Two Wheeler Insurance

In India, death due to road accidents are constantly on the rise. Gruesome statistics of motor accidents in the country point to the fact that two-wheelers are involved in majority of these deaths. This is reason enough to protect yourself while you are on the roads with a suitable motor insurance policy for your bike. Two-wheeler insurance also safeguards the vehicle from several other risks, apart from accidents.

What is Two Wheeler Insurance?

Two wheeler insurance is essentially a method of protecting your two wheeler from accidents, theft, natural disasters, and other such perils. The owner of the two wheeler will buy an insurance policy from an insurance company. As per this contract, the insurance company offers financial protection to the policyholder in the event of several incidents involving the insured vehicle. This includes accidents, natural disasters, theft, man-made calamities, in-transit damages, and third-party liability claims for loss of life, injuries, and property damage. In return, the policyholder pays a premium to the insurance company.

Two wheeler insurance is a type of motor insurance plan and 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. A vehicle owner must carry a valid motor insurance policy at all times.

Bike 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.

Importance of Two Wheeler Insurance:

As per the Motor Vehicles Act, 1988, all vehicles in India are mandated to have at least third-party liability insurance cover. Riding a bike without insurance can attract heavy penalties. Apart from being the law, two wheeler insurance is an essential investment as it provides the rider complete peace of mind when he/she is on the road. The protection that the insurance offers against third-party liability claims is noteworthy.

Compensation for such claims can go up to a very large amount and the vehicle owner will be expected to pay it from his/her own pocket if the vehicle was not protected with two wheeler insurance. 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.

Two Wheeler Insurance Plans:

Types of Two Wheeler Insurance in India

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:

Liability-Only Insurance:

Also referred to as third party liability insurance, this standalone plan offers protection to the insured vehicle from legal liabilities to a third party that arise from accidents. This plan covers third-party injuries, death, and property damage. Insurance protection is not inclusive of coverage to the insured vehicle itself.

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 Insurance:

This insurance plan includes two types of coverage. The protection offered by one part of this insurance is similar to that offered by the standalone liability-only plan explained above. It protects the bike owner from liabilities to a third party due to accidental injuries, death, or property damage. The other part of the insurance plan protects the insured vehicle from a host of events, including accidents, theft, in-transit damages, natural disasters, man-made calamities, etc. The vehicle owner is also offered Personal Accident cover under this scheme.

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.

Comprehensive vs Liability Cover

It is advisable to buy a comprehensive insurance plan for your vehicle as it safeguards the two wheeler from a wide range of unexpected events. Another advantage of buying comprehensive insurance is the fact that the bike owner can enhance the insurance coverage by opting for suitable add-on covers. The comprehensive two wheeler insurance plan may, however, be more expensive than the liability-only plan.

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.

Features and Benefits of Two Wheeler Insurance:

If you own a bike in India, it is essential to buy a two wheeler insurance policy for it. The insurance plan protects the bike and its owner from financial difficulties arising from accidents, theft, damage to the vehicle from floods, lightning, etc. Insurance coverage is also offered for third-party liability claims. Additionally, the bike owner can get cashless claim settlement facility at hundreds of network garages in India.

1. 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.

2. 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.

3. 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.

4. 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.

5. Cashless garage facility: In the event of an insured two wheeler suffering a breakdown or machinery issue, insurers offer cashless garage facilities at various locations, making it convenient for the vehicle owner to get assistance. Know more about Cashless Two Wheeler Insurance.

   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.

6. Provides insurance for riders: Many two-wheeler insurance policies offer coverage to the rider even if he or she is not the policyholder. This can be a person who is delivering goods for a business or someone who is using a self-ridden hiring scooter. When the rider is a part of an accident, he or she will receive compensation from the insurance policy for meeting his or medical or hospitalisation expenditures.
7. Additional coverage: Bike insurance provides additional coverage for various purposes such as accidental death, permanent or temporary disability caused by an accident, personal accident cover, zero depreciation cover, etc. You will be required to pay an additional premium to your insurer in order to enjoy the additional coverage.
8. Provides peace of mind: When you meet with an accident, you will be mentally and physically stressed. With a two-wheeler insurance policy, you can control your stress. You will only have to file a claim and then the company will take care of everything else. You do not have to be tensed about burning a hole in your pocket for handling your medical and repair expenses.
9. No-claims bonus (NCB): Your NCB will get accumulated over the years if you do not make any claim with your insurance policy. With a no-claims bonus over the years, you will receive excellent discounts on your premiums. Many insurance companies allow you to earn NCB for several years. However, some companies tend to set a limit of 5 years for earning NCB.
10. Instant access to the policy: Almost every insurance company offers immediate access to your insurance policy when you need it. Whether you have met with an accident or your two-wheeler has been damaged due to a calamity or some other reason, you can inform your insurance company and you will get the coverage after your vehicle has been examined. The claims settlement process will be taken care of by your insurance advisor. You can access your policy online or offline.
11. Easy transfer of NCB: You can shift your NCB when you are replacing your current motorbike or scooter with a new one. You can move your insurance policy from your existing two-wheeler to the new one and then obtain a no-claims certificate from your insurer. You can then use this certificate when you actually purchase your new vehicle and then procure a discount for your new vehicle’s insurance premium. You also have the option to request a refund. It can be transferred only if the policyholder is the same. It can be moved from one insurance company to another.
12. Premiums charged on two-wheeler insurance costs: For two-wheeler insurance, the premiums will be determined by certain vital factors such as model and make of bike, geographic location, engine capacity, age of vehicle owner, year of vehicle manufacture, voluntary deductible, no-claim bonus, etc. You can calculate your premiums by utilising the premium calculators available on many third-party sites and on official websites of the insurers.
13. Enhanced or additional coverage: Two-wheeler insurance comes with enhanced or additional coverage if you pay an additional premium. One of the additional covers includes zero depreciation cover in which you do not have to worry about the depreciation factor when you file your claim. Different insurance companies offer riders for accident benefit, permanent disability benefit, etc. when you pay an extra amount.
14. Two-wheeler insurance quote: To get a quote for your two-wheeler insurance, you can visit any of the two-wheeler insurance companies or third-party websites and key in your vehicle details. You will have to enter your bike registration number, your name, your email address, and your mobile number. You can then click the feature for getting a quote. If you are renewing a particular policy, you will have to enter your existing policy number and then request a quote.
15. Two-wheeler insurance status: You can track the status of your two-wheeler insurance by going to the official website of your insurer or by visiting their office. If you meet with an accident and you are unaware of the status of the other vehicle’s insurance policy, you can visit the website of Insurance Regulatory and Development Authority of India (IRDAI). Here, you only need to key in information regarding the accident and the registration number of the vehicle and you will get details about the insurance status.

