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  • Two Wheeler Insurance

    Two Wheeler Insurance
    • Get quotes from multiple insurers
    • Cashless garages available
    • Buy/renew your policy online without hassles

    There has been a significant rise in number of accidents in the past two years. The road conditions, traffic and the urgency to reach the destination, makes it difficult to enjoy the ride. Given that two-wheelers are the most convenient mode of transport today, it is equally risky to drive a two-wheeler in today's traffic conditions. Since the exposure to accidents, mishaps, theft, etc are higher, owning a 2 wheeler insurance is the best way to tackle these situations.Two wheeler insurance or bike insurance is an agreement between the customer and the insurance company wherein the customer agrees to pay a certain premium amount for the policy and in return the insurance company offers to provide services and facilities for the same.

    Having an active two wheeler insurance or bike insurance policy, at all times, is mandatory for vehicle owners in India. Any authorised insurance company that is registered under the Insurance Regulatory and Development Authority of India (IRDAI) has the authority to issue a two wheeler insurance policy. Auto dealers can also sell motor insurance policies. These two-wheeler insurance policies come under the Non-Life or General Insurance sector. Two wheeler insurance policies must be purchased for commercial vehicles, private vehicles, and mixed vehicle types.

    Bikes, mopeds, motorcycles, and scooters can be insured with a two wheeler policy. Without an insurance cover, the financial implications of an accident can cause a significant dent to your hard-earned savings. Hence, it is imperative that you purchase a two wheeler insurance policy and renew it at the end of the policy tenure. Two wheeler insurance plans come with a range of benefits, such as coverage for third-party liability, personal accidents, vehicular damage, theft and loss of the vehicle, etc.

    What is Two Wheeler Insurance?

    Two wheeler insurance is an agreement between the policyholder (owner of the two wheeler being insured) and the insurer where in the insurer promises to provide monetary assurance to the policyholder in exchange for a premium amount. Two-wheeler insurance provides financial assurance to the owner of a motorcycle/scooter from own damage and/or third-party liabilities arising due to an unfortunate mishap. Third-party liabilities include liabilities towards injury of the third party, liabilities towards damages to a third-party vehicle and/or liabilities towards third-party property damage. Own damage liabilities include liabilities towards own injury and/or liabilities towards own vehicle damage. Mishaps that cause such liabilities include man-made calamities, natural calamities, theft, etc.

    Why Do I Need Two Wheeler Insurance Policy?

    • The premium for two wheeler insurance policy is easily affordable by everyone and the coverage capacity and sum insured is higher.
    • If the insured vehicle or you has been in any mishap or accident, the insurance company will take care of the financial and legal expenses arising out of it.
    • You can avail many other benefits like, roadside assistance, cashless claim facility through the insurer's network if the vehicle has mechanical problem, cover for theft and robbery, etc.
    • It will help you ride tension free as you will have the financial security for a longer period. It will also save you from spending for repairs and other expenses from your own pocket.
    • There are two types of options you can choose from, annual policy and long-term policy in both third-party and comprehensive policy.
    • If you forget renewal date of the policy and do not have the time to renew it every year, then you can choose for long term policy as you will have to renew it only once in three years.
    • If you do not have an insurance, then you will be fined for the same from the police in case of random checking on the road.
    • The risk of driving on Indian roads are higher, so owning an insurance should be your first priority when you buy a new two wheeler.

     

    • IRDAI Directs to Insurers-Third-Party Motor Insurance to be Made Easily Available to Customers

      The Insurance Regulatory Development and Authority of India (IRDAI) has directed all the insurance companies to make sure that the third-party motor insurance, that is two wheeler insurance or car insurance or commercial vehicle insurance, to be easily available and affordable to all.

      • Earlier, the Supreme Court Committee of Road Safety department had passed an order to the State and Union Territories to periodically conduct inspections and random checkings to know if all the vehicles running in that particular city had two wheeler insurance or other types of valid motor insurance as per the vehicle requirement.
      • It had also mandated that, if not a complete protection cover, every two wheeler or vehicle owner had to have third-party liability cover, else the vehicle can be seized until the owner gets a third-party cover.
      • Since the number of insured vehicles were low, the IRDAI has now directed all insurers to cooperate with the traffic police officials to issue or renew the third-party two wheeler or motor insurance cover to the vehicle owners who do not have one.
      • The IRDAI is taking steps to make sure that the number of uninsured vehicle will decrease by 2020 as currently more than 50% of the vehicles are uninsured. The majority in the uninsured vehicle percentage is contributed by two wheelers.
      • This order was passed by the IRDAI as several state transport officials reported that the issuance or renewal of motor insurance was a tedious process which includes inspections, long documentations, etc. Likewise, the customers also reported that the process of getting the two wheeler insurance or any other motor insurance was a cumbersome process.
      •  

      The IRDAI however raises the two wheeler or motor insurance premium annually and if the policy holder chooses for long-term bike insurance or any other motor insurance, then they can avoid this hike for three years. Under this order, no insurer can deny providing third-party insurance to the vehicle owners.

      Note: The above information has been taken from the IRDAI notification.

    Compare Two Wheeler Insurance Online before Buying the Best Policy

    • The number of two wheeler insurance companies are as high as the number of two-wheelers that run on Indian roads.
    • The options that one can choose from while buying a bike insurance is really vast. It is a competitive market and you can easily negotiate with the insurer for discounts and benefits.
    • In this digital era, you do not have to go anywhere to compare policies and then come to a conclusion. You can research online for best insurance policies and the insurance provider and get quotes from them to compare.
    • Buying an insurance is mandatory under the law. According to the IRDAI reports some of the best insurance providers are, Bajaj Allianz, HDFC ERGO, ICICI LOMBARD, IFFCO TOKIO, Oriental Insurance, Reliance, New India Assurance and Bharti AXA.
    • You can review these insurers online and know the quality of service, CSR, customer problem resolving capacity and so on.
    • Comparing insurances and quotes is very important as the benefits and discounts vary from insurer to insurer. All these will help you in making better decision while purchasing a two-wheeler insurance.

    Two Wheeler Insurance Plans

    General insurers in India provide two kinds of two wheeler insurance plans:

    • Comprehensive Insurance Policy

    This is an extensive insurance coverage that offers financial protection against third-party and/or own damage liabilities incurred as a result of an unfortunate mishap.

    • Third-party Liability Cover

    This insurance plan provides limited insurance coverage against third party liabilities alone.

    The below table shows top insurers in India that offer comprehensive as well as third-party insurance coverage for two wheelers.

    Two-wheeler Insurers Third-party Cover No Claim Bonus Policy Term Personal Accidental Cover Incurred Claim Ratio for Motor Insurance(2016-2017)
    Bajaj Allianz General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 69.19%
    Universal Sompo General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 78.89%
    ICICI Lombard General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 78.91%
    TATA-AIG General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 79.31%
    Future Generali General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 81.77%
    Royal Sundaram General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 82.15%
    IFFCO Tokio General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 84.37%
    HDFC ERGO General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 89.43%
    Reliance General Insurance Co. Ltd. Available Available 1-3 years Rs.1 Lakh 91.31%

    Buying Two Wheeler Insurance Online

    The evolvement of technology and ease of availability for different products has definitely made humans a wee bit lazy and physically inactive. But on the plus side, such technologies make us independent with our work for the lifestyle that we lead today. Online insurance shopping is one such boon to all the bike owners where you can purchase or renew insurance with few clicks. Earlier it was difficult to purchase two wheeler insurance as we used to visit many insurance companies, submitting documents, visiting for updates numerous times, and finally comparing the policies and then making a decision. This task was exhausting and time consuming as each insurer would be located in different places.

    But nowadays all this can be done within few minutes. Insurance companies offer all the facility be it purchasing a new policy or renewing the old policy online. You just have to enter relevant details, few documents scanned and make the payment if you are satisfied with the quote. You can also compare various policy types, plan benefits, various quotes by the insurer, online reviews, claim settlement ratio percentage, network of garages, customer grievance solutions, etc. All these factors are vital to consider while buying a two-wheeler insurance policy.

    If you are buying a fresh policy, it is very easy to purchase online as it requires owner personal details, DL number, RC, vehicle specifications like engine capacity, model and make, etc. and other required information to be filled in the online form. On submission the insurer will send the quote and premium payable with add-cover options. If you are satisfied with the quote, you can make the payment online through net banking or debit/credit card. The documents will be mailed to you immediately via email.

    By purchasing online, you will also be contributing to a eco-friendly and paperless transactions. You can also purchase two wheeler insurance through mobile apps of the desired insurer where in you can create a portal for yourself and the copy of the insurance will be accessible at any point of time.

    Who can purchase a two wheeler insurance policy in India?

    How to choose best bike insurance policy

    How to choose best bike insurance policy

    Any individual who owns a two wheeler is required to purchase a two wheeler insurance policy. Most times, when you purchase a new two wheeler, you will receive a motor insurance policy along with the vehicle. The cost of the policy will be built into the cost of the vehicle. However, these policies are likely to be annual policies, and will have to be renewed by you.

    In order to be eligible to purchase a bike policy, you will need to be a salaried individual, and your minimum salary will have to be over the insurer's pre-defined limit. Further, you will need to ensure that you meet the age limits specified by your insurer. Some insurers may set the minimum age at entry to 18 years, while others may extend it to 21 years. You may also need to have a minimum of one year's work experience and a valid landline number as prerequisites to purchase an insurance policy.

    * Eligibility criteria may vary from insurer to insurer and the aforementioned conditions are generic*

    Why is it important to purchase two wheeler insurance?

    While it is mandatory for vehicle owners to purchase a two wheeler insurance policy and renew it regularly, it is also imperative that you understand why these policies are necessary.

    • Firstly, most two wheeler insurance policies are extremely affordable. While you only need to pay a minimal amount of money as a premium, your sum insured is likely to be much larger. This can protect you from the financial consequences of an accident.
    • If you happen to injure another individual or their assets in an accident, your insurance policy will cover these third-party liabilities. Further, your two wheeler insurance policy will also provide a cover against legal expenses that you may have to incur due to the accident.
    • Motor insurance plans also provide coverage against personal accidents. Healthcare can be expensive, and your hospitalisation and medical bills could quickly add up to a substantial amount. A comprehensive bike insurance plan can cover your hospitalisation expenses in the event of an accident.
    • Comprehensive two wheeler insurance policies cover not only the rider, but also the pillion rider, for an additional fee. So, not only will your policy pay for any medical expenses that you may incur as a result of an accident, but it will also provide a cover to the pillion rider.
    • Comprehensive insurance policies will also cover damages caused to the vehicle due to natural disasters or man-made circumstances that are out of your control.
    • Insurance firms issuing two wheeler policies also provide customers roadside assistance facility. Many-a-times, when one is riding in the middle of night or on highways, it is hard to get any assistance if one meets with an accident or if the vehicle breaks down. If you have a two wheeler insurance policy, all you need to do is contact the insurer and request for roadside assistance. The insurer will arrange for your vehicle to be towed to the nearest service centre or garage.
    • Most insurance companies also have tie-ups with certain garages, where you can avail cashless facility. In this case, you won't have to pay the bills directly. Your insurer will settle the bills for you. This will help you minimise your out-of-pocket expenses and make the process hassle-free.
    • Having a bike insurance policy will help you ride with a sense of security. Riding a two wheeler is not the same as driving a car. While it is convenient and saves time, it is also far more riskier to ride a two wheeler. Hence, purchasing a two wheeler insurance plan can provide you with much needed protection and a sense of safety and security.
    • Several insurers offer additional discounts and bonuses to the insured member. You may be entitled to receive a cumulative or no-claim bonus for every claim-free year.

    What your Two Wheeler insurance covers

    Purchasing two wheeler insurance is as easy as purchasing the bike itself. The process is simplified, everything is available online and most importantly everyone is aware of the technology changes. Having bike insurance is mandatory under Motor Vehicle Act. The solution to traffic jams isn't getting any better, but the bikes and vehicles are. The two-wheeler manufacturing industry has grown rapidly in the past few years. New models, improved electric on the bikes and other attractive features have dragged the customers to purchase it for the ease and convenience it offers.

    At the same time, because of the narrow and badly maintained roads the probability of accidents or collisions have also increased. Therefore buying a two wheeler insurance is necessary. Bike insurance offers various protection for different kind of damages. Here is what you can expect from a Two Wheeler insurance:

    • Third-party liability cover
    • Own damage
    • Cover against natural calamities like landslides, floods, storms, lightning, etc.
    • Protection against man-made perils like terrorists attack, riots, protests,house breaking, theft, burglary, malicious activities, etc.
    • Personal accident cover

    There are few add-on covers which you can opt for to extend the coverage for extra premium amount:

    • Zero or nil depreciation cover
    • Personal accident cover (few insurers offer this cover with basic policy as well)
    • Key replacement cover
    • No-claim bonus protection cover
    • Roadside assistance cover
    • Anti-theft device cover
    • Return to invoice cover

    These optional covers are not mandatory but if you wish to enhance your policy with any of the above optionals, you can buy them for extra premium. Since bike has a depreciation value, opting for zero-depreciation cover is wiser. It will help during claims and if they bike gets stole, where in the insurer will pay you the entire claim amount. Driving without an insurance is dangerous because life is uncertain and any mishap can happen within a blink of an eye. So protect yourself and the bike, purchase a two wheeler insurance now!

    • Article Compilation For The Week

      Two Wheeler Insurance: A Necessity For A Happy And Safe Ride

      The joy of riding a bike or scooter is an expression which is hard to pen down. While it is the primary mode of transport for daily work, bikers also look forward to the weekend to take the bike for a spin for long rides. Amidst the joy and thrill of riding a bike, we often forget the risk involved in the same. That is why a two-wheeler insurance is a necessity for a happy and safe ride.

      Read more about Necessity For A Happy And Safe Ride...

    Types of Two Wheeler Insurance Covers in India

    When purchasing a two wheeler insurance policy, you will have to make a choice between two types of bike insurance policies. Listed below are the main features and benefits of each type of insurance cover.

    1. Third-Party Liability-Only Insurance Policy

      A third-party liability-only two wheeler insurance policy is the most basic type of insurance cover that you can purchase as a vehicle owner. It is also mandatory for vehicle owners to have, at the very least, a liability-only insurance policy, at all times. These policies will provide coverage if you happen to injure a third-party and/or their property/vehicle/assets, in an accident. Accidents usually have legal consequences, and your liability-only insurance policy can protect you against expenses that you may have to undergo due to the accident. However, third-party liability-only policies do not cover damage caused to the rider's own vehicle. These policies also don't provide a personal accident cover

      Basic inclusions of a third-party liability-only insurance:

      • Covers liabilities toward damages to a third-party vehicle involved in the accident
      • Covers liabilities toward injuries to a third-party involved in the accident

      Basic exclusions of a third-party liability-only insurance:

      • Does not cover liabilities toward own injuries
      • Does not cover liabilities toward damages to own vehicle

      Third-party liability-only insurance is available at a lesser premium compared to the comprehensive insurance policy. As per the Motor Vehicles Act in India, it is mandatory for every vehicle to have at least a third-party liability cover.

    2. Comprehensive Insurance Policy

      As the name suggests, a comprehensive insurance policy is an all-inclusive insurance policy that offers the insured member a more exhaustive coverage. All comprehensive two wheeler insurance policies come with third-party insurance coverage. Hence, even if the insured member happens to cause damage to another's property or cause bodily damage to another individual, the policy will provide a compensation. In addition to this, comprehensive insurance policies will also cover the insured member's vehicle repair costs. The vehicle is protected not only from accidents but also from natural calamities, riots, strikes, vehicle theft, theft of parts, loss of the vehicle, etc. These policies also cover personal accidents. Further, the insured member can also purchase a personal accident cover for the pillion rider, by paying an additional fee

      Basic inclusions of a comprehensive cover:

      • Covers liabilities toward damages to a third-party vehicle involved in the accident
      • Covers liabilities toward injuries to a third-party involved in the accident
      • Covers liabilities toward own injuries
      • Covers liabilities toward damages to own vehicle

      Comprehensive cover is available at a higher premium when compared to a third-party liability cover.

    3. Comprehensive vs Third-Party Liability Cover

      Below provided table exhibits the differences between these two insurance policy types:
      Third-Party Liability-Only Insurance Policy Comprehensive Insurance Policy
      Provides an extensive insurance coverage. Provides limited insurance coverage.
      High insurance premium. Low insurance premium.
      Large number of optional riders available. Limited number of optional riders available.
      Covers third-party liabilities and own damage liabilities. Covers only third-party liabilities.
      Usually purchased for expensive an high-end vehicles. Usually purchased for low value vehicles.
      Less number of exclusions. More number of exclusions.

    Comprehensive vs. Liability-Only Insurance Cover - Which is better?

    While purchasing a two wheeler, you will have to make a choice between a comprehensive insurance policy and a third-party liability-only two wheeler policy. Both have their own advantages and disadvantages, and either one of the two may be the right choice for you based on your requirements and circumstances. In terms of the cost, a liability-only bike insurance policy is usually inexpensive when compared to a comprehensive two-wheeler insurance policy. While a comprehensive insurance policy might be slightly more expensive to purchase, it is important to note that the coverage offered by this policy is also higher.

    A liability-only insurance policy provides you a cover against third-party liability and legal costs. If you meet with an accident and your vehicle is damaged, your liability-only policy will not cover the related expenses. You will have to repair your vehicle and bear the costs on your own. However, if the damage is caused to the third party's vehicle, your liability-only insurance policy will cover these costs. On the other hand, a comprehensive insurance offers you complete coverage, and will also cover own-damage.

    When purchasing a bike insurance policy, most people opt for a liability-only insurance policy simply because it is the cheaper of the two, without considering the inclusions and exclusions of each type of policy. A comprehensive insurance plan offers extensive coverage, and it is usually better to have a policy that offers a larger coverage than meet with an unfortunate situation and then deal with financial troubles.

    While it is necessary to consider the factors mentioned above, you must also take into consideration your lifestyle and needs. If you use your two wheeler very minimally, you can get away with a third-party liability cover. Similarly, if you are sure that you will be able to pay for all the expenses that you may have to incur if you happen to meet with an accident, you can again opt for a third-party liability-only policy and pay a lower premium. However, if you are a frequent rider, it is advisable to purchase a comprehensive bike insurance policy.

