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Navigating through the different types of bike insurance can be challenging, but understanding the coverage each type provides can help you make an informed decision. Here's a comparative look at Comprehensive, Third-Party, and Standalone Own-Damage Bike Insurance:

How to Choose Two Wheeler Insurance Policy?

With so many insurance companies offering two-wheeler insurance plans, it often becomes difficult to choose the right one. Here are the factors that you need to consider while purchasing a bike/scooty insurance.

1. Know Your Coverage Requirements

Assess your bike requirements and budget so that you can choose the best insurance plan type for your bike. While assessing your requirements, you must consider different factors such as usage of your two wheeler, your expenditure, liabilities, etc.

2. Choose Add-ons Wisely

Add-on covers help you to enhance the coverage of your two wheeler insurance policy. You can opt for an add-on cover for your two wheeler insurance policy by paying an extra premium. Some common add-on covers are zero depreciation cover, personal accident cover for pillion riders, roadside assistance, etc.

3. Choose a Reliable Insurance Company

You must check the claim settlement ratio of the insurance providers while choosing a two wheeler insurance company.

4. Compare Two Wheeler Insurance Plans Online

It is important to compare different two wheeler insurance policies online to make the best decision for your bike. You can compare different plans on the basis of inclusions, exclusions, premiums, etc.

5. Read Online Reviews

It is important that you read online reviews posted by different customers. This will help you in choosing the best bike insurance. You must read positive as well as negative comments online so that you can decide what is best for you.

Benefits of Buying A Two Wheeler Insurance Policy

Two-wheeler insurance is not just an option anymore, it stands as a protection for your two-wheeler. It ensures comprehensive protection by offering a safety net in the face of unfortunate events and circumstances. Thus, when it comes to securing your bike against unforeseen losses resulting from accidents, a bike policy is your most reliable option. To ensure you make the right decision and select the ideal coverage for your two-wheeler, here are some key benefits you should consider while purchasing your insurance policy.

1. Financial Protection

Bike insurance plays a vital role in safeguarding you against the uncertainties that come with riding on the road. Accidents, damages, and losses can be financially devastating, but with the right insurance, you can enjoy peace of mind knowing that you are protected. This comprehensive coverage not only takes care of the repair costs for your bike but also covers any liabilities you might have towards third parties involved in an accident.

2. Roadside Assistance

One of the biggest nightmares for a vehicle owner is to be strangled on the road with no support incase of their vehicle breakdown. Having the right insurance helps you avail the benefit of 24*7 roadside assistance incase of a flat tire, battery issues, emergency fuel assist, lost key assistance, minor repairs etc. Whether it's a flat tire, battery issues, or any other breakdown, roadside assistance ensures you get timely help and support.

3. Personal Accident Cover

Bike insurance includes a personal accident cover that provides compensation in case of accidental injuries or death to the insured rider. This mandatory two-wheeler cover gives a protection of up to Rs. 15 Lakhs ensuring you or your family receive financial assistance during the challenging times. The policyholder can also choose to buy personal accident cover for co-passengers by paying an extra premium.

4. Natural & Man-Made Calamity Coverage

Bike insurance provides extensive coverage, not only protecting against accidents but also extending to damages caused by natural disasters like floods, earthquakes, and cyclones. With such comprehensive protection, you can have peace of mind even during unforeseen calamities. Moreover, it covers losses arising from man-made events like riots and vandalism, ensuring that you are financially secure in various challenging situations. This all-encompassing coverage gives you the confidence to hit the road with reassurance, knowing that your bike and finances are protected against a wide range of risks. With motorcycle insurance online, you can enjoy your rides without worrying about the uncertainties life may throw your way.

5. Third-Party Coverage

Third-party coverage, also known as ‘act-only’ insurance, is mandatory by law and ensures that you are protected against legal obligations, medical bills, repair of vehicle or any similar liabilities arising from injuries or damages caused to a third party due to an accident involving your bike. As per the Motor Vehicle Act 1988, not having an active third-party insurance can cause the registered owner of the vehicle serious penalties and fines.

6. Comply With The Law

Having valid bike insurance is not only crucial for your financial security but also a legal mandate in India. It serves as a safety net, protecting you from unexpected financial burdens in case of accidents or damages. Beyond the financial aspect, it is essential to comply with the law to avoid penalties. In case you do not have a policy, you will be fined or can be even imprisoned. Thus, it is very important that you have at least a third-party bike insurance to stay protected against legal repercussions.

