Two wheeler Insurance
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Bike insurance is a contract between the insurance company and the policyholder wherein the former covers the latter for any damage or loss due to an accident, natural disasters or man-made disturbances involving your insured two-wheeler. It also indemnifies you from the loss caused due to vehicle theft. The coverage comes in exchange for the premium you pay to buy two-wheeler insurance online or at the branch of the insurance company. If you are a new two-wheeler owner, you will initially get a bike insurance policy for five years.
The coverage will also depend on the type of bike insurance policy you purchase - third-party liability policy, standalone own damage policy, and comprehensive policy. While third-party policy covers injuries to the third party, his/her property, etc. Standalone own damage bike insurance covers damages caused to vehicles due to an accident, or natural or man-made disasters. Comprehensive bike insurance is the best by covering your vehicle damage and third-party claims. For non-stop coverage, do bike insurance renewal by paying the required premium on time.
Two-wheeler insurance policies come with special features. Take a look.
Insurance companies reward you with a no-claim bonus (NCB) on not filing a bike insurance claim during the policy term. So, on renewal, you will get discounts on your premium. The first claim-free policy year could yield you a premium discount of 20%. If you don’t claim for another four years, the discount will go up to 50%. The discount will apply to the own damage premium component of the two-wheeler. So, only standalone own damage and comprehensive bike insurance plans offer this feature.
Special premium discounts are also available for policyholders installing an anti-theft device into their two-wheelers or becoming a member of any automobile association.
Standalone own damage and comprehensive bike insurance policies offer a wide range of add-ons such as zero depreciation cover, no-claim bonus protection cover, engine protection cover, roadside assistance, pillion rider, etc. These add-ons come for an additional premium but can help you tide over uncertain times.
You can also get a personal accident cover worth up to INR 15 lakh under a two-wheeler insurance policy. With this, you can get coverage for personal injuries or even death due to an accident. As per the IRDAI, it is compulsory for bike owners to have a personal accident cover.
There are two types of insurance- one part of the insurance policy provides coverage for the damage done to anyone else due to the accident or his vehicle or property, which is covered under a Third-party liability cover, and the other part provides coverage for the damage done to his own bike, which is covered under OD component.
Bike insurance companies offer three main types of bike insurance policies:
As per the guidelines issued by the Motor Vehicles Act, 1988, buying third-party two-wheeler insurance is mandatory.
Third-party bike insurance means that in case of an accident of your bike some other person, property or vehicle is also injured, that financial loss will be taken care of by the insurance company. This kind of insurance covers the minimum and is a compulsory requirement of providing coverage against the losses of the third party.
For example, if your scooter hits another person’s bike, that bike’s repair cost will be borne by your insurance company. However, the company would not cover the cost of repair to your own two-wheeler.
In simple words, comprehensive insurance is the combination of third-party insurance along with a cover for your own bike’s damage. As the name suggests, comprehensive two-wheeler insurance gives your two-wheeler maximum coverage as it covers all the damages not only to the third party but to your own two-wheeler too. The damage to the two-wheeler could be due to an accident, a collision, or a natural disaster. Additionally, a comprehensive two-wheeler insurance plan also covers two-wheeler theft.
To understand the difference between a third-party and comprehensive two-wheeler plan, let's take a look at the table given below:
|Parameters||Third-Party Two-wheeler Insurance||Comprehensive Two-wheeler Insurance|
|What does it cover?||Covers for the monetary losses caused to the other person, property or vehicle|
Offers monetary cover for the damages to your own two-wheeler as well as the damage to another person, property or vehicle
|What does it NOT cover?|
Damage to own two-wheeler
When the damage is caused when the vehicle was being driven-
Damages that are caused by-
Or when the damage is caused when the vehicle was being driven-
|The option of an Add-on Cover||There are no add-ons in a Third-party insurance|
Various add-ons are available like-
|Need||Mandatory||Optional, the choice is yours|
This is the latest addition to the category of bike insurance, which allows you to insure your bike for a period of 2 or 3 years together in a single policy. You do not have to go through the trouble of renewing the plan every year. You have this option in both third-party two-wheeler insurance as well as comprehensive two-wheeler insurance.
