Two Wheeler Insurance
Two Wheeler insurance is an insurance plan that offers cover towards various forms of damages that may occur to a motorcycle/bike or its rider(s) due to an accident, theft or natural calamities. It is a protective cover for the bike and the rider to protect them from unexpected liabilities that may occur from injuries due to an accident. The two-wheeler insurance policy provides comprehensive coverage against a majority of damages and losses.
The Motor Vehicles Act, 1988, initiated the approach of Two Wheeler insurance in India, and all motor insurance policies in India are monitored by the Insurance Regulatory Development Authority of India (IRDAI). IRDAI has made it compulsory for all the two-wheeler vehicles in India to have a 5-years third-party policy, from the period of buying the vehicle to be able to legitimately drive on the roads in India. Vehicles without a legal insurance policy are applicable to pay heavy penalties and are not be allowed to run on roads in the country. Therefore, every person owning a vehicle has to purchase a compulsory third-party insurance cover.
Types of Two Wheeler Insurance
Comprehensive Two Wheeler Plan
Offers coverage to both the insured and against the third-party liability. Additional optional features and benefits are applicable if the policyholder wants to avail the additional cover options.
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 supporting bills and documents submitted by the policyholder. The insurance company can also assign an inspection officer at the spot of vehicle mishap.
Vehicle coverage under the Comprehensive Plan includes:
- Theft of vehicle or vehicle part.
- Damage to the bike while inside a carriage or lift.
- Damage to the vehicle due to: fire, natural calamities or occurrences, riots or rampages, and terrorist activities.
Optional covers under the Comprehensive Plan includes:
- Roadside repair assistance
- Towing assistance.
- Accommodation cover and assistance.
- Alternate conveyance arrangement cover.
- Interior and remote territory cover.
- Legal assistance and cover.
Third-Party Liability Two Wheeler Plan
It is crafted according to the guidelines of the Motors vehicles Act, 1938. The Act describes the categories of third-party injury and property damage that can occur and the amount of indemnity payable against them. In the case of third-party injury or property damage by a bike insured for liability only cover, the payment of indemnity is made to the third-party.
For transfer of indemnity amount to the affected third-party, claim needs to be raised by the bike owner/policyholder along with the supporting documents and bills. The insurance company can also assign an inspection officer at the spot of the mishap.
Third-Party Liability cover essentially includes:
- Third-Party death cover.
- Third-Party accident cover.
- Third-Party total/partial/temporary/permanent disability cover.
- Third-Party property damage cover.
Additional covers under Third-Party Liability cover:
Key Features and Benefits
Buying a Two Wheeler insurance online is a very quick and hassle-free process. Damage to the vehicle due to: fire, natural calamities or occurrences, riots or rampages, and terrorist activities day by day keep on adding variety of features and benefits to entreat its customers. Let's look at the range of perks offered by the Two Wheeler insurers.
Personal Accident Cover
The cover can extend to up to Rs. 1 lakh in case the policyholder has total permanent disability or dies due to an accident.
Additional Cover
A lot of covers come under this option such as individual and group cover, personal accident cover, zero depreciation cover, etc.
Less Premium
Available on cost-effective pre-negotiated premium rates, starting from an amount as small as Rs. 600.
Discounts & No Claim Bonus
Some insurance companies offer up to 70% discount on premium with a no-claim bonus on their who wheeler insurance policies.
Comprehensive Coverage
Offer coverages against certain specific instances of natural calamities and man-made disasters like storms, earthquakes, landslides, strikes, riots, theft, etc.
Sum Assured
In the event of such occurrences, you will be eligible for the pre-decided sum assured as mentioned in your valid Two Wheeler insurance policy.
No Claim Bonus Transfer
If Two Wheeler policy needs to be transferred to another insurer then along with that the applicable no claim bonuses can also be transferred easily.
Auto Renewal
Two Wheeler Plans can have auto-renewal options under which the policy gets automatically renewed at the end of the policy tenure.
Inclusions and Exclusions of Bike Insurance Plan
What is Covered
- It covers all the losses or damages to the vehicle by accident, theft or any other man-made issues such as riots, strikes, fire, and terrorism.
- Losses or damages to the vehicle by fire, earthquake or any other natural calamities.
