Bike Insurance

What is Bike Insurance?

A bike insurance policy is a safety plan for two-wheelers, offering protection against a range of unforeseen events such as accidents, theft, fire, natural calamities, and man-made disasters. Furthermore, two-wheeler insurance offers mandatory financial security against third-party liabilities. This means that if your insured two-wheeler accidentally harms someone or causes damage to another party in a road accident, then a two-wheeler insurance policy financially & legally covers you.

Types of Two-Wheeler Insurance Policies

In India, general insurance companies offer three main types of two-wheeler insurance policies:

1. Third-party Bike Insurance

   This TP policy covers your legal obligations towards third parties if your insured bike causes damage to them in an accident or collision. It offers compensation of up to ₹ 1 Lakh for damages/injuries caused to a third-party person, vehicle, or property. The Indian Motor Vehicle Act 1988 mandates that all two-wheeler owners must have valid third-party bike insurance while riding on public roads.

2. Own-Damage Bike Insurance

   The Own-Damage (OD) policy exclusively covers damages to your insured bike due to theft, accidents, fire, etc. For comprehensive protection, it is advisable to purchase this policy along with the mandatory third-party insurance. You can also enhance an own-damage two-wheeler insurance policy with add-on covers for increased protection.

3. Comprehensive Bike Insurance

   Comprehensive bike insurance policy offers comprehensive coverage by combining both third-party liabilities and own damages under a single plan. It protects your insured bike from various unforeseen circumstances, including damages caused by fire, natural calamities, theft, accidents, man-made disasters, and other related adversities. Additionally, you can pay an extra premium to purchase add-on covers to enhance the policy coverage further.

Difference Between Third-Party, Own-Damage, and Comprehensive Bike Insurance

Here is a table highlighting the comparison of TP, OD, and Comp bike insurance policies based on various factors:

Bike Insurance Price in India

The table below outlines the pricing for third-party bike insurance in India. It displays both the annual and 5-year third-party insurance costs based on your bike's engine capacity (CC) and the kilowatt (kW) capacity of your electric two-wheeler's battery:

For Two-Wheelers

For E-Bikes

*Disclaimer: The annual and long-term third-party insurance price mentioned above is as per the IRDAI.

Key Features of Bike Insurance Policy

The table below highlights the key features of online bike insurance policies:

Why Do You Need a Bike Insurance Policy?

A two-wheeler insurance policy is crucial for protecting your bike and finances. Here are the top reasons why taking bike insurance is a must:

1. Mandated by Law

   In India, it is mandatory for two-wheeler owners to get a third-party bike insurance policy. Riding without one can lead to a fine of ₹ 2,000 and/or imprisonment.

2. Financial Protection Against Theft

   Bike thefts are on a persistent rise in India. If someone steals your bike and the police cannot trace it, bike insurance will help to lower the financial losses.

3. Coverage for Accidental Damages

   Accidents can cause significant damage to your bike, resulting in expensive repairs. The right bike insurance cover will take care of these expenses, easing your financial burden.

4. Protection Against Third-party Liabilities

   If you accidentally damage someone's property or injure someone while riding your insured vehicle, a 3rd party bike insurance policy will compensate the affected party and protect you from legal and financial consequences.

5. Coverage from Natural Calamities & Fire

   Natural calamities such as floods, earthquakes, tsunamis, landslides, and fires can damage your bike. A comprehensive bike insurance policy ensures you receive compensation for such damages or losses.

6. Coverage for Man-made Disasters

   Your bike or scooty insurance covers the damages caused by man-made disasters like strikes, riots, vandalism, and terrorist activities. Along with this, it covers the damage that occurs during the transit of your insured bike (by road, air, rail, or water).

7. Personal Accident Coverage

   A Personal Accident (PA) cover is a mandatory add-on with your bike insurance policy. It provides financial support of up to ₹15 Lakh in case of accidental injuries or death of the bike owner or rider.

