Online Motorcycle Insurance Bangladesh
Bike insurance is an insurance product with which a bike rider can transfer his legal liability, by paying a fixed amount of “insurance premium”. Motor insurance is a compulsory type of insurance in Bangladesh. A bike rider must have this insurance from an authorized insurance company.
Motorcycle insurance is a policy that provides coverage for damage to your bike caused by various accidents, thefts, and natural calamities. Bike insurance is a unique solution to financially overcome the loss caused due to an accident. However, many people do not know the rules of insurance in the right way, so the customers have to suffer various harassments from the insurance companies.
How to buy bike insurance online in Bangladesh
Several companies in Bangladesh have made the process of buying bike insurance online quite easy, whereby bikers can now purchase their insurance policy online by spending 3 to 5 minutes on a mobile device or personal computer.
‘Act liability insurance policy’ This policy is generally bought by motorcyclists due to its compulsory nature and its low cost. This policy can be bought for only 250-300 rupees. Generally; The actual price depends on the quality of the bike involved in the power quality of the motorcycle engine etc.
Cost of buying and renewing motor insurance policies
Maintaining the insurance policy is an integral responsibility of the riders. Hence, it is wise to have proper insurance backup and renew it every year. However, it is better to buy an insurance policy from a reputed insurance company that has the highest claim paying capacity in the market.
By purchasing insurance, you can virtually transfer your legal liability to the insurance company. By paying their premium, insurers will bear your liability up to a certain financial limit.
The amount you pay to the insurer is called ‘premium’. It is determined by government bodies known as the ‘Central Rating Committee’ of Bangladesh headed by the country’s insurance regulator (IDRA). CRC formulates tariffs for motor insurance products in Bangladesh. Insurance companies are obliged to use the tariff guidelines to determine the selling price of insurance products to bikers or motorcycle owners.
All the information you may need to provide to get motorcycle insurance online:
CC limit of bike
Price of Motorcycle (as per showroom paper)
Details of previous insurance
Road Tax Token Expiry Date
Date of expiry of fitness
Any compensation you are applying for
Whether your bike is fitted with a tracking device
Most of the insurance company websites have a calculator feature, from which you can easily know the cost amount after providing all the information.
Types of Motorcycle Insurance Plans in Bangladesh
There are basically two types of insurance plans in Bangladesh, which are:
Third Party Motorcycle Insurance: A third party insurance policy generally protects the riders from all kinds of legal troubles related to third parties (property or people) after an accident. It also protects drivers from liability for personal injury (even death) caused by an accident.
Comprehensive Motorcycle Insurance: Comprehensive motorcycle insurance or complete bike insurance will protect your motorcycle against third party legal liability and other accidents, bike theft, damage caused by natural calamities.
Price Chart for Motorcycles
The prices shown below are applicable for third party policies only. The price quoted below is inclusive of VAT @15%. For Comprehensive Insurance, the price will be higher than those mentioned in the chart below
Documents required for buying insurance
Here are the documents required to buy motor insurance in Bangladesh:
Passenger’s National Identity Card
Bike blue book
Passenger’s driving license
Purchase consignment for motorbikes
Passport size photograph of the rider (two copies are sufficient).
In addition to the above information, an insurance agent may ask for the following information from riders:
Driver’s driving license
Any past insurance policies
Inquire about any past denials from insurance companies
Possible uses of the motorcycle (social or professional)
Whether the driver has made an insurance claim in the last 3 years
Benefits of Motorcycle Insurance Policy
By insuring you can enjoy all the benefits:
An insurance policy will protect you from financial losses in case of motorcycle theft, accidents, and other mishaps.
Accidental Damage: Bike insurance will not only cover the financial loss of your motorcycle, but your motorcycle insurance will also help you in case of any physical damage to yourself.
Accessible Service: You can get service from road service or roadside garage for some extra money while buying the policy.