Protect Your Bike With The Best BIke Insurance Plan

Third Party Two Wheeler Insurance: Policy Premium Rates for 2018

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.

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.

Long Term Two Wheeler Insurance:

Some insurance companies offer long term two wheeler insurance plans that have tenure of 2-3 years. This is useful as the bike owner can buy a suitable plan and not worry about renewal of insurance for up to 3 years.

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.

Benefits of Long Term Bike Insurance:

With long-term insurance, you can enjoy great advantages such as:

• Avoiding the payment of third-party premium hikes that are made on a regular basis
• You will receive coverage for up to 3 years which is a long period. You do not have to get stressed if you will miss your premium renewal deadline. You will have to renew it only once.
• A long-term two-wheeler insurance policy helps you stay away from service taxes. This is very helpful as you will not incur any additional expenses during your policy period.
• If you make a claim during your long-term policy period, your no-claims bonus (NCB) will only decrease. It will not become 0. On the other hand, if you make a claim with a normal two-wheeler insurance policy, then your NCB will become non-applicable.
• Your third-party liability premium will not get modified at all during a long-term policy period.
• You can enjoy a discounted premium when you take a two-wheeler insurance policy for a long period.
• For some two-wheeler insurance policies, if you file a theft claim or a total loss claim, you can get a refund for your policy for the remaining policy period. This depends on the insurance company.
• You will receive an additional NCB benefit when you renew your long-term policy.
• When a regular insurance policy lapses, many insurance companies tend to make it mandatory to examine the two-wheeler before providing a new policy or renewing the existing one. You can avoid this complex process when you take a long-term policy.
• However, you also need to keep in mind that if the premium prices go up in the market, then a long-term insurance policy will force you to pay higher prices.

Bumper-to-bumper bike insurance:

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.

How Can I Apply for a Two Wheeler Insurance Policy in India?

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.

How to Apply for Two Wheeler Insurance in India?

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.

Two Wheeler Insurance Offline:

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.

• At the insurer’s office/branch: You can visit a two wheeler insurer’s office and meet a representative to fill your application form. If you have any queries while filling it, you can ask anyone at the office for instant support.
• Through an insurance agent: You can contact an insurance agent from the company you prefer and then take his or her help to complete the application process. You will be required to pay a specific amount as commission to the agent.
• Through a bank or other third-party dealer: A few banks help people in applying for a two-wheeler insurance. You can visit the bank branch or the official website of the bank and obtain support. You can also get the assistance of a third-party dealer that specialises in offering insurance policies. You will need to visit the dealer’s office or branch for applying. Some agents also make visits to the customer’s residence to complete the application process.

Two Wheeler Insurance Online:

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.

Is it mandatory to have two-wheeler insurance in India?

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.

Why Do You Need A Two Wheeler Insurance Plan?

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 two-wheeler is considered very risky compared to commuting in a car. This is because the bike does not give any proper safety like how a car gives with the body of the car.
• With two-wheelers being the most popular mode of transport especially for commuting on a daily basis, purchasing a basic two-wheeler insurance policy for your motorbike or scooter is absolutely essential.
• With a 2 wheeler insurance plan, you will have to pay only a premium, which is much more cost-efficient compared to bearing the costs of damage caused to your vehicle on your own. The insurance policy for your vehicle will cover even your legal liability when you meet with an accident.
• Buying two-wheeler insurance is just like using a helmet when you ride your bike or scooter. It will keep you safe and ensure that you have a smooth riding experience.
• When you use a two-wheeler, roadside assistance is very important in case you meet with an accident at any point of time. This is very crucial especially when you go on a biking expedition passing through highways where you may not always find a good two-wheeler repair service station. When you have a two-wheeler insurance policy, you can reach out to your insurance provider for quick roadside assistance. You can count on the company to contact a reliable vehicle repair dealer and you will get prompt towing services. Whether your motorbike has a breakdown or gets damaged in an accident, your vehicle will get towed and fixed in a reasonably short period depending on the intensity of the damages.
• You may also be required to use an alternate bike while your actual vehicle is getting fixed in the authorised garage. The costs incurred on arranging this alternate two-wheeler may also be borne by your insurance policy. You can check this while purchasing your policy.
• In case you meet with an accident and the other party gets injured or his or her vehicle gets damaged, then you will be required to pay a hefty sum of money to cover the loss of the third-party. With two-wheeler insurance, you can get coverage for both financial and legal liability for a third-party.
• If you take a rider or an add-on plan with your basic two-wheeler insurance policy, any damages caused to your pillion rider will be covered by the additional plan. This is very important as in most cases, the pillion rider’s well-being is generally ignored.
• You will also receive good coverage for expenses incurred on hospitalisation and medical treatment. For some insurance plans, you will be required to take a rider to get such coverage.
• You can select an appropriate insurance plan according to the make of your vehicle. There are different types of plans designed for each vehicle model, make, year of manufacturing the vehicle, etc.
• Apart from covering damage caused to your Two-wheeler, third-party’s body, and property, you can also get a personal accident cover with many Two-wheeler insurance plans. With this, the owner of the vehicle will get coverage when he or she meets with an accident while riding his or her vehicle. The policy will provide a particular amount of money as a part of this cover.
• A typical two-wheeler insurance will provide you with coverage for damages resulting from theft, fire, explosion, lightning, storm, burglary, terrorist activity, floods, strike, riot, cyclone, and damage caused during transit on road, rail, air, waterway, etc.

