Two wheeler insurance/Bike Insurance refers to an insurance policy, taken to cover against any damages that may occur to your motorcycle / scooter due to an accident, theft, or natural disaster. 2 wheeler insurance provides protection against third party liabilities arising from injuries to one or more individuals. Bike insurance is an ideal solution to meet financial costs & losses that may arise due to the damages caused to the motorcycle. The bike insurance cover provides protection to all types of two wheelers like motorcycle, moped, scooty, scooter.
Read moreBike insurance is a contract between the bike owner & insurance provider in which the insurance company provides financial coverage to bike owner against any loss or damages due to an accident. As per the Motor Vehicle Act 1988, third party bike insurance is mandatory in India. Bike insurance covers you from any accidental injuries caused while driving a two wheeler/motorbike on Indian roads. Buy or renew two wheeler insurance online upto 3 years within 30 seconds to avoid paying a fine of Rs. 2,000.
Below are the mentioned important facts which you can consider before buying two wheeler insurance online from Policybazaar.com and avail certain additional benefits:
Broadly, there are generally two types of two wheeler insurance policies offered by insurance companies in India. You can buy Third Party bike insurance and Comprehensive bike insurance. See below for more information:
As the name suggests, third party bike insurance that safeguards the rider against all the legal obligations that arise out of causing damage to the third party. The third party, here, can be property or person. Third-party bike insurance covers you against any liabilities that you’ve landed upon yourself for causing accidental damages to someone else’s property or vehicle. It also covers your liabilities towards causing accidental injuries to a third party person, including his death.
Indian Motor Vehicle Act, 1988 mandates anyone who owns a two wheeler, be it motorcycle or scooter, to have valid third party bike insurance if plying on public roads in the country. Those who do not comply with the rule will be liable to pay huge penalties.
Comprehensive bike insurance that protects the rider against any own damage to his vehicle in addition to the third party legal liabilities. It shields your bike from incidents of fire, natural calamities, theft, accidents, man-made disasters and related adversities. It also provides you with personal accident cover in case you sustain any accidental injuries while riding your bike.
The following table illustrates the common difference between both comprehensive & third party bike insurance:
Factors\Types of Bike Insurance Plans |
Third Party Bike Insurance |
Comprehensive Bike Insurance |
Scope of Coverage |
Narrow |
Wider |
Third Party Liabilities |
Covered |
Covered |
Own Damage Cover |
Not Covered |
Covered |
Personal Accident Cover |
Not Available |
Available |
Premium Rate |
Lower |
Higher |
Mandatory of Law |
Yes |
No |
Two Wheeler Insurance Plans starting at Rs. 2 per day. Buy and compare two wheeler insurance plans 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 | Incurred Claim Ratio | Policy Term(Minimum) | |
Bajaj Allianz | 4500+ | Yes | Rs. 15 Lakh | 62% | 1 year | |
Digit | 1000+ | Yes | Rs. 15 Lakh | 76% | 1 year | |
Edelweiss | 1500+ | Yes | Rs. 15 Lakh | 145% | 1 year | |
IFFCO Tokio | 4300+ | Yes | Rs. 15 Lakh | 87% | 1 year | |
Kotak Mahindra | Available | Yes | Rs. 15 Lakh | 74% | 1 year | |
Liberty | 4300+ | Yes | Rs. 15 Lakh | 70% | 1 year | |
National | Available | Available | Rs. 15 Lakh | 127.50% | 1 year | |
New India Assurance | 1173+ | Available | Rs. 15 Lakh | 87.54% | 1 year | |
Navi | Available | Available | Rs. 15 Lakh | 29% | 1 year | |
Oriental | Available | Available | Rs. 15 Lakh | 112.60% | 1 year | |
Reliance | 430+ | Available | Rs. 15 Lakh | 85% | 1 year | |
SBI | Available | Available | Rs. 15 Lakh | 87% | 1 year | |
Shriram | Available | Available | Rs. 15 Lakh | 69% | 1 year | |
TATA AIG | 5000 | Available | Rs. 15 Lakh | 70% | 1 year | |
United India | 500+ | Available | Rs. 15 Lakh | 120. 79% | 1 year | |
Universal Sompo | 3500+ | Available | Rs. 15 Lakh | 88% | 1 year |
Disclaimer: The incurred claim ratio mentioned above is as per the figures mentioned in the IRDA annual report 2018-19. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an 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.