7. Coverage Of Parts for Repair

Two-wheeler insurance is a valuable investment that provides coverage for repairing or replacing damaged bike parts. Get instant bike insurance online to avoid substantial out-of-pocket expenses that might otherwise be required for repairs. This financial protection ensures that you can get your bike back on the road without worrying about the financial burden of unexpected damages. With bike insurance in place, you can enjoy the freedom of riding while knowing that your bike is safeguarded against potential repairs costs.

8. Coverage For Theft

Bike theft is an unfortunate reality that many bike owners face, making bike insurance a crucial necessity. By opting for insurance, you can secure coverage against theft incidents. In the unfortunate event of your bike getting stolen, the insurance will provide you with compensation, reducing the financial impact of the loss.

9. Coverage For Accidental Injuries

In addition to the personal accident cover, insurance provides comprehensive protection by also including coverage for injuries sustained by the pillion rider in the event of an accident. This ensures that not only the policyholder but also their passenger is also protected financially in case of any unfortunate mishap. By having this extended coverage, bike insurance offers a more holistic approach, addressing the safety and well-being of both the rider and their pillion, making it a wise choice for responsible bike owners.

10. Add-on Covers

Add-on covers are a valuable feature in bike insurance that empowers policyholders to personalize their insurance policies based on individual needs. These optional extras go beyond the standard coverage, offering specialized protection and benefits that align with specific requirements. Whether it's adding coverage for accessories, zero depreciation, or roadside assistance, these add-ons allow you to enhance your policy to suit your unique needs. By opting for add-on covers, you can tailor your insurance plan to provide a more comprehensive and tailored level of protection for your bike and your peace of mind.

11. Easy No Claim Bonus (NCB) Transfer

Maintaining a claim-free record with your bike insurance entitles you to a No Claim Bonus (NCB), which offers the benefit of a discounted premium during policy renewal. This incentive encourages safe and responsible driving, rewarding policyholders for their cautious behavior on the road. Additionally, one of the advantages of NCB is its portability - you can easily transfer the accumulated NCB to a new insurer when switching insurance providers. This ensures that you can continue enjoying the benefits of your earned NCB and receive cost savings on your premium, regardless of the insurer you choose.

12. Cashless Garages

Bike insurance policies offer a valuable network of cashless garages, providing policyholders with a seamless repair experience. With the availability of cashless garages, it becomes easier for policyholders to get their two-wheeler repaired without spending anything from their pocket. The greater the number of cashless garages, the easier it becomes for policyholders to get their vehicle repaired. With the availability of cashless garages, bike insurance becomes a practical and beneficial choice, providing you with peace of mind and the assurance of prompt and efficient repairs when you need them most.

What is Covered Under Bike Insurance?

The coverage offered under a bike insurance plan may vary depending on the type of policy and the insurance provider, but generally, it can include the following components. Scroll through the section below to know all about the coverage offered under bike insurance plans:

• Third-party liability coverage: This is a mandatory coverage in India as mandated by Motor Vehicles Act of 1988. A third-party bike insurance protects you against legal liabilities arising from injuries or property damage caused to third parties (other people or their property) due to an accident involving your bike.
• Own-damage Coverage: Own-damage covers the damages to your bike caused by accidents, theft, fire, vandalism, natural disasters, etc. It is typically optional but recommended for comprehensive protection. The premium or bike insurance price of this type of cover is generally lower than the other types.
• Personal Accident Cover: This component provides coverage for bodily injuries or accidental death sustained by the bike's owner or rider while using the insured motorcycle. It is mandatory to buy Personal Accident Cover to stay protected against unforeseen circumstances.
• Theft coverage: This protects you against financial losses in case your bike is stolen and not found later.
• Fire and Natural Disaster Coverage: This covers damages to your bike resulting from fire, lightning, earthquakes, floods, storms, etc. Thus, if there is any damage to your bike due to any natural disaster, then the relevant coverage will be offered under your plan.
• Optional/add-on coverages: Insurance providers may offer additional optional coverages, also known as add-ons or riders, that can be purchased for enhanced protection. Some of the add-ons that you can include are zero depreciation cover, roadside assistance, engine protection, consumables cover, etc.

