Bike insurance, also known as two-wheeler insurance, is a contract signed between the bike owner and the insurer whereby the latter promises to cover damage to the bike due to an accident, theft, or collision. Bike insurance provides coverage for all kinds of two-wheelers ranging from scooter to motorcycle to scooty.
Own Damage Cover
Offers financial protection in case of damage caused to own bike
Offers cover for any damage caused to the third party in case of their death, disability, or property destruction due to an accident
Personal Accident Cover
Amount paid in case of death or disability due to an accident
Additional benefits can be purchased by paying an extra premium, for enhanced coverage. Some add-ons include NCB protection cover, return to invoice, engine cover, etc.
No Claim Bonus (NCB)
With this benefit, you can avail a discount on next year’s premium on not making a claim. With every claim-free year, you will be able to enjoy an NCB of 20%-50%, for up to 5 consecutive years
What is two wheeler insurance?
Two wheeler insurance, also known as bike insurance, is an agreement between the insurance company and the bike owner wherein the insurer covers the cost of damages caused to a third party and in some cases even the bike owner and his bike. A two wheeler insurance policy protects the bike owner against unforeseen events such as theft, natural disasters, man made calamities and even damages caused to third person or property. As per the motor vehicles act, 1988, it is mandatory for every vehicle owner to purchase a third party insurance to get protection against death, disability or damages caused to third person or property. Buying comprehensive two wheeler insurance is a matter of choice depending on the requirements of the bike owner.
Calculate Your Bike Insurance
Different Types of Bike Insurance
Comprehensive Bike Insurance
A comprehensive bike insurance policy gives complete coverage by paying your financial liabilities that you may incur towards a third party and by providing compensation for expenses arising due to own-damages sustained by your bike. This policy shields your bike against damages it sustains due to an accident, fire, theft, man-made disasters, natural calamities, self-ignition, explosion, and so on. You can also enhance its coverage by paying an additional premium to purchase add-on covers like zero depreciation cover, roadside assistance cover, engine cover, etc.
Third Party Bike Insurance
In India, a third-party bike insurance plan is a compulsory requirement to ride a bike. It is also known as liability-only policy which covers bodily injuries, temporary or permanent disability, and death of the third party person due to an accident or a mishap with the involvement of the insured’s bike. This motorcycle or scooter insurance policy also covers the property damage expenses sustained by the third party up to Rs. 1 Lakh, but does not cover damages incurred by the insured’s bike or the insured person.
Own-Damage Bike Insurance
The standalone own-damage bike insurance policy gives coverage for the own-damages sustained by the insured bike due to an accident, theft, fire, natural disaster and man-made calamity. A standalone own-damage policy provides flexibility to policyholders for choosing an insurance company of their choice. The policyholders can buy a third-party policy and own-damage policy either from the same insurer or a different one. An insured individual can expand the coverage of a own-damage insurance policy by buying add-on covers.
How to Choose Two Wheeler Insurance Policy?
Buying a two wheeler insurance policy needs thorough research. In order to select the most suitable two wheeler insurance policy, you should evaluate your requirements and compare several two wheeler insurance plans online. Here are some tips that can help you choose a two wheeler insurance policy according to your requirements and budget:
1. Know Your Coverage Requirements - Assess your requirements and budget so that you can choose between different types of two wheeler insurance plans that suit you the best. When assessing your requirements, you must consider different factors such as usage of your two wheeler, your expenditure, liabilities, etc.
2. Choose Add-ons Wisely - Add-on covers help you to enhance the coverage of your two wheeler insurance policy. You can opt for an add-on cover for your two wheeler insurance policy in exchange of extra premium. Common add-on covers in two wheeler insurance are zero depreciation cover, personal accident cover for pillion riders, and towing cover.
3. Choose a Reliable Insurance Company - Checking the claim settlement ratio is of utmost importance when choosing a trustworthy two wheeler insurance company online. It ensures that the claim settlement is hassle-free.
4. Compare Two Wheeler Insurance Plans Online - It is important to compare different two wheeler insurance policies online in order to make the best buying decision. You can compare different plans on the basis of inclusions, exclusions, premiums, etc.
5. Read Online Reviews - Reading reviews online of verified customers who have bought two wheeler insurance policies will help you decide if you are going for the right two wheeler insurance policy or not. Therefore, it is recommended to read positive as well as negative comments online so that you can decide what is best for you.
Key highlights of Bike Insurance
Types of bike insurance
You can insure your bike with various types of bike insurance; it protects the vehicle owner in below situations.
Comprehensive bike insurance: This type of bike insurance provides coverage against third party liability and own damages. It covers the bike owner against damages caused due to theft, natural or man made calamities and even third party.
Third party bike insurance: This type of insurance is mandatory as per the law, providing you with coverage against third party liability. This type of cover provides protection against death, disability or bodily injury caused to third person; it also covers property damages. Buying third party two wheeler insurance does not cover damages caused to your own bike.
Standalone own damage bike insurance: As the name suggests, this type of insurance offers you coverage for damages caused due to theft, natural or man made calamities; it does not provide coverage against third party liabilities.
Importance of bike insurance/ Why do you need two wheeler insurance?
Having a two wheeler insurance policy can help you in different situations, thus ensuring that you don’t have to pay for any legal or financial liabilities out of your pocket. Apart from this, two wheeler insurance can be beneficial in the below ways.
Abide with the law
Buying third party insurance cover is mandatory as per the law. Every bike plying on Indian roads has to have a valid third party cover. Not buying this type of cover attracts a penalty up to Rs. 2,000 or even imprisonment in some cases. It is vital to buy or renew bike insurance on time to ensure you comply with the law.
Coverage against financial loss
Damages caused to your bike due to natural or man made calamities or any unforeseen accident can increase your financial burden. Thus, with comprehensive insurance cover you can stay protected against financial obligations.
Coverage against man made and natural disasters
In the event of a natural or man made disaster such as flood, cyclone, storm, fire, terrorism, etc. bike insurance can be of great help as it offers you coverage against damages caused due to such disasters.
Coverage for bike theft
In case your bike is stolen then an insurance policy will compensate you as per the policy terms and conditions. To claim for bike theft, obtaining a non traceable certificate from the police is mandatory.