Buying bike insurance online comes with its share of benefits. Let us detail the same for you.
You can easily buy a bike insurance policy online by mentioning a few personal and bike-related details at Paytm Insurance. As soon as you feed these details online, different insurance policy quotes will appear on your screen. Choose the one that you feel can serve your purpose and is within your budget.
When buying bike insurance offline, you may take the help of the agents who charge commissions on your policy purchase, thereby adding to your cost. There’s no such thing when buying two-wheeler insurance policies online.
There’s no need for physical documentation when buying a bike insurance policy online. Mention your bike registration number, make and model, engine CC, etc.
You can compare different bike insurance deals online and choose the best one, something which you can’t do offline. The agents might trick you into buying a plan that can be expensive and ineffective at the same time. So, go online, compare and choose the best bike insurance policy.
As soon as you buy bike insurance online, you will get the policy document instantly in your mailbox. The two-wheeler insurance policy document details the features, benefits, inclusions and exclusions. You can refer to the policy document easily in that case. Whereas if you buy offline, you will most likely get a physical copy of the policy document, which you may not be able to get hold of at all times.
Most insurance companies allow you to choose the IDV within the specified range online. The insured declared value (IDV) is the current value of the vehicle minus depreciation, registration cost, road tax, etc. So, the IDV lowers with time. So, opt for a relatively higher IDV for maximum coverage even though it can keep the premium higher.
Add-ons, which help expand the coverage of your standard bike insurance policy, can be bought online too. These add-ons come for an additional premium, which you can pay online. But most importantly, you can carefully check the details of these add-ons online before purchasing. As they command an extra premium, you should thus choose the one that fulfills your needs and give you the value you want.
Renewal is like rebuying the policy. You can renew the policy on the official website of the insurer. Just mention the policy number to get the renewal premium details. Pay the premium for bike insurance renewal online.
A two-wheeler insurance policy ensures the financial burden does not fall on you in case of adverse circumstances involving your insured bike. The person hit by your two-wheeler can put forth tall financial and legal claims for you to take stock of. A bike insurance policy thus comes to your rescue. Besides, it covers your own damage expenses. Let’s talk about the benefits of two-wheeler insurance in detail.
Two-wheeler insurance policies help you not only when you face tall claims from the third party but also when your bike is damaged due to riots, strikes, terrorist activity, flood, hurricane, etc. The insurance policy will help you get the insured declared value of your bike should such a situation arise. You will get the same financial protection in case your vehicle is lost. So, a two-wheeler insurance policy relieves the financial pain arising from such unforeseen circumstances.
Bike insurance also takes care of the injuries you face due to an accident. You will get compensated for the medical treatment of injuries sustained by you in an accident.
Two-wheeler insurance online is available for various two-wheeler vehicles such as motorcycles, scooters, mopeds, select electric bikes, etc.
Bike insurance covers the depreciation cost of the two-wheeler too upon a claim, provided you have opted for a zero depreciation add-on cover for an additional premium over the base two-wheeler insurance policy. So, the claim amount disbursal remains significant in that case.
You can buy the bike insurance policy online in a few minutes. A few bike-related details and you are done!
Adequate coverage when combined with affordable bike insurance price makes the insurance journey smooth for policyholders. You can compare and check the prices of different two-wheeler insurance plans online before selecting the most affordable one.
In the case of vehicle damage, you can avail a cashless repair facility at any of the network garage of the two-wheeler insurance company. You don’t need to pay for the repairs upfront. The insurance company will do it on your behalf.
