Bike InsuranceTwo wheeler insurance policy is a contract between a bike owner & insurance company that promises to protect you and your bike against any damages/losses arising due to an accident.

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.

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 bike 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.

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.

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 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.

Every bike 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.

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.

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.

Yes, according to the Indian Motor Tariff, every bike owner is required to carry at least a third party bike insurance plan.

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.

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.

The third party policy premium of your bike is fixed by the IRDAI, while the standalone own-damage and comprehensive policy premium 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.

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.