Liability-only cover is mandatory for your Two Wheeler Insurance. However, this will not cover damage to your vehicle. Get a comprehensive policy that covers both personal injury and vehicle damage.
Maintaining a clean riding record can help you get a better premium for your insurance policy. Insurers prefer low-risk riders with no history.
Your two-wheele's make and model will have a major influence on the insurance premium. The more powerful your vehicle (more cubic capacity), the higher your premium will be. .
The city where a vehicle is registered also determines premiums. Two-Wheeler owners in metropolitan cities have to pay higher premiums since the possibility of vehicle thefts and accidents is higher.
The insurance premium amount will always be low if you haven't made any claims in the previous year against your existing policy. So don't bother with those small claims.
Additional protection such as collision cover or vandalism cover will increase your premium amount.
Two wheeler insurance, as the name suggests, is an insurance policy that provides protection from any liability or damage to an individual or property by your two wheeler (such as a scooter, motorcycle, moped etc.). It protects and covers the cost of damage to your vehicle due to unforeseen incidents such as accidents, man-made or natural calamities, theft etc.
Bike insurance provides financial assistance and protection in the event of any incident affecting the insured two wheeler as well as if any damage is caused to any property or person by the insured two wheeler, thus saving the owner from paying a large amount of money if such situations arise.
|Two Wheeler Insurance Rate||Types of Bike Insurance||Features and Benefits||Third Party Bike Insurance||Long Term Bike Insurance|
Two-wheeler insurance is compulsory in India for using the vehicle on the road. It comes under the general insurance industry. It is sanctioned and approved by the Insurance Regulatory Development Authority of India (IRDAI). It also offers cover for damages that result from riots, strikes, explosions, etc. The coverage offered to you will depend on the insurance company.
Two wheeler insurance is purchased for private vehicles, commercial vehicles, and mixed vehicles. Two-wheeler insurance offers excellent protection for all forms of two-wheelers including mopeds and motorcycles. When you take it, you can go for additional protection to keep your precious vehicle safe and secure. You can ride your bike with this protective shield if some mishap occurs while riding, you can get immediate assistance from any of the garages that are tied up with your insurance company.
Insurance companies now offer two-wheeler insurance policies with coverage terms of 1, 2, or 3 years. Some insurers offer special discounts on long-term plans with policy term of 2 or 3 years.
Anybody who is permitted to ride a two-wheeler can purchase insurance for two-wheelers. If you have a valid driving license, you can purchase a policy. The policyholder will preferably need to be employed or self-employed to buy the policy. If you are 18 years old and above, you can go for two-wheeler insurance. You will need to meet the minimum income criteria specified by your insurance company.
Most often, your first two-wheeler insurance policy will be a part of your vehicle’s package and this will last for 1 year. You need to renew your two-wheeler insurance policy for subsequent years. It is compulsory to protect your vehicle with insurance when you want to ride on the road.
|Two wheeler Insurance provider||Cashless Network Garages||Third Party Insurance Cover||Personal Accident Coverage||Incurred Claim Ratio (Motor Insurance)||Policy Term||No Claim Bonus||Bike Insurance Online Renewal|
|Bajaj Allianz Two Wheeler Insurance||Available||Available||Coverage up to Rs.1 lakh for the owner-driver||69.19 %||1-3 years||No Claim Bonus (NCB) benefits||Available|
|Bharti AXA Two Wheeler Insurance||2,500+||Available||Available as an add-on cover for owner-driver and the co-passenger||89.09%||1-3 years||NCB of up to 50% and Up to 2.5% discount for installation of security devices||Available|
|HDFC ERGO Two Wheeler||4,800+||Available||Available for the owner-driver under comprehensive motor insurance||89.43%||1-3 years||Premium discount for long-term two-wheeler insurance plan||Available|
|Reliance Two Wheeler Insurance||430+||Available||Available as add-on coverage||91.39%||1 year||NCB benefits||Available|
|Liberty Videocon Two Wheeler Insurance||Available||Available||Available for the owner-driver||77.29%||1-3 years||Discounts at renewal and NCB benefits||Available|
|IFFCO Tokio Two Wheeler Insurance||Available||Available||Available||84.37%||1-3 years||NCB benefits||Available|
|ICICI LOMBARD Two Wheeler Insurance||Available||Available||Available||78.91%||1-3 years||NCB benefits||Available|
Insurance companies offer a range of policies to suit different requirements. Owners of two wheelers can choose a policy that best suits their budget and requirements. Insurers in India offer customers two types of two wheeler insurance, which are explained below:
As the name suggests, liability only insurance provides insurance coverage in case of damage caused by the insured vehicle to a third party. Third party insurance is compulsory under Indian law and all two wheelers are required to have this form of insurance.
Liability only insurance covers the legal cost arising out of damage resulting in personal injury, property damage or death to a third party due to the insured vehicle.
Along with covering the cost of damage due to an accident or incident, most insurance companies also offer accidental death cover to the owner of the insured vehicle. This is an additional benefit that is offered to two wheeler owners. This serves as an additional cover in the event the owner is injured, with the insurance company covering the cost up to a certain limit.
Liability only insurance policies provide coverage largely to the third party and does not offer much in the way of protection for the two wheeler or the rider. However, premiums for liability only cover can be purchased from a number of leading insurance companies at an affordable rate. The cover can be purchased for a year and renewed annually.
You can get this type of insurance from all 2 wheeler insurance providers for both private and commercial vehicles. It is the most basic type of vehicle insurance. Whether you have a carrier, goods-carrying vehicle, two-wheeler used for delivery of goods, or a passenger-carrying vehicle, you will get coverage for third-party liability under this plan. It covers bodily injury or death to third-party and damage to the property of third-party. This plan can be taken by the owner of the two-wheeler or a lessee who plans to buy a two-wheeler on lease.
Under this type of insurance, the declared value of the insured will be fixed according to the depreciation percentage that is mentioned in the showroom price tariff list. It is applicable, if the bike is not older than 5 years. If the bike is older than 5 years, then the declared value of the insured for the bike will be the present value in the market. This applies even to outdated vehicle models that are not manufactured anymore in the market.
With a liability-only insurance plan, you will receive third-party liability cover as well as personal accident cover, depending on the company. You will be required to pay service tax for such plans. There are certain exclusions that come with this plan and they include contractual liability and death caused by or while employing someone who is responsible for reimbursing money under the policy.
Comprehensive two wheeler insurance provides coverage for third party liability as well as protection for the insured two wheeler and rider. Comprehensive two wheeler insurance covers damage to the vehicle arising out of natural and man-made calamities as well as coverage for the owner and rider.
Comprehensive bike insurance provides complete protection in the event of an accident resulting in partial or total damage to the insured vehicle. It also covers the owner and the co-rider (included as an add-on) through personal accident cover.
With a two-wheeler comprehensive insurance policy, you can enjoy good protection for your vehicle when it is stolen, damaged, or lost. It also provides personal accident cover to the owner or rider of the vehicle. Apart from this, it will also cover third-party liability. Comprehensive insurance, as the name suggests, is an all-inclusive insurance policy. You will be a smart insurance policyholder if you take such a plan as it will help you in minimising costs. Instead of investing in different types of covers at different points of your life, you can instead take a single comprehensive insurance policy in one go and enjoy maximum benefits.
Many two-wheeler riders tend to ignore the advantages of taking comprehensive insurance as they believe that it is adequate to take only the most basic form of insurance just to meet the compulsory law of having vehicle insurance. With comprehensive insurance, you will get quality coverage for yourself, your vehicle, and damage caused to the external party. It is sometimes more expensive than a liability-only insurance due to the coverage offered by the plan. A number of insurance experts generally suggest the purchase of a comprehensive insurance plan for your scooter or motorbike if you have the sufficient amount of funds to buy it.
