Insurers to Stay Shielded from Non-Renewal of a Two-Wheeler Policy

Efforts are on to implement a policy for 3 to 5 years for covering the two-wheelers to safeguard the insurers to some extent from the non-renewal of policies

Read more
  • Save up to 85% by comparing plans
    Save up to 85%# by comparing plans
  • 20+ Insurers to choose from
    20+ Insurers to choose from
  • 1.2 Crore+ Bike Insured
    1.2 Crore+ Bike Insured
Two Wheeler Top Fold Kapil Sharma Image
No paperwork required! Renew insurance in 60 seconds^

Plans starting at only @ ₹1.3/day*

Enter bike number (e.g DL1SB1234)
Processing

With a view to handle the issue of large number of non-renewal of motor insurance policies, the Central government has decided to collaborate with regulator IRDA and the insurance companies to implement a two-wheeler insurance policy where a bike owner would have to pay premiums for three to five years at once.

Presently, bike owners purchase insurance covers for a year, and if does not get renewed by the end of the year, it lapses.

Efforts are on to implement a policy for 3 to 5 years for covering the two-wheelers to safeguard the insurers to some extent from the non-renewal of policies over a large portion of the population. India's general insurance companies perform poorly when in the two-wheeler segment, renewal does not take place most of the time after buying covers for one year.

Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Two Wheeler insurance articles

Recent Articles
Popular Articles
Best Engine Oil for Bikes in India 2024

18 Apr 2024

In the fast-paced world of biking, you must ensure your riding
Read more
How to Check Bike Owner Details by Registration Number?

11 Apr 2024

In a world full of different vehicles, every bike has its unique
Read more
How to Get a PUC Certificate for Your Bike?

04 Apr 2024

In India, having a valid Pollution Under Control (PUC)
Read more
11 Tips You Should Know in Case the Traffic Police Stops You

02 Apr 2024

Have you ever been stopped by a traffic police? Experiencing a
Read more
Helmet Rules in India: Everything You Need to Know

12 Mar 2024

In India, wearing a helmet is mandatory while riding any
Read more
Vehicle Owner Details by Registration Number
Vehicle owner details can come in handy in various situations, such as road accidents, cases of reckless driving
Read more
Three Easy Ways to Check Bike Insurance Expiry Date Online
As significant as it is to buy a bike insurance policy for your motorbike, it is equally important to renew it
Read more
Get Your Vehicle Fitness Certificate from RTO
The Fitness Certificate (FC) of a vehicle is an official document that certifies the vehicle is fit enough to run
Read more
How to Get Bike Insurance Details by Registration Number?
According to the IRDA, all bike owners must hold at least a third-party bike insurance policy in India. The bike
Read more
Parivahan Sewa & RTO: How to Check Your Bike Insurance Status Online?
As a two-wheeler owner in India, you must carry a valid bike insurance policy. Do you know with a few scrolls
Read more

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between 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.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#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.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis