Two Wheeler Insurance

Two Wheeler Insurance is a protection to cover against any kind of damage which may occur to the two wheels or the rider due to an accident, theft or natural disaster. It is a shield which protects the vehicle as well as its owner or the rider from the unexpected liability which may arise due to the accident. As the motorcycle gets damaged two wheeler insurance is the best solution to meet the unexpected cost which has come due to a certain event.

What does Two Wheeler Insurance Policy cover?

• The loss or damage to the vehicle by fire, earthquake or any other natural calamity is covered under the policy.

• The loss or damage to the vehicle by accident, theft or any other man made issue is covered by the policy.

• Third Party Legal Responsibility is the one which protects against legal issues which can arise due to any injury, death or damage to a property because of mishappening.

General Terms

Third Party Two Wheeler Insurance Clause- This policy ensures coverage for the liability which has been raised out of the loss or damage to the own vehicle.

Liabilities under Two Wheeler Insurance Clause- financial coverage for the insured vehicle is present if it causes injury or death to a person. All legal accountability is also a part of it.

The Two Wheeler Insurance refers to the insurance policy that provides a cover that provides the policy holder a cover against any kind of damage that may occur during a mishap like an accident, natural disaster or act of any thief that occur to the bike. The Two wheeler plan is one solution to all the problems and worries that you face for your motorbike. No matter if your vehicle is a mixed commercial and personal or personal or commercial, insurance will safeguard your motorbike against all odds. Unforeseen events not only cause harm to your motorbike, but they also result in your mental, emotional, financial and legal breakdown the person. This is where the two wheeler Insurance plays the vital role. Any damage that is caused because of the third party is also covered under the same.

You can compare various Two wheeler plans online on PolicyX and can get the quote for the same. You will not only get the best policy after the policy comparison at PolicyX but the policy holder will be provided complete assistance and guidance regarding any confusion and dilemma.

There are so many insurance companies that provide the facility of the Two wheeler to the customers, they all have their own profit and loss. Policy holder needs a platform like PolicyX where he or she can compare the various policy plans and then choose what suits him or her best as per the bike and situation and circumstances in which the policy holder ride the motorbike.

One can enjoy the best out of rest policy in the easiest manner only at the PolicyX online web portal. The comparison is absolutely free of cost and one can get information like quotes, benefits, exclusions, disadvantages various features and covers of the Two Wheeler Insurance policy that will cause a headache if one try to compare each Two wheeler plan provided by various insurance providing companies.

You can invest all the money that you save for the expense of garage for repair of your bike after any accident. The policyholder can also enjoy the cashless repair benefit at a number of garages after the Two Wheeler Insurance.

The policy will guide you to choose what suits your motor bike and what fits in your pocket to give you maximum profit. There are numerous Two wheeler plans which start at a minimal rate like Rs. 2 per day. One can compare the quote of the different policies and buy a Two wheeler policy plan easily at PolicyX.

One should make it a point to check the claim settlement ratio of the insurance company. Companies which have the highest ratio or claim settlement are always the first recommendation to buy an insurance cover for your two wheeler. There are few features and covers that an individual need for his or her policy, but the company does not provide them, so one can opt for various add - on.

There will be a change in the premium amount, but safety is always better than the cure. One can opt for add - ons like Personal accident cover, cashless hospitalization, medical covers and zero depreciation, cover for the co passenger on the vehicle and other features as per need and situation of the individual. Then, always compare.

The policy provides you one platform for the solution of all confusions. Customers have so many confusions and doubts as all want the best plan for their safety. The policy will help you to understand the basic point like premium payment to the claim settlement, from factors like value for money and the cover tenure of the insurance policy offered by different companies like HDFC Ergo Bike Insurance, Tata AIG Two Wheeler Insurance, Oriental Two Wheeler Insurance and other reputable insurance companies. One can get proper assistance from our customer care department.

PolicyX.com provides you with a quick online bike premium calculator on its portal. Using the PolicyX.com insurance aggregator portal is the best way to get a quick and reliable quote.

• Log on to www.policyx.com and on the topmost panel select motor and then bike insurance.