When buying a two-wheeler insurance policy online, you get quotes for add-ons too. The add-ons include zero depreciation cover, downtime allowance, return to invoice cover, NCB protection cover, engine protection cover, etc. All these come for an additional premium; so you need to select the one that suits your needs.
In case your vehicle is left stranded on the road due to some damage, you can call the insurer for roadside assistance. Mostly, these services come as an add-on, but a few insurers offer the same under a standard bike insurance policy.
Bike insurance policies come with various discounts for policyholders. In case you don’t claim during a policy year, the insurer will credit a no-claim bonus (NCB) on renewal. This NCB will result in premium discounts, ranging from 20-50%. Long-term two-wheeler insurance plans also come with premium discounts. So, there’s much to cheer about a bike insurance policy online.
If you plan to buy the best two-wheeler insurance online, it is recommended that you draw a comparison between the different plans available and then select the one that provides you with a better cover and also suits your requirements. Comparing the plans online makes the screening process easy and hassle-free.
You may want to consider the following parameters when selecting a plan:
An online premium calculator is a great tool that helps in giving an estimate of the premium that you need to pay. With an online bike insurance premium calculator, it becomes simple and easy to compare the premium that is being offered by different companies which in turn helps you select the best two-wheeler insurance plan.
There are various premium calculators available online, you can look for one in your search engine. Once you find one, you need to enter the following details:
If you follow all the procedures of the claim, claiming the bike insurance will be a piece of cake. You simply need to follow the steps given below:
Depending on the kind of bike insurance plan you have, your claim would be either Cashless or you would pay the expenses first and then be reimbursed.
Given below is a list of the documents that you would have to submit when making a claim for your two-wheeler:
How can we call a two-wheeler insurance policy the best? The policy that offers maximum coverage or the one that comes for a least premium? The answer can vary based on the needs of different individuals. Ideally, the policy should cover maximum unforeseen incidents for a reasonable premium. Besides, look for features such as add-ons, high claim settlement ratio, quick resolution to insurance queries by the company’s customer support team for a smooth experience. Based on these pressing needs, we have figured out a list of top two-wheeler insurance plans for you to compare and choose from.
|Name of the Company & Plan||What makes it the best|
|Bajaj Allianz Two Wheeler Insurance|
|Bharti AXA Two Wheeler Insurance|
|HDFC ERGO Two Wheeler Insurance|
|Reliance Two Wheeler Insurance|
|Oriental Two Wheeler Insurance|
You can easily buy two-wheeler insurance online on the official website of the insurers or the aggregators tied up with them. Paytm Insurance is one such trusted insurance aggregator that lets you compare a host of top two-wheeler insurance plans online. Here’s how you can buy a top two-wheeler insurance policy at Paytm Insurance.
The add-on covers available under a two-wheeler insurance policy immune you financially against a wide range of unfortunate circumstances. Some of these circumstances include depreciation resulting in less claim disbursal, damage to the engine due to water and oil leakage, a vehicle loss, etc. You can buy add-on covers for an additional premium over the one payable in case of a standard bike insurance policy. The insurance company allows you to purchase two-wheeler insurance add-on covers while buying a regular policy or on renewal. Let’s talk about these add-on covers one after another.
While claiming two-wheeler insurance online or offline, the insurer deducts depreciation of the damaged vehicle parts before disbursing you the amount for repairs. The high depreciation rates only heightens the possibility of you receiving much less for repairs. You can overcome this by choosing a zero depreciation add-on cover. The insurance company will not then charge for depreciation, resulting in a full claim amount disbursal.
If you live in a flood-prone area, chances of your vehicle’s engine getting damaged due to water leakage are high. Sometimes oil leakages within can also impair the engine of your two-wheeler vehicle. To get these covered, you can buy engine protection cover from the insurance company.
Chances of your vehicle standing still on the road suddenly can’t be ruled out. Sudden electrical and mechanical faults can lead to this situation. At such times, you would hope for assistance in getting your vehicle moved to the garage for repairs. Thankfully, the roadside assistance add-on cover will help ensure the same. Dial the customer care number for such assistance.