Safety Tips to Bikers:

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.

• Wear helmets: Whenever you use your motorbike or scooter, make certain that you are wearing a helmet with good eye wear and a face shield. Without a helmet, there is a higher probability of facing a serious head injury. With a helmet, you can prevent head injuries extensively. Your eyes will also be secured when you wear a helmet. Eyes are very sensitive and hence, it is essential that you take basic measures to safeguard them while riding. Your helmet needs a good visor to keep you safe from dust, fog, rain, and this will, in turn, prevent you from meeting with any accident. A visor will also help you in adapting to different light conditions.
• Follow traffic rules: When you are riding a two-wheeler, you need to follow traffic rules diligently. You should remember to ride according to your skill level. Never over speed when you are on your bike. You will have to decide the speed at which you want to ride according to your experience and the traffic on the road. Some people may have been riding a motorcycle for many years and hence, they may tend to go very fast. However, you do not have to follow them. You will need to control your bike carefully while riding on a curvy road or while trying to get out of a traffic jam. You can develop your riding skills with time and then increase your speed. If you are keen about owning a motorsport bike, you need to be very cautious while riding it. You will have to get appropriate gear to ride such a bike. Also, you can go for advanced riding classes to make sure you have a proper riding experience.
• Avoid rash riding: You should avoid riding too fast especially on a motorsport bike as it is not good to apply brakes all of a sudden when there you are forced to bring your speed down due to some reason. Shifting gears and accelerating unevenly may hamper your riding experience and can also harm your bike’s quality.
• Stay away from distractions while riding: You should also keep yourself away from getting distracted. You will need to be fully aware while riding a two-wheeler. You should ideally avoid listening to music on your earphones while riding as it is very important to hear what’s going on around you when you are on the road. Another individual on the road may try to overtake you from behind and you may not be aware of this with your music on. Hence, keep your music and also your phone away while riding. Taking a call while riding your bike is a very bad idea.
• Check your bike’s condition casually before you start to ride: Before you start to ride your motorbike, make sure you check the tyres, headlight, indicators, tail-light, coolant fluids, etc. You will need to see if there are any bulges or cracks in your tire. You should also check if there are any wear and tears in your bike parts. Check your bike mirrors, your rear brakes, and front brakes. The brakes will need to be firm and stable. If you have a geared bike, check your gears and clutch thoroughly. You also need to check your horn before you start your ride.
• Ride your bike according to the weather: A two-wheeler is not very stable and steady compared to an automobile. If the weather is rainy, make sure you ride very cautiously as there are more chances for slipping when the roads are wet with slush and mud. Rain may also bring out oil on your road and hence, you should decide to take out your bike only after checking. If you are living in a place where it snows, you should be extremely careful. After it snows, the roads can get wet and dangerous. Hence, it is better to leave your bike at home on a snowy day.
• Wear good footwear while riding: You should also ensure that you wear good footwear with a proper grip. If you wear flip flops or sandals, you may not get the right grip and hence, you may end up slipping or losing control while laying your bike. You might also slide on the road. This can cause serious injuries to you. With strong and good quality footwear, you can protect yourself from tiny rocks, asphalt, etc. that can lead to skidding.
• Maintain good space while riding your bike: It is true that a motorbike or scooter is lighter and smaller compared to an automobile. Therefore, many people may think that applying brakes at the last minute is a great idea for bikes. However, that is not the case. It is very important to maintain a reasonable amount of space between your bike and another vehicle. This can avoid unnecessary accidents. You need to have good space for your bike in a traffic jam.
• Make sure you ride only when you are sober: You may have had only a couple of drinks and you may think it is not a big deal to get back home riding your bike. Whether you have had 1 drink or 5 drinks, make sure you leave your bike and take an alternative mode of transport. Do not take the risk of riding after intoxication. It can cause harm to you as well as to others on the road. After drinking, you may be drowsy and tired. Hence, you may not have the required ability to react appropriately.

What is the process for obtaining a bike insurance policy?

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.

• You only have to furnish basic details such as your name, mobile number, email address, and residential address.
• You will need to give your vehicle engine number, vehicle registration number, and vehicle chassis number.
• If you are not aware of the bike registration number, you can give details such as your bike manufacturer, registration year, model and variant.
• You can compare premium quotes and then select your insurer according to your payment ability.

How To Choose The Best Bike Insurance plan in India?

