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Bike insurance

Buying a new bike is an exciting experience, but choosing the right two-wheeler insurance is just as crucial. Before you start riding a bike, it's essential to have the right insurance policy in place. This not only meets legal requirements but also protects you financially in case of accidents or other unexpected events. A good two-wheeler insurance plan can cover everything from accidental damage to third-party liabilities, ensuring your safety and peace of mind. Don't overlook this important step—make sure to secure an appropriate insurance policy before you start driving on the road.

Bike insurance is a type of policy that provides financial protection for you and your motorcycle in case of accidents, theft, or other unexpected events. It covers the costs of repairing damage to your bike or covering others if you cause damage or injury while driving. Bike insurance helps you manage the expenses and liabilities that can arise from unforeseen incidents, giving you peace of mind while you're on the road.

Owning a two-wheeler in India comes with the responsibility of protecting both your vehicle and yourself from possible road accidents and financial losses. Here's why having two-wheeler insurance is important:

  • Compliance with the law:

    Under the Motor Vehicles Act of 1988, it's mandatory for every two-wheeler on Indian roads to have at least a third-party liability insurance policy. Driving without insurance is illegal and can cause fines or other penalties. Depending on your preference, you can choose a basic third-party plan for minimum legal compliance or a comprehensive plan for an enhanced protection.

  • Financial protection:

    Accidents can cause major repair costs for your own bike or damages to others. Without insurance, these expenses could be financially troubling. Two-wheeler insurance acts as a financial protector, covering costs related to accidents, theft, or unexpected events.

  • Protection against disasters:

    Your bike is prone to damage from natural calamities like floods, earthquakes, or man-made incidents. Two-wheeler insurance helps cover the repair costs in these situations, and if your bike is beyond repair, it provides money for the total loss.

  • Theft coverage:

    In case your bike is stolen, insurance offers financial coverage after the police report is filed and the investigation finishes. This coverage helps ease the financial loss of losing your vehicle to theft.

  • Personal accident coverage:

    Accidents don't just damage vehicles, they can also cause serious injuries or even death. Two-wheeler insurance policies often include personal accident cover, which provides financial protection to the owner or the driver in case of injuries or fatalities resulting from an accident.

Buying a two-wheeler insurance online instantly on INSURE24 is easy and simple, just follow the steps mentioned below:

  • Step 1: Scroll to the top of the page.
  • Step 2: Enter your two-wheeler details.
  • Step 3: Premium quotes from various insurers will be displayed.
  • Step 4: Select the plan best fitting your needs.
  • Step 5: Choose add-on covers that you want.
  • Step 6: Enter the required personal details.
  • Step 7: Pay premium through options like internet banking, debit/ credit cards.
  • Step 8: The policy will be issued and emailed to your registered email id.

Documents required to buy two-wheeler insurance policy online:

These are the documents needed to buy a two-wheeler insurance policy:

  • Two-wheeler registration number.
  • Previous insurance details (if renewing).
  • Details of your bike (make, model, etc.)
  • Inspection report (if requested by the insurer)

If you're looking to buy bike insurance online, here are some important things to keep in mind to ensure a great experience:

save-money
Cost savings:

Buy bike insurance online to save on extra fees and commissions.

fast-policy-delivery
Quick policy issuance:

Choose insurers with instant policy delivery for quick.

online-claim-settlement
Streamlined claim process:

Find insurers that offer an online claim settlement process.

digital-document
Secure digital records:

Choose a digital insurer that securely stores your KYC documents online

customer-support
Customer support:

Choose an insurer with reliable customer service for a smooth, hassle-free experience.

complete-online-process
100% digital:

With INSURE24, easily buy, compare, and renew bike insurance online, saving time and offering convenience.

Even if two bikes are looking the same, their insurance policy might be very different. It’s essential to understand your specific needs before selecting the right policy. Here’s a closer look at the three main types of two-wheeler insurance policies:

Third-party liability two-wheeler insurance:

This type of bike insurance covers damages or injuries caused to another person or their property by your bike. If your two-wheeler is involved in an accident that results in harm to a third party, this policy will cover the respective costs. Third-party liability insurance is mandatory under the Motor Vehicles Act, making it essential for all bike owners to have this basic coverage to protect against legal and financial liabilities involving third parties.

