Two Wheeler Insurance
Two wheeler insurance refers to an insurance policy that is taken to cover your bike/scooter against any damages caused to a two wheeler and/or its riders arising due to some unforeseen event such as road accidents, natural disaster or theft / loss of motor vehicle. It provides protection against third-party liabilities arising from injuries to one or more individuals due to the accident. Bike Insurance is an ideal solution to meet exceptional costs that may arise due to the damages caused to the 2 wheeler motorcycle. The 2 wheeler insurance cover provides protection to all types of two-wheeler vehicles: motor-cycle moped and covers all uses: personal, commercial or mixed. Buy & Renew your Two Wheeler / Bike Insurance online within 30 seconds to avoid paying a fine of Rs. 2,000.
There are Generally Two Types of Two-wheeler Insurance Policies:
- Comprehensive ones that cover against all types of wear and tears to the vehicle and its riders
- Liability-only two wheeler insurance policy that cover only against injuries arising from third-party action
Two-wheeler Insurance Plans:
Two Wheeler Insurance Plans starting at Rs. 2 per day. Compare and buy two-wheeler insurance plans at PolicyBazaar. You can now renew your expired two-wheeler insurance online.
- Quick Policy Issuance
- No Inspection, No Extra Charges
- Lowest Premium Guarantee on Two-Wheeler Insurance
Disclaimer: The ranking of the insurance companies in this content is not in any particular order. The list is not compiled as per the IRDA ranking.
You love your motorbike like your own baby. You clean it and polish it every Sunday. You go zooming in it all around the city. Yes, your two-wheeler is an important part of your life. It is your necessity and pride too. Keep your two-wheeler safe and secure. Get your prized possession covered and stay at peace by purchasing bike insurance.
This insurance policy provides financial cover to motorbike against physical damage, theft, and third-party accountability. It includes insurance for the motorbike. With poor road conditions in India and no driving ethics, two-wheeler insurance is your only saviour on the roads.
Key Benefits and Features of Two Wheeler Insurance
Two-wheeler insurance market has changed dramatically since the emergence of new players in the market. The bike insurance companies nowadays have come up with a range of features to woo customers and ensure they continue with them year after year. Purchasing a two-wheeler insurance policy online is a hassle-free and quick process. Some of the key benefits of buying 2 wheeler policy online are:
- Comprehensive and Liability Only Coverage
- Quick Policy
- Compulsory Personal Accident Cover
- Optional Coverage
- Easy Transfer of No Claim Bonus (NCB)
- Discounts
- Quick Registration for Online Purchase
- Property damage and/or physical injury coverage in surroundings
Let us discuss each in detail:
Comprehensive and Liability Only Covers
One can choose between the coverage they want. The liability-only policy is required under Indian Motor Vehicle law and each motorbike needs to have at least that two-wheeler policy to guard against accountability, and personal insurance. Comprehensive bike insurance also provides insurance against damages caused to the insured two-wheeler and also provides personal accident cover for the co-riders (generally as an add-on cover).
Instant Policy
In the earlier days, customers buying or renewing a two-wheeler policy would get a cover note and not the policy itself. The main bike insurance policy document was mailed to them at their address at a later date. With the emergence of new technology and faster banking facilities, a digitally signed policy is nowadays issued immediately to the policyholder.
Compulsory Personal Accident Cover of Rs. 15 lakh
An enticing benefit of two wheeler insurance is that bike owners now can avail personal accident cover of Rs. 15 lakh under their two wheeler insurance policy as an inbuilt feature. Earlier it was Rs. 1 lakh, however, in the recent announcement, IRDA has increased the amount up to Rs. 15 lakh. This slightly has increased the bike insurance price as well, whereas the cost of Rs. 750 has to be paid as premium for availing mandatory personal accident coverage of Rs. 15 lakh. Earlier Rs. 50 was charged as premium rates for an insured two wheeler for availing Rs. 1 lakh personal accident cover.
