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.
|About Two Wheeler Insurance||Types of Two Wheeler Insurance||Benefits of Bike Insurance||Two Wheeler Insurance Plans||FAQ's||Two Wheeler Insurance News|
A two wheeler insurance policy basically offers coverage against damage to the vehicle, bodily injury, disability or death of the third-party and the policyholder. Policyholders have the choice between a comprehensive two wheeler insurance policy or a third-party insurance policy. The third-party liability cover offers coverage for the damages caused to the vehicle of the third-party and coverage for injuries or medical expenses. The most basic form of two wheeler insurance, the third-party liability cover is affordable but does not extend any coverage to the policyholder to repair his/her bike or to cover medical expenses. That said, for complete protection, policyholders can opt for the comprehensive two wheeler insurance policy. This type of a two wheeler insurance policy offers coverage to both the third-party involved in the accident and the policyholder for damages caused to the vehicle as well as coverage for medical expenses. Though the comprehensive two wheeler insurance policy is a little more expensive, it offers coverage for damage to the vehicle under a number of circumstances apart from just an accident. It offers coverage in case of theft, if the vehicle is damaged or deemed a total loss following a natural calamity, riot, strike, etc.
Two-wheeler vehicle owners need to purchase a two wheeler insurance policy for the following reasons:
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.
The IRDAI however raises the two wheeler or motor insurance premium annually and if the policy holder chooses for long-term two wheeler 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.
General insurers in India provide two kinds of two wheeler insurance plans:
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.
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%|
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.
A two-wheeler is considered a man/woman’s best friend by many, especially those who enjoy the freedom of riding on their favourite motorcycle or scooter. A two-wheeler comes with a number of benefits for the riders such as affordability, being faster and providing better navigation through traffic, etc. But, when it comes to safety, two-wheelers can be a threat to the riders’ lives if not careful. Therefore it is very important that the riders of motorcycles and scooters abide by the traffic rules and follow them rigorously. But, following traffic rules is not enough, to enhance the safety factor for the rider of a two-wheeler as well as the public, it is vital that the rider avails a suitable two-wheeler insurance, either third-party or comprehensive. When making the purchase, it would be in the person’s best interest to avail the plan from a genuine online insurance platform due to the following reasons:
Most of the insurers today offer the facility of paperless documentation when purchasing/renewing the policy online. One can visit a third-party insurance website or the official website of the insurer to make the purchase/renewal. While on the website, the prospective policyholder needs to provide all the relevant information, which will make-up for most of the documentation. Paperless documentation is environment friendly.
Online purchase/renewal of the policy is light on one’s pocket due to paperless documentation, discounts offered on insurance premium, absence of a middle-agent, etc. Websites are easy to use mostly, making all the necessary information required to make the purchase/renewal visible to all.
Online purchase/renewal of insurance policy is both time saving and convenient. One can make the policy purchase/renewal from anywhere, at one’s own convenience. This makes it easy for the policyholder to purchase/renew the policy.
Insurers save on every policy purchase/renewal made online due to paperless documentation, less traveling for verification purpose, etc. The insurers transfer the profit to the policyholder by offering discounts on insurance premiums. Online policy issuance is beneficial to both the policyholder and insurer in term of monetary benefits.
Using online platforms make it easy for the insurer to purchase, renew or cancel the insurance policy at any given point in time. This can be done directly on the third-party insurance website or on the official website of the insurer.
The insurance policy can be bought directly from the insurer via official websites and third-party insurance websites. This comes with a number of benefits such as secure transactions, genuine policy insurance, easy payment modes, etc.
Before purchasing/renewing a policy it is important that one does thorough research and choose a plan that best serves the policyholder and his/her two-wheeler insurance needs. Online platforms make it easy to gather information from various sites, compare the policies based on the gathered information, and choose the best one. It is a good idea to check the customer reviews, the reputation of the insurer, etc. before making the purchase/renewal.
The insurance policy is issued easily and instantly when the purchase/renewal is done online. In case the policyholder loses the copy of the policy, he/she can download the same from the official website of the insurer by logging into one’s account.
Online platforms provide a number of options to resolve queries and grievances. Anyone can visit the respective insurance website for the same.
Endorsements are nothing but changes made to the policy by the insurer on the policyholder’s request. It could be change in the address or contact information, installation/removal of any external accessories, etc.
Insurance websites come with a built-in tool called a premium calculator that calculates an estimate of the insurance premium to be paid by the policyholder. This helps the policyholder decide whether the plan is an affordable one or not.
Buying a two wheeler insurance online saves one time, money and unwanted stress. There are a number of websites to compare and buy the policies from, each one offering various features and benefits at competitive prices. Make sure to do sufficient research before deciding on a policy.
Even though the fuel prices are increasing every day, it does not stop people from buying two-wheelers. Undoubtedly, no other vehicle can match up to the convenience and the affordability of a two-wheeler. Traveling anywhere is easier, and if you have a premium range bike, cruiser or a sports bike, then road trips are much frequent than one expects it to be.
While traveling anywhere be it on city roads or highways, accidents, mishaps, and mechanical breakdown of the vehicle are unavoidable. It’s not that we wish for it, but these are unfortunate. If you are traveling on a city road, then the driving is risky as roads are usually jammed, have numerous potholes, and traffic violations, etc. and driving on a rainy day is no cake walk either. Hence, securing your bike with a proper two wheeler insurance is very important. A two wheeler insurance is a legal enforcement as per the law of the Motor Vehicles Act, 1988.
The third-party liability policy is the minimum required coverage according to the said act. The premium rates for this policy is set by the IRDAI and every year the rate is revised. However, a comprehensive policy is what one should ideally buy to protect their vehicle from damages caused by accidents, third-party, theft, total loss or damage, terrorist attacks, earthquakes, riots, protests, lightning, hailstorm, etc. The premium for this policy is higher than the third-party policy.
Now, since the market is flooded with insurance companies, it is easy to get confused when you go out to purchase a two wheeler insurance policy. The purpose of buying a two wheeler insurance policy should not be just to save yourself from penalty. Hence, you should understand the benefits and advantages of having a bike insurance policy. To help you do this, you can research for the best policy online and have a knowledge about the offers and discounts offered by various insurers so you could make the right choice. However, if you opt to buy insurance policy offline, you can buy through agents, brokers, etc. so it may be possible that you would be misguided.
