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

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  • United India Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have my two wheeler insured with United India insurance from more than 4-5 years, there was no claim experience so far with this insurance policy. Rs 1000 has to be paid as a premium amount for this insurance. I am happy with the policy benefits of this insurance.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 15, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Impressive policy"
    0.5 4.0/5 "Great!"
    Bajaj Allianz is one of the leading insurance company provider in Two wheeler insurance. 1 month ago, i have purchased this policy. They have provided me a 5 years continuous insurance policy and initially they have given 1 year policy which is cover for 100%. Its a zero depreciation policy. My dealer has recommended me about this policy from showroom.
    Was this review helpful? 0
    , pune
    Reviewed on Feb 15, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I had taken a two wheeler insurance from Bajaj Allianz. The policy period is one year. I went to the dealer at the part of the sale, the person gave me insurance with them. It has zero dep which includes any scratches. I have no claim experience. I have received the insurance document.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 15, 2019
  • Shriram Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My two wheeler is insured with Shriram general insurance from last 2 years, a premium of Rs 1200 has to be paid for this insurance every year. I do not have claim experience so far with this insurance policy. The policy benefits and plan coverage is satisfactory.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 15, 2019
  • Oriental Insurance Two Wheeler Insurance
    "Cheaper policy in the market"
    0.5 4.0/5 "Great!"
    Recently I purchased Two wheeler policy from Oriental Insurance, its around Rs.1300 for one year, I have taken the basic plan its kind of third party plan , the policy cost is cheap, they gave me the best IDV value, I have unicorn cb 160. Depreciation value is around Rs.48,000 because its 3.5 old vehicle, I have taken the policy through online channel.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 15, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Costly Policy"
    0.5 3.0/5 "Satisfactory"
    Previously I had ICICI Lombard bike insurance, but the customer support is not upto the mark. Because one time I had claim experience, own damage happened, I took the bike to the showroom, I gave the papers to them, within 15 days I got my bike, I paid the amount from my end and got the reimbursement 65% of amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 15, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    Bought my two wheeler insurance policy from ICICI Lombard. When i purchase the vehicle the dealer has provided the policy from ICICI Lombard and i have been renewing the policy for past 2 years. I have paid the premium amount of Rs. 1500 every year. I had no claim experience with them. Documentation process in fine. I used to renew the policy in dealer point.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 14, 2019
  • United India Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    The policy comes with the bike when i purchase from the dealer. I took the policy from United India. I need to check about the coverage value. I have paid the premium amount of Rs. 1000. I never called the customer care since i never had a chance to talk with them.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 14, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken the two wheeler insurance policy is ICICI LOMBARD GENERAL INSURANCE. I have applied through on line only, and the premium amount which i pay on yearly basis, and i use to pay premium through on line.and they have not charged me hidden charges.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Feb 13, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good Service"
    0.5 3.5/5 "Pretty good"
    I have taken the two wheeler insurance directly from the Royal En field Showroom and my Two Wheeler Model is Royal En field Classic 350 . The premium is good and the agent clearly explained the products the service was good according to me. I have not yet faced any difficulties till now not yet gone for claim and I am using the policy for the last 2yrs and the Overall service is good .
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 13, 2019
  • Reliance General Two Wheeler Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the two wheeler insurance policy with the RELIANCE GENERAL INSURANCE where i am using it since from last few years. The premium is nominal also the IDV value is satisfactory with this policy. The coverage is for 3rd party insurance.
    Was this review helpful? 1
    , namakkal
    Reviewed on Feb 12, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Better"
    0.5 5.0/5 "Blown Away!"
    I took my two wheeler insurance from Bajaj Allianz. They have given me very faster service when comparatively with the others. The customer service is also good. I have paid approx 2K for one year policy. I have not done any claim so far. It is a third party insurance.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Feb 12, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    The insurance guys are spontaneous sharing the policy features, there is no claim experience. The premium is economical with HDFC Ergo and I have taken first party insurance bike its for bike protection with nice tie up with many service centers.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 12, 2019
  • Reliance General Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I had a two wheeler insurance with Reliance general for 3 years, i paid a premium of Rs 1500 for this insurance policy every year. There was no claim experience with this insurance policy. The policy benefits and plan coverage were satisfactory.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 12, 2019
  • Iffco Tokio Two Wheeler Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I took my bike insurance in Iffco Tokio by last January. I have paid 1795 rupees to purchase the policy. The policy period is 2 years. I have received the insurance paper through mail but not received the hard copy. I have no claim experience. The benefits are good. It is a first party insurance.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 12, 2019
  • United India Two Wheeler Insurance
    "Good Insurance Company"
    0.5 5.0/5 "Blown Away!"
    I taken two wheeler policy from United India, they give good response. My company got tie with them, the premium was around Rs.1680 for one year, My bike model is apache 160, insured value is good based on the purchasing year around seven years.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 12, 2019
  • Bharti Axa Two Wheeler Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have taken the two wheeler insurance policy with the BHARTI AXA GENERAL INSURANCE and i am using it since from last 1 year. I have not experienced with any claim with this insurance. The premium is very good and the IDV is also satisfactory.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Feb 12, 2019
  • ICICI Lombard Two Wheeler Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the two wheeler insurance policy is ICICI LOMBARD GENERAL INSURANCE where i am using it from last few years where i have not experienced with any claim with this policy. The premium and the IDV value is satisfactory with this policy.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Feb 09, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Its satisfactory"
    0.5 5.0/5 "Blown Away!"
    I make the premium amount of Rs. 2800 its a comprehensive plan, I have first party plan its only for me covered. I have pulsar 200x, when I go for the renewal they gave me the policy coverage on time. The customer support is nice and they responded well.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 09, 2019
  • ICICI Lombard Two Wheeler Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the two wheeler insurance policy with the ICICI LOMBARD GENERAL INSURANCE where i had no claim experience with this policy. I am holding it from last five years where the premium and the IDV value is satisfactory. The policy coverage is for comprehensive.
    Was this review helpful? 2
    , belgaum
    Reviewed on Feb 09, 2019
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