- Third-Party Legal Responsibility protects against legal issues which can arise due to any injury, death or damage to a property because of mishappening.
- Personal Accident Cover is applicable in the event of death or permanent disability.
What is Not Covered
- Damages occur to the vehicle while riding a bike drinking alcohol.
- Damages caused due to war or any nuclear risks.
- Any type of accidental damage caused at the time of performing illegal activities.
- Damages occur while riding without carrying a legal driving license.
- Mechanical service costs due to continuous wear and tear are not covered under this plan.
Compare Two Wheeler Insurance Online
Many insurance companies provide Two Wheeler insurance facilities to the customers. If one tries to compare every Two Wheeler Plan provided by various insurance companies, he/she will get puzzled and unable to choose the best policy. Here at PolicyX.com, you can compare the various policy plans according to your bike and circumstances in which you are riding the bike.
Choose the Best: One can compare the quotes of the different policies and buy a Two Wheeler policy plan easily at PolicyX. You will get the best policy and will be provided with complete assistance and guidance 24/7 regarding any confusion and dilemma related to any plans available.
User-Friendly: PolicyX provides you one platform for the solution of all your confusions. Customers have so many confusions and doubts in choosing the best plan for their safety. We will help you to understand the basic points like premium payment, advantages, claim settlement process, factors like value for money and the cover tenure of different insurance policies.
Attention to Detail: One can enjoy the best out of the rest of policies in the easiest manner only at PolicyX online web portal. The comparison is absolutely free of cost and also provide information like quotes, benefits, exclusions, disadvantages of various features and covers of the Two Wheeler Insurance policy.
Save Every Penny: The policy will guide you to choose what suits your motorbike 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.
Easy Verification Process and Approval: Online purchase of policy makes the verification process quite simple and easy. You do not need to face any hassles while submitting documents for policy issuance. Detailed policy documents will be sent to your email address after successful completion of the process and once approved by the respective company.
Selecting the Best Two Wheeler Insurance Plan
With so many insurance plans and top-ranking insurance companies, it is indeed difficult to choose the best one. PolicyX.com provides a customer portal where bike owners can purchase Two Wheeler Plan same as the direct purchase price. It enables customers to best manage their investments and insurances and make choices that fit best for 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 customer support by mailing at helpdesk@policyx.com or you may call at 1800 4200 269.
Steps to Buy Two Wheeler Insurance Policy
No matter if your vehicle is a mixed commercial and personal or personal or commercial, insurance will safeguard your motorbike against all the odds. Unforeseen events, even the damage can be caused by the third-party also. This is where the Two Wheeler Insurance plays a vital role.
At PolicyX.com, you will get free insurance quotes that will assist you in comparing different Bike policies from top brands.
- STEP 1: Click on "Get Quotes" section present on the bottom-right side of this page.
- STEP 2: Fill in the required details for free bike insurance quotes & then click on the 'continue' tab.
- STEP 3: Compare quotes based on various features, coverage, benefits, facilities, premium, etc.
- STEP 4: Select the desired plan that can fulfill your requirements.
- STEP 5: Click on the 'Buy' tab and pay using various online payment methods.
- STEP 6: Done! You are insured now.
Buy Now
How To Renew Two Wheeler Insurance Policy Online?
The insurance documents are necessary while driving on the roads as per the Indian Laws else you need to pay high penalties. The one who owns a Two Wheeler should always be concerned about renewing the policy. Once the policy gets lapsed, it needs to be renewed by the owner within the grace period. In case if the grace period gets over, you need to check the online renewal process with PolicyX.com.
To renew the policy one can visit our 'Quotes Section' that is present at the bottom-right of this page. We will guide you through the whole process and it is quite simple and hassle-free.
Two Wheeler Insurance Renewal Checklist
- Comprehensive Coverage: Bikers need to go for complete coverage plan as it fulfils all your requirements as compared to the third-party plans.
- Insured Declared Value (IDV): Reimbursement for the accidental and theft losses. IDV helps to evaluate the best price towards premiums for the policy.
- Claim Information: Claim Settlement Ratio (CSR) plays a crucial role in defining and choose the insurance company.
- Network Garages: Have a check for all the network garages that provide cashless services in your area to repair the bike.