    Is Two-Wheeler Insurance Mandatory in India?

    The Indian two wheeler industry has seen rapid growth in the past few years. With roads becoming more congested, travel times increasing, and four-wheelers becoming more expensive, two wheelers have truly made things much easier for the Indian commuter. While owning a two wheeler comes with many benefits, you must also invest in a good two wheeler insurance plan.

    Purchasing a two wheeler insurance plan is mandatory as per the Motor Vehicles Act, 1988. If you are purchasing a new vehicle, you may get a two wheeler insurance plan along with it, from the dealer. However, if you are purchasing a pre-owned vehicle, you can either transfer your existing policy or purchase a fresh insurance policy for it, and continue to renew the same at the end of the policy tenure. bike insurance plans do not only cover third-party liability. You also have the option of choosing a more extensive coverage by purchasing a comprehensive two wheeler insurance policy.

    The Motor Vehicles Act provides the insured member a cover against the various expenses that one may incur due to a road accident. Further, it also provides a cover against any damage that may be caused to your two wheeler due to a natural disaster. Also, legal expenses incurred due to an accident will also be covered. However, you must note that even comprehensive insurance policies come with certain exclusions. For example, vehicle damage caused due to general wear-and-tear may not be covered by most insurance policies. Accidents caused while driving under the influence of alcohol or other narcotic substances will not be covered. Ensure that you go through your policy brochure and make a note of the exclusions, before purchasing your policy.

    You may also be interested in Two Wheeler Insurance For 3 Years

    Safety Tips to Observe while Riding

    • Avoid riding under the influence of alcohol: It is absolutely important that you keep yourself from riding your two wheeler when under the influence of alcohol or other narcotic substances. Alcohol reduces your reaction time greatly, and it also gives you false bravado that might make you do things that you wouldn't normally do. Not only will it cause harm to you, but it may also affect other people on the road for no fault of theirs. Ensure you have an alternate means of transport arranged if you plan to drink.
    • Wear a helmet: In India, law has made wearing a helmet mandatory for the rider and the pillion. However, many people still forego the helmet while riding a two wheeler. Ensure you always wear a helmet, even if you are riding only for a short distance. A helmet could be the only thing that keeps an accident from becoming fatal. A helmet with a good face and eye shield is of utmost importance when it comes to safeguarding yourself if you meet with an accident. It is also necessary for pillion riders to safeguard themselves with a good helmet. A protective helmet can prevent critical brain damage and even death.
    • Avoid distractions: Many people falsely believe that speaking on the phone or even texting while riding won't impair their judgement or affect their attention. Nothing can be farther away from the truth. Speaking on the phone or not paying sufficient attention to what's ahead can cause even the most experienced riders to meet with accidents. If you need to answer an important call or text, ensure you stop at the road side and do so, and start riding only after you have completed the said task. The same applies to listening to jarring music on your headphone. Distractions may be many, but ensure you keep your eyes on the road to protect yourself and others.
    • Avoid riding in bad weather: Riding in bad weather conditions can be quite risky. Heavy rain, fog, mists, and storms can greatly reduce road visibility and cause potential accidents. Slippery roads on rainy days are a major cause for concern since one has to be especially carefully while steering and manoeuvring. Strong gusts of wind can also make it hard to ride. If you do have to ride during bad weather, ensure you ride at a slower pace than usual.
    • Look out for road hazards: While potholes and excess sand and debris on the road is rather unpleasant while driving a car, it becomes so much worse if you are riding a two wheeler. Ensure you pay attention to the road ahead, so you can avoid these road hazards in a timely manner. If avoiding them is not an option, make sure you at least slow down so you get more control of your two wheeler.
    • Follow traffic regulations: Road safety should not be taken for granted. Traffic rules exist for a reason, and they should be followed by everyone. Don't skip that red light, and don't drive rashly just to save a few minutes. Not only will it make riding more dangerous for you, the rider, but it might also put others at risk. Following specified speed limits, stopping at traffic signals, etc. are a few simple things you can do when you are riding.
    • Wear the appropriate riding gear: Ensure to wear the right riding gear before heading out for a long ride. It is essential that you wear protective boots, a good quality leather jacket, gloves, anti-skid shoes, etc. Thus even if you were to meet with an accident or skid on the road, your clothing will help you stay protected and reduce the impact of the accident.
    • Thoroughly check your two wheeler before riding: Before riding your two wheeler, ensure you check your vehicle's conditions. Make sure to check the tires for signs of wear, if the brakes are functioning as they should, mirrors, horn, headlights, taillights, and the clutch. Further, ensure that there is no fuel leak and also check the coolant and hydraulic fluid levels.
    • Take classes and get a licence before you start riding: Most people don't learn how to ride by enrolling under a formal riding class. Learning how to ride from your friends or through trial-and-error is not the best way to hone your skills. Riding classes will ensure that you know the correct riding strategies and are well-versed with the local traffic laws. You should also ensure that you get a two wheeler licence before hitting the road.
    • Always stay on guard: It is wise to always ride defensively, no matter how experienced you are. Watch out for pedestrians, blind spots of other riders and drivers, and ensure you maintain a safe distance from other vehicles. Even when you follow all the necessary traffic regulations, accidents can happen due to somebody else's negligence. Hence, you must always keep your guard up when riding a bike.

     

    • Not to be Missed

      Two Wheeler Insurance Policies have to be linked to Aadhaar And PAN

      • AADHAAR and PAN are two documents which are essential for many document and financial services like getting a Driver's License, Voter ID, bank accounts and even insurance policies. So to obtain any document or financial service providing a copy of AADHAR is mandatory.
      • The IRDAI has regulated to all insurers that every insurance policy, has to be linked to AADHAR, PAN or Form 60 compulsorily.
      • The IRDAI has introduced this mover under Prevention of Money Laundering Act (Maintenance of Records) Rules.
      • AADHAAR, PAN or Form 60 are necessary documents to avail any insurance related services. Form 60 can be submitted by people who do not own PAN card.
      • By linking the KYC details to the insurance policy, fraudulent activities and false claims by impostor with duplicate policy information can be controlled and the claim settlement process will be easy.
      • Policyholders who own two wheeler insurance, should link AADHAAR to their policies before March 31st, 2018.
      • The IRDAI has also regulated that no valid two wheeler insurance policy claim shall be processed until AADHAAR, PAN or Form 60 details are produced by the policyholder.
      • This in no way means, that the policy will be cancelled, it will just become void until the details are produced. The two wheeler insurance claims will be temporarily suspended if the policy is not linked with the AADHAAR details.
      • To prevent any suspension of your two wheeler insurance claims, link your AADHAAR and PAN today.

       

      Note: The above information has been taken from the IRDAI notification.

    • Things Bikers should Know About when Purchasing Two Wheeler Insurance

      5 Common mistakes to avoid while purchasing a Two Wheeler Insurance

      Thinking of buying a two wheeler insurance? Then you should probably know the basics of two wheeler insurance. It is difficult for the first time buyers to entirely understand the working model of two wheeler insurance other than the fact that it insures your vehicle and you can avoid fines. The study says that most of the bike insurance owners do not claim insurance as the repair costs are beared by the owners up to a certain limit. But having a 2 wheeler insurance is a lot more than what it seems and the benefits of it are also huge.

      There are basically two-types of two wheeler insurance you can purchase: Third party liability policy and comprehensive policy. A third-party liability only policy like the name suggests, protects only the damages and injuries caused to the third-party person or property. A comprehensive plan on the other hand provides complete protection to the bike and you against accidents, natural calamities, third-party liabilities, own damage, personal accident protection, man-made calamities like terrorist attacks, civil protests, riots, etc. having a comprehensive policy is like having a medical insurance as it provides accident cover as well. On comprehensive policy there are a few add-on covers which are optional for the customer if he/she wants to buy. The optional covers available are zero depreciation cover, roadside assistance cover, anti-theft cover, no-claim bonus cover, return to invoice cover, personal accident cover, pillion rider cover, engine protection cover and key-replacement cover. The premium for comprehensive policy is higher than the third-party policy because of the cover capacity. The premium for your two-wheeler depends upon the cubic capacity and other factors like registration city, city of residence, age of the vehicle, manufacturer, make and model, IDV, and so on.

      So now that you have a basic idea of what a two wheeler insurance is capable of providing, here are few things you should avoid, if you are a first time bike insurance purchaser:

      • Do a thorough research about two wheeler insurance online to have enough knowledge so that you will not be fooled by the insurance agent. If you are a first time buyer, chances are that you might be overwhelmed with the information and would be easily confused as to which one to buy and from whom. If you are contacting an agent, do not fall for his/her flowery words on how beneficial a certain company's insurance policy is. Any basic insurance policy provides you the same amount of insurance coverage. So researching online will allow you to compare policies, plans, discounts available, and other benefits in much simpler form. You can also purchase bike insurance online on any trusted third-party website or on the insurer's website.
      • If a certain insurer is offering the two wheeler insurance policy for a much cheaper rate, do not think that it is the best option for you to save money on insurance premium. Seldom is it seen that the cheaper insurance never provides you adequate or standard insurance coverage that it should provide. The cost should not be your only concern while buying a two wheeler insurance. There are affordable 2 wheeler insurance policies that can be tailored according to your needs. So never buy insurance policy that is cheaper and provides no benefits.
      • It is often seen that customers do not read the document carefully before signing. Just filling in the details and submitting necessary documents to purchase a two wheeler insurance is not right. Knowing what the insurance covers, how to claim, what is excluded, what is the term of the policy, etc. is important for the future ongoing.
      • It is mandatory that you have to pay certain part of the claim amount called as 'voluntary deductibles'. Many individuals opt for smaller deductibles thinking it will cost smaller premium amount. But know that larger deductibles are beneficial with bigger dividends in the future.
      • Your insurer reward you with no-claim bonus for every claim free year. No-claim bonus can be availed from 20% to 50% and will be valid up to 5 years. You can opt to utilise the percentage on your annual renewal or you can choose it to carry forward to next year. So ignoring no-claim bonus while you renew will cost you higher premium amount.

       

      Avoid these 5 common mistakes that everyone tends to make. It will save you from paying higher premium.

    What Is A Long-Term Two Wheeler Insurance?

    While several insurers offer two wheeler insurance plans with a policy tenure of 1 year, it is wise to consider investing in a more long-term bike insurance policy. In recent times, insurers have started to offer insurance plans with a policy tenure of 2 and 3 years. While it is not mandatory to choose a policy with a longer tenure, and you can opt for a cover that matches your needs, purchasing a long-term insurance policy has its own benefits.

    Long-term insurance policies offer you the added advantage of not having to renew your policy at the end of every policy year. Instead, you can simply renew the policy once in 2 or 3 years, as per the tenure chosen by you. Several top insurers in India offer long-term motor insurance policies to customers. Policyholders are also given the option to renew these policies through both online and offline channels.

    Advantages Of Long-Term Bike Insurance Policies

    • Added Convenience: While having an active two wheeler insurance is mandatory, several people just forget to renew their policy at the end of the policy tenure. With long-term policies, you don't have to worry about renewing your policy every year. You can simply choose to do it at the end of two or three years, as per the tenure opted for by you.
    • Fixed Third-Party Premium Rate: Third-party premium rates are decided by the Insurance Regulatory and Development Authority of India (IRDAI), and these rates are likely to be raised every year. You will not have to be concerned about this with a long-term policy. Your third-party premium rate is guaranteed to remain constant for the duration of the policy tenure.
    • No-Claim Bonus Benefits: For annual policies, if the insured member makes a claim during the policy year, the no-claim bonus will become 0. However, this works a little differently for long-term policies. If you make a claim on your long-term policy, the no-claim bonus will only reduce instead of becoming nil.
    • Choice of Long-Term Policies: Many insurers offer customers long-term policies, and these policies can be purchased through online and offline modes. Further, renewing a long-term policy is also extremely easy and most insurers allow policyholders to renew it online by paying the due premium. Given the amount of choice, you can opt for a policy that perfectly matches your needs and comes at an affordable price.
    • Discounts for Long-Term Policies: Many insurers also offer you a discount on the total premium when you purchase a policy with a longer tenure. This will enable you to pay a lower premium and save money.
    • Avoid Risk of Policy Lapse: For annual policies, policy renewal has to be done every year. If you delay this process by even a few days, you will be subjecting yourself to several risks. On the contrary, with a long-term insurance policy, you won't have to worry about non-renewal risks for the duration of the policy tenure. Further, if you have to renew a lapsed policy, the insurer may ask for the vehicle to be inspected. In case of a long-term policy, you won't have to go through these hassles.
    • Easy Termination of Policy: A long-term insurance policy can be cancelled just as easily as an annual two wheeler policy. The premium you paid while purchasing your policy will be refunded to you after deducting the appropriate charge for the number of months that your two wheeler was covered.
    • Coverage for Co-Passengers: Not only will a long-term two wheeler insurance policy protect your vehicle and provide a risk cover for you, but it also provides a personal accident cover for co-passengers (for an additional fee, in most cases). This is extremely important as the pillion rider may also be injured when one meets with an accident.
    • Cashless Garages: If your two wheeler is in need of repairs or servicing, you can choose to have this done at your insurer's partner garage. Partner garages give you the added benefit of availing cashless facility.
    • Premium payable under three year cover or long-term for two-wheelers:As advertised in the name itself, it is a long-term three year insurance cover for a two-wheeler vehicle. The premium is thrice the amount of annual policy premium, but this amount has to be paid in one go. Unlike the annual premium where renewal premium amount is subject to alteration, in long term policies premium once paid ,the amount cannot be altered during the term under any circumstance.

    Benefits And Key Features of Two Wheeler Insurance Policies

    • Protects your two wheeler:

      The first step to protecting your vehicle is to purchase a bike insurance policy. You can either choose to purchase a comprehensive policy or a liability-only two-wheeler insurance policy. Based on the type of insurance policy you purchase, the policy will offer you a range of benefits. Comprehensive bike insurance policies will cover any damage that occurs to your bike. The policy will cover loss of the vehicle or theft of the whole vehicle or parts of it.

      Further, the policy will also provide a cover against natural calamities, such as fire, flood, storms, cyclones, etc., and man-made activities, such as riots, strikes, burglary, etc. In addition, the personal accident cover ensures that hospitalisation expenses will be paid for in case you happen to meet with an accident. Considering how the cost of repairing a vehicle can really add up, it is wise to have an active comprehensive two wheeler policy at all times. Besides the fact that it is mandatory to purchase, a two wheeler insurance policy is a must-have if you want to keep yourself and your vehicle safe.

    • Provides a cover against third-party accidental death or injury:

      Unfortunately, when we meet with an accident, there is a high chance that we might end up injuring someone else also. A third-party liability-only bike insurance policy will ensure that you will be protected if this happens. In case a third-party happens to meet with an untimely death or sustains severe injuries due to an accident caused by you, they can claim a compensation, and the compensation will be covered by your policy. Further, such an event is also likely to have legal consequences. All your legal fees and expenditures will be covered by your policy.
    • Covers damage to third-party's property and assets:

      Again it is likely that in case of an accident, you may end up damaging another's property or assets. Property, in this case, is defined as another individual's vehicle, parts of the vehicle, house, etc. Reimbursing a third-party for damages to their property may be a real hassle, as these are expenses that you don't normally plan for. However, a liability-only two wheeler insurance policy covers the expenses incurred due to damage of a third-party's property, too. As per the norms set by the Insurance Regulatory and Development Authority of India (IRDAI), damages up to Rs.1 lakh will be covered by your policy. Any damage to the third-party's property or asset beyond this amount will have to be settled by you.
    • Covers Damage caused to Vehicles:

      A third-party liability-only bike insurance policy will only cover any damage that is caused to the third-party's vehicle, whereas a comprehensive policy will cover damages caused to your own vehicle, as well. Further, damage to your vehicle due to man-made and natural calamities will also be covered. However, you will have to note these will have to come under the limits that are specified by the insurer. If your claim amount exceeds your cover, you will have to bear a portion of your bill.
    • Cashless Facility at Network Garages:

      Most insurance companies have tie-ups with certain garages, called network garages, in various cities across India. Insured members can visit these cashless garages and have their bike repaired or serviced without having to bear the costs themselves. After the repair is done, your insurer will settle the bills directly.

      However, you will have to remember that not all garages have tie-ups with your insurer. At the time of purchasing the policy, you will be provided a list of network garages. Since this list may be updated with additions and deletion, you will have to look for the updated list on the insurer's website, or you can even call your insurer's toll-free number to locate the nearest network garage.

      Another thing to remember is that your insurer will only cover repair costs that have been included in the policy. If damage has been caused to a certain part of the two-wheeler that is not covered by the insurer, you will have to settle these bills on your own. Cashless facility at network garages is a huge boon to policyholders since it cuts your expenses significantly.

