts being replaced or repaired while settling claims.
Get coverage for the pillion rider in case of an accident. This is in addition to the Personal Accident cover for the owner-rider.
In case of theft or total loss, the insurer will offer the Insured Declared Value (IDV) of the bike; however, the Invoice Protection cover, you will receive the invoice value.
The engine is not covered under the basic insurance; however, the Engine Protection Add-on will cover damages due to oil leakage or water ingression.
It protects the No Claim Bonus even if you register a claim during the policy period.
Acko is a new-age digital insurance company offering products online without the need for agents or middlemen to sell insurance policies. Below are the main benefits of buying Acko bike insurance for your BMW bike:
Buy, renew and raise claims online with the help of the internet by visiting the website or the smartphone app.
Register claims online to pick up your vehicle, get it repaired at the network garage and drop the bike back to you.
Get guidance for insurance experts at Acko for queries on purchase, renewal, claims and other insurance-related services.
Get your BMW bike fixed at a network garage and avail cashless services.
Below are the steps to raise a claim online. Digital insurance company such as Acko provide a paperless process while raising a claim:
Step 1: Access the website or the mobile app of the insurance company.
Step 2: Under the ‘claim’ section, register your claim and you have to upload the damages sustained by the insured vehicle.
Step 3: The insurer will assign a surveyor to inspect the damages and get it repaired at the network garage for cashless claim service.
Note: You can also opt for the reimbursement process and generally this process is considered time-consuming compared to the cashless claim.
Below are answers to some of the frequently asked queries about BMW bike insurance:
Traditionally, bike insurance could be purchased through an agent or middlemen, required a lot of paperwork and you have to approach the insurer’s branch office to resolve issues. However, new-age insurance companies have revolutionised the way customers can interact directly with the insurer. This is possible via the internet. You can visit the website of insurers such as Acko to buy bike insurance online hassle-free and at a competitive price in the market.
The insurance cost is based on different factors such as the cost of the vehicle, year of manufacture, the location of the vehicle, etc. Hence, the value of the bike determines the bike insurance premium BMW bikes. That said, the cost of insurance is lower bought through online insurance companies. Digital-first insurers do not have insurance agents or middlemen which has resulted in the reduction of the company’s operational costs. This has led them to offer one of the best bike insurance for BMW bikes and online insurance has brought customers and insurance companies to transact directly.
Immediately! This is achievable through new-age digital insurance companies. They have transformed their operations into a digital environment making the entire renewal process faster and quicker than ever before. Visit the insurer’s website or access their smartphone app to log into your account to renew the policy instantly and receive the policy to registered email address.
Traditionally, you had to submit several documents to insure your two-wheeler; however, with insurance companies increasingly using the internet, they offer online and paperless transitions. Insurers such as Acko promote paperless transactions. You need details such as the registration number of the bike, location of the bike, year of manufacture and previous insurance policy (if required). These details are enough to insure your BMW bike instantly.
The cost of insurance for the bike depends on the value of the vehicle, the model and the year of manufacture, the location and the variant; however, you can still decrease the price. This is possible through digital insurance companies which deal directly with customers and removing the need for an agent to sell the insurance. Also, you can become a member of associations such as Western Automobile Association of India or the Automobile Association of India. Additionally, you can install security devices such as anti-theft devices as insurers take this into consideration while pricing the insurance policy.
IDV or Insured Declared Value is the sum insured amount or the approximate market value of the bike. This is paid to the policyholder in case of total loss or damages to the insured bike. While purchasing the insurance, you have the option to increase or decrease the IDV. Hence, if the IDV is increased, the insurance cost increases and vice versa as well.
Add-on covers are offered when you buy Comprehensive bike insurance. The basic insurance policy does not cover certain losses and damages such as damages to the engine, pillion rider cover, etc. However, Add-ons provide that extra edge to the standard insurance cover. You can opt from various add-ons depending on your requirement. You can refer to details of various add-ons available for two-wheeler insurance mentioned-above.
Usually, the insurance company provides a 30-day grace period from the expiry date to renew the policy. Furthermore, you can still renew the policy after the grace period by paying the required penalties. During such scenarios, the insurance company will assign a surveyor to inspect the bike before the insurance policy is issued to the vehicle.
Yes, you can port the bike insurance from your existing insurer to a new insurance company. Visit the new insurer’s website or their mobile app to insure your vehicle. You will need details such as the registration number, location, model and year of manufacture of the bike and existing policy details to renew or insure your bike insurance.
Generally, the bike dealer will arrange to insure your bike. You can also approach the insurance company to insure your bike. You can opt for online insurance companies who have made insurance-related services easier and efficient for customers.
IRDAI Registration No: 157
Category: Non-Life Insurance
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