- Additional Benefits: Go through all the benefits and do not forget to look at the add-on benefits available and choose the best plan for your bike.
- Deductions and Discounts: Check the deductions carefully and also the discounts available to get the most of your selected plan.
How Can You Renew Online?
- Visit the quotes section, which is the top of this page and fill in the required details.
- Compare quotes and select the plan accoring to your requirements.
- Make the payment using different modes of payment, like net banking, debit/credit card, etc.
- Anytime you can ask for assistance from our customer support team by mailing at helpdesk@policyx.com or you may also call at 1800 4200 269.
Two Wheeler Insurance Premium Calculation
To know how much you have to pay for your Two Wheeler/bike insurance, you can use the online bike insurance premium calculator. The premium is calculated by a simple formula. This formula will help you to understand the premium calculation of bike insurance:
PolicyX.com provides you with a quick online bike premium calculator on its portal. Using our insurance aggregator portal is the best way to get quick and reliable quotes.
- Bike Insured Declared Value (IDV): IDV is the maximum Sum Assured fixed by the insurer which is provided on theft or total loss of the vehicle. Basically, IDV is the current market value of the vehicle. Lower IDV implies lower premium.
- Depreciation: The decrease in value of an asset over time due to use, wear and tear. New bikes have no depreciation amount. Older bikes have larger depreciation amounts and premium increases as depreciation increases.
- Age Of The Bike: Old bikes may cost more premiums due to depreciation and greater risk of bike malfunction.
- Cubic Capacity Of The Bike: It refers to power in the engine. Bikes with larger cubic capacity have larger insurance premiums due to more fuel consumption.
- No Claim Bonus (NCB) Applicable: This is in case of renewals. NCBs are deducted from the premium amount, and the premium gets lowered.
- Discounts: Applicable discounts on premium like discounts for installation of high security and anti-theft devices are deducted from the premium and lowers the premium.
Top Two Wheeler Insurance Company's Premium
| Insurance Companies | Insured Declared Value (IDV) | Cover | Premium |
| Oriental Insurance Company | Rs. 53,727 | Bundled Cover {1 Year Own Damage+5 Year TP (third-party)} | Rs. 3895 |
| United India Insurance | Rs. 53,727 | Bundled Cover (1 Year Own Damage+5 Year TP) | Rs. 3895 |
| New India Assurance | Rs. 53,727 | Bundled Cover (1 Year Own Damage+5 Year TP) | Rs. 3896 |
| HDFC ERGO | Rs. 62,907 | Bundled Cover (5 Years Own Damage+5 Year TP) | Rs. 9044 |
Table Data updated on 22-05-2020
Best Two Wheeler Insurance Plans 2019
| Company | Third Party Cover | Add on Covers | Incurred Claim Ratio [ICR=Ratio of claims settled to premium received] | Key Features | Limitations |
| Bajaj Allianz Two Wheeler Insurance | Coverage of up to Rs. 1 lakh Property damage | Personal Accident Cover, 24x7 Spot Assistance, Spare Keys, Flat Battery, Flat Tyre | 69.19% | 1. No inspection or documentation required for renewal of expired policy or owner transfer
2. Quick policy issuance
3. Easy claim settlement
4. No Claim Bonus | Can be availed for vehicles up to 15 years old |
| Bharti AXA Two Wheeler Insurance | Coverage of up to Rs. 1 lakh Property damage | Zero Depreciation Cover | 89.09% | 1. No inspection or No inspection or documentation required for renewal of expired policy or owner transfer
2. Quick policy issuance
3. Easy claim settlement documentation required for renewal of expired policy or owner transfer
4. Quick policy issuance
5. Easy claim settlement | Can be availed for vehicles up to 10 years old |
| HDFC Ergo Two Wheeler Insurance Policy | Coverage of up to Rs. 1 lakh Property damage | Emergency Assistance Cover, Personal Accident Cover, Zero Depreciation Cover | 89.43% | 1. Quick policy issuance
2. Comprehensive customer support | Can be availed for vehicles up to 15 years old |
| IFFCO Tokio Two Wheeler Insurance Policy | Coverage of up to Rs. 1 lakh Property damage | Zero depreciation Cover | 79.19% | 1. Quick policy issuance
2. Comprehensive customer support | Can be availed for vehicles up to 10 years old |
| New India Insurance Two Wheeler Insurance Policy | Coverage of up to Rs. 1 lakh Property damage | Personal Accident Cover, Damage to accessories such as air conditioners, Zero Depreciation Cover | 79.68% | 1. Quick policy issuance
2. Easy claim settlement | Can be availed for vehicles up to 10 years old |
| Reliance Two Wheeler Insurance Policy | Coverage of up to Rs. 1 lakh Property damage | Personal Accident Cover, Nil Depreciation Cover | 81.47% | 1. Quick policy issuance
2. Easy claim settlement
3. Available up to 10% of the Sum Insured-Personal Accident Coverage | Can be availed for vehicles up to 10 years old |
| Universal Sompo Two Wheeler Insurance Policy | Coverage of up to Rs. 1 lakh Property damage | Zero Depreciation Cover | 80.66% | 1. Quick policy issuance
2. Easy claim settlement | Can be availed for vehicles up to 10 years old |
Table Data updated on 22-05-2020
Points to Remember While Buying a Two Wheeler Insurance Plan
- Latest information of the top-rated companies.
