Imported Bike Insurance

  • Author :
  • TATA AIG Team
  • Published on :
  • 05/12/2023

The popularity of two-wheelers in India is at its peak, with over 15.9 million units being sold in the country this year already. Other than purchasing two-wheelers from Indian manufacturers, people also buy many two-wheelers, especially bikes from other countries.

A foreign bike is commonly purchased for style needs, model specifications, type and make, average performance, etc. For the same reason, the number of imported bikes in India is increasing significantly.

However, an essential aspect of riding any bike in India is valid bike insurance. Regardless of the purchase country, insuring an imported motorcycle is as vital as securing insurance for a bike made in India.

In this blog, we will discuss imported bike insurance in detail, covering the scope of coverage offered, the list of benefits available, and the process of purchasing imported motorbike insurance.

All About Imported Bike Insurance

Riding foreign bikes in India is a big flex as there are limited foreign bikes available on the road. With upgraded style, performance, and on-road stature, securing your imported bike with the right insurance is mandatory to avoid excessive financial burden in times of need.

At present, there is no separate category of bike insurance called imported bike insurance in India. However, to follow the legalities of riding a bike, imported or local, in India, you need to purchase a third-party bike insurance plan as soon as the new bike arrives.

Moreover, given that the imported bike is made of parts that might not be readily available in India and also have personalisation and customisation elements, insurance providers offer comprehensive bike insurance plans to the owner of imported bikes at a higher premium.

To understand what is covered in a comprehensive bike insurance plan for an imported bike, let us discuss the scope of coverage below.

Key Aspects of Imported Bike Insurance

As mentioned above, third-party bike insurance is compulsory for every bike owner. Having said that, insuring your imported bike with a comprehensive bike insurance policy can be highly beneficial.

The key aspects of a comprehensive plan that can reduce the financial burden of damage and repair for your imported bike include the following.

Third-party bike insurance only covers damage, loss, and legal finances incurred by a third-party due to the insured bike. This means no personal cover for your insured bike is available.

A comprehensive plan offers broader coverage for the insured as it combines the benefits of own damage and third-party liabilities. It safeguards your imported bike from accidental damage or other loss or theft cases.

This is necessary as parts replacement, damage repair, and other amendments required for the imported bike are generally more expensive in India, as compared to purchase country prices.

Most insurance providers allow the insured to combine a list of rider options with their base comprehensive bike insurance plan to increase the scope of coverage further.

These add-ons can also allow more straightforward claim settlement procedures and other crucial benefits that can reduce the overall financial burden of maintaining an imported bike in India.

Benefits of Imported Bike Insurance

Considering the high prices of repair and replacement for imported bikes in India, it is an excellent decision to invest in a comprehensive bike insurance policy.

If you are still trying to figure it out, here is a list of some of the top benefits of investing in imported bike insurance.

The first and most crucial benefit of imported bike insurance is increased financial safety in unforeseen circumstances that can otherwise be highly draining, both emotionally and financially.

Natural calamities are unpredictable, but the level of damage they can cause is problematic. A comprehensive plan secures your bike from any natural disaster to ensure all damage caused due to natural calamities is well compensated for to reduce expenses for the insured.

In unavoidable accidents, there can be irreparable damage. In such situations, a comprehensive plan offers cover for the total loss incurred by the insured by compensating them as per the value of the bike (certain factors like IDV and depreciated value are considered for calculation).

Fancy imported bikes are an easy target for thefts. A comprehensive plan extends cover to provide financial assistance to the insured in case of thefts, voluntary third-party damage, vandalism or any other man-made damages.

Calculation of Imported Bike Insurance

The premium charged for imported bike insurance can depend on many different factors. Most insurance providers start the calculation based on the IDV or Insured Declared Value, wherein the value of depreciation is subtracted from the selling price of a vehicle. Then, the cost of additional accessories is added to the total.

However, for an imported bike, the IDV value includes a list of additional expenses other than the purchase price. The list includes customs, transportation costs, import costs, fragile delivery costs, packaging costs, etc.

So, while calculating the imported bike insurance premium, these additional costs are not taken into consideration. Only the seller’s price at the time of purchase is considered, meaning the insured will receive premium value without the cost inclusion of importing the bike.

How to Find the Right Imported Bike Insurance?

To find the right imported bike insurance, you need to follow the steps below.

  • Research and explore different bike insurance plans from numerous providers to see which one fits your budget and needs the best.

  • Only purchase imported bike insurance after reading the detailed terms and conditions.

  • Choose an insurance provider that offers customisation flexibility to ensure you can combine add-ons to increase the scope of coverage as per needs.

  • Always check the claim settlement ratio and online reviews of insurance providers before finalising one to ensure timely claim settlements are available.

  • Check for the customer support provided to resolve queries and complaints to avoid falling prey to sticky situations with no resolution.

  • Choose a higher deductible value if you want a more affordable imported bike insurance plan.

Conclusion

For all two-wheelers or bike owners, investing in a safety net by purchasing insurance for a 2-wheeler is highly recommended. Imported bikes look fancy and add value to your rides on the road, but they cost a lot when compared to Indian manufacturers.

Therefore, to receive peace of mind and financial safety to avoid increasing the cost of owning an imported bike in case of accidents or other damages, buying an imported bike insurance is a must.

Suppose you are afraid of the commitment of yearly renewals. In that case, you can also purchase a long-term two-wheeler insurance plan for your imported bike, available with Tata AIG.

The end goal is to enjoy safety and peace of mind with an insurance plan that supports the financial expenses of riding an imported bike in India. Always remember to research well and compare different plans to choose the right one.

Secure your imported bike with Tata AIG today!

FAQS

Can I combine zero depreciation coverage with my third-party insurance?

Third-party bike insurance does not offer any cover add-on options. For zero depreciation, you need to purchase your own damage or a comprehensive plan and then add the zero dep cover to enjoy the benefits.

Which is the best insurance plan for imported bikes?

Third-party insurance is mandatory but offers no direct benefits for the imported bike. We recommend purchasing a comprehensive plan that offers numerous benefits and an increased scope of coverage for personal accidents, thefts, natural disasters, etc.

Is bike inspection necessary while purchasing bike insurance?

Bike inspection is not mandatory, as per many insurance providers. However, if you are concerned about your imported bike’s condition or just generally wish to check the well-being of the bike, you can opt for an inspection. Tata AIG allows you to purchase bike insurance without inspection in a few quick steps.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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