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- Fill Your Two Wheeler Details
Provide your two wheeler details such as the make, model, etc, and get insurance quotes instantly from top bike insurance companies.
- Compare Online Two Wheeler Insurance
From all the available two wheeler insurance, select the bike insurer which suits your budget & requirements in the best manner.
- Make Payment Online
Pay the two wheeler insurance premium online for the selected plan online and you are done.
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Two Wheeler Insurance
What is Bike Insurance? Two-wheeler insurance / Bike insurance is a type of motor insurance which helps two-wheeler owners get their vehicle insured against unfortunate events such as road accidents, theft, natural/man-made calamities, fire, explosion, strike, riots, etc. There are three types of two-wheeler insurance plans namely third party two-wheeler insurance, standalone own-damage two-wheeler insurance and comprehensive two-wheeler insurance. A third party two-wheeler insurance is a mandatory requirement in the country as per the Indian Motor Tariff and the absence of it attracts a fine of Rs. 2,000 and/or imprisonment of up to 3 months. A third party two-wheeler insurance plan insures the policyholders against the financial liabilities which may incur towards a third party in a road accident, whereas, a standalone two-wheeler insurance plan provides coverage only for the own-damages incurred by the insured's vehicle in an unfortunate event. A comprehensive two-wheeler insurance plan offers the maximum coverage as under it both the third party liabilities as well the own-damages incurred by the insured's bike are covered. Policyholders can customise their policy with the help of two-wheeler add-ons. Add-on covers are extra coverages which help policyholders strengthen the coverage of their basic two-wheeler insurance plans. These can be opted with standalone own-damage and comprehensive two-wheeler insurance plans. Some of the most popular two-wheeler insurance add-ons include zero depreciation cover, engine cover and road assistance cover. Like all insurance policies, a 2-wheeler insurance plan also comes with a validity tenure post which it needs to be renewed. According to the Indian Motor Tariff, all new two-wheeler owners need to have at least a five-year third party two-wheeler insurance policy, while other two-wheelers owners can choose between 1 year and 5 year insurance plans.
What Are the Types of Two Wheeler Insurance In India?
Comprehensive Bike Insurance
A comprehensive two wheeler insurance policy is a cover under which the insurance company is liable to pay for damages caused to the third party property and life (including death) by the insured’s bike as well as for the own damages sustained by the insured’s bike. In addition to road accidents, the plan covers damages incurred during natural calamities, man-made disasters, fire, explosion, self-ignition or lightning, theft, terrorist activity, damage in transit by road, rail, inland waterway, lift, elevator as well as air. A policyholder can extend the coverage of a comprehensive bike insurance plan with the help of add-on covers such as zero depreciation cover, engine cover, roadside assistance cover, lost key, etc. Many people ignore this bike insurance cover as it is costlier than the basic insurance plan, but in the long run this turns out to be the best policy for any and every bike rider because it protects them from the legal troubles, financial liabilities towards the third party and compensates their own-damages too.
Third Party Bike Insurance
As per the Indian Motor Tariff, a third party two wheeler insurance policy is a mandatory requirement if you want to drive a 2 wheeler in India. Under this cover, the insurance company insures the policyholder against the third party liabilities such as bodily injuries, permanent/temporary liability, total/partial liability, as well as death of the third party caused by an accident involving the insured’s bike. The third party policy also provides coverage for property damage incurred by the third party up to Rs. 1 lakh. However, this liability only policy is necessary to be owned by every bike owner while driving a bike on Indian roads not just because it saves you from legal troubles but also because it protects you from a situation where somebody gets hurt due to an accident with the involvement of your bike. The plan does not provide coverage for own damages incurred by the insured’s bike. For the extensive coverage, you can buy a comprehensive bike insurance policy.
Standalone Own-Damage Bike Insurance Policy
Under Standalone Own-Damage two wheeler Insurance plan, you get insurance coverage only for the own-damages sustained by your 2 wheeler in a road accident, natural calamities, fire, theft or any other mishap. A standalone own-damage bike insurance policy aims at offering you the flexibility in terms of the insurer you want to choose. In order to stay compliant with the rules of the Indian Motor Tariff, you need to purchase a third party bike insurance policy either from the same insurance company or a different one. The purchase of standalone own-damage bike insurance policy also allows you to avail the add-on benefits as well as discount options offered by different insurers, which are not available with third party bike insurance. Therefore, add this bike insurance policy to your basic insurance cover and enjoy the bike ride without any worry.
FAQs About Two Wheeler Insurance Policy
What is bike insurance policy?
Two-wheeler insurance is an agreement signed between a two-wheeler owner and an insurance company. Under this, an insurance company promises to pay for the financial liabilities which may arise to any damage incurred or caused by the policyholder’s two-wheeler in return of a premium paid by the latter. The coverage of damages depends on the type of two-wheeler insurance policy. While a third-party two-wheeler insurance plan offers coverage only for third party liabilities, a comprehensive two-wheeler insurance (bike insurance) plan takes care of both third party liabilities as well as own-damages incurred by the insured’s two-wheeler.
