– A Promise of Security and Peace –
Keep your bike safe with our two-wheeler insurance plans. Get a quote and ride worry-free. Apply now today to find the best coverage to get started
| Car Loan Details | |
|---|---|
|
Interest Rate (Monthly reducing balance) |
Starts from 8.70% p.a. |
|
Guarantor Requirement |
Varies with bank |
|
Pre-closure Charges |
Varies with bank |
|
Loan Tenure |
1 year to 8 years |
|
Processing Fee |
Depends on the bank |
– On This Page –
A two-wheeler insurance policy is a contractual agreement between an insurance company and an individual. Under this policy, the insurer provides coverage for any damage incurred by the two-wheeler due to accidents, natural disasters, or theft.
Insurance companies offer various incentives to attract prospective customers, including long-term bike insurance policies and No Claim Bonus (NCB) benefits. Below are some of the best two-wheeler insurance policies available:
| Two-wheeler Insurance Provider | Claim Settlement Ratio | Cashless Garage | Third-Party Cover |
|---|---|---|---|
| Bajaj Allianz Two Wheeler Insurance | 98% | Available | Available |
| Reliance Two Wheeler Insurance | 98.60% | 1200+ | Available |
| Liberty Two Wheeler Insurance | 94% | 4300+ | Available up to Rs.15 lakh |
| IFFCO Tokio Two Wheeler Insurance | 95.80% | 4300+ | Available |
| Universal Sompo Two Wheeler Insurance | 91% | 3500+ | Available |
| Oriental Two Wheeler Insurance | 94% | Available | Available |
| New India Assurance Two Wheeler Insurance | 91% | 1100+ | Available |
| National Insurance Two Wheeler Insurance | 93% | 990+ | Available |
| Magma HDI Two Wheeler Insurance | Contact the company | 3300+ | Available |
| Digit Two-Wheeler Insurance | 97% | 2900+ | Available up to Rs.7.5 lakh |
| Edelweiss Two-Wheeler Insurance | 85% | 1500+ | Available |
| Kotak Mahindra Two-Wheeler Insurance | 98% | Available | Available |
| Navi Two-Wheeler Insurance | Contact the insurer | 900+ | Available |
| Shriram Two-Wheeler Insurance | 98% | 2000+ | Available |
| TATA AIG Two-Wheeler Insurance | 98% | 3300+ | Available |
| United India Two-Wheeler Insurance | 95% | 750+ | Available |
Riding your bike without a valid two-wheeler insurance plan is illegal. Two-wheeler insurance policies provide financial coverage for bodily injuries and property damage. This includes coverage for pedestrians, the pillion rider, and the rider. Here’s why opting for a two-wheeler insurance policy is crucial:
Investing in a two-wheeler insurance policy is essential for financial security, legal compliance, and personal safety. Explore the best policies available and ensure you are adequately covered today!
Some of the main advantages of purchasing a two-wheeler insurance policy online are mentioned below:
There are two kinds of two-wheeler insurance policies, viz. comprehensive plans and liability-only plans.
| Third-Party Liability Insurance/Liability-only insurance | Comprehensive Insurance |
|---|---|
| A third-party liability insurance plan provides coverage against losses or damage caused by the insured two-wheeler to a third party or his/her property. Two-wheeler Owner may also receive coverage in the form of a personal accident cover, but no coverage will be provided for the theft or any damage. | A comprehensive two-wheeler insurance policy, although not mandatory, is highly recommended for all bikes. This insurance plan offers extensive coverage to the bike and its owner. It also protects policyholders from legal liabilities to third parties in an accident. |
The Equated Monthly Installments (EMIs) that you will pay will depend on a few key factors.
The higher the loan amount, the higher your EMI will be. Similarly, the shorter the loan tenure the higher the EMI.
To calculate the EMI on your car loan, you can use the formula:
EMI=P×R×(1+R)N(1+R)N−1\text{EMI} = \frac{P \times R \times (1+R)^N}{(1+R)^N – 1}
where:
Manual calculations can be error-prone, complex, and time-consuming, so using an online personal loan EMI calculator is preferable. This calculator requires only a few basic details such as the interest rate, loan amount, and loan tenure.
Once these details are entered, the EMI amount is calculated instantly. Additionally, the calculator provides the total interest amount and an amortization schedule for easy reference.