What is Not Covered Under Bike Insurance?

It is as important to check the exclusions of your bike insurance plan, as it its inclusions. Some of the exclusions in your bike insurance plan:

• Regular wear and tear: Electrical breakdowns are often considered as part of regular maintenance and wear and tear, which are the responsibility of the vehicle owner. Thus, bike insurance typically does not cover damages resulting from regular wear and tear or mechanical breakdowns.
• Consequential damages: Damages or losses that are a consequence of an event but are not directly caused by it may not be covered. For instance, if there is a mechanical failure during a natural disaster, and the policyholder still tries to start the bike, then such things will not be covered.
• Intentional acts: If there is any damage to the bike intentionally, then the same will not be covered under a two-wheeler insurance policy.
• Riding without a valid license: If there is any damage to the bike and the rider is found without a valid driving license, then the insurance company will not provide any coverage.
• Driving under the influence of drugs: Any damage to the insured bike will not be covered if the rider is found driving under the influence of alcohol or drugs. This is because this indicates driver's irresponsibility, and thus there is no coverage offered in this case.
• Involvement in Adventure Activities: Most policies exclude coverage for damages incurred while participating in racing, stunts, or any unauthorized activities.
• Using the Bike for Commercial Purposes: If the bike is insured under a personal policy but is used for commercial purposes, any damages or accidents during such use may not be covered.
• Depreciation: In case of claim settlements, the depreciation value of the bike and its parts may not be fully covered. However, if you have a zero depreciation cover, then this type of coverage amount will also be covered.
• Nuclear Radiation and War-related Damages: Damages caused by nuclear radiation or acts of war are typically excluded in an insurance plan.
• Non-compliance with policy terms: If the policyholder fails to comply with the terms and conditions of the policy, such as not disclosing relevant information or not paying premiums on time, the insurance company may deny coverage.

Buying a new two wheeler insurance online can become a challenging task if you are not aware of the different things that can help you in buying it. To help you out, we have enumerated some of the factors that you need to keep in mind when buying a two-wheeler insurance plan:

• Types of Bike Insurance

  When buying a new two wheeler insurance plan, it is very important that you know about its different types. On checking the different types such as comprehensive, third-party, and own-damage two-wheeler insurance plans, it becomes easier to understand the best-suited plan for yourself. You should also check the coverage along with the exclusions offered under the different types. This is because based on the coverage the premium will accordingly vary. For instance, the premium of a third-party bike insurance will be much less than a comprehensive bike insurance. A comprehensive plan on the other hand provides way more coverage than a third-party, hence its premium or bike insurance price will be higher.

• Add-ons

  There are a number of add-ons available that you can include in your plan. The different add-ons that you can include in your plan are zero depreciation cover, no claim bonus cover, and so many more. However, remember that when you add these add-ons to your plan, the premium rate increases.

• Cashless Garages

  Cashless garages are those where policyholders can get cashless repair facilities for their insured two-wheelers. When it comes to the cashless process, the availability of cashless garages becomes very important. Thus, while buying a plan, it becomes crucial to check whether the insurance company you are choosing has tie-ups with numerous cashless garages or not. The more the number of cashless garages, the easier it is to get your claims settled in a cashless manner, so always choose a company with a higher number of cashless garages.

• Renewal Process

  Every two wheeler insurance plan comes with an expiry date. So, before choosing your insurer, you must be aware of the renewal process. You should choose an insurer that offers a hassle-free and quick renewal process. There are a number of insurance companies that also offer discounts when you renew your plan, so you should also check about the renewal discounts at the time of buying a two-wheeler insurance plan.

• Two-wheeler Insurance Premium

  Checking the bike insurance premium or two wheeler insurance price is an important factor when you are buying an insurance. As the premium rates vary from one insurer to another, you must check the premium while buying the plan itself. You can use a bike insurance premium calculator to analyse the premium rates. Doing so will help you understand the premium you need to pay to get your chosen two wheeler insurance plan. Typically, the bike insurance premium of a comprehensive plan is higher as compared to other plans.

• Customer Support

  On buying a two-wheeler insurance plan, you should also be aware of customer support. Ideally, you should choose an insurer that offers 24*7 customer support. By choosing an insurer that offers seamless customer service, you will be able to get all your queries resolved in a very hassle-free manner.