    • Covers Non-Vehicle Owners:

      Your vehicle may not only be used by you. It is likely that it may be borrowed by family members and friends. Hence, most comprehensive bike insurance policies also extend the cover to any individual riding the vehicle, even if he/she is not the owner. Thus, you can claim a reimbursement/compensation if you meet with an accident, even if the vehicle didn't belong to you, unless otherwise stated in the policy or if the policy comes with a driver's clause.
    • Personal Accident Coverage:

      Comprehensive two wheeler insurance plans will also cover personal accident expenses incurred by the policyholder and the pillion, for an additional fee. Hence you or your nominee can claim a compensation if you meet with an accidental death, permanent total disability, etc.
    • Add-On Covers and Riders:

      Your two wheeler insurance coverage will vary as per the type of policy purchased by you. However, you can always choose to enhance this basic coverage, if your bike insurance provider offers add-on riders/covers. Many insurers offer an additional Nil Depreciation Cover and a Personal Accident Cover for the pillion. While these add-on covers are completely optional, they will make your coverage more inclusive and exhaustive. Ensure you go through your policy brochure or ask your insurance advisor for information on any add-on covers that may be offered by your insurer.
    • Peace of Mind and Security:

      An accident can cause one a significant amount of emotional, physical, and financial distress. While such events are unforeseen and unavoidable in many cases, you can, at the very least, ensure that you are protected by purchasing a 2 wheeler insurance policy. Your bike insurance policy will provide you a range of benefits and help save your hard-earned money in times of emergency.
    • No-Claim/Cumulative Bonus:

      Most insurers offer a no-claim bonus for every claim-free year. This bonus is reflected in the form of lower premiums for the subsequent year. Since your premium amount will usually increase every year due to inflation and rising costs, these discounts can help you can secure a lower premium rate. A no-claim bonus will only be applicable if you renew the policy within the grace period. If the policy has already lapsed, your accrued benefits will also lapse.
    • Hassle-Free Claim Settlement:

      The claim settlement process is usually quick and hassle-free for 2 wheeler insurance policies. In case of an accident or a vehicle breakdown, you can opt for cashless facility at a network garage. Alternatively, you can also choose to pay for the expenses yourself and have the insurer reimburse you for your expenses, after the due verification has been completed. You claim will be settled after you register the claim with the insurer, have the damage evaluated, provide the necessary documents, and do any required paperwork.
    • Transfer of No-Claim Bonus:

      A no-claim bonus is given to you as a reward for riding safely during the tenure of the policy. This bonus can be accumulated for a few years. If you happen to purchase a new 2 wheeler to replace the existing one, you don't have to purchase a new insurance policy. You can simply transfer your policy with the no-claim bonus. The no-claim bonus can help you avail a lower premium rate for the new vehicle. Also, this is applicable even if you are changing insurers. However, you can only transfer the no-claim bonus if the policyholder remains the same. The no-claim bonus that is linked to a policy under one individual's name cannot be transferred to another individual.
    • Factors Affecting Two Wheeler Insurance Premiums:

      There are several factors that can affect the rate of your premiums. Firstly, a comprehensive insurance policy is likely to have a higher premium than a third-party liability-only policy. Insurers will also look at the policyholder's age, work experience, gender, etc. before deciding on a premium amount. Riders with very less experience may be charged a slightly higher premium.

      Other parameters that will be considered include the age and condition of your vehicle, the year of manufacture, number of kilometres, cubic capacity of the engine, etc. Further, if you choose to purchase an add-on rider or opt for a higher voluntary excess, your premium will also be higher.

    • Quotes for Two-Wheeler Insurance Policy:

      It is imperative that you have an idea of how much you will have to pay as a premium, in order to budget accordingly. It is also a wise idea to compare between quotes from a few different insurers, so you can choose one that is affordable and meets your needs. You can choose to receive a quote for a 2 wheeler insurance policy through offline channels, such as walking into the insurer's office or contacting the Customer Service team, or through online modes. Most insurers offer customers the option of calculating their premium directly on the website. Several third-party websites also have this feature and will also enable you to compare between various insurers. All you need to do is enter a few details about yourself, your vehicle, and the type of coverage you require to receive a quote.
    • Easy Policy Purchase:

      There are several insurers offering bike insurance policies in India. While you can choose to purchase a policy of your choosing through an auto dealer or by directly meeting the insurance advisor, you also have the added option of purchasing the policy online. Several insurers will allow prospective customers and existing policyholders to purchase and renew their policy online, through their official website.
    • Claim Status:

      If you have already raised a claim and are awaiting the settlement, you may want to know the status of your claim. Most insurers provide customers the option to track their claim status through their official website by simply entering the policy number. Hence, this enables you to view all information related to your claims in just a few clicks.

    Bumper-To-Bumper 2 Wheeler Insurance Cover

    Also known as a Zero Depreciation Cover, the Bumper-to-Bumper Cover for 2 wheelers is a popular choice among vehicle owners. Most insurance companies offer this cover in the form of an add-on rider, and not a separate insurance policy. While a comprehensive 2 wheeler insurance policy offers an exhaustive coverage, it, too, comes with certain exclusions. Insurers take depreciation charges into account before paying a settlement under comprehensive insurance policies. All these factors might cause you to bear a portion of the expenses on your own.

    However, with a bumper-to-bumper bike insurance cover, your insurer will be liable to provide you complete coverage for all parts of the bike and also doesn't take the depreciation factor into account. In most cases, the additional premium that you will have to pay towards your Zero Depreciation Cover can be over 20% of what you would pay for a regular bike insurance policy. While purchasing a bumper-to-bumper cover might increase your premium slightly, it is a worthy investment as it guarantees complete peace of mind to the policyholder. Such a cover is especially important if you are purchasing a brand new or very high-end vehicle.

    Benefits Of A Bumper-To-Bumper/Zero Depreciation Cover

    • If you have purchased this cover, your insurer won't take the depreciation of your vehicle into account. This is one of the main benefits since the more a vehicle depreciates in value, the lesser you will receive as your two-wheeler claim settlement. Having a Zero Depreciation Cover is a smart way to ensure you receive the original value of the vehicle/vehicle parts.
    • It reduces out-of-pocket expenses. Without a Zero Depreciation Cover, your insurer will only pay you the claim amount after considering the depreciation factor. Hence, based on how much your vehicle has depreciated over the years, you might have to incur a significant amount of out-of-pocket expenses. A Zero Depreciation Cover protects against this.
    • It adds more coverage and protection to your basic plan, and makes your plan more inclusive.
    • This cover is a great choice for individuals who have just purchased a luxury bike, a new high-value two-wheeler, two-wheelers with expensive spare parts, or inexperienced riders.
    • You can ride with complete peace of mind.
    Bumper-to-Bumper/Zero Depreciation Cover Inclusions Bumper-to-Bumper/Zero Depreciation Cover Exclusions
    Can be purchased for new policies or while renewing your existing two wheeler insurance policy. This cover may have a limit on the number of claims one can make per year..
    Offers a cover against depreciation of value. The cover cannot be purchased for older vehicles (over 2 years).
    Covers plastic parts, rubber, nylon, and fiberglass components. The cover might not be applicable for certain vehicle types and makes.
    Individuals can claim the full original invoice amount, excluding the deductible. Normal wear-and-tear, damage caused due to mechanical breakdowns, and uninsured dangers are not included under the coverage.
    Can only be purchased for new two-wheelers or two-wheelers under 2 years. Uninsured items, such as the bi-fuel kit, gas kits and tyres are also not covered.

    Zero Depreciation Cover for Two Wheeler Insurance

    Depreciation is a factor that everyone tends to ignore over a period of time as we only concentrate on keeping the bike well in shape. But knowing about depreciation is very important in times of claims, repairs or even while selling the bike. The bike or two-wheeler depreciates every year and the percentage of depreciation is already pre-fixed by the IRDAI.The value of your vehicle decreases year after year, in fact the moment its is driven out of the showroom the depreciation value is calculated. Purchasing a two wheeler is not so difficult these days with available finance options.However keeping the bikes safe and secure against all odds is what the challenge is.

    To help you with this, the insurer at the time of two wheeler insurance purchase offers you the zero-depreciation add-on cover.It provides a unique protection to your bike against theft, road accident damages, repairing costs, claims, etc. In all these situations while you claim the two wheeler insurance, the insurer considers the depreciation value of the bike.On having this cover, the depreciation consideration is completely eliminated.

    When can you avail Zero Depreciation cover?

    When you purchase the policy, please read the terms and conditions clause carefully. The claim period and premium amount and few of the factors which are not standard according to the government, may vary from company to company. For each type of claim there will be certain conditions on how to avail the claim. And most importantly know what is not covered in this add-on purchase, because it is not standard with every company. Generally following are the instances when you can and cannot avail:

    • This benefit can be availed only twice during the policy term
    • If the bike has been in any mishap or accident, then the policyholder must get his bike repaired with the network of garages that have partnered with the insurer.
    • If the bike is completely wacked, damaged or stolen then this benefit cannot be availed.Â

    Process To Purchase Two Wheeler Insurance In India

    Prospective policy buyers can choose to buy their choice of bike insurance through online or offline channels. Listed below are the various means through which you can apply and purchase a policy

    Offline Channels for Purchase Online Channels for Purchase

    Insurer's Branch: You can choose to locate the nearest branch of your insurer and directly walk into the office. You will have to meet the concerned representative, fill out an application form, submit all the required documents, and purchase your policy. The representative will take you through the terms and conditions of the policy and provide you with all information related to your policy. If you have any queries after reading your policy brochure, you can clear it with the representative directly.

    Through an Insurance Advisor: Insurance companies usually have their own insurance agents and advisors. In this case, the insurance agent will act as a middleman between you and the insurer. He/she will help you choose the right plan, and will also assist you through the application process. Most insurance agents will charge a service fee, which you will have to pay.

    Through auto dealers: The IRDAI has recently made it mandatory for auto/motor dealers to provide a customers a choice of motor insurance policies. Hence, you can contact the nearest auto dealer or visit their office and make the purchase. When you purchase a new bike from a dealership, you will receive an insurance policy directly from the dealer.

    As the name suggests, a comprehensive insurance policy is an all-inclusive insurance policy that offers the insured member a more exhaustive coverage. All comprehensive insurance policies come with third-party insurance coverage. Hence, even if the insured member happens to cause damage to another's property or cause bodily damage to another individual, the policy will provide a compensation.

    In addition to this, comprehensive insurance policies will also cover the insured member's vehicle repair costs. The vehicle is protected not only from accidents but also from natural calamities, riots, strikes, vehicle theft, theft of parts, loss of the vehicle, etc. These policies also cover personal accidents. Further, the insured member can also purchase a personal accident cover for the pillion rider, by paying an additional fee.

    Two Wheeler Insurance

    Factors To Consider Before Purchasing Bike Insurance

    • Level of Coverage: Before purchasing an 2 wheeler insurance policy, you will have to decide on the optimum level of coverage for you. You will have to select your coverage type - third-party liability-only insurance policy or a comprehensive insurance policy. Both offer a different type of coverage, with comprehensive insurance policies being the more exhaustive of the two. You will also have to opt for your sum insured. To work out an optimum sum insured, make sure to consider your premium-payment ability, monthly budget and expenses, future liabilities, and the frequency of your two-wheeler usage.
    • Cubic Capacity of the Vehicle: Your premiums will be directly tied to the cubic capacity of your bike. A higher cubic capacity will result in a higher premium, and vice versa.
    • Discounts and Bonus: Several insurers offer customers discounts and bonuses on their premium. You may be entitled to receive a bonus for every claim-free year or a discount for choosing a long-term policy. Ensure you clarify these with your insurer or the agent.
    • Add-On Covers: Most insurers offer customers the option of purchasing add-on covers, such as a Zero Depreciation Cover, Personal Accident Cover, etc. While these add-on covers make a worthy investment, they will also increase your premium amount.
    • Claim Settlement Ratio and Customer Service: Before purchasing your preferred insurance policy, ensure you check the claim settlement ratio (CSR) of the insurer. A high CSR is desirable, since it indicates how willing the insurer is to settle the claims. Similarly, look into the insurer's customer service channels. It is vital that you are able to contact the insurer if the need arises, in a hassle-free manner. Thus, it is imperative the insurer is easily reachable at all times.
    • Network Garages: Your insurer will have tie-ups with certain garages in the city. Since these network garages offer you cashless facility, it is necessary that you find out just how large your insurer's network is. The more network garages the insurer has, the better will your choice be. It also ensures that in times of emergency, you don't have to travel too long to get to a network garage. Your insurer will give you a list of network garages while purchasing the policy. You can also view this information on the insurer's official website.
    • Policy Tenure: Insurers offer bike insurance with policy tenures of 1, 2, and 3 years. It is often more beneficial to purchase a long-term insurance policy than a short-term policy. Consider your needs and check out the various policy tenure options offered by your insurer.
    • List of Exclusions: Your policy will come with a brochure that details a list of exclusions. Ensure you are aware of the exclusions, so you can be prepared for any eventuality.
    • Compare between Policies and Premiums: Insurers offer various plans with varying coverage levels and premiums. Ensure you compare plans of at least a few top insurers before purchasing a policy, so you can get the best deal.

     

    • Consequences of Not Purchasing Two Wheeler Insurance

      Recent studies have shown that at least 75% of two wheelers traveling on Indian roads are not insured. And few people who were interviewed by the organisations who conducted this study were cited saying that buying two wheeler insurance was waste of money, the two wheeler insurance does not benefit us, etc. It is because of lack of awareness about bike insurance, and the benefits of the same, the number of uninsured vehicles have increased.

      The IRDAI has recently urged both the police officials and the insurance companies to co-operate with the government to help in checking for motor insurance with every two-wheeler owner. Any two-wheeler owner who does not have a bike insurance will be fined for the same. The IRDAI has also regulated that the bikes which do not have motor insurance should immediately avail the third-party insurance with any insurer. Having two wheeler insurance is mandatory under the law. It is risky to drive 2 wheeler on Indian roads, and therefore it is necessary that every bike owner insures themselves with two-wheeler insurance. There are mainly two-kinds of two wheeler insurance: Third-party liability cover and comprehensive policy. The third-party liability cover protects only the third-party person to whom damage or injury is caused by the insured vehicle. The comprehensive policy on the other hand provides complete protection to the vehicle and the owner. There are few add-on covers like zero depreciation cover, personal accident cover, return to invoice cover, etc. which can be availed for extra premium along with comprehensive policy.

      Having a two wheeler insurance is no less than having a medical insurance as it provides personal accident protection to the owner. So what are the consequences you might face if you do not own a two wheeler insurance?

      • You will be penalised by the police on a random checking for Rs. 1,000 or you could be imprisoned up to 3 months as per Motor Vehicle Act. Because driving without an insurance leaves you open for many dangerous situations. Your driving license will also be canceled for the same act.
      • If your bike is not insured with a comprehensive two wheeler insurance policy which protects you against damages like accident, own damage, third-party liability, natural calamities, man-made calamities, etc. If you do not have this cover, the cost of repair for the damages occurred by these situations will have to be borne by you. If it is a third-party damage, the legal proceedings cost and the compensation to the third-party will also have to be borne by you.
      • If you have a policy already and have forgotten to renew it, you will lose No claim bonus. NCB is a discount given to you in the form of reward for not claiming the insurance in that particular year. If your vehicle is uninsured for 90 days, you will lose the entire accumulated no claim bonus. And if you are looking to change the insurer, and not obtained your new insurer within these 90 days, you will lose the opportunity to transfer the NCB.
      • If you have not renewed your policy on time, reinstating the bike insurance policy is definitely a time consuming process. On submitting an application to renew, your vehicle will be inspected by a survey inspector sent by the insurance company. The insurance company will increase the premium amount in this scenario. If the vehicle is too old or has too many repairs or damaged, the insurance company may also reject the policy.

       

      The consequences and the loss from not having an insurance is much higher than purchasing a two wheeler insurance. The premium to avail a bike insurance is very nominal ad it is fixed by the IRDAI according to the cubic capacity of the vehicle. So get your insurance today to avoid penalties and legal tangles. You can buy two wheeler insurance online through any trusted third-party websites or through the insurer's website by submitting few details of the vehicle and yours with just few clicks. It is quick and easy, time saving and money saving. Let's insure our bikes and enjoy a stress free ride.

    Add-On Covers for Two Wheeler Insurance

    While your policy may have certain limitations, it is a good idea to enhance the coverage by purchasing add-on covers or riders. Not all insurance companies will offer all add-on covers, hence make sure to check with your insurer about any possible riders that you can purchase. Listed below are a few popular add-on plans.

    Personal Accident Cover An accident on a two-wheeler may cause significant injuries to the parties involved, since the level of protection that a two-wheeler offers is very less. Hence, you can purchase a personal accident cover to provide coverage to you and the pillion rider in case of an accident
    Cover for Accessories Most insurance policies will not offer you a cover for any accessories that you may have additionally purchased for your vehicle. However, if the accessories are very expensive, you can choose to purchase an add-on cover just for the accessories
    Zero-Depreciation Cove Insurers will usually settle your claims after taking into account the depreciation charges. This will result in your getting a lower amount than what you may have expected. In order to avoid this, you can purchase a Zero Depreciation cover. With this cover, your insurer will settle your claim without taking into account the depreciation factor.

    Factors Affecting Two-Wheeler Insurance Premiums

    When comparing between various bike insurance policies in the market, one of the deciding factors is usually the rate of premiums. It is vital that you choose an insurance policy with an affordable premium, so you don't have any difficulty in paying the amount. Thus, it is necessary that you know exactly what factors will affect your premium.

    Condition and Type of Vehicle The premium may vary based on the condition of your vehicle, the cubic capacity of the engine, the year of manufacture, make of the vehicle, the vehicle's showroom price, etc. Hence, you will have to furnish the correct details at the time of purchasing your policy to obtain an accurate quote
    Add-On Covers If you will be opting for additional riders or covers at the time of your policy purchase, your premium will also increase accordingly. Hence, opt only for the covers that you require and make sure to account for an increase in premium.
    Coverage Type The type of coverage that you choose will play a big role in deciding your premium. While it is mandatory for all vehicle owners to at least have a third-party liability-only cover, it is a good idea to purchase a comprehensive cover for wider protection. The premium payable for a third-party liability-only cover will usually be lesser than that of a comprehensive insurance policy .
    Policy Buyer's Demographics Insurers also take into consideration the policy buyer's age, gender, years of riding experience, etc. If you are relatively young with about 5-10 years of riding experience, your premium is likely to be lesser than that of an individual who has just started riding. Similarly, if you can prove a good riding history to your insurer, your premium may be lesser, as well.
    Previous Claims When renewing a policy or purchasing a fresh policy, insurers are likely to look into your history of making claims. If you had a claim-free year, you may be eligible to receive a discount on the premium for the following year. Similarly, if you made many claims in the past years, your premium may be increased.
    Opting for a Higher Voluntary Excess or Deductible When making a claim, the deductible is what you will have to pay. If you opt for a higher voluntary excess or deductible, your premium will be lower, and vice versa.

    Rate for Third-Party Insurance for Two-Wheelers

    The Insurance Regulatory and Development Authority of India (IRDAI) has increased the third-party insurance rate for all motor vehicles, with effect from 1 April 2017. The insurance rate has been increased by up to 40% for certain categories. This has also caused bike insurance premiums to increase. Listed below is the new third-party insurance rate, on the basis of the cubic capacity of the engine.

    Vehicle Engine Capacity Third-Party Insurance Rates before 1 April 2017 Current Third-Party Insurance Rates (After 1 April 2017) Percent Hike
    Up to 75 CC 569 569 0%
    76 CC to 150 CC 619 720 16%
    151 CC to 350 CC 693 887 28%
    Above 350 CC 796 1,019 28%

    The third-party insurance rate for two-wheelers with cubic capacity lesser than 75cc has not been raised for the current financial year. The new third-party insurance rates do not apply to individuals who purchased a long-term policy cover (for a duration of 2 or 3 years) before the new rates came into effect.