Which is best best two wheeler insurance?
Best bike insurance company varies from policyholder to policyholder depending on their requirements such as type of plan, add-on covers, customer support service, etc. However, one reliable parameter to compare different bike insurance companies is the Claim Settlement Ratio (CSR). A Claim Settlement Ratio refers to the percentage of claims settled by a 2 wheeler insurance company out of the total number of claims received by it during a financial year. The higher the claim settlement ratio, the better it is.
What are the 3 types of two wheeler insurance?
There are three types of 2 wheeler insurance/bike insurance policies in India namely third-party bike insurance policy, standalone own damage bike insurance policy, and comprehensive bike insurance policy. While a third-party/liability only provides coverage for third-party liabilities only, a standalone own damage cover takes care of the own-damages incurred by your two wheeler only. A comprehensive 2 wheeler insurance policy is a bundled cover which provides coverage for both own damages as well as for third party liabilities.
How much is a two wheeler insurance?
Third party bike insurance is fixed by the Insurance Regulatory and Development Authority of India as per the engine capacity of the two wheeler. However, the premium for standalone own damage and comprehensive two wheeler insurance plans vary from 2 wheeler owner to bike owner. The own-damage premium depends on a number of factors such as RTO location, Make, Model, and Variant of the bike, engine capacity, registration city, fuel type, etc.
What is 3rd party insurance for two wheeler?
A third party bike insurance is the type of insurance that covers for the expenses related to losses and damages that you may incur towards a third party after an accident with the involvement of your two-wheeler. It gives coverage for bodily injuries, death or property damages of the third party. The coverage for property damages is limited to Rs. 1 lakh, while, in case of death, the claim amount is decided by the court.
Why do I need a two wheeler insurance policy?
You should buy a two wheeler insurance as according to the Indian Motor Tariff, it is a mandatory requirement for every bike owner for being able to drive the vehicle legally in the country. Besides legal compliance, a 2 wheeler insurance (Bike insurance) policy also provides you with financial stability if your bike meets an accident in the future.
How to proceed with a two wheeler insurance claim?
Call your insurance company and inform about your claim. You can either choose for a cashless claim settlement option or settle for reimbursements post a claim.
Is bike insurance mandatory in India?
As per the Indian Motor Tariff, every bike owner needs to mandatorily have at least a third party bike insurance plan. It is compulsory to own the basic liability only cover for every bike rider, otherwise, he can be penalised on being caught with a fine of Rs. 2,000 and/or imprisonment of up to 3 months.
How is bike insurance premium calculated?
The third party bike insurance premium is fixed by the IRDAI, while the premium for standalone own-damage and comprehensive insurance covers vary from one insurance provider to another. Here are some factors that influence the standalone own-damage bike insurance policy:
- Insured Declared Value – The market value of a bike is also known as Insured Declared Value (IDV). The insurance company pays the amount of IDV to its policyholder in an event of the bike's total loss. Higher bike IDVs attract higher premium amounts.
- Bike’s Age – The age of the bike affects its premium as well. As the bike ages, its value reduces due to the default depreciation. The normal wear and tear also reduces the value of bikes in the market because of which the premium of bikes also reduces. Hence, the higher the age of the bike will be, the lower will be its premium.
- Make, Model and Variant – The bike’s make, model and variant also affects its insurance premium. The MMV of the bike influences its IDV value with which its premium cost also gets affected.
- Registration Place – The bike registration location also impacts the premium amount for its insurance plan. The insurance company charges a higher insurance premium from the bikes registered in places with more traffic density or prone to accidents.
- Engine Cubic Capacity - The engine cubic capacity affects the premium of the bike insurance cover. The bike with greater cubic capacity is charged with higher premium.
Can bike insurance be transferred to the new owner at the purchase of a second hand bike?
Yes, the owner of the two-wheeler insurance (bike insurance) can transfer it to the new owner of the bike, in case the sale of a second-hand bike. The transfer of insurance ownership must be completed within 14 days of bike purchase.
Can one bike owner buy two policies for the same bike?
No, there can be only one insurance plan to cover a bike. However, a bike owner can purchase a standalone own-damage cover along with the third party insurance cover separately, instead of buying a single comprehensive bike insurance plan.
How to claim bike insurance online?
The claim for bike insurance can be made online by following the steps given below:
- Step 1: Register the bike insurance claim at the insurer’s website or its mobile app.
- Step 2: On the registration of claim, the bike’s owner receives a claim registration number.
- Step 3: After the registration of claim, the insurance provider sends a surveyor to the location where the accident or mishap has occurred to examine the extent of damage. The policyholder is required to submit required documents to the surveyor at this stage.
- Step 4: The damaged bike is to be sent to a garage for repairs. The repair bill is generated based on the damages sustained by the bike.
- Step 5: If the bike is repaired at a network garage of the insurance company, then the bill is settled directly by the insurer. But, if the bike is sent to a non-network garage for repair, in such a case, the policyholder is required to pay the bill after a repair which is later reimbursed by the insurance company.
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