Bike Insurance

bike insurance

Bike or two-wheeler insurance policy is a type of vehicle insurance applicable only to motorbikes and other two-wheelers. It offers coverage for damages caused to a two-wheeler and its rider due to road accidents, natural calamities, theft, etc.

  • The IRDAI (Insurance Regulatory Development Authority of India) regulates all vehicle insurance-related services/products.
  • Indian Government formed the MVA (Motor Vehicles Act) in 1988. As per the act, all two-wheeler owners must get their vehicles insured before they ride on roads.
  • Riding without a valid bike insurance policy is a punishable offence, and riders can drag hefty fines.

Having at least a policy is mandatory & crucial. It provides financial security against unforeseen incidents that may impair the insured vehicle, third-party vehicle/property, and injure the rider, pillion, or other people on the road.

Bike Insurance Policy- Why is it important for you?

Insurance policies for two-wheelers protect the vehicle loss/theft, damages, mechanical wear & tear or from any human-made or natural calamities. Two-wheeler insurance policies are broadly categorized into two parts: Self-cover (for the vehicle & its owner) and Third party two wheeler insurance cover. By paying a small policy premium, one can secure the vehicle and have peace of mind.

Despite the significance of bike insurance policy, there are several cases where people do not renew them. Usually, most customers consider the policy premium for the first year as it comes along with the vehicle purchase. However, after a year, they fail to renew their policies, maybe because they forget to do so or don’t think it is essential.

The Indian government has recently introduced a three-year comprehensive coverage to reduce the cases of two-wheelers running on the road without insurance policies. This comprehensive cover comes with lucrative offers and is more economical than the annual one. Nowadays, online renewal of two-wheeler insurance policies is instant & effortless.

Read more: Find Insurance Policy Number By Vehicle Number

Features of Two-Wheeler Insurance 

The best bike insurance plan comes with the following features:

  • No Financial Worries: A bike insurance policy offers you a financial shield against damages caused to your vehicle or theft.
  • Free from Legalities: It is legally mandatory to possess a bike insurance plan while riding on Indian roads. Hence, you should always carry a photocopy of your bike insurance policy to ensure that you do not suffer any legal liability or penalties.
  • Personal Accident Cover: The bike insurance policies also offers a personal accident cover with the sum assured of up to INR 15 lakhs. It is payable if the policyholder dies due to an accident or bears permanent disability.
  • Peace of Mind: You indeed have peace of mind since you know you have financial cover against the repair expenses of your two-wheeler caused due to an accident.

Benefits of Bike Insurance Plans

The below cited are some benefits of a bike insurance plans:

  • Bike insurance policy comes under the vehicle insurance that is a part of the General Insurance category.
  • A bike insurance policy offers financial security to the policyholders against damages incurred by or to your insured two-wheeler and thefts.
  • In the absence of a valid bike insurance policy, you are liable to bear the financial/legal responsibility in case of damages or loss due to an accident.
  • Bike insurance policies also cover the policyholders against particular natural and human-made disasters like landslides, earthquakes, storms, theft, riots, terrorist acts, explosions, strikes, etc.
  • In such events, you are eligible for the sum assured, as stated in your bike insurance policy document.
  • For availing of these benefits, the policyholder shall pay the policy premium to the insurer over a certain period.
  • In the event of the insured person’s death/permanent disability due to an accident, personal accident cover on the best bike insurance plan is up to INR 15 lakhs.
  • Bike insurance policies are cost-effective and start from a premium of as little as INR 600.
  • Some insurers provide up to 70% discount on policy premium with NCB (no-claim bonus) on their bike insurance policy.

What’s Included in the Bike Insurance Policy, and what’s not?

Inclusions of Best Bike Insurance Plans in India

  1. Damages occurred to your two-wheeler due to an accident.
  2. Personal Accident Cover, i.e., injuries(permanent disability/death) sustained by the insured person in an accident.
  3. Financial cover against natural disasters such as earthquakes, storms, etc.
  4. The best bike insurance company in India pays an amount equal to your vehicle’s IDV in the event of thefts.
  5. Financial cover against human-made disasters such as burglary, strikes, terrorist acts, riots, fire, etc.

