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Two Wheeler Insurance

Bike Insurance Online

Last Updated 01st Dec 2020

  • Purchasing and renewing bike insurance policy online is hassle-free and less time-consuming.
  • Online purchase of bike insurance may come with special discounts.
  • Standalone policy, third-party policy and comprehensive policy are the three options for bike insurance.
  • Third-party two-wheeler insurance is a statutory mandate.
  • The bike insurance policy tenure is compulsory to be of 5 years.

    2 Wheeler Insurance

    Two-wheeler insurance refers to the insurance protecting two-wheelers against any natural or man-made disaster. It extends financial assistance for any damage or loss of the insured bike and of the third party in an accident. Since two-wheelers have become a convenient means of daily transport, keeping it protected becomes necessary as well. Once you have opted for a 2 wheeler insurance, your bike will be secured against any uncertainties on the road. Hence, you will be able to ride your two-wheeler with a sense of security and peace of mind.

    Reasons to Buy Two Wheeler Insurance Online

    The Motor Vehicle Act of 1988 has made two-wheeler insurance a statutory mandate, thereby riding a bike without insurance will cost you fine. Hence, you must get your two-wheeler insured. Getting insurance has become seamless with the online facility. Here is why you should buy two-wheeler insurance online.

    • Minimal paperwork: The online process reduces the paperwork. You will have to provide the required details of your vehicle and make the payment. You can upload the scanned copy of the required documents.
    • No extra charges: There is no broker or middleman involved when you buy bike insurance online. Hence, you will not be obliged to pay any added fees. Moreover, many insurance providers offer special discounts for online insurance buyers.
    • Easy renewal: Renewing your bike insurance policy online is easy and quick as you are not required to present your details. Enter your policy number, choose the cover and make the payment without any trouble.
    • Quick alteration: Making any alteration of your two-wheeler insurance policy online takes little time and effort. For this, you need to visit the website of your insurance provider and fill up the required form. Your request will be processed immediately.
    • Round the clock assistance: If you get stuck anywhere or simply have a problem in understanding anything while buying insurance online, the help desk will be ready to help you. You can contact them via call or can send a mail. Many insurers have an online chat option on their websites. Drop a text on the chat and get an instant reply.

    Types of Two-Wheeler Insurance Plans in India

    Based on the coverages, there are three types of two-wheeler insurance plans in India. Below laid out are the three types of plans.

    • Standalone Insurance Policy: Standalone insurance policy covers the damage occurred by the insured vehicle. With this policy, you will not have to pay for any damage to your vehicle due to any natural or man-made disaster. Theft and burglary come under this policy as well.
    • Third-party Insurance Policy: As the name suggests, the third-party insurance policy bears your third-party liabilities. This policy provides financial assistance for any third-party damage caused in an accident involving your vehicle. Note that third-party damage includes third-party vehicle damage and third-party property damage.
    • Comprehensive Insurance Policy: The comprehensive insurance policy offers coverage for both own damage and third-party damage. Under any circumstance, if your vehicle or any third-party is damaged, the comprehensive policy will take care of all financial requirements.

    It is quite clear that the standalone insurance policy and the third-party insurance policy have their limits. While the first covers only the insured vehicle, the later is restricted to third-party liabilities. Hence, to ensure maximum coverage and if your budget allows you, the comprehensive insurance policy is the best choice.

    Features of Two Wheeler Insurance Policy

    The number of two-wheelers is growing rapidly, and so is the demand for 2 wheeler insurance. Hence, insurance providers are trying to gain popularity with various features. Here are some of the features that you can avail with your two-wheeler insurance policy.

