Two Wheeler Insurance
Two Wheeler Insurance is a kind of insurance that protects your vehicle from an accident, natural and man-made disasters, theft or other such damages. There has been a hefty rise in the number of accidents in the past few years. The conditions of the road, the urgency to reach your destination, and traffic, make it a tough task to enjoy your ride. Two-wheeler is the most convenient means of transport these days; it is also risky to drive your bike or scooter in traffic today. As the exposure to mishaps, accidents, theft, etc are higher; owning a two-wheeler insurance policy is the best possible way to handle such situations. Bike insurance or two-wheeler insurance is a contract between the insurance provider and its customer wherein the buyer agrees to make payment of a certain amount of premium for the policy. You can buy two wheeler insurance online and offline. Without a valid 2 wheeler insurance, you will have to bear all the costs incurred in the event of any damage or loss to or by your two-wheeler.
Most of us are familiar with bike insurance, especially those who own bikes. Despite the fact that the Motor Vehicle Act of India has made bike insurance a mandatory buy, it is the need of the hour for several reasons. In India, two-wheelers are the most convenient mode of travelling. That is why it is very important to insure your set of wheels with bike insurance online. With a two wheeler insurance plan:
- Financially stress-free as it offers financial shield in case of theft or any other damages
- Legally protected against third party related liabilities arising out of an accident.
- You can avail a personal accident cover in case you suffer total permanent disability or death, up to Rs. 1 lakh.
Two Wheeler Insurance Online Features
Two wheeler insurance policy market has changed radically since the emergence of new insurers in the market. The two-wheeler insurance providers have come up with a wide variety of bike insurance features to woo their consumers. Buying a bike insurance online is an easy, quick and hassle-free process. Buying a bike insurance online is an easy, quick and hassle-free process. Some of the salient two-wheeler insurance features are listed below:
- Protects Vehicles
It protects the vehicle from any natural or man-made disasters.
- Third Party Liability
In case of an accident with a third party, the cost incurred owing to the damage is covered, including the legal liabilities.
- Comprehensive Cover
Under this cover, third-party and own damage to the vehicle is covered.
- Auto Renewal
These plans come with auto-renewal option under which the plan gets automatically renewed.
- Cashless Garage Facility Under Bike Insurance
In case of any breakdown suffered by the insured vehicle, the insurer offers cashless garage facility where the bike can be repaired free of cost.
- No Claim Bonus
No claim bonus can be accumulated for not claiming the insurance. With this, one can get an excellent discount of premium.
- Easily Portable NCB
NCB can be port easily from current insurer to the new one just filling a no –claims certificate from the current insurer.
- Additional Coverage
Additional coverage such as personal accident cover, zero depreciation cover, disability cover etc can be availed with an extra premium.
- Short Tenure
Most of these bike insurance plans are of one or two-year plans. However, some insurers offer multi-tenure plans as well.
Two Wheeler Insurance Premium Calculator
Two wheeler insurance premium is the amount to be paid by you for availing policy benefits on time. Premium is decided at the time of buying a plan, based on certain factors. Though premium is decided by the bike insurance company, it is possible that you can calculate your premium before buying a plan. Yes, with two wheeler insurance premium calculator you can get a rough idea about how much you’re going to pay pas premium for getting policy benefits. Moreover, bike insurance premium calculator helps you compare different plans and getting multiple insurance quotes that suit your requirements. This way you can land on an informed deal and sometimes can get plans at an affordable premium as well.
Bike Insurance premium calculator functions on a simple principle, where you need to input certain information, based on which it calculates the premium cost. A large number of insurance companies have introduced the concept of the online bike insurance calculator to make it easier for the customers to navigate their websites.
To calculate your premium, you’ll require to submit the following information:
Bike insurance premium calculator will require the following information:
- Make and model of the two wheeler
- Existing policy number, if the vehicle is already insured
- Registration number of the vehicle
- Type of policy (liability only/comprehensive)
Based on the above information, the bike insurance premium calculator will display two wheeler insurance quotes.
Two Wheeler Insurance Claim Process
Two wheeler insurance can be claimed in two ways- cashless claim and reimbursement claim. While cashless claim can be availed at a network garage, the reimbursement claim is made if services are taken from a non-network garage. The insurance providers have easy and quick claim processes ensuring that you don’t face any hassles while filing a claim. These insurers aid you to take your bike to the nearest service centre. You can file 2 wheeler insurance claim in two ways: cashless claim and reimbursement claim. While you can avail cashless claim at a network garage, the reimbursement claim is made if services are taken from non-network garages.