1. Coverage required: According to the policy premiums and your payment ability, you will need to choose your coverage. Coverage can be your coverage amount and coverage type. The types of coverage include liability-only coverage and comprehensive coverage. Depending on the usage of your two-wheeler, your monthly expenses, and your other existing liabilities, you can select an appropriate plan with the right coverage.
2. Capacity of bike: You should also be aware of your bike’s capacity when you are choosing a plan. When you give details about your bike’s cubic capacity, you will get your premium estimate. If the cubic capacity of your two-wheeler is high, then your premium will also be high.
3. Two-wheeler insurance discount details: You can find out if your insurer will provide you with discounts on your premiums. You may also be entitled to certain bonuses with your plan. With these details, you can choose an excellent plan.

   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%

4. Zero-depreciation cover: When you normally receive compensation for vehicle damages and bodily injuries caused by an accident or any other reason, it is given after deducting standard depreciation amounts. With a zero-depreciation cover, you will be able to obtain the full compensation amount. Your insurer will reimburse your full claim amount without taking into account the depreciation value of your bike. With this enhanced cover, your several vehicle parts will be fixed without seeing the depreciation value of each of these parts. For this cover, you will need to pay additional premiums.
5. Find out the insurer’s trustworthiness: Before you select a two-wheeler insurer and an insurance plan, you should assess the company’s trustworthiness. Only if it is reliable and competent, it makes sense to invest in an insurance plan. You can check the claim settlement ratio of the company by researching online. You can also ask your friends and family about different insurers. The company should have the competency to resolve your issues related to the vehicle accident or damage to get you out of trouble.
6. Compare policies online: There are many third-party websites that offer a clear comparison of the multiple insurance plans available in the market. You can also ask for various quotes and then choose an appropriate plan. You can also compare the features offered by different plans. You may also want to check if the policy has flexible offerings, that is if the policy can be customised according to your specifications, etc.
7. Payment options: You can check out the premium payment options offered by different insurers and select an insurer that makes your payment process convenient. Some of the common payment modes include NEFT, ECS, Standing Instruction, debit card, credit card, net banking, etc.
8. Read reviews and complaints: Whenever you are interested in an insurer, make sure you check out the reviews and complaints written about the company. This will give you a fair idea about the company’s performance.

How to Buy the Best Bike Insurance Plan in India?

You can pick the best two wheeler insurance plan by comparing policies between insurers. This can be effortlessly done at neutral financial websites and you can subsequently proceed to buy the most suitable plan. You can also directly approach the branch office of the insurance company and buy the policy. Another alternative is to buy the insurance policy online through the website of the insurer.

Buying Bike Insurance Online:

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.

Advantages of Buying Two Wheeler Insurance Online:

Buying a bike insurance policy online has a number of advantages attached to it, as given below:

• Convenience: customers can look for policies whenever and wherever they are at their convenience.
• Accessibility: with insurance companies putting up all policy related documentation online, customers can go through the policy minutiae at their leisure and make an informed choice.
• Ease of use: online policies are simple to buy, with insurers outlining the buying process in simple and easy-to-follow steps.
• Ease of purchase: customers can pay for their policy or policy renewal online through net banking, credit or debit card, making it an instant payment.
• Secure: the online insurance purchase process is safe and secure, with companies providing a secure payment gateway and encryption to ensure the complete security of any online transaction made.
• Assistance: insurance companies offer online assistance through customer service and live chat to customers who might have any queries regarding the insurance purchase or policy.

Two Wheeler Insurance Add-on Covers:

Add-on covers in insurance provide extra protection to the policyholder, over and above the coverage offered by a comprehensive two wheeler insurance policy. There are several add-on covers offered by insurers and you can purchase the ones that you really need. Some of the most popular add-on covers in two wheeler insurance are zero depreciation cover, personal accident cover for the pillion rider, and 24x7 Spot Assistance.

• 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.

Two Wheeler Insurance Premium Calculator:

When you are looking to buy two wheeler insurance online, it is advisable to use an online premium calculator facility to understand the extent of coverage you will be receiving for a specific premium. The two wheeler insurance premium calculator tool is available at several financial websites. The tool enables the user to make an accurate assessment of the cost of insuring his/her two wheeler.

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:

• Make and variant of the two wheeler.
• Existing policy information (if already insured).
• Vehicle registration number.
• Type of policy (liability only/comprehensive).

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.

Two wheeler insurance calculator:

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.

Value of accessories – How to calculate?

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.

Factors Affecting Two Wheeler Insurance Premium:

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.

• Vehicle type: The type of your two-wheeler, model, class, make, cubic capacity, and fuel type will define your premium. If your motorcycle has a higher cubic capacity or a larger displacement engine, you will have to pay a higher premium. If you have a motorsport bike, your premium will be high.
• Geographical area: The area you reside in will determine your two-wheeler premium. If you are staying in a rural area, your premiums will be comparatively lesser.
• Type of coverage: If you take a third-party cover which is the most basic cover, your coverage type will be reasonably priced. However, if you want extensive coverage, you can go for a comprehensive cover. In that case, your premium will be higher. You only need to remember that if you go for lower coverage, your premiums will be high. On the other hand, if you go for higher coverage, your premiums will go up.
• Applicant demographics: Factors associated with the motorbike rider play an important role in determining the rider’s premium. Some of the rider factors that are assessed by an insurer include gender, age, riding history, riding experience. Therefore, if you have many years of riding experience with a decent riding history and if you are a young person, you can enjoy a low premium. If the rider has maintained a good driving record, then his or her premiums will be low.
• Past insurance record and history: Your premiums will be determined according to your previous insurance record. If you have made many claims with your previous two-wheeler insurer, your new insurer may charge a higher premium because filing many claims loosely indicates that you have a pretty faulty driving record.