Personal accident cover
Buying personal accident cover which protects the owner/driver against death, disability or bodily injury is mandatory. As per the law, it is compulsory for every bike owner to get personal accident cover up to Rs. 15 lakh.
Third party insurance vs comprehensive bike insurance
Comprehensive bike insurance
Third party bike insurance
As the name suggests, coverage offered under this type of insurance is comprehensive, covering both third party as well as own damage liablities
This is a basic two wheeler insurance cover that provides coverage against legal and financial liabilities arising out of third-party damages.
This type of insurance is not a mandatory requirement as per the Motor Vehicles Act, 1988
Buying third party bike insurance is mandatory as per the law
Covers damages caused to the bike due to theft, natural and man made calamities.
Does not provide coverage for damages caused to your bike, but only covers damages, death or bodily injury caused to third party or property
Compared to third party insurance, comprehensive two wheeler insurance is expensive as the covered offered is wide
Insurance premium for third party is decided by IRDA and is affordable in comparison to comprehensive bike insurance cover
Bike insurance add ons
Coverage can be enhanced by opting for various bike insurance add-ons such as zero depreciation cover, engine protection, key assistance, etc
Add-ons cannot be purchased with this type of insurance
Does not provide coverage for damages caused when driving under influence of alcohol, racing, regular wear and tear, etc.
Does not provide coverage for damages caused to your own bike
Tips to reduce bike insurance premium
You can smartly reduce your bike insurance premium without missing out on availing comprehensive coverage for your bike. Here are tips to reduce two wheeler insurance premium.
Avoid making minor claims: No claim bonus is the discount you can claim at the time of policy renewal, This discount goes up to 50% for five claim free years. If the claim amount is lower than the total NCB discount you have accumulated then it is best to not register the claim.
Claim your NCB discount: At the time of two wheeler insurance renewal online or offline, ensure that you claim the NCB discount.
Install anti-theft devices: To reduce the chances of vehicle theft and even the risk component from the insurer’s end, installation of anti theft devices approved by Automotive Research Association of India (ARAI) will help you get a discount on premium.
Become a member of Authorized Riding/Automobile Groups in India: Being a part of the riding groups identified by IRDA can help you avail low two wheeler insurance premium
Opt for a higher voluntary deductible: Deductible refers to a portion of the claim amount that you are required to pay out of pocket. On selecting a higher deductible, the company’s liability decreases which leads to decrease in premium too.
Benefits of Buying A Two Wheeler Insurance Policy
Two wheeler insurance is not a one-time job, it requires timely renewal. In case you are not able to renew your policy on time, your two wheeler insurance policy will lapse and will become invalid. You will not be able to claim any coverage benefits under the lapsed two wheeler insurance policy until you get it renewed. Below mentioned are some benefits renewing two wheeler insurance policy online:
Unbiased Opinion - When you buy or renew a two-wheeler insurance policy online, there is no involvement of any agent which eliminates the influence of any kind. You get to choose from the most suitable two wheeler insurance plans as per your requirements and budget, without any persuasion.
Easy to Compare Different Plans Online - Purchasing or renewing two wheeler insurance plans online helps you to compare different two wheeler insurance plans in terms of features, inclusions and exclusions. This helps you to know which plan is most suitable according to your requirements and helps in making an informed decision.
Convenience - There is no more convenient way to renew your two wheeler insurance policy than doing it online. You can easily renew your two wheeler insurance policy online from the comfort of your own home. Renewing your two wheeler insurance saves the time and requires less paperwork.
Direct Transaction With The Company - When buying two insurance plans online, you can avoid paying an extra fee to the insurance broker or agent. In case of any difficulty, you can get in touch with the customer care executives of the insurance company and get your queries solved.
Payment Security - Renewing two wheeler insurance plans online allows you to pay premiums via a secured payment gateway. There are flexible modes of premium payment allowed, from which you can choose as per your own convenience. These are Debit cards, Credit cards, and e-wallets.
Explore Two Wheeler Insurance
Top Bike Insurance Companies in India 2022
Here’s the list of the best bike insurance companies as per the claim settlement ratio (CSR) registered by them with IBAI in the financial year 2019-2020.
|Rank||Companies||Network Garages||Claim Settlement Ratio|
|1||Bajaj Allianz General Insurance||4,000+||88.83% in FY20|
|2||Bharti Axa General Insurance||5,200+||87.99% in FY20|
|3||Hdfc Ergo General Insurance||6,800+||91.23% in FY20|
|4||Icici Lombard General Insurance||8,800+||87.71% in FY20|
|5||Iffco Tokio General Insurance||4,300+||95.30% in FY20|
|6||Kotak General Insurance||1,300+||82.81% in FY20|
|7||National General Insurance||3,100+||85.71% in FY20|
|8||New India General Insurance||3,000+||89.60% in FY20|
|9||Reliance General Insurance||6,200+||84.26% in FY20|
|10||Sbi General Insurance||16,000+||89.51% in FY20|
|11||United India General Insurance||3,100+||82.93% in FY20|
|12||Universal Sompo General Insurance||3,500+||90.78% in FY20|
How To Buy Two Wheeler Insurance Online
With InsuranceDekho, you can buy motorcycle / scooter insurance very easily and quickly. You can follow the below-mentioned steps to get the best two wheeler insurance plan.
- 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 bike insurance 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 bike insurance document in your email inbox.
Benefits of Two Wheeler Insurance Renewal Online
Following are the benefits of buying bike insurance renewal online :
- Unbiased Opinion - When you buy or renew a two-wheeler insurance policy online, there is no involvement of any agent which eliminates the influence of any kind. You get to choose from the most suitable motorcycle or scooter insurance plans as per the information provided by you, without any persuasion.
- Easy to Compare Different Plans Online - Buying or renewing bike insurance plans online allows you to compare different bike insurance plans in terms of features, inclusions, and exclusions. This helps you know the pros and cons of every policy and premium rates of different similar plans so that you are able to make an informed buying decision.
