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Guide to understand imported bike insurance

Team AckoMay 16, 2022

Several bike enthusiasts and collectors wish to own a particular model or variant not sold in India. Regardless of the higher cost of importing a bike, they are interested in its desirability and popularity. If you want to own an imported bike, you should know that it must be insured to ride the bike on Indian roads. Here is a guide to understanding imported bike insurance and its benefits.

Imported Car Insurance

What is imported bike insurance?

There isn’t a particular type of vehicle insurance called imported bike insurance. Insuring an imported two-wheeler is similar to insuring domestic or locally-manufactured two-wheelers. The sheer high cost of repairing or replacing parts of the imported bikes is generally expensive since they are not manufactured in the country. Due to these criteria, insurers may offer insurance plans at a slightly higher premium than a locally-made bike.

As the cost to repair or replace parts is higher, it is prudent to include valuable add-on covers to enhance the Comprehensive Bike Insurance Plan’s coverage. It helps mitigate losses that are not covered under the primary plan.

Insurance for imported bikes in India

All motorcycles and scooters must be insured with the Third-party Liability Plan (TP). Hence, you must insure your bike with compulsory Third-party Bike Insurance. But, it is ideal to choose the Comprehensive Bike Insurance for numerous benefits as it includes the TP cover and Own Damage (OD) cover components.

Here are the observations of bike insurance for imported bikes.

  • Opt for Comprehensive Insurance for broader coverage.

  • Include add-ons to enhance the scope of the policy.

  • If need be, choose a higher voluntary deductible for a lower premium.

What does imported bike insurance cover?

Insurance for imported bikes is identical to those sold in the country. While Third-party Bike Insurance is a mandatory requirement for imported bikes, it is the Comprehensive Bike Insurance that offers broad-ranging benefits. Here are the coverage details of the comprehensive plan.

  • Damage to your bike or scooter incurred in an accident.

  • Theft of your imported bike.

  • Damage to your imported bike arising from natural calamities (earthquakes, floods, etc.).

  • Damage to your imported bike caused by man-made calamities (vandalism, riots, etc.).

  • In case damages are beyond repair (Total Loss).

  • Damages or losses are covered under any chosen add-on covers.

Imported bike insurance vs normal bike insurance 

The basis of the premium rates for bikes or scooters is the approximate market value of the vehicle. Also known as Insured Declared Value (IDV), insurers use it as one of the main criteria to determine the insurance cost for an imported bike or locally-manufactured vehicle. However, there is a difference between imported bike insurance and normal bike insurance. 

An imported bike typically costs more as several costs are involved in importing them to India. Apart from the vehicle cost, you have to bear the transportation cost and customs duty of the bike to import it to India.

The premium calculation considers the manufacturer’s selling price and not the overall cost of importing the vehicle. Hence, you may not be able to cover the entire cost of bringing the bike to India. 

The insurance cost for imported bikes mainly depends on the bike’s approximate market value. When you compare the price with the normal bike insurance, imported bike insurance cost depends on the IDV and not the acquisition cost of the vehicle.

Cheapest imported bike insurance

Here are some insights into how you can choose the cheapest bike insurance for imported two-wheelers.

  • Browse the internet for the best deal

Online shopping has impacted the way you shop for two-wheeler insurance. Digital-first insurers such as ACKO strive to reduce the steps to buy or renew bike insurance for imported bikes. Write to us or call us to get a quote for your imported bike. As our transactions are online, we can reduce the operational cost. This allows us to offer these savings to you in the form of low-cost insurance plans.

  • Be practical

You must be impressed with a sleek and expensive sports bike; however, you must understand that you need to pay a higher premium for insuring the vehicle. But, if you still want to own an imported bike, you may consider not choosing an expensive and fast bike for affordable insurance.

  • Take security precautions

Take that extra care when it comes to securing your bike. You may consider installing an anti-theft device for your insurer to consider a discount on the premium.

Tips before buying bike insurance for imported bikes

If you are shopping around for the right insurance coverage for your imported bike, here are some tips to enable you to decide on the right plan.

  • Choose the wide-ranging Comprehensive Bike Insurance as it covers third-party liabilities and damages/losses to your bike.

  • When you choose the Comprehensive plan, you have the opportunity to buy bike insurance add-on covers to widen the scope of the primary policy.

  • Before you zero in on the insurance plan, compare different quotes to assess the suitable coverage for your imported bike.

  • Choose a digital insurance company like ACKO for seamless access to your policy, and you get to complete all transactions online. It enables you to buy or renew and raise claims instantly.

Frequently asked questions

Here are some essential questions about imported bike insurance.

Are foreign bikes or scooters expensive to insure?

The insurance cost shall be higher if you have opted for a higher IDV for your vehicle. The main factors that influence the insurance pricing are the market value of the bike, year of manufacture and location or the pin code.

Can the type of bike I import impact the bike insurance premium?

Yes, the bike insurance premium depends on the make, model, year of manufacture and location.

What is the insurance coverage for imported replacement parts of the imported bike?

The insurer may cover the Maximum Retail Price (MRP) and the shipping cost of the replacement part; however, the import tax and other expenses related to importing, such as customs duty, etc., are not covered. It is prudent to read the inclusions and exclusions for more information on the coverage for particular claims.

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