Bike Insurance Two Wheeler Insurance Online: Buy/Renew 2 Wheeler Insurance at Best Price. Compare bike insurance plans online to get FREE quotes. Choose the right insurer to buy/renew two wheeler insurance policy & save upto 75%.

What is Two Wheeler Insurance?

Two wheeler insurance is an agreement between a bike owner & an 2 wheeler insurance company wherein the latter promises to protect the former’s 2 wheeler from unforeseen financial losses arising from unexpected events such as a road accident, theft, fire, natural calamities, vandalism and other such scenarios. In return for this promise, the bike owner pays an amount known as bike insurance premium to the insurance company. There are three types of two wheeler insurance - Third Party bike Insurance Policy, Comprehensive bike Insurance Policy and Standalone Own-Damage bike Insurance Policy. As per the Indian Motor Tariff, every bike owner in India is mandatorily required to own at least a third party bike insurance policy. Driving a bike without an active third party bike insurance policy is a legal offence punishable with a fine of Rs. 2,000 and/or imprisonment of up to 3 months. However, this penalty is applicable for the first time offence only, but, if you continue to drive your bike without holding a 2 wheeler insurance policy and get caught for the second time, then you will be liable to pay a fine of Rs. 4,000 and/or imprisonment of up to 3 months.
The bike insurance policy does not just help you when you avail it, but it also benefits you when you do not use it with No Claim Bonus (NCB). Different insurance providers offer its policyholders a reward for not making any claim in a policy year in terms of a bonus or discount on their next year’s premium amount. The discount provided under the NCB ranges between 20% to 50%, as it keeps getting accumulated with every claim-free year. Therefore, it is also advised that you should not request a claim for trivial damage expenses and try to bear them from your pocket. It will make your NCB accumulate and make you gain larger benefits while paying next year's bike insurance premium amount.
The third party bike insurance plan is mandatory to own, whereas a standalone own-damage bike insurance plan or comprehensive bike insurance plan is recommended to purchase. To avail various discount options or add-on covers offered by the insurance provider, you need to have an own-damage or comprehensive cover. The add-on benefits can bring additional protection for you and your bike without investing much. Hence, you should buy a bike insurance plan with these points in mind.

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  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.

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  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.

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  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/man-made calamity, fire, explosion, 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.