Bike Insurance in Chennai

Why is Bike Insurance Essential in Chennai?

In a city like Chennai, most roads are well-maintained. However, it comes with challenges, such as a unique blend of dense traffic, coastal weather change, and traffic congestion. Here, a proper bike insurance policy comes to the rescue. It covers the repair cost for the damages caused to the bike and protects against legal liabilities and potential losses arising from insured perils mentioned in the policy documents.

Here is a list of reasons explained why bike insurance is essential in Chennai:

1. Unpredictable Coastal Weather and Natural Disasters

   The city's coastal region is vulnerable to various natural calamities, cyclones, floods, and those crazy downpours, especially in monsoon. These events can cause significant damage if you own a two-wheeler. However, having a comprehensive bike insurance policy covers the cost of repair and replacement of the damaged parts of the bike due to such natural calamities at an affordable premium rate.

2. Traffic Congestion and Rising Road Accidents

   Chennai's road infrastructure is a mix of wide avenues and narrow roads, causing traffic congestion. Taramani (Tidel Park area), Pallikaranai (near Chennai One Tech Park), Anna Salai (especially Nandanam junction), Poonamallee High Road (especially Ramapuram junction), Koyambedu market area, Velachery, and East Coast Road (ECR) are known hotspots of the city.

   Now, combining this with the fast-paced lifestyle contributes to a higher risk of road accidents. Therefore, a bike insurance policy is indispensable for financial protection against damages and liabilities arising from these incidents.

   The following pointers put light on the city's traffic overview:

   • As a central metropolitan area, Chennai has a high density of two-wheelers, which are particularly vulnerable to accidents.
   • The urban locations in Chennai contribute to the state's overall road accident statistics.
   • Speeding, reckless driving, and breaking traffic rules are major contributors to road accidents.

3. Rising Traffic Offences and Challans

   Like in other metropolitan cities, traffic violations in Chennai lead to hefty challans and even legal complications. Adhering to traffic rules is crucial, and having a valid or active two-wheeler insurance policy is part of that compliance.

4. Increasing Risk of Bike Theft

   Being the capital city of Tamil Nadu state, Chennai faces the challenge of vehicle theft. Comprehensive bike insurance in Chennai ensures financial security in case of theft, providing compensation for the loss.

How to Find the Right Bike Insurance Policy in Chennai?

Finding the right bike insurance means knowing your needs & budget. Here is a step-by-step guide:

• Know your needs: Determine the coverage type you need. Depending on your budget & requirements, you can choose between a third-party or comprehensive bike insurance policy.
• Compare Policies: To compare the policies, you look for reputable insurance companies that offer bike insurance in Chennai. To do this, you can visit the official website of Policybazaar Insurance Brokers Private Limited. Here, you can check and compare plans offered by various insurers.
• Know Insurer's CSR: A higher Claim Settlement Ratio (CSR) indicates a reliable insurer. Therefore, you must check it before finalising the insurer.
• Read T&Cs carefully: Before paying any premium, read & understand the terms and conditions carefully.

Tips for Comparing Bike Insurance Policies in Chennai

To compare various policies, here is what you need to keep in mind:

• Premium: Always compare premiums, but do not entirely focus on the lowest price of the policy. Consider the policy coverage offered by the insurer.
• Coverage: Next comes the policy coverage. It is advised that the extent of coverage is evaluated and that various bike insurance add-ons like zero dep cover, engine protection cover, and roadside assistance cover be included.
• Claim Settlement Ratio (CSR): Check the CSR of insurance companies as it helps measure the company's efficiency while settling claims. The higher the CSR, the smoother the settlement process.
• Network of Garages: While comparing policies from different insurers, ensure they have a vast network of authorised garages in Chennai for cashless repairs.
• Customer Reviews: Ratings & reviews are vital in deciding which is better. Hence, read online reviews to gauge the insurer's customer service.

Which Type of Bike Insurance Coverage Would be Ideal in Chennai?

Looking at Chennai's changing weather conditions and unpredictable forces of nature, a comprehensive bike insurance policy is strongly recommended. It offers financial protection against third-party liabilities and coverage for everyday risks of accidents & theft and the city's vulnerability to natural calamities.

Since the city's coastal location exposes riders to various perils like cyclones, floods, and heavy rains, it is advisable to choose valuable bike insurance add-ons, such as engine protection cover and roadside assistance cover. These add-ons safeguard the insured two-wheeler against specific risks that can arise from:

• Damage caused to the bike's engine due to floodwaters or rain waters inundating the technical or mechanical systems.
• Losses due to waterlogging and subsequent corrosion.
• Any services needed, such as tyre change, emergency fuel delivery, towing, etc., might be required during cyclone-force winds.

How to Buy Bike Insurance Online in Chennai?

Buying bike insurance online is convenient and time-saving if you buy it from the official website of Policybazaar Insurance Brokers Private Limited:

• Step 1: On the home page, find the '2-wheeler Insurance' button and click on it.
• Step 2: For a new bike, click 'Buying a New Bike?' and provide the necessary details to get a quote, such as your city, bike make, model, variant, RTO, etc. If renewing, you might enter your bike's registration number and click on 'View Prices'.
• Step 3: Compare various plans by several bike insurance companies and get the one which suits your budget and needs.
• Step 4: If required, you can select add-ons to customise your policy. Fill out any additional details needed.
• Step 5: Pay the bike insurance premium online using available payment methods like UPI, debit/credit cards, or net banking.
• Step 6: Once the payment is completed, the insurance provider will send the policy document to your registered email ID.

What is the Challan for Not Having a Bike Insurance Policy in Chennai?

Not having at least a third-party bike insurance policy while riding your two-wheeler in Chennai leads to a significant challan of ₹2,000 for a first-time offense; for subsequent offences, it is ₹4,000.