What is bike insurance?
Bike insurance is a contract between the bike owner and the insurance provider. The insurance company offers financial coverage to the bike owner in the event of an accident. Third-party two-wheeler insurance in India comes under the Motor Vehicle Act of 1988. Bike insurance protects you in the event of an accident while riding a two-wheeler/motorbike on Indian highways. To avoid paying fines, purchase or renew two-wheeler insurance online for up to three years.
To ensure compliance with legal requirements and avoid potential fines, it is highly advisable for bike owners to purchase or renew their two-wheeler insurance online. You can check the status of the policy on Parivahan Sewa website.
Key features of two-wheeler insurance
Given below are the key features and benefits of two-wheeler insurance:
Key features |
Benefits |
Bike insurance premium |
Starts at Rs. 538* |
Claim settlement ratio |
96% claim settlement ratio * |
No Claim Bonus |
Up to 50% |
Add-on covers |
Six add-on covers |
Own damage cover |
Covers accidents and natural or man-made calamities |
Third-party damage cover |
Covers third-party injuries and property damages |
Claim settlement |
Cashless and reimbursement claim settlement |
Personal accident cover |
Up to Rs. 15 lakh* |
Cashless garage network |
6,500+* across India |
Repair service |
Doorstep two-wheeler repairs |
Buying/renewal process |
Online |
Key benefits of two-wheeler insurance
-
Cashless claim settlement at 6,500+ network garages
Repair your damaged two-wheeler across 6,500+ network garages and avail of cashless claim facilities.
-
Doorstep claim settlement
Repair your two-wheeler at partner garages and get it delivered to your doorstep within three days.
-
Own-damage coverage
Get coverage against damages caused to your two-wheeler due to natural calamities, theft, fire, and accidents.
-
Third-party liability coverage
When buying two-wheeler insurance online with third-party coverage, get coverage for third-party injuries or property damage. Know more about third-party bike insurance coverage.
-
Personal accident cover
Get coverage for up to Rs. 15 lakh in case of accidents. The unfortunate event may lead to injuries, disability, or death of the owner-rider of the vehicle.
-
No claim bonus
Benefit from No Claim Bonus and get up to a 50% discount on your own damage premium, depending on the policy years.
-
Multiple optional add-ons covers
Choose from multiple add-on covers. These include loss of accessories, legal liability to paid driver, cleaner, or any workman. Also, get personal accident cover for occupants.
Factors affecting two-wheeler insurance premium
Several factors determine the premium for two-wheeler insurance. The insurance company calculates the premium amount by weighing various risks. Here’s the list of factors that influence the cost of a bike insurance policy:
- Make and model
The manufacture and model of the vehicle are essential elements that influence the bike insurance rate. If you own a low-cost bike, your insurance rate will be lower as well. However, if you own a high-priced sports bike, you will have to pay a greater premium. - Age of the vehicle
The age of a vehicle is also a factor when calculating the policy premium. Therefore, when purchasing a bike insurance policy, insurers require you to enter the age of the bike to provide policy rates. A new bike has a higher value than an old bike. This means the former will have to pay a higher premium for insurance, while the latter would have to pay a lesser cost. - Insured Declared Value (IDV)
A vehicle's current market value is its IDV. As a bike depreciates over time, its IDV is calculated annually. Based on the vehicle's IDV, the insurance provider calculates the compensation and premium. Check your premium through IDV calculator. - Engine capacity
The bike's engine capacity is a major determinant in bike insurance prices. The cubic capacity of the engine is used to calculate its size (cc). - No Claim Bonus
It is given by insurers to policyholders who do not file a claim during the policy year. The NCB is in the form of a reduction in the following policy year's premium. With consecutive claim-free years, you can accumulate this advantage by up to 50%. As a result, the insurance premium is influenced because you will have to pay it after the NCB.
