What is Bike Insurance?
Bike insurance or two-wheeler insurance is a financial safety net, saving bike owners from paying hefty repair bills. This policy acts as a contract between the bike owners and insurance company, protecting them from financial loss due to accidents, theft, fire, natural calamities, man-made disasters, or third-party liabilities. Third-party bike insurance is mandatory for everyone owning bikes under the Motor Vehicle Act 1988, hence, buying bike insurance ensures safety and peace of mind while riding your two-wheeler. For new bike owners, buying bike insurance for up to 5 years is mandatory to stay worry-free and avoid a ₹2,000 challan.
Key Features & Benefits of a Two-Wheeler Insurance Policy
| Key Features | Benefits |
|---|---|
| Third-Party Liability | Covers financial & legal liabilities for injuries, death, or property damage to a third party. |
| Own Damage Cover | Provides financial coverage against theft, accidents, fire, and natural disasters to the insured bike. |
| Personal Accident Cover | Offers compensation for accidental death or permanent disability of the owner-driver. |
| No Claim Bonus (NCB) | Avail discount on premium of up to 50% for each claim-free year. |
| Add-ons | Get enhanced protection like zero depreciation cover, roadside assistance cover, return-to-invoice cover, engine protection cover, etc. |
| Cashless Claim | Enjoy hassle-free repair at network garages without worrying about upfront payment. |
| Theft | Get compensation in case of bike theft based on the Insured Declared Value (IDV). |
| IDV (Insured Declared Value) | The maximum claim payout amount that a policyholder receives if the bike is stolen or declared as a Total Loss. |
| Bike Insurance Premium | It is the amount paid to the insurance company for keeping the policy active. |
| Claim Assistance | It refers to the support given by the insurer to the policyholder for smoother & quick claim processing. |
Which Vehicles are Covered under Two-wheeler Insurance?
Types Of Two Wheeler Insurance Policies in India
Broadly, there are three types of bike insurance policies offered by insurance companies in India, i.e., third-party bike insurance, comprehensive bike insurance, and own-damage bike insurance policy.
Third Party Bike Insurance
Own Damage Bike Insurance
Comprehensive Bike Insurance
Comparison of Bike Insurance Policies
The below table highlights the key differences between the three types of two-wheeler insurance. Whether you own or plan to buy an e-bike, a luxury bike, or a regular bike, these two-wheeler insurance features are uniform for all.
Third-party (TP) Bike Insurance Coverage
Own-Damage Bike Insurance Coverage
Comprehensive Bike Insurance Coverage
Why Do You Need a Bike Insurance Policy?
Legal Requirement
Financial Protection
Covers Third-Party Liabilities
Peace of Mind
Coverages Under a Bike Insurance Policy
Covered in Bike Insurance Policy
Not Covered in Bike Insurance Policy
Bike Insurance Add-ons
Personal Accident Cover
Zero Depreciation Cover
NCB Protection Cover
24/7 Roadside Assistance Cover
Bike Insurance Price in India
Bike insurance premiums can vary based on coverage and engine cubic capacity of a two-wheeler. Apart from this, there are various other factors that decide the bike insurance premium rates that we will discuss in the next section. However, the prices for a third-party bike insurance policy in India are uniform and decided by IRDAI. For fuel-powered two-wheelers, it is based on the bike engine’s capacity and for electric bikes, it is determined by its battery capacity (kW).
Bike Insurance Policies 2025
At Policybazaar.com, bike insurance starts at ₹1.3/day*. Buy and compare two-wheeler insurance plans without any hassles.
You can now renew your expired bike insurance policy online from the leading bike insurers with the lowest premiums in just 60 seconds.
- Quick Policy Issuance
- No Inspection, No Extra Charges
- Lowest Premium Guarantee on the Bike Insurance Plan
Here we have a table showing different bike insurance companies with their cashless garages and CSR (Claim Settlement Ratio). In all these plans, the third-party liabilities are covered, bike policy term is of minimum 1 year, and all the policies offers PA (Personal Accident) cover of up to ₹15 lakh.
| Bike Insurance Companies | Cashless Garages | Claim Settlement Ratio |
|---|---|---|
| Bajaj Allianz Insurance General Insurance Co. Ltd. | 4500+ | 96.5% |
| Cholamandalam MS General Insurance Co. Ltd. | 6912+ | 98.0% |
| Future Generali India Insurance Co. Ltd. | 3500+ | 87.4% |
| GO DIGIT General Insurance Ltd. | 1400+ | 97.0% |
| HDFC ERGO Genera Insurance Company Ltd. | 2000+ | 100.0% |
| ICICI Lombard General Insurance Co. Ltd. | 6200+ | 93.4% |
| IFFCO Tokio General Insurance Co. | 4300 | 95.8% |
*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
How to Calculate Bike Insurance Premium Online?
