Two Wheeler Insurance
Two Wheeler Insurance is a kind of insurance that protects your vehicles from an accident, kind of natural and man-made disasters, theft or other such damages. There has been a hefty rise & highlighted the number of accidents in the past few years. The conditions of the roads & urgency to reach your destination, and traffic makes it a tough task to enjoy your ride. Two-wheeler is the most convenient and positive volumes of transport these days, it is also risky to drive your bike or scooter in traffic today’s, 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. Two-wheeler insurance is a contract between the insurer and its customers what the buyer agrees to make payment of a certain amount of premium for the policies. You can buy bike insurance online along with offline process without valid two-wheeler insurance; you will have to bear all the costs incurred in the event of any damages or losses of your two-wheeler. Strongly familiar with bike insurance volume especially those who own two-wheeler. Despite the facts Motor Vehicles act of India has made two-wheeler insurance a mandatory for uses a buying two-wheeler, it is the need of the hour for several reasons. In India, the two-wheeler is the most convenient mode of travelling make easier your ride with bike insurance online.
We always consider the positive approach with financially stress-free as two-wheeler insurance offers financial shield in case of theft or any other damages along with legally protected against third party related liabilities arising out of an accident. You can also avail a personal accident cover in case you suffer total permanent disability or death, up to Rs. 15 lakh.
Two Wheeler Insurance Online Features
Two-wheeler insurance policy market has changed radically since the emergence of new two-wheeler insurer in the market. The two-wheeler insurers have come up with a wide variety of features to woo their consumers. Bike insurance online is an easy, quick and hassle-free process.
Some of the salient features are listed below:
- Protects two-wheeler
It protects the vehicle from any natural or man-made disasters.
- Third Party Liability for two-wheeler
In case of an accident with a third party two-wheeler, the cost incurred
- Comprehensive Two-Wheeler Insurance Cover
Under this cover, third-party and own damage to the two-wheeler is covered.
- Auto Insurance Renewal for two-wheeler
These two-wheeler insurance 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 two-wheeler can be repaired free of cost.
- No Claim Bonus
No claim bonus can be accumulated for not claiming the two-wheeler insurance. With this, who can get an excellent discount of the insurance 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-year 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 by time. Insurance premium is decided at the time of buying a two-wheeler insurance plan, based on certain factors. Though two-wheeler insurance premium is decided by the bike insurance company, it is possible that you can calculate your premium before buying two-wheeler insurance plans without any doubt, with two-wheeler insurance premium calculator you can get a rough idea about how much you’re going to pay vast insurance premium for getting policy benefits. Like Moreover, bike insurance premium calculator helps you compare two-wheeler insurance plans and getting multiple bike insurance quotes that suit your requirements. This way you can land on an informed deal and sometimes can get plans at an affordable insurance 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 two-wheeler insurance 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 and optimize the range of their websites.
To calculate your two-wheeler insurance premium, you will require submitting the following information’s.
- Make and model of the two-wheeler
- Existing policy number, if the two-wheeler is already insured
- Registration number of the two-wheeler.
- 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 claims and reimbursement claims. While cashless claim can be availed at a network garage, the reimbursement insurance 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 insurance hassles while filing insurance claims. These insurance volumes of certainty aid you to take your bike/two-wheeler to the nearest insurance service centres. You can file 2 wheeler insurance claim in two ways: cashless claims and reimbursement claims. While you can avail cashless claims at a network garage, the reimbursement claims are made if insurance services are taken from non-network garages.
The bike insurance claim procedure involves some broad steps that are mentioned below.
- Strongly highlighted the first step is to register your two wheeler insurance claim with your insurance provider 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.