How to save on bike insurance premiums
There are various methods to save money on your two-wheeler insurance policy without sacrificing coverage. Take a look at the following:
- Claim your NCB
For every claim-free year, you will get an NCB. You can use your NCB to get premium discounts without lowering your coverage level and can also get assistance in bike insurance renewal. - Know the year your bike was built
It is critical to know the year your bike was built. Because older motorcycles have a smaller IDV, thus the premium rates are low. - Install safety gadgets
Safety devices that can improve the safety of your bike should be considered. This is because your insurance company will recognise your installation and give you a discount on your payment. - Choose your bike's engine capacity wisely
Choosing your vehicle's engine cubic capacity, or CC, is critical because a greater CC draws a higher premium. As a result, you must carefully select the CC engine while purchasing. - Choose a higher voluntary deductible
Deductibles lower the insurer's liability by making you pay part of the claim. So, your insurer will cut your premiums if you choose a high optional deductible.
Types of bike insurance
There are three types of bike insurance plans in India:
Comprehensive insurance
As the name suggests, this insurance provides comprehensive coverage for your insured two-wheeler. A comprehensive bike insurance provides coverage for personal accident coverage for the rider, and any third-party liability. The insured bike is also fully covered against fire, explosion, theft, accident, self-ignition, or lightning. Also, against natural disasters, terrorist activity, and damage in transit by road, rail, inland waterway, lift, elevator, or air.
Third-party insurance
This insurance is mandatory in India. It covers the policyholder against liability for the damage caused to other people's vehicles or property. The damage can be third-party vehicle damage, injuries, death, or property damage. But the third-party bike insurance does not cover any damages for the insured two-wheeler or the rider.
Own damage bike Insurance
In the event of unintentional damage to the insured two-wheeler, your own damage bike insurance policy can be helpful. The policy reimburses you for your losses in accordance with the terms and conditions if your two-wheeler is damaged due to flooding, natural disasters, vandalism, etc.
Add-ons for two-wheeler insurance policy
Let’s look at some of the add-on covers that are available with two-wheeler insurance policy:
- Zero-depreciation cover
Zero-depreciation add-on protection is best suited for new vehicles. It lets you avoid depreciation cuts, and the owner gets the full benefit in case of any incident. You receive full value for your two-wheeler and all its spare parts. The depreciation of your motorcycle is not considered by your insurer. - Roadside assistance cover
One of the most terrifying scenarios for any rider is being stuck on the road with a non-functioning two-wheeler. With the add-on facility of roadside assistance, you will have access to 24x7 emergency roadside assistance. This includes towing services in the event of a breakdown. - Key replacement cover
If you lose your bike key, replace the lockset and keys promptly to prevent theft. Key and lockset repairs or replacement are covered by bike insurance's key replacement coverage. - Outstation emergency cover
This protects you from accidents or breakdowns that occur outside a 100-kilometre radius of your home. In addition, if the repair time crosses 12 hours, the insurance company also reimburses you with Rs. 2,500. - Personal accident cover for passengers
Personal accident cover for passengers is an added layer of protection for your loved ones. In case of any unfortunate incident, you will get coverage of up to Rs. 1 lakh per passenger. This is as per the terms and conditions of your two-wheeler insurance policy. - Engine protection cover
You can add more protection to your two-wheeler by getting financial help for expenses arising from water ingress, oil leakage, and more.
Step-by-step guide to buy Two-wheeler Insurance plans on Bajaj Finance Insurance Mall
-
Step 1
Click here to visit the online application form.
-
Step 2
Enter the vehicle type, registration number, mobile number, and residential PIN code. Check the terms and conditions of bike insurance policy and click on the ‘Get Quote’ button below.
-
Step 3
Choose the IDV, NCB value, optional add-on covers, and plan type to get a list of relevant insurance policies. You need to update your current insurance policy expiry date here.
-
Step 4
Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on Next to proceed.
-
Step 5
Confirm the vehicle registration date and the previous policy type (Comprehensive/third-party). Click on ‘Proceed’.
-
Step 6
Enter vehicle owner’s name, date of birth, residential address, and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous bike insurance policy details.
