Two wheeler insurance/Bike Insurance refers to an insurance policy, taken to cover against any damages that may occur to your motorcycle / two wheeler due to an accident, theft, or natural disaster. 2 wheeler insurance provides protection against third party liabilities arising from injuries to one or more individuals. Bike insurance is an ideal solution to meet financial costs & losses that may arise due to the damages caused to the motorcycle. The bike insurance cover provides protection to all types of two wheelers like motorcycle, moped, scooty, scooter.
Bike insurance policy is a contract between the insurer & the bike owner in which the insurance company provides financial coverage to your bike against any loss or damages due to an accident. As per the Motor Vehicle Act 1988, third party bike insurance is mandatory in India. Bike insurance covers you from any accidental injuries caused while driving a two wheeler / motorbike on Indian roads. Buy or renew two wheeler insurance online upto 3 years within 30 seconds to avoid paying a fine of Rs. 2,000.
Broadly, there are generally two types of two wheeler insurance policies offered by insurance companies in India. You can buy Third Party bike insurance and Comprehensive bike insurance. See below for more information:
The following table illustrates the common difference between both comprehensive & third party bike insurance:
Anything can happen while riding a two wheeler / motorcycle, scooter, or moped. The lack of good roads, the morning and evening rush hours and unregulated traffic problems are a part of life today. Moreover, instances of rainfall or heat waves may cause many problems on the road, such as slippery surfaces, mushy or muddy areas, or sticky tar. These situations may cause damages to the two wheeler vehicle and even injure the riders. To stay protected from all such incidents, it is important to have a valid two wheeler insurance. The motor protection laws in India protect millions of bike owners from expenses that may arise due to third-party damages by making third party bike insurance cover mandatory.
Let’s take a detailed look at the various benefits of buying two wheeler insurance:
Two Wheeler Insurance Buying GuideTwo wheeler insurance market has changed dramatically since the emergence of new players. Two wheeler insurers nowadays have come up with a range of features to woo customers and ensure they continue with them year after year. Today, buying a bike insurance online over the internet is a hassle-free and quick easy process. Let us take a look at some of the key features of two wheeler insurance plans:
Two wheeler insurance add-on covers refer to the additional covers that enhance the coverage of your two wheeler policy on the payment of an extra amount of premium. Following are the various add-on covers that you can opt for your motorcycle or scooter:
If you are planning to buy or renew two wheeler insurance policy for your bike, you must look into the inclusions offered by two wheeler insurance companies. If you are a bike lover, then you might be met with road accident at any time. Our bike insurance policy covers owner of the bike & third party damages as well. See below detailed list of inclusions:
Below are the incidents or situations which are excluded under bike insurance policy:
Here is a list of documents that you need to submit at the time of filing a claim with your insurer:
Several factors determine the premium of your bike insurance policy. Check out the list of top 10 factors that affect your two wheeler insurance premium:
To avail discounts on the basis of your age and occupation, you would need to submit Pan Card and employment or education certificate respectively.
Yes, you can replace your new vehicle in your existing insurance policy. Call the insurance company to make changes effective.
Yes, you can cancel the policy during its term, provided you submit documents to prove that your vehicle has been insured elsewhere or the registration certificate of your vehicle has been cancelled by the Regional Transport Office (RTO). Once the policy is cancelled, the insurer will refund the remaining amount, after deducting the premium for a period in which coverage has been given. The refund is possible only if there has been no claim during the policy tenure.
Although, as per law it is compulsory only to buy third party bike insurance it is strongly advised to purchase a comprehensive policy to protect your vehicle from both man-made and natural calamities. By buying the comprehensive cover, you can claim from your insurer for accidents or damages caused to the vehicle. Without comprehensive cover, the entire responsibility to pay the bill comes on your shoulder. Thus, by opting for a comprehensive insurance policy, you can get complete peace of mind that whatever happens to your vehicle, the insurer will share your financial burden.
After September 2018, the Insurance Regulatory and Development Authority of India (IRDAI) has stated that all the new two-wheelers must be insured for up to five years with at least a third-party insurance cover.
You can get NCB on the expired insurance policy only if you renew it within 90 days of the its expiry date
The bonus received by the policyholder when he has not made any single claim in policy tenure is called two wheeler insurance no claim bonus (NCB).
Two wheeler insurance policies for a longer duration, for 3 to 5 years. And all the motorcycles or scooters that will be sold after Sept 01, 2019, shall be issued a long-term third-party insurance policy. The claim process can be quite tedious.
The term endorsement with reference to two-wheeler insurance refers to an agreement that is documented proof of any changes in the policy terms. This document is a valid proof of the changes in policy. The endorsement, typically, is of two types – Premium Bearing and Non-premium Bearing.
In this case, you need to visit the nearest police station to lodge an FIR against the lost or stolen vehicle. You also need to inform your insurer about the incident in order to file a claim, which requires you to submit certain documents with a copy of the FIR attached.
The premium payable for your two wheeler insurance policy is subject to its age and several other factors. This means that the IDV (Insured Declared Value) of your vehicle decreases with its increasing age and the premium payable for the same is also lowered.
Yes, you get a personal accident cover of Rs. 15 Lakh with your bike insurance policy if it’s a comprehensive two wheeler insurance policy.
A long term two wheeler insurance policy is a multi-year insurance policy for your vehicle, which has a validity of 2 to 3 years. The primary benefit of a long-term two wheeler insurance policy is that you don’t have to recharge it annually (i.e. after 12 months) and the IDV and third-party liability of the vehicle remains intact over the policy term.