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Two wheeler insurance plan that provides coverage against damage caused to the bike or bike rider due to any accident, theft or natural calamities. It is a safety cover to protect the bike and the bike rider from unforeseen liabilities that may occur due to an accident. Two wheeler insurance works as a helper in fighting against unwanted expenses if the motor cycle gets damaged.
IRDAI has made it mandatory for all two wheelers in India to have a third party policy of 5 years so that the vehicle is legally driven on the roads in India from the period of purchase of the vehicle.
Why is two wheeler insurance necessary?
As per the Indian Motor Vehicles Act, 1988, all owners of motor vehicles must have a valid vehicle insurance policy. At least third-party insurance motor insurance is a must if you want to drive legally on the roads of India.
Apart from the mandatory features, it is also important for financial security. It provides necessary financial assistance for protection against damage to the insured vehicle, third party property and bodily injury to the rider, pedestrian or rider.
Loss or damage to the vehicle due to fire, earthquake, accident, theft or any other natural calamity is covered under the policy.
Third party insurance is the one which protects against legal issues that can result in damage to property due to any third party injury, death or damage.
Features of Two Wheeler Insurance Policy
importance of bike insurance
No Financial Stress: Basically a bike insurance plan provides the necessary financial coverage to your vehicle. As a result there is no financial stress.
Legally Protected: It is mandatory to have two wheeler insurance to drive legally on the roads of India. This will save you from paying penalties and keep you legally protected.
Personal Accident Cover: The insurance company provides accident cover up to Rs 1 lakh, which is payable to the policyholder in case of permanent or temporary disability or accidental death.
Peace of mind: As you know, with a valid insurance plan, you will be financially protected against accidental damage repair expenses of your vehicle which will keep your mind at ease.
Types of Two-Wheeler Insurance
Comprehensive Two Wheeler Insurance
Comprehensive two wheeler plan is basically an insurance policy that provides coverage against liability of the insured and third party. Comprehensive two wheeler plans offer additional features and benefits that the policyholder can avail as additional cover.
Comprehensive two wheeler plans include the following:
Two wheeler damage due to fire
Damage to two wheeler due to natural calamity or incident
Damage to bike due to riots or violence
Damage to bike due to terrorist activities
theft of vehicle or goods
Damage to bike during haulage or shift
roadside repair assistance
Housing cover and assistance
alternative transportation cover
Indoor and remote area cover
Legal Aid and Cover
Third Party Two Wheeler Insurance
Third party insurance plan is mandatory for all vehicles as per the terms and guidelines of Motor Vehicles Act. Many types of benefits are obtained from this, it not only protects you but also helps in getting compensation for the other person.
Covers covered in Third Party Liability Two Wheeler Insurance:
third party death cover
third party accident cover
Third Party Total / Partial / Temporary / Permanent Disability Cover
Third party property damage cover
Best Two Wheeler Insurance Plans of Insurance Company in 2020
Company Third Party Cover Add-on Cover Key Features Limitations
Bajaj Allianz Two Wheeler Insurance 1 lakh Property damage coverage not available 1. No inspection or document required for policy renewal or policy transfer, 2. Early policy issuance, 3. Simple claim settlement for vehicles up to 15 years can be availed for
Bharti AXA Two Wheeler Insurance 1 lakh Property damage coverage not available 1. No inspection or document required for policy renewal or policy transfer, 2. Early policy issuance, 3. Easy claim settlement for vehicles up to 10 years can be availed
HDFC ERGO Two Wheeler Insurance Policy 1 Lakh Property Damage Coverage Zero Depreciation 1. Documents required for policy renewal or owner transfer, 2. Early policy issuance, 3. Comprehensive insurance cover to be availed for vehicles up to 15 years could
IFFCO Tokio Two Wheeler Insurance Policy 1 Lakh Property damage coverage not available 1. Early policy issuance, 2. Comprehensive insurance cover can be availed for vehicles up to 10 years
New India Assurance Two Wheeler Insurance Policy 1 Lakh Property Damage Coverage Zero Depreciation 1. Early policy issuance, 2. Easy claim settlement Can be availed for vehicles up to 10 years
Reliance Two Wheeler Insurance Policy 1 Lakh Property damage coverage not available 1. Early policy issuance, 2. Easy claim settlement Can be availed for vehicles up to 10 years
Universal Sompo Two Wheeler Insurance Policy 1 Lakh Property Damage Coverage Zero Depreciation 1. Early policy issuance, 2. Easy claim settlement Can be availed for vehicles up to 10 years
Table Data updated on 14-04-2021
Benefits of two wheeler insurance
It is true that in the recent years, the two wheeler insurance industry has changed a lot. Nowadays, insurance companies have come up with many different options that can easily help you choose the best option as per your needs. You can buy it online also. Some of the benefits of bike insurance plan are:-
Comprehensive and third party two wheeler coverage
Property damage and physical cover
NCB – No Claim Bonus
Let us discuss the above benefits in detail
Comprehensive and liability coverage: In two wheeler insurance, you can choose the right insurance policy according to your needs. It is always advisable to opt for a comprehensive insurance plan as it provides you coverage for both your bike and third party liability. Whereas under third party insurance policy, customers will get coverage only against third-party liability.