• Claim Settlement Process

  Claim settlement in bike insurance refers to the insurer’s efficiency in settling the claims. The claims can be settled through either a cashless or reimbursement process. When you choose an insurer with a high claim settlement ratio, then your claims will be settled efficiently and in a hassle-free manner. So, always choose a company that has a higher claim settlement ratio.

How To Compare Bike Insurance Policies Online?

A bike insurance plan may look satisfying, however you should always check its inclusions and exclusions before actually buying it. So, here are some easy ways in which you can easily compare two wheeler insurance policies online:

1. Premium Break-up: First, ask for a premium break-up of your policy. A clear break-up will help you understand what exactly you are paying for.

2. Own Damage Premium: Own-damage bike insurance provides coverage if your bike is lost, stolen, or faces any other kind of damage. When you are checking the premium of own-damage, here are some of the things that you need to know about:

• IDV: IDV or Insured Declared Value refers to the market value of your two-wheeler. The IDV is directly proportional to the bike insurance premium, hence the lower the IDV, the lower will be the premium.
• NCB: NCB or No Claim Bonus is the benefit given to the policyholder if they do not raise any claim in a given year. If a policyholder has a NCB, then their bike insurance premium will be lower. However, it is important to renew your bike insurance plan on time to take advantage of NCB benefits
• 3. Third-party Bike Insurance Premium: Third-party bike insurance provides coverage in case a third-party is damaged or injured. Typically, it provides a financial coverage of up to Rs. 1 lakh and unlimited coverage if the policyholder suffers death or disability during the accident.
• 4. Personal Accident Premium: In bike insurance, it is mandatory to have a Personal Accident Cover. This type of cover is only meant for the policyholder and is not extendable. So, even if you own multiple vehicles, you will still need a single Personal Accident cover.

Add-on Premium: While comparing the bike insurance premium, also check for the add-on break-up. You need to be mindful whether the add-ons are mentioned in the current bike insurance premium break-up or not.

Why Should You Buy A Comprehensive Bike Insurance Policy?

Following are the reasons why you should buy a comprehensive two-wheeler insurance policy:

1.Cover for Third-Party Liability

A comprehensive bike insurance policy covers you for third-party liabilities.

2.Own Damage Cover

A comprehensive two wheeler insurance policy covers you for expenses arising due to damage or loss to your bike.

3.Cashless Repairs

You can avail of cashless repairs at any network garage across India with a comprehensive bike insurance policy.

4.Add-on Covers

Comprehensive two wheeler insurance policy comes with different add-on benefits like a return to invoice cover, consumables cover, zero depreciation cover, engine and gear protection cover, breakdown assistance cover, and zero depreciation cover. You can buy these add-ons by paying an extra premium at the time of policy purchase. These add-ons are not essential to buy but are preferred to enhance coverage.

5.No Claim Bonus

A bike insurance policy provides you with No-Claim Bonus for every year a claim is not made, between 20%-50%, for a consecutive 5 years.

The bike insurance premium or bike insurance price varies on a number of factors such as the age of the bike, its cubic capacity, and more. The premium rates of a third-party bike insurance plan are determined by IRDAI. So, here is a table that illustrates the premium rates of a third-party bike insurance plan based on the cubic capacity:

How to Calculate Bike Insurance Premium?

Calculating two wheeler insurance premiums online is very easy with a premium calculator. It is a free tool that not only allows you to compute the premium of a bike insurance policy, as well as compare benefits. Though premium is not the sole factor on which you must choose an insurance policy, calculating it in advance allows you to manage funds for the future.

To calculate two wheeler insurance premium online, you must navigate to the bike insurance premium calculator page, provide important details like manufacturer, sum insured, make, model, variant, date of registration, product type, add-on covers, etc. and click on ‘View Quotes’. Quotes will be generated instantly.