Bike Insurance Transfer:

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.

When Is The Transfer Needed?

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.

How To Transfer Bike Insurance?

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.

1. Ownership: You will also need to furnish your registration certificate (RC), Pollution Under Control (PUC) certificate, your tax certificate, your completed Form 28 for shifting of bike ownership, your completed Form 29 that is the No Objection Certificate (NOC), and completed Form 30 that should be filled as a request for shifting of or reporting of transfer of ownership.
2. Insurance Policy: You will also need to tell your Regional Transport Office (RTO) about your transfer of policy. If you have earned any no-claims bonus with your old bike, it will be retained in your policy. It will not be transferred to the new owner of your old bike. You can transfer your bonus when you take a new insurance policy. The new buyer of your old bike will need to get in touch with your insurer and provide his personal information for the plan that you had.

Why Transfer Bike Insurance Policy?

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.

• Freedom from future liabilities: It helps you stay away from any unwanted liabilities in the future. Assume the new owner of your two-wheeler meets with an accident or causes damage to somebody else’s bike or property. If that person files a third-party claim on the bike’s policy, then you would still be the policyholder (if the insurance has not been transferred). You will now unnecessarily be held liable for no fault of yours. You will have to run around for settling the claim effectively in your favour. This is why, it is very important to transfer your policy if you sell your bike.
• Retention of NCB: It helps you in keeping the no-claim bonus that you would have earned over the years. You should be proud of this bonus as it denotes that you have maintained a great and secure driving experience. Unless you officially transfer your bike insurance, you will never be able to enjoy these bonuses rightly.

How Long is a Two Wheeler Insurance Policy Valid for Renewal?

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.

You can renew your policy in multiple ways:

• Branch renewal: If you want to renew your motorbike insurance policy, you can choose the conventional method of visiting your insurer’s branch. A representative at the branch will assist you in completing the renewal process successfully. You may be asked to furnish certain relevant documents during the process. You can make your premium payment through cash or any other method according to your preference.
• Using apps: Certain two-wheeler insurers have apps on smartphones for Android and iOS that will allow you to renew your policy conveniently. This facility can be utilised only with a smartphone. The payment will be done through any online payment channel.
• Online: You can visit the official website of your motorbike insurer or a third-party website that deals in insurance and then complete your renewal process quickly by making your premium payments online. The payment options include debit card, credit card, net banking, ECS, Standing Instruction, etc.
• Mode: Your renewal mode can be any of the payment modes according to the way you purchase your policy. Your NCB benefit will be according to the tariff or according to your renewal option.
• Frequency: You can choose your renewal frequency according to your preferences. If you go for a regular policy period, you will have to renew once a year. If you choose a long-term insurance term, you will have to renew only once in 2 or 3 years.

What is not covered under an insurance policy for two wheelers?

The exclusions will depend on your two-wheeler insurer.

General and specific exclusions

• Wars, uprising, and nuclear risks.
• Damage caused a person who does not have a license.
• Wear and tear of two-wheeler parts or electrical issue in any of the parts.
• Any claim that has resulted from a contractual liability.
• Riding after consuming alcohol or any other substance.
• Damage caused when you have been riding outside specific geographical limits. In case you use your two-wheeler in countries such as Bangladesh, Nepal, Sri Lanka, Bhutan, and Maldives, you will not get insurance coverage.
• Damage caused to tyres or tubes without an accident.
• Depreciation of vehicle.
• Use of vehicle for illegal purposes.
• Limited liability for own damages
• Deductibles

What are the documents required to apply for or buy a two wheeler insurance policy?

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:

• Copy of the registration certificate of the vehicle
• Driving license
• Police report
• Repair bills
• Claim form

What to do when the two-wheeler policy has expired?

• If your two-wheeler insurance policy has expired because you missed your deadline to renew the policy, you need not fret too much. You will need to follow only a few simple guidelines and everything will be sorted.
• You will have to first compare the various plans on third-party websites or official websites of insurers. You can compare multiple quotes together.
• Next, you need to fill in your bike registration number and some other important information. You won’t have to go through any paperwork process.
• You may receive discounts on your premiums.
• Then, you can make an online payment and get your new policy immediately.

Two Wheeler Insurance Plans & Companies in India

How To Make A Claim Under A Bike Insurance Policy?

Listed below is the process for making a claim:

• You first need to register your claim with your two wheeler insurer. If your bike has been stolen, you should first lodge a police complaint.
• You may also go for a cashless claim option.
• Next, you need to get your two wheeler repaired. You can get your bike towed or you can take your bike to the garage.
• You can monitor your claim status on a regular basis by checking the official website of the company or by calling them.

When you want to make a third-party claim, you will have to submit the following documents:

• Police FIR copy
• Copy of your policy
• Your claim form signed by you
• Copy of your driving license
• Copy of your vehicle’s RC
• For company registered bikes, stamp paper is needed for the documents

When you want to make a theft claim, you will need to furnish the following:

• Copy of your driving license
• Form 28, 29 and 30 signed by your financier and by you
• Your original policy document
• Your original FIR copy
• Your warranty card, service booklet or keys
• Letter of subrogation
• NOC from the financier
• Your former insurance policy information
• A copy of a letter that is written to the RTO regarding the theft with a request to make the vehicle ‘NON-USE’
• A claim discharge voucher with a Revenue Stamp

When you want to make an accident claim, you will have to provide the following documents:

• Copy of driving license
• Your insurance policy or cover note copy
• A copy of your driving license
• Copy of your tax receipt or registration book
• Your original repair invoice for cashless garage repairs and payment receipt for normal garage repairs
• Police Panchnama or FIR
• Your claims discharge voucher and satisfaction voucher

Mode

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.