What are the Documents Requirements for Bike Insurance in India?

In India, having at least third-party bike insurance is mandatory. This type of insurance covers your legal liability for any injury, death, or property damage caused to a third party in an accident involving your insured bike.

Having a valid two-wheeler insurance policy means you're complying with Indian law and avoiding any unnecessary hassles. You can enjoy riding your two-wheeler without worrying about potential fines or penalties of ₹ 2000 - ₹ 4000 or imprisonment of up to 3 months.

*Disclaimer: The above inclusions and exclusions are subject to change as per the insurer's policy wording. Kindly review the policy wording of the insurance company before buying the policy.

Add-On Covers in Bike Insurance Policy

Add-on covers are optional extras you can purchase with a comprehensive or standalone own-damage bike insurance policy by paying an additional premium. These add-ons enhance the coverage of your basic insurance plan. Here are some of the add-on covers you can opt for:

1. Mandatory Personal Accident (PA) Cover

   This compulsory add-on is offered to the owner/driver of the insured two-wheeler, provided they possess a valid Driving License (DL). As per the IRDAI, the coverage limit is ₹15 Lakh. The mandatory personal accident cover offers full compensation to the nominee in case of the policyholder's death in a road accident. It also compensates for injuries or permanent disability of the policyholder.

2. NCB Protection Cover

   For every claim-free year, you are eligible for a discount on renewing your own-damage policy's premium, known as the No Claim Bonus (NCB). This discount ranges from 10% to 50%. With the NCB protection cover, you retain your NCB and get a discount during renewals even if you make a claim during the policy year.

3. Zero Depreciation Cover

   Typically, an insurer pays the claim amount after deducting the depreciation value of the insured vehicle. The zero depreciation cover, also known as bumper-to-bumper cover, eliminates this depreciation factor when paying the claim amount. This add-on is available for private bikes and is subject to a specific number of claims during the policy tenure. Note that deductibles still apply even with this cover.

4. 24x7 Roadside Assistance Cover

   This add-on allows you to avail emergency roadside assistance from your insurer within a specified distance outlined in your policy documents. Roadside assistance cover includes services like breakdown support, emergency fuel assistance, flat tyre assistance, lost key assistance, and minor repairs. Since services used under this cover are not counted as claims, hence you retain your NCB discount.

5. Return to Invoice (RTI) Cover

   In the unfortunate event of total loss or theft of your insured bike, the insurer typically pays the Insured Declared Value (IDV). However, the Return to Invoice cover bridges the gap between the IDV and the invoice/on-road price of your vehicle, including registration and taxes. This allows you to receive the original purchase value as the claim amount.

6. Engine Protection Cover

   This add-on compensates you if leakage of lubricant oil, water ingression, or hydrostatic lock damages your two-wheeler's engine. It also covers damages to engine parts like cylinders, pistons, connecting rods, and crankshafts. An engine protection cover is highly recommended if you reside in a flood-prone area or a location with frequent waterlogging.

7. Consumables Cover

   Consumables are essential parts required for the smooth functioning of your bike, such as engine oil, brake fluids, chain lubricants, coolant, nuts & bolts, etc. A consumable cover reimburses the cost of these consumables up to a certain limit.

8. Passenger Cover

   It provides additional financial coverage to your pillion rider in case of an accident. This passenger add-on covers medical bills and provides compensation in case of injury or death respectively of the pillion rider.

Bike Insurance Companies 2025

Discover the leading bike insurance companies for 2025, featuring top-notch services like cashless garages and impressive claim settlement ratios. At Policybazaar, you can easily compare and buy two-wheeler insurance online for your motorcycle. Additionally, you can renew your expired bike insurance policy online with leading insurers, guaranteeing the lowest premiums in just 60 seconds.

Advantages:

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

How Bike Insurance Premiums are Calculated?