Using the below steps, you can find the estimated bike insurance premium from the bike insurance premium calculator provided by the Policybazaar:
Enter Your Bike Details
Visit Policybazaar.com and open the Bike Insurance Calculator. Select your bike’s make, model, variant, ex-showroom price, and year of purchase.Provide Registration & Claim Info
Select your city or RTO of registration and mention whether you’ve made any claims in the previous policy term.Get Instant Premium Quotes
The calculator will instantly show the estimated premium for your selected bike model. Moreover, it gives you an option to get various two-wheeler insurance plans from multiple insurers. Compare options based on coverage and premium, then choose the one that best fits your needs.
Factors Affecting Bike Insurance Premium
Knowing what affects your bike insurance premium can help you in making a wise decision.
Here are 5 major factors:
Make, Model, and Variant of the Bike
Type of Coverage Chosen
Age of the Bike
Add-Ons and Customizations
Location of Registration
How to Save on Bike Insurance Premium?
You can save on your two-wheeler insurance premium in several ways without compromising on your policy coverage.
Check some important tips to save bike premium costs:
Claim your NCB
No Claim Bonus is rewarded for every claim-free year. You can utilize your NCB to avail discounts on your premium without reducing your coverage level.Know Your Vehicle's Age
Usually, older motorcycles attract lower premium rates due to lower Insured Declared Value (IDV).Install Safety Devices
Most insurers will take cognizance of the safety devices you install, such as anti-theft alarm, and offer a discount on your premium.Choose the CC of Your Bike Wisely
Choosing your vehicle's engine cubic capacity or CC is important because a higher CC attracts a higher premium. Thus, you need to choose the engine CC wisely.Opt for a Higher Voluntary Deductible
Deductibles decrease the insurer's liability towards the claim amount as you pay a certain amount from your pocket. Therefore, if you opt for a high voluntary deductible, you will be offered lower premium rates.
How to Compare Bike Insurance Online?
Comparing bike insurance online is one of the smartest ways to invest in the right manner to get the best coverage and save money. Here is a step-by-step process to compare two-wheeler insurance online efficiently:
Visit Policybazaar.com
Go to the official website of Policybazaar Insurance Brokers Private Limited using your browser. Select ‘Bike Insurance’ from the homepage to start the comparison process.Enter Your Bike Details
Enter your two-wheeler’s registration number and check your make, model & variant for accurate quotes. Lastly, enter your personal information, such as your name, mobile number, and city, to receive bike insurance quotes online.View and Compare Bike Insurance Plans by Various Insurers
Here, you can compare online two-wheeler insurance offered by various insurers based on premium rates, features, coverage, add-ons, availability, IDV, network garages, etc.Choose the Best Plan and Proceed to Buy
After comparison, select one plan as per your need & budget, make the payment, and get the policy instantly via email
Two-wheelers have always remained an integral part of India’s transportation landscape, reflecting the country’s diverse geographical and economic dynamics. It acts as a source of livelihood for one segment, while for some, it is passion and dream to drive that superbike.
However, the common thing across segments is the need for financial protection against thefts or any unforeseen damage caused by accidents or natural disasters like floods or fires.
And there comes the ‘Two-Wheeler Insurance Policy’ to the rescue, which also prevents third-party liabilities as well as hefty challans for not having valid insurance while driving.
Buying a bike insurance policy from Policybazaar has never been this easy. You can purchase and renew your insurance within a matter of minutes. You can compare policy from 17+ insurers and select the best plan according to your requirements while choosing the right coverage (IDV) and set of add-ons.
Read more
Benefits of Buying Bike Insurance Online from Policybazaar
The motor protection laws in India protect you from expenses arising from third-party damages or own damage.
Hence, get your prized possession covered and stay at peace by purchasing the right bike insurance policy.
On this note, let us look at the various key benefits of buying a bike insurance policy:
Quick and Easy Comparison
100% Digital & Paperless
Secure & Transparent Process
24x7 Customer Support
How to Buy/Renew Bike Insurance Policy Online?