Optional Covers
It includes personal accident cover for pillion riders, enhanced cover for spare parts and accessories, Zero Dep cover and so on. The additional coverage is generally offered at a slightly extra cost but goes a long way to ease the claim bike insurance process in case of happening of an unforeseen or unfortunate event and filing a two-wheeler policy claim is mandatory.
Easy Transfer of No Claim Bonus (NCB)
The vehicle insurance companies offer an easy transfer of the NCB discount if the person buys a new vehicle. The NCB is given to the driver/owner and not to the vehicle. The easy transfer option means that the person is rewarded for safe driving practices and for not making a two-wheeler policy claim in the earlier year(s).
Discounts
IRDA approved insurers provide discounts for certain factors such as membership of a recognized automotive association, discount for vehicles that have approved anti-theft devices, etc. Owners with an unblemished record also receive concessions in NCB (no claim bonus).
Two-Wheeler Insurance Renewal or Purchase Online
The motor vehicle insurance companies offer online purchase or policy renewal through their websites and sometimes even through mobile apps. This makes it easy for the policy owner to get their needs fulfilled. Since all prior two wheeler policy claim or additional details are already in the database, the bike insurance renewal process is quick and highly convenient for the customer.
How PolicyBazaar Works As Two Wheeler Insurance Calculator?
PolicyBazaar provides you with a calculator to assist you in assessing your requirements and providing appropriate options. On our website when you fill in basic details about your two-wheeler, such as IDV and more, the PolicyBazaar calculator tool gets the best insurance options for you. Thereafter, you can compare the various bike insurance and instantly pay via online banking, debit or credit card for the one that suits you best. We cover all types of vehicles like a motorcycle or motorbike. Whether you want motorcycle insurance or scooter insurance, check out our range of policies on offer.
The premium amount is calculated based on:
- IDV of the vehicle
- The Cubic capacity of the vehicle
- Zone of registration
- Age of vehicle
Benefits of Expired Two Wheeler Insurance Policy Renewal Online
If it slipped your mind and you forgot to renew your two-wheeler policy thus letting it expire then you need not fret. You can buy or renew expired bike insurance policy online at PolicyBazaar completely hassle free and within minutes.
The benefits that you get on renewing an expired two-wheeler insurance policy through PolicyBazaar are:
- Get your bike insurance renewed without inspection and documentation.
- Pay no extra charges.
- Quick policy issuance.
- No previous policy details to be provided for cases where the policy has expired for more than 90 days.
Benefits of Renewing Two Wheeler Insurance Policy Online
PolicyBazaar gives you an option to renew the in-force status of a motorbike policy, the term of which will expire. When you buy online you can:
- Compare plans from leading providers
- Save money through a comparison side-by-side and choose the one that fits your pocket best
- Get assistance from our call center
Renew your bike insurance timely and save unnecessary hassle and costs. You can even get scooter insurance and motorcycle insurance. In fact, any type of machine that runs on two wheels comes under the ambit of two-wheeler insurance.
What is covered by a Two Wheeler Insurance Policy?
Two-wheeler insurance policy provides coverage for:
- Loss or damage of two wheeler vehicle caused due to natural calamities like fire, self-ignition or lightning, earthquake, or flood
- Loss or damage of vehicle resulting due to man-made calamities like burglary, theft, strike, malicious acts by outsider means as well
- Third-party bike insurance policy provides financial coverage against legal accountability arising out of the death/injury and damage to property due to a mishap.
Understanding Important Terms Related to Bike Insurance
Third Party Two Wheeler Insurance Clause
Third-party bike insurance is a two-wheeler insurance policy covering you against all the losses or damages caused to the third-party.
Indian Motor Vehicle Act, 1988, mandates to have a valid third party two wheeler insurance for anyone who owns a two-wheeler. If anyone who owns a two-wheeler, be it bike or scooter, does not comply with the rule, might end up paying huge penalties.