The bike insurance claim procedure involves some broad steps that are mentioned below:
Bike Insurance Claim Process
- The first step is to register your claim with your insurer by calling on the toll-free number or forwarding a mail on the official e-mail id. In case of a theft, you should file an FIR with the police
Let’s have a detail glance on both Bike insurance claim process separately:
When your prized possession meets with an accident or breakdown, you have to make a cashless or reimbursement claim. Only if you feel, the repair amount is costing you a bomb. The process is simple. Let’s have a glance:
Cashless Bike Insurance Claim
Reimbursement Bike Insurance Claim
|Approach any of the nearby network garages||Under reimbursement claim, you can avail the services from any garage. Approach one as per your preference.|
|Inform the insurer and register a claim by calling on the toll-free number||The damage will be inspected and a rough estimate of the repair will be prepared.|
|Send the two-wheeler for repair and submit the relevant documents such as RC, claim form, a copy of FIR etc.||Once the repair is done, you’ll have to pay the entire amount. You will have to pay up to the deductible amount.|
|Download the claim form from the official website of the insurer||Register a claim by filling the claim form and submitting the supporting documents such as original bills, RC etc.|
|A representative will investigate the document and estimate the damage. The same report will be sent to the network garage||The insurer will pay the repair amount after subtracting the deductible amount.|
|A post-repair examination could be done again|
|After the insurer directly settles the incurred expenses, the cashless garage handovers the vehicle.|
|The garage will get a satisfaction voucher signed by you and the entire process ends thereafter.|
Two Wheeler Insurance Claim Documents:
In case of the bike insurance claim, you’ll be required to submit the below documents, depend on the nature of the claim.
When it is a third-party claim, you will have to furnish the following documents:
- Copy of Police FIR
- Photocopy of your policy
- Duly filled and signed the claim form
- Copy of your driving license
- Copy of your vehicle’s RC
- For company registered bikes, stamp paper is required for the documents
When you want to make a theft claim, you will need to furnish the following:
- Original copy of Police FIR
- Copy of your driving license
- Form 28, 29 and 30 dully signed by you and your financier
- Original copy of the policy document
- NOC from the financier
- Service booklet, warranty card, or keys
- Letter of subrogation
- Your previous insurance policy information (if any)
- A copy of a letter written to the RTO concerning the theft with a request to make the vehicle ‘NON-USE’
- A claim discharge voucher with a Revenue Stamp
When it is an accident claim, you will have to submit the following documents:
- Photocopy of driving license (DL)
- Copy of your two wheeler insurance policy
- Copy of tax receipt or registration book (RC)
- Your original repair bills for cashless garage repairs and payment receipt for normal garage repairs
- Police FIR
- Your claims discharge voucher
- Satisfaction voucher signed by you
Bike Insurance Renewal
Bike insurance renewal is quick and hassle-free. Many websites offer bike insurance online or you can do it via insurance web aggregators if you originally bought the insurance from them. Renewing two wheeler insurance online is, of course, an easy option for you. Moreover, insurance providers offering electronically signed schemes are better, as they facilitate bike insurance renewal online.
To avail the policy benefits uninterruptedly, you will need to renew the bike insurance plan without a break.
- Branch Renewal: It is the most traditional way of renewing your two-wheeler insurance. Just visit the nearest branch of the insurer. Their representative will assist you throughout the process. You may have to provide certain documents during the process. After calculating the premium, you can pay the amount by cash or cheque or any other method suggested by the representative.
- Using Apps: nowadays apps are very popular among users. Some insurance companies also have introduced their services through apps on smartphones especially for Android and iOs users where bike insurance renewal can easily.
- Online Renewal: Online bike insurance renewal is the most popular these days due to its convenient approach. You just need to visit the official website of the insurer or a third-party website as well that deals in bike insurance. By providing the required information and calculating the premium online, you can easily pay bike insurance online. Online payment options usually include via credit card, debit card, net banking, Standing Instruction, ECS etc.