Following are the benefits of using a two wheeler insurance premium calculator:

• Helps you make the right buying decision
• Allows you to customize your insurance policy and see the premium change
• Makes it easier to compare different insurance plans online

In bike insurance, premium refers to the total amount that a policyholder needs to pay to get the relevant coverage. The two wheeler insurance premium is affected by a number of factors, such as those listed below:

• Type of Coverage: In India, you have choices between third-party bike insurance, standalone own-damage insurance, and comprehensive bike insurance. While the premiums vary among these options, it's essential to note that a comprehensive policy offers more extensive coverage, although it might come with a higher premium. Opting for comprehensive coverage is recommended for its broader benefits. You should never buy a policy just because it is affordable but instead choose on the basis of the coverage.
• Cubic Capacity: When an insurance company is giving insurance policy, it checks its cubic capacity in determing the insurance premium. The higher the cubic capacity of the bike, the higher will be the bike insurance premium.
• Geographical Location: The geographical location of the bike affects the premium largely. In areas that are at a lower risk of risks and low-traffic, then the bike insurance premium in such case will be lower.
• Type of Two-Wheeler & Its Price: The price of your two-wheeler like motorcycle or scooter directly impacts your insurance premium. Insurers consider factors such as the CC (cubic capacity), with higher-capacity engines leading to higher premiums. This reflects the potential risks associated with more powerful machines.
• Modifications of Two-Wheeler: There are bike enthusiasts who often modify their bikes for enhanced aesthetics or performance. However, be aware that modifications can impact your premium. If you wish to cover these modifications, your premium will likely be higher. You should also inform the insurer about these modifications to avoid claim rejection.
• Age of the Vehicle: The age of the vehicle indirectly affects the premium. This means that the older the vehicle, the lower the insurance premium will be.
• Make and Model: Another factor that affects the premium is the make and model of your two wheeler insurance plan. For high-end two-wheelers, the bike insurance premium is higher. This is because the IDV for such high-end bikes will be higher and so will be the premium.
• IDV: IDV or the Insured Declared Value in motorcycle insurance refers to the current market price of the bike. Since IDV is like the sum insured of the bike, it affects the insurance premium. It is important to note that the IDV is directly proportional to two wheeler insurance premium, and so the higher it is, the higher will be its premium.
• Add-On Covers: Bike insurance add-on covers provide supplementary protection, but they come at an additional cost. While not mandatory, these covers, such as zero depreciation, return to invoice, and roadside assistance, enhance your overall coverage. The higher premium associated with add-ons reflects the extended benefits they offer.
• Anti-Theft Devices: Installing ARAI-approved anti-theft devices on your bike not only safeguards your vehicle but also reduces the insurer's liability. As a result, you'll likely pay a lower premium. With these devices installed in your bike, you can eventually end up in paying lower two wheeler insurance premiums.
• Voluntary Deductibles: Two types of excess, compulsory and voluntary, impact your premium. With compulsory excess, you pay a fixed percentage of repair costs, while voluntary excess allows customization during policy purchase. Opting for voluntary excess can reduce your premium since it signifies a lower potential claim payout for the insurer.
• No Claim Bonus (NCB): Renewing your policy without making any claims results in a No Claim Bonus. This bonus, ranging from 20% to 50% over five years, significantly reduces your insurance premium. Maintaining a claims-free record can lead to substantial savings on your premiums.

Types of two-wheeler insurance claim

Cashless bike insurance claim: In case if you are getting the bike repaired at a network garage of the insurance company, then you can choose to file a cashless claim. Under this type of claim, the repair bills are directly settled by the insurance company.

Reimbursement bike insurance claim: This type of claim can be registered in case the repair work is being done at a non network garage. At first, you will have to pay for the repair expenses which will be later reimbursed by the insurance company.

Cashless claims settlement process:

• Inform the insurance company as soon as possible
• File an FIR if required
• Surveyor will be hired by the insurance company to estimate the damages
• Fill the claim form and submit the required documents
• Once the insurer approves the amount, the vehicle will be sent at the nearest garage for repair work
• Once the repair work is done, the insurance company will settle the bill with the garage
• You will have to pay the deductible and other charges if any as per the policy terms and conditions

Reimbursement claims process

• Inform the insurance company as soon as possible
• File an FIR if required
• Surveyor will be hired by the insurance company to estimate the damages
• Fill the claim form and submit the required documents
• Pay for the repair costs and collect all the bills
• Submit the bills to the insurance company which will then settle the claim based on the policy terms and conditions.

Following are the documents required to file a bike insurance claim:

• Driving license
• Identity proof
• Address proof
• Bike registration certificate
• Bike insurance policy
• Original keys of the bike
• FIR report
• Original repair bills and payment receipts in case of reimbursement claim