Time taken to process the 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.

Two Wheeler Insurance Cashless claim:

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.

• You will first have to select any of the garages from the cashless garage network.
• Next, you will have to call your insurer to inform them about your claim. Most insurers have toll-free numbers. You will then get a claim registration number.
• Next, you have to give your two wheeler for repair with relevant documents including your registration certificate, your original claim form, KYC documents, copy of FIR or police report, etc.
• You can download your policy claims form for your bike insurance by going to your insurance company’s website.
• After the surveyor checks all your documents and if they are proper, then the surveyor will send your vehicle’s repair work order to the garage that you have chosen.
• After the repair work is done, the surveyor may want to perform an examination again.
• When your insurer receives your vehicle repairs bill, the company will release a delivery order.
• After this, the cashless garage will release your car promptly. The garage will ask the policyholder for a satisfaction voucher that is signed by him or her. Generally, this is the last step in a cashless claim process.

Non-cashless claim or Reimbursement claim

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.

Process for making a non-cashless claim

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.

• At the garage, your vehicle will be inspected and then a rough estimate of your expenses will be given to you.
• You will need to pay the full repair costs along with your actual deductible. After the repairs are fully done, your insurance company will subtract the deductible and give back the complete repair costs to you.

What is Claim Settlement Ratio?

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.

Claim settlement process for Two Wheeler Insurance:

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:

• You should have a valid licence.
• You should always abide by the traffic rules and regulations.
• You must have proper knowledge about the exclusions and inclusions of your bike insurance policy.
• You must read your policy document very carefully.

What is Zero Depreciation Cover for Bike Insurance?

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.

Benefits of Zero Depreciation Coverage:

• You can have a peace of mind with this coverage as it does not unnecessarily reduce your cover by subtracting your depreciation cover.
• This cover will minimise your out-of-pocket expenses extensively.
• With this cover, depreciation will not be taken into account even for your vehicle’s insured parts.
• You can be assured of complete security with this plan.
• It enhances your basic insurance cover.
• It is great for anyone who has a sports motorbike, whose bike has highly priced spare parts, who resides in accident-prone areas.

Zero Depreciation Cover Inclusions:

• It is given when you get a new policy and when you renew an existing policy.
• It is given for new bikes and bikes that are up to 2 years old. It can be used once during an entire year or for up to 2 claims during the policy term. This will depend on your bike insurer.
• This includes coverage for fibreglass parts, nylon, rubber, and plastic parts.

Zero Depreciation Cover Exclusions:

• This cover is not valid for every bike model and make. You can get to know about this by reading your policy documents.
• This cover does not include normal wear and tear of vehicle parts.
• This cover does not include uninsured dangers.
• This cover does not include gas kits, bi-fuel kit, and gas kits as they are uninsured.
• If any damage results from a mechanical breakdown, this cover will not include it.

Constructive Total Loss

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.

Bike insurance without any inspection

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.

Penalty Charges for Not Carrying Two Wheeler Insurance

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:

• You will be asked to pay a penalty of Rs.1,000.
• You may be imprisoned for 3 months.
• Your bike’s registration may get suspended.
• Your driving license may get suspended.

How GST Affects Bike Insurance?

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.

Premium rates 2016 vs 2017

The Insurance Regulatory and Development Authority of India (IRDAI) raised the premiums for both two wheeler insurance and automobile insurance from April 2017.

How are premium rates set?

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.

Renewing Expired Two Wheeler Insurance Policy

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 alsorenew 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.

Bike Insurance Inclusions and Exclusions:

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.

Inclusions

• Legal Third Party Liability: In case of any legal financial losses incurred by a policyholder due to the death of a third party or even just bodily injuries to a third party, the losses suffered by the third party will be covered by the bike insurance policy.
• Natural calamities: In case your two wheeler is subject to damage due to natural calamities such as earthquakes, landslides, floods, storms, rain, fires, lightning, snow, explosions, cyclones and self-ignitions, such damages will be covered by the two wheeler insurance policy.
• Manmade calamities: In case your two wheeler incurs damages due to manmade problems such as strikes, burglary, malicious acts, riots, collisions, etc., the bike insurance policy will cover the costs required for repairs and/or replacement of parts. Even damages caused to a vehicle in transit will be covered by bike insurance.
• Personal accident coverage: The potential risk of meeting with accidents is considerably higher for two wheelers in comparison with four-wheelers. It is also very common for owners and riders of two wheelers to be seriously injured when they meet with accidents, even resulting in death in certain circumstances. Having a two wheeler insurance plan in place will ensure that you are financially covered so that the ever-increasing medical costs are not too big a burden to bear. A few of the bike insurance policies out there also cover the pillion in some cases.

Exclusions

• Driving without valid license: All bike insurance policies require the rider at the time of the accident to carry on their person a valid driving license. Claims will not be entertained if the two wheeler was being ridden by an individual who does not possess a valid driving license.
• Driving under influence: Driving under the influence of narcotics, drugs or alcohol and meeting with an accident due to inebriation is considered an offence. As such, no claims will be entertained by your bike insurance company if your vehicle is damaged due to the rider being inebriated.
• Wear and tear: Bike insurance does not offer coverage for vehicles damaged by wear and tear, general ageing, electrical or mechanical failure and breakdown.
• Burglary: In case there are damages to, or a loss of accessories, due to burglary, robbery or housebreaking, the two wheeler insurance policy will not cover the costs of repairs or replacements unless the whole vehicle is stolen at the same time.
• Other exclusions: Some of the other conditions under which your bike insurance policy will not offer coverage include claims arising out of any contractual liability, damage to tubes and tyres unless they are damaged during an accident, using the two wheeler for reasons that do not adhere to the restrictions of use, damage caused to the two wheeler when it is being used outside the geographical boundaries of India, and damages attributable to mutiny, nuclear risks, war, etc.