Optional cover: There are many covers under this option like personal accident cover, zero dep cover etc. By paying a small extra amount, you can easily get a number of additional riders that will provide additional yet effective coverage.
No-Claim Bonus (NCB): No-claim bonus is the percentage of the amount deducted from the premium at the time of policy renewal on account of no claim being made during the previous policy tenure. With bike insurance plans you will get free NCB for each unclaimed year which will help you in reducing the premium amount. If the two wheeler policy needs to be transferred to another insurer then the applicable no-claim bonus can also be easily transferred.
Discount: Insurance companies offer a discount on the premium of a two wheeler policy. This exemption can be given for long term policies of more than two years. Discounts can also be given for safety equipment and facilities installed on the bike and for group two wheeler plans.
Property Damage and Physical Cover: It is designed to provide coverage against damages caused due to man-made and natural calamities.
On what factors does the premium of a two wheeler insurance policy depend?
Bike Insured Declared Value (IDV): The IDV is actually the present value of the vehicle to the vehicle owner. This is the amount that the vehicle owner can claim against vehicle theft or damage to the bike. Higher IDV leads to higher premiums to be paid.
Depreciation: This is one of the main factors that affect the bike insurance premium. The older the bike, the higher the depreciation and the lower the premium. There is no depreciation amount for new bikes.
Bike Value: More expensive bikes tend to have higher insurance premiums.
NCB: It’s a matter of renewal. NCB is deducted from the premium amount, and the premium is reduced.
Exemption Applicable: Installation of high security and theft protection devices is deducted from the premium and the premium is reduced.
Geographical Location: Geographical location also greatly affects the bike insurance premium. The premium for a hilly area will always be higher than that of a flat area.
Some two wheeler insurance company premium
Insurance companies IDV cover premium (tax free)
Oriental Insurance Company Rs 64,600 Bundle Cover (1 Year Loss + 5 Year TP) Rs 3,726
United India Insurance Rs 64,600 Bundle cover (1 year loss + 5 year TP) Rs 4,001
New India Assurance Rs 54,360 Bundle Cover (1 Year Loss + 5 Year TP) Rs 3,517
HDFC ERGO Rs 63,021 Bundle cover (1 year loss + 5 year TP) Rs 4,577
Bajaj Allianz Insurance Company Rs 68,314 Bundle Cover (1 Year Loss + 5 Year TP) Rs 4,430
Table Data updated on 14-04-2021
(New Bajaj Pulsar DTSi-Electric Start, DL 7S New Delhi (RTO))
How to choose two wheeler insurer and insurance plan?
With so many insurance plans and insurance companies, it really becomes quite difficult to choose the insurer and the insurance plan. Always choose a policy that best suits you. For example, top ranking insurance company may provide good insurance services in metros but their presence in your area may be limited.
To choose the policy according to your needs, you have to check the plans of all the top insurance companies, which may also take you a long time. But here at PolicyX.com, you can check and compare the plans of all these companies together.
PolicyX.com is a customer portal where bike owners can compare and buy two wheeler insurance plans prices and features. It provides you an insurance calculator in which you can get your insurance quote very quickly by entering some basic details.
While finalizing your two wheeler policy ensure the following:
The insurance company should be IRDA authorized.
The insurance company should have a transparent record.
It is important to check the financial soundness and capability of the insurance company.
The company’s capability and past performance in two wheeler insurance.
Customer support provided by the insurance company.
Insurance company’s claim settlement ratio and claim process.
The insurance plan should have the capability to meet your basic and specific needs.