Exclusions of Best Bike Insurance Plans in India

  1. Damages caused by the insured person while riding under the influence of alcohol.
  2. Loss and damages caused by a nuclear strike or a war
  3. Accidental damages while the insured vehicle is used for illegal activities.
  4. Damages caused to your two-wheeler while riding in the absence of a valid driving license.
  5. Exemptions also include
  6. Recurring expenses due to regular wear and tear of the insured two-wheeler

The Five Best Two-Wheeler Insurance Plans

The following are the top 5 bike insurance policy in India that offer the best coverage:

1. Bajaj Allianz Two Wheeler Insurance

  • Personal Accident Cover: INR 15 Lakhs
  • Cashless Garages: Over 4500
  • Claim Settlement Ratio: 62%
  • Third-party Damage: Covered
  • Policy Term: 1 Year
  • No Claim Bonus: Yes

2. Bharti AXA Two Wheeler Insurance

  • Personal Accident Cover: INR 15 Lakhs
  • Cashless Garages: Over 5200
  • Claim Settlement Ratio: 75%
  • Third-party Damage: Covered
  • Policy Term: 1 Year
  • No Claim Bonus: Yes

3. Digit Two Wheeler Insurance

  • Personal Accident Cover: INR 15 Lakhs
  • Cashless Garages: Over 1000
  • Claim Settlement Ratio: 76%
  • Third-party Damage: Covered
  • Policy Term: 1 Year
  • No Claim Bonus: Yes

4. Edelweiss Two Wheeler Insurance

  • Personal Accident Cover: INR 15 Lakhs
  • Cashless Garages: Over 1500
  • Claim Settlement Ratio: 145%
  • Third-party Damage: Covered
  • Policy Term: 1 Year
  • No Claim Bonus: Yes

5. HDFC ERGO Two Wheeler Insurance

  • Personal Accident Cover: INR 15 Lakhs
  • Cashless Garages: Over 6800
  • Claim Settlement Ratio: 85%
  • Third-party Damage: Covered
  • Policy Term: 1 Year
  • NCB (No Claim Bonus): Yes

Best Two Wheeler Insurance Company in India: 

1. Bajaj Allianz Two Wheeler Insurance Company

a. Add-ons:

  1. 24*7 Support
  2. Zero- Dept
  3. Personal Accident Cover for Pillion

b. Claim Settlement Process:

  1. The insurer settles the vehicle repair expenses with the network garage directly.
  2. The policyholder pays the excess amount, depreciation value, and file charges.
  3. In the case of reimbursement claims, the policyholder needs to submit the relevant documents such as invoices, claim forms, and payment receipts to the insurance company after repairing the two-wheeler.

2. Bharti AXA Two Wheeler Insurance Company

a. Add-ons:

  1. New Vehicles: 5 Year Third Party, 1 Year Own Damage + 5 Years Third Party, 5 Years Own Damage + 5 Years Third Party
  2. Old Vehicles: 1 Year Third Party, 1 Year Own Damage + Third Party, 2 Years Own Damage, 2 Years Own Damage + Third Party, 3 Years Third Party + Own Damage
  3. Depreciation Cover

b. Claim Settlement:

  1. The best bike insurance company initiates the claim settlement process after receiving essential documents such as claim forms, original invoices, and payment details.
  2. In the event of accidents, a bike insurance claim request has to be raised immediately. Whereas, for vehicle thefts, the insured person must intimate the same to the police and insurer within a day.

3. HDFC ERGO Two Wheeler Insurance Company

a. Add-ons:

  1. Zero Dept
  2. 24*7 Road Assistance, Emergency Support

b. Claim Settlement:

  1. Reach out to any nearby network garage.
  2. The surveyor will inspect the vehicle damage.
  3. Duly filled and signed claim form and essential documents.
  4. Post repairing, the policyholder pays the necessary deductibles, depreciation amount, and file charges to the garage.
  5. The insurer settles the remaining repair bills with the garage directly.

