Having an active two wheeler 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 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.
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 two wheeler insurance 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*
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.
When purchasing a two wheeler insurance policy, you will have to make a choice between two types of insurance policies. Listed below are the main features and benefits of each type of insurance cover.
|Third-Party Liability-Only Insurance Policy||Comprehensive Insurance Policy|
|A third-party liability-only 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.||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.|
While purchasing a two wheeler, you will have to make a choice between a comprehensive insurance policy and a third-party liability-only 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 insurance policy is usually inexpensive when compared to a comprehensive 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 two wheeler 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 insurance policy.
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. Two wheeler 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.
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 two wheeler 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.
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.
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.
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.
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 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 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.
|Bumper-to-Bumper/Zero Depreciation Cover Inclusions||Bumper-to-Bumper/Zero Depreciation Cover Exclusions|
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
Most insurers give policy buyers the option of buying their policy online. In order to purchase your bike insurance policy online, you will have to visit the insurer’s official website, click on the respective tab and enter certain details about yourself and your vehicle to get a quote. Post this, you can proceed to purchasing the policy online. Purchasing an insurance policy online is extremely hassle-free as it saves time, money and cuts down on paperwork. Since most insurers display the policy brochure on the company website, you can also get a good understanding of the policy terms and conditions before applying for it. The online premium calculator will also help you get an estimate of your premium. Further, you can also choose to renew your bike insurance policy online.
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.|
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.|
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.
|75CC – 150CC||150CC – 350CC||Over 350CC|
|Third-Party Insurance Rates before 1 April 2017||Rs.619||Rs.693||Rs.796|
|Current Third-Party Insurance Rates (After 1 April 2017)||Rs.720||Rs.887||Rs.1,019|
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.
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 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.
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.
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:
A few other things that you should keep in mind before renewing your two-wheeler insurance policy are:
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.
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:
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.
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.
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.
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.
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.
Reliance General Insurance was founded in the year 2000. The insurer has a pan-India presence, with around 139 offices 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.
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.
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.
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.
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.
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.
The Two Wheeler Insurance Policy 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:
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:
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:
The Auto Secure – Two Wheeler Package Policy from Tata AIG offers policyholders a range of benefits, including:
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:
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:
The key features of this plan include:
The key features of the bike Insurance Policy from Bharti AXA are:
Some of the main features of this policy are:
This insurance policy can be purchased for vehicles used for personal and commercial uses. The key benefits of this policy include:
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:
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.
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.
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.
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.
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.
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.
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.
While the exclusion criteria will vary from insurer to insurer, a few general exclusions for long-term two-wheeler insurance policies are:
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.
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.
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.
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.
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.
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.
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.
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.
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.
There are a number of factors that could lead to a claim being rejected, such as:
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.
You should always carry the following documents to avoid being penalised in the event of an accident or for ready inspection:
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.
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.
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.
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.
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.
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.
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.
Purchasing an insurance policy online is hassle-free, convenient and time-efficient. The benefits of purchasing a policy online include:
While there are many benefits to purchasing a policy digitally, you must remember that not all insurers may provide all the benefits mentioned above.
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:
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.
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.
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.
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.
Policy buyers can choose between the following types of bike insurance policies:
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.
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.
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.
Suzuki Motorcycle India Private limited a subsidy of the Japanese automobile giant Suzuki Motor Corporation, concluded November month with a record sales high of 49,535 units. The company has grown over 37% compared to last year in both domestic and export front. On the domestic front, the company last year sold 30,000 units and this year the company has managed to sell over 42,000 units this year. Exports from the company was recorded at 6813 units. The financial year 2016-2017 was action packed for the company. From April to November the company has sold 3,80,915 units when compared to 3,50,000 units last year.
Suzuki also launched its new bike Intruder 150cc- India’s modern cruiser in November, and the bike will be open for booking soon.
12th December 2017
The government is rooting for some major changes in the automobile industry by 2030, by achieving its Electrical Vehicle move to save the environment from further damage. While many car and bike manufacturers have been in worry to deliver the same level performance of a fuel engine in its EV as well, Royal Enfield makers not seem to be so. The sound that stand out of the pack, the signature thump may not be available in its electrical model. The company currently uses aluminium engines which creates that thump. Manufacturing the bike in Electrical variant will completely wipe-out the noise.
The company recently launched its 2 new variants in 650cc range Interceptor and Continental GT in India. These two bikes will hit the European market by April. But the company is well aware of the required changes in Indian market in next few years. To do so, it has partnered with the Swedish company Volvo, and the companies are working in close quarters to achieve a similar performance in its electrical vehicle as well. Every company will now have to start from zero level to reach the desired result. It will be interesting to see who will make it of the lot.
11th December 2017
Honda Motorcycle and Scooter India (HMSI) has been contributing to its Japanese parent company with its tremendous sales in two wheelers. Honda Activa being their star vehicle, the company has sold over 20 lakh volume of the moped variant in the last 7 months. Honda Has presence in over 12 markets across the globe and India leads the domestic industry sales making it their bigger player. Honda India had overtaken Honda Indonesia in June 2016 to become the largest volume contributor for its global sales of Honda Motor Corporation.
