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Let’s discuss about Motorcycle Insurance Rules In Bangladesh. In Bangladesh, motorcycle accidents on Bangladesh’s open roadways are a common occurrence. Having motorbike insurance is essential if you want to be financially protected against potential accident-related losses. When an automobile is insured, its future financial stability is ensured and it will get compensation in the event of an accident or mechanical failure. Having your paperwork on you is crucial when motorcycling.
In the event that an accident damages your car, you won’t be responsible for any costs if you have pre-insured it. It’s not easy to find information regarding motorcycle insurance in Bangladesh. Don’t worry, though; this post is meant for you if you’re unsure about how to obtain motorbike insurance.
Bangladeshi insurance companies provide a variety of insurance policies to meet the needs of their clientele. If you wish to purchase insurance for your two-wheeler, you must compare the policies of several insurance companies and select an insurance plan that best suits your needs.
Having insurance is still highly helpful to prevent any form of loss in an accident, even though it is no longer required for motorcyclists in Bangladesh as of 2020. I’ll attempt to provide you with a general understanding of the motorbike insurance process in this article.
What is a motorcycle insurance policy?
A motorbike insurance policy is essentially a contract between an insurance provider and an individual, in which the provider agrees to compensate the insured in the event of an accident, theft, or natural disaster.
Depending on the policy you buy, motorcycle insurance policies typically include protection against collisions resulting in injuries to riders, pedestrians, and third parties. It is essential that you evaluate different insurance policies and plan the insurance in order to purchase the most reasonably priced two-wheeler insurance policy with sufficient coverage.
In essence, motorcycle insurance plans are made to offer protection against a range of unfavorable situations and mishaps. Insurance companies consider the potential that an accident could result in harm to the covered two-wheeler, injuries to pedestrians or occupants, or damage to third parties’ property. decides.
Benefits of Motorcycle Insurance Rules In Bangladesh
The correct bike insurance policy can provide you with a number of advantages. As an illustration:
Financial stress will be eliminated because you won’t have to worry about replacing or repairing your car in the event that it is stolen or destroyed. Because of this, the insurance provider will give you the appropriate cash support based on the extent of the damage.
Legal protection will be afforded to you: Despite the fact that owning an insurance policy is no longer required in order to ride a motorcycle in Bangladesh. This Act was enacted in 2020 by the Road Transport Act-2018. However, you may simply avoid any legal issues if you ride with a copy of your insurance policy with you.
You receive personal accident coverage: If you are covered, your insurance provider will provide a maximum payment to you in the event that you become totally and permanently disabled. will supply The insurance company will pay your family the assured amount in the event of the policyholder’s death.
No Claim Bonus: You are eligible for advantages such as this.
What do you need to take to insure a motorcycle?
All the information required to obtain motorbike insurance:
- Bike paper
- Two copies of your recent passport size photographs.
- Photocopy of National Identity Card
- Bluebook of bikes.
- Driving license
- Motorcycle purchase receipt
Rules for motorcycle insurance in Bangladesh
In Bangladesh, there are numerous insurance companies offering various perks for your two-wheeler insurance. Find out first what coverage their policy will provide for you. Next, select an insurance provider that best suits your needs and proceed to purchase an insurance coverage for your motorcycle.
In general, you should go straight to the insurance office with the necessary paperwork if you wish to cover your motorcycle. There, a form requiring you to fill out with information on your motorcycle will be presented to you. After that, submit the form in accordance with the guidelines by attaching the necessary papers. We’ll complete your insurance application in three business days. Motorcycle Insurance Rules In Bangladesh.
Additionally, you can obtain insurance online at home if you’d rather not deal with the inconvenience of traveling to the insurance office.
Conditions of online motorbike insurance
In Bangladesh, getting online bike insurance is a rather easy process. You can purchase online from the comfort of your home for bike insurance. All you have to do is complete the online form and send it to the insurance provider. Your bike’s location will be checked by a representative from the insurance provider to make sure everything is in working order.
If everything checks up, you will receive a policy in the mail via courier in less than a day. The insurance provider will provide you with the financial assistance you need to replace or repair it in the event of an accident or theft.
The following actions can be taken to finish the insurance process:
- Go to the website address provided by the company you wish to purchase insurance policy from.
- Then select the Online Motorcycle Insurance option from the homepage of the site.
- An online form will appear on your screen where you have to enter the details of your motorcycle. For example, you need to provide your personal details including your address and contact number.
- You need to upload a scanned copy of your passport or identity card (ID).
- Next, you need to upload a scanned copy of your driving license or learner’s permit in JPEG or PDF format.
- Next, you need to upload a scanned copy of your vehicle registration certificate, which is more than three years old and required for all vehicles registered at least five years before the date of purchase. If your vehicle is less than three years old, it must be accompanied by a copy of its certificate from the Bureau of Statistics, Ministry of Planning and Finance as well as the Department of Motor Vehicles.
- Then you have to select a payment method from there. For example: Vikas, Cash, Rocket, Debit Card, Credit Card or Bank Account.
- You will then receive a confirmation message from which you can confirm whether your application has been accepted. An insurance copy will also be sent to your email.
- Finally, they will send you the insurance copy within three working days.
If your bike is damaged in an accident while riding on the road or in a public area, you have 30 days from the date of the incident to file a claim under your bike insurance policy.
How much is the motorcycle insurance fee in 2024?
The cost of motorbike insurance in Bangladesh varies according on the kind of motorcycle you own. There are two categories of insurance coverage: comprehensive and third-party liability.
Liability to third parties While riding your bike, insurance covers damage to other individuals or property. This covers harm to persons, cars, and other property. Comprehensive insurance, on the other hand, protects against both damage to your bike and injury or death to any passengers you carry while riding. Motorcycle Insurance Rules In Bangladesh.
The National Policy Insurance Authority sets the rates for motorbike insurance in Bangladesh. The following variables affect a motorcycle’s insurance cost:
Motorcycle Age: A bike’s insurance will be less expensive the younger it is.
Engine size: The premium for smaller engines is more than for larger engines. Motorcycles with an engine capacity of 100 cc or less will now pay Tk 2,000 for registration, instead of Tk 4,200 as it did previously. Additionally, the previously 5600 taka registration cost will now just be 3000 taka for motorcycles over 100 cc.
How long has it been registered? If you have been riding your motorcycle without an accident or claim for three years, the age restriction for your motorcycle registration may be able to lower your yearly premium or even eliminate it completely. can.
Motorcycle Price: Depending on the model of your motorcycle, the charge will vary. The price of the new model motorcycle will be more than that of the previous model.
You must get a different policy for each motorcycle you own if you wish to insure them jointly. However, their cost won’t surpass that of a combined policy. For a motorbike, the minimum amount insured is Tk 1 lakh for a year and Tk 5 lakh for three.
If your motorcycle insurance is canceled, what should you do?
If your motorbike insurance is canceled, you have a month to reapply. It could take longer, though, based on the circumstances. Motorcycle Insurance Rules In Bangladesh
Generally speaking, accidents or damage to your motorcycle are not covered by motorbike insurance. Only if you fail to pay the premium in full or if your credit card is blocked will it be cancelled.
If your motorbike insurance is canceled, you should get in touch with the insurance provider as once and provide them the required paperwork:
- A copy of your license and a copy of your vehicle registration.
- Policy number/bulk-rated policy number, which can be found on the back of your policy.
- Photocopy of your passport or other official document proving your identity.
If your insurance is suspended for not paying premium fees on time, you must pay them all before you can get your license back. If there are no unpaid premiums on record and there are no other legal issues with your license, you can have your license reinstated at no charge.