Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • A Beginner’s Guide to Two Wheeler Insurance

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    Mr.Rajan was all set to buy a new two-wheeler - he had done his research, picked the dealer carefully after reading reviews, arranged for funds and had kept all documents ready for the registration. But, when he came to learn that an insurance is mandatory for two-wheelers according to the Indian law, he was quite baffled. Rajan was clueless about the ABC’s of two wheeler insurance and had to spend a lot of time & energy to learn about the process and terminologies of two-wheeler insurance.

    Given below is a complete guide to two wheeler insurance that will help beginners cruise through the process with ease.

    Why do I need a Two Wheeler Insurance?

    Even though about 10 million new two-wheelers are bought every year in India, the development in roads and other transport infrastructures are still insufficient to accommodate all vehicles. With poorly implemented traffic rules and roads with bumps and potholes, even a skilled two-wheeler driver will struggle. In case of any unprecedented mishap like road accident, theft of vehicle or damage to third-party property, a two-wheeler insurance will help you to cover the costs.

    Also, it is compulsory by law to have an insurance to drive your vehicle on Indian roads.

    Types of Two-Wheeler Insurance in India

    A third party two wheeler insurance policy or liability only policy is a basic policy required by the law. This policy covers the death, bodily injury and damage to property caused to a third-party.

    A comprehensive policy or package policy covers loss or damage to the two-wheeler by natural or man-made causes and theft in addition to what is covered by a third-party policy. A comprehensive cover offers protection against natural calamities including floods, storms etc. and man-made calamities including riots, strikes and vandalism.

    How is the Insurance Premium Calculated?

    When it comes to two wheeler insurance premium, the features of your vehicle play an important part. The Cubic Capacity (CC) of the vehicle, city of purchase and the coverage opted for and cover opted for accessories are some of the factors that decide the premium. Add-on covers are also offered by select insurers and you must pay an extra premium for add-on covers.

    What is IDV?

    Insured Declared Value (IDV) is a value that remains constant during the policy term and it denotes the value for which the vehicle is insured. Below is the formula for calculating the IDV of a two wheeler.

    IDV = {Manufacturer’s Ex-Showroom price + sales tax + cost of accessories not included in listed selling price} - {Cost of depreciation + registration & insurance costs}

    Two Wheeler Insurance Renewal

    It is important that you renew your insurance before the due date to maintain continuity. Most of the insurance companies offer one year insurance policies while select companies also offer long term insurance for two-wheeler. If you policy has lapsed, you must get your vehicle inspected in order to renew the insurance.

    No-Claim Bonus and its Benefits

    NCB or No-Claim Bonus is the discount on your premium if you have not made a claim during that year. Introduced to reward safe driving, policy holders can avail up to 50% discount for claim free years.

    What happens if I sell my vehicle?

    If you sell your vehicle, you will be able to transfer your two-wheeler insurance also. The new owner will have to notify the insurer within fourteen days after purchase and give all relevant information regarding the vehicle to transfer the insurance.

    How do I file a Claim?

    In case of an unfortunate mishap, you will have to contact your insurer through mail or phone to initiate the claims process. You will be asked to submit the claims form along with relevant documents like driving license, FIR (in case of theft) and estimate of repairs (in case of an accident). After the damage is assessed by a surveyor, you will receive suitable compensation from your insurer.

    If you are wondering how to select the right insurance policy for your vehicle, make use of third-party comparison sites to compare the coverage and premium costs. Learning the terms associated with motor insurance will save you a lot of hassles in future and will also prove useful in the long run.