Depending on the coverage type you select, a bike insurance policy provides protection against liabilities arising from injuries to the rider, pillion passenger, and third parties. It’s essential to compare plans from various insurers to find the most cost-effective two-wheeler insurance policy that offers adequate coverage.
E-Bike
| Capacity (Motor) | 1 Year | 5 Years |
|---|---|---|
| Above 16kW | Rs.2,383 | Rs.12,849 |
| 7kW – 16kW | Rs.1,161 | Rs.6,260 |
| 3kW – 7kW | Rs.607 | Rs.3,273 |
| Up to 3kW | Rs.457 | Rs.2,466 |
Regular Two-Wheelers
| Engine Capacity | 1 Year |
|---|---|
| Not exceeding 75cc | Rs.538 |
| Exceeding 75 cc but not exceeding 150 cc | Rs.714 |
| Exceeding 150 cc but not exceeding 350 cc | Rs.1,366 |
| Exceeding 350 cc | Rs.2,804 |
Inclusions of Two-Wheeler Insurance
Your bike insurance policy document will detail the inclusions and exclusions. Generally, a two-wheeler insurance policy includes:
Exclusions of Bike Insurance
Common exclusions in a two-wheeler insurance policy include:
Choosing the Right Coverage
A bike insurance plan offers protection against liabilities from injuries to the rider, pillion passenger, and third parties. Compare plans from various insurers to find the most affordable policy with adequate coverage.
Most insurance companies offer two-wheeler insurance premium calculators that make it easy to determine your bike’s premium. To check your premium online, ensure that your vehicle is registered with the Regional Transport Office (RTO). The system will then calculate your premium.
The steps to calculate two-wheeler insurance premiums are:
This streamlined process helps you quickly find out the premium for your two-wheeler insurance.
Here are some ways to save on your two-wheeler insurance premium:
These strategies can help you minimize the cost of your two-wheeler insurance.
The majority of insurance providers offer additional coverage options with their bike insurance policies. Each add-on has its own benefits, allowing you to choose the ones that best meet your specific insurance needs.
Here are some optional riders available:
Enhance your bike insurance policy with a personal accident cover for the pillion rider. This add-on reduces your financial liability in case of accidents where the pillion rider is injured, providing coverage for death or permanent or partial disability.
Opt for the roadside assistance add-on to get help in case of a mechanical failure or breakdown of your vehicle. This feature offers facilities such as free towing and immediate repairs, especially useful when traveling to remote areas where finding help can be challenging.
This add-on provides coverage for all the accessories of the two-wheeler, both electrical and non-electrical. If any accessories are damaged, this cover will take care of the repair or replacement costs.
The consumable cover compensates for costs incurred on items like nuts, bolts, and engine oil. Since consumables are not covered under basic two-wheeler insurance policies, this optional rider ensures financial coverage for these costs.
Standard insurance policies deduct depreciation from the claim amount. By adding a zero-depreciation cover, you eliminate the depreciation factor and are entitled to the full claim amount.
Ideal for those who rely solely on their two-wheelers for commuting, this add-on provides a daily cash allowance if your bike is undergoing repairs. This helps cover travel expenses incurred while your bike is in the garage.
This add-on covers the cost of repairing the engine or ancillary circuit if they are damaged due to flooding or waterlogging. Given the high cost of engine repairs, this cover offers financial peace of mind.
In case your bike is stolen or suffers total loss due to natural calamities or theft, this add-on reimburses the actual value of the vehicle, regardless of its depreciated value at the time of the incident. This ensures you receive the full purchase price of your two-wheeler.
By choosing these add-ons, you can enhance your two-wheeler insurance policy to better meet your needs and ensure comprehensive coverage.
The procedure mentioned below will help you with the claim settlement process for two-wheeler insurance through reimbursement claims and cashless claims:
The documents needed for filing a bike insurance claim are mentioned below:
The procedure to purchase a two-wheeler insurance cover online is mentioned below:
The renewal of your 2-wheeler insurance policy can be done with relative ease online. Insurance companies across the country have their own websites where you can login and renew your bike insurance policy. Many insurers have also tied up with mobile payment vendors to make it more convenient for customers to renew their policies.
Technologically advanced companies have their own mobile applications that make it very simple for bike owners to purchase and renew their policies online.