Top Two Wheeler Insurance Companies in India
Many Top General Insurance Companies in India Comprehe
Offering nsiv and liability bike insurance plans. The following companies have earned a good reputation in bike insurance:
Insurance Company Name Third Party Cover Network Garage Personal Cover (Accidental) Claim Settlement Ratio Policy Term No-Claim Bonus
Bharti AXA General Insurance Available 4000+ Rs 1 Lakh 75% Available 1 Year
Bajaj Allianz General Insurance Available 4800+ Rs 1 Lakh 62% 1 Year Available
IFFCO Tokio General Insurance Available 4300+ Rs 1 Lakh 87 % 1 Year Available
Universal Sompo General Insurance Available 5400+ Rs 1 Lakh 88 % 1 Year Available
Reliance General Insurance Available 4450+ Rs 1 Lakh 85% 1 Year Available
New India Assurance Available 1150+ Rs 1 Lakh 87.54 % 1 Year Available
Royal Sundaram General Insurance Available 3300+ Rs 1 Lakh 89 % 1 Year Available
HDFC ERGO General Insurance Available 6800+ Rs 1 Lakh 82 % 1 Year Available
Table Data updated on 14-04-2021
Documents Required to Buy Two Wheeler Insurance Policy
New Insurance Purchase: Less documentation is required for two wheeler purchase. Simply fill the application form and attach the registration copy of your bike
Copies of old insurance papers.
A copy of your two-wheeler policy.
Copy of your bike registration certificate.
driving license copy
First Information Report (FIR) lodged in the police station.
Medical bills (for personal accident cover claim).
Bike repair bill (for bike repairs in non-network garages).
How to apply for two wheeler coverage?
You can apply online or offline for two wheeler coverage in India. You will receive the value of your premium when you choose the coverage time period. Know the process of applying:-
1 Bike Insurance Offline
If you want to apply for two wheeler insurance offline, you will have to meet an insurance agent or an insurance marketing consultant to get information about the insurance. Usually offline policy purchases are a bit expensive as you pay a fixed percentage of your premium to the agent. As a result, your rates may be higher when you view a policy offline. Where can you buy offline bike insurance :-
from the insurer’s office/department
through coverage agent
through a financial institution or third-party
2 Bike Insurance Online
If you are applying for bike insurance online, you can visit the website of the company that you choose as your insurer. You can start the process by getting quotes from higher insurers immediately.
Before deciding on your insurer, you can use the premium calculator to get an idea about the premium you will be paying. You may need to enter your two wheeler registration number, phone number and relevant field and email. Then you can click to buy online.
How to Renew Two Wheeler Insurance Policy Online?
Insurance documents are required to drive a vehicle on the roads as per Indian law otherwise you may have to pay high penalties. Those who own a two wheeler are required to renew the policy after the expiry of the policy term. Once the policy lapses, the two wheeler owner can get it renewed during the grace period. If the grace period expires, you can check the online renewal process with policyx.com and get the bike insurance policy renewed.
To renew the policy one can visit our ‘Quotes section’ which is present at the bottom-right side of this page. We will guide you through the entire process and it is quite simple and hassle-free.
Go to the Quote section, which is the top of this page and fill in the required details.
Compare quotes and select the plan as per your needs.
Pay using various modes of payment like Net Banking, Debit/Credit Card, etc.
Anytime you can seek assistance from our customer support team by emailing helpdesk[at]policyx[dot]com or you can also call on 1800 4200 269
Two Wheeler Insurance Renewal Checklist
Comprehensive coverage: Two wheeler riders should go for a comprehensive coverage plan as it includes third party coverage.
Insured Declared Value (IDV): Reimbursement for accidental and theft loss. IDV helps in evaluating the best value per premium for the policy.
Claims Information: The Claim Settlement Ratio (CSR) plays an important role in defining and choosing an insurance company.
Network garages: Check out all the network garages that offer cashless bike repair services in your area.
Additional Benefits: Be sure to go through all the benefits and don’t forget to check out the add-on benefits available and choose the best plan for your bike.
Deductions and Discounts: Carefully inspect the deductions and also the discounts available to avail your chosen plan.
Claim Process for Two Wheeler Insurance
Two wheeler insurance companies provide hassle free and smooth claim settlement process. The claim settlement process varies according to the type of insurance. If you have encountered an accident involving a third-party or vehicle, you can file a claim through the following process: