Bike Insurance

Bike Insurance Price in India

The following table explains the 1-year insurance price and 5-year third-party insurance price based on the Cubic Capacity (CC) of your bike's engine and the KiloWatt 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.

Note: In India, the premium of a comprehensive bike policy depends upon several factors, such as engine capacity, bike age, location, etc. On the other hand, the third-party insurance price is determined by IRDAI (Insurance Regulatory and Development Authority of India).

Key Features of Bike Insurance Policy

The table below highlights the key features:

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:

Why Should You Buy Bike Insurance?

The need of a two-wheeler insurance policy is enumerated below:

1. Financial Protection: A bike insurance policy provides financial cover for accidental damage, theft, damages due to natural & man-made calamities, and third-party liabilities. Hence, it helps the bike owners to repair vehicle damages without burning a hole in their pocket.
2. Legally Mandated: As per the Motor Vehicle Act 1988, every two-wheeler owner must have at least third-party bike insurance policy.
3. Coverage to all Types of Two-Wheelers: All types of 2-wheelers can be covered against accidental damages including scooters, motorcycles, e-bikes, or mopeds.
4. Add-on Cover: Add-on covers or optional covers are offered at an extra premium to enhance the policy coverage. The common add-ons available are zero depreciation cover, NCB protection cover, roadside assistance cover, pillion rider cover, etc.
5. Cashless Garage: Cashless garage or network garage is a facility offered by the insurer to repair the damaged two-wheeler 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.
6. Compulsory Personal Accident Cover: Bike owners can also avail of personal accident cover of ₹ 15 lakh under their two-wheeler insurance policy. This mandatory add-on cover is available with both third-party and comprehensive bike insurance policies.

Types of Bike Insurance Plans

Broadly, there are 3 types of two-wheeler insurance policies offered by general insurance companies in India. See below for more information:

1. Third-Party Bike Insurance

   Third-party bike insurance covers the policyholder 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 while riding on public roads.

2. Own-Damage Bike Insurance

   Own-damage bike insurance is a standalone own-damage (OD) that covers the damages caused only to the insured bike due to theft, accidents, fire, etc.
   For extensive protection, it is advisable to have this policy in addition to mandatory third-party insurance. Moreover, riders can enhance an own-damage two-wheeler insurance policy to get additional coverage.

3. Comprehensive Bike Insurance

   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.
   Additionally, it allows you to pay an extra premium to buy riders or add-ons to enhance the policy coverage.

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/driver of the insured two-wheeler 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.

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 roadside assistance 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; hence, the NCB discount remains the same.

5. Return to Invoice (RTI) Cover

   At the time of total loss or theft, the insurer pays the ‘Insured Declared Value (IDV)' of the insured bike. However, having 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 consumable cover, the insurer reimburses the cost of consumables up to a certain limit.

8. Passenger Cover

   A Passenger Cover offers additional financial coverage to the co-passenger or rider in case they meet with a road accident. This add-on cover protects the pillion rider in case of bodily injuries or death due to accidents or insured perils mentioned in the policy documents.

Comparison of Bike Insurance Policies

The following table shows the difference between third-party (TP), standalone own-damage (OD), and comprehensive bike insurance policy in brief:

Which Kind of Two-Wheelers Can be Insured with Policybazaar.com?

Usually, four types of two-wheelers can be insured under a two-wheeler insurance policy. Find them below in detail:

1. Motorbikes: In India, motorbikes are one of the common types of two-wheelers equipped with an engine capacity of 100-1000 CC designed for daily commuting and recreational riding.
2. Scooters: Scooters, commonly referred to as ‘scooty' in major regions of India, are easy to use and fuel efficient. They are smaller, lighter, and have an automatic transmission, which is why they are becoming popular for urban commuting.
3. Electric Two-wheelers: As the name suggests, electric motorcycles/scooters powered by batteries are becoming more popular due to the environmental benefits associated with lower operating costs.
4. Mopeds: Mopeds are extremely lightweight motorised bicycles with an engine capacity of 50-100 CC. They are economical in pricing and are used for short- distance commutes, especially in rural India.