Comprehensive two-wheeler insurance:

A comprehensive insurance plan provides extensive coverage, including both third-party liability and damages to your own two-wheeler. This policy covers a wide range of things, such as:

  • Accidental damage to your vehicle
  • Theft of your bike
  • Damage due to natural disasters like floods or earthquakes
  • Loss from man-made incidents like riots or vandalism
  • Fire-related damage

Standalone own damage (OD) insurance:

This policy is designed to cover damages only to your bike and not to third-party liabilities. It provides financial protection in case your two-wheeler is damaged due to accidents, natural disasters, theft, fire, or other things. If you already have third-party liability insurance and wish to add coverage for your bike’s own damages, this standalone own damage policy can be a great choice.

All three two-wheeler bike insurance policies are curated, keeping in mind the varied needs of bike owners. While a comprehensive plan covers all the basic requirements (the third-party losses and own damage), a third-party policy only covers the loss/damage of a third-party person or property. On the other hand, own standalone damage covers only the damage/loss of the insured vehicle.

Different bike owners may prefer different bike insurance plans. In order to know which one is best suited for your needs, here is an easy way to compare:

What is Covered? Comprehensive two-wheeler insurance Standalone own-damage two-wheeler insurance Third-Party liability two-wheeler insurance
Third-party liabilities
Own damages
Personal accident cover
Protection against fire
Cover against theft
Cover against disasters
Add-ons available

The table above clearly mentions the coverage provided under different bike insurance plans. So, now you need to assess what covers you really need and then purchase the respective plan.

Comparing bike insurance plans online is simple with INSURE24, allowing you to find the best policy that fits your needs at the best price. When comparing different two-wheeler insurance options, check the following:

  1. Type of insurance coverage: Check if the insurance provider offers both comprehensive and third-party liability coverage. Having access to both types of plans gives you freedom in choosing a policy that fits your requirements and makes managing multiple policies smooth.
  2. Add-on cover options: Review the add-ons available with each insurance policy. Add-ons like zero depreciation, roadside assistance, and engine protection can provide extra coverage that isn't included in a normal policy. Choosing the right add-ons can give you better protection by paying a higher premium.
  3. Claim settlement process: Look into the claim settlement ratio and the claims process of each insurance provider. Some companies offer cashless claim options at network garages, while others may provide reimbursement. Understanding the claim procedure helps you select a provider that will suit you best.
  4. Renewal process: Ensure that the insurance company offers a simple online renewal process. Online renewal is usually quick and can be completed without additional fees or paperwork. Once renewed, the updated policy is sent directly to your registered email.
  5. Discounts and offers: While comparing policies, consider any discounts or offers available. Different insurers may offer discounts for factors like No Claim Bonus (NCB), online renewals, or payment through specific methods like credit cards. These discounts can reduce the overall cost of your premium.

Top plan
IDV cover value
Net premium
Plan details
HDFC ERGO Bike Insurance
45,739
₹ 1,358 *
ICICI Lombard Bike Insurance
45,739
₹ 1,457 *
SBI General Bike Insurance
32,435
₹ 1,465 *
Digit Bike Insurance
40,881
₹ 1,645 *
TATA AIG Bike Insurance
40,658
₹ 1,792 *
Reliance General Bike Insurance
42,829
₹ 2,028 *

Disclaimer: The above mentioned prices are for a 2 year old Suzuki Burgman Street 125, registered in Navi Mumbai & previous policy has not expired.

To attract and retain customers, insurance companies offer a number of features with their two-wheeler insurance plans. Here are some of them:

  • Choice between third-party and comprehensive insurance:

    Bike owners can choose either third-party liability insurance, which is required by law, or a comprehensive plan. Third-party insurance covers damages to other people and their property, while a comprehensive policy also includes coverage for damages to your own bike, along with personal accident cover.

  • Easy no claim bonus (NCB) transfer:

    If you have not made any claims in the previous year(s), you are eligible for a No Claim Bonus. This bonus can be transferred when you buy a new bike, as it is related to the policyholder, not the bike. NCB can offer major savings, sometimes up to 50% on your premium.

  • Personal accident coverage:

    Bike insurance policies typically include personal accident cover, which provides financial compensation of up to ₹15 lakhs in the event of an accident. This coverage is mandatory, as per the Insurance Regulatory and Development Authority of India (IRDAI).

  • Available discounts:

    Many insurance companies offer discounts to lower your premium. These can include discounts for having anti-theft devices installed, maintaining a claim-free record, or being a member of recognized automotive associations.

  • Convenient online purchase and renewal:

    Insurers offer the ability to buy or renew bike insurance policies online. This can be done easily through their websites or mobile apps, making the process quick and worry-free.