- Convenience - There is no more convenient way to buy or renew a two wheeler insurance policy than doing it online. You can choose the most suitable policy by going through different options in the comfort of your house. Also, you can buy a policy from any part of India, at any time. Renewing a bike insurance policy takes just a few minutes when done online.
- Direct Transaction With The Company - When buying bike insurance plans online, you can avoid paying an extra fee to the insurance broker or agent. In case of any difficulty, you can get in touch with the customer care executives of the insurance company and get your queries solved.
- Payment Security - Buying or renewing two wheeler insurance plans online allows you to pay premiums via a secured payment gateway. There are flexible modes of premium payment allowed, from which you can choose as per your own convenience. These are Debit cards, Credit cards, and e-wallets.
- Least Documentation - When buying a bike insurance policy online, you do not require to undergo a lot of paperwork. There is no need to submit photocopies of documents. All you need to do is fill in quotes online, compare different plans online, and shortlist the most suitable policy online.
Why Choose InsuranceDekho for Bike Insurance Online?
- Bike Insurance in Just 5 Minutes*
We issue your bike insurance in just 5 minutes with our simple, swift and paperless process.
- Over 45 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 45 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.
Bike Insurance Coverage
- What is Covered?
- What is not Covered?
- Third-Party Injuries
All the types of bodily injuries suffered by a third-party due to your bike will be covered.
- Third Party Disability
If your bike causes disability to a third-party in an accident, then the coverage for the same shall be provided.
- Third Party Death
Compensation will be offered if your bike causes an accident that results in an unfortunate death of a third party.
- Third-Party Property Damage
Coverage of up to Rs. 1 Lakh is provided for damages caused to a third-party’s property due to your bike.
Coverage is offered for all types of damages incurred by your bike in accidents or collisions.
- Natural Calamities
Damages incurred by your bike due to natural disasters like earthquakes, floods, cyclones, etc are covered.
- Man-made Disasters
Damages sustained by your bike due to man-made disasters such as riots, terrorism, vandalism, etc, is covered.
- Fire or Explosion
Damages incurred by your bike in a fire and explosion shall be covered.
Loss of your bike due to theft is covered under bike insurance.
- Driving Under the Influence of Alcohol and Drug
Claims for incidents when the insured was driving under the influence of alcohol are not admissible.
- Driving Without Valid Driver’s License
No coverage is offered if the insured was driving without a valid driver’s license.
- Wear and Tear or Depreciation
A standard bike insurance policy will not cover the cost of depreciation of your bike and its parts.
No coverage is offered for engine oil, brake oil, air conditioner refrigerant, nuts, bolts, screws, grease, and other consumables of the bike.
- Electrical or Mechanical Breakdown
If your bike suffers any mechanical or electrical breakdown, then it will not be covered.
- Damage in War or Nuclear Attack
If your bike sustains damages due to war or nuclear activity or attack, then no coverage will be provided.
- Damage to Tyre or Tubes
Damages sustained by the tyres and tubes of your bike will not be covered, except in case of accidents.
- Damage Caused Outside Geographical Boundaries
No compensation will be provided for damages sustained outside the geographical limits specified in the policy.
Two Wheeler Insurance Add-ons
- Zero Depreciation Cover
Popularly known as nil depreciation or bumper to bumper insurance, zero depreciation add on does not factor in the depreciation value at the time of claim and the insurer pays out the full amount.
- Return To Invoice Cover
In case of total loss or theft of the bike, you can claim only up to the insured declared value of the bike. With return to invoice cover, you can claim for the full cost of the bike including road taxes and registration costs mentioned in the invoice.
- No claim bonus
NCB is the discount offered to you on making no claim in one policy year. With no claim bonus protection add on, you can retain the NCB even after making the claim. NCB discount ranges from 20-50% for five consecutive claim free years.
- Engine Protection Cover
The standard bike insurance policy provides coverage for the damage incurred by your bike’s engine only during an accident but does not offer coverage for damage sustained by the engine due to water ingression or oil leakage. However, if you include engine protection cover in your policy, then, you become eligible to get coverage for the damages sustained by the engine of your bike due to water ingression and oil leakage as well.
- Emergency assistance cover
In case you are stuck on the highway and require quick assistance then with this add on, you get access to services such as on-site repair in case of minor damages, battery jump start, key assistance, etc. Few insurers also cover towing charges.
- Consumables Cover
A regular comprehensive policy does not provide coverage for the costs of consumables such as screw, break oil, engine oil, etc. A consumable add on provides coverage for such expenses at the time of claim.
- Tyre Protection Cover
By default, a standard two-wheeler insurance plan does not cover damage caused to your bike tyres due to tyre burst, sidewall bulging, or flattening, etc. However, by opting for a tyre protection cover, you can get required coverage for the replacement cost of a damaged tyre which also includes the labour cost incurred for removing, refitting, and balancing the wheel. This add-on helps you save a good sum of money.
Why Should You Buy A Comprehensive Bike Insurance Policy?
Following are the reasons why you should buy a comprehensive two-wheeler insurance policy:
1. Cover for Third-Party Liability - A comprehensive bike insurance policy covers you for third-party liabilities.
2. Own Damage Cover - A comprehensive two wheeler insurance policy covers you for expenses arising due to damage or loss to your bike.
3. Cashless Repairs - You can avail of cashless repairs at any network garage across India with a comprehensive bike insurance policy.
4. Add-on Covers - Comprehensive two wheeler insurance policy comes with different add-on benefits like a return to invoice cover, consumables cover, zero depreciation cover, engine and gear protection cover, breakdown assistance cover, and zero depreciation cover. You can buy these add-ons by paying an extra premium at the time of policy purchase. These add-ons are not essential to buy but are preferred to enhance coverage.
5. No Claim Bonus - A bike insurance policy provides you with No-Claim Bonus for every year a claim is not made, between 20%-50%, for a consecutive 5 years.