Third-party two wheeler insurance policy safeguards the riders against all the legal obligations that arise out of the damage to the third-party. The third-party, here, can be property or individual person.
Getting third-party bike insurance is hassle-free and needs minimal documentation. The reason being this type of two-wheeler insurance plan covers the third-party but not the insured two-wheeler.
Renewal Process of Third-Party Two-Wheeler Insurance Plan:
In order to renew your third-party two-wheeler insurance, you have to keep a vigil on the date of expiry of your policy. Just before your policy expires, you can renew your two wheeler insurance policy online. You must keep a check on the actual date of expiry so as to avoid heavy inspection charges.
You will require certain documents at the time of renewal of your bike insurance policy such as a current document of your policy, net banking/debit card details, and the Registration Certificate of the insured bike or scooter.
Liabilities under Two Wheeler Insurance
It provides financial cover for the insured vehicle if it causes injury, death or injuries a person. It also features the cost of any legal accountability.
Get this insurance at unbelievable competitive rates and without any hassles. A completely win-win situation!
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It is generally of two types: comprehensive policy and liability only insurance policy. The Indian Motor Vehicles Act makes it mandatory for all the two-wheelers that ply on public areas to have a minimum of third-party two wheeler insurance policy.
This means that any motor vehicle that is running on Indian roads such as cars, buses, trucks, motorcycles, scooters, mopeds, etc. need to have at least a third-party insurance cover. However, the cost of premium of a third-party insurance policy is comparatively less, and because of this reason most of the people prefer to buy it over a comprehensive policy. Whereas, a comprehensive policy is recommended as it covers you and your vehicle as well. Let's check out the details below:
Comprehensive Two Wheeler Insurance
The comprehensive two wheeler insurance, as the name suggest, provide total cover for the two-wheeler and the insured. It provides four-way insurance:
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Protects from losses due to damages to the vehicle
Any damage that is caused to the vehicle due to man-made disasters reasons or due to natural calamities is covered. Whatever the reason is the insurer will compensate the damages suffered by the two-wheeler and gets it back running into its original condition. Most insurance companies offer additional covers or optional features that you can opt to enhance the coverage.
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Personal accident cover
Offer a personal accident cover up to Rs. 15 lakh to insure against any injuries that result in partial or total temporary or permanent disability or even death. The Indian motor insurance companies offer the optional benefit to add co-passenger. Companies also include this cover in their liability only two wheeler insurance policy.
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Insures against third party liability
Guard against any cause of action arising due to third-party liability. It covers legal liabilities arising due to:
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Third-party death or bodily injury
Protect against any damage resulting due to 3rd party injuries or even death. These injuries may result in hospitalization, cause temporary or permanent damage or partial or total disability such as loss of limbs or eyes.
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Damages to third party property
The insurance companies cover third-party property damage up to a specified limit as defined under the policy document.
Liability Only Policy
The two-wheeler liability insurance policy only covers the policyholder against legal responsibilities arising due to injuries suffered by a third-party/person/vehicle/property from the insured 2-wheeler. As the name suggests, these types of plans do not safeguard against the damages incurred by the insured vehicle.
Most motor insurance companies in India also provide a personal accident cover for the owner of the motorcycle, moped or scooty. As per the new rules, all the motor insurance providers will offer multi-year ( 2 to 3 years) third-party insurance cover to all the two-wheelers that are purchased after Sept 01, 2018.
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Motor Vehicle laws mandate that any two-wheeler plying on all public roads in the country should have a minimum of third-party two wheeler insurance policy. Though it is not essential to buy a comprehensive policy, taking into consideration the nature of costs that may arise from a mishap or other man-made or natural disasters makes it essential to have a comprehensive insurance cover.
The motor insurance laws in India protect the millions of vehicle owners from expenses that may arise due to third-party damages, accidental damage, or theft of motorcycle, scooty, or moped.
