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About Two Wheeler Insurance

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.

Why is there a need for Two Wheeler Insurance?

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 an expired driving license. So, if you don't want to circle the court(s) and pressure your wallet, investing in two-wheeler insurance is the right call.

Bike Insurance Details

Types of Two Wheeler Insurance

There are three types of two-wheeler insurance in the market. Let’s check them out.

Third-party Insurance

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. Also, as per the Indian Motor Vehicle Act, 1988, it is mandatory for every two-wheeler owner to have a valid third party two-wheeler insurance, and the authorities have the full right to penalize them if they don't abide by this rule.

Comprehensive Insurance

This type of insurance extends financial protection against damages to you/your two-wheeler along with third-party liabilities. You can also home in on optional add-ons to enhance your coverage.

Long Term Insurance

With such type of insurance, you don't need to worry about your policy’s yearly renewals. You get insurance protection against damage/loss to yo​ur vehicle for an extended period.

What Are the Benefits of Having Two-Wheeler Insurance?

Some of the key benefits are listed below-

Coverage Against the Damage of the Insured Vehicle: With effective two-wheeler insurance, one can get coverage against damage or loss caused to his/her vehicle due to accident, fire, or self-ignition.

Coverage Against Accidental Injuries: The two-wheeler insurance not only covers the damage caused to the vehicle but also offers coverage against any accidental injuries that the insured may have suffered.

Risk-Free Ride: Thanks to the support of two-wheeler insurance, the insured can enjoy a risk-free ride.

Third-Party Coverage: Any damage/injury caused to the third-party individual or his/her property by the insured is fully covered by the policy.

Which Add-Ons Can You Include With Your Two Wheeler Insurance?

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.

Accessories Cover:

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 the valuable accessories.

Medical Cover:

This add-on cover assists you with the needful financial cover against medical treatment associated with the accident.

Passenger Cover:

While riding a two-wheeler, both rider and co-passenger 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.

Zero/Nil Depreciation Cover:

Under this, the insurer will provide the complete value (including depreciation charges) of the two-wheeler to the insured during a claim.

How to Calculate Two Wheeler Insurance Premium?

Insurance companies consider several factors while calculating the premium of a plan. Below is the list of the same.

Insured Declared Value (IDV):

If your two-wheeler is stolen or gets 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. Therefore, to receive a higher IDV, you have to pay a higher premium amount and vice-versa.

Depreciation

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.

Age

The premium of old two-wheelers is higher as compared to the new ones because they are at a greater risk of malfunction.

Cubic Capacity

It refers to power in the engine. A two-wheeler with a larger cubic capacity has higher insurance premiums due to more fuel consumption.

Anti-theft devices

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.

No Claim Bonus (NCB)

It is a type of discount that you can avail of 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.

VariantPrice Of The Two-WheelerIDV*Zero Depreciation (Add-On)*Premium*
KTM Duke 200 ABS (199 Cc)Rs.1,73,000Rs.1,28,942Rs.709Rs.6,424
Royal Enfield Thunderbird1,65,000Rs, 1,18, 560Rs.425Rs.6472
Yamaha R15 V3 (155cc)1,46,000Rs, 1,12,500Rs.731Rs.7433

Last updated on 13-11-2020

*The values are calculated based on 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.

Why buy two wheeler insurance online?

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 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.

Best two-wheeler insurance companies

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 the best two-wheeler insurance companies based on the incurred claims ratio. Let's have a look at the list.

CompanyIncurred claims ratioCashless garagesNo claim bonus
Edelweiss General Insurance Co. Ltd145%Available1500+
Acko General Insurance Company129%AvailableAvailable
National Insurance Company127.50%AvailableAvailable
United India Insurance Company Ltd.120.79%AvailableAvailable
Oriental Insurance Company112.62%AvailableAvailable
Royal Sundaram General Insurance Co. Ltd89%Available3300+
SBI General Insurance Company87%AvailableAvailable
HDFC ERGO General Insurance Co. Ltd82%AvailableAvailable
Bharti AXA General Insurance75%Available5200+
Bajaj Allianz General Insurance Co. Ltd62%AvailableAvailable

Last updated on 13-11-2020

Why choose PolicyX.com for your two-wheeler insurance purchase?