Cashless and Reimbursement Bike Insurance Claim process separately:
When your prized possession meets with an accident or breakdown of your two-wheelers, you have to make a cashless or reimbursement claims of any type of insurance. Only if you feel, the repair amount is costing you two-wheeler volume of destroying. The process is simple. Let’s have a glance:
Cashless Bike Insurance Claim
Reimbursement Bike Insurance Claim
|Approach any of the nearby network garages of the two-wheeler.||Under reimbursement claim, you can avail the services of insurance of two-wheeler from any garage. Approach one as per your preference.|
|Inform the insurance provider and register a claim by calling on the toll-free number.||The damage will be inspected and a rough estimate of the repair of two wheeler will be prepared.|
|Send the two wheeler for repair and submit the relevant documents of insurance such as RC, claim form, a copy of FIR etc.||Once the repair is done of two wheeler, 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 insurance provider’s.||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 of two wheeler. The same report will be sent to the network garage||The insurance provider will pay the repair amount after subtracting the deductible amount.|
|A post-repair examination could be done again|
|After the insurance provider 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.|
Documents Required Two Wheeler Insurance Claim:
In the case of the bike insurance claim, you’ll be required to submit the below documents of two wheeler for insurance, depend on the nature of the insurance claims.
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 insurance claim form of two wheeler.
- Copy of your driving license of two wheeler.
- Copy of your two wheeler RC
- For company registered two wheeler, 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 of two wheeler.
- Form 28, 29 and 30 dully signed by you and your financier.
- Original copy of the two wheeler insurance policy documents.
- NOC from the financier of two wheeler.
- Service booklet, warranty card, or keys of insurance volume.
- Letter of subrogation
- Your previous two wheeler insurance policy information (if any)
- A copy of a letter written to the RTO concerning the theft with a request to make the two wheeler ‘NON-USE’
- A two wheeler insurance claim discharge voucher with a Revenue Stamp.
When it is a two-wheeler 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 two wheeler repair bills for cashless garage repairs and payment receipt for normal garage repairs
- Police FIR
- Your claims discharge voucher of insurance.
- 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, two-wheeler 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 Bike Insurance Renewal: It is the most traditional way of bike insurance renewal, just visit the nearest branch of the insurance provider of two-wheeler. Their representative will assist you throughout the process. You may have to provide certain documents during the renewal process. After calculating the insurance premium, you can pay the amount by cash or cheque or any other method suggested by the representative.
- Using Online Apps: Now a day’s apps are very popular among users. Some motor 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 motor insurance company or a third-party website as well that deals in two-wheeler insurance. By providing the required information and calculating the two-wheeler insurance 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 regular insurance policy tenure of the two-wheeler, you will require bike insurance renewal once a year. If you select a long-term two-wheeler insurance policy, you will have to renew the policy once in 2 or 3 years.
Bike Insurance Renewal Online
- Compare Bike Insurance IDV: AT the time of renewing a policy of two-wheeler and after entering the details of your two-wheeler, you can compare bike insurance quotes of the different insurance provider. It is recommended that, before renewing your policy, compare the IDV (Insurer Declared Value) offered by the other insurance provider as well. Because two-wheeler insurance benefits are paid up to the IDV and it is better if you get a higher IDV.
- Access Two-Wheeler Insurance Cover: Renewing also enables you to evaluate the offered coverage. Browse through various two wheeler insurance 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 two-wheeler insurance plan.
- Consider Bike Insurance 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 Bike Insurance Information: Before paying the two-wheeler insurance 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 insurance companies 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 insurance companies 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 15 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 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|
Benefits of Buying Two Wheeler Insurance Online
The major benefit of buying a two wheeler insurance policy online is that it involves less paperwork. Once a two wheeler insurance policy is selected the payment can also be done online. It offers more convenience to the customer as he/she can deal directly with the authorized insurance personnel.
There are multiple two wheeler insurance options that are available online. Customers can easily compare various two wheeler insurance plans online and then buy the most appropriate policy. With online comparison, one can easily know the pros and cons of buying a policy and the difference in the two wheeler insurance rates. Moreover, it will help in finding the best two wheeler insurance plans.
Bike insurance online purchases eliminate the cost of processing. It doesn’t not involve the cost of middlemen or broker while purchasing a two wheeler insurance policy offline. Sometimes, two wheeler insurance companies offer a discount on online purchase of bike insurance, which is not available on offline purchase.
Easy Two Wheeler Insurance Renewal Online:
Buy bike insurance online and avail easy two wheeler insurance renewal and payment options.