- Historic and latest performance records of insurance companies.
- Instant premium calculator and quotes.
- 24/7 Staff assistance and recommendations.
- Claim Settlement Ratio (CSR) and Incurred Claim Ratio (ICR).
- Secure financial transactions.
- Claim tracking and settlement.
- Easy renewal and transfer of insurance policy.
- Easy monitoring and tracking of insurance and paid premiums.
- Transparency in Terms and Conditions and rich online maneuverability experience.
Documents Required for Two Wheeler Insurance
Whether you raise a cashless or a post-payment claim for new insurance or insurance renewal you need to submit the following documents to your insurer along with the claim form:
- Copy of old insurance papers.
- Copy of your Two Wheeler policy.
- Copy of your bike registration certificate.
- Driver's driving license copy.
- First information report (FIR) registered at the police station.
- Medical bills (for personal accident cover claim).
- Bike repair bills (for bike repair in the non-networked garage).
Claim Settlement Process
Top insurance companies offer a hassle-free and seamless claim settlement process. If you have met with an accident involving another party or vehicle or face a condition covered under your Two Wheeler Plan then you can raise a claim by the following procedure:
Immediately contact your insurer
Call your insurer at the helpline number and give details of your policy number, date and time of the mishap.
Note down colliding vehicle details
In case of collisions note down the colliding vehicle's vehicle number.
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 the FIR.
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.
Raise cashless claim
In the networked garage, you can raise a cashless claim for repair of the vehicle. The amount is settled directly between the garage supervisor and your insurer.
Different Forms of Claims
| Cashless Claims | Reimbursement Claims |
| Definition | In this form, the policyholder can claim towards bike insurance for cashless repair during bike damage. | In this form, the policyholder has to pay for the repair costs first then the insurer will pay the reimbursement amount. |
| Network of Garages | Different insurers have their own garage networks in various places, one can easily repair the bikes from any of these networks. | In cases of emergencies where the driver is unable to find any network garage, he/she can repair the bike from any garage and reimburse the same later. |
| Deductions | The policyholder will not pay any repair costs except the deductions. | The policyholder will pay the full repair costs including the deductions and can reimburse later. |
Reasons of Claim Rejection in Bike Insurance
In few situations, the insurance company may reject a claim. The insurance company can reject the claim in the following situations:
- Providing false or wrong details when filling the application form to purchase the policy.
- The insured is informing the insurer about the damages or any accident in a specified time duration.
- Driving by drinking alcohol, or consumption of illegal drugs.
- If you will not carrying an authentic driving license.
- Driving a second-hand two-wheeler, and do not have an insurance of the same.
- If the damage costs exceeds the cost of your bike.
- If the damages do not occur in the country.
- Riding the bike in the zone of a war.
- If the damages are caused intentionally.
- Commercial use of the bike is not allowed.
- If the insurance policy of the bike gets lapsed or expires.
I have paid insurance fee by net banking. \nBut not recieved any msg or mail after that. \nWhat should i do?