    Transfer Of Bike Insurance

    If you are planning to purchase a new two-wheeler and sell your existing vehicle, you don't have to purchase a new insurance policy. You can simply choose to transfer the existing policy. This will help you keep your accrued benefits intact. You will need to ensure that this is done within the stipulated time. You will also have to inform the insurer and request for a no-claim certificate. The no-claim certificate will help you secure a lower premium for the following year.

    When Should You Transfer Your Bike Insurance Policy?

    When you are purchasing a new two-wheeler, transferring an insurance policy may not seem very important. However, if you transfer your insurance policy, you won't have to purchase a new policy. Hence, if you've had a claim-free year, you won't have to let that benefit go to waste. You can transfer your policy and still claim the benefits. Similarly, if you have a long-term policy, you will be saving money by transferring your policy and continuing the coverage instead of purchasing another policy.

    Process To Transfer Your Two Wheeler Insurance

    In order to transfer your bike insurance, you will first have to transfer the ownership of the two-wheeler from your name to the buyer's name. While the entire process is quite hassle-free, you will have to ensure you submit all the required documents in a timely manner.

    Transfer of Two Wheeler Ownership Transfer of Insurance Policy
    Firstly, you will have to inform the RTO of the sale. In order to initiate the transfer of your two-wheeler ownership, you will have to give the buyer certain documents, such as the tax certificate, registration certificate, PUC certificate, a copy of the bike insurance policy, a filled and signed Form 28 (for transfer of ownership), Form 29 (no-objection certificate), and Form 30 (report of the transfer). Once you have handed these document to the buyer, you can legally transfer the ownership of your two-wheeler. After transferring the ownership of your two-wheeler, you will have to transfer the insurance policy. In order to transfer the insurance policy, you will have to first inform your insurer and obtain a no-claim certificate. If you do this, your no-claim bonus will continue to remain in your name, and won't get transferred to the buyer of your vehicle. The No-Claim Certificate will help you get a premium discount for the following year. Next, the person who has purchased the insurance plan will also have to visit the insurer and furnish their personal details for the current plan. Lastly, you will have to inform the RTO of the same.

    Importance Of Transferring Your Motor Insurance Policy

    • Freedom from the Buyer's Future Liabilities: If you fail to transfer your insurance policy, and the individual who purchases your two-wheeler happens to meet with an accident and cause damage to a third-party property or assets with the two-wheeler you sold to them, you will be held liable. While your insurer will still pay off the claim, you will have to face a lot of hassle in ensuring that the claim is settled favourably. Thus, it is vital that you transfer your policy.
    • No-Claim Bonus: For every claim-free year, you insurer may reward you with a no-claim bonus. This no-claim bonus can be extremely useful in securing a lower premium for the following year. Transferring your policy will ensure that your no-claim bonus is also transferred. If you fail to transfer your policy, and purchase a new policy instead, your accrued benefits will be lost.

    Two Wheeler Insurance Policy Renewal

    While it is necessary to purchase a bike insurance when buying a vehicle, you must also ensure you renew your policy in a timely manner. In order to claim your no-claim bonus for the previous year, you will have to renew your policy within a 90-day period, post expiry of your policy. If the policy is not renewed within this time frame, your no-claim bonus will lapse. Policy renewal is a hassle-free process, and there are a several channels through which you can renew your policy, such as:

    Renewal at Branch All insurers provide customers the option to renew their policy directly at their branch. You can visit the insurer's official website, locate the nearest branch, and meet with the concerned representative at the branch. You might need to provide your insurer a few details about yourself, your driving licence information, RC number, existing insurance policy number, etc. After the necessary documentation and paperwork is done, you can pay your renewal premium by cash, credit card, debit card, etc.
    Online Policy Renewal Policies can also be renewed online through the insurer's official website or through certain trusted third-party websites. Renewing your policy digitally is usually quicker and hassle-free. You will need to navigate to the website, click on the respective tab, key in certain details about yourself, input your policy number, and then make the renewal premium payment.
    Insurer's Apps In recent times, many insurers have come up with apps for smartphones. Logging into these apps will enable you to view all details related to your policy, track your claim status, and, in some cases, renew your policy. However, you must remember that not all insurers offer this facility.

    A few other things that you should keep in mind before renewing your two-wheeler insurance policy are:

    Factors Affecting Two Wheeler Insurance Premiums
    • Mode of Payment: Your mode of payment is simply the frequency of premium payment. In most cases, you will have to pay a one-time premium to the insurer. Generally, the risk cover will not commence unless you have paid the premium in advance.
    • Policy Tenure: You can choose a policy tenure as per your needs and requirements. You can either opt for a one-year policy tenure option, or choose a long-term policy tenure of 2 or 3 years. Annual policies should be renewed at the end of every policy year.

    If buying two wheeler insurance is important and mandatory for two wheelers, making sure it is renewed on time before its expiry date is also important. Driving without a valid license and insurance is an offence and you will be fined for the same if caught by the police in a random checking.

    Instead of renewing it offline by going to the insurer's office, the digital era has provided the facility to renew two-wheeler insurance policy online within and on mobile apps within few minutes and few clicks. Many insurance companies have mobile apps where you can purchase or renew your two-wheeler insurance policy. So while you are travelling to work, or not in station to go to the insurer's office to renew the policy, you can always complete the process on mobile if you have the insurer's app.

    There is no need of vehicle inspection by any surveyor if you are renewing it on mobile app, you can do it anywhere anytime with few details like vehicle registration number, policy details, DL and other details. Once you make the payment, the insurer will immediately send you renewed policy via email. You can also download the document on mobile app as well. So download your insurer's app today and free yourself from the tedious process of renewal.

    While renewing the bike insurance policy, instead of annual term choose for long-term policies. Long-term policies are beneficial because:

    • You have to renew once in three years
    • Unlike annual policies, the risk of premium hike can be avoided
    • No-claim bonus benefits
    • Insurers offer up to 13% discounts on long term policies

    Benefits of Bike Insurance Renewal Online:

    • Saves your valuable time and money
    • No commission to agents and intermediaries
    • Hassle free process with instant documents sent via email
    • Can be done through third-party website or insurer's website
    • Requires minimum or no paperwork
    • Minimum information required which is done with few clicks
    • No inspection needed if you renew the bike online
    • Can compare plans and quotes from insurer

    How Long Is Two Wheeler Insurance Valid After Renewal Expiry Date?

    • It is ideal to renew the two wheeler insurance policy well in advance to the expiry dates.
    • A two wheeler insurance policy will not be valid if it has lapsed.
    • The insurer will provide time upto 30 days which is called as grace period, for the renewal.
    • If the bike insurance policy has lapsed for more than 90 days, Â the renewal policy will be considered as new policy and you do not have to provide old policy details.
    • If you renew within 90 days after the expiry, as a result the premium amount will be increased.

    Exclusions - What Is Not Covered Under Two Wheeler Insurance Policies?

    Knowing what falls under your insurer's exclusion criteria is just as important as knowing the inclusion criteria, as it will help minimise the chances of your claim getting rejected in the future due to non-insurability. The exclusion criteria varies from insurer to insurer and plan to plan. Hence, ensure you go through your policy document carefully to make a note of your plan-specific exclusion criteria.

    Exclusion Criteria for Third-Party Liability-Only Insurance Policies:

    • Own-vehicle damage
    • Liability arising out of an accident that occurred outside the geographical area mentioned in the policy
    • Consequential loss
    • Theft or loss of vehicle
    • Damage to own vehicle due to man-made or natural calamities
    • Damage due to nuclear contamination
    • General wear-and-tear of vehicle and vehicle parts
    • Expired policy

    Exclusion Criteria for Comprehensive Insurance Policies:

    • Wear-and-tear caused due to time
    • Damage or accident caused by a rider riding without a valid licence
    • Mechanical breakdown
    • Electrical failure or breakdown
    • Accident/damage caused by an individual riding under the influence of alcohol or other drugs
    • Depreciation of value
    • Consequential loss
    • Claim arising out of a contractual liability
    • Accidents or damage to vehicle occurring while carrying out a criminal activity
    • Damage to vehicle due to war, uprisings, and nuclear risks
    • Damage occurring outside the prescribed geographical locations
    • Damage to tubes and tyres, unless the said damage has occurred due to an accident
    • Using a private vehicle for commercial uses, and vice versa
    • Expired policy

    Documents Required To Apply For A Two Wheeler Insurance Policy

    Purchasing a bike insurance policy is a fairly easy process that doesn't require extensive documentation and paperwork. The documentation process varies from insurer to insurer, and you will have to go through your policy brochure for more information. At the most, you insurer may ask you to submit the following documents:

    • Valid Photo ID Proof, such as Passport, Aadhaar card, PAN card, Voter's ID, etc.
    • Valid Address Proof, such as Passport, Utility bills, etc.
    • Valid Driving Licence copy
    • Proof of work experience (if applicable)
    • Landline number
    • Vehicle registration number and RC certificate

    If you are renewing your policy, you may also have to additionally submit your existing policy copy or policy number. For policies purchased online, the documents required are minimal or nil.

    What You Should Do In Case Your Two Wheeler Insurance Policy Has Expired

    • If your policy has expired, you will first need to check if the policy is still within the grace period. If you make the due premium payment within the grace period, your policy will continue as is, with the same benefits, and your accrued benefits will not be lost.
    • If your policy has been expired for a while, you will need to inform the insurer. The insurer may renew your policy after the vehicle is evaluated for damage.
    • If you choose to purchase a policy from another insurer, you will need to immediately contact your previous insurer and request for a no-claim certificate, provided you did not make any claims in the previous year. This no-claim certificate is of utmost importance since it can help you secure a lower premium under the new policy. You can get a no-claim certificate if your policy has been lapsed for under 90 days. If the policy has been expired for over 90 days, your accrued benefits will be lost.
    • Before you can purchase a bike insurance policy from another insurer, you will have to zero-in on a policy that matches your requirements. There are several insurance companies that offer bike insurance plans. You will need to compare between the plans offered by various companies and opt for one that offers a competitive and affordable premium rate with a good amount of benefits.
    • In some cases, your insurer may want you to get your two-wheeler evaluated by a surveyor. This is to check whether there were any problems or pre-existing damages with the vehicle. Your insurer may charge you a certain fee for this process. If the inspection has been cleared successfully, you can proceed to purchase your policy.
    • You can purchase your policy through both online and offline modes. You will need to provide the insurer a few details about yourself, submit the necessary documents, and make the premium payment. Again, you can choose to pay the premium online or offline, by cash, credit card/debit card, net banking, NEFT, mobile wallets, etc. You can choose to purchase a third-party liability-only policy or a comprehensive policy. You also have the option to purchase an annual policy or a long-term policy for 2 or 3 years.
    • You can also choose to customise your policy with add-on covers or additional riders. This will ensure that your policy cover is more exhaustive.
    • As the last step, you will have to remember to renew your bike insurance policy as the date of expiry comes close, in order to enjoy continued coverage and carry forward your accrued benefits.

    Best Insurance Firms For Bike Insurance In India

    • ICICI Lombard General Insurance

      ICICI Lombard General Insurance is one of the market leaders of the general insurance industry. The company has a range of general insurance products on offer. The insurer has been recognised and felicitated for their innovative offerings and customer-centric approach several times over the years. The company has a high claim settlement ratio and a quick turnaround time for claims settlement.

      The Two Wheeler Insurance plans from ICICI Lombard is a smart way to secure your bike and cover yourself and the pillion. The insurer has over 5,600 partner garages across the country. The insurer offers a range of benefits to prospective policy buyers, such as:

      • Cover against vehicular damage due to natural calamities
      • Cover against vehicular damage or loss due to man-made calamities
      • Protection from third-party liability
      • Coverage against personal accidents
      • Optional personal accident cover for the pillion rider
    • HDFC ERGO General Insurance

      HDFC ERGO was established in the year 2002. The insurer has over 108 branches across 90 cities in India. Apart from the large workforce, the insurer also has a growing network of agents and brokers. The company has won a number of awards since its inception. Keeping customer satisfaction in mind, the insurer has put up a varied host of general insurance products on offer, which is guaranteed to cater to your every need.

      HDFC ERGO has partnered with several network garages in various cities across India. Policyholders can avail cashless facility in any one of these garages in a hassle-free manner. The Two Wheeler Comprehensive Insurance Policy offered by the insurer offers many benefits, such as:

      • An own damage cover, which protects against loss of bike, theft of two wheeler, coverage against accidental damage, and a cover against natural disasters.
      • Third-party cover, which covers accidental death/injury of a third-party and third-party property damage.
      • Personal accident cover for the rider of the bike.
    • Bajaj Allianz General Insurance Company

      Bajaj Allianz was setup in year 2001, and is currently one of the leading general insurance firms in India. The company has various general insurance product offerings for both retail customers and groups. By way of their technological innovation, strong customer service, and high claim settlement ratio, the firm has been able to record a strong growth over the past few years. The company has also won many awards for its claims management process, maintaining a loyal customer base, etc.

      The Two Wheeler and Bike Insurance policy from Bajaj Allianz comes in a 3 Years Long Term Package Policy version and a 1 Year Package Policy version. The plans offer policyholders the following benefits:

      • Cover against natural and manmade calamities
      • Personal accident cover, up to Rs.1 lakh
      • Option to purchase an additional personal accident cover for the pillion rider
      • Cover against third-party liability
    • Tata AIG General Insurance Company

      Tata AIG General Insurance started its operations in the year 2001, after receiving a licence from the Insurance Regulatory and Development Authority of India (IRDAI). The company has an exhaustive range of products in order to meet the needs of its retail consumer base and corporate businesses. The insurer has over 157 offices across India and a workforce of over 3,300. The insurer's Assets Under Management (AUM), up to 30 June 2017, was $0.82 billion.

      The Auto Secure - Two Wheeler Package Policy from Tata AIG offers policyholders a range of benefits, including:

      • Option to purchase up to seven add-on riders/covers
      • Policy buyers can set up insurance renewal reminder online
      • Covers damage or loss of vehicle (total and partial)
      • Covers third-party liability
      • No-claim bonus for every claim-free year
      • Depreciation for parts of the vehicle are pre-defined
    • Reliance General Insurance

      Reliance General Insurance was founded in the year 2000. The insurer has a pan-India presence, with around 139 offic5. Reliance General Insurancees across the country. In addition, the insurer has over 12,000 intermediaries in India. The company offers various customisable plans to meet the individual needs of every customer. The insurer also has noteworthy customer service with several customer care channels. Further, the insurer also aims to make affordable insurance products accessible to all individuals, protect the interests of policyholders, and drive product development by innovation.

      The bike Insurance Policy from Reliance General Insurance can be purchased offline or online. The insurer offers policyholders cashless facility in around 430 partner garages across India.

      The advantages of buying this plan include:

      • Discounts on the insurance premium
      • Choice of add-on riders and covers to customise the policy for an enhanced coverage
      • Hassle-free and timely claims settlement
      • Renewal of policy without paper inspection or any documentation
      • Insurance plans start at Rs.3 per day
      • Payment options to purchase policies online include UPI, debit/credit card, net banking, etc.
    • New India Assurance General Insurance

      New India Assurance was founded in the year 1919, and has been one of the leading players in the general insurance industry for over 40 years. The company is headquartered in Mumbai and has over 2,097 offices in total. With a 19,000-employee workforce, 50,000 agents, and over 170 general insurance products, the insurance firm can meet everyone's varying insurance needs. The insurer has also been felicitated with many awards over the years.

      The Motor Policy from New India Assurance can be purchased to cover all types of vehicles, including bike, cars, commercial vehicles, and motor trade vehicles. Prospective policy buyers can choose between a Liability-Only policy and a Package policy. Listed below are some of the key features of the Motor Policy:

      • Liability-Only policies cover accidental death/injury to a third party and/or damage to property/assets belonging to the third-party
      • Package policy offers comprehensive coverage
      • Policyholders can purchase add-on covers to enhance their base policy
      • Hassle-free claim settlement
    • SBI General Insurance

      SBI General Insurance offers prospective customers a varied general insurance product portfolio. Their insurance products are suitable to all customers across various segments of society. The firm follows a multi-distribution model and has a large workforce in India. For FY16-17, the insurer reported a Gross Written Premium (GWP) amounting to Rs.2,604.5 crore. The company has a presence in 110 cities across India.

      The key features of this plan include:

      • Hassle-free insurance policy renewal
      • Policy tenure or 2 or 3 years with a discount in overall premium
      • Third-party liability premium will remain fixed for the duration of the policy tenure
      • Protects against third-party liability
      • Protects against damage/loss of own vehicle
      • The insurer offers bonuses and discounts on the premium
    • Bharti AXA General Insurance

      Bharti AXA General Insurance commenced its operation in the year 2008, after receiving its licence from the Insurance Regulatory and Development Authority of India (IRDAI). The insurer provides product offerings across various segments, such as motor, travel, health, etc. Several policies can be purchased and renewed online. So far, the insurer has issued 9.8 million policies, settled 1.3 million claims, has 79 branches across the country, and offers 24/7 assistance to its members.

      The key features of the bike Insurance Policy from Bharti AXA are:

      • Policy buyers can choose their preferred coverage type. You can choose between a third-party liability cover or a comprehensive cover
      • The insurer has a network of over 2,500 partner garages, where one can opt for cashless facility
      • The insurer offers a no-claim bonus for every claim-free year, thus helping you secure a premium discount for the following year
      • Add-on covers - Personal Accident Cover for Occupants and Zero Depreciation cover - can be purchase to enhance one's two wheeler insurance plans
    • IFFCO Tokio General Insurance

      Incorporated in the year 2000, the company has several general insurance products across various segments on offer. The insurer has several branches across India, and the nearest branch can be located through the insurer's official website. IFFCO Tokio has a 92% claim settlement ratio, and settles claims in a hassle-free and fair manner.

