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What is Bike Insurance?
Two-wheeler insurance, also known as bike insurance, is a protective cover designed to safeguard your motorcycle, scooter, against unforeseen events. Whether you ride a bike for daily commutes or occasional trips, having a two-wheeler insurance policy ensures financial protection and peace of mind.
Benefits of Bike Insurance Policy
Purchasing bike insurance online is a quick, convenient, and hassle-free process that offers numerous advantages. Whether you’re buying a new policy, renewing an existing one, or raising a claim, online bike insurance ensures a seamless experience. Here are the top benefits of buying two-wheeler insurance online:
Quick Process
Skip the long queues and paperwork. You can purchase or renew your bike insurance in just a few minutes from the comfort of your home.Easy Comparison
Online platforms allow you to compare multiple bike insurance policies side-by-side. Check premiums, coverage, and add-ons to make an informed decision.Anytime, Anywhere
Whether it’s midnight or a weekend, you can buy or renew your bike insurance policy online without waiting for the insurer’s office to open.No Waiting Period
Receive your bike insurance policy instantly via email after completing the purchase.Add-On Covers
Enhance your bike insurance with optional add-ons like zero depreciation, engine protection, and roadside assistance.
Types of Two wheeler insurance policy
Bike Insurance offers a variety of insurance policies with different benefits and features. However, these may be subject to availability, so it’s advised to check and renew Bike insurance online.
Third-Party Insurance
Third Party Bike Insurance Policy provides financial protection against third party liabilities. It is mandated by law in India. However, it does not include damages to your own two-wheeler. It helps in providing financial protection if any other vehicle get damaged by your bike.
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Comprehensive Insurance
Comprehensive Bike Insurance Policy provides complete coverage, including own damage, third-party liabilities, and optional add-ons. This also covers mishappenings such as fire damages, man-made calamities and theft of the injured bike.
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Standalone Own Damage Cover
Own Damage Insurance for bike or OD insurance can be purchased separately if you already have a third-party policy. It is an additional motorcycle insurance to purchase if you already have third party insurance policy for your two-wheeler
View MoreFactors affecting bike insurance premium
Your two-wheeler insurance premium is calculated on various factors. It helps you to get the most suitable policy. Let’s check the list given below:
Age of Bike
The new bike might have a slightly higher premium as compared to the older one.Policy Cover
Always opt for the protection cover that fits with you. Usually, third party policy provides important coverage at lower price, whereas, comprehensive plan provides broader protection for your two wheeler.Make & Model
Make & Model plays an important role in calculating the premium of a bike. High end models with advanced features have slightly higher premiums to showcase their value.Engine capacity
A lower engine means a lower premium. However, for bigger engine means more benefits to your bikeNCB in Bike Insurance
Zero claims in a year offers you a discount on your premium. Explore different insurers to get best possible policy on NCB in two-wheeler insurance.
Why should you buy/renew a two-wheeler insurance policy?
Financial Security
No need to worry if your bike is lost, stolen, you will get protection for all such unforeseen events.
Legal Requirement
As per the Motor Vehicles Act, having at least third-party bike insurance is mandatory for all two-wheelers in India. You have to pay hefty fine if caught without valid bike insurance
NCB Benefit
No Claim Bonus is given as a reward to insurance policy holder if no claims have been raised in a year. Therefore, while buying a bike insurance policy online, take advantage and save money.
Coverage for All Two-wheelers
Financial coverage for damage to all vehicles, including mopeds, motorcycles, scooters, and others, everything is covered under two-wheeler insurance policy.
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Add-Ons for Bike Insurance
Below are the add-ons that you can buy with a Comprehensive bike insurance policy
Zero Depreciation Cover
The Zero depreciation cover allows you to just pay the claim amount without deducting any depreciation of the bike’s parts. It means you will get full payment for damaged or replaced parts.Personal Accident (PA) Cover
This is usually given to the owner/driver of the insured bike if they have a valid Driving License (DL). Just like third party bike insurance, Personal Accident cover is mandatory by law. It offers financial protection to the nominee if a policyholder died in a road accident.NCB Protection Cover
If a policyholder is not making any claim in a given year, he/she is eligible for NCB. The discount only ranges from 10-50%. You can get discounts due to this cover even if you make a claim during the policy year.Return to Invoice (RTI) Cover
In case of unforeseen events, such as theft or loss of the bike, the insurer has to pay Insured Declared Value (IDV). RTI bridges the gap between IDV and on-road price of the vehicle. Which means, insurer will pay for the original purchase bikeConsumables Cover
Consumables are basically the important elements that are required for smooth functioning of the bike. This cover can get the reimbursement of the expenses during the claim settlement period.Engine Protection Cover
The Engine Protection covers damages to engine parts like oil leakage, cylinders, crankshafts. It covers replacement costs or repairs of engine parts, which are usually not covered in standard policies.
Frequently Asked Questions
There’s no need to submit any physical document. However, you need to some important details like:
- Your Current Location
- Number of Claims in the Last 5 Years
- Bike’s Registration Number
- Bike’s Year of Manufacture
You can use similar documents for renewal of bike insurance
You can buy bike insurance online by opening Vehicleinfo website or app, and click on bike insurance, Enter two-wheeler number and proceed to buy insurance.
Inform your insurer immediately after the incident, submit required documents (FIR, RC, photos, etc.), and cooperate with the surveyor. Once approved, the claim amount will be settled.
Yes, you can transfer the insurance to the new owner by submitting an application, along with the bike’s RC and NOC, to the insurer.
Download the Vehicleinfo app, click on bike insurance, enter your bike details, select a plan, and complete the payment. Your renewed policy will be sent to your email.
You can check your bike insurance validity by referring to the policy document or policy card issued by the insurer.