• Enter the following details in the respective boxes

  • Bike make

  • Variant (fuel/cc)

  • Registration number

  • Registration year

  • New bike policy/Renewal

  • Basic personal details (Name, city, email, phone)

• Click to get quotes.

The premium calculation is based on the following:

• Bike Initial Declared Value (IDV): IDV is actually the cost of the vehicle to the owner. It is the amount required to replace existing vehicle with a totally new vehicle. Higher IDV implies higher premium.

• Depreciation: New bikes have no depreciation amount. Older bikes have larger depreciation amounts and premium increases as depreciation increases.

• Bike age: Old bikes may cost more premiums due to depreciation and greater risk of bike malfunction.

• Cubic capacity of bike: Bikes with larger cubic capacity have larger insurance premiums

• NCB applicable: This is in case of renewals. NCBs are deducted from the premium amount, and the premium is lowered.

• Discounts applicable: Applicable discounts on premium like discounts for installation of high security and anti-theft devices are deducted from the premium and premium is lowered.

Purchasing Two wheeler Insurance Online:

PolicyX.com offers a simple three-step process to purchase two wheeler online

• Search for two wheeler companies

• Choose the best offer and quote

• Buy online

Third party two wheeler insurance is the minimum bike insurance, which every bike owner has to purchase. Yet a bike owner faces several risks other than third party injury which can only be addressed by taking a comprehensive two wheeler insurance plan. Hence basically there are two types of two wheeler plans

• Third party liability two wheeler insurance plan

• Total two wheeler Insurance plan

Third party liability two wheeler plan is crafted according to the stipulations and guidelines of the Motors vehicles Act. The Act describes in detail the categories of third party injury and property damage that can occur. The Act also specifies the amount of indemnity payable against each category of injury or damage.

The bike insurers provide for covers against each category of third party injury or damage in their liability only two wheeler policy of amount as specified by The Motors and Vehicle Act. In case of third party injury or property damage by a bike insured for liability only cover, the payment of indemnity has to be made by the insurance firm to the third party.

For effecting the transfer of indemnity amount to affected third-party claim needs to be raised for the same in prescribed claim format by the bike owner and policyholder and submitted to the insurer company.The claim application should be supported by documents and bills. The insurance company can also assign inspection officer at the spot of the mishap. While settling claim amount insurance company refers to the claim form and documents submitted by the policyholder and the inspection report of the inspection officer (if assigned) and indemnifies for loss or damage as per the stipulations of third party liability cover.

Third party liability two wheeler cover essentially covers:

• Third party death cover

• Third party accident cover

• Third party total/partial/temporary/permanent disability cover

• Third party property damage cover

Total or comprehensive two wheeler plan is a two wheeler plan that covers third-party liability as well as provides cover for vehicle damage and personal accident cover. Comprehensive two wheeler plans can have additional and optional features and benefits which can be included if the policyholder wants to avail the additional cover options.

We have already discussed third party liability cover. Let us now talk about the other covers that are available in a comprehensive two wheeler plan.

A bike is a property which is under so many risks. A bike can catch fire, a bike or its part can get smashed or damaged, a bike can get stolen. A comprehensive two wheeler plan under the vehicle cover features meticulously lists down the various risks a bike can have and specifies the indemnity limit against each risk category.

Claims raised for bike covers are indemnified up to the indemnity limit specified for each type of damage or loss depending upon the nature and extent of the loss. For claim settlement insurance company relies on the claim format and supporting bills and documents submitted by the insurer. In many cases, the insurance company may also assign an inspection officer at the scene of vehicle mishap.

The inspection officer needs to fill in a detailed format regarding the type of damage or loss incurred and also provide his or her remarks in a separate box. The submitted claim form and documents are tallied with the assigned inspection officer's report at the time of claim settlement by the insurance company.

Vehicle cover under comprehensive two wheeler plans includes the following:

Personal Accident cover under comprehensive two wheeler plan

Not only third party but bike owners and bike riders also face various risks. Comprehensive two wheeler insurance plan provides cover for all such risks. The personal risks are well defined and categorized in the policy document, and indemnity cover limit against each type of risk is specified.