Anybody who is driving on the Indian roads would have seen the unceasing growth in the number of automobiles in the country. The lack of good roads, the morning and evening rush hours, and unregulated traffic problems are a part and parcel of life today. In addition, events such as rainfall or heat waves may cause problems on the road such as slippery surfaces, mushy or muddy areas, or sticky tar that may cause damages to the vehicle and even injure the riders.
This Policy Helps in a Number of Ways:
It protects against the damages caused to the scooter, motorbike, or moped. Even the two-wheelers have been improvised and come with more speed, power, and style. The demand for superbikes makes it all the more necessary to buy a comprehensive two-wheeler policy. It offers protection to the bike owner and all the pillion riders.
These advances also mean the cost of automobiles has gone up along with the cost of their spare parts. Even the simple nuts and bolts or parts such as the gears or the brake pads are now costlier than before. Even a small damage can the cost you thousands of rupees.
As All this can be avoided with adequate two-wheeler insurance policy. These plans will help the insured to get the scooter, motorbike, moped repaired without creating a hole in their pocket. Let’s see what all it covers: Let’s see what all it covers:
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Damage or Loss to the Insured Vehicle Due to Man-made Disasters
Insurance companies offer coverage against various man-made disasters, such as burglary, theft, riot, and the strike by outside means, malicious act, terrorist activity, and any damage in transit by road, rail, inland waterway, lift, elevator or air, among others.
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Damage or Loss to the Vehicle Due to Natural Calamities
Any damage that is caused to the insured two-wheeler due to the following reasons will be covered. These include fire, explosion, lightning, earth-quake, flood, hurricane, cyclone, typhoon, storm, tempest, inundation, hailstorm, and landslide and rockslides, among others.
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Accidental Cover
Two-wheeler insurance guards against any injuries to the pillion rider and the co-passenger (if it is also there) from an accident. Most of these accidents result in medical costs of some kind or the other. The adverse effects of such costs can be mitigated with personal accident cover.
They amount of payout depends on the type of damages suffered. In an unfortunate event of the demise of the pillion rider due to a mishap, the full coverage amount is given to the nominees or family members. The amount may be lesser in case of simple injuries from which the person can recover easily, with or without hospitalization (as mentioned in the document wording or documented wordings).
Accidents may occur when the person is riding on the vehicle or is mounting from his motorbike, scooter or any other mechanized motorcycle. Check policy wording for more details.
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They Guard against Bodily Injuries to the Third-Party
The policy guard against injuries caused to third parties due to an accident or damage that was caused by the insured motorcycle or scooter. Compensation for bodily injuries is provided as per the policy wordings or as decided by the court of law.
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They insure against damages to third party property
Often an accident may result in damages to the property in surroundings. This raises legal responsibilities as the damages will have to be reimbursed by the insured person. Insurance comes to the rescue in such cases as the policy ensures that the insured does not suffer due to the loss suffered by the third party. The plans provide clear definite terms and limitations up to which the insurer will reimburse the affected person.
Nearly all of these damages are settled through legal proceedings that ensure all actions are taken in strict accordance with the law of the country, and all causes and reimbursements are addressed in the manner prescribed under the statutes. The strict terms and conditions ensure that the insured does not suffer any loss due to events beyond their control, and the third party also receives the necessary compensation due to the loss suffered by them.
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They offer peace of mind
Motorcycles are generally purchased by young men and women and by the middle-class people in India. Whether it is Jammu and Kashmir or Andaman and Nicobar Islands, millions of these middle-class Indians use their motorcycles to commute from one place to another, for work or otherwise. For them, their motorbike, scooter, or moped is a means of their daily sustenance.
Even a small damage to their precious vehicle will mean rearranging the monthly household budget, and foregoing small pleasures to save on the costs incurred for repairing the motorbike. This policy works wonders for these people. It gives them a peace of mind as they don’t have to worry about how to pay for the expenditure. The insurance company will take care of these expenses for them, and they can ride easy, without any cause for worry.