There can’t be anything worse than losing a bike. At that time too, two-wheeler insurance comes to your rescue by paying off the whole invoice price you may have submitted to the seller while buying a bike, courtesy return to invoice add-on cover. This cover would also apply when the vehicle is damaged beyond repair. Without this add-on cover, you will only get the IDV that does not include depreciation cost, road taxes, registration expenses, insurance costs, etc.
No claim policy years yield you premium discounts on renewal using the NCB feature. God forbid, if you meet with an accident or face damage due to natural or man-made disasters, the NCB benefits will be lost in the normal circumstances. So, buying NCB protection cover ensures these benefits even when you claim. However, the insurer can allow you only a few claims for NCB protection add-on cover.
While the bike is under repairs, you will need to commute by some other means, causing you inconvenience. To compensate you for the same, insurance companies offer you downtime allowance for a specified number of days.
A two-wheeler insurance policy coverage depends on the type of plan - third-party, comprehensive, standalone own damage, personal accident cover - you buy. Let’s check the coverage under each of these plans.
Both the policies come with a binding personal accident cover that is mandatory to be taken. This covers the owner-driver with any disability or death caused because of the accident and comes with a cover of INR 15 lakhs. In case the owner-driver of the two-wheeler suffers permanent disability or death then 100% of the value, which is INR 15 lakhs, will be paid.
However, when there is a permanent partial disability, 25-75% of the total value is paid, depending on the severity of the disability, according to the table:
|Cover For||Percentage of Compensation|
|Loss of 2 limbs or 2 eyes or 1 limb or 1 eye||100%|
|Loss of sight or 1 eye or 1 limb||50%|
|Permanent Total Disability||100%|
A two-wheeler insurance plan also comes with certain exclusions, which mean no coverage, for certain situations during an accident or other incidents. For a holistic view, we have outlined exclusions across all the two-wheeler insurance variants - comprehensive, third-party and standalone own damage plans.
Comprehensive two-wheeler insurance allows a wide scope of cover, but there are certain expenses that even this policy does not cover. The exclusions of comprehensive two-wheeler insurance plans are shown below. Take a look.
|Drunken Riding||Your insurance company will not accept your claim if you were drunk or intoxicated at the time of an accident.|
|Unauthorised Riding||Your claim will also not be accepted if the rider does not have a valid driver’s licence.|
|Consequential Damages||Damages caused while towing the vehicle to the garage after an accident may not get covered.|
|Negligence||Accidents happening due you own negligence may render your claim inadmissible.|
|Excluded Add-ons||Even if the company offers particular benefits but you do not have them in your plan, you can’t claim.|
Let’s check the exclusions under a third-party two-wheeler insurance policy.
|Own Damages||Third-party two-wheeler insurance will only cover the damages to your bike.|
|Drunken Riding||Your insurance company will not accept your claim if you were drunk or intoxicated during an accident..|
|Unauthorised Riding||Your claim will also not be accepted if the rider does not have a valid driver’s licence.|
|Theft||If your bike is stolen, the third-party two-wheeler insurance will not cover your loss.|
Like comprehensive and third-party policies, standalone own damage plans also come with a few exclusions that you should know. Let’s have a look.
|Third-party Claims||The plan does not cover the injury or death caused to the third-party and his/her property damage due to an accident involving your insured bike.|
|Drunken Driving||Damages resulting while you are intoxicated with alcohol or drugs at the time of an accident will not help you claim successfully.|
|Unauthorised Driving||If found without a valid driving licence at the time of an accident, your two-wheeler insurance claim will be rejected.|
|Negligent Driving||If your negligent driving is found as a reason for the accident and the damages that follow, the insurer will likely reject your bike insurance claim.|
|Consequential Damage||The insurer may reject your claim if there arises a consequential damage while your vehicle is taken to the garage for repairs.|
|Excluded Add-ons||If you haven’t included add-ons, such as zero depreciation, engine protection, you won’t get covered for the same.|
Paytm Insurance, a trusted online marketplace for insurance products, helps you get access to top bike insurance solutions that serve your needs. We, at Paytm Insurance, have redefined the way insurance is seen these days. This is how we go about securing your bike.
