A two-wheeler insurance policy, commonly known as bike insurance, covers the damages that may occur to the insured motorcycle or scooter due to accidents, theft, fire, natural calamities, man-made disasters, & total loss. According to the Motor Vehicles Act 1988, third-party 2-wheeler insurance is mandatory for all two-wheeler owners.
Read moreBike 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.
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-
Categories | Key Features |
Third-party damages | Coverage for permanent/temporary injuries, death & property damages for third-party |
Own-damage coverage | Coverage for the damages or loss to own vehicle from natural & man-made calamities, theft, fire, accidents, etc. |
No Claim Bonus (NCB) | Avail up to 50% |
Bike insurance premium | Starting at ₹ 538/year* |
Add-on covers | Available more than 10 add-ons with a comprehensive policy, such as NCB protection, zero dep, engine protection, roadside assistance, etc. |
Buying/renewal process | Online |
Cashless garages or cashless repairs | Available |
Mandatory Personal Accident (PA) cover | Up to ₹ 15 lakhs |
Look at the various reasons of buying two-wheeler insurance online-
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.
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.
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.
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.
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.
Broadly, there are 3 types of two-wheeler insurance policies offered by general insurance companies in India. You can buy third-party bike insurance, standalone own-damage bike insurance, and comprehensive bike insurance as per your need & budget.
As the name suggests, third-party Bike Insurance safeguards the rider against all the legal obligations causing damage to the third party in an accident or collision. This policy offers compensation for the damages/injuries caused to a third party/vehicle/person/property up to ₹ 7.5 Lakhs.
The Indian Motor Vehicle Act 1988 mandates anyone who owns a two-wheeler must have valid third-party bike insurance if plying on public roads.
As the name suggests, a standalone Own-Damage (OD) policy covers the damages caused only to the insured bike. If you have mandatory third-party bike insurance, it is advisable to get a standalone OD bike policy to protect against own damage to your bike.
A comprehensive bike insurance policy covers both third-party liabilities and own damages in a single policy. The policy protects the insured bike from several unforeseen circumstances, such as damages caused due to fire, natural calamities, theft, accidents, man-made disasters, and related adversities.
The following table illustrates different features that you can compare under third-party (TP), comprehensive, and standalone bike insurance.
Points of Basis | Third-party Bike Insurance Coverage | Standalone Own-damage Bike Insurance Coverage | Comprehensive Bike Insurance Coverage |
Scope of Coverage | Narrow | Wider | Very high |
Third-party liabilities | ✓ | X | ✓ |
Own-damage coverage | X | ✓ | ✓ |
Personal Accident (PA) cover | ✓ | ✓ | ✓ |
Availability of add-on covers | X | ✓ | ✓ |
Mandated by law | ✓ | X | X |
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-
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
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.
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.
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.
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.
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.
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.
A Personal Accident (PA) cover offers additional financial coverage to the co-passenger or rider in case they meet with a road accident.
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.
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.
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.
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 -
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.
Two-Wheeler Insurance Company | Cashless Garages | Third-Party Cover | Personal Accidental Cover | Claim Settlement Ratio | Policy Term (Minimum) | |
Bajaj Allianz Insurance General Insurance Co. Ltd. | 4500+ | ✓ | ₹ 15 Lakh | 96.5% | 1 Year | |
Cholamandalam MS General Insurance Co. Ltd. | 6912+ | ✓ | ₹ 15 Lakh | 98.0% | 1 Year | |
Future Generali India Insurance Co. Ltd. | 3500+ | ✓ | ₹ 15 Lakh | 87.4% | 1 Year | |
GO DIGIT General Insurance Ltd. | 1400+ | ✓ | ₹ 15 Lakh | 97.0% | 1 Year | |
HDFC ERGO General Insurance Company | 2000+ | ✓ | ₹ 15 Lakh | 100.0% | 1 Year | |
IFFCO Tokio General Insurance Co. Ltd. | 4300 | ✓ | ₹ 15 Lakh | 95.8% | 1 Year | |
Kotak Mahindra Insurance Co. Ltd. | 3000+ | ✓ | ₹ 15 Lakh | 98.0% | 1 Year | |
Liberty General Insurance Ltd. | 4300+ | ✓ | ₹ 15 Lakh | 98.0% | 1 Year | |
National Insurance Co. Ltd. | 900+ | ✓ | ₹ 15 Lakh | 93.0% | 1 Year | |
The New India Assurance Co. Ltd. | 1173+ | ✓ | ₹ 15 Lakh | 91.0% | 1 Year | |
The Oriental Insurance Co. Ltd. | 3100+ | ✓ | ₹ 15 Lakh | 94.0% | 1 Year | |
Reliance General Insurance Co. Ltd. | 8700+ | ✓ | ₹ 15 Lakh | 98.6% | 1 Year | |
SBI General Insurance Co. Ltd. | 16000+ | ✓ | ₹ 15 Lakh | 94.0% | 1 Year | |
Shriram General Insurance Co. Ltd. | 2000+ | ✓ | ₹ 15 Lakh | 98.0% | 1 Year | |
TATA AIG General Insurance Ltd. | 7500+ | ✓ | ₹ 15 Lakh | 98.0% | 1 Year | |
United India Insurance Co. Ltd. | 500+ | ✓ | ₹ 15 Lakh | 95.0% | 1 Year | |
Universal Sompo Insurance Co. Ltd. | 3500+ | ✓ | ₹ 15 Lakh | 90.0% | 1 Year | |
ZUNO (Edelweiss) General Insurance Co. Ltd. | 1500+ | ✓ | ₹ 15 Lakh | 89.0% | 1 Year |
*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.
