Two Wheeler Insurance provides financial support against damages caused by an accident, theft, or natural calamities to the two wheeler or its rider(s). It also covers the financial bills in case you injure the third-party or damage his/her property. Overall, it helps to keep your mind at bay if an unfortunate incident strikes you down.
It was in 1988 when the Motor Vehicles Act highlighted the concept of two wheeler insurance. The idea behind it was quite simple- purchase at least a third-party insurance for your two wheeler to freely drive in India. If you are found driving without it, you have to pay hefty fines and face the heat from the Indian judicial system. As per the new amendments in the Motor Vehicles Act in 2019, there is a higher penalty for driving without insurance or with expired driving license. So, if you don't want to circle around the court(s) and pressure your wallet, investing in two wheeler insurance is the right call.
This type of insurance extends financial protection against damages to you/your two wheeler along with the third-party. You can also home in on optional add-ons to enhance your coverage.
As the name suggests, it will only cover the financial liabilities arising out of the damages caused to the third-party or his/her property by the policyholder.
Though comprehensive insurance gives you maximum financial protection, there are a few areas where it lacks to extend its coverage. That's why insurance providers offer a list of add-ons to cover their flaws. Some of the add-ons are stated below for your reference.
If your two wheeler is equipped with expensive electrical and non-electrical accessories, you surely want to insure them. This add-on cover will provide the required coverage against damage caused to such valuable accessories.
This add-on cover assists you with the needful financial cover against medical treatment associated with the accident.
In the case of a two wheeler, both rider and co-passengers carry an equal amount of risk in case of an accident. Normally, two wheeler insurance plans offer coverage to the rider only. To get the cover for the passenger, you have to invest in this add-on cover. The plan offers compensation in case of death or disability of the pillion.
Under this, the insurer will provide the complete value (including depreciation charges) of the two wheeler to the insured during a claim.
Insurance companies take several factors into consideration while calculating the premium of a plan. Below is the list of the same.
If your two wheeler is stolen or gets totally destroyed in an accident, your insurance provider will hand you out the maximum sum assured called IDV. You can also treat that amount as the current market value of the two wheeler. So, for a low IDV, you have to pay a low premium and vice-versa.
It is the reduction in the value of an asset over time due to constant use, wear, and tear. New two wheelers have no depreciation amount. Older ones have a higher depreciation amount. So, premium increases as depreciation increases.
The premium of old two wheelers is higher as compared to the new ones because they are at a greater risk of malfunction.
It refers to power in the engine. A two wheeler with a larger cubic capacity has higher insurance premiums due to more fuel consumption.
By installing anti-theft devices in the two wheeler or being an active member of the Automobile Association of India can fetch you discounts, which are deducted from the premium.
It is a type of discount that you can avail by living without making any claim for your two wheeler in a policy year. NCBs are deducted from the premium amount. Any deduction will lead to a lower premium.
Let's understand the role of the above factors by stating the premium details of a few two-wheelers.
Price of the two-wheeler
Zero Depreciation (Add-on)*
KTM Duke 200 ABS (199 cc)
Royal Enfield Thunderbird
Rs, 1,18, 560
Yamaha R15 V3 (155cc)
Last updated on 02-09-2020
*The values are calculated on the basis of the city (Delhi) and the year of registration (2020).
If you want to calculate the premium of your two-wheeler, you can use the premium calculator designed by the experts of PolicyX.com.
Below are a few facts that will help you to grab additional benefits, which you might not receive through an offline purchase. Let's find out more about them.
Quick issuance: You can buy a two-wheeler insurance plan online within a few minutes. That's how quick an online purchase can be.
No extra charges: Through online purchase, you don't have to pay extra charges. That's why online two-wheeler insurance plans are more affordable as compared to the offline ones.
No Inspection and less documentation: You can easily renew your policy without inspection. You just have to submit a few details of your two-wheeler and the existing policy (if available).
Easy claim settlement: You can easily register your claim through the website and connect with the team in case of any query.