You can easily calculate bike insurance premium for your chosen plan using a free bike insurance calculator available at Policybazaar.com. The calculator considers several factors to evaluate the premium, including:

• Make, model, and variant of the two-wheeler
• Ex-showroom price
• City of registration
• Year of bike purchase

Follow the below steps to use the two-wheeler insurance premium calculator online on Policybazaar.com:

1. Visit the 'Bike Insurance Premium Calculator' page.
2. Enter your two-wheeler's details, including make, model, variant, ex-showroom price, city of registration, year of purchase, and any previous claims.
3. Click 'Calculate' to see the estimated premium.
4. You can then compare policy and instantly pay via UPI, debit/credit card, or net banking.

This calculator displays various two-wheeler insurance policy. You can compare policy online and instantly pay via UPI, debit/credit card, or Internet banking for the plan that suits your interests and fulfils your needs. Whether you want motorcycle, scooter or e-bike insurance, you can check out the two-wheeler insurance policies offered by various insurers here.

Factors Affecting Bike Insurance Premium

Your bike insurance premium is calculated based on a few key factors. This helps ensure you get the most suitable coverage at a fair price. Here's what influences your premium:

1. Policy Coverage

   Choose the protection that fits your needs! A basic third-party policy offers essential coverage at a lower cost, while a comprehensive plan provides broader protection for your bike with a slightly higher premium.

2. Insured Declared Value (IDV) in Bike Insurance

   This is your bike's current market value. As your bike ages, its IDV decreases, which can lead to lower premiums over time.

3. Age of Your Bike

   A brand-new bike might have a slightly higher premium, reflecting its higher value.

4. Make & Model

   The type of bike you own plays a role. High-end models with advanced features may have a slightly higher premium to reflect their value and potential repair costs.

5. Engine Capacity

   A bigger engine might mean a slightly higher premium, but it also means more power for your adventures!

6. No Claim Bonus (NCB) in Bike Insurance

   This is a fantastic reward for safe riding! Every claim-free year earns you a discount on your premium. Check out different insurers' policies on NCB in bike insurance.

7. Geographic Location

   Where you ride matters. If you're in a bustling city, your premium might be a bit higher to reflect the increased activity on the roads.

8. Deductibles

   Want to save on your premium? You can opt for a higher voluntary deductible, which means you'll pay a bit more out-of-pocket in case of a claim but enjoy lower premiums overall.

9. Zero Depreciation in Bike Insurance

   Over time, the value of your bike depreciates. This natural process can lead to lower premiums as your bike ages. However, having a zero depreciation bike insurance policy is an add-on that will help eliminate the depreciation factor in exchange for an extra premium.

How to Save on Your Bike Insurance Premium?

1. Choose the Right Bike

   Consider your needs and budget when choosing a bike. Higher-end models attract higher premiums.

2. Understand Your Bike's Value

   Ensure the IDV is accurate and aligned with the current market value to avoid overpaying on premiums.

3. Consider a Voluntary Deductible

   Opt for a higher voluntary deductible to reduce your premium amount.

4. Utilize Your NCB

   Use your accumulated No Claim Bonus (NCB) to get discounts on premium renewals. You can even transfer your NCB if you switch insurers.

5. Renew Your Policy on Time

   Renew your policy before it expires to avoid losing your accumulated NCB.

6. Install Anti-Theft Devices

   Installing ARAI-approved anti-theft devices can help lower your premium.

Compare Bike Insurance Policy Online at Policybazaar.com

Policybazaar.com lets you instantly renew your two-wheeler insurance online in just 60 seconds. You can also buy a new insurance policy for your bike with the lowest guaranteed premium, saving you unnecessary hassle and money. Buy & renew your motorcycle insurance online & save up to 85%.

Here's what you can get:

• Compare various two-wheeler insurance policy from leading insurers in India.
• Save money and choose a plan that fits your budget.
• Get assistance from our 24x7 customer support team for any insurance-related queries.