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-
Point of Basis | Bike Insurance Online | Bike Insurance Offline |
Buying process | You can easily buy bike insurance online from the insurer’s website or Policybazaar.com using your mobile phone or laptop. | You have to physically visit the insurer’s office or connect with the agent. |
Premium rates | Since there is no role of agents or intermediaries, the bike insurance premium is quite affordable. | Due to higher operational costs and the huge role of agents, the premium increases automatically. |
Customer support services | Connect with the respective customer support team 24x7 through calls and emails. | During office hours, connect with the respective agent or customer support team. |
Paperwork | Minimal to zero paperwork. | It involves a lot of paperwork. |
Convenience | It only requires a stable internet connection and a smartphone. | As the customer needs to visit the insurance agent during office hours, the process is complicated. |
Transparent | As everything is published on the insurer’s website, hence it is more evident. | The huge role of agents, so the transparency is low. |
Comparison | It is easy to compare different plans online on the internet as per the need and budget. | The agents only offer those bike insurance plan that they want to sell. |
Renewal process | The policyholder’s details are auto-saved with the insurer, so the renewal process is easy. | Here, the renewal process is lengthy as it takes more time to gather information. |
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-
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.
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.
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.
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.
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.
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.
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.
To buy two-wheeler insurance plan online, follow the procedure given below-
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-
Documents Required for Proof of Identity | Documents Required for Proof of Address |
Aadhar Card | Aadhaar Card |
Passport | Passport |
Driving License (DL) | Driving License (DL) |
PAN | - |
Voter ID Card issued by the Election Commission of India | Voter ID Card issued by the Election Commission of India |
Ration Card with the photo of the applicant | Ration Card with photo of the applicant |
For more document details, click here- KYC Norms in Two-wheeler Insurance
There are two ways of filing a two-wheeler insurance claim online. You can lodge either a cashless claim or a reimbursement claim with your insurer.
Let us understand both types of bike insurance claims in detail-
In the case of cashless claims, the insurer directly pays the claim amount to the network garage. However, you can avail of this facility only if you get your insured vehicle repaired at one of the network garages of your insurer.
Cashless Claim Settlement Process
1. Inform your insurer about the accident or mishap
2. The insurer will send a surveyor to conduct an assessment and evaluate the loss of the insured vehicle
3. Fill in the claim form and submit it along with all other required documents from the insurer’s website
4. Once the insurer approves the claim request, send the insured vehicle to the network garage for repairs
5. Post repairs, your insurer will pay the repair charges directly to the network garage
6. You will be required to pay the deductibles or non-covered expenses (if any).
When you get the repairs done at a garage that is not part of your insurer's list of approved garages, it is known as reimbursement claims services. In this case, you will pay the repair expenses from your own pocket and later file for reimbursement with your insurer.
Reimbursement Claim Settlement Process
1. Register the claim with your insurer
2. Fill up the claim form and submit it to your insurer along with mandatory documents
3. The surveyor sent by the insurer will estimate the repair cost and prepare an assessment report
4. Once the insurer approves the claim request based on the assessment report prepared by the surveyor, your insured vehicle for repair at a non-approved garage
5. Pay all the charges and clear the bill at the garage from your own pocket
6. Submit all the bills, payment receipts as well as ‘proof of release’ to the insurer
7. After the claim is approved, you will receive the claim amount in your registered bank account.
Here is a list of documents that you need to submit at the time of filing a claim with your insurer-
For renewing your existing bike insurance policy, firstly you must check the expiry date. However, there are two methods of renewing your two-wheeler insurance policy, i.e. online bike insurance renewal and offline bike insurance renewal.
Renew your two-wheeler insurance policy online by filling up the renewal form available on the official website of Policybazaar Insurance Brokers Private Limited. Here, you can renew your bike insurance policy in just 60 seconds.
Follow the below-mentioned steps to renew your two-wheeler insurance policy online-
1. Go to the 'Two-wheeler renewal' tab from the 'Renew your policy' navigation available at Policybazaar.com
2. Enter your bike registration number & other relevant information and click on 'View Prices'
3. Choose the two-wheeler insurance plan from multiple quotes offered by insurers
4. You can select the add-on covers as per your requirement
5. After deciding a two-wheeler insurance plan for your vehicle, you will see the premium amount
6. Fill in the proposal form containing owner details, nominee details, and vehicle details.
7. You can choose any mode of online payment to pay the premium amount
8. Once you pay the premium amount, the insurer will send the renewed bike insurance policy to your registered email id.
9. For your convenience, you can download your policy document & get a printout. This is a valid document that you can show to the traffic police and save yourself from paying hefty traffic fines.
You can traditionally renew a two-wheeler insurance policy by visiting the insurer’s nearest office. Here are the steps to renew two-wheeler insurance offline-
1. Visit the nearest branch of your insurer or connect with the agent
2. Keep mandatory documents handy along with the vehicle details and fill the same in the two-wheeler insurance renewal form
3. The branch generally hands over the new policy immediately if you pay the premium by cash, demand draft, or debit card.
4. If you choose cheque payment, you need time to clear it. Usually, in such cases, the insurer emails the policy documents to your registered email id.
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%.
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-
Renewing a lapsed two-wheeler insurance policy includes some vital points that you should always keep in mind-
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-
Engine Capacity (in CC) | Annual third-party bike insurance rates | 5-years third-party bike insurance rates |
Up to 75 CC | ₹538 | ₹2,901 |
75 – 150 CC | ₹714 | ₹3,851 |
150 – 350 CC | ₹1366 | ₹7, 365 |
Above 350 CC | ₹2804 | ₹15,117 |
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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-
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.
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.
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).
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.
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.
Several factors determine the premium of your bike insurance policy. Check out the list of top factors that affect your two-wheeler insurance premium-
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.
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.
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.
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.
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.
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.
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.
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.
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You can easily cancel your bike insurance policy at any time byInsurance
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.