Below are a few factors that one should keep in mind while choosing bike insurance:
The KYC documents needed to buy/renew bike insurance are mentioned below:
The following are the key features of a two-wheeler insurance policy:
Customers who wished to purchase or renew their bike insurance plan, until recent years, would be given a cover note instead of the policy itself. They would receive the original policy document only after a few days as insurers would mail it to their address at a later date. Thanks to advancements in technology and quicker banking facilities, nowadays, you can get a digitally signed policy from the insurance company as soon as you make the payment.
In case you purchase a new two-wheeler, transferring the No Claim Bonus is a process that has been made relatively simple by insurance companies. The bonus is transferred in the name of the owner or the driver of the vehicle, and not the vehicle itself. The No Claim Bonus is given to drivers and vehicle owners because of the safe driving practices followed by them and not making any claims in the previous year(s).
Optional covers include increased cover for accessories and spare parts, personal accident cover to protect pillion riders, zero depreciation cover, etc. You can purchase these covers at a nominal fee and increase the level of protection for your vehicle. These covers come in handy in times of unfortunate or unforeseen events.
Insurance companies that are approved by the Insurance Regulatory and Development Authority of India offer discounts for a few factors like membership of reputable automotive associations, lower premiums for vehicles fitted with approved systems such as anti-theft devices, etc. Even those who have two-wheelers and have an unblemished record are eligible for discounts in No Claim Bonus.
Bike insurance plans can be purchased and renewed online with relative ease. Many insurance companies also have mobile apps that make it convenient for customers to purchase or renew their policies. Considering the fact that all details of the policy are stored in the database, the renewal process is relatively simple and happens very quickly.
Under the Motor Vehicles Act, 1988, it is mandatory to have two-wheeler insurance for all motor-vehicle owners. There are mainly two types of two-wheeler insurance, such as Comprehensive Two-Wheeler Insurance and Third-Party Liability Insurance. The following are the consequences of not having two-wheeler insurance:
To check your two-wheeler insurance policy status, contact your insurer directly. Most insurers offer online portals or mobile apps where you can log in and view your policy details. Alternatively, you can call the customer service number provided on your policy document.
The best way to identify a suitable two-wheeler insurance company is to compare the premium you will have to pay against the coverage provided. Ensure you review various options before finalizing one. Also, check the company’s incurred claim ratio, which is the percentage of claims paid versus claims received, to gauge their reliability.
To qualify for an insurance discount based on age or profession, you must provide your Pan Card and an employment or education certificate.
If you lose your insurance policy, contact your insurer to request a duplicate copy. You may need to pay a small fee for this service. For policies purchased online, a soft copy is usually emailed to you, and a printed copy of this email often serves as a legally valid document.
Insurance premiums can be paid online using credit or debit cards, or through net banking. Payments can also be made in cash if visiting the insurer’s office.
An endorsement in two-wheeler insurance refers to a document that officially records any changes to your policy terms. Endorsements can be premium-bearing or non-premium-bearing, depending on whether they affect the policy cost.
Two-wheeler insurance typically covers:
Theft of the vehicle
Damage caused by accidents
Damage caused to third parties or their property
A long-term two-wheeler insurance policy offers coverage for two to three years. The primary advantage is that you do not need to renew it annually, and the vehicle’s Insured Declared Value (IDV) and third-party liability coverage remain consistent throughout the policy term.
Yes, according to the Motor Vehicles Act of 1988, having at least third-party insurance is mandatory. Not having this insurance can result in fines and legal action.
If your bike insurance expires, you need to renew it as soon as possible, either online or at the insurer’s office. Insurers generally send reminders before the policy expires.
No, the IDV cannot be increased once set.
Yes, you can purchase two-wheeler insurance for a vehicle that you do not own, either online or through other sources.
Two-wheeler insurance policies generally cover vehicles modified for use by individuals with disabilities, often with a 50% discount on own-damage premiums offered by many insurers.
The premium for two-wheeler insurance is influenced by:
Type of two-wheeler
Age of the vehicle
City of registration
Coverage period
Applicable discounts
In a cashless claim, no direct payment is made by you; the insurer pays the network garage directly for repairs. For a non-cashless or reimbursement claim, you pay for repairs at a non-network garage, and the insurer reimburses you upon submission of original bills.
You can file a claim for an event that occurred during the policy term even if your policy has expired, as long as the incident happened within the policy period.
You can still avail your no-claim bonus within 90 days of your policy expiration if you renew the policy within this period. After 90 days, the no-claim bonus is forfeited.