Apart from offering all-inclusive coverage at a reasonably good price, it is also very beneficial when you cannot prove your fault due to some unavoidable reason. Moreover, with comprehensive two-wheeler insurance, you do not have to be stressed if you will end up paying unnecessary extra costs while getting your motorbike or scooter fixed. Your repair bills will be accurate and hence, you will have peace of mind.
In case your two-wheeler gets damaged during a flood or gets damaged by someone messing with it, you can get your costs reimbursed with your insurance policy.
|Third Party Liability||Comprehensive Cover|
|Damage to third party||Yes||Yes|
|Personal accident cover||No||Yes|
|Loss of vehicle||No||Yes|
Comprehensive insurance covers you even when you are the one who is at fault. Whether the damage is caused by you or not, you will get protection with this type of policy. You will receive coverage for damages caused to you, your vehicle, third-party, and the vehicle or property of the third-party. On the other hand, a liability-only cover gives protection solely for injury or death caused to third-party and damage or loss of two-wheeler of the third-party. It does not consider the damage caused to your own two-wheeler. It covers only damages that have been caused to other vehicles.
With comprehensive coverage, you will procure liability coverage along with coverage for your own property. For liability cover, your monthly expenses will be lesser compared to the monthly expenses incurred on comprehensive insurance. However, both the types of insurance are equally helpful to a bike rider. With comprehensive insurance, you may have to pay a higher price, however, the benefits you enjoy with it are really good.
Both the covers work differently and any one may work well for you depending on your circumstance.
If you have taken a loan to purchase your two-wheeler, then you will need to consider your EMIs also while choosing your insurance. If your EMI payments are still going on, then a comprehensive cover will be ideal. This is because you will need other money to pay your EMIs. On the other hand, if you have already paid your two-wheeler loan fully and if you have a reasonably good amount of funds for emergency purposes, then you can go for liability only cover. This is because your monthly expenses for both liability cover and comprehensive cover will be completely different. There will be a huge difference between these prices. Hence, if think you can pay your expenses for your bike repairs with the additional funds that you have accumulated, then you can purchase a basic liability cover
Also, if you think you will be using your two-wheeler very rarely due to reasons such as dependence on office transport or public transport, or any other reason, then you can go for liability insurance as comprehensive insurance may not be too necessary for you.
Protects vehicles: The most basic benefit of 2 wheeler insurance is that it protects the vehicle from damage due to accidents, large or small. Even a small dent or paint touch up would result in a significant drain on the owner’s pocket. Insurance would take care of these expenses at a minimal cost.
Two-wheeler insurance provides excellent protection for the vehicle after it is damaged due to an accident or a natural or man-made calamity. It offers coverage for both partial loss as well as complete loss of the scooter. The insurance policy will reimburse costs incurred on damages caused to your own vehicle as well as third-party’s vehicle. Whether you have a vehicle for personal, commercial or mixed purposes, the policy will provide extensive protection. When you incur extremely high costs on getting vehicle damages fixed (for your vehicle and third-party’s vehicle), two-wheeler insurance is the most viable resolution. It is your responsibility to keep yourself and your vehicle and safe and secure with a two-wheeler insurance policy. With bad road conditions and lack of driving ethics among many people, this form of insurance is indispensable.
Covers third-party liability: in the event that the insured vehicle is involved in an accident, the cost incurred due to damage to a third party would be covered by the insurance company.
Two-wheeler insurance provides protection for liability caused to a third-party. This includes both damages caused to the third-party’s property or vehicle as well as injuries suffered by a third-party. Under third-party liability insurance, your base premium will be fixed according to the cubic capacity of the vehicle’s engine. It is the most common type of insurance among several individuals as it is compulsory as per the laws. A third-party policy will not be seen as a valid policy if the accident occurs outside the geographical limits that are specified in the policy document. It may also be seen as invalid if the rider of the vehicle is not the owner of the vehicle. Most insurance companies have network garages even when you take a third-party liability cover for your motorbike or scooter.
Covers third-party property damage: owners of insured two wheelers that cause damage to a third party’s property will not have to pay for the damage caused, as the insurance company would be covering these costs.
Two-wheeler insurance extends excellent support to any rider who has to pay for damage caused to a third-party’s property. This can be his or her vehicle, house, vehicle accessories, etc. When an external party’s property gets destroyed due to your negligence or a fire or any other fault, then the losses that he or she incurs will be covered by your third-party property cover. This type of covers is exclusively given for damage caused to property. It does not include injury caused to a third-party.
In case your vehicle crashes some other vehicle, then the damage caused to the other person’s vehicle will be covered by this insurance policy. It is very important to choose a cover for third-party property damage because if the other person’s vehicle or property is very new with a high value, then it will be difficult to handle these repair expenses without insurance.
Covers vehicular damage: vehicular damage caused due to natural or man-made calamities as outlined in the policy document would be covered by the insurance company, including partial or total loss of the vehicle due to such events.
As discussed, two-wheeler insurance offers helps the policyholder in getting the vehicle fixed after an accident or a breakdown. Many insurance companies have tie-ups with major motorbike repair garages for repairing damages caused to vehicles. You will get special prices for repairs when you visit any of these garages. Each company will collaborate with different garages. You will need to find out these specific garages and then choose any of them when you are in need of help.
A cashless garage facility for two-wheeler insurance is absolutely fantastic. With this feature, you will not be required to pay while your bike is getting repaired. The amount that needs to be paid for your repairs will be paid without cash. You will have to visit any of the cashless garages that are authorised by your insurance provider.
This facility is very beneficial when you meet with an accident or when your vehicle has a sudden breakdown. In such situations, you may not be equipped with instant cash to pay for your vehicle repairs. With a cashless garage facility, you can rely on your insurance company to settle the repair bills fully once the work is done.
Garages can get removed and added from the cashless garage list over a period. You will need to check this list before you choose to go for the repair services. The policyholder will have to fill a certain form before availing the cashless repair facility. He or she will need to complete certain formalities before the repairs are done. These cashless garages provide superior-quality repair services compared to normal garages.
The Insurance Regulatory and Development Authority of India (IRDAI) raised the insurance rates for both automobiles as well as two-wheelers with effect from April 1, 2017. Due to this increase in rates, many policyholders rushed to renew their policies before the above-mentioned date. The hike in premium prices was pretty high. Let us take a look at the table to understand the difference in prices.
|Vehicle Engine Capacity||Old Premium Rate April 1, 2016||Revised Premium Rate w.e.f April 1, 2017||Percent Hike|
|Up to 75 CC||569||569||0%|
|76 CC to 150 CC||619||720||16%|
|151 CC to 350 CC||693||887||28%|
|Above 350 CC||796||1,019||28%|
Individuals who own two-wheelers that are below 75CC do not have to be tensed about anything as there is no change in premiums for this vehicle type. This was partly done in order to revise the commission assigned to agents.
Two-wheeler insurance is offered by different insurance companies for different tenures according to your preferences and premium payment ability. You can decide your policy term and receive a guaranteed bike insurance cover package. Many insurance companies offer two-wheeler insurance for a long period ranging from 2 to 3 years or even above.
With such a policy, you will be required to renew your insurance policy only once in 2 or 3 years. This is very beneficial as you will not have to worry about remembering to renew your policy on a regular basis. You will not have to go through the renewal process again and again. You can buy most of these long term bike insurance policies online where you only have to choose your policy period and then renew after your policy period is completed.
With long-term insurance, you can enjoy great advantages such as:
You can apply for two wheeler insurance online in India or offline. You will get a quote of your premium when you choose the policy term. You may also receive a discount on your premiums depending on your company.
If you want to apply bike insurance offline, you will have to reach out to an insurance agent or insurance advisor who works for a two wheeler insurance company. He or she will assist you by bringing the relevant forms to you. Buying an insurance policy offline is much more expensive because you will have to renewal pay a certain percentage of your premium to the agent. Hence, your premiums will be higher when you apply offline. In an online application, there is no intermediary and hence, the premiums will be less expensive.