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There is a detailed list of inclusions and exclusions – whether natural or man-made. These are generally detailed in the annexure of the policy documents.
Inclusions in Two Wheeler Insurance Policy
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Natural Events
The natural events that are included within the features covered include fire, self-ignitions, earthquakes, floods, inundations, lightning, hurricanes, storms, cyclones, hailstorms, tempests, typhoons, frost, and rockslide.
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Man-Made Events
These plans offer a range of man-made causes such as accident by external means, burglaries, thefts, riots or strikes, any in-transit damage when the vehicle is being transported from one place to another by roads, railways, inland waterways, lifts (elevators) or by air.
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Personal Accident Coverage
A personal accident cover of up to Rs. 15 lakh is available for injuries to the driver/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 two-wheeler. Insurance companies also offer optional personal accident insurance for the co-passengers.
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Legal Third Party Liability
This covers against any legal loss of money that may occur due to injuries to anyone in surroundings, which may have even led to the death. It also protects against any damage to a third party.
Exclusions in Two Wheeler Insurance Policy
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Damage caused by normal wear and tear of the vehicle
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Loss from mechanical or electrical breakdowns
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Depreciation or any consequential loss from regular use
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Any damage to tyres and tubes in the normal course of running
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Any loss incurred while the vehicle is being used beyond the scope of coverage.
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Loss or damage to the vehicle when driven by a person without a valid driving license
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Losses occurring because the driver was driving under the influence of alcohol or drugs
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Any damage caused due to war or mutiny or from nuclear risk
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Two wheeler insurance can be a lifesaver in times of need. In addition to protecting against accountabilities due to injuries to the person or their property or collateral, it also provides an accident cover and insurance against damages caused to the two-wheeler. You can easily buy insurance online or from the offices of the agent or insurance company.
Web sites like PolicyBazaar are a good place to compare insurance online. You can use online two-wheeler insurance premium calculator to find the premium that you need to pay for different plans provided by the motor insurance companies. There are quite a few things to check apart from the premium:
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Type of 2 Wheeler Insurance Coverages
There are a number of two-wheeler insurance companies that offer both third-party and comprehensive insurance plans. A comprehensive plan is recommended for those who are looking for a full-proof coverage against the risks.
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Add-on or Optional Covers
All insurance companies offer add-on. These add-ons can be purchased by paying an extra premium. Add-on covers include zero depreciation cover, personal accident cover, emergency roadside assistance, pillion rider cover, medical cover, and accessories cover. They insured only needs to pay the premium for the service charges and taxes in terms of cashless claim settlement. The rest of the costs are met by the insurance company at cashless network garages.
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Facilities and Features Available
Most of the motor insurance companies have become quite customer savvy and offer various features and benefits to help the consumers in their claim process. For instance, they will have a 24/7 call center that operates round the clock, experts who can guide , people, to select the right policy, assist in policy renewal transfer of NCB (No Claim Bonus).Most insurers provide concessions for members of recognized vehicle associations or for the inclusion of theft-proof devices.
Some motor companies also go the extra mile and ensure that the customer’s do not have to follow up with the repair workshop in case of cashless repairs.
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Claim Process
Nowadays, most of the insurance companies follow a customer friendly claim-settlement approach. They offer assistance to the insured to take the motorcycle to the nearest authorized service center. The motor insurance claim process involves a few broad steps, such as calling the insurance company for registration of the claim, filing an FIR with the police station in case of injuries/property damage/or an accident, taking the motorcycle to the garage and submitting the necessary documents with the claim form.
In most instances, the insurance company bears all the expenses and the owner has to bear only the expenditure that is not covered under the policy and service charges and tax is extra. The claim process can be quite tedious In most, cases, the insurance company’s website should contain the information. Otherwise, you can always refer to PolicyBazaar to get the necessary information online.
