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Two Wheeler insurance

In a metro city like Delhi, traveling from one place to another is so impossible without a personal vehicle. Everyone from of personal vehicle, but horror jam packed stories of our city roads do not allow that. Everyone is in a hurry and if you do not follow the rhythm, you will be left out of the success roads. Bikes are our best friends on the city roads. They lead us to home out of the jam areas like a boss, we can travel through the narrow streets to broad highways on bikes. And for the youngsters, bikes are their treasure of life. We take care of our bikes like we care for it. We polish, we wash, we take the motorbikes for the services timely. But there is one more thing that is needed to secure your pride and comforter in life and that is a Bike Insurance.

A bike is so important for mobility in our day to day lives. Bike owners worry regarding the safety of their bikes and the riders on their bikes. Bike insurance policies sets to rest all these worries so that bike owners can enjoy peace of mind and long time safety of their bikes as well as the bike riders.

Bike owners will be happy to know that they can fetch bike insurance plans for their bikes starting at just Rs. 2 per day and bike insurance plans get issued quickly.

Compulsory Bike Insurance

Bike Insurance for third party liability is compulsory for all bike owners. The Motor and Vehicle Act has made it compulsory for all motors which include bikes and two-wheelers to get covered for third party liability by a registered insurer right after the purchase and registration of the bike.

Not insuring your bike against third-party liability is considered as a legal offense and is penalized by law. Owner of a bike not insured for third party liability can face heavy penalties and litigation if a third party or third party property gets injured by the bike of the bike owner.

Importance of Two Wheeler Insurance Plan

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 Bike Insurance 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.

Types of Bike Insurance

Third party bike 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 bike insurance plan. Hence basically there are two types of bike insurance plans

  • Third party liability bike insurance plan

  • Total Bike Insurance plan

Third Party Liability Bike Insurance Plan

Third party liability bike insurance 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 bike insurance 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 bike insurance cover essentially covers:

Comprehensive Bike Insurance Plan

Comprehensive bike insurance plan is a bike insurance plan that covers third-party liability as well as provides cover for vehicle damage and personal accident cover. Comprehensive bike insurance 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 bike insurance plan.

Vehicle cover under comprehensive bike insurance 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 bike insurance 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 bike insurance plans includes the following:

  • Damage to vehicle due to fire

  • Damage to vehicle due to natural calamity or occurrence

  • Damage to vehicle due to acts of riots or rampage

  • Damage to vehicle due to terrorist activities

  • Theft of vehicle or vehicle part

  • Damage to bike while inside a carriage or lift

Personal Accident cover under comprehensive bike insurance plan

Not only third party but bike owners and bike riders also face various risks. Comprehensive bike 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 bike insurance plan includes the following:

  • Cover for death due to accident of bike

  • Cover for accident while on bike

  • Cover for total disability due to bike accident

  • Cover for partial disability due to bike accident

  • Cover for permanent disability due to bike accident

  • Cover for temporary disability due to bike accident

  • Cover for limb and eye loss due to bike accident

  • Cover for injury while mounting or standing bike

Additional Covers under Comprehensive Bike Insurance Plan

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

  • Roadside repair assistance

  • Towing assistance

  • Accommodation cover and assistance

  • Alternate conveyance arrangement cover

  • Interior and remote territory cover

  • Legal assistance and cover

Exclusions of Bike Insurance Policy

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:

  • Driving under the effect of intoxicating substances

  • Disregard of traffic rules

  • Driving a vehicle of poor condition

  • Mishap due to involvement in high-risk driving

  • Mishap due to involvement in riotous driving

  • Mishap due to disregard of terms and conditions of policy

  • Mishap due to over carriage of vehicle

  • Mishap while driving in uncovered terrains (like uncovered mountainous terrain)

  • Mishap outside geographical coverage area

  • Mishap while driving in uncovered terrains (like uncovered mountainous terrain)

  • Mishap outside geographical coverage area

  • Injury due to acts of self-infliction or attempted suicide

  • Participation in adventure sports and activities

  • Claim for injured driver not having a license or valid license

  • Damage and injury due to nuclear substances

  • Normal wear and tear damages

  • Damage in war or mutiny

  • Claim for injury or loss incurred due to earlier damages

  • Injury or damage due to mechanical or electrical breakdown of bike

Ensuring Maximum Safety of Self and Bike

  • 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 bike insurance 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 bike insurance 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.

Features of Bike Insurance Plans

Liabilities Only Cover: Bike owners can purchase from liability only bike insurance 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 bike insurance 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 bike insurance starting from Rs. 2 premium per day.

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

Individual Cover: Bike insurance plans can be for a single bike belonging to an individual.

Group Cover: Group bike insurance 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: Bike insurance 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 Bonuses: No claim bonuses are applicable for subsequent renewals. No claim bonus is a percentage of the amount deducted from thepremium amount for policy renewal and no claims being raised during past policy tenures.

No Claim Bonus Transfer: If bike insurance 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 bike insurance 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 bike insurance plan.

Customer Support: Top bike insurance 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: Bike insurance 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.

Top Bike Insurance Companies in India

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

  • SBI insurance

  • National insurance

  • Bajaj Allianz insurance

  • Reliance insurance

  • HDFC Ergo insurance

  • TATA AIG insurance

  • IFFCO Tokio insurance

  • Universal Sompo insurance

  • United India insurance

  • Royal Sundaram insurance

  • Bharti AXA insurance

  • Oriental insurance

  • New India insurance

Criteria Used for Ranking Two-Wheeler Insurance Companies

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:

  • Timely and transparent reporting of financial data

  • The past and present AUM of the company

  • The financial platform of the company

  • The management of the company

  • The parent company records of new joint venture company

  • Customer satisfaction records of the company

Selecting a Bike Insurer and Bike Insurance Plan

With so many insurance plans and top-ranking insurance companies, it is indeed difficult to choose an insurer and insurance plan. Policy X.com provides a customer portal where bike owners can purchase bike insurance plan same as direct purchase price. Policy X.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.

Policy X.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 bike insurance plan from Policy X.com staff by mailing to them at helpdesk@policyx.com or you may also call them at 1800 4200 269.

While finalizing your bike insurance 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.

Policy X.com uses the latest financial technology to aggregate insurance sector information on its portal. If you are using the Policy X.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.

Compare Bike Insurance Online

You can compare various Bike Insurance 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 Bike Insurance 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 Bike Insurance 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 Bike Insurance plans which start at a minimal rate like Rs. 2 per day. One can compare the quote of the different policies and buy a Bike Insurance 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.

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