    • Maximum coverage: To ensure maximum protection against any damage or loss of the insured vehicle and of the third-party, most of the insurance providers offer the comprehensive insurance policy at affordable premiums.
    • Personal accident cover: The bike insurance policies come with a built-in personal accident cover that shields the insured vehicle from damage or loss. The personal accident cover used to be worth ₹ 1 Lakh . However, the amount was raised to ₹ 15 Lakh by IRDA recently.
    • Instant purchase and renewal: Buying or renewing two-wheeler insurance online or offline is a quick and easy process. You can make the purchase instantly by going through minimum paperwork and renew the policy with the same ease.
    • Added discounts: Insurance providers offer various discounts to attract potential insurance buyers. Membership of any recognized auto-mobile association fetches special discounts. Thereby, you can earn a discount on your premium by installing an approved anti-theft device in your vehicle.

    Add-ons on Two wheeler insurance

    Some of the add-ons that can be availed in a two-wheeler insurance policy are listed as follows:

    • Zero depreciation: The value of a bike like any other object depreciated over time. The insurance providers take the depreciation factor into account during claim settlement and deduct an amount as depreciation cost. You can avoid the depreciation cost by opting for the zero depreciation cover.
    • No claim bonus add on: In case, you have not made even a single claim in your complete policy period, you can avail the no claim bonus or NCB. This cover generates discounts on your premium and during your policy renewal as well.
    • Roadside assistance: The road assistance cover is of great help in the event of a breakdown, tyre puncture, fuel delivery and so on. You can get a towing service to the garage and on site-repairs.
    • Return to invoice: In case of total loss or theft, this cover will help you to avail the full invoice price of the insured vehicle.
    • Daily allowance: If your vehicle is getting repaired in any network garage of your insurance provider, you will get a daily allowance until the vehicle is completely repaired by opting for this cover.

    Together with the above-mentioned covers, there are loss key cover, helmet cover and consumable covers. You can opt for any number of the add-on covers while purchasing an insurance policy for your bike.

    What is Covered Under Motorbike Insurance Policy?

    The following are covered under the motorbike insurance policy:

    • Any loss or damage occurred to the insured vehicle due to natural calamities such as flood, earthquake, storm and so on.
    • Any damage or loss incurred to the insured vehicle due to any man-made disaster such as fire, riot, terrorist activities and so on.
    • Any third-party property or vehicle damage in an accident involving the insured vehicle.
    • Total loss incurred on the insured vehicle due to theft or burglary.

    Bike Insurance Settlement Process

    During any emergency, you can request a claim as per your respective insurance policy. It is a must that you inform your insurance provider immediately after the accident. The claim can be settled in the following two ways.

    Cashless claim settlement

    Cashless claim settlement is generally done in the network garages of the insurance provider. The following are the steps of a cashless claim settlement.

    • Contact your insurance provider and inform them about the mishap.
    • The insurance provider will arrange a survey of the insured two-wheeler.
    • Collect the claim form from the surveyor, fill in and submit along with required documents.
    • The vehicle will then be sent to the nearest network garage.
    • After evaluating the damage of the vehicle, the surveyor will prepare the report.
    • The two-wheeler insurance provider will pay for the repair expenses directly to the garage.
    • If there are any deductibles or other charges, you will be required to pay after the repair.
    Reimbursement claim settlement

    Reimbursement claim is requested when the vehicle is repaired in a garage that is linked with your insurer. The following are the steps of a reimbursement claim settlement.

    • Contact your insurance provider and register the claim.
    • Further, a survey will be arranged by the insurer.
    • Fill up the claim application form and submit it with all necessary documents.
    • After the survey, take the vehicle to your preferred garage and pay the charges.
    • Collect all bills from the garage and submit to your insurer.
    • Once the applied claim is approved, the insurer will reimburse the claim amount.

    Documents Required For Two Wheeler Settlement Process

    Below listed is the set of documents required for the two-wheeler claim settlement process.

    • Claim form (duly filled and signed)
    • Copy of RC or Registration Certificate of the insured bike
    • Copy of driving licence
    • Bill and receipt of repair
    • Proof of release from the garage
    • Copy of your insurance policy
    • Copy of FIR in case of a third party liability

    Two Wheeler Insurance Renewal Process

    You can renew your two-wheeler insurance policy in the following two methods.