- Frequency: Now choose your bike insurance renewal frequency as per your preferences. If you opt for a regular policy tenure, you will require to renew the policy once a year. If you select a long-term insurance policy, you will have to renew the policy once in 2 or 3 years.
How to Renew Bike Insurance Online
- Compare the IDV: AT the time of renewing a policy and after entering the details of your vehicle, you can compare the quotes of different insurers. It is recommended that, before renewing your policy, compare the IDV (Insurer Declared Value) offered by the other insurers as well. Because two wheeler insurance benefits are paid up to the IDV and it is better if you get a higher IDV.
- Access the Cover: Renewing also enables you to evaluate the offered coverage. Browse through various plans online and opt for the one that best suits your requirements. If you find a better plan than the existing one, this is the time you can port your plan.
- Consider Add-ons: by opting for add-on covers, you can boost your basic cover. It might seem little expensive initially as you’ll have to pay an extra premium, but it will benefit you in a longer term.
- Carefully Read the Information: Before paying the premium and renew the same plan, you should read and understand every term and clause. You should consider every detail carefully and ensure all are correctly put.
Two Wheeler Insurance Plans
While buying two wheeler insurance, you’ll have to choose between the two types of bike insurance plans. Two wheeler insurance plans start at Rs. 2 per day. There are basically two types of bike insurance, namely Comprehensive Two Wheeler Insurance and Liability Only two wheeler insurance. Indian insurers offer a range of insurance policies to cater the every walks of life. Bike insurance can be availed in two types:
Liability Only Two Wheeler Insurance Plan
Also known as Act Only or Third Party Liability Two Wheeler Insurance, this is the most basic type of bike insurance. Third party two wheeler insurance covers all the legal costs arising out of an accident, resulting in injury, property damage or death. 3 party bike insurance is a mandatory buy in India as per the Motor Vehicles Act 1988. Plying one’s bike without third party bike insurance is a legal offense and could be subjected to punishment as well. As the name suggests itself, under third party bike insurance, the policy benefit is offered to a third party only and the insured bike is not covered. That means, if your vehicle is damaged due to an accident, third party insurance will not cover the repair expenses. Apart from covering the legal liability, most of the motor insurers offer accidental death benefit to the owner of the bike.
Coverage Offered Under Liability Only Two Wheeler Insurance Plan
- Third Party Liability Coverage: Unlimited coverage in case of death or bodily injury
- Third Party Property Damage: coverage up to the limit Rs. 7.5 lakh
- Personal Accident Cover: Rs 1 lakh for the owner-driver in case of permanent total disability or an accidental death. Cover for pillion rider can be availed up to Rs. 1lakh on payment of extra premium.
Comprehensive Two Wheeler Insurance Plan
Comprehensive two wheeler insurance plan offers both third-party liability and own damage cover, along with a personal accident cover. With a comprehensive cover, you can have additional policy benefits by paying an extra premium. While third party insurance is mandatory, comprehensive insurance is optional where you can buy this as per your insurance needs.
The various types of damages covered by this plan include:
- Damage to the bike due to fire, explosion, lightning etc.
- Natural calamities like flood, earthquake, storm, hurricane etc.
- Riot, strike etc.
- Theft of the bike or any part, burglary, malicious act
- Terrorist attacks
- Vehicle while inside a carriage or lift
Let’s check how both insurance plans differ from each other in terms of the coverage offered:
|Damage to Third Party||Yes||Yes|
|Personal Accident Cover||Yes||Yes|
|Damage due to fire||Yes||No|
|Loss of the Bike||Yes||No|
|Damages due to natural calamities||Yes||No|
Best Bike Insurance Companies in India
|Insurance Company||Incurred Claim Ratio||Network Garages||Policy Term||Third Party Cover||Personal Accident Cover||No Claim Bonus|
|Bharti Axa Two Wheeler Insurance||75.61%||1600+||1 year||Yes||Yes||Yes|
|IFFCO Tokio Two Wheeler Insurance||78.46%||2000||1 year||Yes||Yes||Yes|
|Reliance General Two Wheeler Insurance||83.76%||159||1 year||Yes||Yes||Yes|
|Royal Sundaram Two Wheeler Insurance||91.26%||3300+||1 year||Yes||Yes||Yes|
|Bajaj Allianz Two Wheeler Insurance||78.60%||4000+||1 year||Yes||Yes||Yes|
|Universal Sompo Two Wheeler Insurance||77.79%||150+||1 year||Yes||Yes||Yes|
Two Wheeler Insurance - Inclusions & Exclusions
Buying motorcycle insurance online has its own set of perks, as for given below:
- Comfortable: online 2 wheeler insurance is the most convenient way of insured your prized possession. You can browse over the various plans even lazing in your bed as well.