Flexibility to make Changes:
If the proposer wants to make any changes in the two wheeler insurance policy wordings, it can be done by simply filling up the endorsement form which is available on the insurance provider’s website. Fill the endorsement form and give it to the insurance companies and get instant sanction for your request.
Two Wheeler Insurance Add-On Covers
Here are some of the additional covers that you can buy along with your basic two wheeler insurance policy.
Two-wheeler road accidents can be deadly for both bike rider and the pillion rider. In a basic policy, the bike owner is covered against disability and death; however, with an add-on cover, you can get compensation for the passenger as well. Compensation to the pillion rider is provided in the event of accidental death or disability. All that an applicant needs to do is a pay a small amount of extra premium to avail this benefit.
If the bike is fitted with additional accessories (non- electrical and electrical) they should also be insured. With this add-on cover one can get coverage against any loss or damage that is caused to the costly accessories. The insurance provicer will need the total cost estimate of the vehicle accessories at the time of purchase.
When there is an accident medical cover proves to be one the most crucial add-on covers. Sometimes medical expenses can be too costly. With this add-on cover one can get compensation for all kinds of medical treatment after an accident.
Zero/Nil Depreciation Cover:
When filing an accidental claim, the insurance company is required to pay for the depreciation value and the replacement of any spare parts. If one opts for zero deprecation add-on cover, the two wheeler insurance company will compensate the claim amount irrespective of the depreciation value.
Purchase Multi-Year Two-Wheeler Insurance Plan
Usually two-wheeler insurance policies are customized for one year. The policyholder has to renew these plans on yearly basis. Nevertheless, a multi-year two-wheeler insurance plan is one of its kind. This plan permits two-wheeler to be safe and insured up to 3 years consecutively at the same time.
The policyholders do not have to worry about renewing the insurance every year. The reason is that they get a single policy, which is valid with three years of cover.
Multi-year Two-wheeler Insurance Benefits
Multi-year two-wheeler insurance plan is power-packed with a wide range of benefits. They are as follows:
Safety and Security for Long-term
The policyholder can ride safe and secured and enjoy long-term fiscal protection of their bike for three years. Moreover, they get one policy document, which has validity for three years.
Annual Renewal is Eliminated
The policyholders can be worry-free as they do not have to undergo the hassles of renewing bike insurance every year. Through this type of two-wheeler insurance, they have to renew their policy every three years.
Policy Cancellation Goes Easy
The multi-year policyholders has nothing to worry about the cancelling the policy. If they make a cancellation in the first year of the policy term, they can get refund of the premiums for the second and third year.
Safeguards Accrued No-Claim Bonus
If the policyholder is eligible for 25 percent No-claim bonus, it is applicable on all the premiums of all the three years.
Offers huge Discounts
At times, the insurance providers offer upfront huge discounts on the multi-year bike insurance policies. This helps the policyholders save on their premiums.
Save up to 20%-40% on Premiums
Insurance Regulatory and Development Authority (IRDA) of India tramps the third-party liability share of the premiums by up to 20 percent every year. The multi-year two-wheeler insurance plan saves the insured against the hike of service tax and third-party premiums.
Mandatory Third-party Bike Insurance Cover for 5 Years
As per the Insurance Regulatory and Development Authority of India (IRDA), all the two-wheelers that are purchased after Sept 01, 2018 need to have third-party motorbike insurance liability cover for five years.
All the vehicles plying on the road need to have third-party motorcycle insurance (TP). It ensures loss or damage cover that is caused to a 3rd party from the insured vehicle.
Two Wheeler Insurance - Inclusions & Exclusions
Buying bike 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 insurance provider’s website.
- Ease of Buying: Online policies are very comfortable to buy with the easy steps outlined by the insurance companies, 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 insurance company 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
Two Wheeler Insurance Online vs. Offline Comparison
While most of the people already prefer to buy a bike insurance online, but there is a certain population that still continues to buy motor insurance offline.