Hence, here are few tips to shop for two wheeler insurance wisely:
If you are purchasing offline, to increase commission from the company, agents may mislead you with a two wheeler insurance cover that may not be required for your vehicle. So be specific about the type of coverage you want and mention the same to the agent. However, if you are purchasing online through the insurer’s website, the process is very easy and simple. Not only does it save your time but also on the insurer’s website, you can easily know the inclusions and exclusions from the policy along with discounts and facilities offered by the insurer. This way you are saving the commission amount that you may have to pay to either the broker or an agent. You can buy the policy depending on your need and affordability by choosing between a third-party liability cover and comprehensive cover.
Nowadays, with the help of digital technology, insurers have provided the benefit of calculating your premium through an online tool called ‘Bike Insurance Premium Calculator’. You have to input few values like manufacturer of the bike, model, Insured Declared Value, age of the vehicle, policy details, number of claims (if any), owner details, etc. On submission of the details, the tool will calculate the actual premium amount that you have to pay. Once you know the amount of premium payable, you can negotiate with the insurer if you are renewing with the same insurer or you can negotiate for discounts and a better deal if you are switching or purchasing a new bike insurance policy. Therefore, before you pay the premium on the bike policy, it is important to research a little so that you do not end up paying a higher premium for a low cover policy.
If you have purchased a comprehensive two wheeler insurance policy, then the insurer must have informed you about the add-on covers that are available which can extend the policy coverage. Buying add-on cover for the bike/scooter you own is simply waste of money if you do not require it. The expenses that may arise for a bike that costs above Rs.1 lakh is higher than a scooter or a bike within 100cc segment. The repair expense for the vehicle, if it was a part of any mishap, will vary from each model. An add-on option like key replacement or engine cover, may not be required for your bike as the repair cost, if any, may not be that expensive. So even if the insurer tries to convince you that it will be beneficial for you in the future. you should buy only the add-on options that you feel is necessary and affordable.
It is a normal tendency to just flip the pages and sign the document in a rush, especially in insurance policies, rental agreements, etc. Any type of insurance is an agreement between the insurer and the buyer where the insurer agrees to provide certain facilities and in return, the buyer agrees to pay certain amount for that facility. In an insurance contract, we often read only what it covers, and skip the part of exclusions, which is most crucial. Hence, read and understand the clauses carefully on exclusion and claim process and for what type of damages can you claim and the clauses applicable to it. This will help you avoid making a claim that is not covered under the policy. The renewal terms and conditions, policy cancellation, etc. you should be aware of everything so that there is no confusion in the future.
There is no other medium as transparent as online. Every information can be searched on any search engine or on insurer’s website to clear our doubts about a two wheeler insurance policy. Online medium will directly connect you with the insurer eliminating the middleman. You can compare policy benefits and discounts offered by various insurers and choose the best with. There will be very minimal or no paperwork since all the documents are processed digitally. The payment can be done through UPI, net banking, and debit/credit cards. You will receive the documents within a day via email.
There is a fierce competition amongst the insurers to increase their business. Ever since the GST, the tax on insurance has been increased to 18% from 15% which has affected the business of the insurers. In the same interest, the insurers offer discount and benefits to attract the customer to buy a two wheeler insurance policy. The insurers also have tie-ups with vehicle showrooms, which provides them direct business. Therefore, it is important to research and compare online to buy the best two wheeler insurance policy.
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If you are purchasing a two wheeler insurance policy for the first time, the number of choices, customisation options, industry jargons, etc. can make the task of purchasing a two wheeler insurance policy for your vehicle seem daunting. Thus, we have created a 10-point guide to help you pick the best two wheeler insurance policy if you are a first-time motor insurance buyer:
Make sure to refer to the tips mentioned above to ensure that purchasing a two wheeler insurance policy for your new vehicle is a simple and hassle-free process. As a prospective policy buyer, you can purchase a bike insurance policy of your choice through the official websites of insurance companies, trusted third-party websites that sell insurance policies, or by directly visiting the insurance provider’s office.
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*
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.
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:
It is important for every bike rider, especially bike racers, to insure their bikes so that they are not burdened with huge garage bills in case of a mishap such as an accident or a natural disaster. A two wheeler insurance policy refers to a policy that offers coverage against any damages caused to a two-wheeler. The Indian government has hence made it mandatory for every bike owner to purchase at least a third-party liability insurance policy.
two wheeler insurance companies, along with basic third-party liability insurance plans and comprehensive insurance plans, offer many different add-ons that will strengthen the base plan chosen by the policyholder.
While the add-ons offered by each of the companies differ, here are a few common add-ons that could help bike enthusiasts enhance their insurance plans.
This is one of the most popular add-ons that acts as a protection against depreciation. It is also a cover for certain bike spare parts. It offers to pay for the replacement of rubber/fibre/plastic/metal spare parts that were damaged due to a mishap or wear and tear. This add-on is especially beneficial to luxury bike owners. Policyholders typically pay an extra 15%-20% of the premium for this add-on.
A road accident may cause major injuries to the bike rider. A medical cover will come in handy in such situations. Medical expenses incurred on treating such injuries will be covered under the add-on.
Apart from injuries, accidents could cause physical disabilities or impairments. Insurance companies offer the personal accident cover that provides lump-sum amounts to the policyholder if he/she has suffered an injury due to an accident. This helps him/her manage everyday expenses.
This is an add-on that offers financial protection for damages caused to the engine of the bike. Any damage caused, from water entering the engine to leakage of the lubricating oil, is covered under the policy.
An accident can be as risky to the pillion rider as it is for the rider. A usual comprehensive two wheeler insurance policy could cover the medical expenses incurred by the rider. The pillion rider cover, on the other hand, offers protection against expenses incurred on treating injuries suffered by the pillion rider.
This cover will prove to be a blessing in disguise if the rider’s two-wheeler breaks down in an isolated area. Under such conditions, help will be provided in the form of mechanical assistance, towing, refueling, etc.
This is a beneficial add-on for bike owners who have additional or fancy accessories on their bikes. The cover offers compensation for any damage caused to the accessories of the bike. The accessories can be electrical or non-electrical.
A bike rider could be carrying expensive belongings or gadgets at the time of a mishap. A regular insurance plan will not offer any sort of coverage for such belongings. A personal belonging cover, on the other hand, will offer coverage for such items under the policy.
Inclusion of the add-ons under the two wheeler insurance policy will expand the coverage already offered by the base plan. Paying a few extra rupees for a couple of add-ons will only provide extra benefits to the policyholder. So choose the relevant add-ons when you purchase a two wheeler insurance policy.
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!
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.
|Basic inclusions of a third-party liability-only insurance||Basic exclusions 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.|
|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.
Comprehensive cover is available at a higher premium when compared to a third-party liability cover.
|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.|
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.