Compare and Choose Best Two Wheeler Insurance Policy Online:

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.

How to Save Your Bike Insurance Premium?

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.

• Ensure a clean riding record: With a poor riding record, you will be unnecessarily required to pay high bike insurance premiums. If you have been maintaining a great riding record without any road collision, you should avoid being too careless or worry-free. You will have to sustain your decent riding habits and be watchful while riding. If you have had a road collision previously, you can remember that incident to be cautious whenever you are on the road.
• Riding association: Being a part of a riding association will provide you with a host of benefits such as exposure to various riding experiences, opportunities to increase the reach of your travelogue, broaden your travel plans, and discounts on your premiums too! Some of the riding and biking associations include The Bikerni, 60kph, Indian Motorcycle Riders Group, and lots more. These associations will also help you in obtaining timely roadside assistance when you are in trouble.
• Enhance vehicle’s security: When you install anti-theft devices in your two-wheeler, insurers tend to reward you. They always aim at minimising the number of claims on the whole. Hence, when any policyholder takes extra measures to secure their vehicle, insurers encourage this attitude. They appreciate this attitude by offering excellent premium rates with discounts. They believe that customers who enhance the security of vehicles are responsible riders. Generally, a two-wheeler owner who has fixed special anti-theft features will receive a discount of around 3% when the premiums are around Rs.1,000. This discount may not be applicable on the full premium amount. It may be applied exclusively to the own damage aspect of the annual premium. In most cases, the third-party aspect may not be covered.
• Avoid small claims: If your vehicle has suffered minor damages such as a crack in the headlight, a tiny dent, and other tiny claims, you can stay away from filing a two-wheeler insurance claim. You can make arrangements for funds and get these issues fixed on your own without relying on an insurance claim. This will help you earn a no-claims bonus and you can earn them every year and accumulate these bonuses for good discounts. If you unnecessarily file a claim, you will lose your no-claim bonus and then you will be forced to pay higher premiums in the coming years. Therefore, before you decide to file a claim, you should calculate the deductibles, the amount of loss, the impact on discounts on your future premiums, NCB, etc. When you file a claim, you will have to bear a certain amount on your own as mentioned by your insurer. This is known as a deductible. If your vehicle repair expenses are lesser than your deductible, you will not save much.
• One-time payment: If you choose a long-term policy period and if you choose a single premium payment option, you will save a lot on your insurance plan. This way, you can stay away from premium hikes which are usually done on an annual basis. If you pay through installments instead of a one-time payment, you may end up paying higher premiums. The IRDAI increases bike insurance premiums for third-party policies by around 20% on a yearly basis. When you take a long-term plan for a period of 2 or 3 years and make a one-time payment, you will escape these hikes effectively.
• Bundle policies: Apart from buying different insurance products (bundle policies) such as home insurance, motor insurance, bike insurance, and health insurance from the same insurance company, you can also go for another type of bundle policies. You can mix your bike insurance with medical payment coverage, collision coverage, property damage liability, bodily injury liability, and comprehensive coverage to have a bundle policy. When you take bundle policies from the same insurance company, you can enjoy great insurance benefits at economical prices. You will receive discounts on your premiums when you purchase bundle policies from the same insurance company together.

Cancellation of Two Wheeler Insurance Policy

A two-wheeler insurance policy can be cancelled at any time upon submitting a request for cancelation to your insurance provider. However, you will be required to show a replacement insurance policy for your vehicle. Other situations when you may cancel your two-wheeler insurance policy is when you sell your vehicle, transfer its possession, or the vehicle is out of use. On cancellation of the policy, the insurance company may charge you a nominal cancellation fee and the initiate a refund for the unutilised premium value of your insurance policy. Though you will be eligible for a refund only if you have made no claims on your insurance policy in the running year.

Here are few reasons why you may cancel your two-wheeler insurance policy:

• Sale of the Vehicle: If you sell your vehicle to another person, you will be required to terminate the existing motor insurance policy of your vehicle.
• Theft of the Vehicle: If you have a comprehensive vehicle insurance policy, you may receive a certain compensation (based on the IDV of the vehicle) due to loss of vehicle due to theft. However, once you receive the claim amount, you may cancel the insurance policy as it is no longer needed.
• Purchase of A New Vehicle: In case your existing bike is too old and you wish to replace it with a new two-wheeler, you may cancel the insurance policy for the old vehicle that you are planning to dump.
• Dissatisfaction With The Current Insurer: If you are not satisfied with the benefits and coverage offered by your current insurance provider, you may get a new vehicle insurance policy and cancel the existing policy. Other reasons may include difficult renewal process, higher premium, lower sum assured, longer waiting period, and more. When you buy a new insurance policy, the insurer offers a 14-day cooling-off period within which you may cancel the policy if you are not satisfied with the coverage and benefits that it offers. After this period, the insurer may charge you a nominal fee for the cancellation of the policy. It should also be noted that your insurer is not liable for a refund after a period of 8 months from the date of policy purchase.