    Read More Related Guides

    Two Wheeler Insurance Online

    A Beginner’s Guide to Two Wheeler Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • Shriram Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with Shriram general insurance from last 8 months, i am happy with the coverage value of this insurance policy. A premium of Rs 3200 has to be paid for 1 year for this policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have a two wheeler insurance with Bajaj Allianz from last 1 year, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I am not aware of the premium amount of this insurance policy.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 17, 2018
    • L and T Two Wheeler Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have my two wheeler insured with L& T insurance from last 6 months, i pay a premium of Rs 2600 and the amount gets auto debited from the salary account. I have not claimed anything so far with this insurance. The coverage value and plan benefits are good in this policy.
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 17, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Average Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the ICICI Lombard General Insurance. I have paid 5100 for first three years, the policy covers the entire bike and they also offered an IDV value 85000. I do not have any claim experience with the policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken two wheeler insurance from Bajaj allianz insurance policy , i got this policy through the showroom where i got the two wheeler . Am satisfied with the premium amount which am making the payments its has good coverage . The good about their service is they used to remind the customers for renewal .
      Was this review helpful? 5
      , bangalore
      Reviewed on Aug 13, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a bike insurance policy with the Oriental Insurance Company. I am paying a premium of 1200, I do have a claim experience with the policy where I was able to claim 15000-16000. The whole claim process was easy and hassle free. Overall ti has been a good experience with the services.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 13, 2018
    • Iffco Tokio Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my two wheeler insured with IFFCO TOKYO from last 3 years, my claim experience with this insurance was good and they covered 60% which is satisfactory. A premium of Rs 1600 has to be paid for this insurance policy and i am happy with the plan benefits of this policy.
      Was this review helpful? 5
      , kolkata
      Reviewed on Aug 09, 2018
    • New India Two Wheeler Insurance
      "Good Service"
      0.5 4.5/5 "Excellent!"
      My bike is insured with the new India Assurance. I am paying the premium of 1000 per year. There is no claim experience with the policy. I haven't faced any issues with the policy so far. As long as there is no claim experience I am not able to portray their service in a correct manner.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Aug 04, 2018
    • National Insurance Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the Bike Insurance Policy from the national insurance. I am paying a premium of 1500 per year. There hasn't been any claims for this policy. So far I haven't faced any issues with their services. I'll have to wait and see how they respond to my claims in future if I will have any.
      Was this review helpful? 1
      , kochi
      Reviewed on Aug 04, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler insurance policy is with ICICI lombard from last 1 year, i am happy with the plan benefits and policy coverage of this insurance policy. I have not claimed anything so far from this insurance policy and i pay a premium of Rs 3000 every year.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jul 31, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler is insured with HDFC ERGO from last 2.5 years, i am happy with the coverage value and plan benefits of this insurance policy. I pay a premium of Rs 1150 for this insurance policy and i have not claimed anything so far from this insurance.
      Was this review helpful? 5
      , lucknow
      Reviewed on Jul 31, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've been using the Bike Insurance policy from the ICICI Lombard. The premium is 3600 per year, the policy covers only metal parts. The premium got increased, I do not have claim experience. I make the premium payments via the agent.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jul 28, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good policy to have"
      0.5 4.0/5 "Great!"
      I have made the premium of Rs. 4500 for 1 years. Cashless service is available because its a 1 year old bike. I have not utilized their service. I can claim upto Rs. 1.80 lakhs. Cashless service also available. I have never spoke with the customer care service so far. Its a third party insurance policy.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jul 26, 2018
    • Bharti Axa Two Wheeler Insurance
      "Average Service"
      0.5 4.0/5 "Great!"
      My Bike is insured with the Bharti Axa Insurance company. I am paying a premium of 1200 per year, the policy covers entire bike. I've been using the policy for the past 4 years and I do not have any claim experience with the policy so far.
      Was this review helpful? 5
      , kolkata
      Reviewed on Jul 26, 2018
    • Tata AIG Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the Tata AIG . I am paying a premium of 1200 per year, it also has got Zero depreciation. I do not have any claim experience with the policy so far. Considering the premium I pay it is a recommendable policy to have.
      Was this review helpful? 6
      , new delhi
      Reviewed on Jul 26, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Average policy"
      0.5 4.0/5 "Great!"
      I am taken this policy nearly one year back from Bajaj. I don't have any claim experience so far. I'm not aware of the plans and benefits of this policy. I have paid the premium amount of Rs. 3300. I'm not aware of the bumper to bumper option. The premium amount is quite high when i compared with other companies.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jul 25, 2018
    • New India Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the New India Insurance bike policy for a while. I am paying a premium of 1500 per year, the policy covers the entire bike. I do not have any claim experience with the policy so far. I am paying the premium mostly online.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jul 25, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken two wheeler insurance from ICICI Lombard general insurance for this. I made the payment for monthly through on-line banking . Customer service and response is good . It has good policy coverage with good policy benefits like vehicle towing and cashless garage.
      Was this review helpful? 5
      , new delhi
      Reviewed on Jul 25, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 12 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1000 has to be paid for this insurance policy. I have no claim experience so far with this insurance policy.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 25, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the ICICI Lombard General Insurance. I am paying a premium of 3000 per year, the policy covers the entire bike and it also offers accidental benefits. The premium is little bit on the higher side and there hasn't been any claim made till date.
      Was this review helpful? 7
      , noida
      Reviewed on Jul 24, 2018
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