Factors to Compare Bike Insurance Policy Online

Policybazaar.com simplifies the process of comparing two-wheeler insurance quotes from different insurers. When comparing policy, consider the following:

1. Inclusions & Exclusions:

   Carefully examine the inclusions and exclusions of each policy to understand what is covered and what is not.

2. Add-On Covers:

   Evaluate the availability and cost of add-on covers that cater to your specific needs.

3. Facilities and Features:

   Consider the features offered by each insurer, such as customer support, online services, and additional benefits.

4. Network Garages:

   Check the network of cashless garages offered by each insurer. A wider network provides more convenience and faster claim settlements.

5. Claim Settlement Ratio (CSR):

   The CSR indicates the insurer's efficiency in settling claims. A higher CSR signifies a better chance of quick claim settlement.

How to Buy Bike Insurance Online?

Follow the below steps to buy bike insurance online through Policybazaar.com:

• Visit the official website of Policybazaar Insurance Brokers Private Limited.
• Navigate to the 'Bike Insurance' section under the 'Insurance Products' drop-down menu.
• Enter your bike's registration number (for renewals) or select the 'Bought a New Bike' option (for new policies).
• Compare and select a plan from different insurers.
• Choose your preferred coverage type (third-party or comprehensive) and any desired add-ons.
• Provide the necessary owner, vehicle, and nominee details.
• Pay the premium amount online using UPI, debit/credit cards, or internet banking.
• The insurer will issue your policy document, and you will receive the policy copy on your registered email ID.

How to Renew Bike Insurance Online?

Follow the below steps to renew bike insurance online through Policybazaar.com:

• Visit the official website of Policybazaar Insurance Brokers Private Limited.
• Navigate to the 'Two-Wheeler Renewal' button available under 'Renew Your Policy' drop-down menu.
• Enter your bike's registration number (for renewals and click on the 'View Prices' button.)
• Compare and select a plan from different insurers.
• Choose your preferred coverage type (third-party or comprehensive) and any desired add-ons.
• Provide the necessary owner, vehicle, and nominee details.
• Pay the premium amount online using UPI, debit/credit cards, or internet banking.
• The insurer will issue your policy document, and you will receive it on your registered email ID.

KYC Documents Required to Buy/Renew Bike Insurance Online

As per the IRDAI, to comply with KYC guidelines, you'll need to submit certain documents when buying or renewing your two-wheeler insurance policy:

• Aadhaar Card
• Passport
• Driving License (DL)
• PAN Card
• Voter ID Card
• Ration Card with your photograph

How to Renew Your Expired/Lapsed Bike Insurance Policy?

It's crucial to renew your bike insurance policy before it expires to avoid legal and financial complications. Here's how to renew your expired two-wheeler insurance online:

• Check the grace period offered by your insurer for two-wheeler insurance renewal.
• Visit the Policybazaar website and navigate to the 'Bike Insurance' tab under the 'Insurance Products' drop-down menu.
• Enter your bike number and view the available 2-wheeler insurance policy.
• Compare and choose a suitable plan from different options offered by various insurers.
• Fill out the proposal form with the required owner, vehicle, and nominee details.
• Pay the bike insurance premium online using UPI, net banking, or debit/credit card.

Why Should You Renew Expired Bike Insurance Immediately?

Here's why it's important to renew your expired bike insurance right away:

1. Stay Legal and Protected:

   Riding without 2-wheeler insurance is against the law in India. Renewing your policy ensures you're following the rules and have financial protection in case of an accident.

2. Financial Protection:

   Having valid 2-wheeler insurance allows you to ride with freedom, knowing your bike is protected and you do not need to pay from your own pocket.

3. Peace of Mind:

   Knowing you have a valid policy gives you peace of mind on the road. You can relax and enjoy your ride without worrying about what might happen if you're in an accident.