Anything can happen while riding a two wheeler / motorcycle, scooter, or moped. The lack of good roads, the morning and evening rush hours and unregulated traffic problems are a part of life today. Moreover, instances of rainfall or heat waves may cause many problems on the road, such as slippery surfaces, mushy or muddy areas, or sticky tar. These situations may cause damages to the two wheeler vehicle and even injure the riders. To stay protected from all such incidents, it is important to have a valid two wheeler insurance. The motor protection laws in India protect millions of bike owners from expenses that may arise due to third-party damages by making third party bike insurance cover mandatory.
Let’s take a detailed look at the various benefits of buying two wheeler insurance:
Two wheeler insurance market has changed dramatically since the emergence of new players. Two wheeler insurers nowadays have come up with a range of features to woo customers and ensure they continue with them year after year. Today, buying a bike insurance online over the internet is a hassle-free and quick easy process. Let us take a look at some of the key features of two wheeler insurance plans:
Two wheeler insurance add-on covers refer to the additional covers that enhance the coverage of your two wheeler policy on the payment of an extra amount of premium. Following are the various add-on covers that you can opt for your motorcycle or scooter:
An insurer pays the claim amount after deducting the depreciation value of your bike. Zero depreciation cover eliminates any deduction on the account of depreciation at the time of claim settlement and the full amount will be paid to you.
No claim bonus (NCB) is applicable only if no claims are made within a policy term. NCB Protect allows you to retain your NCB and get a discount during renewals even if you make any claim during your policy tenure.
This cover enables you to avail emergency roadside assistance from your insurer. Most insurers offer a range of services under this cover including tyre changes, minor repairs on-site, battery jump-start, towing charges, lost key assistance, replacement key and fuel arrangement amongst others.
Under this benefit, your insurer will provide you with a daily allowance for your travel when your insured vehicle is under repairs at one of its network garages.
At the time of total loss, your insurer will pay the Insured Declared Value (IDV) of your bike. Return to invoice cover bridges the gap between the IDV and the invoice/ on-road price of your vehicle, including registration and taxes, allowing to get the purchase value as the claim amount.
This cover enables you to receive an allowance from your insurer to get your helmet repaired or replaced in case it was partially or totally damaged in an accident. In case of replacement, the new helmet should be of the same model and type.
As part of the EMI protection cover, your insurer will pay the EMIs of your insured vehicle if it is getting repaired at an approved garage following an accident.
If you are planning to buy or renew two wheeler insurance policy for your bike, you must look into the inclusions offered by two wheeler insurance companies. If you are a bike lover, then you might be met with road accident at any time. Our bike insurance policy covers owner of the bike & third party damages as well. See below detailed list of inclusions:
Any loss or damage caused to the insured vehicle due to natural calamities, such as lightning, earthquake, flood, hurricane, cyclone, typhoon, storm, tempest, inundation, hailstorm, and landslide and rockslides among others will be covered.
It offers coverage against various manmade calamities, such as riot, a strike by outside means, malicious act, terrorist activity and any damages caused in transit by road, rail, inland waterway, lift, elevator or air, among others.
This cover safeguards the insured vehicle against any loss or damage caused by the means of natural calamities, fire & explosion, manmade calamities or theft.
A personal accident cover of up to Rs. 15 lakh is available for injuries to the rider/ owner that may result in temporary or permanent disabilities or loss of limb- that causes partial or total disability. The cover applies when the person is travelling, mounting or dismounting from the vehicle. The insurers offer optional personal accident cover for the co-passengers.
Two wheeler insurance will provide compensation to the owner in case the insured motorcycle or scooter gets stolen.
It offers coverage for against any legal loss of money that may occur due to injuries to a third party in the surroundings, which may have even lead to his demise. Similarly, it also protects against any damage caused to any third party property.
It also covers any losses or damages caused due to fire, self-ignition or any explosion.