Find Right Bike Insurance Quotes by Body Type
- View Hero Splendor Plus Insurance Quotes
- View Bajaj Pulsar 150 Insurance Quotes
- View Bajaj Pulsar 125 Insurance Quotes
- View Honda SP 125 Insurance Quotes
- View Honda Shine Insurance Quotes
- View Hero HF Deluxe Insurance Quotes
- View Honda Unicorn Insurance Quotes
- View Hero Passion Pro Insurance Quotes
- View Honda Activa 6G Insurance Quotes
- View Ola S1 Insurance Quotes
- View Suzuki Access 125 Insurance Quotes
- View TVS NTORQ 125 Insurance Quotes
- View Ather 450X Insurance Quotes
- View TVS iQube Electric Insurance Quotes
- View Honda Dio Insurance Quotes
- View TVS XL100 Insurance Quotes
- View Yamaha MT 15 V2 Insurance Quotes
- View Yamaha R15S Insurance Quotes
- View TVS Raider Insurance Quotes
- View TVS Apache RTR 160 Insurance Quotes
- View Yamaha R15 V4 Insurance Quotes
- View Bajaj Pulsar NS200 Insurance Quotes
- View Bajaj Pulsar N160 Insurance Quotes
- View Bajaj Pulsar RS200 Insurance Quotes
- View TVS Zeppelin R Insurance Quotes
- View Royal Enfield Classic 350 Insurance Quotes
- View Royal Enfield Hunter 350 Insurance Quotes
- View Royal Enfield Bullet 350 Insurance Quotes
- View TVS Ronin Insurance Quotes
- View Royal Enfield Meteor 350 Insurance Quotes
- View Honda H'ness CB350 Insurance Quotes
- View Jawa 42 Bobber Insurance Quotes
Customer's Speak6873 Reviews
- ExcellentExcellent experience great work bahut easy hai sabke mukable overall are two good our kya khana hoga 125 characters pura...Cholamandalam Ms General Insurance Company LtdHero Ignitor PatnaBy INDU DeviOn:4th November, 2022
- Bike InsuanceTell us about your buying experience and why you selected the insurance company List out how InsuranceDekho helped you G...Kotak Mahindra General Insurance LimitedHero Passion Pro ChennaiBy DhinakaranOn:2nd November, 2022
- 7 days availabilityThe services provided by the InsuranceDekho website are available on all 7 days of the week. I visited them on a Sunday ...AckoBy Shishir SinghOn:13th October, 2022
- Best customer care teamThe customer care service of the InsuranceDekho website is amazing. While buying the Universal Sompo bike insurance plan...Universal SompoBy Shraddha GuptaOn:13th October, 2022
- Informative websiteWhile buying the Shriram bike insurance plan for my Vespa Elegante 125 from the InsuranceDekho website, I learned about ...ShriramBy Kush SinghalOn:13th October, 2022
- Purchased the plan at easeThe buying process from the InsuranceDekho website is quick and easy. I bought the IFFCO Tokio bike insurance plan for m...Iffco TokioBy Varun SinghOn:13th October, 2022
- Affordable plansThe plans on the InsuranceDekho website are quite affordable to buy. I was looking for a good two-wheeler insurance plan...Raheja QbeBy Akshat LalOn:13th October, 2022
- Well managed websiteThe InsuranceDekho website is very well managed. While buying the Edelweiss bike insurance plan for my Avon Gamer NV, I ...EdelweissBy Mayank MiglaniOn:13th October, 2022
- Wonderful Insurance booking siteReceived good quote and hassle free experience. Completed insurance process in less than 5 minutes. Will definitely reco...United India Insurance Company LimitedTVS Jupiter GurgaonBy SHAKTI AGARWALOn:20th September, 2022
- Variety of plansThere are a lot of plans available on the InsuranceDekho website. After viewing all of the available plans, I chose th...Tata AigBy Dev Raj On:9th September, 2022
How to Calculate Bike Insurance Premium?
Calculating bike insurance premiums online is very easy with a premium calculator. It is a free tool that not only allows you to compute the premium of a bike insurance policy, as well as compare benefits. Though premium is not the sole factor on which you must choose a bike insurance policy, calculating it in advance allows you to manage funds for the future.
To calculate bike insurance premium online, you must navigate to the bike insurance premium calculator page, provide important details like manufacturer, sum insured, make, model, variant, date of registration, product type, add-on covers, etc. and click on ‘View Quotes’. Quotes will be generated instantly.
Following are the benefits of using a bike insurance premium calculator:
- Helps you make the right buying decision
- Allows you to customize your bike insurance policy and see the premium change
- Makes it easier to compare different bike insurance plans online
Two Wheeler Insurance Renewal Online Process
For bike insurance renewal online, you must follow the steps given below:
Step 1: Visit InsuranceDekho. Then click on the Bike tab.
Step 2: Enter your bike’s Registration Number. Then click on ‘Proceed’. Choose your bike’s variant and fuel type and continue.
Step 3: Share the expiry date of your previous insurance company as well as the name of your two wheeler insurance company. Next, you will be required to tell if you have raised any claim in the previous policy term or not. Then click on ‘Continue’.
Step 4: Fill in your name and mobile number and the policy term. Then click on the ‘Submit and Get Quotes’ link.
Step 5: You will see different suitable quotes displayed on your screen. From them, you can compare and choose the right one for yourself according to your requirements. You can also include add-ons under your policy by paying an extra premium and enjoy enhanced coverage.
Step 6: Click on the ‘Buy Now. Check your details, and pay the premium online. You will receive the policy document on your registered Email ID.
Why Should You Renew An Expired Two Wheeler Insurance Policy?
While it is compulsory for a two wheeler owner to carry bike insurance policy documents with themselves all the time, a motorcycle or scooter insurance plan also provides coverage to the policyholder against financial losses against theft, loss, damages, and also provides the needed coverage towards any injuries or damages sustained by a third party vehicle or a third party property.
A two-wheeler insurance plan also includes accident cover for the owner or driver of the insured two-wheeler. It is not only compulsory to have a two-wheeler insurance plan but it offers the policyholder coverage against financial liabilities incurred by them. Therefore, it is crucial for two-wheeler owners to get their two-wheeler insurance plan renewed before its expiry date. This is because a lapsed two-wheeler insurance policy would not offer any financial coverage for the above-mentioned liabilities incurred by the insured individual.