      Some of the main features of this policy are:

      Covers damage of vehicle due to natural or man-made calamities

      • Cover loss of vehicle or theft
      • Provides a personal accident cover, up to Rs.1 lakh
      • Protects members against third-party liability
      • Members can opt for cashless facility at network garages
      • No-claim bonus up to 50% can be claimed by policyholders
      • No-claim bonus can also be shifted from one insurer to the other
      • Policy can be purchased or renewed online
    • Universal Sompo General Insurance

      Universal Sompo General Insurance was set-up in November 2007, after receiving its licence and registration certificate from the Insurance Regulatory and Development Authority of India (IRDAI). The insurer offers a varied product portfolio to its individual, small entrepreneur, and corporate consumer base. The insurer also has strong Customer Service channels, including a 24-hour helpline, SMS and web-based platform for customer support, etc. The company also allows prospective policy buyers to purchase several retail policies online. Further, claims are settled in a time-efficient manner by the insurer, and the status of claims can be tracked online.

      This insurance policy can be purchased for vehicles used for personal and commercial uses. The key benefits of this policy include:

      • Provides a cover against natural and manmade disasters
      • Cover against third-party liability
      • Offers a personal accident cover for the owner/driver of the vehicle
      • Optional add-ons can be purchased to enhance the protection of the policy
      • No-claim bonus can be claimed for every claim-free year
      • Opting for a higher voluntary excess can make you eligible for a discount
      • Security modification, like installing anti-theft devices, can make you eligible to receive a discount
      • Depreciation of vehicle parts will be pre-defined

    Claims for Bike Insurance

    If you have met with an accident or if your two wheeler has been damaged in an accident, you will have to file a claim with your insurer. You can choose to file a cashless claim or a reimbursement claim. In case of a reimbursement claim, you will have to pay for all the expenses yourself and then claim for a reimbursement from the insurer. The claim process for both cashless and reimbursement claims are different. However, the general steps that you will have to take are listed below:

    • Firstly, you will need to register your claim with your insurer. If the two wheeler or certain parts of the two wheeler have been stolen or damaged by miscreants, you will have to register an FIR with the police.
    • Next, you will have to get your vehicle repaired. You can choose to have your vehicle repaired at a network garage for cashless facility or at the nearest non-network garage and claim a reimbursement for the expenses that you had to incur. In case you need roadside assistance, you can contact your insurer and have your vehicle towed to the nearest garage.
    • Lastly, you will have to raise a claim with the insurer, submit the required supporting documents, and await your claim settlement. The status of the claim will be communicated to you by the insurer. However, you can also track the claim status directly on the insurer's website.

    Documents required to File a Claim

    The documents required will vary as per the claim type. The list of required documents may also vary from insurer to insurer. Listed below is a generic list of documents that you will have to furnish, based on the type of claim.

    Documents required for Accident Claims:

    • Copy of your cover note or insurance policy
    • Driving licence (copy and original) of the individual driving the vehicle at the time of the accident
    • Estimate cost for repairs from the garage where the vehicle will be repaired
    • Registration book copy
    • FIR report or the Police Panchnama
    • Signed claims discharge and satisfaction voucher
    • Original paid bill/invoice and payment receipt (in non-network garages)
    • Tax paid receipt

    Documents to be submitted for Third-Party Claims:

    • Claim form that has been signed by the insured individual
    • Copy of police FIR report
    • Driving licence copy of the person riding the bike
    • Copy of insurance policy
    • Copy of the vehicle's registration certificate
    • Stamp paper is required for company-registered 2 wheeler's original documents

    Documents required for Theft Claims:

    • Tax paid receipt
    • Service booklet and warranty card
    • Acknowledgement copy of letter to RTO, intimating them of the theft and making the bike 'NON-USE'
    • Consent of agreement of claim settlement value from both the insured person and the Financier
    • NOC from the Financier if the claim has to be settled in the insured individual's favour
    • The original insurance policy document
    • Registration book or registration certificate
    • Blank, updated 'Vakalatnama'
    • Previous insurance policy details, such as the insurer's name, policy number, and period of insurance
    • FIR copy in original
    • Signed Form 28, Form 29, and Form 30
    • Form 35 (signed by Financier)
    • Letter of subrogation
    • Signed claim discharge voucher

    Mode of Filing a Two Wheeler Insurance Claim

    Before you can file your claim, you will first have to register the claim with the insurer. In order to register/intimate the insurer of your claim, you can contact the insurer on their toll-free number. Claims can only be filed through offline channels, in most cases.

    Time taken for Claim Settlement

    Your insurer will start processing your claim as soon as they receive the due supporting documents. However, the time taken to settle claims will vary from insurer to insurer. While some insurers will settle claims within a 10-day period, some may take up to 30 days. You will need to read the terms and conditions of your policy for more information on the same. The claim settlement process might take longer if the additional investigations are required. If your insurer doesn't settle your claim within 3 months, they will be liable to pay an additional interest on the settlement amount.

    Cashless Claims

    If you opt for a cashless claims, you will not have to bear any out-of-pocket expenses, unless you have opted for a voluntary deductible. In order to avail the cashless facility, you will have to follow the steps mentioned below:

    • You will first have to intimate your insurer of the accident on the toll-free number provided to you.
    • You can also find out where the nearest network garage when you talk to the Customer Service representative.
    • You will have to note down the third-party's vehicle registration number, if any damage was caused to their vehicle.
    • If there were any witnesses at the time of the accident, note down their contact number also.
    • You will need to file an FIR at the police station.
    • You can give your vehicle to a network garage for repair with all the necessary documents.
    • A surveyor will check if all the paperwork is in order, and give the go-ahead to the garage.
    • Once the repair is done, the insurance company will send a delivery order to the garage.
    • The network garage will release your two wheeler after collecting a Satisfaction Voucher from you.

    Reimbursement Claims

    In times of emergency, people find it hard to opt for cashless facility. An accident may happen anywhere and at any time, and it might not always be possible or feasible for you to go looking for a network garage. During such times, it is simply more convenient to raise a reimbursement claim instead of a cashless claim. If you opt for a reimbursement claim, you will have to pay for the repair costs on your own. Once you file the claim, the insurance company will pay you back for the expenses you incurred, provided it falls within the predefined limits set by the insurer. In order to file a reimbursement claim, you will have to follow the steps mentioned below:

    • Firstly, you will have to notify the insurer of the upcoming claim as soon as possible. Most insurers have a toll-free number or a dedicated email ID. The customer service executive will provide you a claim registration number.
    • In case injury has been caused to a third-party, the vehicle has been stolen or damaged, you will need to file an FIR at the nearest police station.
    • You can then send your vehicle to the garage. You will need to submit all the required documents to the garage.
    • A surveyor will conduct a survey of your vehicle at the garage, and review all your documents.
    • The insurer will issue a work order to the garage only after this.
    • The repair costs bill will have to be given to the insurer along with the signed Satisfaction Voucher.
    • If everything is in order and has been approved, you will receive a reimbursement for your expenses.

    Claim Settlement Ratio

    The claim settlement ratio (CSR) refers to the total number of bike insurance claims that have been settled by the insurer in a particular financial year against the total number of claims they received during the same year. The higher an insurance company's claim settlement ratio is, the better are the company's chances of attracting policy buyers. The insurer's claim settlement ratio should be one of the deciding factors before purchasing a policy. A high claim settlement ratio is a good indication that you won't have to face any undue hassles to receive the claim. A higher claim settlement ratio is also a good indication of customer satisfaction.

    A low claim settlement ratio might indicate the company unwillingness to settle claims for a range of reasons, including contractual binding, misrepresentation or mentioning incorrect information by the insured party, or fraud. The claim settlement ratio is reported by every insurance company to the Insurance Regulatory and Development Authority of India (IRDAI) every fiscal year, which is then published on the IRDAI website. In most cases, you will also find this information on the insurer's website. The CSR is calculated by dividing the claims settled by a company in a year with the number of claims it received, and multiplying this amount by 100.

    Constructive Total Loss

    When you purchase a two wheeler insurance plans, the insurer will fix an IDV or Insured Declared Value. The IDV is considered as the sum insured for your two wheeler insurance, and this is the maximum amount that the insurer will be liable to pay you. Anything over the IDV amount will have to be settled by the insured individual. Sometimes, in case of an accident, especially if it's a head-on collision, the 2 wheeler might be completely wrecked. The cost of repairing such a vehicle might be more than the cost of purchasing the same model in the current market. During such times, your insurer may notify you that the cost of repairing your bike is more than the current cost of the two wheeler or more than the IDV. If the cost of repairing your bike is over 75% of the Insured Declared Value, it is considered to be a Constructive Total Loss. If this is the case, your insurer will pay you the IDV amount after taking depreciation into account.Â

    Two Wheeler Insurance without Inspection

    The Insurance Regulatory and Development Authority in India (IRDAI) has made it mandatory for insurers to conduct vehicle inspections before issuing new policies or renewing existing ones. Since most people find this to be a hassle, they simply don't renew their policy despite motor insurance being mandatory. However, if you to purchase a new policy or renew your policy without getting your vehicle inspected, you can simply purchase the policy online. For two wheeler insurance policies that are purchased online, vehicle inspection can be waived off by the insurer.

    Several insurers have started to issue insurance policies online. Customers, too, prefer to purchase policies online, since the paperwork is minimal, the process is hassle-free, and no middlemen are involved. Further, premium payments can also be done online. There is absolutely no need to go to the insurer's branch to have your pay your due premiums. However, before you purchase your bike insurance policy online, you must ensure you read the policy document, and the terms and conditions, in particular.

    Two Wheeler Insurance Premium Calculator

    Before you purchase a two wheeler insurance policy, it is vital that you get a quote from the insurer and compare the premiums offered by at least a few insurers in your city. Calculating the premium is an extremely easy process. You can choose to calculate the premium through the insurer's official website or through certain third-party websites.

    In order to calculate your premium, you will need to visit the concerned website, enter a few details about your vehicle, such as the year of manufacture, the vehicle type, model, make, etc., your vehicle's registration number, select the type of policy you require, and choose your city of residence. You will then receive an insurance quote for the policy tenure of your choice.

    Online bike insurance or two wheeler insurance calculator is a very easy accessible tool that is available freely online. But many are unaware of it because they want to stick to the traditional method of contacting the insurer or an agent or any middlemen to get them a two wheeler insurance. But those days are gone and there is no requirement of any third-person to complete this process.

    The online two wheeler insurance or bike insurance premium calculator allows you to compare various insurers and the offered plan and the rates. You just have to insert some basic values into the tool to be able to fetch you the premium amount that you are liable to pay either for a new bike or to renew the old policy. You can choose the best policy with the help of this tool. Not only is it free of cost and helps you make better decision, it also saves you money that you pay for the agents as commission to get you the best deal. Buy purchasing insurance online, the insurer offers you better deals and discount on two wheeler insurance plans because it saves the distribution cost that they usually pay for the agents on getting them a customer.

    Two wheeler insurance premium calculation:

    The final premium amount calculation = Own damage premium amount + optional add-on covers+ third-party cover + Personal accident cover - no-claim bonus (if applicable)

    Benefits of bike insurance calculator:

    • This online premium calculator is free of cost and therefore anyone can use it.
    • You can calculate the premium either parent or third-party website. Buying insurance online will save you time and money as online insurance shopping easy and convenient.
    • You eliminate the middlemen and agents who work for different insurers for highest commission at the same time.
    • Bike insurance calculator will allow you to compare quotes by various insurers which will help to determine the best policy as per the requirements. Online insurance purchase requires minimum paperwork.
    • You have to input few values to calculate the premium on the bike insurance calculator. You will notice that the premium of the bike changes with different values of the variables.
    • Buying insurance online will allow you a lot of time to search and choose the right policy. With the help of bike insurance premium calculator, you can know which policy gives you maximum coverage with minimum premium.Â

    Discounts For Members Of The Automobile Association of India

    Associations like the Western India Automobile Association and the Automobile Association of India are registered under the Insurance Regulatory and Development Authority of India (IRDAI), and are promoted by the Motor Vehicles Act. Most insurers offer members of these associations a discount on their own-damage premium, up to a certain limit. For example, United India Insurance Company offers a 5% discount on the Own-Damage premium to bike owners who are part of the Automobile Association of India.

    How To Calculate The Value Of Accessories

    For most people, purchasing a new vehicle is not just a matter of convenience. The vehicle is also purchased to reflect a part of their personality, and hence one may choose to purchase expensive accessories to enhance the functionality and appearance of the vehicle. The value of different accessories will vary, and it is imperative that you calculate the value of your accessories so you can have them insured and file a claim, when needed.

    Two wheeler accessories are especially prone to theft, since detaching them and selling them off is quite easy for thieves. Most motor insurance providers in India have add-on covers that will safeguard two-wheeler accessories. However, you will first need to calculate the value of your accessories. You can do this digitally through valuation websites, by finding the current market value of the same accessories, or by talking to auto dealers and accessory dealers.

    After you arrive at the value of your accessories, you will need to take depreciation into account. Next, you can up the individual value of each accessory to arrive at the total value. Post this, you can contact your insurer and purchase an add-on accessories cover for a particular amount that will provide good coverage to your vehicle accessories even if they are damaged or stolen. If you already have an accessories cover for an amount that's much lesser than the one you just calculated, make sure to contact your insurer and have an endorsement made.

    Penalty for Not Carrying Valid Bike Insurance

    It mandatory for all two wheeler owners to purchase at least a third-party liability insurance policy, as per Indian law. If you happen to meet with an accident on the road or if your vehicle is lost or stolen, your insurance policy can protect you financially. The policy will also provide the third-party a compensation for any injury caused to them or damage caused to their property/assets. Hence, if you do meet with an accident and are not able to furnish a valid bike insurance policy to the traffic police, you may be penalised or punished.

    While the nature and type of penalisation may vary based on a few factors, you might have to face one or more of the punishments listed below:

    • Suspension of your licence
    • A fine of Rs.1,000 may be levied
    • Imprisonment for a period of 3 months
    • The registration of your vehicle may also get suspended

    Hence, it is imperative that you carry a valid bike insurance policy with you at all times.

    The Effect of GST On Two Wheeler Insurance

    GST or the Goods and Services Tax was implemented on 1 July 2017. While GST has made a few things cheaper and a few things pricier, insurance premiums for bike insurance policies have risen since when it was implemented. The tax slab for the insurance industry has been raised from the previous 15% to 18%, under the GST. This 3% hike in the tax rate has directly affected insurance premiums. Policyholders will now have to slightly more to purchase two wheeler insurance policies, due to the GST. The new tax rates are applicable on purchase of new insurance policies and renewal of existing ones.

    How are Two Wheeler Insurance Premium Rates Fixed?

    Insurance companies usually set the premiums for two wheeler insurance policies based on various factors. However, the premium rates for third-party liability-only insurance policies are set by the IRDAI directly. The insurance company is likely to assess the rider's demographics, such as his/her age, profession, gender, years of riding experience, credit score, etc. Further, details of the vehicle are also taken into account. Your coverage type and inclusion of add-on covers will also play a major role in determining your premium rate. You may also be eligible for discounts or bonus, which will affect your overall premium.

    Ways to Reduce your Two Wheeler Insurance Premium

    In India, commuting by a two wheeler is the most time-efficient and cost-efficient mode of transport. While two-wheelers are the best way to commute and people rush to purchase a two wheeler as soon as they can, law has also made it mandatory for bike owners to purchase a bike insurance policy. Despite this, many people simply don't buy a two wheeler insurance policy since they think it is too expensive or not worth it. However, you must remember that having an active bike insurance policy is vital, especially in times of peril. If the cost of your policy is a concern, there are several way through which you can reduce your premium payable.

    • Maintain a Clean Riding Record: Insurers usually evaluate their risk before fixing a premium. Individuals who have a clean riding record with no major accidents or violations of traffic regulations are more likely to get a lower premium amount.
    • Type of Policy: Your premium will directly correspond to the type of policy you have. A third-party liability-only policy will have a lower premium than a comprehensive two wheeler insurance policy. However, the lower premium comes with a price. Third-party liability policies are not as exhaustive as comprehensive insurance policies. Hence, opt for a policy that fits your budget and your coverage needs.
    • Add-On Covers and Riders: Insurance companies offer individuals the option to buy several add-on covers. You could purchase a zero depreciation cover, a personal accident cover, a cover to protect the pillion rider, a cover for accessories, etc. While it might seem tempting to enhance your basic policy, it is best if you only purchase those covers and riders that you absolutely require, since purchasing additional covers can increase your premium significantly.
    • Long-Term Policy Discount: Many insures offer insurance plans with policy tenures of 2 and 3 years. If you purchase a long-term policy and pay your premium as a one-time instalment, you may be eligible to claim a long-term policy discount. Further, purchasing a long-term policy is also a smart way to protect yourself from third-party premium rates hikes. The third-party premium rate is fixed by the IRDAI (Insurance Regulatory and Development Authority in India), and they are usually raised every year. Under a long-term policy, third-party premium rates will remain frozen for the duration of the policy tenure, thus guaranteeing a lower premium payment.
    • Purchasing Policies from the same Insurer: If you are purchasing an insurance policy from one insurer, it is a good idea to also purchase other insurance policies from the same insurer. Insurers, most often, give an additional discount on the total premium to individuals who have purchased more than one insurance policy from them as a way of rewarding their loyalty.
    • Online Purchase: While purchasing an insurance policy online can be beneficial to customers since it lessens the total paperwork needed and is time-efficient, it may also give you additional discounts on your premiums. Some insurance companies will give you a certain discount if you purchase your two-wheeler insurance through their official website.
    • Your Choice of Two-Wheeler: If you have purchased a luxury sports bike or a brand new imported bike, your insurer is likely to charge you more as premium since the cost for repair will be significantly more. However, if you purchase a standard bike with not too many frills included, your insurer may offer you a more competitive premium rate.
    • Compare between Insurers: Different insurance companies will provide you a different quote based on their coverage, their inclusions, exclusions, etc. It is vital that you compare between insurers and find a policy that has affordable premium payments.
    • Avoid Filing Claims for Small Damages: If you file a claim every small damage that occurs to your vehicle, your no-claim bonus could become nil. You will only be awarded a no-claim bonus if you don't make any claims during the policy tenure. Your no-claim bonus is instrumental in helping you secure a lower premium for the following year. Hence, If the damages are small and barely noticeable, get it fixed yourself and don't file a claim for the same.
    • Discounts based on Age and Experience: Insurers often look at the number of years you have been riding a two wheeler before fixing your premium. A young, inexperienced rider comes with more risk than a middle-aged, experienced rider. For this reason, ensure you show your insurer your number of years of riding experience and your current age. If these factors are in your favour, they will help you secure a lower premium.