If you are applying bike insurance online, you can visit the official website of the company that you choose as your insurer. You can also apply on third-party websites that sell insurance in India. When you choose an online application, you can start off the process by getting a quote from different insurers instantly. Before you decide your insurer, you can make use of the online premium calculator to get an idea about the premium that you will have to pay. You will need to fill your bike registration number, mobile number, and email address in the respective fields. You can then click to buy online.
Two-wheeler insurance is monitored by Insurance Act, Motor Vehicles Act, Transfer of Property Act, as well as insurance contracts that are controlled by the Indian Contract Act. These laws have made it compulsory for any motorbike or scooter owner to have a two-wheeler insurance. With a two-wheeler insurance policy, you will get coverage from the Motor Vehicles Act for several costs that you may incur when you meet with an accident. These costs can include repairs for the vehicle after road collision, flood, theft, natural calamities, strike, riot, etc. The damages caused to your own vehicle are not compulsory for all vehicles in all cases according to the acts governing motorcycle insurance. Coverage for own damage is optional.
A two-wheeler has the potential to cause damage to others when it is ridden on the road. Even when the engine is not on, in case it falls on someone suddenly or on a property, it can cause severe damage. Hence, it is absolutely important to purchase a two-wheeler insurance when you own one. The other property may not be insured. In such cases, it is good to be safe to have insurance at least for your vehicle. Even if you have leased a motorbike, you are advised to take an insurance policy in your name.
Some aspects of two-wheeler damages that are not covered by a basic insurance policy that is required by the laws include legal liability to a rider who is paid, wear and tear of motorbike or scooter, loss of accessories, riding after consuming alcohol or any other intoxicating drug, accident cover for pillion riders, etc. The laws have mandated that you should get at least a basic insurance policy for using your two-wheeler on the road. However, you can also choose to take comprehensive insurance for extensive coverage. If you do not insure your two-wheeler and if your vehicle is involved in an accident, you will be required to pay a hefty sum of money as a fine.
Other than the fact that two-wheeler insurance is made compulsory by law, it is highly important for maintaining safety and to get reliable coverage when the rider is held for any third-party liability.
Riding a motorbike or any other two-wheeler is fun, enjoyable and generates a sense of freedom. However, you need to take a few precautions while riding a two-wheeler. When you are riding a motorbike or a scooter, you need to be extra careful when compared to driving a 4-wheeler. These precautions are simple in nature. You only need to follow the relevant traffic laws sincerely and maintain good road sense. This will help you have a smooth and safe riding experience all your life.
Motorbikes and scooters do not have safety features like cars. Hence, it is very important to follow general safety guidelines to keep the road a safe place for everyone.
Bumper-to-bumper bike or two-wheeler insurance is also called the zero-depreciation cover. This cover is now available for two-wheelers. It is a sort of an add-on cover. With this add-on feature, wear and tear of vehicles will be included in every claim. Generally, vehicle wear and tear is not covered by an insurance policy. Your insurance company will pay the full insured amount without deducting any depreciations.
This type of cover will provide you with coverage for so many unexpected situations that you may across while riding. Since the protection offered by this type of cover is higher compared to other types of insurance and the returns earned by the insurance company are comparatively less, the premiums for this plan are higher. A bumper-to-bumper bike insurance policy does not cover depreciation on the battery or the tyres of a vehicle. The application process for bumper-to-bumper bike insurance is similar to the one for regular bike insurance.
With the introduction of online two wheeler insurance applications, the process for getting a two-wheeler insurance policy is very simple. There is not much paperwork involved and you will receive your policy immediately.
|All types of vehicles||% of discount on own damage premium|
|No claim made or pending during the preceding full year of insurance||20%|
|No claim made or pending during the preceding two consecutive years of insurance||25%|
|No claim made or pending during the preceding three consecutive years of insurance||35%|
|No claim made or pending during the preceding four consecutive years of insurance||45%|
|No claim made or pending during the preceding five consecutive years of insurance||50%|
Add-on covers are essential for two-wheeler insurance as they offer protection for some of the most common and uncommon types of covers. By paying an extra premium, you can procure the benefit of the add-on cover. Some of the common add-on covers include cover for accessories, medical cover, passenger cover, and so on.
Personal accident cover for pillion:This cover provides personal accident coverage for pillion riders in case of an accident or any circumstance as outlined in the policy document. This cover provides for insurance in the event of the pillion rider’s partial or permanent disability or death while riding the insured vehicle. The amount that can be claimed would depend on the type of injury suffered by the pillion rider at the time.
Insurance has certain implications when someone rides a bike with another person. If they meet with any accident, then both the rider and the pillion rider will get affected. Most policies do not include pillion rider’s injuries in the basic cover. One will need to take an additional cover for the pillion. It makes a lot of sense to take this cover if you travel with a pillion rider on a daily basis.
Round-the-clock assistance:This cover would entitle the insured to round the clock two wheeler support in the event of a breakdown or a mechanical failure. Among the services offered are towing facility in the event of a breakdown, accommodation benefit due to the vehicle being unfit to ride, emergency assistance, minor repairs at the site of the accident/breakdown etc.
With this cover, you will get emergency assistance. Many insurers have toll-free numbers. You can contact your insurer by calling them and their team will rush to your accident or breakdown venue. This cover will provide you with towing help, repair services, negotiation of repair costs, etc. Even if you need help at 2 a.m. in the morning, you can count on your insurer for help with this cover.
Accessories cover: This would provide coverage to any electrical or non-electrical accessories added to the two wheeler, resulting in the insurance company covering the cost of replacing/repairing them.
Accessories for two-wheelers offer comfort and security when you ride. They also enhance the look of your bike. When any of your bike accessories gets damaged, it is very important to have protection for it because the costs for repairing them will be extremely high. When you buy this cover, you will need to specify the cost of these accessories. In case something happens, you will get your repair costs reimbursed with this cover.
With insurance being mandatory for all two wheelers, shopping for the perfect policy that meets all their needs and also doesn’t break the bank premium-wise is at the top of a bike/scooter owner’s mind.
After looking at insurance policies and reading the fine print to narrow down on the one that suits a customer’s needs, he/she will have to also consider how to pay for the policy.
Insurance companies have come to the rescue through two wheeler insurance premium calculators, which allow customers to ascertain the amount they would have to pay towards the insurance premium.
Insurance premiums have been on the upswing and get more expensive with each passing year, making this a very handy and helpful tool.
Premium calculators also allow the customer to get multiple quotes, enabling him to make an informed choice taking into account the cost of the policy as well as its features.
Two wheeler Insurance premium calculator operates on a simple premise, where certain information is to be inputted, based on which the calculator will display the premium cost.
A number of insurance companies have online premium calculators, making it easy for customers to access this information wherever they are.
A premium calculator will require the following information:
Based on the above, the calculator will generate a quote as per the information provided.
It is to be noted that in case of riders being added to the policy, the premium amount will increase commensurate to the rider premium to be paid.
When looking for a bike insurance plan, the premium amount is something that most customers base their purchase on. Insurance companies issue premium quotes for liability only as well as comprehensive insurance policies. Certain factors play a key role in the calculation of the final quote and insurance premium to be paid. Given below are the 5 major factors affecting two wheeler insurance that insurance companies take into account when calculating a premium quote:
When you select your insurance plan, you would look for the most economical insurance premium. To find a good premium, you must first be aware of the aspects that can determine it. Some of the common aspects include fuel type, manufacturing year, model of bike, location of registration, make of two-wheeler, etc.
You will be required to transfer your bike insurance ownership when you sell your bike to someone else. It is very important to complete this activity. You will need to first inform your insurer and then obtain a no-claims certificate from the company if you have not made any claim.
It is absolutely essential to transfer your bike insurance when you transfer your bike ownership to another person in order to avoid any problems in the future. The process may seem very tedious and unnecessary especially because you are not going to be the owner of the bike anymore. However, it does offer a few benefits that you may have never thought of.
You will need to furnish your current policy number, name of insurer, your name, your address, mobile number, email address, vehicle model, vehicle make, etc. You will have to request a vehicle inspection before you make the transfer.