Why Buy/Renew 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%.

What not to miss? Here you go:

• Compare various 2-wheeler insurance plans from leading insurers in India.
• Save money and choose a plan that fits your pocket well.
• Get assistance from our 24x7-customer assistance team for any insurance-related queries.

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

How to Calculate Bike Insurance Premium?

Using a free bike insurance premium calculator available at Policybazaar.com, you can easily calculate the estimated premium of the 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

Follow the below procedure to calculate bike insurance premium online:

• Step 1: Visit the 'Bike Insurance Premium Calculator' page provided by Policybazaar Insurance Brokers Private Limited.
• Step 2: Select the essential details about your two-wheeler, such as make, model, variant, ex-showroom price, city of registration, year of purchase, and any claims raised in the past.
• Step 3: Click the 'Calculate' button to get the estimated premium for the selected two-wheeler model.

This calculator tool gets the 'two-wheeler insurance plans'. After that, you can compare plans 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.

List of Bike Insurance Plans 2024

The table below lists the 17+ bike insurance companies for 2024, along with their cashless garages and claim settlement ratios. You can compare and buy 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 60 seconds.

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

*Disclaimer: The Claim Settlement Ratio (CSR*) mentioned above is as per the figures mentioned in the IRDAI motor insurance annual report 2021-22 and are arranged in alphabetical order. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

Factors Affecting Bike Insurance Premium

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

• Policy 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 bike 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 factor. 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): 
  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.

How to Save on Your Bike Insurance Premium?

Here are a few ways to help you significantly reduce your bike insurance premium, particularly if you are looking for a comprehensive two-wheeler insurance policy:

• Choose the Right Bike: Always choose a two-wheeler wisely that fits your needs & budget. A higher-end model will always cost you more than the usual ones. Hence, select a bike which can be covered without making you worried about inflating premium rates.
• Understand Your Bike's Value: Knowing your bike's accurate market value will help you save a lot. Sometimes, the IDV set may be too high, ultimately increasing your premium for no reason. Therefore, you must ensure the IDV is aligned with the bike's market value.
• Consider a Voluntary Deductible: Another method to reduce your insurance premium is to choose a voluntary deductible. It refers to an amount you pay yourself while settling the claims. Suppose you are confident that you won't raise a claim during the policy period. In that case, you can agree to pay a higher deductible, further lowering your insurance premium amount.
• Utilize Your NCB: NCB or No Claim Bonus is a reward that you can use to renew your policy. It will definitely reduce the premium amount of your own damage bike insurance to an extent. If you switch insurance companies, you can still transfer this discount and enjoy the benefits of reduced premiums.
• Renew Your Policy on Time: You are always advised to renew your policy before it expires to avoid losing accumulated NCB. If your policy lapses for more than 90 days, which is usually the grace period provided by the insurer, you'll also lose out on the accumulated NCB.
• Install Anti-Theft Devices: Generally, 2-wheeler insurance companies offer discounts on premiums if your bike has an ARAI-certified anti-theft device installed. This precautionary measure reduces the risk of theft and rewards you.

How to Compare Bike Insurance Plans Online?

Comparing two-wheeler insurance premium quotes offered by multiple insurers made it easier with Policybazaar.com. While comparing plans, you must check various features, including NCB, IDV, CSR, etc., of all insurance companies.

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

• Inclusions & Exclusions
  Several bike insurance providers offer both third-party and own-damage cover. In this, it is your sole responsibility to check the coverages i.e. inclusions & exclusions along with the features. Furthermore, understanding the terms and conditions will help you to file for bike insurance claims without any hassles.
• Add-On 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
  Amid cutthroat competition in the insurance market, motor insurance companies offer various features and benefits to help customers in the claim process. 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).
• Network Garages
  Network garages is another significant factor that you must check while comparing plans offered by various insurers. If you choose an insurer with a highest number of authorised network garages spread across your location, then finding one near you would be easier and ensure a speedy cashless claim settlement process.
• Claim Settlement Ratio
  Claim Settlement Ratio or CSR is defined as a ratio between the number of claims raised and the number of claims resolved in a financial year by the insurance company. It is denoted in percentage. It is always advised to choose a higher CSR, as the company will settle claims in less time.

