Two Wheeler Insurance

What is Bike Insurance?

Bike insurance is a legal contract between the bike owner & insurance company in which the insurer provides financial coverage to the bike owner against any loss or damages to the bike due to several unforeseen circumstances.

Key Features of Bike Insurance Policy

The two-wheeler insurance market has changed dramatically since the emergence of new players. In India, these two-wheeler insurers have come up with several features to woo customers of all segments and fulfill their needs.

One of the easiest ways to financially protect your bike against several unexpected losses that might occur due to an accident is by purchasing a bike insurance policy. To make sure that you buy the best bike insurance policy for your two-wheeler, here are some key benefits that you must be aware of when buying it-

5 Reasons to Buy Bike Insurance Online

Look at the various reasons of buying two-wheeler insurance online-

1. Financial Protection

   Two-wheeler insurance provides financial cover that helps save a lot of money in case of accidental damage, theft, damages due to natural & man-made calamities, and third-party liabilities. Hence, buying a bike insurance online helps bike owners to repair vehicle damages without burning a hole in their pocket.

2. Compulsory Personal Accident Cover of ₹15 Lakh

   Bike owners now can avail benefits of personal accident cover of ₹15 Lakh under their two-wheeler insurance policy as a compulsory add-on cover. A Personal Accident (PA) cover offers protection against any accidental injuries only to the owner of the insured bike.

3. Add-on Covers

   The additional coverage (commonly known as add-ons) is offered at a nominal premium to enhance the comprehensive policy coverage. The common add-ons available under the comprehensive bike insurance policy include- zero depreciation cover, NCB protection cover, roadside assistance cover, pillion rider cover, etc.

4. Easy Transfer of No Claim Bonus (NCB)

   No Claim Bonus (NCB) in two-wheeler insurance is a discount offered by insurers to their customers for not raising a single claim during a policy period. This NCB discount can be availed on the own-damage policy renewal.

   Furthermore, you can easily transfer the accumulated NCB discount if you buy a new two-wheeler vehicle. An NCB is given to the rider/driver/owner and not to the insured vehicle. In simpler terms, an NCB rewards a person for safe driving practices and for not making any claims in the earlier year(s).

   For example-

   Mr. Sunil has earned 40% NCB on an existing bike. Now he wants to sell it and buy a new two-wheeler. In such a situation, he can easily sell it to the potential buyer and transfer NCB of an old bike. He can use the NCB of the old bike to get a discount on the insurance premium of the new two-wheeler, which he was planning to purchase.

   Hence, you can transfer the NCB of your old two-wheeler to a new two-wheeler only if the old vehicle is sold to a buyer.

5. Cashless Garage

   Cashless garage or cashless repair in two-wheeler insurance is a facility offered by the insurer to get your insured vehicle repaired without paying any upfront cost. In case of damages to your own vehicle, you can opt for the nearest cashless garage and repair your insured two-wheeler.

Third Party (TP) vs. Standalone Own-Damage (OD) vs. Comprehensive

Add-On Covers in Bike Insurance Policy

Add-on covers in bike insurance are the optional covers, which can be purchased with a comprehensive policy or standalone own-damage policy by paying an extra premium amount. These add-ons help in enhancing the coverage of the basic plan.

The variety of add-on covers that you can opt for your two-wheeler are as follows-

1. Mandatory Personal Accident (PA) Cover

   Compulsory Personal Accident (PA) cover is an add-on offered to the owner of the insured vehicle only if he/she holds a valid DL (Driving License). As per the IRDAI, ₹ 15 Lakh is the limit of coverage and offers full compensation to the nominee of the policyholder in case of sudden death in a road accident. It also compensates in case of injury or permanent disability of the policyholder.

   You may also read- Personal Accident Cover in Bike Insurance

2. NCB Protection Cover

   For every claim-free year, the policyholder can avail of a discount on the renewal of the own-damage premium, which is commonly known as the No Claim Bonus (NCB). This NCB ranges from 10% to 50%. With the help of NCB protection cover, a policyholder can retain the NCB and get a discount during renewals, even if they raise any claim during their policy tenure.

3. Zero Depreciation Cover

   Usually, an insurer pays the claim amount after deducting the depreciation value of the insured vehicle. The zero depreciation cover (commonly known as bumper-to-bumper cover) helps in eliminating the depreciation factor while paying the claim amount. This add-on cover is applicable on private bikes and subject to a specific number of claims during the policy tenure.

   However, compulsory and voluntary deductibles will be applicable even after purchasing zero depreciation cover.