Many insurance companies provide two-wheeler insurance to customers. If one tries to look at 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, we give you a smooth experience to buy your desired two-wheeler plan, without breaking the bank. Below are a few notable factors that make PolicyX.com one of the finest web aggregators for your next two-wheeler insurance purchase.

Free Comparison: In India, multiple insurance companies 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, device (mobile/tablet/laptop) and you are good to go.

How To Buy/Renew Two-Wheeler Insurance From PolicyX.Com?

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-

  • Go to the 'Compare Two-wheeler Insurance Quotes' section present at the top-right corner of this page.
  • Fill in your two-wheeler details and click on 'Continue'.
  • Compare quotes based on various features, coverage, benefits, facilities, premium, etc. Select the desired plan that can fulfil your requirements.
  • Make the premium payment and you are insured.
  • A soft copy of the policy will be shared on your registered email id.

*If you already have a two-wheeler insurance policy, you can easily renew it by following the above-mentioned process. All you have to do is select ‘Renewal’ instead of ‘New Bike’.

Documents Required To Buy A Two-Wheeler Insurance

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 identity proof such as a 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 may have to submit nationality proof. You can submit a passport, Voter's ID, etc. for the same.
  • Income Proof: Last 3 month's salary slip/ Latest Form 16/ ITR, etc. to show your earnings.

The company may ask for additional documents (if required).

How to file a Two-wheeler Insurance claim?

Every insurance company has designed a specific process for its customers to file a claim for two-wheeler insurance. Though it’s not possible to state the process of every company, we do have mentioned some of the basic steps that you should follow. Let’s take a look at it.

  1. Inform the insurer about the incident and submit required details such as your policy number, date, and time of the mishap. In case of collisions, note down the colliding vehicle's number.
  2. Accidents and thefts should be reported to the police. Go to the nearest police station, register an FIR, and keep a copy of the same.
  3. You may be assigned an inspection officer at the mishap site. If an inspection officer is not assigned, proceed with two-wheeler repair.
  4. You can go to a network garage or any other repair shop.
  5. In the case of the network garage, you can raise a cashless claim for the repair of the two-wheeler. The amount is settled directly between the garage supervisor and your insurer.
  6. In case of repair from a non-network garage, you can file for the reimbursement by submitting the required documents along with the claim form to your insurer. In such a case, the company will inspect the details. After approval, the company will share the reimbursement amount directly in the registered bank account.

What is Included/ Excluded in Two-wheeler Insurance?

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.

What is covered?

  • It covers all the losses or damages to the two-wheeler by accident, theft, or any other man-made issues such as riots, strikes, fire, and terrorism.
  • Losses or damages to the two-wheeler by fire, earthquake, or any other natural calamities.
  • Third-party liability insurance protects you (policyholder) against claims made by a third-party.
  • Personal Accident Cover is applicable in the event of death or permanent disability.

What is not covered?

  • Damages occurred to the two-wheeler while riding under the influence of alcohol or without carrying a legal driving license.
  • Damages caused due to war or any nuclear risks.
  • Any type of accidental damage caused while performing illegal activities.
  • Mechanical service costs due to continuous wear and tear.

FAQs

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, of course. Your insurer is reliable to address the claim.

Yes, as per IRDAI, you can get a personal accident cover of Rs. 15 Lakhs with your two-wheeler insurance policy.

Yes, you can. Once sold, you can transfer the ownership of your policy to the one who bought it from you.

Find Out What PolicyX Customers Says

March 30, 2019

Amit
Delhi

I have paid insurance fee by net banking. \nBut not recieved any msg or mail after that. \nWhat should i do?

May 23, 2018

Ali
Bengaluru

I Had Good claim experience with HDFC Ergo Two Wheeler Insurance.They process my calim in very less time.

May 21, 2018

kamlesh
Ludhiana

Made a claim last month and got the amount as initially promised. The help was there when I needed it. thankyou.

May 17, 2018

Raman
Raipur

I purchased Future Generali Two Wheeler Insurance for my bike online. It involved zero paperwork and was fast.

May 1, 2018

Faraz
Mumbai

I have a two wheeler insurance with HDFC Ergo from last 2 years and it is one of the best policy. I have no claim experience so far and the coverage value is also good in this policy.

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Last updated on 13-11-2020