How to Buy/Renew Bike Insurance Plans Online?

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

• Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited.
• Step 2: Scroll to the top of the page, click on the ‘Bike Insurance' button from the ‘Insurance Products' drop-down menu.
• Step 3: Enter your bike registration number if you are renewing the policy. If it's a new bike, or you are buying a policy for the first time, click on the ‘Bought a New Bike' option.
• Step 4: Compare and select a plan offered by different insurers.
• Step 5: Choose any type of coverage; third-party or comprehensive bike insurance policy. You can also buy add-ons like zero dep cover, roadside assistance cover, etc., to enhance the coverage.
• Step 6: Enter the required details such as owner, vehicle, and nominee details.
• Step 7: Pay the premium amount through UPI, debit/credit cards, or internet banking.
• Step 8: 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:

Documents Required for Proof of Identity/Address

1. Aadhar Card
2. Passport
3. Driving License (DL)
4. PAN
5. Voter ID Card issued by the Election Commission of India
6. Ration Card with the photo of the applicant

Check other documents required in this: KYC document required for buying/renewing a bike insurance policy.

How to Raise a Cashless Claim for Bike Insurance Online?

A cashless bike insurance claim will be directly settled with the network garage where the repairs are carried out. The steps to file a cashless 2-wheeler claim online are given below

• Step 1: Report the Incident: Inform your insurer about the accident or mishap.
• Step 2: Damage Assessment: A surveyor will conduct an assessment to estimate the damage.
• Step 3: Claim Form Submission: Fill in the claim form and submit it with the mandatory documents.
• Step 4: Repair Approval: The insurer approves the repair request by checking the mandatory documents along with the assessment report prepared by the surveyor.
• Step 5: Garage Repairs: Send your damaged two-wheeler to the network garage for repairs once the repair request is approved.
• Step 6: Direct Payment: After repairs, the insurer pays the repair charges directly to the garage.
• Step 7: Deductibles Payment: You may be required to pay deductibles or non-covered expenses.

How to Raise a Reimbursement Claim for Bike Insurance Online?

Opting for a reimbursement claim means that you choose to get repairs done at a non-network garage and pay the bills on your own. Later, the insurance company will reimburse the bill amount. Here is the step-by-step process to raise reimbursement claims:

• Step 1: Claim Registration: Register the claim with your insurer.
• Step 2: Documentation: Fill out the claim form and submit it with the required documents.
• Step 3: Cost Estimate: A surveyor estimates the repair cost and informs you about the assessment.
• Step 4: Non-Authorised Garage Repairs: Get your two-wheeler repaired at a non-authorised or non-cashless garage (any nearby garage in your locality).
• Step 5: Post-Repair Inspection: The insurer conducts another inspection after repairs.
• Step 6: Bill Settlement: Pay all charges and clear the bill at the garage.
• Step 7: Document Submission: Submit all bill payment receipts and 'proof of release' to the insurer.
• Step 8: Claim Approval: The insurer will reimburse the bill amount to your registered bank account once the claim is approved.

Documents Required for Filing a Two-Wheeler Insurance Claim

Ensure you have the following documents when filing a 2-wheeler insurance claims:

• Duly signed claim form
• A valid copy of your bike's Registration Certificate (RC)
• A valid copy of your Driving License (DL)
• Active bike insurance policy
• Police FIR (for accidents, theft, and third-party liabilities)
• Original repair bill and payment receipt
• Proof of release

For filing two-wheeler insurance claims hassle-free, follow these guidelines and keep all the necessary documents handy.

How to Renew Your Expired/Lapsed Bike Insurance Policy?

You cannot afford to carry expired two-wheeler insurance while riding. Lapsed bike insurance means you might be trapped 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 multiple insurers.
5. At last, fill in the proposal form, which includes 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.