4. Reliance Two Wheeler Insurance Company

a. Add-ons:

  1. Zero Dept
  2. Daily Allowance
  3. EMI Protection
  4. Helmet Cover

b. Claim Settlement:

  1. Claim intimation to the insurer and submission of relevant documents.
  2. Inspection of damaged two-wheeler
  3. Confirmation of Liability

5. Liberty General Two Wheeler Insurance Company

a. Add-ons:

  1. Depreciation Cover
  2. GAP value cover
  3. Engine safe cover
  4. Roadside Assistance

b. Claim Settlement:

  1. Claim intimation to the insurance company
  2. A survey within 24hours within the city and 48hours when the vehicle is outside the city
  3. Submission of the claim form and relevant documents to the surveyor once the vehicle has reached the garage.

Types of Best Bike Insurance Policies

1. Third party Bike Insurance Policy

As per the Indian Law, possession of at least a third party two wheeler insurance is mandatory. This policy only covers the damages/loss caused by the insured to the third party/property. It additionally provides personal accident protection for the policyholder. However, none of the insured is covered for any damages, loss, or theft of the insured vehicle.

2. Comprehensive Bike Insurance Policy

A comprehensive two wheeler insurance cover provides complete protection of your two-wheeler. It provides full financial cover against any third-party loss or own damage caused by the insured two-wheeler. A comprehensive bike insurance policy also offers coverage in case of vehicle thefts.

What are the Inclusions & Exclusions of Comprehensive Two Wheeler Policy?

Inclusions

  1. Own Damage
  2. Third-party, third-party liability, third party property damage cover
  3. Personal Accident Cover for the owner rider and pillion(optional)
  4. Terrorist acts
  5. Lightning, explosion, fire, explosion, or self-ignition
  6. Inundation, flood, hurricane, earthquake, storms
  7. Landslide, cyclone, rockslide, frost, hailstorm
  8. Malicious act, strikes, riots, thefts, burglary
  9. In transit by rail, elevator, lift, air, road, or inland waterway.

Exclusions

  1. Damages when the policy is expired/not active
  2. Wear and tear due to ageing
  3. Electrical/mechanical breakdown
  4. Riding without a valid driving license
  5. Riding under the influence of drugs/alcohol/intoxicants
  6. Usage of privately-owned two-wheelers for commercial purposes

What are the Inclusions & Exclusions of Third party Bike Insurance Policy?

A third party two wheeler insurance includes the following:

  1. Third-party liability/property damage
  2. Personal Accident Cover for owner rider and pillion(optional)

The following things are not covered in a third party bike insurance policy

  1. Own damages
  2. Accidental damage/loss/liability incurred outside the stated geographical location.
  3. Claims due to any contractual obligation
  4. Damages/loss caused due to war or invasion.
  5. Damages/loss caused due to nuclear attacks.

How does a Third Party Bike Insurance Policy differ from a Comprehensive Insurance?

The principal difference between a Comprehensive and third party bike insurance policy is that of coverage. While a third party two wheeler insurance only provides coverage for third-party liabilities, comprehensive insurance is for your two wheeler’s own damages as well. Moreover, with an extensive range of add-ons, it also gives you the option to enhance your coverage beyond the basics.

For making it easier for you, we’ve cited down the benefits and disadvantages of both comprehensive and third party bike insurance policy so that you can make an informed choice.