-
Step 7
Review your previously filled details and make the payment through your preferred online payment mode – Net banking, UPI, Credit/Debit card to buy the two-wheeler insurance policy.
After successful payment, your policy document will be available for you to download instantly. A copy of the policy document will also be mailed to your registered email ID within 5-7 working days.
You will also receive an SMS confirmation immediately after the payment process is completed.
You can also access your policy details through the My Account section within 5-7 days after purchase.
Step-by-step guide to renew two-wheeler insurance plans
-
Step 1
Before your policy expires, click here to choose your preferred plan.
-
Step 2
Enter the vehicle type, registration number, mobile number, and residential PIN code. Check the terms and conditions of bike insurance policy and click on the ‘Get Quote’ button below.
-
Step 3
Choose the IDV, NCB value, optional add-on covers, and plan type to get a list of relevant insurance policies. You need to update your current insurance policy expiry date here.
-
Step 4
Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on Next to proceed.
-
Step 5
Confirm the vehicle registration date and the previous policy type (Comprehensive/third-party). Click on ‘Proceed’.
-
Step 6
Enter vehicle owner’s name, date of birth, residential address, and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous bike insurance policy details.
-
Step 7
Review your previously filled details and make the payment through your preferred online payment mode – Net banking, UPI, Credit/Debit card to buy the two-wheeler insurance policy.
After successfully making the payment, your policy document will be available for you to download instantly. A copy of the policy document will also be mailed to your registered email ID within 5-7 working days.
You will also receive an SMS confirmation immediately after the payment process is completed.
You can also access your policy details through the My Account section within 5-7 days after purchase.
Benefits of renewing two-wheeler insurance online
Here are some common benefits of renewing two-wheeler insurance.
No inspection
You can renew your two-wheeler insurance policy without any inspection. This is subject to no break in the insurance period.
No fresh documentation
To renew your bike insurance online, you need not present fresh documents.
Quick and affordable
The renewal process takes just a few minutes and you need not pay any additional charges.
Compare best deals
When renewing your policy online, you can compare the prices of all leading insurance providers and choose a policy that suits you the best.
Easy customer support
For any assistance regarding the renewal process, you can contact customer care through a 24x7 helpline number.
Key inclusions and exclusions
Here’s a quick look at the inclusions and exclusions of two-wheeler insurance policies:
- Key inclusions
- Key exclusions
| Key inclusions | Description |
|---|---|
| Third-party liabilities | Gives financial and legal coverage against physical injury and/or property damage caused to the third party by your insured vehicle |
| Personal accident cover | Compensates the specified sum insured on the bike insurance policy in case of the insured’s demise or if he/she suffers from permanent total disability due to an accident |
| Accidental damage | Covers damages or losses caused to the insured vehicles in any incident such as accidents, natural disasters, theft, or malfunctions |
| Fire damage | Coverage against damages caused due to fire explosion, self-ignition, or lightning |
| Theft | In case the two-wheeler is stolen, the insurer will provide coverage |
| Key exclusions | Description |
|---|---|
| Location | Any loss or damage caused to your two-wheeler outside the geographical limits of India |
| Pre-existing damages | Any damage that your two-wheeler has suffered before buying this two-wheeler insurance policy |
| Normal wear and tear | Repair or replacement costs of two-wheeler parts that are damaged over time due to regular usage |
How to raise a cashless claim for a bike insurance policy?
Raising a cashless claim request for bike insurance is a quick and hassle-free process. Here's how to raise a cashless claim request for two-wheeler insurance:
-
Inform the insurance company
In case of an accident or any damages to your bike, inform your insurance company immediately about the incident. The insurance company will guide you through the process.
-
Register the claim
Register your claim for cashless settlement and provide all the necessary details to the insurance company. Provide policy details, bike information, incident details, and contact details.
-
Get your bike inspected
The insurance company may send a surveyor to inspect the vehicle. Ensure that all the damages are documented and reported.