    Grace Period:

    If you have forgot to renew the two wheeler insurance, here is what you have to do. Insurance companies offer 'Grace Period', which allows additional time (usually 30 days) to the policyholder to renew the policy after the renewal due date. If the insured does not renew the policy during the grace period, then the policy will expire or lapse. If he/she renewed the policy after grace period, the insurer is liable to increase the premium amount for cited reasons.

    Consequences:

    If the policyholder wants to renew the policy after the grace period, he/she has to get the vehicle inspected by an authorized personnel who will decide if the vehicle is eligible for insurance with a nominal fee. Not renewing on time means losing no-claim bonus as well if there was any. No-claim bonus is a reward given to the policyholder by the insurer as a discount on renewal premium amount to maximum limit of 50%. This is applicable only if the policyholder has a comprehensive insurance cover. NCB can also be availed if the policyholder is changing the insurer within specified time limit.

    Cancelation of Two-Wheeler Insurance Policy:

    You can cancel the two wheeler insurance policy at any point in time due to personal reasons or because of dissatisfaction of the services from the current insurer. In case you are canceling the insurance with your insurer, here are the steps you need to follow:

    • Contact the office of the insurer to inform that you are canceling the policy. Intimate before renewal time to save from further charges.
    • Submit a written application to the insurer as directed by their official and make sure you serve a notice 7 days or a week in advance.
    • If you have purchased a new insurance from a different insurer, attach a copy of the document as an evidence that you have replaced the insurance with a different insurer.
    • A few paperwork have to be signed and duly filled by you to terminate the insurance policy and the agreement in the policy between both the parties. Post this, a copy of the cancellation document will be handed over to you.
    • The insurer will retain a minimum premium of Rs.100 and the balance will be refunded to you on pro-rata basis as per the insurance policy. The cancellation charges applied differs from insurer to insurer.
    • A minimum of Rs.25 will be levied as cancellation fee by the insurer if the vehicle was owned by a blind or differently abled person.

    Insured Declared Value:

    The premium amount that one pays at the time of purchase or renewal of a policy is determined by IDV. To put it in layman's terms, Insured Declared value or IDV is the market value of the vehicle. IDVis the maximum sum assured fixed by the insurer, which will be paid to the insured on theft or total loss of the two wheeler. If the insured two wheeler has been in an accident, then the IDV is one form of compensation paid to the policyholder by the insurer. However, this will get reduced as the two wheeler ages. IDV is always calculated on the current value of the bike, and not the price at which it was purchased.

    Calculation of IDV:

    IDV = (Manufacturer's listing price - Depreciation) + (Accessories and extra fittings if any - depreciation)

    IDV rate percentage based on Ex-showroom price and vehicle's age:

    Insured Declared Value Age of the bike
    95% of ex-showroom value. Between 0 to 6 months.
    85% of ex-showroom value. Between 6 months to 1 year.
    80% of ex-showroom value. Between 1 to 2 years.
    70% of ex-showroom value. Between 2 to 3 years.
    60% of ex-showroom value. Between 3 to 4 years.
    50% of ex-showroom value. Between 4 to 5 years.

    Depreciation Percentage Based on Vehicle's Age:

    Percentage of Depreciation Age of the vehicle
    5%. Between 0 to 6 months.
    15%. Between 6 months to 1 year.
    20% . Between 1 to 2 years.
    30%. Between 2 to 3 years.
    40%. Between 3 to 4 years.
    50%. Between 4 to 5 years.

    Two Wheeler Insurance-FAQs

    1.What is a deductible? Is it a good idea to opt for a Voluntary Deductible?

    A deductible is a part of the claim that will have to be settled by the insured individual. The insurer will not pay for your share of the deductible. Your premiums are also linked to the deductible. Higher the deductible you opt for, the lower your premium will be. However, opting for a high voluntary deductible is smart only if you are sure that you will be able to pay for your share of the claim.

    2.What should I do in case I lose my two wheeler insurance policy?

    If you have lost your two-wheeler insurance policy, the first thing you will have to do is file an FIR at a police station. Next, you can apply for a duplicate insurance policy from your insurer. To do so, you will have to submit a written request along with any supporting documents that may be required by your insurer. Your insurer may also ask you to submit a signed indemnity bond.

    3.If my two-wheeler is stolen or lost, how much is the insurer liable to pay me?

    If your two-wheeler is lost or stolen, you are eligible to claim the IDV or Insured Declared Value of the two-wheeler. The IDV will be based on various factors, such as the cubic capacity of the engine, the age of the vehicle, and the geographic location. Also, your premiums are linked to the Insured Declared Value. If your two-wheeler has a high IDV, your premium will be more, and vice versa.

    4.I have recently modified my bike. Am I still eligible to purchase a two wheeler insurance policy?

    Yes, you can purchase two-wheeler insurance policies for modified bikes. Your premium amount may increase or decrease based on the type of modifications that are done. If the performance or aesthetics of the bike was modified, your premium may also increase. However, if you modified your two-wheeler to increase the security of the bike, then your two-wheeler insurance premium will decrease.

    5. What is the importance of an endorsement for two wheeler insurance policies?

    While purchasing a two-wheeler insurance policy, you are required to provide certain details about yourself and your vehicle to the insurer. If you have provided any wrong information while purchasing the policy, your claim could be denied by the insurer. Hence, if you realise that you have furnished any wrong details, you will immediately have to make an endorsement. Any changes requested by you once the policy has been issued will be incorporated by way of an endorsement by your insurer.

    6. Can I change my insurer during the policy term?

    Yes, you can port your insurance policy anytime. However, you will have to ensure that you notify your current insurer of your wish to port the policy and submit a written request 45 days before the expiry of the policy. Post this, you can port the policy to a different insurance company, and the accrued benefits will also be transferred.

    7. Do long-term two wheeler insurance policies come with any exclusions?

    While the exclusion criteria will vary from insurer to insurer, a few general exclusions for long-term two-wheeler insurance policies are:

    • Wear-and-tear of the vehicle
    • Consequential loss
    • Depreciation
    • Breakdown caused due to mechanical or electrical failure
    • Damage/accident caused by someone riding without a licence
    • Damage due to war, nuclear risk, etc.

    8. How is the Insured Declared Value determined?

    The IDV or Insured Declared Value is the maximum sum assured that you can claim for. In case the vehicle is stolen or lost, the insurer will pay you the IDV. The IDV is calculated by reducing the depreciation value from the current selling price of the vehicle. If your vehicle is modified or fitted with accessories that were not installed by the manufacturer, the IDV for these accessories will be calculated separately. A few factors that will determine the Insured Declared Value of your two-wheeler are the vehicle type, vehicle make, the model, the state of registration, etc. When the insurer fixes your vehicle's IDV, ensure that this value is close to the current market value of your vehicle. You will also have to remember that if your two wheeler has a higher IDV, the premium payable is also likely to be high, and vice versa.

    9. Will installing an anti-theft alarm make me eligible for a discount on the premium?

    Yes, any security-related modifications that you make to your two wheeler will help you secure a lower premium. Security modification, like an anti-theft alarm, make it less likely for your two wheeler to be stolen. In turn, this will reduce the insurer's risk, which will help in reducing your premium. If you make the security modifications after you have purchased a two wheeler insurance policy, ensure that you immediately notify your insurer of this and have an endorsement made.

    10. What are the various means through which I can pay my two wheeler insurance premium online?

    Nowadays, most insurers allow policyholders to renew their policy and make the necessary payment online, through the company's official website. You can choose to pay your premium through Net Banking, Debit/Credit Card, NEFT, mobile wallets, etc. However, you must remember that not all insurers will have all electronic payment methods listed on the site, and you will have to choose from the options that you see on the concerned website.

    11. Will filing a claim cause my premium payable to increase in the following year?

    If you don't make any claims during your policy year, you will be eligible for a no-claim bonus for the following year. Your no-claim bonus will help you secure a discounted premium for the next year. If you make a claim, you will lose the no-claim bonus, and your premiums may increase the following year. Hence, it is recommended that you don't file claims for miniscule damages.

    12. How many claims can I make per policy year under my two wheeler insurance policy?

    There is no limit to the number of claims you can make per year, provided it falls within your sum insured. Anything over this amount will have to be borne by you. However, you should keep in mind that you lose your no-claim bonus if you make a claim.

    13. Can I cancel my policy during the policy tenure?

    Yes, you can cancel your policy any time. Generally, the insurer will refund a proportion of the premium, based on how many months the coverage was not utilised for. Some insurers may also charge you a nominal cancellation fee.

    14. What is the policy period for two wheeler insurance policies?

    There are annual two-wheeler insurance policies and long-term two-wheeler insurance policies. Annual policies have to be renewed at the end of every policy year, whereas long-term two-wheeler insurance policies can be renewed every 2 or 3 years, as per the policy tenure opted for by. Most insurers have both kinds of policies on offer.

    15. Can I claim tax deductions for a private vehicle that is insured with a comprehensive two wheeler insurance policy?

    No, you can't claim a tax rebate for premiums that are paid towards insuring your private two-wheeler. However, even without the tax benefits, a two-wheeler insurance policy is something you should not do without.

    16. Can I pay my two wheeler insurance premium amount in instalments?

    No, insurance companies will require you to pay your policy premium in advance, before the cover has commenced. The risk cover can only start once you have successfully paid the premium for the entire policy tenure.

    17. What factors could cause my two wheeler insurance claim to be rejected?

    There are a number of factors that could lead to a claim being rejected, such as:

    • Expired/invalid driving licence: If you don't have a valid driving licence at the time of the accident or when making the claim, your claim will be rejected, even if the vehicle has been insured.
    • Pre-existing damage: If the damage occurred during some event in the past, your claim will be rejected. Your insurer will only settle claims for new damages.
    • Delay in intimating the insurer: Intimating the insurer of the claim will enable them to confirm facts and process your claim quickly. Excess delay in intimating the insurer will cause your claim to get rejected.
    • Misrepresentation or providing wrong information: While purchasing an insurance policy, you will be required to provide certain information to the insurer. If you submit the wrong information, it could result in your claim getting denied.
    • Unregistered vehicle: As per the Motor Vehicle Act, all vehicles have to be registered with the concerned authority, before being driven in a public place. Hence, if your vehicle doesn't have a valid registration, your claim could get denied.
    • Overloading of vehicle: If the accident or damage was caused because the motorbike was overloaded, one will not be able to claim a compensation from the insurer. Overloading a vehicle can cause the rider to lose balance, and compromise his/her own safety and the safety of others.
    • Exclusion criteria: All policies come with an exclusion criteria. For example, general wear-and-tear of the vehicle is usually excluded from the policy. Hence, if damage is caused to the vehicle due to natural wear-and-tear, one cannot file a claim.

    18. I am planning to purchase a two-wheeler insurance policy. However, the quotes I received varied from company to company. What causes this difference?

    Each insurer may have a slightly different yardstick to calculate your two-wheeler insurance premiums. Your premium payable will usually depend on the risk taken on by the insurer. A few other factors that an insurer is likely to consider include, the applicant's riding experience, the policy buyer's age and gender, the model, make, and type of the two wheeler, the applicant's credit score, the past claims history of the policy buyer, and the no-claim bonus (if any).

    While the aforementioned factors will play a role in determining your premium, each insurer may have a different premium calculation criteria, and the risk may be calculated slightly differently, which would cause your premium quotes to differ. you can choose an insurer and insurance plan that meets your needs.

    19. What are the various documents I should carry with myself while riding my two-wheeler to avoid being penalised?

    You should always carry the following documents to avoid being penalised in the event of an accident or for ready inspection:

    • Valid driving licence
    • Two-wheeler's registration certificate
    • Policy document/certificate of insurance
    • Emission test certificate

    20. I hardly use my two-wheeler. Is it still necessary to purchase a two-wheeler insurance policy?

    Yes, the Motor Vehicles Act has made it mandatory for every motorbike owner to purchase an insurance policy for their vehicle, regardless if how often they use it. If you use your vehicle extremely sparingly and don't want to spend too much on the insurance policy, you can purchase a third-party liability-only insurance policy. Third-party liability policies are significantly cheaper than comprehensive and long-term policies.

    21. Can I renew an expired insurance policy, or will I have to purchase a new policy?

    If your bike insurance policy has expired, you will first need to contact your insurer and inform them of the same. The insurer will have a surveyor evaluate your vehicle, and then issue an insurance policy if the evaluation is cleared successfully. Renewing a lapsed policy, within 90 days, will help you carry forward you no-claim bonus. If you don't claim your no-claim bonus within 90 days of your policy's lapse, your accrued benefits will be lost.

    22. Is it necessary to file an FIR if I want to make a claim?

    In many cases, an FIR maybe required to make a claim. If the damage is caused due to miscreants or if the vehicle was involved in an accident injuring somebody else and/or their property, an FIR becomes inevitable. Also, if the vehicle or certain parts of the two wheeler is stolen, you will again have to file an FIR. You will have to submit the FIR copy to your insurer while filing the claim.

    23. I might have to relocate. Will I need to inform the insurer of a change of address?

    Yes, your insurer will have to be informed of your relocation. Any changes that you need to make during the policy tenure will have to be communicated to the insurer immediately. Once you inform your insurer of the same, they will provide you with an endorsement certificate, which will serve as an addendum to your policy document.

    24. Is inspection of the vehicle mandatory for all kinds of bike insurance policies?

    If you are purchasing a new two wheeler insurance policy or renewing a policy that was expired, you will need to get your bike inspected. However, if you want to avoid this step, you can purchase the policy through online channels. If a two wheeler insurance policy is purchased or renewed online, inspection of vehicle can be waived off by the insurer.

    25. How do I view the claim settlement ratio of an insurer? Is it a reliable yardstick to measure the efficiency of an insurer?

    You will find the claim settlement ratio of the insurer on the official website or the IRDAI (Insurance Regulatory and Development Authority of India) website. This information can also be found on certain third-party websites. The claim settlement ratio of an insurer is a very reliable yardstick to measure the insurer's performance. You should always look for a high claim settlement ratio, since this indicates the company's readiness to settle claims in a hassle-free and timely manner. It also serves as a good indication of customer satisfaction.

    26. My two-wheeler was damaged in an accident previously. Can I purchase a two-wheeler insurance policy for the same vehicle?

    Most insurers will not provide a two wheeler insurance policy for vehicles that have been heavily damaged in an accident previously, simply because it would be hard to differentiate between past damages and present damages, in case the insured individual was to make a claim during the policy tenure. Hence, if you need to purchase a comprehensive insurance policy, ensure you get your vehicle completely repaired and thoroughly inspected by the surveyor.

    27. What are the benefits of purchasing a two wheeler insurance policy online, as compared to purchasing a policy at the insurer's branch?

    Purchasing an insurance policy online is hassle-free, convenient and time-efficient. The benefits of purchasing a policy online include:

    • Instant issuance of policy
    • Easy/no submission of documents
    • Facility to opt of policy renewal reminders
    • Multiple premium payment options - debit card, credit card, net banking, mobile wallets, etc.
    • Policy document and policy-related information are easily accessible online
    • Inspection of two-wheeler will be waived off
    • Doesn't involve any middlemen
    • Some insurers may provide a discount to policy buyers who purchase the insurance policy online.

    While there are many benefits to purchasing a policy digitally, you must remember that not all insurers may provide all the benefits mentioned above.

    28. What is included under comprehensive insurance plans?

    Each insurer may have a slightly different inclusion criteria. Hence, ensure you read through your policy document with utmost detail. Generally, most comprehensive bike insurance policies cover the following:

    • Third-party liability: If any injury is caused to a third-party or if their property or assets are damaged due to an accident, your policy will cover this liability
    • Coverage against natural calamities: Natural calamities, like earthquakes, fire, floods, hurricanes, storms, heavy rains, etc. may cause significant damage to your vehicle. Comprehensive insurance plans provide a coverage against this.
    • Coverage against man-made calamities: Theft, acts by miscreants, damage caused due to collision, etc. are a few man-made events that can cause damage to your two-wheeler. You can file a claim in case vehicular damage is caused due to a man-made calamity.
    • Coverage against personal accidents: The probability of a rider being injured in a two-wheeler accident is very high, unfortunately. If you have a valid comprehensive insurance policy at the time of the accident, you could claim a compensation for the same. In addition, you can also opt for a personal accident cover for the pillion rider, under certain comprehensive two-wheeler insurance plans.

    29. Will I have to undergo any out-of-pocket expenses if I make a cashless bike insurance claim?

    Under cashless claims, the insurer will directly settle the bill with the garage. You won't have to go through the hassle of paying the bills and claiming a reimbursement. However, if you have opted for a deductible, then you will have to settle your share of the deductible. In this case, you might have to incur some out-of-pocket expenses. Also, if your policy does not cover your accessories and your accessories have been damaged in the accident, your cashless claim will not cover these expenses. You will have to get your accessories fixed or replaced and bear the expenses yourself.

    30. I am planning to sell my bike and purchase a new bike. Is transferring the two wheeler insurance policy necessary or can I just purchase a new policy?

    It is recommended that you transfer your existing policy, instead of purchasing a new insurance policy. Transferring your policy will help you maintain your no-claim bonus. If you just purchase a new policy, your no-claim bonus will be lost. Also, if the buyer of your two-wheeler meets with an accident and then raises a claim, you might have to go through certain hassles. Hence, always ensure you transfer your two-wheeler insurance policy.

    31. Can the no-claim bonus be transferred in case I change my insurer?

    Yes, your no-claim bonus can be transferred even if you change your insurer. You will need to give a written request to your insurer 45 days prior to your policy's expiry date in order to port your insurance policy. You can then request for a no-claim certificate from your existing insurer, and provide this certificate to the next insurer, and a claim a discount on your premium.

    32. I would like to purchase a long-term bike insurance policy? Will different policy documents be issued for each year or will only one policy document be issued for the entire tenure?

    If you purchase a long-term two wheeler insurance policy for 2 or 3 years, you will be issued a single policy document. You won't be issued different policy documents for each year. If you need to make any change to your policy, you will need to get an endorsement made.