Transferring bike insurance policy is highly essential as it offers a range of benefits and also helps you avoid unnecessary complications related to external party’s claim settlements which are not associated with you at all.
You can renew or extend your two wheeler insurance policy before your policy expires. You can do this online or by visiting a branch. If you fail to renew your policy within 90 days after it lapses, your no-claims bonus (NCB) will be lost.
The exclusions will depend on your two-wheeler insurer.
When you want to purchase a ebike insurance policy, most insurance companies will not ask you to submit any document. Most two-wheeler insurers believe in having zero documentation or zero paperwork when you make your first purchase. Some insurers may require you to furnish relevant documents only when you renew your policy.
Only when you file an insurance claim, you will have to mandatorily submit certain documents. These documents include:
|Best Two Wheeler Insurance Companies in India:||Top Bike Insurance Plans Offered in India:|
|ICICI Lombard Two Wheeler Insurance||ICICI Lombard Bike Insurance|
|Bajaj Allianz Two Wheeler Insurance||Bajaj Allianz Bike Insurance|
|Reliance General Insurance Two Wheeler Insurance||Reliance General Insurance Bike Insurance|
|HDFC ERGO Two Wheeler Insurance||HDFC ERGO Bike Insurance|
|New India Assurance Two-Wheeler Insurance||New India Assurance Bike Insurance|
|IFFCO Tokio Two Wheeler Insurance||IFFCO Tokio Bike Insurance|
|Bharti AXA Two-Wheeler Insurance||Bharti AXA Bike Insurance|
|SBI Two Wheeler Insurance||SBI Bike Insurance|
|National Insurance Two Wheeler Insurance||National Insurance Bike Insurance|
|Shriram Two-Wheeler Insurance||Shriram Bike Insurance|
Listed below is the process for making a claim:
You can make a two wheeler insurance claim either through online or offline methods. The claim can be cashless claim or a non-cashless (reimbursement) claim.
There are rules that mention that two wheeler insurance claims should be processed effectively within 30 days. There are certain cases when insurers may need to invest more time in additional investigation. In such cases, the insurance company will have to finish everything within 6 months. If the claim is not settled within the 6-month period, then the insurer will be required to pay an interest on the amount due to delay in payment.
When you meet with an accident or when you have a vehicle breakdown, you may have to make a cashless claim. The process is simple.
Under a non-cashless bike insurance claim, you will have to make the payment for your vehicle repairs first. It is the opposite of a cashless claim. It is a reimbursement claim. You will need to file a claim against your own damages as well as third-party damages. Under this type of claim, your insurer will not pay for your damages in the beginning itself. You will need to make the payment from your own pocket. Once the repairs are done, the garage that you have chosen will forward the full bill with the repair expenses to your insurer. Your insurance company will then pay you back to reimburse your expenses.
Under this type of claim, it is not compulsory for you to select an authorised garage that comes under your insurance company's garage network. You can take your vehicle to any garage.
Under two wheeler insurance, claim settlement ratio refers to the percentage of the total number of claims settled and resolved in a certain year to the claims that have been received by an insurer in a year. It can be a year or a different period of time. This ratio plays a very significant role in assessing the performance of an insurance company. Typically, when an insurer's claim settlement ratio is high, the reliability of the company is also high. A customer should always check a company's claim settlement ratio a before selecting a policy. The formula for calculating a company's claim settlement ratio is claims settled in a year divided by the claims that are obtained in a year multiplied by 100.
A claim settlement process is simple and straightforward. Most insurers have a fixed method to resolve a claim filed by a policyholder. In order to have an effective claim settlement process, you will need to ensure that you follow certain steps:
A two wheeler’s value generally depreciates on a yearly basis. This indicates that as your vehicle ages, your vehicle’s actual value will come down. A zero-depreciation cover or nil depreciation cover is an additional cover that will provide you with protection against depreciation of your vehicle. When you file a claim for your bike insurance policy, your bike’s depreciation value will not be deducted from your actual cover.
|Age of the Vehicle||Rate of Depreciation Applicable|
|Less than 6 months||No Depreciation|
|Above 6 months but less than 1 year||5%|
|Above 1 year but less than 2 years||10%|
|Above 2 years but less than 3 years||15%|
|Above 3 years but less than 4 years||25%|
|Above 4 years but less than 5 years||35%|
|Above 5 years but less than 10 year||40%|
|More than 10 years||50%|
In the field of bike insurance, a constructive total loss is a situation in which the repair expenses for a particular vehicle is higher than the present value of the vehicle. When the repair costs are extremely high i.e. 75% or higher, then it is not a total loss, but a constructive total loss. This means that it is not completely sensible to retrieve your vehicle’s condition. In the case of a total loss, the vehicle would have had repair costs of more than 75% as per the vehicle’s IDV.
IDV (Insured Declared Value) is the highest amount that can be claimed under vehicle insurance policy for reimbursing costs that result from an accident or theft.
If you dread the idea of getting your vehicle inspected to buy or renew a motorbike insurance policy, you can avoid it by going for an online purchase. When you renew your policy online, you will not need any physical inspection. The documentation process will also be simple and minimal. On the other hand, if you go for an offline policy renewal process, you will be asked to get your vehicle inspected before the renewal is done. You only need to click a few buttons and your renewal will be done in a few minutes.
When you make an online renewal, you need to note that the policy will be made active only after 3 days after you buy the policy. Therefore, if anything happens to you while riding within these 3 days, then you will not be covered by this policy.
You can calculate the premiums for your insurance by utilising the two wheeler insurance calculator which is available online. You will find it on an insurance company’s official website or on a third-party website.
You will need to enter your vehicle registration number and mention if your policy has expired or not. You will then get multiple quotes with information such as the name of insurer, IDV for the first year, premiums for a 1-year plan, 2-year plan, and 3-year plan.
In certain websites, you will need to enter the brand of your bike and the year of registration. You will also have to choose your city from the list. Accordingly, you will get your premium quote details.
Discount for members of the Automobile Association of India
In India, there are many automobile associations, riding associations, and biking associations. When you have membership with these associations, you can enjoy special discounts on your bike insurance premiums. There are also all-women biker clubs in India. A few of the famous associations that deal in riding and biking include Harley Owners Group (H.O.G.), India Bull Riders, Rolling Wheels Bikers Club (RWBC), Group of Delhi Superbikers (G.O.D.S.), The Bikerni, and many more.
Under bike insurance, when you have coverage for your bike accessories, it is very important for you to know the right value of these accessories before you file a claim.
To arrive at the accurate value, you can browse through several biking websites, bike company websites, etc. You can also ask motorbike accessory dealers and motorbike experts for inputs about values. You should remember to take the depreciation value of these accessories. If you want, you can note down the value of each accessory on a paper to keep track of so many values. However, you need to ensure that these resources are reliable and precise. If not, you may end up valuing them incorrectly and this can hamper your claim process.
Next, you need to add up all the values of these accessories. If you have installed a number of accessories in your bike, you will arrive at a huge value. In that case, you can discuss and negotiate with your insurance company to fix a decent value so that your bike accessories are safely secured. Bike accessories are generally very expensive and hence, it is important that you get good coverage for these parts.
If you have installed good anti-theft devices in your bike, you can ask your insurer for good coverage and your insurer will most likely agree to your amount as the risk involved is low due to the added security given to your bike.
In case you have already received the policy document for your bike insurance, you can compare your accessory value (the one you just calculated) with the accessory coverage mentioned in your existing policy document. If the difference between both the amounts is vast, (if the current accessory coverage is much lesser than the recently calculated value) then you should definitely reach out to your bike insurer and make necessary changes to the accessory coverage.
When you do not carry your bike insurance with you while riding, you will be required to pay certain penalty charges. The Central and State Motor Vehicle Rules have made it mandatory for every bike owner to have an insurance policy. This policy will safeguard you against financial liabilities that you owe to a third-party. When a traffic police asks you to show your insurance policy document, you will need to furnish it. In case you do not have it, you may have to face certain penalties.