- Easy Accessibility: With online insurance, you can have an easy bike insurance check even after buying a plan. Online services are easily accessible where you can go through the policy details before making a decision.
- Post-selling Support: A large number of insurance providers offer excellent post-selling support which saves your time and money at the same time. Now you can buy, renew or port your policy online, before visiting the insurer’s
- Ease of Buying: Online policies are very comfortable to buy with the easy steps outlined by the insurers, which takes hardly a few minutes of yours. Most importantly, you can compare bike insurance online and buy. Moreover, paying the premium becomes very convenient with various online payment mode via credit card, debit card or net banking.
- Secure: Online two wheeler insurance is safe with the insurers providing a secure payment gateway online. This way the security of our transaction is ensured.
- Online Assistance: 24×7 customer service is always ready to help you. With the live chat boot, you can inquire about any of your complaints and get it redressed with no time.
When a two wheeler insurance policy covers your bike in every possible uncertainty, there are certain circumstances where the policy remains inapplicable. These include:
- If the driver carries an invalid license while the accident happened.
- War, war-like situation, nuclear risk
- Normal wear and tear or other electrical issues in any body parts
- Any claim that arises due to a contractual liability
- If driving under the influence of alcohol or other drugs
- In case you have been driving outside the geographical boundaries such as Nepal, Bangladesh, Sri Lanka, Maldives. If you meet with an accident there and get damages to the vehicle, you’ll no get any insurance coverage.
- Any damage caused to tyre or tubes of the vehicle due to an accident
- In case the vehicle is being used for criminal activities
- Depreciation of vehicle.
- Limited liability for own damages
How To File Bike Insurance Claim
Step 2 - Claim Processing
The insurance provider will process the claim upon receiving the duly filled claim form. Make sure you attach the relevant documents. You can approach a network garage and avail cashless services or opt for a non-network garage, pay the expenses initially and register for a reimbursement claim later.
Step 3 - Claim Settlement
Experience a fast and smooth claim settlement process by approaching insurer the right way. Submit the relevant documents, pay the deductibles (if applicable) and present the original repair bills. The insurer will process the claim after investigating the case.
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Two Wheeler Insurance FAQ'S
How to Save on Two Wheeler Insurance Premium
Just other services, 2 wheeler insurance gets hit by rising inflation. By adhering to below-mentioned factors, you can save big on two-wheeler insurance premium:
- Choose Your Bike Well This point can’t be stressed enough. If you opt for a luxury bike with a powerful cubic capacity or an exotic by the current market standard, you are likely to charge a higher premium.
- Maintain Clean Driving Record By maintaining a clean driving record you can get the policy at the discounted rate.
- Tailor Your Cover Carefully Buy a plan only after analysing your insurance needs. For instance, if you own an old bike then buying third party insurance would suffice your requirement. On the other hand, if you own a brand new or luxury bike, only a comprehensive cover can protect your bike more.
- Discount Basis on Your Age There are insurers that offer age-related discounts, especially at the age of 32-60 years. Insurers believe that at this age the drivers are more matured and responsible and thus drive relatively safe.
- Regulate Your Deductible The deductible is a pre-decided amount that you pay before the insurance company release the claimed pay-outs. Higher the deductibles, lesser will be the premium. it is good to choose a higher deductible but make sure you’re able to afford it.
- Bundle Your Policies You can avail discount on premium by paying multiple policies from the same insurer. In case you hold an insurance form the same insurer, enquire if you get any discount on the new bike insurance policy you want to buy.
These are a few of the factors that affect bike insurance cost. Do a systematic research on the various cost-cutting options available.
How to Choose the Best Two wheeler Insurance in India
With the insurance industry booming and various insurers joining the race of being in the top position, have made it quite tough for the customers to landing on a right plan. There are times when you might be confused and end up taking a wrong insurance policy for the bike. In this regard, the below pointers can be helpful:
- Policy Coverage Choose a policy cover as per your ability to pay the premium and your insurance needs. Coverage can be liability insurance or comprehensive cover. Analyse your needs and usage of your two-wheeler and then only buy a plan.