While settling claims, the insurance company settles acclaim with reference to the type of occurrence suffered and indemnifies up to the amount specified after taking into consideration the nature and extent of the personal injury. For settling the claim, the insurance company relies on the claim form and supporting documents and bills submitted by the policyholder.

Personal accident cover under comprehensive two wheeler plan includes the following:

Additional Covers under Comprehensive Two Wheeler Plan

These are optional covers. Insurance companies are offering different types of optional covers and assistance to their policyholders, and these may include:

Top Insurance companies have developed a foolproof and methodical claim process and categorized application format requiring submission of supporting documents. The claim process is such that to quickly identify authentic and non-authentic claims. Non-authentic claims are claims for those losses or injuries that cannot be attributable to ordinary external circumstances. If a claim is proven as non-authentic, then such claims are not honored by the insurer company. Incidences of such non-authentic and void claims may include:

Bike Registration and Purchase of Bike

Purchase a bike from anauthorized dealer and get registration paper for the bike before riding it home. Always keep a copy of registration paper in your bike storage box.

Keep a Valid Driving License

Always ensure the validity of driving license and renew well in advance before the final expiry date. Always carry original driving license on self while driving and keep a scanned copy as a soft copy as well as a photocopy of driving license at home.

Get Your Bike Insured

Choose a suitable two wheeler plan of top insurers and insure your bike right after purchase and registration. Do not ride your bike until it is insured. Always carry copy of two wheeler paper and policy card while out on your vehicle

Ensure Upkeep of Your Bike

Always get your bike regularly serviced and checked and keep maintenance records. Do not drive a bike of poor condition or with malfunctioning parts like loose brakes.

Exercise Caution While Riding Pillion

Avoid riding unknown pillion. Get personal accident cover for known pillion like a family member. Do not carry more than one pillion. If it is necessary to ride unknown pillion then ensure that unknown pillion is carrying his personal accident policy paper and card.

Do Not Deviate From Normalcy

Deviating from normalcy will put you in unprecedented danger, and you may also lose claim over your cover amount in case of any miss eventuality. Hence abide by the terms and conditions of the policy and standard rules and procedures. Do not drive outside geographical area or uncovered terrains. Park your vehicle safely and lock it.

Wear Your Driving Accouterments

Wear a proper helmet and encourage pillion also to wear a helmet.

Liabilities Only Cover: Bike owners can purchase from liability only two wheeler plans being offered by top insurers.

Comprehensive Cover: Bike owners can also opt for personal accident cover and bike cover along with third party liability cover under a single two wheeler plan.

Additional Covers: Bike owners can also include the optional covers as per their requirement and make their insurance plan more comprehensive.

Nominal Premium: It takes very little to get an adequate bike insurance. Top insurance companies are offering two wheeler starting from Rs. 2 premium per day.

Short Tenure: Most two wheeler policies are for one or two years though some insurance companies are also offering two wheeler policies for three years.

Individual Cover: Two wheeler plans can be for a single bike belonging to an individual.

Group Cover: Group two wheeler cover can be availed for a set of bikes by family, company, corporate or any legal entity. Insurance companies may offer attractive discounts on group bike insurance, and per head,premium can cost lesser.

Quick Purchase and Renewal: Two wheeler policies can be purchased online or offline with very little documentation. You can get your bike insured in no more than half an hour.

No Claim Bonus: No claim bonuses are applicable for subsequent renewals. No claim bonus is a percentage of the amount deducted from the premium amount for policy renewal and no claims being raised during past policy tenures.

No Claim Bonus Transfer: If two wheeler policy needs to be transferred to another insurer then the applicable no claims bonuses can also be transferred easily.

Discounts: Insurance companies are offering discounts on two wheeler policies. Discounts on premium can be given for long-term policy of over two years and one-time premium payment. Discounts may also be given for companies for installed security features on the bike and for a group two wheeler plan.

Customer Support: Top two wheeler companies are offering all-time customer support and assistance to customers. Policyholders who have suffered injury or damage can call up the insurer or PolicyX.com and get the needed support instantly.