Some of the penalty charges include:
GST has a pretty extreme impact on the premiums of bike insurance. The new GST for these premiums will be around 18% as per the new GST update. GST has been introduced in order to eliminate double taxation effectively. Bike insurance policyholders will be impacted negatively as the GST on premiums has increased from 15% to 18%. This increase will have an impact on the purchase of new policies and renewal of existing policies.
The Insurance Regulatory and Development Authority of India (IRDAI) raised the premiums for both two wheeler insurance and automobile insurance from April 2017.
|Two wheeler premium||2016||2017|
|Higher than 75CC but not higher than 150CC||Rs.538.00||Rs.619.00|
|Higher than 150CC but not higher than 350CC||Rs.554.00||Rs.693.00|
|Higher than 350CC||Rs.884.00||Rs.796.00|
Premium rates for bike insurance are usually set by checking the prospective policyholder’s details. Some of the details that will be assessed include your age, income, your vehicle make and model, your residential location, how often you use your two-wheeler, your gender, your credit history, your riding history, your riding experience, your marital status, etc.
Having bought a two wheeler insurance policy, two wheeler owners have to ensure they renew the policies regularly to avoid penalties or fines. Most motorcycle insurance policies are renewable annually, meaning vehicle owners have to keep track of policies and renew them before they lapse. You can also renew lapsed insurance policy.
Nowadays, multi-year two wheeler insurance policies are also gaining in popularity, with policy tenures of up to 3 years. You can opt for long term motorcycle insurance policy.
In both cases, though, the policy has to be renewed or a fresh policy has to be purchased from another insurer.
The hassle of long queues or spending half the day at the insurance company’s office with a large sheaf of documents is a thing of the past now.
With online transactions becoming the norm nowadays, insurance companies too have streamlined their processes, allowing customers to buy and renew insurance products online.
Most insurance companies offer online renewal of bike wheeler insurance policies, with many also setting reminders so customers do not miss renewal deadlines, which could cause them inconvenience.
Two wheeler insurance renewal online can be done in a few minutes, and is a quick and efficient way to stay insured. Customers have to merely log in to their insurance company’s website and initiate the renewal process.
Customers can opt to change their coverage type as well, depending on their coverage requirements.
Information such as the existing policy number, policy type, vehicle registration number and owner details would have to be provided for verification and authentication purposes.
Once the policy has been selected, the premium can be paid through net banking, debit/credit card.
Once the payment has been realised, an acknowledgement will be sent to the customer within a matter of minutes.
The new policy can also be saved/downloaded or printed, providing the owner a ready reference to the terms, if required.
An additional hard copy will also be mailed to the policyholder by the insurance company.
It is essential for customers who purchase bike insurance to go through the policy document very carefully to understand the extent to which they are covered. Knowing what exactly is covered by your two wheeler insurance policy will not only keep you aware of your coverage, but can also help in saving time and effort which would otherwise be wasted when making claims. Here, we will look at some of the main inclusions and exclusions of a two wheeler insurance policy.
With no dearth of two wheeler insurance policies from which to choose from, a vehicle owner could end up swimming in policy terms and benefits for days on end while trying to research the perfect policy. Given below is a representative list of some of the more popular and benefit-rich best two wheeler insurance policies currently available.
Bajaj Allianz Bike Insurance: Bajaj Allianz offer customers comprehensive coverage at an affordable cost. Customers can opt for an annual policy or a 3 year policy. Customers can enjoy instant claims assistance and a transfer of up to 50% of the No Claim Bonus from any other insurer as well as a hassle-free and smooth claims service.
Tata AIG Bike Insurance: one of the largest insurers in India, Tata AIG offers customers free vehicle pick up in the event of an accident and provides a 6 month guarantee for accident repairs done at their network garages. Additionally, they assure 7 day claim settlement as well as provide complete protection in case of natural or man-made calamities.
ICICI Lombard Bike Insurance: with over 2,900 partner garages across India, ICICI Lombard assures customers of service no matter where they are. The company provides premium discounts to Automobile Association members and policy tenures up to 3 years. With a number of add-on covers at a nominal additional charge, ensure rider and vehicle safety.
New India Assurance Bike Insurance: with a high claim settlement ratio and a large partner garage network, New India Assurance guarantees quick claim settlement and an array of add-on covers to keep both vehicle and rider safe and secure.
Buying motorcycle insurance used to consist of visiting various insurance companies and submitting scores of documents to get quotes and finally comparing the quotes and repeating the process to purchase a policy. However this is a thing of the past thanks to online bike insurance.
Insurance companies now offer two wheeler insurance policies online at the tap of a few buttons with the entire process being facilitated online. Thus, customers can look up policy types, scan through each policy’s features and benefits, submit their documents as well as pay for the policy all from the comfort of their home. Buying a fresh policy can be done by entering the relevant information such as the vehicle registration number, owner’s details and any other information required by the insurer. The premium payable will be reflected on screen and the customer will be provided an option to choose the policy type and any add-on covers, if desired.
On selection, the required documentation can be uploaded or will be collected from the customer’s place of residence/work and processed and the policy can be purchased hassle-free.
Buying a bike insurance policy online has a number of advantages attached to it, as given below:
Commuting on a daily basis by two-wheelers is the most cost-efficient mode in India. The fuel costs for using a bike are very low compared to other modes of transport. A two-wheeler is also easy to use on Indian roads especially when the traffic situation is pathetic. Hence, you can save a lot of money when you use a bike. When you have a bike, it is very important to have an insurance policy and it is also important to get a good premium. Your premium payment should be lesser than the actual damage expenses. You should make it a point to do proper research before you actually purchase a plan.
How can I check the status of my two wheeler insurance policy?
The status of a two wheeler insurance policy can be checked through the website of the insurance company or by contacting a branch and providing details such as the policy number, policyholder’s name etc.
What is the fine for riding without valid two wheeler insurance?
Using an uninsured two wheeler or one whose insurance has lapsed will result in a fine of Rs.1,000.
What is the validity of a two wheeler insurance policy?
A two wheeler insurance policy is valid for 1 year, 2 years or 3 years depending on the tenure of the selected policy.
How to renew expired bike insurance?
Expired bike insurance can be renewed by choosing a bike insurance policy, having the vehicle inspected, filling the form and paying the requisite premium.
Can I buy a 2 wheeler insurance policy for a vehicle that doesn’t belong to me?
Yes. Anyone can buy a two wheeler insurance online, or from an offline source, for a vehicle that may not necessarily be their own.
Are modified 2 wheelers eligible for such insurance policies?
When it comes to modified 2 wheelers, the 2 wheeler insurance only applies to vehicles that have been modified for use by handicapped individuals. In such instances, a discount of 50% is applicable on the own-damage premiums, as offered by many Indian insurers.
What are the factors that impact the applicable 2 wheeler insurance premium amounts?
When must I report an accident to the police?
Incidents that resulted in third party property damage, bodily injury to self, bodily injury or death of third party and theft must be reported to the nearest police station and an FIR generated. This document will be crucial in the ensuing claim process.
If I have to take a two wheeler insurance policy, what documents will i be required to submit?
If you wish to buy a two wheeler policy online, there is only minimum documentation which you are required to provide. You will be required to provide the details of your previous two wheeler insurance policy, the Registration Certificate details of your vehicle.
What do you mean by a No Claim Bonus (NCB)?
An insurance policy holder, you are entitled to a No Claim Bonus (NCB) only at the time of renewal of your policy, after it has expired following a full 12 month period. In case you have not made any claims on your policy while it was active, you are entitled to a No Claim Bonus, which will be provided to you based on a pre-determined tariff. You can earn a No Claim Bonus on the Own Damage section of your policy which covers all classes of vehicles. NCB is not applicable on Motor Trade Policies which cover road transit risks, road risks, and internal risks. Also, it is not applicable on motor policies which only provide cover against fire or theft related risks.