A number of vehicle owners, even today, purchase two wheeler insurance policies only because the law makes it mandatory for them to do so. However, to make the most of your two wheeler insurance policy, be it a third-party liability-only two wheeler insurance policy or a comprehensive two wheeler insurance cover, it is necessary to first differentiate the facts and the myths that surround bike insurance. Thus, we have listed some of the most popular myths about two wheeler insurance policies below.
Myth 1: I don’t need a comprehensive two wheeler insurance policy since only the third-party liability insurance cover is mandatory.
Although the Motor Vehicles Act, 1988 makes it mandatory for policy buyers to purchase at least a third-party liability insurance policy, it is advisable to purchase a comprehensive two wheeler insurance cover if you require a higher level of coverage.
Myth 2: I can’t transfer my two wheeler insurance provider without losing the No Claim Bonus
two wheeler insurance companies in India offer a No Claim Bonus to policyholders who don’t raise any claims during the policy term, in an effort to reward them for their safe riding. If you have received a No Claim Bonus from your present two wheeler insurance provider but wish to transfer your policy to another motor insurance company, it is necessary to remember that your No Claim Bonus can be transferred, as well. Thus, you will not be losing anything by transferring your bike insurance policy to a different insurer.
Myth 3: I can’t purchase two wheeler insurance online.
On the contrary, two wheeler insurance companies in India give policy buyers the option to purchase two wheeler insurance policies through online and offline channels. Thus, while you can always walk into the nearest insurance office and purchase a two wheeler insurance policy for yourself, you can also choose to purchase bike insurance online. One of the key advantages of purchasing two-wheeler insurance online is that you can first compare two wheeler insurance policies offered by different motor insurance companies and use the two wheeler insurance premium calculator feature, before you pick a two wheeler insurance policy for your vehicle.
Myth 4: Pillion riders are covered under my two wheeler insurance policy.
Most individuals with two wheeler insurance assume that their policy also covers the pillion rider. However, two wheeler insurance policies, regardless of whether it is a third-party liability two wheeler insurance policy or a comprehensive two wheeler insurance policy, do not cover pillion riders. If you wish to extend coverage to the pillion rider, you will need to purchase the Pillion Rider Cover as an add-on.
Myth 5: two wheeler insurance is expensive.
two wheeler insurance is usually not very expensive, especially when you consider the level of coverage that the policy offers. The premium payable usually depends on a number of factors including the age and experience of the policy buyer, the type/model of the two-wheeler, the type of policy chosen, add-ons opted for, etc. In order to ensure that you are getting sufficient coverage for the premium that you are paying, make sure to compare two wheeler insurance policies and check the insurance quotes of various insurance covers before selecting a particular policy.
Myth 6: Comprehensive two wheeler insurance policies cover all damages.
Contrary to popular belief, comprehensive two wheeler insurance policies do not cover all types of damages. Although the coverage provided by a comprehensive two wheeler insurance policy is extensive, there are certain limitations to the coverage. For example, two wheeler insurance policies do not cover accidents/vehicular damages caused due to drunken driving. Similarly, even if a claim is accepted, the motor insurance provider will only provide a settlement after taking the depreciation of the vehicle into account, unless you have purchased a Zero Depreciation Cover along with your bike insurance policy.
Myth 7: I have to purchase the two wheeler insurance policy that is offered by my automobile dealer.
No, you certainly don’t have to purchase whatever policy is offered by your automobile dealer. It is, in fact, advisable to do your own research, compare two wheeler insurance policies offered by various insurers, check the features, benefits, and premium quotes of these policies, and then purchase a two wheeler insurance cover for your vehicle on your own. Given how easy it is to purchase bike insurance online and offline, you are not likely to face any hassles when purchasing a two wheeler insurance policy.
In conclusion, before you purchase a two wheeler insurance policy for your vehicle, it is important to do your due research to ensure that you know all the facts.
If you are a two-wheeler owner, it is likely that you have purchased a bike insurance policy for your vehicle. Two-wheeler owners can purchase either third-party liability two wheeler insurance policies or comprehensive two wheeler insurance policies for their vehicles. Most individuals who require enhanced coverage opt for the comprehensive two wheeler insurance policy.
A comprehensive two wheeler insurance policy, like the name suggests, provides significant coverage to the vehicle owner against a number of risks including accidental damage to the vehicle, theft of the two-wheeler, third-party liability, etc. Thus, a comprehensive two wheeler insurance policy provides coverage against both man-made and natural calamities.
That being said, even a comprehensive two wheeler insurance policy has certain limitations. For example, if your two-wheeler gets stolen and the insurance company approves your claim, you will not receive the full purchase price of the vehicle as the claim settlement. What you will receive, instead, is a certain sum of money that has been adjusted for depreciation. Thus, with a comprehensive two wheeler insurance alone, you will receive no more than the vehicle Insured Declared Value or IDV, which is based on the current market value of your vehicle.
In order to remedy this, motor insurance providers offer policy buyers the option to purchase a Return to Invoice Cover along with their policy.
If your two-wheeler has met with an accident that is classified as a total loss by the insurer, i.e. the cost of repairing the two-wheeler is more than the value of the vehicle or if your two-wheeler has been stolen, the insurer will pay you the full invoice price of your two-wheeler, excluding any depreciation charges, if you have a Return to Invoice Cover.
One thing to keep in mind is that the Return to Invoice Cover is not offered to all two wheeler insurance policy buyers. Insurance companies offer this add-on to policy buyers who have new or relatively new bikes. Thus, if your vehicle is many years old, you might not be offered the Return to Invoice Cover since the effects of depreciation can no longer be ignored by the insurance company, at this point.
The Return to Invoice Cover will provide you with coverage against the following events:
*Note: Inclusions might vary based on the insurer’s terms and conditions.
The following instances/events are usually not covered by the Return to Invoice Cover:
*Note: The exclusions might vary based on the insurer’s terms and conditions.
As a policy buyer, it is extremely easy to purchase this cover since most two wheeler insurance companies in India offer this add-on to policy buyers who purchase policies directly through the insurer’s office and to those who purchase bike insurance online. Even in case of two wheeler insurance renewal, you can opt for the add-ons that you wish to purchase while renewing the policy. In conclusion, the Return to Invoice Cover is a smart option if you wish to secure complete protection for your two-wheeler.
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.
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It is not uncommon for first-time motor insurance buyers to pick the first insurance policy that is offered to them. Once they have purchased the policy, they might come to realise that they would like a higher or lower coverage or that the premium rate for the policy is too much for the coverage that they are receiving. In such cases, the two wheeler insurance policyholder can choose to change the policy or even the insurance provider, altogether.