    33. What are the different types of bike insurance policies available in the market?

    Policy buyers can choose between the following types of bike insurance policies:

    • Third-party liability-only policy
    • Comprehensive bike insurance policy
    • Long-term bike insurance policy

    However, you can customise your coverage by opting for add/on riders. These add-on riders will enable you to enhance the level of protection accorded to you.

    34. How is 'Total Loss' defined in terms of two wheeler insurance?

    If your vehicle is damaged to such an extent that the cost of repair exceeds 75% of the IDV or the Insured Declared Value, then your vehicle is said to be under Total Loss.

    35. Why should I purchase a comprehensive two wheeler insurance policy when only a third-party liability policy is mandatory?

    Third-party liability-only policies will provide coverage against damage or injury caused to a third-party or their property/assets. However, a comprehensive 2 wheeler insurance policy will also give you own-damage coverage and personal accident coverage. Further, you can also opt for a cover for your pillion rider, a cover for accessories, etc. You can opt for the type of coverage based on your needs, but a comprehensive insurance plan will provide you a more exhaustive coverage.

    36.What are the documents required for two wheeler insurance claim?

    Every company requires different set of details while making a claim. But generally the following are the documents you need to provide to make the claim:

    • Details of the incident in a written format as mentioned by the insurer.
    • If the insured vehicle was in any accident and injured a third party, then he/she should submit an FIR copy filed at the nearest police station.
    • Submit the required documents like RC, license copy, original estimate of loss, receipt of repair and replacement of parts and filled claim form to the insurance company for the claim.

    37. What are the documents required to buy two wheeler insurance?

    In today's 'digitization era',you can buy insurance online because it is time saving, money saving, convenient and paperless. It requires only a few clicks to purchase the policy;

    • Keep the documents handy like registration number, previous insurance details, Add-on covers if any, driving license, manufacturer details, vehicle model, engine capacity, RTO details, etc. of the owner of the vehicle.
    • Log on to the desired insurer's website.
    • Enter the required details accurately and cross check your details.
    • On submission of the details, you will get a quote from the insurer.
    • If you are satisfied with the quote, then make online payment via debit/credit card or NEFT transactions.
    • You will get immediate documents of your renewal through email or you can download on the website.

    Change of insurance provider:

    • Identity proof like passport/DL/Aadhaar card or any other government ID proof.
    • 2 or 3 recent passport size photographs.
    • Address proof as mentioned in any of the government ID proofs or bank documents.
    • Personal details of the policyholder along old insurance policy number.
    • Insured vehicle details along with RC number.
    • If you are renewing it online, then Credit/Debit card/Net banking details for payment.

    38. What determines the premium in case of new bike?

    For a new bike, the premium depends on the cubic capacity of the bike along with the overall cost of the bike. Following are the details:

    • Insured Declared value also known as market value
    • Manufacturing year of the bike
    • Age of the bike
    • Zone of registration
    • Cubic capacity of the bike
    • Brand

    39. What is third-party bike insurance?

    Also known as third-party liability cover, this insurance policy provides cover against all the legal liabilities that arise due to damages or injuries caused to a third-party person or property by the insured vehicle. Personal losses covered under this plan include accidental death, body injuries, permanent disability, etc. This insurance cover can be availed at a lower premium as it covers only third-party liabilities. This cover allows you to raise a claim under the 'no-fault liability claims' category. Here, you are allowed to raise the claim without having to provide proof that suggests your negligence caused the accident. Sometimes insurers provide personal injury protection cover as an add-on for this insurance policy.

    40. What is comprehensive bike insurance?

    This is a standard policy that provides an extensive coverage under various situations for the policyholder. Also known as 'other than collision' cover, this plan covers third-party liabilities due to body injuries and/or accidental death/property damage, own liabilities arising out of personal losses and/or property damage from natural calamities and/or man-made calamities. The premium for this plan is high due to the extensive insurance coverage the plan provides. Insurers usually provide a number of add-ons that you can opt for under the comprehensive plan.

    41. What is Voluntary Deductibles?

    It is a percentage of amount chosen by you (the policyholder) to pay as a part of the claim amount. The amount you pay is completely up to your affordability, and this percentage will be decided while purchasing a policy. But this is a mentor loss borne by you every time you make a claim. The higher voluntary deductible you choose, lowers the premium amount. There is another type of deductible called compulsory deductible that is set by the IRDAI.

    42. What type of bike insurance should I buy?

    The standard policy that is mandatory to buy under the law is Third-party Liability. It covers a wide range of uncertainties that the owner of the bike causes to the third-party. Apart from this, if you wish to go an extra step to protect yourself and the bike from damages and other uncertainties, you can buy Comprehensive policy as it also covers third-party liability as well.

    43. What is the period of cover for a bike insurance?

    A standard policy gives you a cover for one year after which you have to renew it on regular basis. The second option is you can choose to buy a long-term policy which gives you a cover for three years. By choosing long-term cover, you can get discounts on premium amount and avail other extra benefits available at the insurer.

    44. Can I cancel my 2 wheeler insurance?

    At any point of time you can cancel your insurance provided you can afford the damages, repairs and legal problems that may arise in the future due to own damage or third-party damage. In this case, you cannot claim the insurance subject to a month prior to the expiry date of the policy. There will be a nominal fee for cancellation of the policy. But, if you are riding the vehicle on a public space without an insurance, you will be fined for it.

    45. What is IDRAI approved premium rates of the bike?

    As per recent IRDA norms, the premium rates has been standardized with effect from April 1st, 2017.

    Premiums Payable Engine Capacity
    Rs.569. Up to 75 cc.
    Rs.720. 75-150 cc.
    Rs.970. 150-350 cc.
    Rs.1,114. 350 cc and above.

    46. Do I really need bike insurance?

    Yes, you do. Bike insurance in mandatory under the law of Motor Vehicle Act, 1988. Riding without an insurance can not only attract heavy fine by the cops, you will be creating a huge hole in your pocket when your vehicle is under repair or a mishap.

    47. Will the premium increase after a claim?

    Yes it does. Once you have claimed the insurance for a repair or an accident, the insurer will regard you a risky driver. If you have applied for a repair because of the age of the vehicle, then also the insurer will increase the premium. So in both the cases the insurer will increase the premium on your next renewal once you have claimed the policy. Along with this you also lose out on No-claim bonus discount.

    48.Does the comprehensive policy cover the pillion rider?

    Unfortunately, no. But if you want any of the pillion passengers to be covered in the policy, you can purchase an add-on cover like personal accident cover for pillion riders.

    49.What will be the amount I will get in case of theft of the bike?

    As you already know, the comprehensive cover, which is the standard cover for your bike covers this aspect as well. If your bike is stolen or robbed, you can claim the entire amount of Insured Declared Value also known as the market value of the bike. IDV is calculated based on the age of the vehicle, location and cubic capacity. Higher the IDV value, higher is the premium.

    IDV= Manufacturers listing price - Depreciation

    50.What is the procedure to change the insurer?

    Before the expiry of your current policy, that is within 45 days you can change the insurance provider.

    Change of insurance provider:

    • Identity proof like passport/DL/Aadhaar card or any other government ID proof.
    • 2 or 3 recent passport size photographs.
    • Address proof as mentioned in any of the government ID proofs or bank documents.
    • Personal details of the policyholder along old insurance policy number.
    • Insured vehicle details along with RC number.
    • If you are renewing it online, then Credit/Debit card/Net banking details for payment.

    51. What are the additional covers in two-wheeler insurance policy?

    Add-on covers on the standard policy, always enhances your basic cover giving your bike an extensive cover. But, remember always buy an add-on cover that you need rather than you want. These add-on covers are available for extra premium on you standard policy.

    • Zero-depreciation cover
    • Key replacement
    • Anti-theft device cover
    • Return to invoice cover
    • No-claim bonus protection
    • Roadside assistance
    • Personal Accident cover
    • Pillion rider cover

    52.What is No-claim bonus (NCB)?

    No-claim bonus is a reward that the insurer gives you for not claiming the insurance in a policy year. This discount can be availed at the time of renewal of the policy. NCB can be accumulated up to a maximum limit of 50%. For long term two-wheeler insurance cover the following is the percentage of NCB;

    • Two claims during a policy year: 20% NCB
    • One claim during a policy tenure: 30% NCB
    • No claim during the tenure: 40% NCBÂ

    52.How do I renew my policy online?

    You can renew your policy online through either parent website or third-party website. Renewing your policy online will not only save you time and money, you will also be contributing to a eco-friendly environment because it requires no paperwork unlike the usual process. Documents required are:

    • Keep the documents handy like registration number, previous insurance details, Add-on covers if any, driving license, manufacturer details, vehicle model, engine capacity, RTO details, etc. of the owner of the vehicle.
    • Log on to the desired insurer's website.
    • Enter the required details accurately and cross check your details once your have entered.
    • On submission of the details, you will get a quote from the insurer.
    • If you are satisfied with the quote, then make online payment via debit/credit card or NEFT transactions.
    • You will get immediate documents of your renewal through email or you can download on the website.

    53. What is long-term two-wheeler insurance policy?

    Long term two-wheeler insurance policy was introduced in India very recently. ICICI Lombard, HDFC Ergo, Bharti AXA, Oriental Insurance, etc. are offering some great deals on two-wheeler long term insurance. In three-year long term cover, you will have the third party liability insurance cover. During the first year of your three year cover, the third party liability cover will be frozen. The premium should be paid in single instalment and it is thrice the standard policy annual premium amount. In case of annual premium policy, the insurer can revise the rate of premium at any point in time due to the inflation. The policyholder can save up to 20% while paying the premiums on subsequent years while renewing the policy.

    54. What is the benefit of installing anti-theft device?

    If the owner of the insured vehicle has installed anti-theft device approved by Automotive Research Association of India (ARAI) in the bike, the insurance company will give you discount on premium amount up to 2.5% or to a maximum of Rs.500.

    55.What is Bike Insurance Premium calculator?

    It is an online tool that helps you calculate the premium amount payable annually to continue enjoying the benefits of the policy. You can compare quotes from different insurers and determine which suits you the best with the help of this tool. You can eliminate middleman and you do not have to pay any commission to any agent. It's quick and easy.

    56. What are the information required for bike insurance calculator?

    In order to know the annual premium via online bike insurance premium calculator, this information should be handy:

    • Manufacturing year
    • Age of the vehicle
    • Registration Year
    • Model and Cubic Capacity of the vehicle
    • RTO location
    • Status of previous policy

    57. How is the final premium calculated?

    The final premium amount calculation = Own damage premium amount + optional add-on covers+ third-party cover + Personal accident cover - no-claim bonus (if applicable)

    58. How can I save on my bike insurance premium?

    • Always buy insurance online. It is fast and convenient and requires minimum or no paperwork and it eliminates agents and middle man commissions.
    • Opt for 3 years or long term policy as it saves you from yearly renewals and you can get discount on the premium amount.
    • Voluntarily decide the deductibles percentage.
    • If you haven't already then install Anti-theft device in your vehicle, you can avail discounts for the same.
    • Never buy additional covers if you do not require one.
    • If you have not claimed insurance during the policy period, then avail the No-claim discount at the time of renewal.

    59.What are the factors influencing the two-wheeler insurance policy if it has expired?

    If you have not renewed your policy even after the grace period which is usually 90 days, you will lose No-claim bonus. The insurer may charge high premium as you have failed to renew it on time. If you wish to renew the policy thereafter, then the vehicle will be inspected by a surveyor to assess the condition of the bike/scooter.

    60.How much reimbursement is paid for theft claim?

    For theft claims, you can claim the entire IDV amount. IDV will be paid 100% only for total loss or damage and theft.

     

    • How can you lower Bike Insurance Premiums?

      In India, at least 70% of the vehicles do not have a motor insurance, and one of the reason is because it has high premium. The IRDAI however has regulated that every two-wheeler has to have a minimum third-party liability cover to at least pay for the damages he/she causes. But there are ways to reduce the premium amount and you can enjoy complete benefits of two wheeler insurance.

      Here are a few ways to lower your two wheeler insurance premium:

      • The accessories added to the bike after purchasing the vehicle are also taken into account while calculating the premium amount. So avoid installing unnecessary accessories which will result in higher premium.
      • Imported bikes can result in high premium amount so unless you can afford the premium and pay for the repair from your own pocket, do not opt for it.
      • Do a thorough research online to compare insurance policy plans and insurance providers.Online insurance comparison will allow you to compare quotes, reviews, claim settlement ratios, discounts, offers, etc. which will help you make a clear decision on which insurer to buy from.
      • Purchase bike insurance online to avoid any commission to agents, middlemen or service providers as it will cost you higher if you purchase through offline channels. The insurance company will also provide great discounts online as they will be dealing directly with the customers and with having to spend on any distribution cost for agents.
      • It is necessary to insure your bike with comprehensive policy as insuring the bike with just the third-party is never enough.
      • Buy add-on covers only if you require. Do not buy add-on covers that are not necessary for your bike. Remember, the add-on covers cost extra above your basic premium.
      • Have a clean and steady driving record as this will help you avail discounts from the insurer. This way you can save on premium amount as well.
      • Choosing higher deductible amount is one way of trimming down your two wheeler insurance premium. Voluntary deductible is the percentage of amount that you agree to pay personally for every claim you make and the rest is paid by the insurer. The higher the deductible lower is the premium amount. But remember this is a monetary loss to you as you will be paying a large sum of amount for the repairs.
      • Do not claim the bike insurance policy for small claims. By claiming for small damages, your no-claim bonus will become zero. No-claim bonus is a reward that the insurer provides for not claiming the insurance in that particular year. A minimum of 20% and maximum of 50% can be availed. So it is advised no to claim for insurance unless the repair costs more.
      • If you have installed any safety devices in your bike like anti-theft device or any security instruments that is approved by the ARAI, then the insurer will provide discounts on the same which will lower the premium amount.
      • Buy a bike that fits your requirement and can be balanced while driving by you. If you fancy a luxury bike like Harley Davidson or Royal Enfield, etc. the premium will also increase based on the cubic capacity of the bike. So chose your bike wisely considering all the factors.
      • One of the most important factor that will help you lower your premium or keep it steady is by renewing the two wheeler insurance timely. If the insurance passes the expiry date, on renewal of the insurance the premium amount will also increase. So do not neglect renewing insurance on time.

       

      With a little remembrance and following few safety precautions you can definitely lower the insurance premium. Every insurer has different discounts other than the standard according to the needs of the customer. Read the documents carefully to know more information.

    What's next?

    • WANT TO TAKE ACTION?
      • Compare Two Wheeler Insurance Quotes
      • Are you purchasing a new bike or a car? Do you have an insurance? Have you renewed your old policy? All these questions seem to be so daunting. If you too are confused as to which insurance to buy with what coverage, start Googling it now!. Online insurance websites, parent or third-party, can compare various insurance policies from different insurance companies with all the information. If you buy insurance online, you can request the insurance company to send you quotes of the policy with annual premium, coverage, discount, etc. details. You can compare these quotes with other quotes sent by various insurance providers and choose the best deal with affordable premium either for new or renewal policy.

    • Know More About Bike Insurance
      • Kerala Motor Vehicles Department Registration Details

        The government working or rather the Kerala state RTO’s working culture is very different. The authorities and officers at the RTOs are helpful and friendly.The Kerala Motor Vehicle Department has made ‘any service any counter’ and ‘one person one application’ rule as mandatory across all the RTOs. Here is a sneak peak.

      • Step By Step Bike RC Transfer Process

        Any type of bike transfer process has to have a NOC from the local RTO where the bike was originally registered and this is the primary step towards RC transfer. Bike transfer is necessary only when the owner of the bike is moving to another state permanently. If its temporary then the re-registering of the bike is not necessary. Here are the details.

      • Two Wheeler Driving Tips

        In the last financial year, companies have sold over 14 million bikes across the country. Because for Indian roads, two wheeler is the most convenient mode of transport and it is a popular choice too. It is a popular mode of transport in India because it's small, sleek, maintainable by anyone and most importantly affordable by everyone. People love traveling in bikes, mopeds for a road trip or nearby places on the weekend to enjoy the ride.

        If you are a citizen of a metropolitan city like Bengaluru, you already know what we are talking about. Traveling by bike is easy for sure, because you can tackle the traffic conveniently but because of the road conditions and almost no traffic sense population in the country, the number of accidents have increased in the last few years. So here are fe safety tips you should follow while driving a vehicle.

      • How To Renew lapsed Two Wheeler Insurance Policy Online

        When it comes to owning a car or a bike, the joy is never ending. We make sure we protect and guard it against damages, scratches, rash driving, etc. But it is possible that we may forget that it is also vulnerable towards some unforeseen damages. So we make sure we buy an insurance policy that covers all these situations. So what next?

        The most important thing now is to make sure that we renew that insurance timely to enjoy all the benefits from it. About 60% of the vehicles have failed to renew the policy. There have been several cases where owners have not paid the renewal amount and created fake documents where only the policy period was changed. This can result in heavy fine and other serious consequences. So if you want to avoid all these hassles, then renew your insurance at least a week before the expiry date. Here is all you want to know about renewing your lapsed insurance.

      • Steps Involved In Two Wheeler Ownership Transfer

        Depreciation by definition means decrease in value due to its age and use. Bike owners cannot avoid the usual and minor scratches, dents, etc. on a daily basis. Today with rise in inflation, buying a two wheeler has also become a costly affair. And if it's been in a mishap then the repair costs, third party injuries, etc. all these things can cost you a fortune for repairs and other things. In such cases, an insurance can be your saviour.

        Now, while buying a two wheeler insurance, the company offers you few add-on covers. One of the cover is Zero Depreciation. Many of us are not aware of the benefits and the meaning of this cover. We have a tendency to say 'no' to add-on covers as we think it is simply an added expense to increase our bill amount. But it is not true. The add-on covers are offered for its various benefits and you will be surprised to know the advantages of the same. Here is all about Zero-depreciation cover for two wheelers.

      • Zero Depreciation Cover For Bike Insurance

        Depreciation by definition means decrease in value due to its age and use. Bike owners cannot avoid the usual and minor scratches, dents, etc. on a daily basis. Today with rise in inflation, buying a two wheeler has also become a costly affair. And if it's been in a mishap then the repair costs, third party injuries, etc. all these things can cost you a fortune for repairs and other things. In such cases, an insurance can be your saviour.

