BimanowBimanow
  • Home
  • Vehicle Insurance
    • Four Wheeler
    • Two Wheeler
  • Health Insurance
  • Life Insurance
  • Other Insurance
    • Home Insurance
    • Travel Insurance

Subscribe to Updates

Subscribe to our Newsletter for the latest update.

Thank you!
What's Hot

Invest in guaranteed return plans for higher returns and financial security

September 9, 2022

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022
Facebook Twitter Instagram
BimanowBimanow
Facebook Twitter Instagram LinkedIn
  • Home
  • Vehicle Insurance
    1. Four Wheeler
    2. Two Wheeler
    3. View All

    How Do You Get Insurance When Buying a New Car?

    August 25, 2022

    Premium based on your Driving Behavior

    July 25, 2022

    Advantages and Disadvantages of Car Insurance Brand Loyalty Discount

    May 30, 2022

    Third-party Insurance Rates Hiked from June

    May 27, 2022

    Does bike insurance policy cover fire damage

    September 3, 2022

    All you need to know about passenger cover in two wheeler insurance

    August 6, 2022

    Why to renew two wheeler insurance before monsoon

    August 1, 2022

    How to Select the Most Appropriate Two-Wheeler Insurance Policy in India

    July 27, 2022

    How can EV insurance be normalised?

    September 6, 2022

    Does bike insurance policy cover fire damage

    September 3, 2022

    How Do You Get Insurance When Buying a New Car?

    August 25, 2022

    All you need to know about passenger cover in two wheeler insurance

    August 6, 2022
  • Health Insurance

    How much health insurance do you need?

    September 2, 2022

    How To Cover Your Entire Family Under Health Insurance?

    August 30, 2022

    5% GST on hospital room rent: How will it impact health insurance policyholders?

    August 13, 2022

    Can Life Insurers Offer Health Plans?

    July 22, 2022

    Why Stick To Standard Health Insurance Policies When You Can Create One On Your Own?

    June 17, 2022
  • Life Insurance

    Invest in guaranteed return plans for higher returns and financial security

    September 9, 2022

    How To Initiate A Life Insurance Claim Upon Maturity?

    September 8, 2022

    Term Insurance Plan under MWP Act: How to buy and why it is important

    September 1, 2022

    Importance of Insurance And Term Life Insurance FAQs You Need To Know

    August 31, 2022

    How to Choose the Amount of Coverage You Need for Term Insurance

    August 26, 2022
  • Other Insurance
    1. Home Insurance
    2. Travel Insurance
    3. View All

    Home Insurance: Take cover for your home and its contents, too

    June 13, 2022

    Securing a Home Loan Liability: Home Loan Insurance or Term Policy?

    April 27, 2022

    Handy Tips When Choosing Home Insurance Policy in India

    April 15, 2022

    Home Insurance Quotes: How to Evaluate Them Online?

    April 6, 2022

    Here’s How Your Personal Accident Insurance Policy Can Protect Your Financial Well-Being

    September 5, 2022

    12 Travel Tips For a Stress-free Holiday

    May 12, 2022

    Everything You Should Know- Universal Travel Pass

    April 8, 2022

    Travel Insurance – Travel With CARE

    April 4, 2022

    Insurance claims independent of human errors, say industry players

    September 7, 2022

    Here’s How Your Personal Accident Insurance Policy Can Protect Your Financial Well-Being

    September 5, 2022

    Irdai wants life insurance firms to eye 50% premium growth in 5 years

    July 16, 2022

    Effective cybersecurity requires more than an insurance plan

    July 13, 2022
BimanowBimanow
Home»Vehicle Insurance»Looking to Buy Bike Insurance? Here are 2 Wheeler Insurance Rules by IRDAI
Bike Insurance
Vehicle Insurance

Looking to Buy Bike Insurance? Here are 2 Wheeler Insurance Rules by IRDAI

January 12, 2022No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest WhatsApp Email

Bike Insurance: As a necessary element of daily life, you must ensure that your cherished two-wheeler is adequately insured.

And here is when bike insurance coverage comes in handy. It is required in India to get two-wheeler insurance for your bike/two-wheeler.

Regular advancements in the area of insurance are made under the Insurance Regulatory and Development Authority of India (IRDAI) to make the two-wheeler insurance laws easier and clearer. The bike Insurance IRDAI guidelines make it simple for a bike owner-rider to understand his responsibilities on the road. We’ll look at the IRDAI requirements for bike insurance coverage in this article:

Insurance for Third-Party Bikes IRDAI Regulations

Third-party insurance is required for all motorized two-wheelers under the Motor Vehicle Act of 1988 and the IRDAI rules for bike insurance in India. The TPI covers third-party damages, which means that if you inadvertently cause harm to a third party while riding, you are covered. A third party might be a person, a vehicle, or real estate.