4. 24x7 Roadside Assistance Cover

   This cover enables the policyholder to avail emergency roadside assistance from the insurer within a specified distance mentioned in the policy documents.

   The roadside assistance protects you in case of breakdown assistance, emergency fuel assistance, flat tyre assistance, lost key assistance, minor repairs, etc. Furthermore, any service taken under this cover is not counted as a claim and hence, the NCB discount remains the same.

5. Return to Invoice

   At the time of total loss or theft, the insurer pays the Insured Declared Value (IDV) of the insured bike. The Return to Invoice cover bridges the gap between the IDV and the invoice/ on-road price of the insured vehicle, including registration and taxes, allowing the policyholder to get the purchase value as the claim amount.

6. Engine Protection Cover

   Engine protection cover is an add-on benefit under the comprehensive bike insurance policy. This cover offers compensation in case the insured two-wheeler engine is damaged partially or totally due to leakage of lubricant oil, water ingression, damage due to hydrostatic lock, etc.

   Additionally, the engine protection cover protects against damages to the insured bike engine parts, including cylinders, pistons, connecting rods, crankshafts, etc.If you are residing in a flood-prone area or in such a place where water logging is a major issue, this add-on is a must-buy.

7. Consumables Cover

   Consumables refer to those essential parts that are needed to run the bike smoothly. The engine oil, brake fluids, chain lubricants, coolant, nuts & bolts, etc., are some popular consumables required to run the bike. With the help of this add-on cover, the insurer reimburses the cost of consumables up to a certain limit.

8. Personal Accident (PA) Cover for Unnamed Passengers

   A Personal Accident (PA) cover offers additional financial coverage to the co-passenger or rider in case they meet with a road accident.

9. Cover for Loss of DL and RC

   This add-on cover offers coverage in case the policyholder loses their Driving License/Registration Certificate or even both. Either the insurer provides compensation up to a certain limit or the actual costs, whichever amount is lower, to issue a duplicate DL/RC.

10. Emergency Medical Expenses

    In case the owner-rider or the pillion rider sustains injuries in a road accident, this valuable add-on cover reimburses the emergency medical expenses up to a certain limit, regardless of which hospital or doctor the insured chooses for the treatment.

11. Daily Expenses Cover

    To meet the cost of hired transportation while the insured two-wheeler was damaged, the insurance provider offers daily expenses reimbursement as mentioned in the policy documents. Note that the insured two-wheeler must be sent to an authorized network garage for repairing the accidental damages.

How to Calculate Bike Insurance Premium?

Using a free online calculator available at Policybazaar.com, you can easily calculate the estimated premium for your two-wheeler insurance plan. The bike insurance calculator takes the bike details to evaluate the bike insurance premium. The following are the parameters taken into consideration to fix the bike insurance premium -

1. Make, model, and the variant of the two-wheeler
2. Ex-showroom price
3. City of registration
4. Year of bike purchase

Best Two Wheeler Insurance Plans

Two Wheeler Insurance Plans starting at Rs. 2 per day. Buy and compare best two wheeler insurance online for your motorcycle at Policybazaar. You can now renew your expired bike insurance policy online from foremost insurers with lowest premiums in just 30 seconds.

• Quick Policy Issuance
• No Inspection, No Extra Charges
• Lowest Premium Guarantee on the Insurance Plan

*Disclaimer- The Claim Settlement Ratio (CSR) mentioned in the above table is as per the IRDAI motor insurance annual report 2021-22. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance plan offered by any insurer.

You love your two wheeler vehicle like your baby. You clean it and polish it every Sunday. You go zooming in it all around the city. Yes, your vehicle is an integral part of your life. Therefore, it is important to keep your vehicle safe and secure. Get your prized possession covered and stay at peace by purchasing bike insurance.

Bike insurance provides financial cover against any physical damage, theft, and third-party accountability. With poor road conditions in India and no driving ethics, bike insurance is your only saviour on the roads.

Benefits of Buying Bike Insurance Online

Buying bike insurance online is quite an easy process and an affordable deal. With that saying, below is a table showing a comparative study of why you should purchase bike insurance online over offline-

Factors to Consider While Selecting Bike Insurance Policy

While selecting a two-wheeler insurance policy, you must check and compare several factors like scope of coverage, availability of add-on covers, network garages, Incurred Claim Ratio (ICR), customer assistance, etc. Below are some crucial factors explained to assist you while selecting the right bike insurance policy-

• Scope of Coverage

  Several motor insurance companies offer both mandatory third-party and optional comprehensive policies. However, you must check all the inclusions & exclusions of the 2-wheeler insurance policy before purchasing it.