Auto Renewal: Two wheeler plans can have auto-renewal options under which the policy gets automatically renewed at the end of the policy tenure. This feature is beneficial for those who tend to forget renewal dates.

Several top general insurance companies in India are providing comprehensive as well as liability only two wheeler plan. The following insurance companies (not in order of ranks) have made a good reputation in bike insurance:

Insurance Regulatory Development Authority of India or the IRDA publishes the list of top insurance company rankers each year. For the purpose of ranking, IRDA uses several ratios. One very important ratio is the Incurred Claims Ratio. ICR is the ratio between claims settled and the premium collected during a period of one financial year.

The ideal ICR is between 70 to 85 percent. The top-ranking insurance companies mentioned above have ICR in the range of 70 to 92%. Ideal ICR ratio implies that the insurance company is comfortably able to pay for claims with the premium amount collected and is able to keep sufficient margins.

A higher ICR tightens the margin, and a very low ICR implies that the company is making very less claim settlements. An ICR above 100 percent implies that the company is paying the claims from its other fund sources besides premium amount collected and suggests losses.

ICR is definitely a very important assessment ratio yet it is not the complete picture. Sometimes newly formed insurance firms have more than 100 percent ICR in the initial years as they take time to build up the customer base.

IRDA requires transparency in reporting from all Insurance Companies. Other criteria used by IRDA to assess the insurance companies include the following:

With so many insurance plans and top-ranking insurance companies, it is indeed difficult to choose an insurer and insurance plan. PolicyX.com provides a customer portal where bike owners can purchase two wheeler plan same as direct purchase price. PolicyX.com is not a product portal for any particular insurance company. It is entirely a customer portal that enables customers to best manage their investments and insurances and make choices that best fit their specific purposes and preferences.

PolicyX.com provides you with an insurance calculator, and you can get your insurance quotes in a jiffy by feeding in some basic details.

You can also seek assistance in choosing your two wheeler plan from PolicyX.com staff by mailing to them at helpdesk[at]policyx[dot]com or you may also call them at 1800 4200 269.

While finalizing your two wheeler policy make sure of the following:

• The insurance company should be IRDA authorized

• The insurance company should have transparent records.

• The financial soundness and abilities of the insurance company.

• The capabilities and performance of the firm in two wheeler insurance segment

• The customer support and assistance provided by the insurance company

• The claim settlement reputation of the insurance company

• Insurance plan should cover your basic and specific requirements

Choose a plan that is best fit for you. For example, a top ranking insurance company with sound abilities may be providing top-rated insurance services in the metros but may have limited presence in your area. You may be a person who needs to travel by your bike often to remote areas or difficult terrain. Or it may be that you may seek a comprehensive insurance plan with additional coverage such as legal assistance and coverage. In such cases of special requirements be sure to take the plan that best addresses your need pack.

PolicyX.com uses the latest financial technology to aggregate insurance sector information on its portal. If you are using the PolicyX.com platform for your insurance purchases you benefit in the following ways:

• Latest information of top rated companies

• Historic and latest performance records of companies

• Instant premium calculator and quotes

• Staff assistance and recommendations

• Your own PolicyX.com login account

• Secure financial transactions

• Claim tracking and settlement

• Easy renewal or transfer of insurance policy

• Easy monitoring and tracking of insurance and investments

• Rich online maneuverability experience

• Part of premium is donated to education for the underprivileged

• Being a PolicyX policyholder, you can avail free one-time portfolio planning service.

New insurance purchase: Two wheeler purchase requires fewer documents. Just fill the application form and attach the registration copy of your bike

Renewal of insurance: You would need to attach registration copy of your bike, old insurance papers along with the renewal application form.

Top insurance companies offer a hassle-free and seamless claim settlement process. The claim settlement process differs as per the type of insurance. Two wheeler has its own specific claim process. If you have met with an accident involving another party or vehicle, do not lose temper or get into a brawl. Keep your calm and do first things first. Should you face a condition covered under your two wheeler plan then you can raise a claim for the same by the following procedure:

• Attend to self and injured person care: In case of any injury, it is foremost important to seek medical treatment for yourself or any other person who has got injured including the third party. If you are not in good condition yourself then first get into a condition in which you can help others.