Online support: The team of PolicyX.com ensures to provide much-needed assistance whenever you need it.
With the availability of multiple insurance companies that deal with two-wheeler insurance, it has become quite difficult to choose the most suitable plan which can go well with your needs. To assist you better, we have created a list of best two-wheeler insurance companies on the basis of incurred claims ratio. Let's have a look at the list.
Incurred claims ratio
No claim bonus
SBI General Insurance Company
Bharti Axa General Insurance
Last updated on 02-09-2020
In order to invest in an adequate two-wheeler insurance plan, you have to submit a few documents. Below is a list of such documents for your reference.
Identity proof: You have to submit an identity proof such as driving licence, Aadhaar card, PAN card, etc.
Address proof: An address proof is required for verification. For the same, you can submit the rental agreement, passport or utility bills.
Nationality poof: In a few cases, you might have to submit a nationality proof. You can submit a passport, Voter's ID, etc. for the same.
It doesn't matter if your two-wheeler is used for personal or commercial means, insurance will safeguard your two-wheeler against all the odds.
At PolicyX.com, you will get free insurance quotes that will assist you in comparing different two-wheeler policies from top brands. Follow the below-mentioned steps to insure your two-wheeler today-
Many insurance companies provide two-wheeler insurance to customers. If one tries to compare every two-wheeler plan provided in the market, (s)he will run in circles and fail to buy the best policy.
Here at PolicyX.com, you can compare the various plans according to your needs without spending a rupee. Below are a few factors that make PolicyX.com one of the finest web aggregators for your next two-wheeler insurance purchase.
Free comparison: In India, there are multiple insurance companies that offer two-wheeler plans. To choose the best, you need a detailed comparison. That's where PolicyX.com comes into the picture. The platform assists you with a hassle-free comparison process through which you can easily compare the plans and choose the best one for yourself.
User-friendly platform: PolicyX.com is a user-friendly platform that makes it easier for customers to navigate around the website, with no lags and jitters.
Accessibility: You will get complete access to our website from any location. You just need a stable internet connection and a device to log onto the website.
Like other insurance plans, two-wheeler insurance plans do carry inclusions and exclusions as well. The list is long, however, we have mentioned the most common things that generally all companies follow. Let's check them below.
PolicyX.com allows you to renew your two-wheeler insurance easily from the comfort of your home. Let's dig into the process.
To get the age benefit or the occupational discounts, you need to submit your PAN Card and employment/ education certificate for the verification process.
Yes, replacement of the new two-wheeler in the current insurance plan is available. You need to call the insurance company to know about the details.
If you buy the comprehensive policy, you can claim the losses caused to your two-wheeler. In the case of no comprehensive cover, the entire amount will be given by the two-wheeler owner. By opting comprehensive policy, you can stay tension free as whatever loss may occur to your two-wheeler, the company is there to bear the financial burden.
This option is available if you renew the policy within a period of 90 days from the date of expiry.
The endorsement is an agreement that is documented proof of one or more changes, which are agreed upon the policy term. The document serves as valid proof of the changes in the policy. There are two types of endorsement: Premium bearing and Non-premium bearing.
For the policy which is taken online, there is no inspection. If it is taken through the branch office, then inspection takes place.
Yes, two-wheeler insurance can be cancelled but only for a genuine case and is intimated within 1 month from the date of purchase of the policy. There will be no cancellation charges for the same.
No, the pillion driver is not covered.
Emergency assistance is an add-on cover that you can get by paying an additional premium. It carries several benefits such as breakdown assistance, tyre replacement, towing, fuel replacement, etc. that can be availed during the policy tenure. You have to connect with the customer care number mentioned on the policy for availing these benefits.
Yes, you will be eligible to file the claim even after the expiry date of your policy. This is because the event took place during the policy tenure.
March 30, 2019
May 23, 2018
May 21, 2018
May 17, 2018
May 1, 2018
Last updated on 02-09-2020