Bike Insurance in Mumbai

Why is Bike Insurance Essential in Mumbai?

Mumbai is a well-known city characterized by its dense population, heavy traffic, and monsoon-prone climate. All these conditions pose specific challenges for two-wheeler riders. However, having the right bike insurance in Mumbai helps mitigate the associated costs or expenses with these circumstances. After all, it provides crucial coverage for repairing the costs arising from various insured perils, such as accidents, thefts, fires, etc.

Here are a few main reasons explained why bike insurance is essential in Mumbai:

1. Heavy Traffic and High Challan Rates

   Mumbai roads are known for their intense traffic congestion, leading to increased traffic violations and accidents. Moreover, this has caused many challans to be issued, especially for the two-wheeler riders. Here is a table illustrating the scale of issued challan by Mumbai police in the year 2024 for two-wheelers:

   Total Challan for Two-Wheelers	30,43,889
   Total Challan Amount for Two-Wheelers	₹2,31,79,66,250
   Paid Challan for Two-Wheelers	7,76,703
   Paid Challan Amount for Two-Wheelers	₹49,14,24,600
   Unpaid Challan for Two-Wheelers	22,67,186
   Unpaid Challan Amount for Two-Wheelers	₹1,82,65,41,650

   *Source: Challan e-Challan Annual Report 2024 (Available at Mumbai Traffic Police official website)

   All these figures highlight the importance of adhering to predetermined traffic rules and having a valid bike insurance policy to avoid financial breakdown.

2. High Risk of Accidents for Two-Wheeler Riders

   Motorcyclists in Mumbai face a significant risk of road crashes. Here is data shedding light on how concerning the picture is in the year 2023 sourced from Mumbai Road Safety Annual Report:

   Fatalities:

   • Both two-wheelers and three-wheelers accounted for the largest share of road crash deaths in Mumbai, making up 48% of all the fatalities.
   • Motorcyclists were impacted in hit-and-run fatal crashes, marking 44% of the victims in such incidents in this year.
   • Among all the zones divided by state police, two-wheeler occupants' deaths were most frequent in Zone VI and Zone XII.
   • Heavy vehicles were involved in fatal crashes involving 33% of the motorcyclists. Moreover, 24% of motorcyclists were killed in single-vehicle crashes.

   Injuries:

   • Similar to fatalities, two-wheeler riders faced non-fatal road crash injuries, accounting for 46% of the total.
   • 43% of motorcyclists were frequently injured by cars, and 20% by other motorcycle riders.
   • Among non-fatal crashes, LMV (Light Motor Vehicle) caused 37% of the injuries to motorcyclists.

3. Increasing Risk of Bike Theft:

   Being one of the most popular metropolitan cities, it faces the challenge of vehicle theft. That is why having a comprehensive bike insurance policy is essential. It offers financial protection in case of theft of the insured two-wheeler and compensates the IDV for the loss of your two-wheeler.

How to Find the Right Bike Insurance Policy in Mumbai?

To find the right bike insurance policy, you must understand your needs & budget. Here is a step-by-step guide to get it done:

• Understanding your Needs: Firstly, determine the type of coverage you need & your budget. You can choose between a third-party bike insurance policy or comprehensive bike insurance policy depending on your requirements and budget.
• Compare Policies: Visit Policybazaar.com; here, you can compare various bike insurance quotes offered by reputable insurance companies and choose one per your choice.
• Know Insurer's CSR: A higher Claim Settlement Ratio (CSR) indicates a reliable insurer. Therefore, it is essential to check it before finalizing the insurer.
• Read the T&Cs carefully: Before making a final call, it is better to read and understand the terms & conditions of the policy. For any confusion, you can contact the insurer to understand the policy's terms & conditions.

Tips for Comparing Bike Insurance Policies in Mumbai

While comparing bike insurance policies, here are a few factors that should be kept in mind:

• Insurance Premium: First, always compare bike insurance premiums offered by various insurers depending upon the coverage type you selected. For this, you can use the free bike insurance calculator available at Policybazaar.com,
• Coverage: Next comes the coverage. Besides choosing between third-party and comprehensive bike insurance coverage, consider including valuable bike insurance add-ons such as mandatory PA cover. Additionally, you can select zero depreciation cover, engine protection cover, and roadside assistance cover as an add-on.
• Network Garages: When comparing, ensure the insurer you choose has a vast network of authorized network garages in Mumbai near your area for cashless repairs.
• Customer Reviews & Ratings: Last, check and read those online reviews & ratings to get an idea about the insurer's customer service and reliability.

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

Keeping Mumbai's heavy traffic in mind and statistics showing the high risk of accidents (especially for two-wheeler riders) along with monsoon-related damages, a comprehensive bike insurance policy would be an ideal bike policy. Moreover, investing in engine protection cover is a wise idea because the city faces heavy rainfall during the monsoon season. It protects the bike's engine from water ingression, damage to the hydrostatic lock, leakage of lubricant oil, etc.

Therefore, this combination will give a complete financial protection for your bike during those unwanted circumstances.

How to Buy Bike Insurance Online in Mumbai?

Using the below steps, you can buy bike insurance online through Policybazaar.com:

• Step 1: On the website, hover to the '2-wheeler insurance' button and click on it.
• Step 2: Click 'Buying a New Bike?' for a new bike. If you renew your bike insurance policy, enter your bike's registration number.
• Step 3: Select your city of registration, make the model & variant (MMV) of the bike, year of registration, etc., to get the quotes from various insurers.
• Step 4: Now, compare various plans and choose the one that suits your budget and needs. You can select add-ons to customize your policy as well.
• Step 5: Pay the premium using UPI, net banking, or banking cards.
• Step 6: Once done, they will send the policy document to your registered email ID.

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

Riding your two-wheeler, including both bike or scooter, in Mumbai without a mandatory third-party bike insurance policy can lead to a challan of up to ₹4,000. However, for the first offense, it is ₹2,000.