Comparison is the way of our lives. We love comparing and choosing the best across categories. Add bike insurance to your bucket list too, and approach it the way you do when shopping for your favourite goodies online. Our insurtech platform gives you top bike insurance quotes based on your information. So, compare coverage, premium, value-added features, comfort and flexibility before choosing your right insurance partner for your bike at Paytm Insurance.
Paytm Insurance has tied up with top insurers in the two-wheeler insurance space. Some of the big names include ICICI Lombard, Tata AIG, Bajaj Allianz, SBI General, etc. Tie-ups with prominent names assure you of a genuine bike insurance deal through us.
We are with you throughout - the time when you join us and the ones that come later. Our dedicated 24x7 team stays committed to a foolproof bike insurance policy for you. But our commitment doesn’t end here; we give our valuable support when you claim, renew and add features to your policy later. See ourselves as your 24x7 insurance companion and not a one-time wonder for you.
Claiming two-wheeler insurance online is easy. Just visit the website of the insurer to register your claim. Mention your bike insurance policy number, vehicle registration number, the type of incident - accident, theft or damage due to natural and man-made disasters. Once the claim is registered successfully, you will get a claim registration number based on which you can get your two-wheeler insurance claim amount subject to successful verification by the surveyor.
If you follow all the procedures of the claim, claiming the bike insurance will be a piece of cake. You simply need to follow the steps given below:
Bike insurance renewal is necessary to continue your protection against financial hazards that can arise in case your bike meets with an accident or is stolen. The best part is you can renew your bike insurance policy online. You can log on to the website of the insurer and renew. So, no need to run around the insurer’s office to get your policy active.
Online payment options that you can use include - net banking, UPI, debit card or credit card. Whatever option you choose to renew your two-wheeler policy online - you will need to enter your policy number, bike registration number, etc. Sometimes insurers send you an SMS link for bike insurance renewal online. You can click on that to renew your policy too. There, you will have the policy number and bike details. Just check whether all that is correct before you go ahead to renew your policy.
Please renew your bike insurance policy on or before the expiry date for a hassle-free experience. In case you don’t and face losses due to accident, theft or third-party liabilities, the insurer won’t cover you. However, you can renew within 90 days of the policy expiration date and preserve your NCB benefits. But one should prioritize coverage at all times. And this is where timely bike insurance renewal is so crucial. And in case you don't renew even within 90 days, the policy will lapse. You'll then need to buy a new bike insurance policy, nullifying the NCB benefits you may have accumulated before.
The policy tenure of two-wheeler insurance can be for 1 or 2 or 3 years, after the completion of which you need to renew the policy. Renewing the policy has been made very easy and can be done online in no time. All you need to do is visit the official website of your two-wheeler insurance company, enter the bike details, enter the details of the existing policy, select what you want in the plan, pay the premium and it is done. Renewing an expired policy online is a safe and quick way and you can do it at your convenience.
Given below is a list of the documents that you would need when renewing an expired two-wheeler insurance policy online, along with a duly filled insurance renewal form:
You would also require a debit/credit card to pay the premium. You can also make the payment through net banking.
Since your two-wheeler insurance comes with an expiry date, renewing it timely is extremely vital. This careless slip-up can not only make a huge dent in the wallet, but it is also illegal. Ideally, you need to renew your bike insurance plan before it expires. However, if your two-wheeler policy has expired:
It is imperative to renew a lapsed policy within a period of 90 days otherwise No-Claim Bonus and all the other benefits will be considered invalid.