A few reasons why people choose to change their two wheeler insurance provider are as follows:
Policyholders can change their two wheeler insurance provider at any point during the policy tenure. To change your insurance provider before the completion of the policy tenure, you will need to first give your current insurance provider a notice. In most cases, insurance firms will require you to give them at least a 7-day notice, if not more, before cancelling your policy.
You can also choose to change your insurance provider when your two wheeler insurance policy is due for renewal. Most insurance firms allow prospective customers to renew their two wheeler insurance policy online by keying in a few details, submitting the necessary documents, and then making the due premium payment online.
Changing your insurance provider is an extremely hassle-free process. However, before opting for a policy that is offered by a different motor insurance company, you should make sure to assess your coverage needs, check the features and benefits of a few different policies, request for online premium quotes, and then purchase the policy if you are happy with the coverage offered and the price that is quoted by the insurer.
Changing your two wheeler insurance provider is an important decision that requires significant thought and research. Before switching your insurance company, make sure to consider the points mentioned below:
A good two wheeler insurance policy is a must since it provides you and your vehicle much-needed coverage against accidents, man-made damages, natural calamities, theft of the vehicle, etc., Thus, make sure to do your due research to ensure that you are able to make an informed decision when switching your insurance provider.
Two Wheeler Insurance Policies have to be linked to Aadhaar And PAN
Note: The above information has been taken from the IRDAI notification.
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:
Avoid these 5 common mistakes that everyone tends to make. It will save you from paying higher premium.
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.
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 hospitalization 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 Read: No Claim Bonus Two Wheeler Insurance
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.
|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.|
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 purchasing the base two wheeler insurance policy, policy applicants can choose to avail the zero depreciation add-on cover. The zero depreciation add-cover can also be purchased at the time of renewal of the policy. Listed below are the conditions of a zero depreciation add-on cover:
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.
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?
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.
You may like to read: Documents Required To Drive Two Wheelers
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.
|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.
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.
|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.|
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:
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:
The Final Word
Renewing your two wheeler insurance policy has many benefits. In addition to being mandatory as per the Motor Vehicles Act, a two wheeler insurance policy can also provide you much-needed coverage in the event of an untimely eventuality. Thus, make sure to set up an automatic reminder facility and renew your policy before the completion of the due date.
Since having a two wheeler insurance policy is mandatory according to the Motor Vehicles Act, 1988, many of us renew our two wheeler insurance policies without giving it much thought. However, given that this is a frequent expense for many of us, there are certain things that you should consider before renewing your policy if you wish to save your hard-earned money. Thus, we have listed down a few tips to help you reduce your payable premium when renewing your two wheeler insurance policy:
Renewing your two wheeler insurance policy is a hassle-free process that you can do through either online or offline channels. Make sure to keep information about your vehicle and current policy handy when renewing your insurance policy. Lastly, before renewing the policy, make sure to read the fine print of the policy to ensure that you are well aware of the policy’s terms and conditions.
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.
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:
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:
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:
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:
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:
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:
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:
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:
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
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:
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.
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.
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.
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:
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:
In India, two-wheelers are one of the preferred modes of transport as a result of the convenience that they offer to vehicle owners. That being said, using a two-wheeler also has its own set of risks. When riding on the road, the vehicle owner might be involved in an accident that causes damage to the vehicle and/or bodily injury/death of the co-passenger, the rider himself/herself, or a third party. Further, the accident might also cause damage to a third party’s assets and vehicles.
Road accidents are one of the major causes of injury and death across the world, including in India. The incidence of road accidents has increased across the country, with a number of metropolitan cities reporting an increasing number of fatalities due to accidents.
Thus, in order to reduce the financial risks that one is exposed to when riding a two-wheeler, it is necessary to purchase a two wheeler insurance policy for your vehicle. For this reason, the Motor Vehicles Act, 1988 makes it mandatory for all vehicle owners to purchase, at the very least, an insurance cover that provides third-party legal liability. That being said, you should, ideally, opt for a comprehensive two wheeler insurance policy if you want to secure an increased coverage.
The coverage provided by a third-party liability-only insurance policy is as follows:
A comprehensive bike insurance policy provides the following coverage to policyholders:
In order to increase the coverage provided by a comprehensive two wheeler insurance policy, you should consider purchasing add-ons that are offered by your motor insurance provider.Bike insurance companies in India offer a number of riders/add-ons such as the Zero Depreciation Cover, Personal Accident Cover for Co-Passengers, etc. Thus, as a policy buyer, you can purchase any of the add-ons offered by the motor insurance provider to secure a higher coverage. However, given that opting for add-ons can increase your premium payable, it is necessary for you to assess your coverage needs and your premium payment ability before opting for these add-ons.
In conclusion, considering the rising number of road accidents in India, it is a must that you purchase a comprehensive two wheeler insurance policy and customise it with the right add-ons to secure a good level of coverage. Since most leading two wheeler insurance companies in India offer insurance policies through online and offline channels, you, as a prospective policy buyer, can opt for a policy that matches your coverage needs after doing the required research, in a hassle-free manner.
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.
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
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.
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.
The final premium amount calculation = Own damage premium amount + optional add-on covers+ third-party cover + Personal accident cover - no-claim bonus (if applicable)
For those who wish to use the two wheeler insurance calculator before purchasing a policy, listed below are some of the benefits of the tool:
If you own a two-wheeler, you are required to have a valid two-wheeler insurance policy, driving licence, and a Pollution under Control (PUC) certificate. Similar to how the Motor Vehicles Act, 1988 makes it mandatory for vehicle owners to have a bike insurance policy at all times, getting a PUC certificate for your vehicle is mandatory as per the Central Motor Vehicles Rule, 1989.
The Pollution under Control certificate, also known as the PUC certificate, is a certification that is granted to vehicles after the vehicle passes the PUC test. Thus, getting a PUC certificate for your two-wheeler implies that your motorbike or scooter’s emissions are within the specified limits.
All motor vehicles that ply the roads, including two-wheelers, three-wheelers, and four-wheelers, can cause air pollution if the vehicular emissions are left unchecked. Thus, in order to ensure that the smoke that is released by motor vehicles is not a threat to the quality of the air in one’s city of residence, it is necessary to check the emission levels of the vehicle.
If the emission level is deemed to be safe, a Pollution under Control certificate will be provided to the vehicle owner. There are a number of pollution testing centres that issue PUC certificates for vehicles located all across the country, thus ensuring that vehicle buyers and owners can get a PUC certification for their vehicles with ease. The PUC test is conducted by pollution testing centres at nominal rates that usually range between Rs.60 and Rs.100, based on the type of vehicle that one owns.