Below are the incidents or situations which are excluded under bike insurance policy:
There are two ways of filing a two wheeler insurance claim online with your two wheeler insurer online. You can either lodge a cashless claim or a reimbursement claim with your insurer. Let us discuss both types of claims in detail.
Following are the steps involved in the claim settlement process for cashless and reimbursement claim for your bike:
Here is a list of documents that you need to submit at the time of filing a claim with your insurer:
Policybazaar gives you an option to instantly renew your two wheeler insurance online in just 30 seconds with the lowest guaranteed premium and save unnecessary hassle and costs. Buy & renew motorcycle insurance policy & save up to 85% on two wheeler.
Below are some of the common steps that you must follow while renewing online two wheeler insurance policy:
Renew your two wheeler insurance policy online by filling up the form available on the website. Though the process is very simple for renewing your bike insurance policy in just 30 seconds. You just need to keep your policy handy with you. Follow the below mentioned steps to renew your two wheeler insurance policy online:
Your bike insurance policy renewal documents will be emailed on your registered email address. You can also download your policy document & get a printout. This is the valid document & you can show the document to traffic police if he wants & save yourself to pay the heavy traffic fines.
Two wheeler insurance can be traditionally renewed by visiting the insurer's nearest office. The process is very simple though you have to find the time to go to the branch. You need to know your policy and vehicle details and fill the same in the application form. The branch generally hands over the new policy immediately if you pay the premium by cash, demand draft or debit card.
Cheque payments need time to clear and in such cases, your policy is will mostly be emailed on your official email address. In case you want to buy new optional riders or add-on covers, you may need to visit the nearest branch office. This step may vary from one insurer to another and thus, it is better to confirm it by contacting your insurer before opting for additional covers.
You cannot afford to carry expired two wheeler insurance while riding. Apart from attracting a penalty, it may also lead to major losses in case of an emergency. An inactive policy means you’re no more covered by the insurer for any damages, legal liabilities and so forth. The thumb rule is to renew the policy before the date of its expiration. You can recharge your policy from Policybazaar. 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:
If you were not satisfied with your last insurer, which may lead to the delay in renewal (just we guess), you can switch it now. Renewal is the finest time to review your policy coverage as well as the insurer. Go shop around, compare and buy the right deal.
Buying a policy over the internet is convenient, fast and safe. Go to the renewal section and provide the details of your motorcycle or scooter, such as make and model, CC, manufacturing year, etc. Select the type of two-wheeler insurance plan from the available options. Choose the add-ons to boost the policy coverage.
If they offered premium is suitable to your budget, make the payment over the internet. Every insurer offers a safe payment option through an online payment gateway, where your confidential details are kept safe. Pay the premiums either using credit/debit card or net banking. The insurer will send the soft copy of your policy document to your registered mail ID.
By following this process, you can easily renew your bike insurance policy over the internet. However, it is recommended to recharge your bike insurance policy before it expires. As a 2 wheeler insurance saves you from expending a huge amount in case of damage or loss, it's your responsibility to keep track of your policy expiration date.
As per the recent hike in third party bike insurance price set by IRDA, you are likely to pay more for two-wheeler bike insurance price for third party cover. When the premium or policy rate of comprehensive POLICY is decided based on certain external factors such as engine capacity, age, location, gender etc. the price of third-party plan is decided by IRDA itself. Moreover, every year it tends to increase. IRDA has proposed a rise of 4 to 21% in the financial year 2019-20. The highest rise of 21% will be noticed in two-wheelers with engine capacity between 150cc and 350cc. Let’s consider the below price table in this regard:
A two-wheeler third-party insurance premium cost is decided based upon the engine capacity of the motor vehicle. Based on the same, is the comprehensive list of third-party insurance premium price / rate mentioned-below:
Vehicle Type |
Third-Party Insurer Premium Rates |
||
Old Price |
Current Price(w.e.f 1st June 2022) |
Percentage of Increase (%) |
|
Vehicle not exceeding 75cc |
Rs. 482 |
Rs. 538 |
12% |
Exceeding 75cc to 150cc |
Rs. 757 |
Rs. 714 |
-6% |
Exceeding 150cc to 350cc |
Rs. 1,193 |
Rs. 1,366 |
15% |
Exceeding 350cc |
Rs. 2,323 |
Rs. 2804 |
21% |
Two-wheeler insurance can be a lifesaver in times of need. In addition to protecting against accountabilities due to injuries caused to third party person or their property or collateral, it also provides an accident cover and protection against damages caused to the vehicle. You can easily buy the policy for your vehicle over the internet or from the offices of the agent or directly from the companies.