In case, the bike owner gets caught riding their bike without an active two-wheeler insurance plan, then a fine of up to Rs. 1,000 or imprisonment of up to three months or both can be imposed by the enforcement agency as per the Indian Motor Tariff Act. Moreover, other than facing legal liabilities, a policyholder would also lose the accumulated benefits in the form of NCB or No Claim Bonus in the event of failing to get their two wheeler insurance renewal on time. It is also a time-consuming process to reinstate a lapsed two-wheeler insurance plan.
Factors That Affect Bike Insurance Price For Two Wheelers
The bike insurance premium price is decided by the insurance companies on the basis of several factors. Some of these factors are mentioned below:
1. Type of Coverage - There are different types of two-wheeler insurance policies in India, namely third-party bike insurance policy, standalone own-damage bike insurance policy, and comprehensive bike insurance policy, the premiums price of which differ from each other. As a comprehensive bike insurance policy offers greater coverage, hence its premium is higher than the other two types of policies. But lower premiums should not be the only factor to decide if you should buy a bike insurance policy or not. It is recommended to buy a comprehensive two wheeler insurance policy as it comes with greater benefits.
2. Type of Two Wheeler & Its Price - As the prices of different motorcycle or scooter are different, so are the insurance premiums for them. One of the factors that insurance companies consider when deciding the bike insurance premium is the cubic capacity of the bike. Higher the capacity of the engine, higher premiums you will be required to pay for your two wheeler insurance policy.
3. Modifications of Two Wheeler - There are a number of two wheeler enthusiasts who consider modifications to improve the looks of their bikes to enhance their performance. In case your bike is modified, then you will be required to pay a higher premium if you want to get coverage for the modifications as well.
4. Particulars of the Rider - The premium of your bike insurance policy is also based on your age, riding history, gender, etc. For example, if you are aged 35 years and have a riding experience of more than a decade, then you will be charged a lesser premium than someone who is aged 20 years. This is because the person aged 20 years will be at a higher risk for the insurance company.
5. Add-on Covers - Add-on covers offer you greater coverage and hence you are required to pay a higher premium for a two wheeler insurance policy if you include add-ons under them. It is not mandatory to buy add-on covers but are highly recommended for greater coverage. Common add ons that you can add to your bike insurance policy include zero depreciation cover, return to invoice, roadside assistance, etc.
6. Anti-Theft Devices - Anti-theft devices offer protection to your two wheeler thereby reducing the chances of any loss. As it reduces the insurance company’s liability, hence, you will be required to pay a lesser premium in case you have any ARAI approved anti-theft device installed on your motorcycle or scooter. Hence, it is recommended to install anti-theft devices on your bike, not only to seek protection for it but also so that you get to buy a bike insurance premium at lower premiums.
7. Voluntary Excess - In bike insurance, there is compulsory excess and voluntary excess. With compulsory excess, you are required to pay a specific percentage of repair cost from your own pocket, in case of a claim, and the insurance company pays the rest. It is fixed and its percentage cannot be increased or decreased. Whereas in case of voluntary excess, you are allowed to make adjustments at the time of policy purchase. As this feature reduces the insurance company’s liability, hence you will be required to pay a lesser premium on choosing this benefit.
8. No Claim Bonus - If you are renewing your two-wheeler insurance policy and did not happen to make any claim in the previous year, then you will be rewarded by the insurance company in the form of a No Claim Bonus. The bonus can range between 20%-50% for up to 5 years, thereby reducing your bike insurance premium significantly.
How to claim bike insurance?
Types of two-wheeler insurance claim
Cashless bike insurance claim: In case if you are getting the bike repaired at a network garage of the insurance company, then you can choose to file a cashless claim. Under this type of claim, the repair bills are directly settled by the insurance company.
Reimbursement bike insurance claim: This type of claim can be registered in case the repair work is being done at a non network garage. At first, you will have to pay for the repair expenses which will be later reimbursed by the insurance company.
Cashless claims settlement process:
- Inform the insurance company as soon as possible
- File an FIR if required
- Surveyor will be hired by the insurance company to estimate the damages
- Fill the claim form and submit the required documents
- Once the insurer approves the amount, the vehicle will be sent at the nearest garage for repair work
- Once the repair work is done, the insurance company will settle the bill with the garage
- You will have to pay the deductible and other charges if any as per the policy terms and conditions
Reimbursement claims process
- Inform the insurance company as soon as possible
- File an FIR if required
- Surveyor will be hired by the insurance company to estimate the damages
- Fill the claim form and submit the required documents
- Pay for the repair costs and collect all the bills
- Submit the bills to the insurance company which will then settle the claim based on the policy terms and conditions.
Documents Required for Filing a Bike Insurance Claim
Following are the documents required to file a bike insurance claim:
- Driving license
- Identity proof
- Address proof
- Bike registration certificate
- Bike insurance policy
- Original keys of the bike
- FIR report
- Original repair bills and payment receipts in case of reimbursement claim
How to Compare Bike Insurance Quotes Online At InsuranceDekho?
Comparing two-wheeler insurance quotes online at InsuranceDekho is just a matter of a few seconds. And it is certain that comparing plans will help you find the most suitable bike insurance policy at the best premium. To compare the plans online, all you need to do is fill a quote at InsuranceDekho by entering the required details such as make, model, variant, fuel type, year of manufacturing, etc. You will get the most suitable bike insurance quotes on your screen, which you can compare in terms of features and benefits and shortlist the one that suits your budget and other requirements.
FAQs on Two Wheeler Insurance Policy
What is a two wheeler insurance policy?
A two wheeler insurance policy is an agreement between an insurance company and a bike owner wherein the insurance provider promises to cover any damage or loss sustained by the insured bike due to an accident, theft, fire, etc., based on the opted policy. Generally, the contract between insured and insurer is of a year which should be renewed every year.
Why should I purchase a bike insurance policy?
No matter which bike you own, you need to comply with some laws to ride it. To carry a bike insurance policy is the most important rule to drive a motorcycle / scooter as you need to adhere to the legal requirement of carrying at least a third party cover. Besides this, a bike insurance policy also covers your financial liabilities which you may incur towards a third party or own damages sustained by your bike due to an accident or any unfortunate incident.