Once issued, the PUC certificate is valid for a period of one year. After the completion of this initial one-year period, you will need to get the PUC test done every 6 months. If the emission reading of your two-wheeler is higher than the approved limit, the PUC certificate’s validity will be decided by the concerned authority based on the test’s reading. If your two-wheeler’s emission levels are extremely high, the PUC testing centre may inform the concerned RTO in your district/city of the same.
Certain basic details that are mentioned in the PUC Certificate are as follows:
In India, riding a two-wheeler, or any vehicle for that matter, without a valid Pollution under Control certificate is a punishable act, as per Section 190(2) of the Motor Vehicles Act, 1988. Further, the individual riding a two-wheeler without a valid PUC certificate will have to pay a sum of Rs.1,000 for the first offence and a sum of Rs.2,000 for every subsequent offence.
Just like your driving licence and the two-wheeler insurance policy, you should also carry your two-wheeler’s PUC certificate with you when riding your two-wheeler. If the concerned authorities stop you and ask you for your vehicle’s PUC certificate, you should be able to produce it immediately if you wish to avoid being fined.
All motor vehicles in India are required to meet the emission standards listed below in order to get a PUC certificate for the vehicle:
|Type of Motor Vehicle||Hydrocarbon (Measured in PPM)||Percentage of Carbon Monoxide|
|Two-wheelers and three-wheelers (2/4 – stroke) that were manufactured on or prior to 31 March 2000||9,000||4.5|
|Two-wheelers and three-wheelers (4 – stroke) that were manufactured after 31 March 2000||4,500||3.5|
|Two-wheelers and three-wheelers (2 – stroke) that were manufactured after 31 March 2000||6,000||3.5|
|Four-wheelers that were manufactured as per the Pre-Bharat Stage II Norms||1,500||3|
|Four-wheelers that were manufactured as per the Pre-Bharat Stage II Norms, Stage III Norms, or later norms||750||0.5|
The PUC certificate should be mandatorily obtained when you purchase a new two-wheeler. PUC certificates, with a one-year validity period, are issued for new two-wheelers. After the first year, you will need to get your vehicle’s emissions tested again and get a PUC certificate via an authorised testing centre.
A number of petrol pumps across the country have been authorised to conduct Pollution under Control tests. There are also a number of authorised independent testing centres that conduct PUC tests and issue PUC certificates to vehicle owners.
Vehicle owners can also obtain PUC certificates from PUC vans that are located on highways. Any licensed auto emission centre that has a computerised facility to check a vehicle’s emissions can issue a PUC certificate to the vehicle owner.
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.
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.
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 penalized or punished.
While the nature and type of penalization may vary based on a few factors, you might have to face one or more of the punishments listed below:
Hence, it is imperative that you carry a valid bike insurance policy with you at all times.
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.
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.
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.
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.
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.
If the policyholder fails to renew his/her two wheeler insurance policy during the grace period, then the policy will lapse. Due to this, the policyholder will then have to go for a reinstatement of the policy. The reinstatement of the policy, depending on how long it has lapsed, will cost the policyholder extra over the premium price and the two-wheeler will have to be inspected by an official. If the policyholder has the no-claim bonus, this benefit might be lost as well and he/she will have to pay the entire premium price. Lastly and most importantly, if the policyholder has allowed the policy to lapse and does meet with an accident, then no claim can be made and if he/she does make a claim, the insurance company will reject it without any hesitation. In other words, the policyholder will have to cover for the damages and medical expenses from his/her own pocket and will have to pay a fine for the lapsed 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:
The Insured Declared Value is basically the current market price of the two-wheeler. The Insured Declared Value (IDV) reduces with the age of the two-wheeler and the depreciation factor. When a policyholder makes a claim, the coverage that is extended by the insurance company is based on the depreciation factor of the two-wheeler or in other words, the age of the vehicle. The claim amount will be only up to the Insured Declared Value of the car and if by chance the cost for the damages is over and above the IDV, then the policyholder has to meet the expenses from his/her own pocket. To negate this loss, policyholders can opt for the zero depreciation cover.
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.|
|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.|
In motor insurance, while the majority of the claim amount is settled by the insurance company, a portion of this amount might have to be borne by the policyholder due to the deductible clause in the two wheeler insurance policy. The deductible, also known as excess, is a certain predetermined amount that will have to be paid by the policyholder when the concerned individual is raising a claim. Deductibles can be of two types – voluntary and compulsory. Read on to know more about the difference between the two types of deductibles.
|Compulsory Deductible||Voluntary Deductible|
|All two wheeler insurance policies have a compulsory deductible clause. Thus, for any claim that you raise, you will have to pay a part of the claim amount out of your pocket. The compulsory deductible is a fixed amount that is decided by the Insurance Regulatory and Development Authority (IRDAI) based on the type of vehicle you have. The insurance company, thus, only pays out the claim amount after deducting the compulsory deductible amount from it. Since the compulsory deductible is mandatory for all policyholders to pay, insurance companies do not offer any discount to policyholders for paying this amount.||Unlike the compulsory deductible, which is mandatory for all policyholders to pay, the voluntary deductible can be opted by policyholders over and above the compulsory deductible amount. Many policyholders who wish to secure a lower premium from the insurer opt for a voluntary excess. Opting for a high voluntary excess will result in a low premium payable, and vice versa. The amount that you can opt for as the voluntary deductible is usually dependent on the insured declared value (IDV) of your two-wheeler. Further, two wheeler insurance companies in India also give a discount on the own damage premium to policyholders who opt for a voluntary deductible.|
Policyholders who are looking to save money on premiums or are extremely confident of their riding skills can opt for a voluntary deductible when purchasing a two wheeler insurance policy. Individuals who very rarely use their two-wheelers can also opt for a voluntary deductible since this will help them secure a lower premium payment. However, you should only opt for a voluntary deductible if you are sure that you will be able to bear your share of the expenses in the event of a claim.
Given that you might need to raise a claim with your bike insurance company at the most unexpected of times, you will need to ensure that you always have the sufficient funds in hand since the insurance company will only be paying the claim amount minus the compulsory and voluntary deductible amount. Thus, when purchasing a bike insurance policy or when renewing your two wheeler insurance policy, make sure to assess your budget, premium payment capacity, past claim history, riding skills, and then choose an adequate voluntary deductible, accordingly, if you wish to.
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.