• Availability of Add-ons or Optional Coverage

  You can buy add-ons with your comprehensive bike insurance, by paying an additional premium. Some common add-ons are zero depreciation cover, personal accident cover, emergency roadside assistance, NCB protection cover, etc. You can choose add-ons with your policy as per the requirement & budget to enhance the policy coverage.

• Claim Settlement Process

  Nowadays, most policy providers follow a customer-friendly claim-settlement approach. Before buying any policy, you must check the insurer's Incurred Claim Ratio (ICR). The ICR refers to the number of claims settled by the insurance provider against the total number of claims raised by their customer. Therefore, checking the ICR online of the insurer will allow you to evaluate the insurer's ability to settle the claims.

• Seamless Bike Insurance Renewal Process

  Your bike insurance policy is valid for a certain period. Therefore, you must have to renew it before the expiry date to enjoy the coverage benefits. You can easily renew your two-wheeler insurance online at Policybazaar.com without any hassles. Moreover, here you can compare multiple bike insurance quotes to choose from as per your budget and requirement.

• Customer Support Team

  One of the prominent factors that you must check while choosing an insurer is a 24x7 dedicated customer support team. Spontaneous customer assistance means they will assist you in resolving all the queries and settling claims whenever required.

• Network Garages

  You must check the cashless repair garages or network garages available in your location. This facility offered by the insurer assists you with cashless repair services without spending cash from your own pocket.

• Bike Insurance Premium

  According to your two-wheeler's IDV, make & model, policy coverage, and policy tenure, the insurance premium also varies. Hence, do not forget to check and compare the bike insurance premium for your respective bike model to get the right deal.

How to Buy Bike Insurance Plans Online?

To buy two-wheeler insurance plan online, follow the procedure given below-

• Visit the official website of Policybazaar Insurance Brokers Private Limited
• Scroll to the top of the page and click on two-wheeler insurance
• Enter the detail required, including your bike registration number
• Compare and select the bike insurance plan offered by different insurers
• Choose any add-on covers as per your need & budget
• Enter the required details such as owner, vehicle, and nominee details
• Pay the premium amount through UPI, debit/credit cards, or internet banking
• The policy will be issued, and you will receive the document on your registered email id.

KYC Documents Required to Buy/Renew Bike Insurance

As per the recent guidelines, all the general insurance companies have to complete the KYC of the customers to sell their two-wheeler insurance policies. Here is a list of mandatory documents that you need to submit to buy or renew your 2-wheeler insurance policy-

For more document details, click here- KYC Norms in Two-wheeler Insurance

Documents Required for Filing a Bike Insurance Claim

Here is a list of documents that you need to submit at the time of filing a claim with your insurer-

• Duly filled and signed claim form
• A valid copy of the Registration Certificate (RC)
• Valid Driving License (DL)
• Valid two-wheeler insurance policy
• Police FIR (in case of accidents, theft, and third-party liabilities)
• Repair bill and payment of receipt in original
• Proof of release (in case of reimbursement claim settlement process)

Why Renew Your Bike Insurance Online from Policybazaar.com?

Policybazaar.com gives you an option to instantly renew your two-wheeler insurance online in just 60 seconds with the lowest guaranteed premium and save unnecessary hassle and costs. Buy & renew your motorcycle insurance policy & save up to 85%.

• Compare various 2-wheeler insurance plans from leading insurers in India
• Save money through a side-by-side comparison and choose a plan that fits your pocket well
• Get assistance from our customer assistance team.

How to Renew Your Expired or Lapsed Bike Insurance Policy?

You cannot afford to carry expired two-wheeler insurance while riding. Lapsed bike insurance means you might trap in a financial crisis in case of a road emergency.

Moreover, there is no coverage for own damages, third-party liabilities, and other consequences. The thumb rule is to renew the policy before the expiry date. Another reason to avoid renewal at the last moment or before the policy expiration date is to avoid inspection charges.

Here is how you can renew your expired two-wheeler insurance policy online-

1. Firstly, check the grace period available for your bike insurance renewal which can range up to 90 days.
2. Visit the official website of Policybazaar Insurance Brokers Private Limited and choose 'renew your policy' and then click on 'two-wheeler renew'
3. Enter the bike number and click on 'view prices'
4. Compare and choose affordable bike insurance from multiple options offered by top insurers
5. At last, fill in the proposal form, which includes- vehicle owner details, vehicle details, and nominee details.
6. Next, pay the bike insurance premium using UPI, net banking, or debit/credit card.

