Insuring Harley Davidson Bikes

Harley-Davidson India, which is a subsidiary of Harley-Davidson, launched its operations in India in August 2009. The company appointed its first automobile dealership the following year in 2010. The popular bike manufacturer offers a number of motorbike models across each of its platforms, i.e. Harley-Davidson Street, Sportster, Softail, Touring, and CVO. This premium range of motorbikes offers noteworthy performance and features to riders. Read on to know how you can secure your Harley-Davidson motorbike with a two wheeler insurance policy.

Harley-Davidson Motorcycle Models:

The various motorbike models that are offered by Harley-Davidson in India are as follows:

• Harley-Davidson Street 750
• Street Rod
• Iron 883
• Forty-Eight
• 1200 Custom
• Forty-Eight Special
• Roadster
• Street Bob
• Low Rider
• Fat Bob
• Fat Boy
• Deluxe
• Heritage Classic
• Road King
• Street Glide Special
• Road Glide Special
• CVO Limited

Insurance for Harley-Davidson Motorbikes:

Although the Motor Vehicles Act, 1988 only makes it mandatory for vehicle owners to purchase a third-party liability insurance policy, it is always advisable to purchase a comprehensive 2 wheeler insurance policy, especially if you have an expensive two-wheeler like one of the Harley-Davidson motorbike models.

A comprehensive policy not only gives you a third-party liability cover but also provides extensive coverage against accidents, vehicular damage, theft, and so on. Also, given how expensive this motorbike is, you can enhance the basic policy with add-ons like the Zero Depreciation or Nil Depreciation Cover, Personal Accident Cover for the Pillion Rider, etc.

Types of two wheeler insurance Policies Available for Harley-Davidson Motorbikes

Individuals who own a Harley-Davidson motorbike can purchase either a third-party liability-only insurance cover, an annual comprehensive bike insurance policy, or a long-term comprehensive two wheeler insurance policy, based on their coverage needs. The features and benefits of each of the three types of two wheeler insurance policies are listed below:

1.Third-Party Liability-Only Insurance Policy:

Like the name suggests, this type of insurance policy provides coverage against third-party liability arising due to an accident. Due to the limited coverage, this policy costs lesser than the comprehensive two wheeler insurance cover. The premium rates for the third-party liability-only insurance policy are decided by the Insurance Regulatory and Development Authority of India (IRDAI). Third-party liability-only insurance policies provide coverage for the following:

• Bodily injury or death of a third party
• Damage to a third party's property, assets, or vehicle
• Accidental death or permanent total disability of the insured individual/the owner or driver of the vehicle is also covered

2.Annual Comprehensive two wheeler insurance Policy:

This type of policy, as the name suggests, provides a more extensive coverage to the policyholder. The policy tenure, however, is limited to one policy year, after which it will be have to be renewed. Each time the policy is renewed, the concerned policyholder stands to avail a No Claim Bonus in case he/she did not raise any claims during the policy year. The inclusions under this policy are as follows:

• Total loss or vehicular damage due to natural calamities such as earthquake, storm, hurricane, lightning, etc.
• Loss or damage to one’s two-wheeler due to unforeseen man-made events like theft, burglary, malicious acts, strikes, etc.
• Personal accident cover for the owner/driver of the two-wheeler
• Third-party liability cover

3.Long-Term two wheeler insurance Policy:

The long-term two wheeler insurance policy provides coverage to the policy buyer for a period of two or three years. During this tenure, the third-party premium remains constant. Policyholders are eligible to receive a No Claim Bonus at the time of renewal, in case no claims are made. Further, in the event of a claim, the No Claim Bonus gets reduced, rather than becoming nil. The inclusions under this policy type are as follows:

• Loss or damage to the vehicle due to man-made events or natural calamities such as theft, burglary, strikes, floods, hurricanes, cyclones, landslides, etc.
• Third-party legal liability
• Personal accident cover for the policyholder

*Note: The inclusions for all three types of bike insurance policies will vary based on the insurer’s terms and conditions.

Exclusions under two wheeler insurance Policies for Harley-Davidson Motorbikes

• Third-Party Liability-Only Insurance Policy: The third-party liability two wheeler insurance policies only provide coverage against third-party liability arising due to an accident that you were involved in. Third-party liability insurance policies do not provide an own damage cover to the policyholder. Thus, these policies do not cover any damage occurring to the policyholder’s vehicle due to man-made or natural calamities.
• Comprehensive two wheeler insurance Policy: While the coverage offered by annual comprehensive two wheeler insurance policies and long-term comprehensive two wheeler insurance policies is quite extensive, there are certain limitations to the coverage. Listed below are some of the most common exclusions that are applicable:

• Damage due to natural wear and tear of the vehicle
• Electrical and mechanical breakdown
• Damage/accident caused by an individual driving without a valid driving licence
• Damage/accident caused by an individual driving under the influence of alcohol or drugs
• Damage/loss due to nuclear risk, mutiny, or war
• Damage/loss caused while using the motorbike for criminal acts

*Note: For the complete list of exclusions, make sure to refer to your policy brochure.

Why is it Necessary to Insure Your Harley-Davidson Motorbike?

An accident, theft, or vehicular damage due to either natural or man-made events, in addition to being extremely distressing for the vehicle owner to undergo, can also cause one to incur significant expenses, especially if the vehicle is a premium Harley-Davidson motorbike. Thus, in order to protect yourself and your vehicle from untimely events, it is necessary to purchase a two wheeler insurance policy. Further, by purchasing a two wheeler insurance policy for your vehicle, you will also be complying with the guidelines of the Motor Vehicles Act, 1988.

A few of the many benefits of purchasing a two wheeler insurance policy for your Harley-Davidson are as follows:

• The policy provides coverage for losses/damages/injuries caused to a third party due to an accident
• Policy buyers who purchase comprehensive two wheeler insurance covers will be provided an own damage cover
• In case of theft of the vehicle or a total loss, coverage up to the insured declared value (IDV) is offered
• Policyholders can avail cashless services at network garages
• Policyholders can avail the No Claim Bonus for every claim-free year
• Policy buyers are given the option to purchase add-ons/riders of their choice to customise the coverage

The Bottom Line

Given how important it is to purchase a bike insurance policy for your Harley-Davidson motorbike, you should make sure to do your due research and compare a few different policies before selecting any policy. It is recommended that you also use the premium calculator tool, which you will find on the official websites of motor insurance providers, to get an estimate of the premium rate for the policy. You can also choose to use a trusted third-party insurance comparison website to compare various two wheeler insurance policies side-by-side. You should, ideally, purchase a two wheeler insurance policy from an insurance company that offers you sufficient coverage at a competitive price.