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:
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;
Change of insurance provider:
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:
The third-party two wheeler insurance cover or third-party liability cover is mandatory as per the Motor Vehicles Act, 1988. This two wheeler insurance cover is the most basic form of motor insurance and is affordable. Coverage for the third-party insurance policy is extended only to the third party involved in the accident, provided that the third party was the victim and the policyholder was at fault. That said, the third party insurance policy does not extend any coverage to the policyholder and he/she will have to cover the expenses for damages or medical attention from their own pocket. The third-party liability cover covers damages caused to the third-party vehicle, and extends coverage for medical expenses if the accident leads to bodily injury or disability of the third party. This type of policy also offers compensation in the case of death of the third party.
Unlike the third-party insurance policy, a comprehensive two wheeler insurance policy focuses on offering coverage for both the policyholder and the third party. A comprehensive bike insurance extends coverage to the policyholder and third party to take care of expenses following damage to the vehicle or cover for medical expenses if one has suffered from bodily injury or disability following an accident. It also offers a death benefit payout to the legal heirs of the policyholder or the third party. Apart from coverage following accidents, a comprehensive two wheeler insurance policy also offers coverage for a damaged two-wheeler following a natural calamity such as an earthquake, flood, lighting, landslide, etc. It also offers coverage for man-made calamities such as a fire, riots, strikes, etc. Lastly, a comprehensive two wheeler insurance policy offers compensation in case the vehicle is stolen or if it is deemed a total loss following an accident or calamity.
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.
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.
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.
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.
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.1,114.||350 cc and above.|
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.
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.
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.
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
Before the expiry of your current policy, that is within 45 days you can change the insurance provider.
Change of insurance provider:
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.
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;
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:
In order to avoid the huge number of vehicle owners that are failing to renew their two wheeler insurance policy every year, insurers have rolled out the long-term or the multi-year two wheeler insurance policy. For this, policyholders can make a single premium payment and be insured up to a maximum of 3 years. For policyholders that choose to make the single premium payment for the policy, they can avail premium discounts as well .
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.
A bike insurance premium calculator gives customers the privilege of knowing what exactly will be the price of the insurance policy. By entering all the relevant information such as model, engine capacity, age of the vehicle, location of the RTO, etc., the bike insurance premium calculator will display the cost of what the premium would be. Customers can also include add-on covers and this will be reflected in the total cost of the premium.
To make the calculations as approximate as possible, customers will have to enter the following details:
The final premium amount calculation = Own damage premium amount + optional add-on covers+ third-party cover + Personal accident cover - no-claim bonus (if applicable)
Customers can keep the following points in mind if they wish to avail a cheaper bike premium:
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.
For theft claims, you can claim the entire IDV amount. IDV will be paid 100% only for total loss or damage and theft.
If you meet with an accident and your vehicle is damaged beyond repair, the two wheeler insurance company will consider it to be a total constructive loss (TCL). Thus, after assessing the damage, if the insurance company finds that the cost of repairing the vehicle’s damages is over 75% of the vehicle’s insured declared value (IDV), it will be classified as a TCL. Comprehensive two wheeler insurance plans cover total constructive loss and provide the policyholder a compensation up to the IDV of the vehicle in such cases.
If your bike gets stolen or in case of a total constructive loss, you will receive a compensation from the insurance company. The maximum amount payable, in such cases, will be the IDV of your vehicle. However, you may be paid a lower amount, based on certain factors.
If you are shifting from one city to another, you will need to inform your two wheeler insurance provider of the same. The insurance company will then make an endorsement for the same and attach it to your original two wheeler insurance policy. To obtain the endorsement from the insurer, you will need to submit a letter to the insurance company with proof of your new address. Certain endorsements might cost you a certain sum of money. Also, if you are shifting from a Zone A city to a Zone B city, or vice versa, there will be a corresponding change in the premium rate as well.
You will need to pass the driving/riding test conducted by your local RTO. The driving licence will be given to you if you pass the test.
The RTO or Regional Transport Office, also called Regional Transport Authority (RTA), is an arm of the Government of India and is responsible for issuing driving licences, selling customised registration numbers, maintaining a database of vehicles and drivers/riders for all states of India, and so on. RTOs are present in every city/district and are primarily responsible for the enforcement of the guidelines and rules of the Motor Vehicles Act, 1988.
Motor insurance firms in India have categorised the whole of India into Zone A and Zone B for private vehicles. Zone A comprises cities like Bangalore, Ahmedabad, Hyderabad, Chennai, Mumbai, Kolkata, Pune, and New Delhi. All the cities and towns in India fall under Zone B. If your vehicle is registered under an RTO in Zone A, you will be charged a higher premium for a two wheeler insurance policy. In comparison, the two wheeler insurance premium rates for vehicles registered under RTOs in Zone B locations are lower.
Both third-party liability-only insurance policies and comprehensive two wheeler insurance policies provide a personal accident cover to the owner/rider of the vehicle, up to a certain pre-specified sum insured. However, the personal accident cover provided by the base policy does not extend to the co-passenger. Thus, you can purchase the pillion rider cover, also known as the personal accident cover for co-passengers, if you want to extend the personal accident cover to the co-passenger. You will need to pay an additional premium to purchase this add-on from your two wheeler insurance provider.
|IRDAI Issues Clarifications on the Implementation of the Compulsory Personal Accident (CPA) Cover|
Following a recent Supreme Court order, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular instructing all motor insurance providers to offer long-term third-party liability insurance policies. Thus, motor insurance companies were instructed to offer 5-year third-party liability insurance policies for two-wheelers and three-year third-party liability insurance policies for four-wheelers.
Insurance companies could also offer long-term package insurance policies that would offer both the third-party liability insurance cover and the own damage cover for a duration of 5/3 years, as applicable, and bundled insurance policies that would offer a 5-year/3-year third-party liability insurance cover and a 1-year own damage cover.
Following this, the Madras High Court issued an order directing the IRDAI to increase the Compulsory Personal Accident (CPA) cover from Rs.1 lakh to Rs.15 lakh. In order to comply with the order of the Madras HC, the insurance regulator issued a circular instructing all motor insurance companies to increase the Compulsory Personal Accident Cover to Rs.15 lakh with an applicable premium of Rs.750 per annum.
The insurance regulator has now issued certain clarifications regarding the implementation of the Compulsory Personal Accident Cover. The revised circular by the IRDAI states that motor insurance policy buyers could opt for a one-year Compulsory Personal Accident cover or a long-term CPA cover.