If you are looking to buy bike insurance online, Policybazaar provides a one-stop platform to compare different policies from various insurance providers in India. You can buy or renew your two-wheeler insurance online in just 60 seconds and save up to 85% costs.
Whether purchasing scooter insurance for e-bikes, hybrid bikes or regular daily commuting bikes, you can find something for your two-wheeler here.
Visit & Choose
Visit the Policybazaar's official website and click on the ‘2 Wheeler Insurance’ option from the product list on the homepage.
Enter Bike Details
For renewal, enter your bike’s registration number and click ‘View Prices’.
For a new bike, click on ‘Buying a new bike?’ and fill in details like RTO, city, vehicle type, etc. Here, you’ll see multiple plans from top insurers. Compare plans, & choose your desired coverage along with add-ons, and enter your vehicle, owner, and nominee details.
Pay & Get Policy Instantly
Make the payment online via UPI, debit/credit card, or net banking. Once successful, your policy will be issued instantly and sent to your registered email. You can also download or print it as a valid document for road use.
KYC Documents Required to Buy/Renew Two Wheeler Insurance
Here is a list of mandatory documents that you need to submit to buy or renew your 2-wheeler insurance policy:
Know The Claim
How to Claim Two Wheeler Insurance Online?
If your two-wheeler meets with an accident, is stolen or suffers immense damage, you can raise a bike insurance claim against it. A 3rd party bike insurance policy will settle claims only for the damages caused to third parties, whereas OD and comprehensive bike insurance will also settle claims for damages caused to your vehicle.
At Policybazaar.com, you have two options to raise bike insurance claims: cashless and reimbursement claims.
Steps to File Two-Wheeler Insurance Claim at Policybazaar.com
- File a FIR to the nearest police station in case your bike is stolen.
- Report the incident to your insurer.
- A surveyor will assess the damage to your bike.
- Submit the documents required for bike insurance claim, including the claim form.
- 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 or reimburse the repair amount. You will have to pay only for the deductibles or non-covered expenses.
Documents Required for Filing Bike Insurance Claims
Ensure you have the following documents when filing bike insurance claims:
For a hassle-free online two-wheeler insurance claim process, follow these guidelines and keep all the above-mentioned necessary documents handy.
Common Bike Insurance Terms
Here is a bike insurance glossary, which includes commonly used terms in bike insurance:
Third-party Liability Insurance
Own Damage Insurance
Bike Insurance Premium
Deductible
No Claim Bonus (NCB)
Insured Declared Value (IDV)
Policy Endorsement
Policy Inclusions & Exclusions
Add-on Covers
Cashless Claim
Reimbursement Claim
Bike Insurance Renewal
Bike Insurance Companies
Two-Wheeler Insurance FAQs
Q. Is bike insurance mandatory in India?
Ans: Absolutely! It's like wearing a helmet – it's the law and keeps you safe. In India, you need at least basic insurance for your bike.Q. How many types of bike insurance are available?
Ans: Think of it like choosing the right gear for your ride! There are different types of bike insurance:- Third-party bike insurance: This is like basic protection, covering costs if you accidentally hurt someone or damage their property.
- Own-damage bike insurance: This protects your own bike if it gets damaged in an accident.
- Comprehensive bike insurance: This is like the ultimate protection, combining third-party and own-damage coverage.
Q. Which type of bike insurance is best?
Ans: A comprehensive bike insurance policy is considered as an ideal policy as it offers both third-party liability coverage and own-damage cover.However, if you have an old bike, buying a third-party bike insurance policy will be the most convenient & affordable option.Q. What if I don't have bike insurance?
Ans: Riding without insurance is illegal and can get you in trouble. It's best to always have valid insurance to protect yourself and others.Q. What affects my insurance premium?
Ans: Lots of things can affect your premium, like the type of bike you have, where you live, and your driving history.Q. How much does bike insurance cost?
Ans: The cost depends on things like your bike's engine size, its age, and the type of coverage you choose.Q. Can I skip bike insurance?
Ans: Nope! It's mandatory in India, just like wearing a helmet.Q. What are OD and TP in bike insurance?
Ans: OD stands for own-damage (protection for your bike), and TP stands for third-party (protection for others).Q. Where can I find my insurance details?
Ans: You can usually find your insurance details online or on your insurance company's app. You can also call their customer support team for assistance.
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