Advantages of Third Party Two Wheeler Insurance

  • Covers Third-party liabilities
  • Makes you Law Abiding
  • Covers you from Hefty Traffic Fines

Disadvantages of Third Party Two Wheeler Insurance

  • Doesn’t cover own damages/losses due to a collision, fire, accident, or a natural disaster
  • Can’t opt for add-ons.
  • Can’t customize your IDV
  • Doesn’t cover vehicle thefts

Advantages of Comprehensive Two Wheeler Insurance

  • Covers own damages
  • Covers third-party liabilities
  • Customized IDV
  • Covers natural disasters such as cyclones, fire, storm, landslide, etc.
  • Covers vehicle thefts
  • Covers personal losses/damage
  • Cost-effective

Disadvantages of Comprehensive Two Wheeler Insurance

  •   Doesn’t cover usual wear and tear
  •   Doesn’t protect your vehicle from its depreciation over time
  •   Fibre and rubber parts aren’t fully covered(unless opted for add-ons)
  •   Doesn’t cover damages/losses due to nuclear warfare

Add-ons of Two- Wheeler Insurance Plans in India

Purchasing add-ons will enhance the level of protection for both you and your two-wheeler. The best bike insurance company provides the following add-ons that you may add to your existing bike insurance policy:

  1. Engine Cover
  2. Roadside Assistance
  3. Daily Cash Allowance
  4. No-Claim Bonus
  5. Accessories
  6. Personal Accident Cover For Pillions
  7. Consumables
  8. Return To Invoice
  9. Zero Dept

Things to Consider Before You Compare Bike Insurance Policy Online

The points cited below are the crucial things to remember before you choose to compare bike insurance policy online. Have a look:

  1. Type of Policy: Comprehensive and third party two wheeler insurance are the two covers offered by the best bike insurance company in India. It would be best if you buy the policy that best suits your requirements. As per Indian Law, a third party two wheeler insurance is mandatory to ride on roads. However, most people do not prefer this policy as it offers limited coverage. Instead, people opt for a comprehensive bike insurance policy as it provides complete protection of the vehicle, vehicle owner, and third-party.
  2. IDV: The Insured Declared Value (IDV) is your vehicle’s present market rate. It is the maximum amount that can be claimed in case of vehicle theft or total loss. Generally, the Insurance declared value decreases as the vehicle ages.
  3. Premium Amount: Several factors affect the premium of your insurance in which the engine capacity of your two-wheeler is the primary one. Higher the CC of your two-wheeler, the more will be its policy premium. Another determinant is the location from where you have bought your vehicle. Zone A cities draw a higher insurance premium than the Zone B cities.
  4. Add-on Covers: The best bike insurance company in India provides add-ons on their bike insurance policies that enhance the basic coverage of your vehicle. Following are a few essential add-ons that are available in the market: Zero depreciation cover, 24 x 7 road assistance, Personal accident cover for pillions, Loss of accessories.
  5. Insurer’s Reputation: While applying for bike insurance online, you get a chance to go through the customer reviews mentioned on the official website of the insurer. Usually, these reviews are genuine and reliable feedbacks about the insurer’s products & services. Hence, while choosing to buy or compare bike insurance policies online, you should watch this precious information that sometimes is the most deciding factor.

Compare Bike Insurance Policy Online and Get These Benefits

  1. Economical: Compare bike insurance from top insurers to save money
  2. Excellent Plans: Opt for the best bike insurance plan for your two-wheeler
  3. Maximum IDV: Avail the maximum IDV
  4. Add-ons: Opt for the best add-ons for your existing bike insurance policy.

Things to Remember While Renewing Best Two Wheeler Insurance Online

  1. Online Compare Bike Insurance: There are numerous two-wheeler insurance providers available online, and for renewing your insurance, you are not required to move out of your home or office. The best part is you can compare bike insurance policies online and select the one that best suits your preferences.
  2. Examine Insured Declared Value: Once you compare bike insurance policy, the next thing to check is the IDV. The Insured Declared Value of your vehicle affects the premium amount directly. In case of total damage or vehicle theft, this amount is transferred to the insured person. Therefore, it would be great to select a fair IDV amount as a lower IDV amount makes your vehicle underinsured, and the higher IDV amount attracts higher premiums. Moreover, ensure that your two-wheeler insurance is renewed before its expiration date since the premium gets increased if the insurance is not timely renewed.
  3. Cashless Network Garages: Most insurers offer cashless repair and service facilities, while some do not. It would be best if you choose the best bike insurance company in India that provides this facility, especially when you are willing to buy premium bikes.
  4. Know your add-ons: Add-ons, though not compulsory, however, make a significant difference both in the coverage and the bike insurance policy premium. Some of the general add-ons available in the market are Zero Depreciation, No claim bonus, Invoice Protection, Engine Protection, etc. Kindly note that opting for add-ons increases the overall policy premium of your two-wheeler insurance.