• Note down colliding vehicle details: in case of collisions note down the colliding vehicle’s vehicle number if you are in a condition to do so.

• Register an FIR: Accidents and thefts need to be reported to the police. Go to the nearest police station and register an FIR and keep a copy of FIR

• Immediately contact your insurer: if you are the policyholder call your insurer at the helpline number given on your two wheeler paper. Give details of your policy number, date and time of the mishap. If you are the driver and not the policyholder contact the owner of the bike who is the policyholder.

• Follow insurer instructions: you may be assigned an inspection officer at the mishap site. If inspection officer is not assigned proceed with vehicle repair.

• Repair of Bike at the networked garage: You can call up networked garage staff at the site or seek towing assistance from your insurer if your policy mentions so. You may also tow your bike yourself to the nearest networked garage.

• Raise cashless claim: in the networked garage, you can raise a cashless claim for repair of your vehicle. Follow the cashless claim procedure as mentioned in your policy. The amount is settled directly between garage supervisor and your insurer.

• Repair of the bike in the not networked garage: several times reaching a networked garage may not be feasible. In that case get the repair bills from the non-networked garage or repair center from where you have got your bike repaired and follow the claim settlement process for non-networked garage repair as mentioned in your policy.

• Documents required for claim process: whether you raise a cashless or a post-payment claim you need to submit, it the following documents to your insurer along with the claim form

  • Copy of your two wheeler policy

  • Copy of your bike registration certificate

  • Your or the driver's driving license copy

  • First information report registered at the police station

  • Medical bills (for personal accident cover claim)

  • Bike repair bills (for bike repair in non-networked garage)

At PolicyX.com you can download the claim form, locate the nearest garage and track your claim from https://www.policyx.com/claim-assistance.php .

It is a fact that we all love our vehicle be it a scooter, scooty or a motorcycle. It aids us in our daily commute, which might be for fun or some official work. While we use it on a daily basis, it's become essential to buy insurance coverage for the same. Not just because it is mandatory and but also because it can help us in saving a lot of money in terms of repairs that the vehicle needs to ensure in case of a mishap.

At PolicyX.com we help our consumer in choosing the best Two wheeler plans with just a few clicks. Here you will get free insurance quotes that will assist you in comparing different Bike policies from top brands. By taking advantage of our free and unbiased comparison service, you can compare free quotes and can buy the desired plan easily. If you are looking for the most cost effective two wheeler insurance policies, then you can buy the same at our portal. We provide free instant quotes from top insurance companies in India. By using our free comparison service you can save up to 60% on insurance premiums.

There are different ways from which the policy holder can renew his or her policy. We live in the age of technology, so we can access the insurance company's online website and after filling the correct data and personal details we can renew our policy. Some insurance companies provide a facility of the mobile app to the customer.

You need to fill the basic information like registration number, manufacturer's name, information regarding the vehicle and insurer's name. One need to agree to the terms and conditions of the company and then he or she can pay the premium amount easily every time. One needs to be well informed about the policy details and RC information of the vehicle.

The policy holder can visit the nearest branch of the insurance company and can pay the premium with the cash, cheque or demand drafts. Debit card and a credit card can also be used. Two wheeler Insurance policies can be canceled easily during the policy term. You need to submit the valid documents such as the registration certificate of the vehicle has canceled the insurance policy by the Regional Transport office.

One should always ensure the vehicle as the Indian law mandate that any vehicle that is playing on Indian roads should have a third - party insurance. One should choose from the comprehensive coverage, requirements, nature of loss and the necessity of the Two Wheeler Insurance policy.

Indian Roads are full of uncertainty, narrow roads, slippery surfaces that lead to a numerous number of accidents so one need to be prepared from all directions. Legal responsibilities, the cost of the spare parts, garage expense result heavy in the pockets and result in mental pressure for the customer.

As most of the two - wheeler riders are from middle class, they cannot afford a dent causing half of their salaries disappear, so the Two wheeler is the solution. It's not only guards against the man made events and the natural disasters.