Can I get a copy of my TWI policy online? If yes, will that soft copy of the policy serve as a valid / original insurance document?
Many insurance providers now allow customers to apply and generate a policy online. If you have applied for your policy online, you can easily log on to the insurance provider's website and click on your profile. Here, a soft copy of your insurance policy will be available which will also serve as a valid policy document.
What are the various scenarios / circumstances under which I can make a Personal Accident Claim?
A policy holder can generally make a Personal Accident Claim only if the policy is in their (policy holder's) name, making the policy holder the registered owner of the vehicle and has a paid driver / unnamed passenger / owner-driver Cover.
What are some of the primary factors which will affect or help reduce my Two Wheeler Insurance premium?
Some of the common factors which canaffect or reduce your two wheeler policy premium are:
What do you mean by Cashless and Non-cashless / Reimbursement claim?
A Cashless Claim does not involve any physical exchange of cash during claim settlement. The insurance company directly pays the garage (if it is under the insurer's garage network) for the charges involved in the repair of the vehicle.
A Non-Cashless / Reimbursement Claim is one where the policy holder has chosen a garage which is not part of the insurer's listed network of garages. Here, the policy holder will be required to make bear the cost of repairs done to the vehicle, which will be later re-imbursed to the policy holder by the insurance provider, on submission of the original receipts or bills.
I have purchased accessories for my vehicle while my policy is underway. Can I get these accessories insured between the ongoing policy term?
Yes, insurance providers usually allow policy holders to obtain additional cover for any accessories which may have been fitted later on. All you need to do is send your insurance provider a written request for the same and also share the details of the accessories which you have gotten fitted. Cover for accessories is likely to add to your existing premium cost.
What is meant by Total Constructive Loss in Two Wheeler Insurance?
In case of an accident where repairs to the vehicle cost more than the present value of the vehicle itself, such an event is termed as a Constructive Total Loss.
Can I make a claim, for an event that has taken place during the term of the policy, after the policy has expired? Will the claim be valid?
Yes, you will be eligible to make a claim even if your policy has expired, if the damage took place during the policy tenure.
What do you mean by Nil Depreciation?
Nil Depreciation is a special component of motor insurance policies wherein the cover entitles you to a full (100%) replacement on the parts of the vehicle which have undergone depreciation at the time of settlement of the claim. This does not include tyres and tubes. Nil Depreciation cover may be provided by the insurer only on select models of vehicles, with/without an age limit.
Following an accident, my vehicle has not sustained any serious damage. What would I gain if I do not file for a claim in this case where the damages are not serious?
If the damage sustained by your vehicle following an accident is minimal, it is advisable not to make a claim as it will help contribute towards obtaining a No Claim Bonus for a claim-free year. Further down the line, if you haven't made any claim on your insurance policy for a few years, it can reduce your insurance premium by half.
How will my Two Wheeler policy be affected if I change my job or change my location?
If you plan to move to another location or change your job, your insurance policy remains more or less unaffected. You will need to provide your insurance provider with the updated details regarding your job, address, contact details, etc. Also, another thing which might change is your insurance premium. Insurance premiums are determined, among other factors, on the basis of the zone of the vehicle. All major metro cities like Mumbai, Pune, Delhi, Hyderabad, Bangalore, Kolkata, Ahmedabad, and Chennai are categorized as Zone A cities. Rest of the cities are categorized under Zone B. So, in case you are moving from a Zone b city to a Zone A city, then your insurance premium is likely to increase.
In 2 wheeler insurance terms, what is meant by electrical and nonelectrical accessories in ? How is their value calculated?
Electrical accessories may be defined as any accessories which are powered electronically. Electrical accessories which are not part of the vehicle's standard equipment and have been fitted additionally, can be easily covered by payment of an extra premium.
Non-electrical accessories may include accessories like seat covers, foot rests, etc., which are not factory fitted. These can also be covered on the payment of an extra premium.
What is an endorsement in case of a two-wheeler insurance?
When you have a motorcycle insurance, you can add an endorsement to your car insurance policy. It will have to be filed when a change in the policy is made. This endorsement document will provide you with basic protection when you make any changes and this document will serve as proof. When you modify your policy terms due to certain reasons, you will be required to make an endorsement. You will need to make an endorsement when you make certain changes to your policy details such as agreed value clause, change of vehicle, lease agreement, installation of anti-theft device, when your two-wheeler is laid up in the garage for repairs, change in hire purchase agreements, new discounts from automobile associations, and additional discounts for modified bikes for handicapped or blind people.
Can I get personal accident cover with my motorcycle insurance?
Yes, you can obtain a personal accident cover with your two-wheeler insurance. This will provide you (owner as well as rider) with compensation for injuries caused by an accident or a death caused by an accident. You will be required to pay an additional premium in order to secure this benefit. It also offers compensation for permanent or temporary disability caused by an accident. When you meet with an accident, you may have high hospitalisation bills. With this cover, you can get reliable compensation to cover your daily hospitalisation bills. This cover also offers non-stop roadside assistance along with professional support for filing claims accurately.
What do I do in case of loss or theft of my bike?
If your motorbike has been stolen or lost, you will first have to get in touch with your insurance company and the police. To file a claim for loss or theft of bike, you should have a third-party cover and fire and theft cover or a comprehensive cover in your policy. You will need to file a First Information Report (FIR) with the police instantly after you realise that your bike has been stolen or lost. You will then need to fill your claim form with relevant details regarding your vehicle policy. Next, you have to submit your documents with your driving licence, registration certificate of your bike, a letter written to the RTO about the theft, and your FIR. Then, the police will provide the final ‘non-traceable’ report. Once, the claim is accepted, you will have to move the RC of the vehicle in favour of the insurer. You will also have to give your keys and provide a letter of subrogation to your insurer. You will then have to give your payment receipt and repair bills to your insurance company. According to the surveyor’s report, a particular amount will be returned to you within a period of 7 working days.
How to purchase LTTW (long-term two-wheeler insurance)?
You can purchase LTTW (long-term two-wheeler insurance) by going to the official website of any insurer that offers such policies. You will have to choose your policy period for 2 or 3 years and then select your coverage type. You will first have to enter relevant personal details in order to compute your premiums according to your policy period and type of coverage. If you have a regular policy, you can switch to a long-term policy while renewing your existing policy. You can then buy it by making a one-time payment.
What is the tenure of a bike insurance policy?
The tenure of a bike insurance policy typically ranges from 1 to 3 years. It depends on your insurer and the policy period that you choose for your insurance plan.
When is bike inspection mandatory for the policy?
Bike inspection is the physical examination of the condition of your two-wheeler. It is mostly mandatory for buying a policy when you buy through offline methods. When you buy a plan offline, you will be expected by your insurer to go through the vehicle examination process. You will also need to go through a bike inspection process compulsorily when you are renewing your policy. You may also need it when you modify the type of your coverage. It is also needed when you make any modifications to your vehicle or when you make any modifications to your policy details.
Can I buy bike insurance online?
Yes, you can purchase your bike insurance policy online by going to a third-party website or the official website of any two-wheeler insurer. The online purchase process is simple and self-explanatory.
Can I renew two-wheeler insurance policy online?
Yes, you can renew your two-wheeler insurance policy by visiting your insurer’s website or by going to a third-party website. You will have to enter your policy number and your vehicle registration number. You will also have to key in your personal details and then get quotes for your renewal. You can then choose your existing insurer or pick a new insurer according to your preference and convenience.
What to do if my insurance policy is lost?
If you lose your insurance policy, you should instantly inform your insurance company. You will also have to notify about the loss by visiting the closest police station. You will need to file an FIR and keep a copy of the FIR with you for further procedures. You will have to provide accurate details regarding your policy.
Next, you have to apply for a duplicate bike insurance policy. You will need to specify the reason for this application. You will be required to pay a fee while applying for the duplicate policy. In case you had a joint policy document, then all the policyholders of the policy will need to apply together for the duplicate document.
