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Know about Bike Insurance
Buy or Renew your Two Wheeler Insurance Policy in less than 60 seconds ⚡. Being one of the easiest and affordable means of travel, the demand for two wheelers has risen in India. With this, the demand for two wheeler insurance has also grown. A 2 wheeler insurance policy protects you against third party and own damage liabilities.
What Is Bike Insurance?
Know all about Two Wheeler Insurance - Definition, Importance, Types of Bike Insurance
If you own a bike, you know its value: the thrill of adventure, fun rides with the family, and the convenience of travelling in the local area. Indian households very quickly become attached to their bikes, and to ensure these sentiments are protected, getting bike insurance is very important. Bike Insurance protects your vehicle from the potential risk of damage and ensures that your bike continues to provide memories even after a setback.
Why Do You Need Bike Insurance?
In today's time, getting your vehicle repaired can be very costly. Riders should maintain full safety while driving but accidents are unforeseen and can happen anywhere. An insurance is a facility that enables you to transfer the risk of getting your bike damaged to the insurance company which will bear the cost of repair in case your bike gets damaged.
Types of Two Wheeler Insurance
There are 3 types of bike insurance policy in India and InsuranceDekho offers all of them.
- Preferred
Comprehensive Bike Insurance
The Comprehensive bike insurance policy is a combination of both Standalone and Third-party car insurance. It is the most recommended policy as it protects you from the financial risks of causing damage or injury to a third person or property and covers the damages sustained by your bike as well.
Third Party Bike Insurance
This insurance policy is mandatory for all motor vehicles. The Indian law makes it compulsory for people to purchase third-party bike insurance policies for their bikes. This policy covers the legal obligation to compensate for damages or injuries caused to a third person or property due to an accident by your bike.
Own-Damage Bike Insurance
The standalone own-damage policy covers the damages incurred by your vehicle. This policy safeguards your two-wheeler financially as it covers the cost of repair. If your bike gets damaged due to an accident, vandalism, or natural calamities such as earthquakes, floods, and riots, you can file a claim and the insurer will pay for the repair of your bike.
Key Features of a Bike Insurance Policy
Below listed are the key features and benefits of buying a bike insurance policy:
Legal Compliance: The Indian Motor Act 1988 makes it mandatory to purchase third-party insurance for every motor vehicle. Hence third-party bike insurance is necessary to purchase as it fulfils a legal obligation.
Third-Party Liability Coverage: The Third-party liability policy covers the compensation you are obliged to pay for damaging any third person's property or causing injury to a third person by your bike. It also covers the compensation to be paid if the accident caused a disability or death of the victim.
Own Damage Protection: In a Comprehensive Plan or a standalone own damage insurance policy, the risks of your bike getting damaged are covered in the insurance plan. It covers the damages caused by accidents, natural calamities, theft, fire, vandalism, etc.
Key Factors to Consider While Choosing a Bike Insurance Plan
While choosing an insurance policy for your bike, you have to find the policy that meets your expectations and fulfils your requirements. Here are the key factors to consider before selecting a bike insurance policy.
1. Type of Coverage: The policy's coverage is its primary component. Although some insurers require personal accident coverage, third-party liability typically only covers damages that your vehicle causes to another person or piece of property. The benefits of the own damage and third party policies are covered by the comprehensive coverage. Motorbike damage from theft, accidents, natural disasters like floods and earthquakes, vandalism, and riots is covered by own damage insurance.
2. Insured Declared Value (IDV): The IDV is the current market value of your bike. Your IDV affects your premium, higher IDV has a higher premium. It also is the price the insurer pays in case your bike is stolen or damaged beyond repair.
3. Add-on Covers: Among the list of more than 10 add-ons in the market, some are fairly very popular given the benefits they add to the insurance policy. The most brought add-ons are Zero Depreciation Cover, Roadside Assistance, and Engine Protection. Check if the policy is offering these add-ons to add to your policy.
4. Claim Settlement Ratio: Claim Settlement Ratio or CSR is a crucial metric to analyse the efficiency of the insurer in terms of settling claims. It indicates if the insurer settles the claim smoothly. While searching for a policy, look for insurers that have a CSR between 95-98%
5. Network of Cashless Garages: Cashless garages are a very important facility for motor insurance. These are garages that provide services and don't charge any money from you. These garages are directly tied with insurers and get paid directly from them. A large network of garages means that you can easily find one near to wherever you are.
6. Premium Cost: After adding add-on covers, your premium amount should be a balance between coverage and affordability. Check plans from different insurers and compare quotes on InsuranceDekho and find the insurer that provides the required coverage at an affordable price.