  • Wear and tear: Normal wear and tear, including depreciation, is not covered.
  • Depreciation: Value loss due to ageing or usage isn't covered unless you have a zero depreciation add-on.
  • Tyre and tube damage: Regular tyre and tube wear or damage are excluded unless part of an accident.
  • Violation of policy terms: Coverage is void if the bike is used outside the agreed terms, like commercial use or racing.
  • Riding under the influence: Losses incurred while riding under the influence of alcohol or drugs are not covered.
  • Unlicensed riding: Damage caused by a rider without a valid licence is excluded.
  • War, civil unrest, or nuclear risks: Damages from war, riots, or nuclear risks are not covered.

Filing a claim for two-wheeler insurance is straightforward, with options for both cashless and reimbursement claims

cashless-claim

Cashless claims

You need not pay a single rupee, the money is given to garage by the insurance company

reimbursement-claim

Reimbursement claims

You can pay the money first, incase of claim & later get it reimbursed by insurance company

Cashless claims

  • Notify your insurance company about the incident.
  • If it's an accident, file an FIR at the nearest police station and obtain a copy.
  • Complete the cashless claim form through the insurer’s website or at a branch.
  • Provide the necessary documents along with the completed form.
  • The insurer will verify the claim and cover the repair costs as per policy terms.

Reimbursement claims

  • Inform your insurer immediately after the incident.
  • File an FIR in case of an accident or major damage.
  • Get the vehicle repaired at a garage of your choice.
  • Fill out a reimbursement claim form, either online or offline.
  • Submit all relevant documents, including the original bills.
  • The insurance company reviews the claim and reimburses the eligible expenses directly to your bank account.

Documents needed for online renewal:

  • Two-wheeler registration number
  • Proof of ownership and bike registration.
  • Previous insurance details
  • If you're renewing your bike insurance, you’ll need the details of your previous policy.
  • Two-wheeler details
  • Make, model, and other specifics of your bike.
  • Two-wheeler inspection report
  • Some insurers may ask for this information to assess the premium due to existing damages and the overall condition of the bike.

Steps to Renew Two-Wheeler Insurance Online:

  • Visit www.insure24.com.
  • Select the option for two-wheeler insurance.
  • Click on the renewal option.
  • Enter details of your current insurance policy.
  • If needed, compare other plans to find one that fits your needs better.
  • Select any additional coverages or add-ons you want to include.
  • Apply any available bonuses or discounts.
  • Make the payment for the premium.
  • Continued coverage: If your policy expires, your bike will not be covered for any damages, theft, or accidents, leaving you to bear all expenses.
  • No claim bonus (NCB): Renewing within 90 days of the policy's expiration allows you to retain your no-claim bonus, which can significantly reduce your premium. If you miss this window, you lose this benefit.
  • Legal consequences: Riding without valid insurance can result in hefty fines, and in some cases, even imprisonment as per legal regulations.
  • Compare insurance plans: Before purchasing a bike insurance policy, take the time to compare various plans online. Evaluate different insurers based on the features, coverage, and premiums they offer. Select a policy that meets both your coverage needs and budget.

  • Utilise the no claim bonus (NCB):: If you haven't filed any claims during your policy term, you can benefit from the No Claim Bonus, which provides a discount on your renewal premium. This discount can be as much as 50%, significantly reducing your insurance costs over time.

  • Opt for a higher voluntary deductible: By agreeing to pay a higher amount out-of-pocket in the event of a claim, you can lower your insurance premium. A higher deductible means you take on more risk, but it results in reduced premium payments.

  • Maintain a clean driving record: Safe driving habits can lead to lower premiums. Insurance companies consider drivers with fewer accidents and traffic violations as lower risk, which can result in discounts on your premium.

  • Install security devices: Installing anti-theft and safety devices that are certified by the Automotive Research Association of India (ARAI) can reduce your premium. These devices enhance your bike's security, lowering the insurer's risk.

  • Factor in your bike’s age: The market value of your bike decreases with time due to depreciation, which lowers the insurance premium. Make sure your insurance reflects the current value of your vehicle for an accurate premium rate.

  • Select only necessary add-ons: While add-ons provide additional coverage, they also increase the cost of your insurance. Evaluate the necessity of each add-on and choose only those that are essential for your bike.

  • Renew your insurance promptly: To avoid losing out on the NCB and facing higher premiums, renew your bike insurance on time. If you miss the renewal date, you have a 90-day window to renew before losing your accumulated NCB benefits.

Having two-wheeler insurance is a critical part of owning and operating a motorbike or scooter. It not only provides financial protection to the owner but also safeguards them from potential legal liabilities that may arise due to an accident or other damage caused by their vehicle. So, if you are planning to buy a new bike, make sure you invest in the right coverage as well.

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Written By: INSURE24 - Updated: February, 2025.
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