Customers can also fill out the claim form for motor insurance claims directly and submit it to the insurer by visiting the nearest branch, thereby attaching documents required, such as a driving license copy, original bills (if required), and get their bike repaired at the network garages.
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Renewal Process
Most of the insurers provide online two-wheeler insurance renewal facility. Buying online two wheeler insurance is an easy option for everyone. Also, the companies that offer electronically signed plans are much better, as you can simply (renew when required) and print it from the site and keep the RC and other necessary documents while riding the two-wheeler.
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Discounts Available
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 in the and so on. Also, some companies may offer an additional discount for online 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. Before making the purchase it is important to check the website for details.
How to Renew a Two Wheeler Insurance or Bike Insurance Policy?
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Online Renewal
You can go to the insurance company’s website and follow the steps laid down for two wheeler insurance online renewal. Makes sure all the data is correct and all contact and other personal details are up to date. Keep the old policy with you while you renew so you can refer to it for any details such as old policy number and so on.
Also, keep your debit cards or internet banking details handy so you can furnish the information when required. Insurance companies generally generate a digital policy in the PDF format that does not require any person’s signature on confirmation of the premium payment. Save this PDF file in a secure location as you may need it later. Take a print out and keep it with the two-wheeler documents that you keep with you when you ride.
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Offline Policy Renewal
Two-wheeler insurance policy can be traditionally renewed by visiting the insurer’s nearest office . The process is actually 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 your policy is generally emailed on the official email address. In case you want to buy new optional riders or add-on covers may require you need to visit the nearest branch office. This varies from one insurance company to another and it will be good if you get this detail clarified before you opt for an additional cover.
How to Renew Two Wheeler Insurance Online After Expiry?
You can’t afford to carry an expired two wheeler insurance right? Well, don’t forget to consider its aftermath apart from the penalty part. An inactive policy means you’re no more covered by the insurer for damages, legal liabilities and the list goes on. The thumb rule of renewal is- the policy should be renewed before the date of policy expiration. You can renew bike insurance from the official website of the insurer. Another reason of avoiding rush hour renewal or go before the expiration date is to avoid inspection charges. Here’s how to process two wheeler insurance online renewal after expiry.
- You Can Switch the Insurer Even: If you’re not satisfied with your current insurer, which may lead to the delay in renewal (just we guess), you can switch it now. Renewal is the best time to review your policy coverage as well as the insurer. Go shop around, compare and buy the right deal.
- Go Online: Online insurance is convenient, fast and safe. Go to the official website of the insurer, provide the details of your two-wheeler such as make and model, cc capacity, manufacturing year etc. Select the type of insurance from the available options. Know about the IDV and add-ons to boost the policy coverage.
- Buy Policy and Stay Insured: If the offered premium is suitable to your budget, make the payment online. Every insurance provider offers a safe payment option through 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 the registered mail ID.
This way you can renew the policy easily. However, it is recommended to renew the policy before it expires. As a two wheeler insurance policy saves you form expending a huge amount in case of damage or loss, it is your responsibility to keep a track of every important thing related to this. If you want to go with an insurance aggregator, you can consider buying from Policybazaar.com and avail certain additional benefits:
- Get your bike insurance renewed without inspection and documentation
- Pay no extra charges
- Quick policy issuance
- No previous policy details to be provided for cases where the policy has expired for more than 90 days
- Online renewal of expired two this policy is quick and easy
Bike Insurance Price for Two Wheelers
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 insurance is decided based on certain external factors such as bike engine capacity, age, location, gender etc. the price of third party insurance is decided by IRDA itself. And 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:
Two Wheeler Third-Party Insurance Rates
The below table shows the recently hiked bike insurance rate on third party two wheeler insurance as per the vehicle engine capacity. The IRDA decides the price, which shows 21% hike for the financial year 2019-20.
Written By: PolicyBazaar - Updated: 21 January 2020