Remember the following guidelines:

  • Third-party insurance would not cover your own losses.
  • The amount of compensation to be awarded is determined by the court.
  • In the event of the insured’s untimely death or harm to a third party, the insurer will pay for the damages that you are obligated to pay.

TPI regulations for new motorcycles

Here are some guidelines to follow while shopping for a new bike:

  • All new motorcycles purchased after September 1, 2018, must have five years of third-party liability insurance. The IRDAI has made it necessary for all bikes to have long-term TP coverage.
  • The IRDAI has recently issued a decision to increase the Personal Accident Coverage from INR 1 lakh to INR 15 lakhs.
  • The IRDAI has also unbundled the PAC and made it available for purchase as a separate policy. If you are currently protected by the mandatory PAC via an insurance provider, you must purchase another PAC when you acquire a new car.

Bike Insurance That Covers Everything IRDAI Regulations

A comprehensive bike insurance policy, as the name implies, provides broader coverage. Aside from third-party liability, it also covers damages to your bike in the event of an accident.

Remember the following guidelines:

  • Natural disasters such as floods, earthquakes, and landslides are covered.
  • Damages caused by man-made disasters such as rioting, vandalism, and terrorist activity are covered.
  • Your bike has been stolen.
  • Damages/losses covered by add-on benefits are also covered by the insurer.
  • In the event that your bike is totaled, the insurance provider will pay you.

Other Insurance Requirements for Two-Wheelers

  • If traffic regulations are not obeyed, fines ranging from INR 500 to INR 1000 may be issued.
  • If a rider refuses to comply with authorized employees, he or she may face a punishment of INR 5,000.
  • If caught riding without a valid driver’s license, the rider may be fined INR 5,000.
  • Excessive speeding is punishable by a fine of INR 1,000.
  • Dangerous driving may put you in prison for 6 months and a fine of INR 1,000.

Insurance for Bikes Personal Accident IRDAI Rules (PA) Cover

PA Cover is a legal requirement for the owner-driver of the insured motorcycle. Third-party and comprehensive bike insurance are also available. This includes the following:

  • In the event of the owner’s complete handicap or death, a sum insured of INR 15 lakhs is payable.
  • The remuneration is structured as follows:
  1. If the coverage is for death, the whole money insured will be paid as compensation.
  2. If both limbs, both eyes, or one eye and one limb are lost in an accident, 100 percent of the money insured will be given as compensation.
  3. If just one eye or one limb is covered by the policy and is lost in an accident, 50 percent of the money insured will be given as compensation.

Also Read: Purchasing Bike Insurance: 11 Mistakes You’ll Never Make Again

Insurance for Bikes Exclusions under the IRDAI Rules

Despite the broad coverage provided by a two-wheeler insurance policy, many circumstances are not covered by the insurance provider. These exclusions are governed by IRDAI standards and are obeyed by all insurance companies:

  • Damage to your two-wheeler will not be covered by third-party insurance.
  • Damages to a two-wheeler’s electricals and mechanical systems are not covered.
  • If the rider was under the influence of alcohol or drugs at the time of the accident, the claim will be denied.
  • If the rider does not have a valid driver’s license, the claim will be denied.

Knowing the bike Insurance IRDAI guidelines can help you better comprehend your bike insurance coverage. You would understand how your insurance operates and what it covers. It is essential that you remain up to speed on the latest requirements in order to maintain your cherished two-wheeler properly covered.

Featured Trending two-wheeler insurance

Related Posts

Invest in guaranteed return plans for higher returns and financial security

September 9, 2022

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022
Add A Comment

Comments are closed.

Bimanow – All Things Insurnce
Recent Posts
  • Invest in guaranteed return plans for higher returns and financial security
  • How To Initiate A Life Insurance Claim Upon Maturity?
  • Insurance claims independent of human errors, say industry players
  • How can EV insurance be normalised?
  • Here’s How Your Personal Accident Insurance Policy Can Protect Your Financial Well-Being
Don't Miss

Invest in guaranteed return plans for higher returns and financial security

September 9, 20225 Mins Read

In contrast to a high-risk, high-reward strategy, guaranteed return plans provide you with future assurance.…

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022

How can EV insurance be normalised?

September 6, 2022
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • LinkedIn
Our Picks

Invest in guaranteed return plans for higher returns and financial security

September 9, 2022

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022

How can EV insurance be normalised?

September 6, 2022

Subscribe to Updates

Subscribe to our Newsletter for the latest update.

Thank you!
About Us
About Us

Bima Now is the best source for finding all information related to Insurance in India. We are not affiliated with any single insurance provider as we aim to give you the most authentic information.

Email Us: [email protected]

Facebook Twitter Instagram Tumblr LinkedIn
Our Picks

Invest in guaranteed return plans for higher returns and financial security

September 9, 2022

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022
© 2023 Aneemarcom. Designed by Aneemarcom.
  • Home
  • About Us
  • Insurance
  • News
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.

Go to mobile version