The insurance regulator further stated that motor insurance companies should not make it mandatory for policy buyers to purchase a long-term package two wheeler insurance/car insurance policy or to buy a long-term Compulsory Personal Accident cover. Motor insurance companies have, thus, been instructed to offer policy buyers the option to purchase a one-year Compulsory Personal Accident cover.
|Top 5 Accessories That All Two-Wheeler Owners Should Purchase|
If you own a two-wheeler, there are certain accessories that you should purchase to make your riding experience more enjoyable and convenient. Here, we have listed the top 5 accessories that all two-wheeler owners should consider purchasing.
In addition to all the above-mentioned accessories, you should also make sure to purchase a two wheeler insurance policy for coverage against financial risks that might arise in case something unfortunate happens.
|Looking to Purchase Insurance for Your New Two-Wheeler? Here are the Policy Variants that You can Choose from|
Following an order from the Supreme Court, the Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all new vehicle buyers to purchase long-term third-party liability insurance policies. In the case of two-wheelers, new vehicle buyers will have to mandatorily have a third-party liability insurance policy for a period of 5 years, while new car buyers can purchase third-party insurance policies for a three-year period.
As a result, motor insurance companies are currently offering up to three types of two wheeler insurance policies to new two-wheeler buyers. Thus, if you are a new vehicle buyer, you can choose to purchase one of the below-mentioned variants of the two wheeler insurance policy:
Impact of the Long-Term Third-Party Liability-Only Insurance Policy
If you are looking to purchase a new two-wheeler, it is necessary to familiarise yourself with the new guidelines. Make sure to do your research and check what policies are available to you. You should, ideally, be aware of the premium rates, features, and benefits of various policies to ensure that you are able to make an informed choice when it comes to picking a two wheeler insurance policy for your new vehicle.
If you have a two-wheeler, it is absolutely necessary to purchase a two wheeler insurance policy for the vehicle and renew it within the specified due date, given that the policy can provide you with financial coverage against a number of untimely events including accidents, theft of the vehicle, etc.
But you will only be able to enjoy and utilise the benefits of your two wheeler insurance policy if it is a genuine policy that is issued by a registered insurance company. However, this is easier said than done. The number of fraud cases in the insurance industry has increased in the recent past, and the issuance of fake motor insurance policies makes up for a good number of these cases. Thus, we have listed down a few tips to help you avoid purchasing a fake two wheeler insurance policy and to help you check if your existing insurance policy is genuine.
In conclusion, following the above-mentioned steps will help you purchase a genuine policy that will provide you with the required coverage throughout the policy tenure.
Tips to Keep Your Two-Wheeler Safe this Diwali
Diwali, the festival of lights, is right around the corner. If you are a vehicle owner, it is essential to take a few steps to ensure that your vehicle remains safe this festive season.
Top 5 Tips to Save Money When Purchasing Two-Wheeler Insurance this Diwali
If you are looking to purchase a bike insurance policy this festive season, make sure to go through the tips mentioned below to save on premium payments.
5 Ways to Save Money When Renewing Your Two-Wheeler Insurance Policy this Festive Season
If your two-wheeler insurance policy’s renewal date is coming up, here are a few tips that can help you save money while renewing your two-wheeler insurance policy this Diwali
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.
Prospective two-wheeler insurance policy buyers can choose to purchase a third-party liability-only insurance policy or a comprehensive two-wheeler insurance policy based on their needs. Let’s look at the primary differences between the two types of two-wheeler insurance policies:
When you raise a claim with your motor insurance provider, the insurer will provide you a settlement after taking into account the depreciation of the vehicle parts that sustained damage. As a result, you might have to bear certain costs despite having a two-wheeler insurance policy.To keep this from happening, you can purchase a Zero Depreciation Cover. The Zero Depreciation Cover, also known as Nil Depreciation Cover, is offered as an add-on by insurance providers to policy buyers. Policy buyers can purchase this add-on for an additional premium. With a Zero Depreciation Cover, if your two-wheeler happens to sustain damages, your insurance provider will cover the entire cost, without taking the depreciation of the vehicle parts into account.
Over the past few years, an increasing number of women have started to commute using two-wheelers of their own. If you own a two-wheeler, it is necessary to insure it with a two-wheeler insurance policy. Two-wheeler insurance policies can be purchased through online or offline channels. As a prospective policy buyer, you can choose to purchase a third-party only liability insurance policy or a two-wheeler insurance policy that also provides an own damage cover.
If you have recently moved from one state to another and have brought your two-wheeler along with you, you will have to remember to get the vehicle re-registered under an RTO in the new state. To do this, you will first need to obtain a NOC from the RTO under which your vehicle was last registered.
If you own a two-wheeler, it is necessary to take certain special precautions during the rainy season. Read on for tips on how to maintain your bike during the monsoon.
India is going cashless and you can digitally transact money wherever you go. From supermarket to auto drivers you can do a cashless transaction which has made it convenient for everyone and hence insurance is one of those sectors which has also embraced the cashless transaction service. It was the health insurance sector which first introduced the cashless mode of transaction. Earlier it was evident that customers faced problems when paying money in a cashless manner. However, over a period of time, people have embraced this mode of transaction.
Listed below are some of the top bike manufacturers in the country:
In order to save on fuel costs, two-wheeler vehicle owners should switch off their bikes at long signals. In addition, regular service keeps the mileage of the bike optimum. Change the engine oil on a regular basis and keep the idling of the bike on a moderate level.
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
Eicher Motors, the parent company of flagship motorcycle brand Royal Enfield, has reported a 5.9% increase in its profit for the second quarter of the current fiscal year. For the quarter ended September 2018, the company reported a net profit of Rs.548.76 crore compared to Rs.518.02 crore reported in the same period of last year.
The company’s total income for the recent quarter stood at Rs.2502.12 crore, up 11.8% from Rs.2,237.24 crore for the same period a year ago. The company’s expenses also raised significantly as it reported a 14.2% increase to Rs.1,752.82 crore.
While the net profit has increased, it fell significantly below the expectations of industry analysts. Analysts predicted that the company will report a net profit of Rs.580 crore for the second quarter of the current fiscal year.
13 November 2018
In order to capture images of vehicles breaking the traffic rules, Bhubaneswar Smart City Limited (BSCL) has started installing smart cameras in the city of Bhubaneswar.
The cameras will automatically detect people who are violating traffic rules and will capture the vehicle’s registration number. There are two components of the overall detection system- red light violation detection system and speed violation detection system.
The cameras have been installed close to the traffic posts in seven places so that it becomes easy to detect a red light violation. The speed detection system has incorporated in areas with smooth traffic.
13 November 2018
Royal Enfield showcased it’s Interceptor INT 650 twin and Continental GT 650 twin at the EICMA 2018 motorcycle show.