Eligibility Criteria for Purchasing a Bike Insurance Policy
To purchase bike insurance, you must fulfil the following conditions:
- The bike should be registered under your name.
- You must have a Government authorised identification card.
- You should have a proof of address.
- You must be above the age of 18 years and have a valid driving license.
- The bike must be registered under the RTO (Regional Transport Office).
Benefits of Buying Bike Insurance
Here are some key benefits of buying bike insurance:
1. Financial protection: The insurer covers the cost of repair if you crash or damage your bike.
2. Covers theft: if your bike gets stolen, the insurer will give you the market value of the bike.
3. Personal Accident cover: With this cover the insurer covers the medical expenses in case you get injured while riding.
4. Legal support: The insurer shows up at the MACT on your behalf with legal expertise in case a third-party claim is filed.
5. Peace of mind: You don't have to worry about the rising expenses of bike repair.
6. Legal Obligation: Third-party coverage is mandatory for every vehicle, not having the policy can lead to fines and even imprisonment.
7. Roadside Assistance: If your bike breaks down in the middle of a journey, you can call immediate help under this cover. A vehicle with equipment will arrive at your location and get you back on the wheels.
Two Wheeler Insurance Add-ons
Add-ons bring extra protection to your policy. Each add-on comes with a price and hence increases the premium. Here is a list of the most popular add-ons that are favoured to go with Bike insurance plans.
Zero Depreciation Cover Bike insurance
With this add-on, the policyholder does not have to pay for the depreciated value of parts while filing a claim as the insurer covers that cost as well. This add-on is most suitable for new bike owners
Return To Invoice Cover Bike insurance
The Return to Invoice is a very exciting add-on as in case of theft or damage beyond repair, the insurer provides the invoice value of the bike including road tax and RTO registration.
NCB Protection Cover Bike insurance
This add-on allows you to file a claim that does not exhaust your NCB. This means your NCB bonus will continue on renewal unaffected by the claim you made during the policy.
Engine Protection Cover Bike insurance
The Engine Protection add-on covers the risk of water damage in the engine. Engine repair is usually very expensive and hence this add-on is a must-have for people living near flood-prone areas.
Roadside Assistance
This is a very essential service that must be in your policy. Roadside assistance cover provides a 24/7 helpline that sends immediate help to your location in case of an emergency. This emergency can be an accident, a flat tyre, an empty fuel tank, etc.
Consumables Cover Bike insurance
When your bike is getting repaired at the garage, the mechanic uses screws, nuts, oil, etc for which the policyholder is charged. With this cover, you will not have to worry about these expenses as they will be covered under this cover.
Key Replacement Cover
This cover covers the cost of replacing the keys and lock system if the keys are stolen or lost. This cover is suitable for bikes with advanced lock systems as it can be expensive to replace.
Personal Accident Cover for Pillion Rider
This add-on should be a priority for people who do not ride alone. This add-on covers the medical expenses in case of injuries and provides compensation in case of disabilities or death of a pillion rider.
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Why Choose InsuranceDekho for Bike Insurance Online?
- Best Bike Insurance in Just 60 Seconds*
We issue your bike insurance in just 60 Seconds with our simple, swift and paperless process.
- Over 50 Lakh Happy Customers
InsuranceDekho is a preferred choice of every insurance seeker. With our quick process, top-rated insurance plans, and committed customer care staff, we have managed to get the love and support of over 50 Lakh satisfied customers till now.
- 7 Days Dedicated Customer Support
We have a dedicated customer support team which is available at your service everyday. You can reach out to our support staff for any insurance related assistance be it related to policy purchase or claim settlement, we are always there to assist you.
Documents Required for Purchasing a Bike Insurance Policy in India
- Vehicle Registration Certificate (RC)
- Valid Driving Licence
- Identity Proof (Aadhaar Card/PAN Card/Voter ID/Passport)
- Address Proof
- Previous Insurance Policy
- Invoice of the Bike (For new bikes or to determine Insured Declared Value (IDV)
Note that it is best to check with the insurer as some insurers might need some additional documents.
Understanding The Claim Settlement Process?
Claim settlement is the process where the insurer pays for the covers they have provided in the policy. Whenever your bike gets damaged or there is a case of third party damage, you can file a claim if the cause of damage is included in the policy.
There are two types of claim settlement processes:
- Cashless Claim Settlement: In the cashless claim settlement process, you don't have to make any upfront payment to the garage. This facility is available only at the cashless garage network as they have direct ties with the insurer. The insurer companies pay the garages for your repair directly after the work is completed.