What are the different types of bike insurance plan?
There are three types of bike insurance plans such as third party bike insurance plan, standalone own damage bike insurance plan, and comprehensive bike insurance plan.
What is the premium of different bike insurance 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.
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, but it can not be renewed after that and you will have to buy a new policy in that case.
How to find my bike insurance policy number?
Bike insurance policy number is a unique number which is of 8 to 10 digits provided by the insurance company. It is generally printed on the insurance card that is issued by the insurance providers. You can also find it by entering your registered mobile number on the website of your insurer.
Which is the best bike insurance company in India?
There are numerous parameters to select an insurance company to insure your bike. The Claim Settlement Ratio (CSR) is one of the most important parameters to gauge the efficiency of an insurance provider. The CSR is a ratio of claims settled by a bike insurance company out of the total claims received by the insurer during the financial year. In the financial year 2019-20, the companies with the highest claim settlement ratio are IFFCO Tokio General Insurance (95.30%), Royal Sundaram General Insurance (92.66%), and Oriental Insurance Company (91.76%) with which the IFFCO Tokio can be considered the best company in India for the year 2021.
Is it compulsory to own a bike insurance in India?
Yes, according to the Indian Motor Tariff, every bike owner is required to carry at least a third party bike insurance plan.
Can a bike owner purchase two bike insurance for the same bike?
No, a bike owner can not buy two insurance plans for the same bike. However, you can buy a third-party policy and own-damage plan separately from different insurance companies.
Can bike insurance be transferred to a new owner of the bike?
Yes, a bike insurance policy can be transferred from the old bike owner to the new bike owner, if it is sold out. The policy transfer must be completed within 14 days from the purchase date of the bike.
What are the factors that determine the premium of a bike insurance policy?
The third party policy premium amount of your bike is fixed by the IRDAI, while the standalone own-damage and comprehensive policy premium rates varies from insurer to insurer based on several factors which are as follow:
- Type of Coverage – Different policies cost different premium amounts such as third party policy, own-damage policy, and comprehensive policy.
- Bike Make, Model and Variant – The brand, model, and variant of the bike affects the premium as per their cost. The high-end bikes have higher premiums when compared to standard bikes.
- Bike Modifications – Modifications in a bike may improve its looks and performance, but to cover those modifications and accessories your insurance premium will also increase.
- Add-on Covers – Insurers offer different add-on covers for bike insurance plan. To add them in your policy, you will have to pay an additional premium that increases the policy premium.
- Anti-Theft Devices - Anti-theft devices lessen the probability of bike theft which reduces the risk for the insurers too due to which they reward the insured with a lower premium.
How to raise a bike insurance claim online?
You can raise a bike insurance claim online with the below-given steps:
Step 1: Raise a claim at your insurer’s website or mobile app
Step 2: You will get a claim registration number from your insurer.
Step 3: Insurer will send a surveyor to examine the damage extent.
Step 4: Take your damaged bike to a garage to get repaired of your choice.
Step 5: The claim will be settled by your insurer on the basis of the chosen garage.
Can we insure bikes after 15 years?
The insurance of old bikes after 15 years of their age is possible. They can be insured with the third-party bike insurance plan as it is a compulsory cover. However, when it comes to own-damage cover, it varies from insurer to insurer.
Why Is It Important To Renew Bike Insurance Policy?
As per the Indian Motor Tariff Act, a bike insurance plan is necessary for every bike owner in order to legally ride their vehicle on the Indian roads to avoid paying any penalty. Therefore, it is advised to buy and renew your two-wheeler insurance on time.
What is the right time To Renew Bike Insurance?
Keeping your best interest in mind, it is usually recommended to renew your bike insurance plan at least 45 days prior to the expiry of your two-wheeler insurance policy. You should not wait for your insurance plan to lapse. This is because in case your insurance plan lapses, then you might stand to lose all the accumulated insurance plan benefits so far.
What are the Benefits of renewing from the same insurer?
Getting your bike insurance plan renewed from the same insurance provider without any doubt is hassle free and more convenient. Moreover, at the time of renewal you can also get the lowest bike insurance premium from your existing insurance company.
How much fine do I have to pay in case I do not have bike insurance?
As per the Indian Motor Tariff Act, the fine which is charged towards driving your two-wheeler without a two-wheeler insurance plan is Rs. 2000 and/or getting imprisoned for a maximum of 3 months.
What is depreciation in bike insurance?
Depreciation in bikes refers to a reduction in the value of your two-wheeler and its various other components because of ageing and regular wear and tear.
Why do bike insurance premiums differ from company to company?
The insurance premiums rates offered by different insurance companies vary due to various factors. As decided by the Indian Motor Tariff are related either to vehicle or demographic in nature. Some of the factors are engine cc of the vehicle, driving record, credit history, model of the bike, credit history, profession, etc.
Can I get medical cover for bodily harm or demise of the passenger(s) commuted in my bike? Should I buy a separate cover for that?
Yes, if you wish to cover the passenger riding with you then you need to buy a passenger cover. A passenger add-on cover is designed specifically to provide coverage to the person who is sitting behind the bike rider on the insured bike from any kind of bodily injuries incurred or even demise that can happen because of any mishap or accident. Although, this add-on cover is not necessary yet everyone should buy this cover as the life of the passenger is equally important as that of the bike rider.
My bike insurance policy application was rejected. What should I do?
If your bike insurance claim gets rejected, then as the next step you must look for any errors in the claim form that you had submitted. Moreover, in case you need any assistance while rectifying your claim form, then you can do that with the help of a third party representative along with correct documents.
Is the insurance premium dependent on my city of residence?
The premium paid by you towards your bike insurance plan is dependent on the geographical location and is charged as a percentage of IDV. Based on your geographical location and the related possibility of loss or damage to the two-wheeler, the premium amount is calculated by the insurance company. Therefore, areas that are more prone to thefts, accidents and vandalism have higher premium rates charged.
Are there any special discounts on motor insurance for people with disabilities?
If the vehicle is designed specifically for usage by mentally challenged, handicapped and blind individuals, then a discount of 50% might be allowed on the own damage payable premium amount with respect to both vehicles that are privately owned and the ones that used by institutions that is engaged in offering services to handicapped, blind and mentally challenged individuals.