        Now, while buying a two wheeler insurance, the company offers you few add-on covers. One of the cover is Zero Depreciation. Many of us are not aware of the benefits and the meaning of this cover. We have a tendency to say 'no' to add-on covers as we think it is simply an added expense to increase our bill amount. But it is not true. The add-on covers are offered for its various benefits and you will be surprised to know the advantages of the same. Here is all about Zero-depreciation cover for two wheelers.

      • Top Two Wheeler Manufacturing Companies in India

        Two-wheelers are very easy to drive, it is available in different cubic capacities and segments according to the needs of the people, you can tackle the traffic very easily, and you can drive on small roads as well just to cut the traffic. Indian is a population of working and middle class people. Therefore, buying two-wheeler is an economical option as it serves our requirements and taking care of our economical situation. There are so many segments in two-wheelers like mopeds, bikes,scooters, superbikes, etc. There is a fierce competition amongst two wheeler manufacturers because India is a global market for two-wheeler manufacturers and there is a place of experiment for every company. The industry has grown rapidly by nearly 13% in the last few years and this shows the love for bikes from our country.

      • How To Save Petrol When Riding A Bike

        Two-wheeler or any motor vehicles are fun and thrilling to ride, for sure. But in that thrill we should never forget that we are burning petrol and diesel and soon we wouldn't have any. Buying two-wheelers and cars have become very easier with financial options that are available today. But what is expensive is the maintenance of the vehicle purchased. Be it fuel, engine oil, coolant oil, brake oil, etc. Every kind of vehicle oil has become expensive. So it is important to know the ways with which you can save fuel while enjoying your ride

      • Buying A Used Motorcycle Paperwork

        Choosing which vehicle to buy from whom and where is a daunting question. The choices are endless and sellers are many, it's easy to get lost So while buying a second-hand bike, it is important to check a few things like history of the two-wheeler, a background check on the seller, etc

    • WANT TO EXPLORE RELATED?
      • Motor Insurance
        Motor Insurance is a mandatory document that the owner of the bike must have when he is traveling in a public space. It is compulsory under the law of Motor Vehicle Act, 1988. Motor Insurance gives you a protection for wide range of situations like own damage, personal accident cover, loss or theft of the bike, repair because of accidents, legal liabilities arising out of third-party damages or injuries and so on. In all these situation repairs or medical expenses can cost you a fortune if you do not have an insurance. Traveling without a bike insurance is a legal offence and you will be fined heavily.
      • Car Insurance
        According to the Motor Vehicles Act, 1988. Every car or bike in use should be insured with with a policy cover. Choosing the right car insurance is a concern for every car owner in India. When it comes to buying a car insurance people get confused and sometimes end up buying the one that least favours their insurance needs. It is always a good idea to make yourself familiar with the different car insurance schemes available in the market, compare the ones you think will serve your purpose and choose the most suitable one that satisfies your insurance requirements. There are some add-on covers which will enhance your basic policy by giving you an extensive cover for various situation. These add-on cover will be available for a little extra premium on the basic policy.

    News about Two Wheeler Insurance

    • Zurich students design electric motorcycle that delivers 400 Km range

      A new electric bike that has a range of 400 Km was designed by students in Zurich, Germany. A team of students comprising 13 mechanical engineers, 1 electrical engineer, and 2 industrial designers collaborated together to create the all new Ethec electric motorcycle. The team designed this motorcycle with a forward-biased visual mass after taking design cues from the human body.

      This vehicle comes with a lightweight tubular frame that rides on trapezoidal girder forks to ensure geometry optimisation and stability. The vehicle also features a hub motor on each of its wheel to provide continuous output power of 22 kW and a peak power of 50 kW.

      Range has always been a problem for electric vehicles. While Tesla overcame this limitation with its electric cars, Ethec has pushed electric vehicles closer to its petrol equivalents. Designers of Ethec electric motorcycle solved the issue by installing a huge battery that consists of 1260 lithium ion cells arranged in an arrayed fashion. With an output energy of 15 kWh, this battery provides a range of 400 Km. The battery also features cooling oil to ensure adequate lifespan.

      13 July 2018

    • Hero MotoCorp extends leader over Honda in Q1

      In terms of number of units sold, Hero MotoCorp has extended its lead over former partner and rival Honda Motorcycle and Scooter India (HMSI) in the first quarter (April to June) of the current fiscal year. However, the overall share of market leader Hero declined marginally to 37.67% from 38.5% in the same quarter of last year.

      The Society of Indian Automobile Manufacturers (SIAM) released its sales data for the first quarter of this year. According to this data, Hero MotoCorp has sold over 20.6 lakh units of bikes and scooters compared to Honda’s total sales of over 16.9 lakh units of bikes and scooters for this period.

      In the first quarter of the previous year, Hero has sold about 18.11 lakh units as against Honda’s 14.78 lakh units. In terms of sales gap, Hero has sold about 3.70 lakh more vehicles than Honda this year. This gap stood at 3.33 lakh units in the previous year. These sales figures indicate that Hero has extended its lead by selling more units this year.

      12 July 2018

    • Tronx Motors launches new electric bike called Tronx One

      Tronx Motors, which was previously known as Volta Motors, recently announced the launch its new crossover electric bike called the Tronx One. As an introductory offer for customers, a limited number of units of this two-wheeler will be launched at the price of Rs.49,999 in two colours – Pacific Blue and Magma Red. The shipping of the e-bike will start from July 16 for customers who have already pre-booked their vehicles.

      The Tronx One will feature a mid-step through frame and a smart display that makes use of the troX TM platform to connect to the user’s smartphone, among other things. The e-bike is powered by a detachable and lightweight 36V 13.6Ah Lithium 500W battery.

      The e-bike will be made available in Goa, Mumbai, Ahmedabad, Pune, Chandigarh, Delhi-NCR, Bangalore, Chennai, and Hyderabad.

      12 July 2018

    • Indian auto industry posts Q1 sales of 69.62 lakh units

      The Indian automobile industry has posted total sales of 69.62 lakh vehicles during the first quarter (April to June) of the current fiscal year. This represents an 18.01% growth in vehicle sales in the domestic market. In the first quarter of last year, the auto industry witnessed total sales of 58.83 lakh units all over the country.

      The report indicated sales growth in all segments of vehicles ranging fromscooters to commercial vehicles. One of the reasons for the huge growth in this year’s sales numbers can be attributed to the slump witnessed last year due to the anticipation of Goods and Services Tax (GST) and the shift to BS-IV safety norms.

      New product launches also contributed to the purchase of new vehicles this year. Total sales of cars, UVs, and van for the recent quarter stood at 8.74 lakh units. Total sales of two wheelers for the same period stood at 56.77 lakh units.

      11 July 2018

    • Updates of recently launched two-wheelers in India

      The three two-wheelers that have recently been launched in the country are the Honda Activa 125, the TVS XL 100 Heavy Duty i-Touch Star, and the 2019 Kawasaki Ninja 650. The Honda Activa 125 was launched at the price of Rs.59,621. The 2018 variant has been fitted with an LED headlamp, black alloy wheels, and an updated semi-digital instrument cluster. The engine, however, remains the same as the previous version.

      The TVS XL 100 Heavy Duty i-Touch Star, another popular two-wheeler, has also been launched in the country. The moped is offered in a fresh new colour, and comes with an electric start feature, which adds to the two-wheeler’s convenience. It is offered at the rate of Rs.36,109.

      Kawasaki India also recently launched the latest model of the Ninja 650. The 2019 version of the two-wheeler comes with a new colour option – Metallic Flat Spark Black. It is offered at Rs.5.49 lakh. However, apart from the new colour option, the specifications of the motorcycle continue to remain the same as the previous version. The previous version, which is the 2018 Ninja 650 KRT edition, is sold at Rs.5.69 lakh, which the blue-coloured variant is sold at Rs.5.49 lakh.

      10 July 2018

    • The 2018 Himalayan Odyssey kicks off

      In what is considered the most iconic ride in India in the year, Royal Enfield kicked off the Himalayan Odyssey tour yesterday which will see a 60 rider contingent of 50 men and 10 women. The 60 member bike troop will cover 2,200 kms in 18 days that will see them ride through the most gruelling terrains in the country habituated by the Himalayan Range. Following the ritualistic ceremony carried out by the Lammas to bring the contingent good luck, the Royal Enfield troop kick started their 18 day journey across the Himalayan range from the iconic India Gate in New Delhi. The ride will be be yet another chapter in the Himalayan Women Odyssey diaries which over the last few years has been an inspiration and a guide for women empowerment in the country. The event and the kick start of the journey was flagged by the Royal Enfield President Mr.Rudratej Singh, who joyously boasted that this was the 15nth year in succession that the ride will be held. He said that over the years, the Himalayan Odyssey has encouraged to push the limits of their bike, and go through a journey that will emphasize the very reason of a Royal Enfield. He concluded by saying that the troop is about exploration.

      10 July 2018

    • Hero, Honda and Suzuki all set to roll out their latest rides

      An announcement that would bring joy to bike enthusiasts across the country,  bike manufacturers Honda, Hero and Suzuki are all set to roll out their latest models. Suzuki is all set to roll out the Suzuki Burgman Street, Hero is set to launch the Xtreme 200R while Honda is going to roll out its latest rendition of the Activa 125. Powered by a 200cc engine, the Hero Xtreme is all set to be priced at roughly Rs.88,000 (ex-showroom price) and comes with ABS variants a load of other features. On the other hand, Honda is all set to roll out its update of the Activa 125cc at a price little less than Rs.60,000 (ex-showroom). The Honda activa will come with LED lamps, 3-way adjustable rear suspension and 4 in 1 locking mechanism. In competition to the Activa rolled out by Honda, Suzuki is all set to roll out its blend of scooters with the Burgman street which is powered by a 125cc engine as well. With the design taken off the 200cc model, the Burgman street is set to give stiff competition to its scooter rivals in the country.

      9 July 2018

    • Price of Hero Xtreme 200R revealed in India; most affordable bike in the 200cc segment

      Hero Motor Corp. has revealed the price of its Xtreme 200R model in eight North Eastern states in the country. The ex-showroom price of Hero Xtreme 200R is revealed to be Rs.88,000, which makes it the most affordable bike in the 200cc segment. The price of this bike is lower than the prices of TVS Apache RTR 200 4V and Bajaj Pulsar NS200.

      The price is updated in the official website of Hero Motors. However, it is only applicable to the eight North Eastern states as of now. Though the official price is not revealed throughout India, it is expected to be in the same range.

      The 199.6cc Hero Xtreme 200R comes with a single-cylinder, air-cooled engine, and it features a 5-speed transmission. The engine of the bike features fuel injection technology and delivers an output of 18 bhp and torque of 17 Nm.

      6 July 2018

    • Driving licence now a must to buy a two-wheeler

      Transport Minister Suvendu Adhikari said that any person looking to buy and register a two-wheeler must have a driving licence.

      The auto dealers and regional transport have been warned that their trade licence could get cancelled if they are found violating the rule.

      The two-wheeler dealers will have to keep the records of the driving licence number of the buyers and produce it to the transport officials as and when asked for.

      The move has been implemented by the government in the wake of recent series of accidents involving two-wheelers. The government strongly feels that this move will bring down the number of accidents and road mishaps.

      6 July 2018

    • Royal Enfield sees 18% jump in bike sales in June

      India’s iconic motorcycle company, Royal Enfield saw an impressive growth of 18 % in its sales volumes for the month of June. The company, part of Eicher Motors, sold a total of 74,477 units of its bikes, up by 11,317 units compared to June 2017. The bike manufacturer had sold a total of 63,160 units in the same month last year.

      While the company sold a total of 72,588 units in the domestic market, it sold 1,889 units internationally. International sales for the month of June saw a 27% increase compared to the same period last year, when the company had sold 1,489 units.

      The two-wheeler manufacturer has models like the Bullet 500, Thunderbird 500, Himalayan, Continental GT, the Classic Desert Storm, etc. in its portfolio.

      3 July 2018

    Recent Updates on Two Wheeler Insurance

    Two Wheeler Insurance Reviews

    • Liberty Two Wheeler Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      LIBERTY GENERAL INSURANCE is the insurance provider that i am using the two wheeler insurance. The policy coverage is for 3rd party is included and i had no claiming experience. I am satisfied with the premium and also the IDV value. I have received the soft copy.
      Was this review helpful? 0
      , patna
      Reviewed on Jul 14, 2018
    • review Two Wheeler Insurance
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      Actually i have got my two wheeler insurance through the showroom from where i have got my two wheeler. The documentation is done physically. I have no idea regarding the premium because so long back i have use used so i had no claim. I have used it for 1 year.
      Was this review helpful? 0
      , patna
      Reviewed on Jul 14, 2018
    • Bankbazaarinsurance.com Two Wheeler Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using the bank bazaar since last 1 year i had a very good experience with the bank bazaar. The customer service is very good and they are responsive and also there is a good follow up. With the website i use the bank bazaar which is easy to access.
      Was this review helpful? 0
      ,
      Reviewed on Jul 14, 2018
    • Bankbazaarinsurance.com Two Wheeler Insurance
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      The website of Bankbazaarinsurance.com is good and it is very much easy to use and understand. The customer support is also fine as they contacted me on time and informed me the details. There were follow up calls as well and there were no issues to get my two wheeler policy through.
      Was this review helpful? 0
      ,
      Reviewed on Jul 14, 2018
    • review Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Though the process to get the two wheeler policy from United India is not online. It is okay for me as their office is nearby my home. It would be better if there is a online option too. The policy coverage and the plan benefits are good overall and the premium too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 14, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Overall no issues"
      0.5 5.0/5 "Blown Away!"
      The experience with HDFC Ergo is good as they sent me the policy documents on time. I have taken a two wheeler policy and the premium is also normal too. The policy coverage and the plan benefits are satisfactory. The customer services are on time too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 14, 2018
    • HDFC Ergo Two Wheeler Insurance
      "GOOD"
      0.5 3.5/5 "Pretty good"
      The reason for taking the HDFC ERGO GENERAL INSURANCE is that they are providing me with a good deal. The policy coverage is includes the 3rd party coverage ans also the documentation done through the on line where the soft copy has and to me and also received the hard copy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 14, 2018
    • Bankbazaarinsurance.com Two Wheeler Insurance
      "Satisfied with the services"
      0.5 4.0/5 "Great!"
      The experience at Bankbazaarinsurance.com is good and there are no issues in the process. The website is also good and there is no inconvenience to navigate through. It was very convenient to get the details for the two wheeler policy. There were follow up calls as well.
      Was this review helpful? 0
      ,
      Reviewed on Jul 14, 2018
    • review Two Wheeler Insurance
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      From my two wheeler insurance from the NEW INDIA ASSURANCE i had no claiming experience where previously i have used. The premium is higher comparatively and the IDV is better. Apart from that i have got through the showroom where the documentation was done physically.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 14, 2018
    • Bankbazaarinsurance.com Two Wheeler Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      From last few years that i am using the bank bazaar the customer service is very good and they are responsive and they called up with the insurance for helping. I use through the mobile application which is sometimes difficult to use apart from the the service is very good.
      Was this review helpful? 0
      ,
      Reviewed on Jul 14, 2018
    • Bharti Axa Two Wheeler Insurance
      "Nice experience"
      0.5 4.0/5 "Great!"
      Bharti Axa was overall good with the two wheeler insurance policy. I have taken my policy from them the previous year. They were equally good and the premium cost is normal. The policy coverage is good and the plan benefits are also satisfactory.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 14, 2018
    • Liberty Two Wheeler Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My two wheeler insurance is with Liberty General. The process is good and I was able to get my two wheeler policy on time. The premium is pretty reasonable when compared to other insurance provider and that is why I chose them. The soft copy of the policy was sent to me on time but not the hard copy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      Through the on line i have purchased the two wheeler insurance from the BAJAJ ALLIANZ GENERAL INSURANCE my experience with the policy is good and i had no claiming with the policy. Policy coverage is for 3rd party includes. Premium is lower so i took this insurance.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jul 14, 2018
    • review Two Wheeler Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      Previously i have used with the NEW INDIA ASSURANCE for my two wheeler. The documents i have applied it through the executive physically and the process of getting my policy is good and easy. I had no claiming experience with my two wheeler insurance.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jul 14, 2018
    • Bankbazaarinsurance.com Two Wheeler Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The bank bazaarinsurance.com is the first time experience that is very good and i had a good experience with the service that they helped with the insurance. Through the website that i use the bank bazaar and it is easy and user friendly to use.
      Was this review helpful? 1
      ,
      Reviewed on Jul 14, 2018
    • Bankbazaarinsurance.com Two Wheeler Insurance
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      The experience at Bankbazaarinsurance.com was really good. I have taken my two wheeler insurance through this portal. The details are clear and helpful. There were follow up calls too. In all I had no issues to get my policy as there were many options.
      Was this review helpful? 0
      ,
      Reviewed on Jul 14, 2018
    • Bharti Axa Two Wheeler Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      This year I have renewed my two wheeler policy with Bharti Axa. The customer support is good and there are no hassles in the process. There was no delay in the getting the policy documents. The policy coverage is satisfactory and the plan benefits as well.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 14, 2018
    • Bankbazaarinsurance.com Two Wheeler Insurance
      "Nice experience"
      0.5 4.0/5 "Great!"
      The overall process with Bankbazaarinsurance.com is good and there are no issues in my experience. They been on time to contact me and inform me the details. I had taken my two wheeler policy through this portal. The website is good and informative.
      Was this review helpful? 0
      ,
      Reviewed on Jul 14, 2018
    • Reliance General Two Wheeler Insurance
      "Nice experience"
      0.5 4.0/5 "Great!"
      The process with Reliance is good as well. I have used their services the previous year and they have sent me the hard copy and the soft copy as well. I had taken my two wheeler insurance from them. The coverage is also fine and the premium is normal too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 14, 2018
    • HDFC Ergo Two Wheeler Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The reason behind the taking this two wheeler insurance from the HDFC ERGO GENERAL INSURANCE is i have an existing insurance with the car. Policy coverage is for 3rd party coverage includes. Documentation done on line with simple process and i received the soft copy.
      Was this review helpful? 0
      , bharuch
      Reviewed on Jul 14, 2018
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