- Zero-depreciation Cover When a claim is made the insurer usually pays the amount after deducting the depreciation amount and pays up to the IDV. With a zero-depreciation cover, you could avail the full compensation amount, as the insurer will pay the claimed amount considering the actual value of your bike. With this cover, several vehicle parts will be fixed without calculating the depreciation value. However, to avail this, you’ll require to pay an additional premium.
- Compare Two Wheeler Insurance Online Online comparison of two wheeler insurance is the ideal way to buy a plan. Many third-party websites offer an online comparison of insurance plans
- Consider the Reviews Check for the reviews provided by the existing customers or those who have availed the services. You will get an idea of the services and performance of the company.
When a simple scratch on your bike can give you an eyesore, only a good two-wheeler insurance policy comes to your rescue. Show your ride the love that it deserves. Buy it the right insurance plan!
Add-on Coverage with Two Wheeler Insurance
You can opt for various additional coverage with your basic two wheeler insurance plan:
- Personal accident cover for pillion: With this policy, you can cover your pillion riders as well. In case of an accident, if the pillion gets injured or dead, the coverage will be extended. The coverage is paid in case of his/her partial or permanent disability as well. However, the amount to be paid as the policy benefit is decided based on the type of policy you choose.
- Zero Depreciation Cover: Zero depreciation cover, also known as bumper-to-bumper cover or Nil depreciation cover, enables you to avail the complete coverage during a claim. With time, the value of your asset goes down. Usually, the insurer pays the insurance benefits after calculating the decrease in the value of the vehicle. With zero depreciation cover, you can avail the complete value of the vehicle
- Round-the-clock Assistance: With this cover, you can expect for around-the-clock support from your insurer. This cover offers the additional services including towing of the vehicle in case of a sudden breakdown, accommodation in case the vehicle is unable to move, minor immediate repairs, emergency assistance at the site of the breakdown etc. you just need to call on the toll-free number whenever is required. The support team will rush for your help.
- Accessories Cover: In case, you are passionate about modified bikes then this is completely your Bike accessories offer a comfortable ride and enhance the look of your vehicle. Nonetheless, the maintenance cost of any of these accessories can cost you an arm and a leg. With this cover, you can cover your electrical and no electrical accessories.
Factors Affecting Bike Insurance Cost
Two wheeler insurance premium is calculated by keeping certain factors in mind, such as:
- Make and Model The make and model of your bike plays an important role in deciding the premium. The more expensive your vehicle with more cubic capacity, the higher two wheeler insurance premium will be.
- Registration City The registration city of the vehicle also decides the insurance premium. The owners of bikes in metropolitan cities have to bear a higher premium than the normal cities, owing to the possibilities of theft or accidents.
- Type of Cover Taken Two wheeler insurance premium is also determined by the type of cover you have chosen. If you opt for additional covers like collision or vandalism cover, the premium will automatically go high. That’s why to choose your cover carefully. Opt for the cover that you actually need.
- No-Claim Bonus Percentage The insurer offers No Claim Bonus for not claiming your insurance. With an NCB bonus, you can enjoy a lower premium. Hence, it is advisable to not claim for smaller wear and tear.
Online Comparison of Two Wheeler Insurance
It is understood that for a true rider bike is his/her passion. If it is same with, then you should take utmost care of it. By insuring your bike you can provide a complete protection to your prized possession. When plenty of insurance plans might put you in a state of the puzzle, the online comparison comes in handy! While buying bike insurance online, you’ll get a chance to compare various plans under the option ‘compare plan’. It is a simple process where you need to visit a comparison website, choose a plan and compare.
Things You Should Consider While Comparing Two Wheeler Insurance Policies
- Coverage type (Third Party Liability or Comprehensive)
- Insured Declared Value (IDV)
- Add-on Covers
- Cashless network garage list
Steps to Compare Two Wheeler Insurance Policies Online
Approach an aggregator website and get insurance quotes by providing b below details:
- Provide the details of your two-wheeler like- vehicle number, manufacturing year, make and variant
- Enter the registration detail/ RTO location
- Mention if your previous policy is expired or not