Does bike insurance provide for the cost of an ambulance ride?
Generally, the insurance offers coverages towards the ambulance ride cost whenever it gets medically important. In such scenarios, insurance providers would consider the ambulance ride cost as the same as any other medical expenses incurred post a bike accident.
What is a cover note in bike insurance?
A cover note in bike insurance is a temporary insurance certificate issued by the insurance company prior to the insurance policy issued after the insured person has submitted a duly filled proposal form and has made a complete premium payment.
How quickly can I buy/renew bike insurance online?
An individual can buy or renew their two-wheeler insurance plan online within just a few minutes. This is because the digital insurance buying process does not involve standing in long queues or the need for any long paper piles.
How can I transfer the two-wheeler insurance policy to my name?
To transfer the two-wheeler insurance plan to your name, follow the below-mentioned steps:
- Step 1: First of all at the Regional Transport Office (RTO),you need to apply for the transfer of ownership. You need to ensure that it is the same RTO wherein your initial vehicle registration took place.
- Step 2: After this, you are required to submit Form 29 and 30 along with other important documents including emission test papers, insurance documents, and registration certificate at the Directorate of Transport Office. Also, you need to submit a few passport sized photographs.
- Step 3: Once all the documents get submitted, thereafter verification is done by the registering authority and if everything happens as per the order, the bike ownership gets transferred.
Is it worth filing a claim for a minor dent?
No, it is not worth filing a claim for small dents or scratches on the surface of your insured bike. This is because by filing for a claim you may lose out on your accumulated NCB discount, which can result in losing out on a lot of money.
Does Bike Insurance Cover Scratches, Dents and Cosmetic Damage?
Yes, a bike insurance plan offers coverage for scratches and dents. However, the dent and scratches need to be caused by any insured peril mentioned under your policy document such as vandalism or bike accident. Based upon the deductible, it may not be worth filing for such a small claim.
How many bike insurance claims are allowed in a year?
Generally, there aren’t any such restrictions on the total number of claims made by a policyholder within a year. However, it is important to note that making claims affects your NCB. Moreover, making repeated claims in a single policy year can lead to an increase in premium at the time of plan renewal.
What is Zero Dep in Bike Insurance Policy?
A zero depreciation is also referred to as bumper to bumper cover or nil depreciation that does not takes into account depreciation factor. This simply means that if your bike gets damaged due to a collision, then no amount of depreciation would get subtracted from the coverage due to regular wear and tear or ageing of your bike.
What is IDV (Insured Declared Value) in Bike Insurance Policy?
IDV or Insured Declared Value in a two-wheeler insurance plan means the maximum amount of claim that your insurance company would compensate in case your vehicle gets damaged or lost beyond repair or gets stolen.
What are the risks covered by the comprehensive bike policy?
A comprehensive bike insurance plan offers protection to the insured bike against both own damage risks and third party liabilities incurred due to accident or any other mishaps.
What is a cashless claim in bike insurance?
A cashless bike insurance claim helps the policyholder in getting their bike repaired after incurring any kind of loss or damage due to an accident or mishap, at any of the listed network garage without needing to pay for any kind of repair cost.
How is IDV calculated in vehicle insurance?
The Insured Declared Value in bike insurance can be calculated as follows:
- Insured Declared Value = Listed Selling Price of the Manufacturer – Depreciation
- Please note that the Insured Declared Value of the accessories which aren’t factory fitted are separately calculated at an additional price if there is a need of insurance for them.
What is No Claim Bonus (NCB) in a Bike Insurance Policy?
NCB or No Claim Bonus is a discount or reward offered by the insurance provider to an insured individual for not raising any claim requests during the plan tenure. Generally, this discount ranges between 20%-50% and is given to the insured individual at the time of insurance plan renewal.
My bike insurance policy has expired. Will my NCB be retained?
The NCB discount that has been accumulated over the years along with your bike insurance plan would get lost in case the insurance plan is allowed to lapse for more than 90 days.
What happens to the motor insurance policy if I sell my bike?
When you plan to sell your bike, then firstly you need to write an application to the RTO form where you have got your two-wheeler registered. This is important as you need to transfer the ownership in the name of the new seller. Alongside the application form, you need to submit valid insurance, emission certificate, fitness certificate and RC.
How do I get a duplicate copy of my bike insurance policy online?
To get a duplicate bike insurance policy copy online, you need to simply go to your insurance company’s website and enter your policy number details or you can also contact them via their toll-free number and request the customer care executive to give you a duplicate plan copy.
How can I download a bike insurance certificate/ policy?
To download your bike insurance policy document or certificate, follow the below-mentioned steps:
- Step 1: Go to the official website of your insurance company.
- Step 2: Choose the kind of policy you want from the available options.
- Step 3: Enter your insurance policy details like name, policy number, etc.
- Step 4: Once you have completed the documents, you can easily download or print your insurance plan.
What to do if there is a mistake in my bike policy document?
To rectify any mistakes or discrepancies made while issuing your bike insurance plan, you can simply call at the toll free number of your respective insurance company and get the mistakes rectified.
Is an online bike insurance policy a valid document?
Yes, a bike insurance plan issued online and the policy documents available after the issuance are completely safe and valid documents.
What should I do if I lose my online bike policy?
Once you have realized that you have lost your bike insurance policy copy, then immediately file an FIR at the nearest police station. Also, remember to keep a copy of FIR handy as you would have to submit it to your respective insurance provider.
Do I need to file an FIR to raise a bike insurance claim?
Yes, it is necessary to submit a copy of FIR while raising a claim for bike insurance to your respective insurance provider.
How long does it take to settle a bike insurance claim?
This depends upon insurance company to insurance company. Generally, it takes around 14-28 days of settlement. There are certain insurance providers that settle the claim faster while others take a little more time.
How can I check my bike insurance policy status?
You can check your bike insurance policy status online through 3 different ways i.e. through regional transport office, VAHAN and your respective insurance company.
How can I renew expired bike insurance online?
