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Bike Insurance for Imported Two Wheelers in India
An imported motorcycle isn't a mode of transportation. It stands for exclusivity, superior engineering expertise, and hybrid performance. These bikes come with the most advanced technology, which means the rider enjoys a different experience on the road. Insurance for imported motorcycles is different from that of typical two-wheeled vehicles.
It’s because it’s more expensive, needs more costly repairs, and the spare parts are not readily available. In this article, we will understand these bikes' coverage types, premium calculations, and policy exclusions.
What is Imported Bike Insurance?
Imported bike insurance is a special policy for foreign-made bikes imported into India. They arrive complete or assembled locally as Completely Knocked Down (CKD) units. It differs from regular bike insurance in insuring high-end models, costly spare parts, and advanced repairs.
What's Covered in Imported Bike Insurance?
Here are the coverages that come under imported bike insurance:
It reimburses loss or damage to your bike due to accident, fire, theft, and artificial or natural calamities. The insurance provides financial reimbursement against replacement charges.
It provides financial coverage in a bike accident. The policy covers accident-related expenses and compensates the policyholder for damages or losses.
Pays loss if your imported bike gets stolen within the declared insured value (IDV). It's mandatory coverage because the price of imported bikes is very high. It pays the amount so that you won't lose money.
It includes damage that occurs while transporting the bike. Risks to transport are unforeseen accidents, natural disasters, or physical mishandling by error.
Imported Bike Insurance vs Normal Bike Insurance
Imported bike insurance is quite different from regular bike insurance. The following table highlights key differences:
Factors Influencing Insurance Premiums for Imported Bikes
Here are some of the factors that influence the insurance premiums for imported bikes:
- Bike's Value and Model - Imported high-end bikes, such as those with top-quality parts, which makes them expensive to insure. Their advanced technology, skilled maintenance, and high repair costs increase premiums. These bikes need expert repairs, which raises insurance costs.
- Import Type - Completely Built-Up (CBU) bikes are produced entirely and later exported overseas. They receive higher insurance and import duties. Completely knocked-down bikes are shipped outside and assembled locally, so they are cheap.
- Engine Capacity - Imported superbikes have larger engine sizes above 500cc, which influences insurance prices. These bikes have a higher chance of being in serious accidents, and since they are high-performance machines, insurers pay more in claims for possible damage.
- Choosing the Right Policy - While buying insurance for an imported motorbike, the motorcyclist has to select a policy with proper coverage at a reasonable price. Imported bikes are expensive to repair and come with unique risks. Therefore, one must research insurance plans thoroughly.
- Spare Parts Availability - Imported bike spares are not readily available. Since spare parts have to be imported from foreign dealerships, insurance companies consider high replacement costs. Unavailability raises the possibility of delayed repair, which leads to high claims.
Tips for Purchasing Imported Bike Insurance
Getting the right bike insurance policy is more than choosing the cheapest option. A well-balanced policy ensures you have adequate coverage without overspending. Here are some key tips to help you get the best coverage:
Coverage and premiums vary with insurers. Comparing policies ensures the best price for coverage and cost, and it helps you avoid getting scammed while purchasing a premium.
Costly imported bikes with third-party bike insurance are insufficient. Instead, a comprehensive bike insurance policy covers damage, theft, and accidents for increased protection, which extends your bike's safety.
Providing incorrect facts about the bike, such as the import status or any modifications, can lead to claim rejection. Always give accurate details when buying the policy.
Imported bikes should be repaired well in approved workshops. Choose an insurer with authorised workshops for convenient and cashless repairs.
Enhance your bike’s protection with add-ons like zero depreciation, engine and gearbox protection, and personal accident cover.
A clean driving record helps you get an NCB discount. Avoid making claims to save on premiums. Installing an anti-theft device also lowers insurance costs.
Review your bike insurance policy carefully to understand what is not covered. Exclusions typically include wear and tear, mechanical or electrical failure, riding under the influence, reckless or illegal riding, and losses from misuse or undisclosed modifications.
FAQs about Imported Bike Insurance
Is imported bike insurance different from regular bike insurance?
Yes, imported bike insurance differs from regular bike insurance. It has higher premiums and extensive coverage, including import duties, exceptional repairs, and costly spare parts.
Why is insurance for imported bikes more expensive?
Imported bike insurance is expensive because it has a high market value. Spare parts are costly and need specialised care. They also have higher import duties and taxes and fewer centres to maintain them.
What factors affect the insurance premium for an imported bike?
Various factors affect imported bike insurance premiums. Key factors include import and customs duties, expensive spare parts, and repairs. The rider's driving and claim history also influence the final premium.
Can I get third-party insurance for an imported bike?
Yes, third-party insurance for imported bikes is possible. However, it won't cover you against theft, damage, or repairs to your bike. Comprehensive insurance is needed to ensure better protection.
Does comprehensive insurance cover imported bike theft and accidents?
Yes, a comprehensive policy covers theft and accidental damage to imported bikes. It also includes third-party insurance, ensuring complete protection for your imported bike.
Are imported bike parts covered under insurance claims?
Yes, but as imported spare parts are costly and difficult to find, the insurers can cover only part of the cost. Add-ons are present in some policies for full spare parts coverage.
What are the best add-ons for imported bike insurance?
Best add-ons include:
- Zero Depreciation Cover (provides complete claim amount without deduction of depreciation).
- Engine Protection Cover (provides water or oil leakage damage coverage).
- Roadside Assistance (breakdown and road emergency assistance).
- Consumables Cover (oil, nuts, bolts, and brake fluid coverage).
- Return to Invoice (returns full invoice cost in the event of theft or write-off of the bike).
Can I transfer my imported bike insurance if I sell the bike?
Yes, transferring insurance to the new owner is possible. The seller must notify the insurance company, and the new owner must furnish documents to take advantage of the coverage.
How do I choose the best insurance provider for my imported bike?
To choose the best insurer, look into:
- Claim settlement ratio (the higher, the better)
- Customer reviews and reputation
- Add-ons and coverage
- Cashless repairs at network garages
What documents do we need to buy imported bike insurance?
You will need the bike's registration certificate (RC), customs clearance, and purchase invoice. You must also submit proof of the owner's ID and address.
Can I get insurance for an imported second-hand bike?
Yes, you can get insurance for second-hand imported bikes. The insurance company will consider the motorbike's age, market value, and condition before offering coverage.