Benefits of Renewing Best Bike Insurance Plan Online

  • You can easily renew your inactive or expired two-wheeler insurance policy without any inspection or documentation.
  • Involves no hidden/extra charges
  • You instantly receive the documents of your best bike insurance plan at your registered email address.
  • Since no documentation is involved, you don’t have to submit previous insurance details if the policy has expired for more than three months.
  • Seamless assistance at the time of claim settlement
  • Effortless access to the nearest network garage by instantly knowing the list of Cashless Claim Garages of the best bike insurance company
Types of Two-wheeler Insurance Claims

The two types of two-wheeler claims are:

  1. Cashless Claim Settlement: In this, the whole claim settlement process is cashless, and you are not required to pay anything except for the file charges and deductibles that you have agreed to while buying the policy. Furthermore, the best bike insurance company in India has a vast list of authorized network garages through which you can avail cashless facility in the case of repairs/service.
  2. Reimbursement Of Claim: In this, you have first to inform the insurance company about the incident, visit any garage and have your two-wheeler repaired, pay the repair costs, and then make a claim request. Later, after examining the bills and claim form, the best bike insurance company disburses the claim amount to your registered bank account except the necessary deductibles.

Steps for Raising a Two-wheeler Insurance Claim Request

By following these steps, you can speedily raise your two-wheeler insurance claim request:

  1. Insurer Intimation: Reach out your insurer promptly for claim registration. Not doing so results in a complicated claim process.
  2. Raise an FIR: You should lodge an FIR at any nearby police station immediately if your two-wheeler has been stolen or got damaged in a significant accident. Doing this speeds up your claim process and is a mandatory document for initiating the claim.
  3. Evaluate the Damages: In the case of an accident, you should get done the damage evaluation immediately at a garage (preferably at your insurer’s network garage). Doing this enables you to have cashless repair benefits.
  4. Claim Settlement: In the case of cashless claims, you just have to get your insured two-wheeler repaired at any network garage, and the best bike insurance company will directly settle the bill amount with the garage. Whereas, for reimbursement claims, first pay the repair costs at the garage to initiate the claim settlement process. Submit the duly filled & signed claim form along with other relevant documents such as original invoices and bills to your insurer. Doing this will ensure a hassle-free and speedy claim settlement.

Documents Required for Raising Best Two Wheeler Insurance Claim

The following are the essential documents you need to submit for an easy & fast claim settlement of the best bike insurance plan:

  • Duly filled & signed claim form.
  • Copy of your DL (Driving License), RC (Registration Certificate), and first two pages of your insurance document
  • FIR (in the case of accidents)
  • Originals of payment receipts, repair bills, and release proof

FAQs

1. How can I check the two-wheeler insurance status?

By following any of these steps, you may check your bike insurance policy status:
●   Using your account credentials, log in to your insurer’s official website.
●   By downloading the mobile app of the best bike insurance company in India
●   Through SMS/miss call facilities
●   Contact customer care via email/phone.
●   Reach out to your insurance agent from whom you purchased your policy

2. Define IDV in a bike insurance policy

It is your vehicle’s Insured Declared Value, i.e.:
●   The maximum amount the best bike insurance company in India will reimburse for the total loss/theft of your vehicle
●   Vehicle’s present market value
●   Decided at the time of policy purchase
●   Depends on the depreciation value.