You can follow the below mentioned steps to renew your expired bike insurance plan online:
- Visit the InsuranceDekho website and give the registration number of your bike. Thereafter, select ‘Get Your Quotes Option’.
- Enter your bike’s information like your bike’s model, brand, etc. Then, enter your personal information to get the insurance quotes.
- Do the plan comparison and choose the best plan based on factors such as coverage, premium, etc.
- Make the payment and your insurance plan would get renewed instantly.
Is it safe to renew a bike insurance policy online?
Yes, it is completely safe to get your bike insurance plan renewed online. Moreover, online plan renewal is both hassle-free and saves time.
What is the cost of renewing a bike policy?
The cost of renewing a bike insurance plan varies from insurance company to insurance company.
Does bike insurance cover passengers?
No, a comprehensive bike insurance plan does not offer protection to the passenger. However, in order to offer medical coverage to the passenger you can include passenger add-on cover along with your bike insurance plan.
Does a bike insurance policy cover tyre damages?
To cover damages or losses to your bike’s tyre, you can purchase tyre protection add-on cover under your bike insurance policy that provides coverage for repair or replacement cost of your two-wheeler’s tyre.
What is the insurance claim procedure in case of bike theft?
Once you filed an FIR, contact the helpline number of your respective insurance company and follow the instructions mentioned to register the claim mentioned against the theft of your two-wheeler. Next, duly fill in your claim form and give all the required information like your registration number, policy details, etc. Then , you need to also inform the RTO about the theft and complete all the necessary formalities.
What should I do to cancel my claim?
To cancel your claim, you need to simply talk to your respective insurance company’s customer care representative and request them to cancel your claim.
What will happen to my No Claim Bonus if I renew my expired bike policy?
In case, the bike insurance plan is allowed to lapse for more than 90 days, then the accumulated No Claim Bonus would be lost.
What is the penalty for driving without valid bike insurance today?
The penalty to ride your bike without a valid bike insurance plan is Rs. 2000 and/or jail for up to maximum 3 months.
Should I raise a claim every time my bike is damaged?
It is advisable to raise a claim only in the event of huge damage or loss to your bike. This is because small damage can result in loss of accumulated NCB discount.
What will happen to my car insurance policy if I change my city?
The bike insurance premium payable towards your bike insurance plan might change when you move your residence to a new city. In some cities, a higher amount of premium is charged as compared to others.
What is an endorsement in bike insurance?
In case there is any change in the personal information of the insured individual or change in the terms of the bike insurance plan. Then, there is a need for the policyholder to give written evidence for the same and such piece of evidence is referred to as endorsements.
What is a cashless claim and a non-cashless/reimbursement claim?
A cashless claim in bike insurance is a service specifically designed to get the bike of the policyholder repaired without making them pay for the repair bill from their own pocket. On the other hand under a reimbursement claim, a policyholder is required to bear the expenses of repair from their own pocket which they can get reimbursed later from the insurance company after producing the repair bill and claim form.
What is the meaning of voluntary deductible in bike Insurance?
A voluntary deductible is a specific part of the claim that an insured individual agrees to pay voluntarily due to the occurrence of a mishap or accident. This amount can be decided by the insured depending upon their risk-taking ability and affordability as mentioned in the policy document.
Can a customer cancel his policy during the tenure of his policy?
A policyholder is allowed to cancel their insurance plan during the free look period and get back their refund after some deductions. This period is generally for 14 days but may vary from insurance provider to insurance provider.
Can I select a garage of my choice for repairs?
Yes, you can select a garage of your preference. Your insurance provider may suggest a repair shop, yet you are not obligated to take your bike there. You are allowed to take your bike for the purpose of repair to your own preferred workshop, and your insurance company is still obliged to pay for the repairs.
Is my NCB transferable when I change my bike or insurer?
Yes, you can transfer your NCB to a new bike but for this you are required to produce proof of the amount of NCB you have accumulated. You need to first confirm from your new insurance company what kind of proof they require and generally, this evidence is provided by your existing insurance company.
Can I pay the bike insurance premium in instalments?
No, as of now there is no provision for paying the premiums for commercial vehicles in installments. The individual purchasing an insurance plan for their commercial vehicle needs to pay the complete premium in advance.
Does the bike model affect the cost of bike insurance?
Yes, the make and model of bike are considered to be important factors while determining the cost of bike insurance.
What is the loading/ loading period in a policy?
Loading is the additional amount of premium, which is paid during the renewal of the bike insurance plan, in case the experience with claim during the plan duration has been adverse.
What do you mean by Constructive Total Loss?
For a two-wheeler, a constructive total loss means that the loss or damage done to the bike is so much that the cost of repair would exceed or be equal to the vehicle cost, or the coverage limit of the insurance.
Can I claim bike insurance 6 months after the damage was done?
Generally, the motor insurance companies have a deadline within which a policyholder is required to file for the claim. However, the deadline set may differ from one insurance company to another.
Bike Insurance News
- Is Third-Party Insurance Enough For Bike?
A third-party bike insurance only provides a limited amount ...06 December 2022
- What is 1st party, 2nd party, and 3rd party in bik...
Do you know that while filing claims, there are 1st, 2nd, an...01 December 2022
- Can I Transfer Bike Rc Without Insurance?
When a used bike is sold to a third party, a bike RC transfe...30 November 2022
- What Is Od And Tp In Bike Insurance?
While looking for your bike insurance coverage, you may have...29 November 2022
- Should You Claim Insurance For Bike Scratches?
If you've been purchasing two-wheeler insurance for a while,...28 November 2022
- Lost Your Two-Wheeler Insurance Policy? Learn What...
One of the crucial papers needed for settling claims is a bi...14 October 2022
- Do Dirt Bikes Need Insurance?
It is interesting to know that even dirt bikes need insuranc...13 October 2022
- How To Pay Bike Insurance Premium Online?
Paying bike insurance premium online is an extremely simple ...11 October 2022
- How To Claim Insurance After A Bike Accident
Your bike may sustain moderate to major damage in an acciden...17 November 2022
- Is Third-Party Insurance Enough For Bike?
A third-party bike insurance only provides a limited amount ...08 November 2022