Here are the pros and cons of buying a bike insurance online as well as offline:
Easy To Compare Bike Insurance Plans –
One can easily check online which insurance company is offering better two wheeler insurance rates, and which plan is providing better coverage. Select a plan that meets most of the requirements and is customizable. While purchasing offline from an agent, there is only one option to buy it from that particular insurance company.
Seamless Online Bike Insurance Renewal–
Online bike insurance renewal ensures timely updates. It will ensure that the insurance policy for bike doesn’t get lapsed.
Bike insurance online purchase ensures transparency as one can visit the insurance provider’s website and download the insurance documents. On the contrary, when purchasing a policy offline, there are more chances of being manipulated by an agent.
Making an Informed Purchase–
While comparing bike insurance online, one can check the incurred claim ratio of different insurance provider’s. When buying two wheeler insurance offline, one is dependent on the agent to provide the true statistics about the insurance companies incurred claim ratio. Moreover, the authenticity of an agent is always questionable.
Motor insurance companies can entice customers by promising a higher sum assured amount on their site. When purchasing an insurance policy for bike offline, one can always see the documents and then make the payment.
The Cost Factor–
Most of the insurance companies offer discounts on their online purchase. Once can earn up to 30 percent discount online in comparison to offline purchase that involves the commission charged by an agent.
Easy to Access-
Customers can easily access the insurance provider’s site online anytime and anywhere. They have round-the-clock customer service to address their customers. And this is something which is not possible with an offline purchase.
Expert Tips on Cutting down Your Two Wheeler Insurance Cost
The premium should not be the only factor to consider while purchasing a two wheeler insurance policy. However, to buy an insurance policy for bike at an economical price, simply read on to the below-mentioned tips that will help in reducing the two wheeler insurance premium:
- Two wheeler insurance premiums are dependent on the bike’s make and model. So, pick a bike that is smaller and cheaper, and its premium will also be less. The cost of spare parts and repair will also be cheaper.
- Applicants with a safe driving record and who have not filed any claim in the past years are likely to get a discount on the premium from their motor insurance provider.
- Do not go for high-end bikes or modified bikes as they are more expensive and their cost of spare parts and repair is also costly. Also, there are more chances of these bikes getting stolen.
- The bike should be parked safely and securely to reduce the chances of it being robbed or stolen.
- While renewing a two wheeler insurance policy, do not just settle for the current bike insurance company. Check out other motor insurance companies if they are offering a better insurance policy for bike at a lower premium. Always compare various two wheeler insurance plans online and check the details.
- Experienced drivers are also likely to get a better two wheeler insurance rate form their insurance providers.
- Buying health and motor insurance from the same general insurance company may also help in earning some discounts.
Factors That Affect Your Two Wheeler Insurance Premium
Take a look at all the features of a bike that can influence the two wheeler insurance premium-
- Manufacturing year of the Bike
- Bike’s fuel type
- Bike’s Place of registration
- Bike’s class and model
- Make of the Bike
- Modifications and accessories ( if any)
- Bike’s showroom price
- Number of miles driven
Questions to Ask Before You Buy Bike Insurance Online
Before buying a two wheeler insurance policy, an applicant should ask the following questions from the insurance company:
Type of Two Wheeler Insurance Coverage – There are various types of two-wheeler insurance policies. One of them is third-party insurance cover that compensates for third-party damages after an accident. It is mandatory to buy this cover and the premium is also low. The other is a comprehensive two wheeler insurance policy that covers damages caused to the bike in case of accidental damage, theft, fire, etc. The proposer can select the coverage type on the basis of his/her requirement.
Risk Assessment – The cost of premium that one is liable to pay depends on the proposer’s possibility of filing a claim. Motor insurance companies evaluate the premium based on the bike, its age, applicant’s age and geographical location among other factors.
Deductibles – When filing a claim, the policyholder needs to pay a certain amount and the remaining amount is paid insurance company. One should ask how much that amount would be and then select the right vehicle insurance policy.
Deals/Discounts – It is always better to negotiate or seek a discount on premium. Most of the two-wheeler insurance companies offer discount and have ongoing deals for their first time customers and regular customers as well.
How to Buy Two wheeler Insurance Online?