Things to Keep in Mind While Renewing Lapsed Bike Insurance Policy

Renewing a lapsed two-wheeler insurance policy includes some vital points that you should always keep in mind-

1. Before renewing your lapsed bike insurance, you must compare plans from leading insurers and find a deal that meets all your requirements.
2. Remember, there is no need to pay any additional charges or fees for the convenience of renewing lapsed bike insurance online.
3. In India, most insurers do not have mandated vehicle inspections to renew lapsed bike insurance policies. Hence, you must check the process before buying.

Bike Insurance Premium Rate in India

The premium or policy rate of comprehensive 2-wheeler insurance depends on certain external factors such as engine capacity, age of the vehicle, location, etc. On the other hand, IRDAI decides the price of the third-party policy.

The below table explains the third-party bike insurance premium rates in India that are applicable from 1st June 2022-

How to Compare Bike Insurance Plans Online?

Two-wheeler insurance can be a lifesaver in times of need. You can visit the official website of Policybazaar Insurance Brokers Private Limited to compare two-wheeler insurance premium quotes offered by multiple insurers.

While comparing plans, you must check various features, including NCB, IDV, and Incurred Claim Ratios (ICR) of all insurance companies.

However, there are quite a few things to check apart from the premium-

• Inclusions & exclusions

  Several motor insurance companies offer both third-party and own-damage cover. It is your sole responsibility to check the coverages and features. Furthermore, understanding the terms and conditions will help you to file for bike insurance claims without any hassles.

• Add-On or optional covers

  You can buy add-on covers with your comprehensive bike insurance policy by paying an extra premium. The common add-on covers include zero depreciation cover, NCB protection cover, roadside assistance cover, etc. The policyholder only needs to pay the nominal premium to enjoy add-on benefits.

• Facilities and features available

  Amid cutthroat competition in the insurance market, motor insurance companies offer various features and benefits to help customers in the claim process. For instance, the Policybazaar.com customer assistance team operates round the clock, where the insurance experts guide you to select the right policy. Moreover, they assist you in policy renewal, claim settlement, and transfer of NCB (No Claim Bonus).

• Claim process

  Nowadays, most policy providers follow a customer-friendly claim-settlement approach. They offer a customer support team to the insured to take their motorcycle to the nearest network garage. Essentially, the insurer bears all the expenses, and the policyholder only has to bear the expenditure that is not covered under their policy.

• Incurred Claim Ratio (ICR)

  The bike insurance Incurred Claim Ratio (ICR) refers to the number of claims settled by an insurance company in comparison to the number of claims raised by their customers in a financial year. Therefore, you must check the ICR of the insurance provider, and a higher ICR means a higher chance of claim settlement by the insurer.

Factors Affecting Bike Insurance Premium

Several factors determine the premium of your bike insurance policy. Check out the list of top factors that affect your two-wheeler insurance premium-

• Coverage

  The level of policy coverage majorly affects your insurance premium amount. Since the third-party policy is mandatory & offers basic coverage, you will have to pay a lesser amount to avail its benefits as compared to a comprehensive plan.

• Insured Declared Value

  The Insured Declared Value (IDV) of your bike is the estimated current market value of your vehicle. If the current market value of your vehicle is less, you will have to pay a lower bike insurance premium.

• Age of the Vehicle

  The age of your bike is inversely proportional to its market value or IDV due to depreciation. The higher the age of your vehicle, the lesser will be the premium amount that you will be required to pay.

• Make & Model of the Vehicle

  Lower-end bike models attract a lower level of coverage leading to lower premiums. On the other hand, high-end bike models will require a wider coverage, and hence you will pay a higher premium.

• Engine Cubic Capacity (CC)

  The bike engine's cubic capacity is directly proportional to the bike insurance premium rates. This means higher engine CC will make you pay a higher premium.

• No Claim Bonus

  NCB enables you to receive a discount on your premium at the time of renewal if you have not raised a single claim in the policy period. Hence, NCB reduces the bike insurance premium.

• Geographic Location

  The place you will be riding your bike affects your premium places. For instance, metropolitan cities have higher risk exposure. Therefore, the premium amount will increase as the level of risk rises.

• Deductibles

  A bike insurance deductible is the portion of the claim you pay before the insurance provider pays the rest of the claim amount. If you opt for the higher voluntary deductible, your insurer will offer you a discount on your premium, reducing the overall premium amount.