Best Bike Insurance in Nepal | Advantages of Bike Insurance

Insurance is the best way to decrease risk while riding your motorbike from theft to road accidents. As the road is not always a safe place, it is better to follow preventive measures and not worry about the financial crisis if you do come across an accident.

Compulsory by Law

Third-party insurance is mandatory by law in Nepal. Anyone who doesn't have their insurance papers, license, and the blue book is always liable for being taken action by the law. A precautionary measure would be to do third-party insurance. Even to renew your blue book in Nepal you need to provide valid Insurance.

Peace of Mind

Insurance has two purposes. Prevention of possible danger and stress. Because you are being responsible and doing the right thing, you can be certain of financial safety and mental peace if you are covered. When you have valid insurance and renew it on time, you protect your two-wheeler and yourself from unforeseen occurrences.

Types of Motorbike Insurance Policy:

✔ Comprehensive insurance (Full Insurance)

✔ Third-party Insurance

Comprehensive Coverage (Full Insurance)

A Third-Party Insurance Policy only covers third-party damages and resolves any legal concerns that may arise. However, a Comprehensive Two-Wheeler Insurance Policy cover damages to both you and the third party. It provides extensive coverage of both natural and man-made disasters.

In addition to the normal policy, premium features of made available by many insurance companies, where you can add a pillion rider (back seat), zero deprecation, and Two-Wheeler Insurance Personal Accident Coverage are some of them.

Third-Party Insurance

The Third Party Insurance policy protects you against damages including a third-party person or their property while riding your covered Motorbike. It might not be easy to cover for the third party as the amounts are never fixed. If you have insurance, your insurance provider will pay the compensation. Any legal cases that may arise as a result of an unpleasant event will also be covered by your insurance.

Medical Coverage

In case of an accident resulting in major health issues or disabilities, the insurance covers a large number of finances depending on the insurance subscription. Medical bills can’t be pre-determined, thus it is wiser to think about your wellbeing.

Discounts on Bike Insurance

A two-wheeler insurance policy is not as costly as it seems. You don't have to pay the whole amount of the premium each time you renew your insurance. You will get discounts on your coverage if you drive safely and do not file a claim on your policy. The No Claim Bonus will begin with the initial renewal of two-wheeler insurance.

Insurance Process

✔ Fill form from your choice of insurance

✔ KYC form should be filled out as well

✔ Motorcycles proof of purchase

✔ Blue Book Original/Photocopy

Looking for Bike insurance in Nepal?? We at Premier Insurance provides all kinds of bike insurance service in Nepal. Cover the risk of incurring legal liability to pay compensation to the third party for death, bodily injury, or property damage arising out of the use of the motorcycle, with further heavy loss of accidental damage to the bike (motorcycle) itself.

This policy indemnifies motorcycle owners against such contingencies. Motorcycle owners can avail cover against comprehensive risks including third-party personal injury and property damage and additionally riot and strike, earthquake, flood, personal accidents to passengers, drivers, etc.

Required documents for Motor Insurance (Bike Insurance in Nepal)

• Motorcycle details (copy of bill book, purchase invoice, authorized email by insured, etc.)

• Filled proposal form

• Filled KYC form

• Support documents (copy of citizenship, VAT, PAN Reg, etc.)

• Insured contact details (phone/mobile number, email, etc.)

Types of Motor Insurance Policy

• Comprehensive insurance

• Third-party insurance in Nepal

Insurance Period

• For comprehensive = 1 year or short period

• For third-party insurance = only 1 year

Coverage of Bike Insurance

• Driver: Rs. 500,000/-

• Conductor: Rs. 500,000/-

• Helper: Rs. 500,000/-

• Passenger: Rs. 500,000/- (per pax)

• Medical Expense: Rs. 300,000/- (per pax)

Third-party Insurance Coverage Limits

Injury and Disability

The company will indemnify to the third party not exceeding the following amount based on a medical report approved by the legal authority.

In the event of more than one loss, the total liability of the company shall not, in the aggregate, exceed the sum of Rs. 500,000/- in respect of the above loss.

Accompanying or Miscellaneous Expenses

In the event of hospitalization for treatment of the third party due to an accident caused by or arising out of the use of the Motor car, the company will indemnify Rs. 500/- per day not exceeding 45 days which is inclusive of the above medical treatment

Ambulance Expenses

The company will indemnify up to Rs. 10,000 or actual expenses whichever less

Funeral Expenses

The company will indemnify Rs. 50,000/- in the event of the death of the third party due to an accident caused by or arising out of the use of a motor car

Death

The company will indemnify the third party not exceeding Rs. 500,000/- per person based on the report approved by the legal authority. In addition, the company will indemnify not exceeding Rs. 300,000/- per person or actual medical expenses, whichever less, in course of treatment at the hospital

Maximum Total Limit of Liability under Section II is limited to Rs. 8,000,000/- in a private car, Rs. 5,000,000/- in commercial vehicles and Rs. 2,500,000/- in MCY per accident.

Geographical Area: Nepal, India, Bhutan, Bangladesh, and Tibet

Exclusion

The insurer shall not be liable to make any payment in respect of;

• Depreciation, wear and tear, mechanical or electrical breakdowns/failures, and or breakage

• Loss/damage to tire/tube unless when the vehicle has met with an accident

• Loss/damage to the vehicle when the driver is influenced by any liquor/drugs

• Loss/damage caused, sustained, or incurred beyond 7 days after any variation in or termination of the insured’s interest in the insured vehicle

• Use of vehicle outside the geographical area

• Deductibles

• Ionizing radiations or contamination or radioactivity

• War and warlike operations, nuclear weapons

Condition

• Principle of contribution and condition of average

• Material disclosure of facts

• Immediate written notice to be given when the loss occurs

• Policy cancellation/short-term policy

• Expiry of the policy time (Local time – Midnight 12:00)

• No claim discount recovery at the time of insurance transfer

• Ownership transfer does not affect the coverage for PA to driver/helper/conductor/passengers

• At the time of claim, all evidence should be produced by the insured