3. How can I retrieve a duplicate copy of my bike insurance policy online?

You can get a copy of your two-wheeler insurance document through the following ways:
●   Using your account credentials, log in to your insurer’s official website and request for a new insurance document
●   Reaching out to the customer care through phone/email
●   By visiting the best bike insurance company’s branch and raise a request for the new insurance document
●   By downloading a soft copy from the insurer’s mobile app

4. Define the process of raising a Two-wheeler Insurance Claim

The following is the two-wheeler insurance claim process:
●   Inform your insurer & loved ones immediately
●   Also, intimate the police in case of a severe accident.
●   Raise a claim request by reaching out your insurer through email/phone
●   Visit the closest police station and lodge an FIR.
●   You may take your vehicle to the nearest network garage.
●   The surveyor examines your vehicle for assessing the level of damage.
●   Your insurer settles the claim directly with the garage after damage assessment.
●   You must submit all the required documents such as duly filled & signed claim form, original invoices, and bills to the insurer.

5. What is the difference between Cashless and Reimbursement Two-Wheeler Insurance Claims?

●   Under cashless claims, you are not required to pay from your pocket as the insurance company directly settles the repair expenses with its network garage.
●   In the case of reimbursement claims, you can get your two-wheeler repaired at any garage and raise a reimbursement claim request after the repairs. You are required to submit all the necessary documents and invoices for the repair costs.

6. What does the surveyor examine during the claim settlement process?

The following are the three crucial aspects of the surveyor:
●   Level of damage occurred to the insured vehicle
●   Damage assessment
●   Submission of the assessment summary for further claim processing

7. Define “NCB” in a bike insurance policy

It is the No Claim Bonus, i.e.:
●   Discount on the premium amount provided by the best bike insurance company at the time of policy renewal
●   Applicable only if you have not requested for any claim in the previous policy tenure
●   Transferable from one insurance company to another

8. Define “premium” in a bike insurance policy

It is the amount you pay on a monthly/half-yearly/yearly basis:
●   For the protection of your two-wheeler from own damage/third party liability damage.
●   For the comprehensive cover for your two-wheeler

9. What are the determinants of my bike insurance policy premium?

The premium of the best bike insurance plan depends on the following factors:
●   IDV
●   Geographical Location
●   Model/Type/Variant of your two-wheeler
●   Deductibles
●   Type of Bike Insurance Policy(third party two wheeler insurance/comprehensive)
●   Cubic Capacity of your two-wheeler
●   Fuel Type of your two-wheeler(Petrol/Diesel)

10. Can I abandon my two-wheeler policy during its tenure?

Indeed! You may cancel your bike insurance policy by:
●   Submitting the policy cancellation form at any nearby RTO, and
●   Informing your two-wheeler insurance provider
Post cancellation, the best bike insurance company in India will refund the premium amount you have paid. Note that the refund is only applicable if there have been no claim requests during the policy tenure.

11. What all affects the premium of my two-wheeler policy?

The premium of your bike insurance policy is affected by the following:
●   Your vehicle’s IDV and age
●   Depreciation

12. What do you mean by a long term bike insurance policy?

A long term two wheeler insurance:
●   Has a maximum validity of 2- 3 years
●   Sets you free from annual renewals or surge in premium costs
By opting for a long term best bike insurance plan, you get a discount on the premium amount. Moreover, the third-party liability of the vehicle and your IDV remains intact.

13. Where can I find my bike insurance policy number?

You can find your two-wheeler insurance policy number through any of the following ways:
●   On your insurance document
●   The policy document is also sent on your registered email
●   Reach out your insurance agent from whom you bought your bike insurance policy
●   Log in to your insurer’s official website
●   Contact the customer care of your insurance company through phone/email

14. How will purchasing a bike insurance policy online benefit me?

The following are the top five benefits of purchasing the best bike insurance plan online:
●   Easy online payment through different payment modes
●   Instant policy on registered email
●   The purchase process is entirely paperless
●   Cashless facilities
●   Easily buy, renew, or compare bike insurance policy from the best bike insurance company