-
Choose a network garage
If you have opted for a cashless claim, select a network garage from the insurer's list of garages. Then, submit the repair estimate along with the claim documents.
-
Claim settlement
After the inspection and repair estimate, the insurance company will settle the claim amount directly with the garage as per the policy terms.
-
Collect your bike
Once the repairs are done, you can collect your bike from the garage.
Raising a cashless claim request for bike insurance ensures that you get your bike repaired with minimum out-of-pocket expenses. It is a simple and hassle-free process if you have all the necessary documents and follow the right steps.
How to raise a reimbursement claim for a two-wheeler insurance policy?
You can raise a reimbursement claim request for your bike insurance by following these simple steps:
-
Inform the insurance company
As soon as the incident occurs, inform your insurance company about the incident. The insurance company will guide you through the process.
-
Register the claim
Register your reimbursement claim and provide all the necessary details to the insurance company, like policy details, bike information, incident details, and contact details.
-
Document the damages
Take pictures of the damages and collect all the necessary documents. These will include the repair estimate, repair bills, and payment receipts.
-
Repair the bike
Get your bike repaired from any garage of your choice and settle the repair bill.
-
Submit the claim
After the repairs, submit the reimbursement claim along with the necessary documents to the insurance company.
-
Claim settlement
After document verification, the insurance company will settle the reimbursement claim amount as per the policy terms and conditions.
Follow these simple steps and submit all the necessary documents to reimburse your car repairing bills without hassle.
Documents required for raising a claim request
Here is the list of documents you need to raise a claim request against two-wheeler insurance policies.
- Copy of the registration certificate (RC) of your vehicle
- Copy of your driving licence
- Policy number
- Description of the incident and photographs of the vehicle (if possible)
- First Information Report (FIR) in case of theft, injuries to any third party or damage to their property
- The original bills for the repairs of the two-wheeler (in case of reimbursement claim)
Contact details of our bike insurance partners
ACKO |
|
Contact number |
1800-266-2256 (toll-free) |
Email address |
hello@acko.com |
Know more |
|
Bajaj Allianz General Insurance |
|
Contact number |
1800-209-5858 |
Email address |
bagichelp@bajajallianz.co.in |
Know more |
|
SBI General Insurance |
|
Contact number |
1800-102-1111 (toll-free) |
Email address |
customer.care@sbigeneral.in |
Know more |
|
Frequently asked questions
A cashless bike insurance claim provides you with instant aid after an unfortunate event. It helps you avoid paying any repair costs. However, a cashless claim is only applicable for two-wheelers repairing at a network garage.
A policyholder receives a No Claim Bonus (NCB) if they haven't filed any claims throughout the insurance period. The comprehensive bike insurance plan in India varies between 20-50%, according to current laws. A third-party motor insurance plan does not qualify for the NCB. At the time of the vehicle transfer, the insurance plan can be transferred to a new insurance provider, but NCB can't be transferred. The new buyer is responsible for paying the outstanding balance. The NCB can be used by the two-wheeler’s original owner when acquiring a new vehicle.
Comprehensive two-wheeler insurance gives coverage to your third-party liabilities in addition to the damage sustained by your bike/two-wheeler due to an accident, theft, fire, or natural calamities like earthquakes, floods, and man-made disasters.
The following are the most significant elements that influence bike insurance premiums:
1. Insured declared value (IDV)
2. Make and model of the two-wheeler
3. Deductibles
4. Seating capacity
5. Cubic capacity
6. Previous insurance history
The type of coverage has an impact on the premiums. Do compare insurance premiums to obtain the best deal. The IRDA decides third-party premium amounts.
The deductible is the amount that must be paid by the insured if a claim is filed. Generally, there is a standard or mandatory deductible for most automobiles. It depends on the carrying capacity or cubic capacity of the vehicle. However, in some situations, the insurance carrier may impose a larger deductible based on the vehicle's age or the frequency with which the claims are filed.
