Motorcycle Insurance: What, Why, and How

In a densely populated country like ours, where road accidents are commonplace, most people are aware of insurance to some extent. Motorcycle insurance is a policy that provides coverage for damages to your bike caused by various accidents, theft, and natural disasters.

Bike insurance is a unique solution to financially overcome damages caused by accidents. However, many people are not aware of the correct rules for getting insurance, which often leads to customers facing various harassments from insurance companies.

Through today's article, we have discussed the correct way to get motorcycle insurance and the price of motorcycles in the current market. Let's find out what is required to get motorcycle insurance in a simple way.

Various Benefits of Motorcycle Insurance Policy

Anything can happen while riding a motorcycle on the road. The inadequacy of good roads, the lack of qualified drivers, and heavy traffic during office hours have become a part of our daily lives.

Additionally, during the rainy season or intense heat, riders face various difficulties on the roads, such as slippery roads and unusual heat. Accidents frequently occur on the roads due to these natural causes. Therefore, insurance is very important to avoid financial loss after an accident. So, by getting insurance, you can enjoy the following benefits:

• Financial Protection: In cases of motorcycle theft, accidents, and other disasters, an insurance policy will protect you from financial loss.

• Accidental Damage: Bike insurance will not only compensate for financial damage to your motorcycle but will also help you if you suffer any physical injury.

• All Types of Motorbikes and Scooters: All damages to your motorcycle or scooter can be covered through your insurance.

• Easily Available Service: By paying a little extra when purchasing the policy, you can avail roadside assistance or service from a garage.

• Peace of Mind: Minor maintenance for a motorcycle can sometimes be quite expensive. But when you have insurance, you will be able to ride your bike with considerable peace of mind.

What You Need to Get Bike Insurance

In Bangladesh, three categories of insurance are available for all types of vehicles. These are mainly divided into Type 1, Type 2, and Type 3. Among these three categories, the first two are called high premium, which can provide full compensation for any unforeseen accident. However, in the third category, compensation will be available at a fixed rate, so it is important to be cautious when choosing a category.

What You Need to Buy Insurance

• Your motorcycle's blue book
• Two passport-sized photos
• Driving license
• Motorcycle documents
• Photocopy of national ID card
• Bike purchase receipt

Primarily, many riders buy third-category insurance for its lower cost. In this category, a one-year insurance policy will cost 200 BDT. Subsequently, it will need to be renewed every year for 225 BDT (including VAT).

Types of Motorcycle Insurance Plans in Bangladesh

• Third-Party Motorcycle Insurance: A third-party insurance policy generally protects riders from all kinds of legal hassles related to third parties (property or people) after an accident. It also protects riders from liability for any person involved in an accident (even death).

• Comprehensive Motorcycle Insurance: Comprehensive motorcycle insurance or full bike insurance will protect your motorcycle from accidents, bike theft, and damages caused by natural disasters, in addition to third-party legal liabilities.

Why is Online Motorcycle Insurance Fast and Easy?

• Quick Insurance Policy for Your Motorcycle: After buying a bike, many people want an easy way to get insurance, which can be done online in just a few minutes.

• No Extra Charges: When getting online insurance, there is almost no possibility of additional or extra charges.

• No Need to Provide Previous Insurance Information: If your previous insurance was done more than 90 days ago, you don't need to provide any old information when getting new insurance.

• No Documents Required for Renewal: When renewing the policy, no information needs to be provided; your insurance can be renewed with just a few clicks.

• Online Support: Additionally, most motorcycle insurance companies provide online service for their customers.

How to Get Online Motorcycle Insurance?

In our country, several insurance companies provide online motorcycle insurance services, and you will receive it within two/three days of registration. Many people look for an easy way to get bike insurance to avoid damage in unforeseen circumstances after buying a new motorcycle. The information that may need to be provided to get online motorcycle insurance includes:

• Bike CC limit
• Motorcycle value (as per showroom documents)
• Previous insurance details
• Road tax token expiry date
• Fitness certificate expiry date
• The compensations you are applying for
• Whether your bike has a tracking device installed

Most insurance company websites have a calculator feature, where you can easily find out the cost after providing all the information.

How to Claim Bike Insurance Online?

If you have purchased your insurance online, you can claim it in two ways:

• Cashless Claim: In a cashless claim, the claimed amount is directly paid to the network garage where your bike was serviced. However, this is only possible if you have received service from a garage registered with your insurance company.

• Direct Claim: In this method, you can directly claim from the insurance company. However, since the claim application must come from the company, if you have third-party insurance, make sure they are doing business in a registered manner with their partners.

Final Words

We certainly do not want anyone to suffer from unforeseen accidents. However, if you exercise adequate caution and follow all rules while riding a bike, the chances of an accident significantly decrease. Additionally, if you take a bike riding course, you will be able to handle it well even in various challenging or adverse situations.

So, before hitting the road with your bike, don't forget to wear a full-face helmet and other riding safety gear. If you are a new rider, we hope that through today's article, you will learn about the necessity and methods of getting motorcycle insurance online quickly and safely.

Happy Riding!