- Reimbursement Claim Settlement: In this process, you have to pay for the bike repair at the garage and later send the invoice to the insurer. The insurer will then settle your claim by sending you the money into your bank account.
How to File a Claim?
To file a claim, the most important thing is to initiate the claim on time. Ideally, you should inform the insurer about the damage as soon as you observe the damage. You can also seek assistance from InsuranceDekho’s claim assistance team by calling on toll-free number 7551196989. You can also send us an email at support@insurancedekho.com and we will schedule a home visit from our relationship manager.
Documents Required
The most common documents required to file a claim for your bike insurance are mentioned below. However, it is best to check with the insurer regarding any additional documents required:
- Original claim form
- Copy of registration certificate (RC)
- Copy of the driving licence of the person driving the vehicle at the time of the accident.
- Copy of policy documents.
- Government-authorised Identification Document.
- FIR or police report (If applicable).
- Repair invoice ( in case of cashless claim settlement)
Common Reasons for Claim Rejection
- Missing or not authorised documents from the checklist.
- Delay in intimation of claim.
- Willful misconduct or negligence is the main reason for claims getting rejected.
- Intentional harm caused to a third-party
- Intentional damage caused to own vehicle.
Tips for Avoiding Claim Settlement Issues
Here are some tips to keep in mind in order to prevent obstacles in the claim settlement process:
- Intimate the claim on time, ideally, it's best to inform the insurer within 24 to 48 hours.
- Ask the insurer to provide a document checklist and prepare your documents accordingly.
- Be honest with the insurer, don’t hide anything from them.
- Don't get your bike repaired before the claim is approved after inspection.
How To Buy Bike Insurance Online?
With InsuranceDekho, you can buy motorcycle / scooter insurance very easily and quickly. You can follow the below-mentioned steps to buy the best two wheeler insurance online.
- Enter Your Bike Details
Fill up your two wheeler details like make, model, fuel type, etc., to find the top bike insurance policy quotes offered by different insurance companies based on your specifications.
- Compare Bike Insurance Policy Quotes
From all the available plan options, pick the policy which meets your requirements and budgets in the best possible manner.
- Pay for the Policy Online
Pay the premium price of the chosen two wheeler insurance policy online. After paying the premium, you will instantly receive your motorbike insurance document in your email inbox.
What is Bike Insurance Renewal & Why is It Important?
Renewal is the process of extending the policy for another term after it expires. Bike Insurance policies usually expire in one year and hence renewal is required to continue the benefits of the insurance policy.
Renewing a policy is necessary to continue bearing the benefits of an insurance policy. To avoid any gaps in the policy and maintain the coverages of a bike insurance policy. If there are gaps in the policy, which means if you fail to renew it within the grace period, then you can face consequences and challenges in buying another policy that includes loss of NCB and inspection of the vehicle.
You can renew your bike insurance policy by following the 5 simple steps:
Step 1: Visit the official website of InsuranceDekho.
Step 2: Please find the ‘Support’ tab on the top bar of the page.
Step 3: A dropdown menu will appear, from the list click on ‘Renew Policy’.
Step 4: Login by using your contact number and OTP.
Step 5: Now you will see your dashboard on the screen with a list of your policies, select the bike insurance you want to renew and click on ‘Renew’.
Step 6: Lastly, complete the process by completing the payment through any digital payment channels like UPI, credit/debit card, etc.
Offline Process
If you want to buy a bike insurance policy with an offline approach, InsuranceDekho provides an alternative method where a relationship manager is assigned to visit you and get you through the complete process. You can have a meeting with the executive and directly discuss your priorities and requirements from the policy.
To book an appointment with the relationship manager, visit the InsuranceDekho website and click on ‘Call Back’ option. You will be contacted by our team and a relationship manager will be assigned to who will reach out to you at your given time.
Covered vs Not Covered Under Bike Insurance Policies?
There are inclusions and exclusions in every policy. Bike insurance policy clearly outlines in the policy documents what is covered and what is not covered in the policy. You can refer to the table below to find out the basic coverages and not covered of a bike insurance policy.
Cover | Stand Alone Own Damage | Third-Party | Comprehensive |
Damage/Losses happened to own bike due to an accident | YES | NO | YES |
Damage/Losses happened to own bike due to fire | YES | NO | YES |
Damage/Losses happened to own bike due to natural calamity | YES | NO | YES |
Damages to Third-Party vehicle | NO | YES | YES |
Damage to Third-Party Property | NO | YES | YES |
Personal Accident Cover | NO | YES | YES |
Injuries or Death of Third Person due to Accident | NO | YES | YES |
Theft of Bike | YES | NO | YES |
Customisable IDV | YES | NO | YES |
Available Add-ons | YES | NO | YES |
Bike Insurance Portability: What it is & How it Works?