Next, you will be required to sign an indemnity bond. This bond is made on a non-judicial stamp paper for the duplicate insurance policy. Apart from you, two witnesses can sign this bond (individuals who are not your family members) to enhance the credibility of your bond. This bond will have the policy number and the full name of the policyholder. You may also be asked to furnish a surety bond to prove that you are financially secure.
You may also be recommended to circulate an advertisement in a newspaper which states that you have lost or misplaced your two-wheeler insurance documents. You may also send a copy of this particular advertisement to your insurance company. Once your application is accepted, the insurer will evaluate your case thoroughly and then provide you with a duplicate insurance policy after proper verification. The terms and policy details will be retained as before. You will receive it most likely in a week. On this new bike insurance policy, the word ‘DUPLICATE’ will be mentioned in bold.
What are the documents that I have to submit to enjoy occupation and age discounts?
In order to procure age discounts for your bike insurance, you will be required to show your proof of date of birth such as driving license, electoral ID card, or passport. For occupation discounts, you can show documents such as your most recent payslips, your offer letter from your employer, your employment letter, etc.
What information do I have to provide to get a motorcycle insurance?
You will be required to provide very basic information when you want to apply for two-wheeler insurance. The details will include your name, mobile number, email address, residential address, vehicle model, vehicle make, year of registration, vehicle variant, engine number, and chassis number.
If I buy a new bike, can I use my present bike insurance policy for it?
No, you will have to transfer your two-wheeler insurance policy of your old bike to the new owner. You will have to take a new policy for your new bike. If you have earned a no-claim bonus for your old bike’s policy, you will be allowed to transfer it to your new bike’s new policy. It is essential to transfer your present insurance to the new owner and buy a new one for your new bike.
Why must I buy comprehensive two-wheeler insurance policy when only death, injury, and property loss of the third party are mandated by the Government?
The government and road vehicle laws have made insurance compulsory only for death, injury, and property loss of the third party. There is no compulsion for you to buy a comprehensive two-wheeler policy. However, if you do take a comprehensive policy, you will receive extensive protection for you, your vehicle damages, damages caused by fire or theft, and damages caused to third party. You can go for comprehensive coverage if you want to save on your repair costs. Without comprehensive coverage, you may end up paying very high expenses on your vehicle maintenance.
Can I avail no-claim bonus on expired policy?
Yes, you can procure your no-claim bonus on an expired policy within 90 days after your policy lapses. Your no-claim bonus will not be given to you if you do not renew your bike insurance policy within 90 days after it expires.
Can I change the two-wheeler insurer I am registered with?
Yes, you can change your two-wheeler insurer according to your preference. You can change your insurer while renewing your policy. If you purchase a new bike also, you can cancel your present policy and shift to a new insurer. If you are selling your old bike to someone, you will need to transfer the policy to the new owner and then you can change your insurer for your new bike.
What is the process of changing my two-wheeler insurer?
You can change your motorcycle insurer while renewing your present policy or while renewing an expired policy. You can do this on the official website of a bike insurer or on a third-party website. You will have to first find a quote for your policy. You can do this by selecting the option ‘renew an expired policy from other insurance company’ or ‘renew an existing policy from another insurance company’. You will then have to furnish your vehicle registration number. You will have to provide your personal details such as mobile number, email address, etc. You will then get a quote and then you can decide if you want to go ahead with the policy or not.
Is theft covered under my bike insurance?
Theft is generally covered under bike insurance when you take comprehensive coverage. You will need to check your coverage details to get a clear idea. In India, there are 2 types of coverage and they include liability only insurance and comprehensive insurance. If you have a liability-only insurance policy, theft will not be covered under your policy. If you have taken a comprehensive insurance policy, you will get coverage for theft as it covers damages or losses caused due to natural calamities as well as man-made calamities. Theft of vehicle or vehicle parts is a man-made calamity.
What is the sum assured if my bike is stolen?
If your bike gets stolen, the sum assured will depend on your policy’s insured declared value (IDV). The IDV is the amount that is arrived at after deducting the depreciation from the bike manufacturer’s listed selling price.
Does the comprehensive policy cover the pillion rider?
No, the comprehensive policy usually does not cover the pillion rider. It covers only damages caused to you, your vehicle, and your property, damages caused by fire and theft, damages caused to third party. You will have to take an additional cover for getting protection for the pillion rider.
Do I have to get a bike insurance?
Yes, if you own a bike, you must get a bike insurance policy. It is compulsory in India as per the law if you want to use your bike on the road. It is also important as it helps you in receiving reliable protection when your bike gets damaged. It will cover your losses and costs when your vehicle suffers damages or when you suffer from bodily injuries due while riding your vehicle. Moreover, it offers coverage for damages caused to third-party. This is the most basic type of coverage and the mandatory type of coverage. Hence, you definitely need to get a bike insurance.
What is a voluntary deductible?
A voluntary deductible is the surplus part of your two-wheeler insurance claim that will not be covered by your insurer. It is typically a standard amount that will be mentioned in your policy document and you will be required to pay this amount on your own. In two-wheeler insurance, your voluntary deductible will be determined according to your bike’s cubic capacity (CC). You will need to note that if your deductible is high, your premium will be low.
How is the premium determined after the two-wheeler policy is has expired?
If your two-wheeler policy has expired, your premiums will be fixed according to your vehicle’s age, your vehicle’s make, your no-claims bonus, etc. If you have let your two-wheeler policy be invalid for a period of more than 90 days, your no-claims bonus will be cancelled. Hence, your new premiums will be high as you will miss the discounts.
In case I meet with an accident, when should I inform the police?
You should evaluate the situation and then decide if you should inform the police. When a damage is caused to another person, another person’s property, an animal, another person’s vehicle, etc. you will need to inform the police instantly. You will have to file an FIR by narrating the incident. If the accident has resulted in a bad road blockage situation, you will have to inform the police. If you do not provide your details to the police on time, you may get into a troublesome situation and this is absolutely not advisable. It is very important to call the police right after an accident for insurance purposes. Whether you are at fault or the other party is at fault, it is always recommended to call the police. It is recommended to get in touch with the nearest police station.
Which types of losses or events are not covered under the long-term two-wheeler policy?
Under a long-term two-wheeler insurance policy, the types of losses or events that are not covered include the normal exclusions. Some of them are electrical or mechanical breakdowns, nuclear risk, ordinary wear and tear of vehicle, depreciation of vehicle parts, riding under the influence of alcohol or any other drugs, damage caused by mutiny and war, etc.
How to determine the vehicle IDV for two-wheeler insurance?
Your bike policy’s Insured Declared Value (IDV) is the highest sum assured that is allotted by your insurer in case your vehicle gets stolen, damaged by fire or an accident. It will be fixed according to your bike’s listed selling price which is fixed by bike manufacturer. This selling price will be quoted for your insurance plan when your policy period begins or when you renew your policy. In the IDV, your insurance costs and registration expenses will not be added. If you have added extra accessories in your vehicle that are not factory fitted, your IDV will be computed exclusively for these accessories. It will not be counted in your regular IDV. Your vehicle make, model, variant, and state of registration will determine your IDV. You will have to negotiate with your insurer to obtain a good IDV for your vehicle. It should be close to your bike’s market value so that you receive good compensation for the losses suffered by you. IDV is a major element that helps in fixing your two-wheeler insurance premium. If you have a lower IDV, your premium will be low.
I met with an accident some time ago but I lodged the claim after the policy expired. However, the event took place when the policy was still active. Will I be allowed to make the claim?
The law states that you must lodge a complaint and file a claim for your insurance regarding an accident within 48 hours. Though the event took place when your policy was active, you filed your claim only after it lapsed. Hence, it is invalid. You should have lodged your claim right after the accident took place and renewed your policy on time before it lapsed.
I was driving a vehicle registered under someone else’s name. However, I pay the premiums towards the policy. Will I be able to avail personal accident cover if need be?