In the past 6 months, HMSI alone has managed to sell from 500 bps to 32 percent globally. In the current fiscal year, Honda Motorcycle and Scooter India has sold 4,60,017 units which is nearly 41 percent more units this November compared to the last year.Of this, it was mainly driven by domestic sales of 4,32,350 units which is 44 percent of the total sales. The company has grown nearly 17% during the current financial year.
9th December 2017
Royal Enfield has already switched its a-game by entering the midsize vehicle segment (250cc-750cc) with the new release of Continental GT 650cc and Interceptor 650cc. Now its competitors Harley Davidson, Triumph Motorcycles and Norton are ready to enter the market with new models that would appeal to the Indian market. Harley is already ready to roll with its smallest creation Street 750 into the market. BMW has partnered with TVS motors for its manufacturing unit and has started exporting the 310 cc bike from its chennai plant. The bikes will be unveiled in India next year. Norton has partnered with Kinetic Motors for its 650cc model and Triumph Motorcycles has partnered with Bajaj Automobiles. So get ready India, it’s time for biking!
8th December 2017
For the first time ever, the Delhi Transport Office will hold an auction for fancy numbers for two wheelers. The most fanciest number ‘0001’ has been set at a base price of Rs.50,000. Next numbers starting from ‘0002’ to ‘0009’ is set at a base of Rs.30,000. For numbers like 0010,0099,0786,1000,1111,7777 and 9999 will be held at a base price reserve for Rs.20,000. Fourth reserve is Rs.15,000 for numbers like 0100,0111,0200,0222,0108,1008 and 1313. For numbers other than the specified by the department will be called for a minimum of Rs.5,000. The old numbers could also be retained by paying Rs.500 to the Transport Department. Totally six category number will be registration numbers will be auctioned. Since ‘0001’ is the most fanciest and popular it has more demand in four-wheelers as well. This number is available at Rs.5 lakh for cars.
7th December 2017
At least 21,000 or more riders and pillion riders were part of some fatal accidents between January to October this year across the state. Bengaluru being so highly populated with two-wheelers on road, safe driving is a vital aspect and the need of the hour. In spirit of this, the State Transport Department has launched 19 safety corners across the city on Monday. These road safety corners are established in automobile showrooms with audio-video systems equipped with simulators and other awareness building resources to sensitise bike buyers with safety tips. Among these the vital things are safety protocols like wearing helmets, carrying documents, driving in speed limits, following traffic rules and sign boards, etc are some important factors. The department has also expressed its concern towards youth below 18 years buying super bikes and other high engine capacity bikes as they are difficult to handle and maneuver on Indian roads.
6th December 2017
The all new TVS Apache RR 310cc (Akula) is ready to be launched on this wednesday December 6,2017. It was initially scheduled for launch last year but the production and development spent almost a year to manufacture the bike that is now. Falling in 300-400cc bike category, this new beast will compete with its rivals Bajaj Dominar, Mahindra Mojo, KTM Duke 90,Royal Enfield Classic 350, Benelli TNT 300 and the main being Kawasaki Ninja 300. The price is expected to be in between Rs.1.5 to Rs.1.6 lakh on ex-showroom, Delhi.
5th December 2017
India Bike Week is regarded as Asia’s largest bike fest which is platform for many bike manufacturing companies to showcase their new models, bike stunts, bike arts and crafts etc. It was recently held in Goa and was a huge success like every year. It has its top 5 picks from the fest and it’s all worth it. Its top pick is Triumph’s Bonneville Speedmaster with 103 bhl power and 1200cc, second pick is Indian Motorcycle’s Scout Bobber, for chopper fans the third pick is Aventura Choppers, BMW K 1600 B Bagger and last but not the least BMW RnineT Racer. So if you have missed out on any of the exciting happenings at the fest you now know the highlight of the event.
4th December 2017
American super bike maker Indian Motorcycle faced a dip in the sales these two years. With GST, demonetisation, BS-III to BS-IV emission norms changes the superbike range manufacturer had few setbacks in the last financial year. But the company is looking forward to bounce back next year with few goodies in its pockets that would be a delight to its customers and definitely a competitive threat to its rivals, Harley Davidson and Triumph. Indian Motorcycles is wholly owned by Polaris Industries currently manufactures, bikes above 1,200cc capacity with 9 models along with its newly launched super bike Scout Bobber that is priced at Rs.12.99 lakh. The company currently holds only 5 percent of the Indian market segment and hopes to extend its horizon with its new launches lined up for next year.
1st December 2017
Recently Hero MotoCorp announced that the company will be launching half a dozen bike and scooters in improved engine performances. The company recently unveiled its all new adventures bike XPluse at EICMA in Milan. The bike will be launching its initial production range by June 2018. This will be the first adventurous bike range of the company and it is looking forward for some great responses from its consumers. Bikers have predicted that this will be a competitive bike for Royal Enfield Himalayan variant. The bike will be powered with 200 cc engine, single cylinder, air-cooling vent with 20bhp of power. Although the exact price of this new beast is not revealed by the company, it is predicted that it may fall between Rs.1 lakh to Rs.1.2 lakh on ex-showroom. If it is launched at this price in the Indian market then it will be a real threat to Himalayan variant. This bike is suitable for mountain rides, dirt biking and of course off road rides.
30th November 2017