Most of the people are now buying bike insurance online. It saves their time and effort in going to the insurance provider’s office. Moreover, one can easily compare two wheeler insurance policy benefits, premium cost, claim process and required documents on the website of the insurance providers.
People can easily look for a two-wheeler insurance provider, using a laptop from the comfort of their couch. To register online for 2 wheeler insurance, one just needs to fill an online form. Moreover, one can easily provide their documents by uploading their scanned copies.
The process may vary from one insure to another, however, to get a two wheeler insurance quotation online one needs to provide the following details-
- Full name
- Email Address
- Contact Details
- Area of Registration
- Fuel Type
- City of Registration (RTO)
- Cubic Capacity
- Make & Model
- Manufacturing Year
- Seating Capacity
- Policy Duration
- Current Vehicle Insurance Policy Type
- Body type
- Tenure of the previous policy and its expiry date
- Ownership transfer (if relevant)
- Accessories Installed
- Number of Claims
Which Are the Terms Related to Two Wheeler Insurance?
- Accidental Injuries – Damage or injury caused to the body after an accident
- Accidental Death Cover – In a motor insurance policy, if the policyholder dies after an accident, his/her nominee will be given the death benefit cover.
- Annual Bike Insurance Premium – It is the premium amount that the policyholder pays to the insurance company every year to avail the two-wheeler insurance services.
- Bodily Injury – Any type of physical injury, mental injury, sickness, shock or death resulted after an accident.
- Compulsory Deductibles – Compulsory deductible is the amount fixed by the motor insurance company for every claim that a policyholder makes. It is a compulsory amount that the insured has to bear and the outstanding amount is paid by the motor insurance provider.
- Claim – Claim is the notification or application that the policyholder submits to the insurance company to get compensation for the damage as per the policy terms and conditions. Nowadays, one can easily file online 2 wheeler insurance claims.
Comprehensive Two Wheeler Insurance Coverage
Comprehensive two wheeler insurance recommended for every two-wheeler owner as it protects the insured vehicle from any unforeseen damage, accident or collision. It also covers third third-party liabilities, natural disasters and burglary attempts.
The premium is determined on the basis of the bike’s make, model and cubic capacity. There is an option to select an annual or a multi-year policy.
There are few limitations in a two wheeler insurance policy. The insurance provider is not liable to provide compensation for regular wear and tear of the bike; damages resulting due to war, nuclear radiations, drink and driving, damage to fiber parts and tyres damage are also not covered.
The policyholder is termed as the insured. He/she avails the benefits of a policy.
The insurance provider or the insurance company is termed as the insurance company.
It is a written document of the two wheeler insurance policy with all the terms and conditions, declarations, exclusions, and agreements of a vehicle insurance policy.
Third-Party Two Wheeler Insurance
Third-party two wheeler insurance is a statutory requirement for all the bike owners in our country. It is designed to ensure the safety of the passengers and the passers-by who are injured by the insured vehicle. It is also called as the liability insurance cover as it compensates for third-party liabilities.
The actual beneficiary is a 3rd party or person who faced the damage or injuries from the insured two-wheeler. The policyholder is given protection against third-party liabilities resulting due to damage or loss to a third party caused by a road accident or collision.
No-claim-bonus is the discount given by the motor insurance provider to the policyholder for all the claim free years.
The policyholder can avail it at the time of bike insurance renewal and it is transferable while switching the insurance provider. To avail the NCB it is important that the insurance policy for two-wheeler is renewed timely and it is only valid on a comprehensive two wheeler insurance policy.
|Number of Claim Free Years||NCB ( in percentage)|
When an insurance policy is discontinued by the policyholder it is called as the cancellation.
When a two wheeler insurance policy is not renewed before the due date for bike insurance renewal then it is lapsed by the insurance company.
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.
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 insurance provider that offer age-related discounts, especially at the age of 32-60 years. Insurance providers 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 insurance company. In case you hold an insurance form the same insurance company, 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 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 insurance companies 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 insurance company 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 insurance provider 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 insurance provider 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 insurance provider. 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 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 insurance provider 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 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
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