Process of Cancellation of Two Wheeler Insurance:

1. Inform Your Vehicle Insurance Provider: Once you decide to cancel your vehicle insurance policy, you may intimate the insurer via email, telephone, or through an online request. After receiving the cancellation request, the insurer will initiate the process and complete the necessary formalities.
2. Complete Policy Cancellation Process: Once the cancellation process is initiated, you must follow the guidelines of the insurer and sign the relevant documents. These documents may include the declaration form and other cancellation related documents. You will receive the confirmation of the policy cancellation from your insurer mentioning the amount of refund.
3. Get Your Vehicle Insurance Certificate Back: You must ask your vehicle insurance provider to return the insurance papers that you might have submitted for cancellation of the policy. It is required at the time of buying a new vehicle insurance policy and avail a ‘No Claim Bonus’ (if any).

Purchase A New Vehicle Insurance Policy: Once your old insurance policy is cancelled, you should immediately buy a new insurance policy to enjoy continued coverage while using your vehicle. Driving without an active motor insurance may expose you to a high degree of risk and may also attract penalties and fines.

Road Accidents and Need for Motor Insurance

Two-wheelers make our daily commute more convenient especially when we have to travel through the crowded streets during peak traffic hours. However, the risk element while using two-wheelers also remain quite high. India reports one of the highest rates of road accidents in the world with a majority of them involving two-wheelers. According to the statistics revealed by Save LIFE Foundation, over 10 lakh people in the past decade have lost their lives in road accidents. The possibility of accidents cannot be completely eliminated. A large number of accidents lead to serious injuries to the vehicle driver, passengers, and other commuters on the roads. These accidents can also be fatal.

Though it is important for a two-wheeler rider to adopt safe driving practices, they should also have a contingency plan to minimise the financial and legal losses in case of an unfortunate event involving the vehicle. A motor insurance policy in such instances can be very helpful. The expenses incurred on repair and retrieval of the vehicle can be extremely high and an insurance policy can cover a significant part of the same in case of an accident.

In case of accidents, vehicle owners may also need funds to cover the medical expenses for treatment of injuries. There may also be certain legal and financial liabilities that may arise due to a damage, loss, or death caused to a third party. The liability in such cases can be unlimited. Therefore, the Motor Vehicles Act, 1988 makes it compulsory for each motor vehicle in India to have a minimum of third-party liability insurance policy.

A third-party liability insurance policy provides coverage against loss or damage caused to a third party or their properties. However, the coverage offered by this policy is limited to third-party liability and does not cover own damage. A comprehensive two-wheeler insurance policy, on the other hand, provides a greater scope of protection in a range of instances involving your two-wheeler. Though it is expensive compared to a third-party liability policy, it is certainly worth spending on considering the benefits it offers. Mentioned below are some of the instances covered by a comprehensive motor insurance policy:

• Personal accident
• Damage caused to the insured vehicle
• Loss or damage due to accidents
• Loss of vehicle due to fire, explosion, self-ignition, and lightning
• Damage to the insured vehicle while in transit
• Complete/partial loss caused to the vehicle as a result of burglary, house breaking, riots, theft, strikes, terrorism, or any other malicious acts
• Damage to the two-wheeler due to natural disasters such as flood, storm, earthquake, and others
• Injury or death of a third person
• Third-party liabilities

Two Wheeler Insurance FAQs:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. What are the factors that impact the applicable 2 wheeler insurance premium amounts?

   • Type of 2 wheeler
   • Age of the vehicle
   • City where registered
   • Coverage period (when
   • Any applicable discounts

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

13. 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:

    • Add-on covers taken over the policy
    • Whether you have taken a Comprehensive Cover or Third Party Cover
    • Vehicle's Cubic Capacity (CC)
    • Vehicle Model type
    • Place of Registration (Zone A / Zone B)
    • Age of the vehicle
    • Insured Declared Value (IDV) i.e. the present market value of the vehicle.

14. 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.

15. 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.

16. 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.

17. 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.

18. 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.

19. 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.

20. 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.

21. 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.

22. 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.

23. 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.

24. 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.

25. 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.

26. 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.

27. 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.

28. 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.

29. 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.

30. 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.

31. 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.

32. 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.

33. 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.

34. 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.

35. 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.

36. 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.

37. 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.

38. 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.

39. 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.

40. 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.

41. 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.

42. 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.

43. 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.

44. 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.

45. 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.

46. 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.

47. 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.

48. 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.

49. 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.

50. 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.

51. 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.

52. 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.

53. 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.

54. How to claim bike insurance?

    You can claim your two-wheeler insurance by first informing your insurer about the damages caused to your vehicle. The reason for the damages can be accident, theft, fire, etc. Next, you will need to send your vehicle for repair. You will have to fill your claim form with full details and give an estimate regarding your expenses. Your insurer will then make arrangements for examination of the vehicle. You will have to present relevant documents for the examination process. Now, you and your insurer will need to negotiate and then agree upon a claim amount. Accordingly, your claim will be settled.

55. How to find bike insurance policy number?

    It is very important to have your bike insurance policy number. In case you do not have it, you can find it by going to the official website of your bike insurer. You will need to enter your vehicle engine number, registered mobile number or chassis number. You may have to enter any 2 criteria to arrive at your policy number. After you click ‘Search’, you will obtain your policy number.

56. How to pay motorcycle insurance online?

    You can pay your bike wheeler insurance premiums online through multiple modes. You can choose from net banking, debit card, credit card, Standing Instruction (SI), Electronic Clearing Service (ECS), etc. and make your payment.

57. Why is two wheeler insurance mandatory?

    Bike insurance is mandated by the law as it is very important to keep you safe and secure when you use your vehicle on the road. It will protect you against losses suffered by the third party involved in an accident. It is compulsory in India for an insurer to cover third-party risk when a damage is caused.