Whenever you take an insurance policy, you should always make sure your name in the policy is the same as the name in the registration certificate of the vehicle. This is mandated by the law. Hence, before you apply for a cover, you must transfer the name of vehicle ownership and registration to your name. You will need to make this change and then continue to pay your premiums. In this plan, if your base policy does not have a personal accident cover, you will be required to take an additional cover from your insurer in order to receive this coverage. Most two-wheeler insurers offer this as an additional cover.
How can I get third-party cover in long-term bike insurance policy?
You will obtain a basic third-party cover whenever you take a long-term bike insurance policy as it is the most basic type of cover. The IRDAI generally increases third-party premiums on an annual basis. With a long-term cover, you can skip these premium hikes successfully.
What can be classified as a constructive total loss under a bike insurance policy?
When your vehicle gets damaged due to an accident or fire or theft, you may have a constructive total loss or a total loss. If your vehicle repair expenses are higher than 75% of the insured declared value, you will incur a constructive total loss.
I recently installed the anti-theft alarm. Am I eligible for premium discounts?
Yes, you will be eligible for premium discounts when you install an anti-theft alarm at a later stage. This discount is applicable only on the damage that is caused to your own vehicle. It is not given on damages caused to the third party. You will typically receive a discount of 2.5% on a premium of up to Rs.500 for your two wheeler insurance. The discount will depend on your insurer.
How to buy two wheeler insurance online?
You can buy two wheeler insurance online by registering on the official website of any insurance company or by visiting any third-party website that deals in insurance. You will have to select new policy or policy renewal. You will have to furnish details regarding your vehicle features, your personal details while applying.
How to calculate two wheeler insurance premium?
You can calculate your two-wheeler insurance premium by using an online premium calculator. You will have to enter your vehicle registration number, name as in vehicle registration, your vehicle make, model, body type, vehicle manufacturer, fuel type, etc.
Products you might be Interested
Royal Enfield has updated the Himalayan with a new camouflage colour scheme in shades of grey and white.
The bike was previously available only in black or white. The bike will continue to use the 411 cc air-cooled engine that generates maximum power of 24.5 bhp at 6,500 rpm. The peak torque generated is 32 Nm at 4,250 rpm. The engine is coupled to a 5-speed gearbox as well. The company had released the fuel-injected version of the engine in September 2017 after the withdrawal of the model following the BS III vehicle ban. Royal Enfield has confirmed that the Himalayan with the fuel-injected engine is more refined and would pose fewer recurring problems for the user.
The current ex-showroom price of the vehicle is Rs.1.68 lakh, and the new colour scheme is not expected to bring about a big difference in the cost.
19th January 2018
As many surveys have suggested, as many as 75% of the two wheelers population that are traveling on Indian roads, are not insured. But, if this percentage increases or is constant till 2024-2025, then this could cost a loss of Rs. 52,000 crore to the IRDA and the government. For the year, 2015-2016 just the estimated loss from the third-party premium income was Rs.5,641 crore. So it is high time that the government takes necessary steps to reduce the percentage so that the loss is minimised.
On the plus side, Tamil Nadu, Maharashtra, Uttar Pradesh, Karnataka and Kerala contribute nearly 50% of the profit in motor insurance policies. Which means that the remaining 24 states and 7 union territories contribute very minimum in making sure that the vehicles have insurance policy. It is high time that these states revisit their policies to make sure the loss in next 10 years is minimised.
18th January 2018
The Mysuru and Bengaluru traffic police are taking to task riders who wear full-faced or half-faced helmets with no ISI certification. The traffic police has confirmed that only helmets with ISI marking will be allowed on the roads. Failure to abide by this requirement will invite a penalty of Rs.100 on the basis of traffic offense.
Additionally, the traffic police will be taking strict action against people who sell non ISI marked helmets. The sale of such products is currently banned under Section 144 of the Code of Criminal Procedure, 1973.
ISI certified helmets would conform to certain levels of quality and performance. In an ISI certified helmet, the retention system will be able to take a minimum load of 150kg. In comparison, the system of a non ISI certified helmet can only take a load of 10 kg. Such a helmet is much more likely to be rendered useless at the time of an emergency.
15th January 2018
From 2019, Electric motorbikes will have a MotoGP spec class piloted by Dorna, while Energica, the Italian electric bike brand will supply the race versions of its ‘Ego’ Model. The Ego weighs roughly 570 lbs which will be reduced to about 450 pounds in the racing version of the motorbike. With the improved aerodynamics of the bike, the bike will touch a top speed of around 200 mph. The Moto electric (Moto-e) will not certainly pose any threat to the existing MotoGP classes and will contribute to the development of sporting electric road models.
3rd January 2018
Japanese automaker Yamaha has been considering to launch electric two-wheelers in India and is conducting a feasibility research to analyse the possibilities. Yamaha has established itself as a reliable two-wheeler brand in India and is looking to invest in business opportunities associated with the production of batteries and power units for electricity based vehicles. The automaker is also analysing if electric vehicles can replace the traditional non-renewable fuel based vehicles in the future. As per the report by Rocky Mountain Institute and Niti Aayog, India’s initiative for 100% electric vehicles by the year 2030 can create a $300 billion market for EV batteries.
28th December 2017
Honda is working on an advanced fuel cell technology in collaboration with Nissan and Toyota. Following Japan’s roadmap for hydrogen and fuel cells based vehicles, the partners, venture capitalists, and energy companies are working on to increase the number of hydrogen fuelling stations in Japan and to bring 40,000 hydrogen fuel cell vehicles on the roads by 2020. While Honda is yet to present a prototype, it has filed a patent which indicates progress in the direction. The fuel cell technology mixes hydrogen and oxygen from the air using a catalyst, and creates electricity for the vehicle.
26th December 2017
The electric two-wheeler market in India is on a growth trajectory after witnessing a sluggish growth following the global financial crisis in 2010-11. Looking to bank on the increasing demand, Hero Electric is looking to grow its sales (including exports) by 10 times in next 5 years. To achieve its goal, it is looking to set up more assembly plants particularly in the western and southern parts of India. Hero Electric sold 15,000 units in the last financial year and envisions selling 25,000 units this year. The company’s Ludhiana plant currently has an annual capacity of 50,000 units.
19th December 2017
To strengthen its foothold in the superbike segment, India Yamaha Motor has recently unveiled the 2018 version of YZF-R1. The superbike inherits the technology from YZR-M1, Yamaha’s racing machine. It highlights advanced features such as quick shift gear system, an improved lift control system, and better aerodynamics. Powered by a 998cc, 4-cylinder, 4-valve, crossplane engine that generates 202.8PS without using ram air pressurisation, the 2018 YZF R1 has been priced Rs.20.73 lakh (Ex-showroom price, New Delhi). The latest R1 model can be availed in two colour shades – Tech Black and Yamaha Blue.
14th December 2017
Two-wheeler giants such as Bajaj, Suzuki, Honda, Royal Enfield and others posted a double-digit growth in sales in the month of November 2017. The growth has picked up after a slight decline in October. While major two-wheeler manufacturers witnessed a strong volume of sales in the festival season, the response in Diwali was not very impressive. However, major bike manufacturers have seen a considerable rise in sales last month as Bajaj, Suzuki, Honda Motorcycle & Scooter India (HMSI), TVS Motors, and Royal Enfield saw an increase of 11%, 37.1%, 41%, 11.1% and 22% in their sales respectively.
7th December 2017
The much awaited Apache RR 310 has been recently unveiled by TVS Motors in India. The newly launched premium motorcycle comes packed with the same engine as in the BMW G310 R. Being the first ever Indian brand to come with a reverse inclined engine, the bike churns out 34bhp at 9500 rpm and a maximum torque of 28 Nm at 7500 rpm. Apache RR 310 gets a single cylinder four stroke four valve 312 cc engine and a 6-speed gearbox. Bookings for Apache 310 will commence by the end of December.
7th December 2017
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