Things to Keep in Mind When Renewing a Lapsed Bike Insurance Policy

• Compare policy from different insurers before renewing.
• You don't have to pay any extra charges to renew lapsed bike insurance online.
• Most insurers in India don't require vehicle inspections to renew lapsed policies, but it's always best to check with your insurer beforehand.

How to Raise a Cashless Claim for Bike Insurance Online?

Follow the below procedure to raise a cashless claim for bike insurance online:

• Report the incident to your insurer.
• A surveyor will assess the damage to your bike.
• Submit the claim form with the required documents.
• The insurer will approve the repair request.
• Take your bike to a network garage for repairs.
• The insurer will directly pay the garage for the repairs. Only pay for the deductibles or non-covered expenses.

How to Raise a Reimbursement Claim for Bike Insurance Online?

Follow the below procedure to raise a reimbursement claim for bike insurance online:

• Register the claim with your insurer.
• Submit the claim form and required documents.
• A surveyor will estimate the repair costs.
• Get your two-wheeler repaired at a non-network garage of your choice.
• The insurer might conduct a post-repair inspection.
• Pay for the repairs and obtain the necessary bills and receipts.
• Submit all bills and proof of release to the insurer.
• The insurer will reimburse the repair amount to your bank account.

Documents Required for Filing a Two-Wheeler Insurance Claim

• Duly signed claim form
• Copy of your bike's Registration Certificate (RC)
• Copy of your Driving License (DL)
• Active bike insurance policy document
• Police FIR (in case of accidents, theft, and third-party liabilities)
• Original repair bill and payment receipt
• Proof of release from the garage

Reasons for Bike Insurance Claim Rejections

Everyone wants their bike insurance claim to be approved quickly and easily, especially when they need it most. Here's the lowdown on why it gets rejected and how to prevent it:

• Accuracy is Key: Provide correct information on your application and claim forms to ensure a quick and easy process.
• Understand Your Policy: Familiarize yourself with your policy coverage to know what's included and avoid any surprises.
• Report Promptly: Inform your insurer about any accidents as soon as possible for a faster resolution.
• Be Transparent: Share all relevant details about your bike, including modifications and past repairs, to maintain transparency.
• Renew Your Policy: Keep your bike insurance active to enjoy continuous coverage and peace of mind.

Insurance for Different Types of Two-Wheelers in India

You can insure various types of two-wheelers online, which are explained below:

• Insurance for Motorbikes: These are common in India, with engine capacities ranging from 100 CC, and are designed for daily commuting and recreational riding.
• Insurance for High-Value Bikes: These are expensive, powerful, packed with advanced technology, and often have a unique or luxurious design.
• Insurance for Scooty: Also known as 'scooters', these are fuel-efficient and easy to handle, making them a popular choice for urban commuting.
• Insurance for Electric Bikes: These battery-powered vehicles are gaining popularity due to their environmental benefits and lower operating costs.
• Insurance for Mopeds: These lightweight motorized bicycles with smaller engine capacities (50-100 CC) are economical and often used for short-distance commutes, especially in rural areas.

How to Switch Bike Insurance Providers?

Switching bike insurance providers is easier than you might think! It's like changing your mechanic if you find one you like better. Here's how:

• Compare Your Options: Look at different bike and scooter insurance quotes offered by India's various two-wheeler insurance companies at Policybazaar.com and see what they offer. Compare prices, coverage, and benefits to find the best fit for you.
• Choose Your New Insurer: Once you've found a fresh deal, contact the insurance provider and let them know you want to switch. They'll guide you through the process.
• Inform the Current Insurer: Let your current insurance company know you're switching to a new provider. They might have some paperwork for you to fill out.
• Enjoy Your New Coverage: That's it! You've successfully switched to a new bike insurance provider. Enjoy the benefits and peace of mind that come with your new policy.

Customer Support and Grievances at Policybazaar.com

If you have any questions about your insurance or need help with your policy, Policybazaar.com has a friendly customer support team ready to assist you 24x7 through a helpline number 1800-258-5970 or 1800-258-5881.