The process of changing the insurer without losing the benefits is called porting. Bike Insurance portability permits riders to change their insurer without losing the benefits of the previous policy. This provides flexibility to the policyholders and promotes healthy competition among insurance companies.
You can port your policy to a different insurer while renewing your policy. Ideally, the process of porting should start 45-60 days before the policy expires. You need time to compare quotes, asses insurers, and then conclude if you wish to port your policy to a new insurer.
The process of porting your policy is very simple:
- You start by contacting the insurer whose policy you want to purchase.
- Fill out the portability form provided by the new insurer.
- Submit the necessary documents requested by the new insurer.
- The insurer will propose a new policy
- Pay the premium and you have successfully ported your bike insurance policy.
Top Bike Insurance Policies in India 2024
Here is a list of the top bike insurance providers in India with all the key metrics you need to know to compare and find the best plan for yourself.
Rank | Companies | Network Garages | Claim Settlement Ratio | |
1 | Bajaj Allianz General Insurance | 5,500+ | 96.59% | |
2 | Icici Lombard General Insurance | 8,000+ | 97.07% | |
3 | Hdfc Ergo General Insurance | 7,000+ | 98.49% | |
4 | NAVI General Insurance Ltd. | 4,500+ | 99.99% | |
5 | Iffco Tokio General Insurance | 4,300+ | 95.30% | |
6 | Kotak Mahindra General Insurance | 3,000+ | 82.81% | |
7 | National General Insurance | 3,100+ | 85.71% | |
8 | New India General Insurance | 3,000+ | 89.60% | |
9 | Reliance General Insurance | 6,200+ | 98.65% | |
10 | Sbi General Insurance | 16,000+ | 89.51% | |
11 | United India General Insurance | 3,100+ | 82.93% | |
12 | Universal Sompo General Insurance | 3,500+ | 90.78% |
Two Wheeler Insurance By Popular Manufacturers
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Common Bike Insurance Terms and Definitions
The world of Insurance does have some jargon and it is crucial to familiarise yourself with them to make the right decision while purchasing bike insurance. Here are some common terms you would hear around insurance:
1. Deductible: This is a pre-agreed amount between the insurer and the policyholder. Deductibles are an amount that the policyholder agrees to pay before insurance covers the claim. For example, if the deductible amount is Rs. 5,000, and the repair cost is Rs. 20,000, then you will have to pay Rs. 5,000 and the remaining Rs. 15,000 will be covered by the insurer.
2. Premium: It is the amount you pay to the insurer for providing you with the insurance policy. Premium can be paid monthly, quarterly, or annually, depending on your agreement with the insurer.
3. Liability Coverage: This is the cover included in third-party bike insurance where the policy covers the damages or injuries caused to a third-party person or property due to a collision with your bike.
4. Collision Coverage: Under this cover, the damages to your bike resulting from a collision with another vehicle or object.
5. Comprehensive Coverage: This coverage combines the benefits of third-party liability and a standalone own-damage policy.
6. Personal Injury Protection (PIP): This cover bears the medical expenses in case of an accident where the policyholder gets injured.
7. Policy Limits: This term denotes the maximum amount your insurance company will pay for a covered loss. Limits usually are set in terms of per-person and per-accident amounts.
8. Underinsured/Uninsured Motorist Coverage: This cover protects you if you're in an accident with a driver who does not have insurance.
9. Actual Cash Value (ACV): This is the replacement cost of your bike after subtracting the depreciation value. It is the actual value of your vehicle in the market as suggested by the name.
10. Agreed Value: This is a pre-agreed amount agreed by the policyholder and insurer which is paid out in case of a total loss, or theft of the bike regardless of the bike's actual value at the time of loss.
11. Endorsement: When you make any changes or add details to your policy that affect the coverage or the premium price, it is referred to as endorsement.
FAQs on Two Wheeler Insurance Policy
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What is the premium of different two wheeler plans?
The cost of the premium for different bike insurance plans are different. When it comes to the third party policy, its premium is set by the IRDAI which varies as per the bike’s engine capacity. But, the premium amount for own-damage and comprehensive plans varies from bike to bike due to various factors like bike’s make, model, and variant, engine capacity, fuel type, etc.
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What if my bike insurance policy gets expired?
Every two-wheeler insurance policy has a date of expiry before which you should renew it to continue to avail it. However, if you fail to renew the policy on time, you still can renew it within the 90 days grace period from the expiry date. However, bike insurance renewal process is not possible after this period. As a result, you will have to buy a new insurance policy in that case.