    • Online: By visiting the website of your insurer.
    • Offline: By visiting the office or branch of your insurer.

    The steps for bike insurance online or offline renewal process are the same more or less. Here are the steps.

    • Collect and submit the insurance policy renewal form.
    • Provide all essential information such as the registration number of your bike and the updated IDV.
    • Select the plan for your two-wheeler, and the premium will be displayed.
    • Pay for the premium and the policy will be renewed.

    The payment for online renewal has to be done using the online payment gateways avail on the website. For offline renewal, you can pay by cash, debit card, cheque or demand draft.

    How to Renew Your Expired Bike Insurance Policy?

    To continue enjoying the benefits of your two-wheeler insurance policy, timely renewal is the only option. If your insurance policy has expired and you have not renewed it on time, you may be penalized for riding without a valid insurance policy. Furthermore, you will not receive any assistance from your insurer in time of emergency.

    You can take the following methods to renew your expired bike insurance policy.

    • Your current insurer will allow you to renew your policy; however, they might charge a penalty.
    • Go for the online renewal as it takes less time than offline renewal.
    • You can switch your insurer if you are not satisfied with your current insurer.

    How Much a Two Wheeler Insurance Costs?

    The cost of two-wheeler insurance policy will depend on the plan, and add-on covers you are opting. The price of the comprehensive insurance policy is decided based on the engine capacity, age, make, model and location of the vehicle. On the contrary, the price of third-party bike insurance policy is set by IRDA. For the financial year 2019-20, a rise of 4% to 21% has been proposed.

    How to Buy Two Wheeler Insurance Plans Online?

    Purchasing a two-wheeler insurance policy online is effortless and takes little time. Follow these steps and get your policy in no time.

    • Land on the website of your preferred insurance provider.
    • Enter the details of your two-wheeler as required on the website.
    • Once you have provided the details, the website will show you the quotes of different plans.
    • Select the plan you find best suited for your vehicle.
    • Take the add-on covers if you require.
    • Make the purchase and pay using the available payment gateway.

    How to Choose the Best Bike Insurance Plan?

    Finding the best plan for your two-wheeler is not a tough job. You will need to identify your requirement and compare the available policy options based on some parameters to get the best one for you.

    • Desired coverage: A comprehensive plan is best for you if you want maximum coverage. However, if you want the minimum coverage or have a tight budget, go for the third-party insurance policy.
    • Quotes: Compare the quotes offered by various insurers and select the one that suits your budget.
    • Claim settlement ratio of the insurers: Claim settlement ratio indicates the number of claims settled by an insurer against the number of claims received. The higher the ratio, the more capable the insurer is to settle a claim. Hence, you should select an insurer with a high claim settlement ratio.
    • Availability of add-on covers: Not all insurers provide all add-on covers. When selecting an insurer to make sure the insurer offers the add-on covers you want.
    • Online service: Buying or renewing a policy online is quick and easy. You can get this done anywhere and anytime. Go for an insurer that provides the online purchase and renewal facility.

    FAQs

    Is 3rd Party Insurance enough for a bike?

    3rd party insurance policy is mandatory; however, it is not enough for maximum coverage. Only the third party liability is covered under this policy. The insured vehicle does not get any coverage.

    How many types of bike insurance are there?

    There the three types of bike insurance policy, which are listed below.

    • Standalone two-wheeler insurance policy
    • Third-party two-wheeler insurance policy
    • Comprehensive two-wheeler insurance policy

    Is motorbike insurance mandatory for five years?

    Yes, as per the order of the Supreme Court, the bike insurance policies are mandatory to be of 5 years.

    • Select an insurer providing insurance for old or used two-wheelers.
    • Go to the office or website of the insurer.
    • Collect the insurance form and submit the duly filled form with required documents.
    • Make the payment and your two-wheeler will be insured.

    What if bike insurance expired?

    You may end up paying the penalty if you ride with an expired policy. Once the policy has expired, your insurer will not provide any coverage. To avoid penalty and continue to get coverage, renew your policy on time.


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