Websites like Policybazaar are a good place to compare two-wheeler insurance premium quotes. It is advisable to compare various companies' plans before an insurance policy. While comparing plans, you must check the NCB, IDV, and Claim Settlement Ratio of all insurance companies. You can also use the bike insurance calculator to find the premium rates for different plans provided by the insurers in India.
However, there are quite a few things to check apart from the premium:
Several motor insurance companies offer both third-party and comprehensive policies. A comprehensive plan is suitable for those who are looking for full-proof coverage against the risks.
By paying an extra premium, the add-on covers can be bought. Add-on covers include zero depreciation cover, personal accident cover, emergency roadside assistance, pillion rider cover, medical cover, and accessories cover. The insured only needs to pay the premium for the service charges and taxes in terms of cashless claim settlement. The insurer meets the rest of the costs.
Understanding the cut-throat competition in the market, the insurance companies offer various features and benefits to help consumers in the claim process. For instance, a call centre that operates round the clock, experts who can guide and help you in selecting the right policy and assist in policy renewal and transfer of NCB (No Claim Bonus). Most insurers provide concessions to members of recognized vehicle associations or for installing theft-proof devices. Some motor companies also take that extra mile and ensure that the customer’s do not have to follow up with the repair workshop in case of cashless repairs.
Nowadays, most the policy providers follow a customer-friendly claim-settlement approach. They offer assistance to the insured to take their motorcycle to the nearest authorized service centre. Essentially, the insurer bears all the expenses, the owner has to only bear the expenditure that is not covered under their policy along with service charges and taxes.
Most of the insurers provide two-wheeler insurance renewal facility over the internet. Buying two-wheeler insurance online is an easy option for everyone. Besides, the companies that offer electronically signed policies are much better, as you can simply recharge (when required) and print it from the website and keep the RC and other necessary documents with you while riding the vehicle.
While comparing, it makes sense to opt for companies that offer discounts, such as no claim bonus (NCB), discounts to members of a recognized automotive association, installation of anti-theft devices and so on. Moreover, some companies may offer an additional discount for online policy renewal, purchases made through certain apps or credit card and NCB for each claim-free year. Most of the companies also offer significant concessions on additional covers. But before making the policy purchase, it is important to check the website for details.
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In order to buy a two wheeler insurance plan online, follow the procedure given below:
Here is a list of mandatory documents required to buy or renew bike insurance-
Documents Required for Proof of Identity | Documents Required for Proof of Address |
Aadhaar Card | Aadhaar Card |
Passport | Passport |
Driving License (DL) | Driving License (DL) |
PAN | - |
Voter ID Card issued by the Election Commission | Voter ID Card issued by the Election Commission |
Ration Card with Photo of the applicant | Ration Card with the address of the applicant |
For more document details, click here- KYC Norms in Two-wheeler Insurance
Policybazaar provides you with a calculator that will assist you in assessing your requirements and providing appropriate premium options. On our website when you fill in the basic details about your motor vehicle, such as IDV and more, the Policybazaar bike insurance calculator tool gets the best two wheeler insurance options for you. Thereafter, you can compare two wheeler insurance plans and instantly pay via internet banking, debit or credit card for the plan that suits your interest and fulfils your needs. Whether you want motorcycle insurance or scooter insurance, you can check out the two wheeler insurance policies offered by various insurers in India.
The premium amount for your two-wheeler insurance policy is calculated based on the following factors:
Several factors determine the premium of your bike insurance policy. Check out the list of top 10 factors that affect your two wheeler insurance premium:
There are several ways through which you can save on your two wheeler insurance premium without compromising on your policy coverage. Check them out below:
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If you are planning to buy bike insurance online, you must haveInsurance
*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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on two wheeler insurance
*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.