The bike manufacturing company, that starting January the bikes will be available for testing at all European dealership in phases. The booking will begin from mid-November.
Continental GT 650 twin is most likely to appeal to sporting riders due to its sculpted fuel tank, optional single seat, race-style clip-on handlebars, and rear set footrests.
The Interceptor INT 650 twin comes with quilted dual seat, teardrop tank, and traditional knee recesses. Both the bikes sport a 650cc engine capable of producing 47 horsepower.
8 November 2018
With the festive season having just begun, bike manufacturers across the country have started to offer attractive discounts on various two-wheelers. Hero MotoCorp is offering a cash discount of Rs.3,000 or a 75g silver coin on the purchase of a Hero Maestro Edge scooter. An additional discount of Rs.5,000 is being offered to individuals who pay the ex-showroom amount through Paytm. The bike manufacturer is also offering a discount of Rs.3,000 on the purchase of a Hero Duet or Hero Pleasure. Government employees are being offered an added discount of Rs.1,500.
Similarly, Yamaha is offering a cashback of Rs.4,000 to individuals who purchase any Yamaha two-wheeler through Paytm. The two-wheeler manufacturer is also offering the Yamaha Ray at a down payment of Rs.5,555 until 29 November 2018. Further, additional accessories like hand grips, a registration plate, chrome bodyguard, etc., are being offered free-of-cost.
TVS Motor Company is also offering cashbacks on all two-wheeler from the Apache range and the TVS Jupiter if the buyer pays the full ex-showroom amount via Paytm.
7 November 2018
Jaguar Land Rover made it public that its venture capital segment, InMotion Ventures, has started a new motorcycle named Vector. It is the world’s first motorcycle to run on electricity with Human Machine Interface (HMI). The bike will be unveiled in the EICMA 2018 and is said to be the most advanced electric motorcycle to be introduced to the two-wheeler market globally. The bike has been made with exotic material and has cutting-edge architecture. Arc’s aim is to make Vector the safest, cleanest, and most fulfilling motorcycle. The bike will be unveiled along with its haptic ride-wear and display helmet. The attendees of the EICMA will have the opportunity to have a virtual reality riding experience. The founder and CEO of Arc, Mark Truman, said in a statement, that the bike along with its riding gear creates a whole new experience for the rider. The MD of InMotions Ventures, Sebastian Peck, believes that the ground-breaking idea behind Vector will help people travel smoothly and cleanly, and will be the beginning of the next generation of motorcycle travel.two-wheeler manufacturing company by the name Arc. The start-up has unveiled the all-new electric motorcycle
7 November 2018
Ather Energy has announced three new subscription plans- Ather Service, Ather Connect, and Ather Charge for its Ather 340 and Ather 450 scooters. Initially, the scooter manufacturing company had offered Ather One subscription plan which they had to change as the customers felt that the plan offered could be more customer-centric and flexible in nature. Ather also announced that the public charging will be free till December 31.
However, Ather did mention that the Ather One Plan will remain active and will provide free service to the customers who have availed this offer. The plan will take care of their scooter maintenance and other expenses including public charging, home charging, roadside assistance, period service, etc. Once the plan gets expired, the customer has the option of opting of any of the three new plans announced by the scooter company.
7 November 2018
Bengaluru-based bike rental company Fae Bikes has partnered with e-bike manufacturer Okinawa Autotech to provide 70 Okinawa Ridge+ bikes to its customers. The company noted that it will expand its fleet to 5,000 bikes by the end of next year. However, it is not clear as to how many bikes are currently there in the company’s fleet. The service is currently based in two locations in Bengaluru - BTM Layout and Electronic City.
Okinawa claims that the Ridge+ model offers a mileage of 120 kilometers per charge, and it can reach a top speed of 55 kmph. The bike, which is claimed to have an operational cost of just 20 paise per kilometer, comes with detachable lithium-ion batteries. These bikes available in Fae’s fleet do not have any keys, and they can be unlocked through the app.
These bikes will be used mainly for office rental. Customers must provide a deposit of Rs.100 while renting this bike. Customers can rent the bike for Rs.80 per day, and they are allowed to keep it for the entire work week till Friday.
31 October 2018
Honda has always been vocal about its aim to enter Royal Enfield’s segment of motorcycles. Honda, at the moment, does not have any product that is completely similar to that of the motorcycles offered by Royal Enfield. Honda Motorcycle & Scooter India (HMSI) has the CB1100 that has a 4-cylinder engine unit and a 1970s styling and the Rebel which is a modern-day cruiser. Though Honda wishes to enter the segment that is currently dominated by Royal Enfield, it has not finalised on any product that it will release in the near future. The President and CEO of HMSI, Minoru Kato, said that they have been conducting customer surveys and are developing products but do not have any concrete information to share. Last year, Honda appointed a team that would look for solutions against the product range offered by Royal Enfield.
23 October 2018
The motorcycle industry has witnessed many launches and unveilings this week. In addition to the introduction of brand new motorcycles, there was also the Ducati’s DRE-Track Days that saw participation from many Ducati and non-Ducati owners. Amongst the brand new launches are Hero Destini 125 and Norton Atlas 650. Further, KTM is all set to release the Duke 125, which was only available in European markets, early next year in India. Also, there is a possibility that the recently unveiled Duke 790 will be launched in India too. Apart from this, bike manufacturers are releasing different colour variants of existing motorcyles. UM Motorcycles released the carb variant of Renegade Sport S in gloss black and the Commando in matte black. Kawasaki has introduced two new colour schemes – metallic flat spark and metallic spark black of the 2019 version of its Z650. In other news, Bajaj has launched the 125cc variant of Pulsar LS in Poland. Named the Pulsar NS 125 after a few visual and engine capacity changes, the bike is priced at 7,999 PLR i.e. approximately Rs.1.59 lakh.
23 October 2018
Tyre manufacturer Bridgestone is reportedly looking forward to expanding into two-wheeler tyres in India. The company is also looking forward to entering other ventures like electric vehicles in the near future. The company is currently conducting market studies to explore the potential in the two-wheeler tyres segment. Bridgestone has a presence in many countries across the world. In the global market, the company is renowned for its two-wheeler tyres and off-road vehicle tyres. In India, Bridgestone is primarily known for its passenger vehicle tyres. Considering its position in the international market for two-wheeler tyres, the company is currently exploring its possibilities for the same in India. According to the company’s managing director, Parag Satpute, Bridgestone is looking at other sectors in the market. However, the company is yet to take a final call on these ventures. The company currently imports off-road vehicle tyres from Japan and sells in India. It noted that there are no plans currently to manufacture these tyres in India.
22 October 2018
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