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

     4.5 / 5.0   by 3199 users
    Used this product? Write a review >>

    Cashless Treatment

    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Policy Coverage

    Customer Service

    Medical Coverage

    Claim Experience

    Responsiveness

    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
    • Reliance General Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a two wheeler insurance with Reliance general from last 1 year, i am not aware of the premium amount for this insurance policy. I did not claim anything so far with this insurance policy and the coverage value is good in this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 13, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      My dealer has provided me a two wheeler insurance policy with ICICI Lombard when i purchase my bike. I have paid the premium amount of Rs. 2500. They have given me a 100% coverage and it covers for all the parts of the vehicle. Since the premium was high i was not continued with the same company and i had no claim experience with this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 12, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Fine and Good"
      0.5 5.0/5 "Blown Away!"
      I have purchased a two wheeler insurance with HDFC ergo. I have renewed the policy last month. Since the premium amount is very low, i have selected this HDFC Ergo. I have paid the premium amount of Rs. 2200. They have offered me a coverage value of Rs. 2 lakhs. The vehicle has covered upto 80%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have not connected with the ICICI customer care service. I bought the policy in 2017. The dealer has provided me this policy when i purchase my bike. I have paid the premium amount of Rs. 5000. This policy has a coverage value of Rs. 50000. I have not claimed anything from this policy.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Dec 12, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good policy for vehicle"
      0.5 4.0/5 "Great!"
      Within a second they have renewed the policy from Bajaj Allianz. There is no particular reason for choosing a bajaj Allianz and the branch is nearby my location. The premium amount of Rs. 2070 per year. I have not claimed anything in this policy. I never interacted with their customer care also.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 11, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Insurance for two wheeler protection"
      0.5 5.0/5 "Blown Away!"
      The two wheeler services with the Bajaj Allianz is good, the premium amount is nominal, I have paid the cost around Rs. 1900 for one year, I have first party insurance and personal accidental cover. But there is no claim bonus available with this insurer.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 11, 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 1 year, a premium of Rs 3000 has to be paid for this insurance policy every year. There was no claim experience so far with this insurance policy. I am happy with the policy benefits and plan coverage of this policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 11, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler is insured with ICICI Lombard from last 1year and it is a good policy to use. I am happy with the policy benefits and plan coverage of this insurance. Rs 4000 has to be paid as an an insurance premium and i have no claim experience.
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler insurance is with ICICI LOMBARD from last 3 years, a premium of Rs 1900 has to be paid as an insurance policy. There was no claim experience so far with this insurance and the coverage value is good in this car insurance.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Dec 10, 2018
    • Tata AIG Two Wheeler Insurance
      "Low premium with better feature"
      0.5 5.0/5 "Blown Away!"
      The premium amount is too low in Tata Aig general insurance, as compared to other policies, the customer service is very fast they have generated my policy copy on time. I do have Bajaj pulsar bike its four years old, but offered me best idv value with third party cover.
      Was this review helpful? 0
      , keonjhar
      Reviewed on Dec 10, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Premium is should be economical"
      0.5 3.0/5 "Satisfactory"
      Based on the vehicle age they gave me some insured declared amount for the policy of one year. Its a comprehensive plan, it covers for the loss, damage. I never got any chance to approach, the amt which I paid its high, it should be economical hence many people affordable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 09, 2018
    • Iffco Tokio Two Wheeler Insurance
      "Its Excellent"
      0.5 5.0/5 "Blown Away!"
      I got with the bike, I have purchased the bike before 1.5 years still the policy is active I have renewed it again. I received the no claim bonus around 25% because I didn't go for claim. They are proving good insured value based on the age. The features of policy is good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 09, 2018
    • Reliance General Two Wheeler Insurance
      "Good Protection"
      0.5 4.0/5 "Great!"
      I have check the online the price is very commendable, the premium amount is around Rs 1500 for one year bike policy. Reliance Insurance gave me best insured value, the policy which I taken is comprehensive 100% protected. I have TVS apache bike.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 09, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good overall"
      0.5 4.0/5 "Great!"
      My two wheeler insurance is from Bajaj Allianz. The services and response is good. I had a claim experience and the process was fine. I did not have to pay in anything from my end. All was done by the insurer. Overall no hassles in using the policy.
      Was this review helpful? 0
      , warangal
      Reviewed on Dec 08, 2018
    • Chola Ms Two Wheeler Insurance
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      First time I took insurance from Cholamandalam, the premium amount is low. Dealer suggested this policy and gave this policy for bike, I have royal enfield it got insured with them. But I am not sure about the plan benefits anyway I am fine with that.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Dec 07, 2018
    • Reliance General Two Wheeler Insurance
      "No claim experience"
      0.5 4.0/5 "Great!"
      I used to do the renewal through online. I have been renewing the two wheeler insurance policy with reliance for past 2 years. I have not claimed anything by using this policy. I have not received the no claim bonus so far. I paid the premium amount of Rs. 2000 in a year. I'm not sure about the vehicle value. When i purchase a vehicle, the dealer has provided the policy with the reliance and I'm continuing with them.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 07, 2018
    • Royal Sundaram Two Wheeler Insurance
      "Good Product"
      0.5 4.0/5 "Great!"
      I have agent who did it for me, he referred this policy. The premium amount is fine but I never compare I didn't done any valuation. I got the policy copy without any hassles. For two wheeler. I have taken third party cover but I am not sure about the benefits.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 07, 2018
    • L and T Two Wheeler Insurance
      "Good Two wheeler insurance policy"
      0.5 4.0/5 "Great!"
      Holding my L&T policy with last 2 years. I used to pay the premium amount of Rs. 4000 which is quite high. Because of the higher IDV value, i have selected this L&T policy. They have offered me a higher IDV value of Rs. 1.20 lakhs. I have renewed the policy through online. I have bought the no claim bonus of 30%. I had no claim experience with this company.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 07, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Average policy"
      0.5 5.0/5 "Blown Away!"
      I have not faced any problems with Bajaj Allianz Policy. My two wheeler insurance policy was taken with Bajaj Allianz. I have renewing the policy for continuously for 4 years. I have paid the premium amount of Rs. 1900 for one year. They have offered me a coverage value of Rs. 61000. They charging the penalty for late renewal of the policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 07, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Better premium for best IDV for 3 years"
      0.5 4.5/5 "Excellent!"
      I have Star City bike its 2012 model, I took ICICI lombard bike policy because the premium was good when compared to other insurance company. I have reliance general insurance earlier, then I came to ICICI lombard providing three years tenure and the value of the bike remains same.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 07, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.