Be it buying, renewing or claiming two-wheeler insurance, doing all that online ensures enhanced convenience for customers. Let us share with you the benefits of two-wheeler insurance online.
You can choose from a wide range of custom quotes online basis your personal and bike-related information.
You can buy a two-wheeler insurance policy instantly online. Just need to share your bike registration number, engine number, chassis number, etc. After that, you will get quotes from which you will need to choose. The payment happens instantly by paying the required premium online. You can choose any of the online two-wheeler insurance premium payment options - net banking, credit card, debit card, etc.
Timely renewal is important to ensure a spotless record regarding traffic challans. You can thus renew your policy online. To start with, you will get renewal quotes, including that of the no-claim bonus (NCB), online. Click on the quote and pay the premium. Your bike insurance policy will renew instantly, and you’ll receive an email confirming the same.
Intimating two-wheeler insurance claims online is easy. You just need to visit the official website of the insurer, fill the claim form mentioning the date and type of incident, and other details. Afterward, the insurance company will appoint a surveyor to check the legality of your claim. The surveyor will come to the accident spot and ascertain the extent of the damage. He/she will prepare a report and hand it over to the insurer to evaluate your claim. The company will check the details thoroughly before approving your bike insurance claim online. You could then take your damaged bike for repairs at the network garage of the company. Post the repairs, the garage will send an invoice to the insurer who will go through the same thoroughly before disbursing it to the former.
Bike insurance price is nothing but the premium you pay for the base cover as well as for the add-ons (if you’ve chosen). The premium is payable at the time of purchase and renewal. The insurer sets the bike insurance premium based on the vehicle’s registration, engine capacity, deductibles (if any), etc. However, the third-party bike insurance premium rates are decided by the IRDAI every year. For FY 2022-23, the IRDAI has stipulated the third-party premium rates for two-wheelers to INR 538-2,804. These are base premium rates over which taxes will apply.
If you plan to buy the best two-wheeler insurance online, it is recommended that you draw a comparison between the different plans available before selecting the one that provides you enhanced coverage and suits your requirements. Comparing the plans online makes the screening process easy and hassle-free.
You may want to consider the following parameters when selecting a plan:
Network garages are those points where you can take your damaged bike for repairs. Insurance companies tie up with numerous network garages for cashless repair facilities. Choose from a list of companies with extended network garages. More network garages helps widen your choice for cashless repairs and eliminate the possibility of upfront payment and reimbursement later.
The poor road condition of our roads along with negligent and rash riding often leads to accidents that can cause injury not only to the rider but also the people, damage to a property, and death. To compensate for the losses or damages done to the victim or its property by the insured vehicle, two-wheeler insurance has been made mandatory.
Two-Wheeler Insurance Companies Offer An Array Of Add-On Options To Their Customers. The Most Popular Ones Are:
Insured Declared Value Or Idv Is The Upper Limit Of The Compensation That You Would Receive In Case Of Repairing Damages, Vehicle Theft Or Total Loss At The Time Of Claim. This Value Is Fixed By The Insurance Company Based On The Condition Of Your Two-Wheeler.
In Case Of Theft Of Your Bike, File An Fir At The Earliest And Inform The Insurance Company About The Same. Along With The Copy Of Your Fir, Submit The Following Documents To Make The Claim:
Having A Personal Accident Cover Is Mandatory. The PA Or The Personal Accident Cover Comes With Both Third-Party Two-Wheeler Insurance And Comprehensive Two-Wheeler Insurance. It Covers Any Disability Or Death That Is Caused Because Of The Accident And Comes With A Cover Of Inr 15 Lakhs. In Case The Owner-Rider Of The Two-Wheeler Suffers Permanent Disability Or Death Then 100% Of The Value Will Be Paid And When There Is A Permanent Partial Disability, 25-75% Of The Total Value Is Paid.
A TP Or A Third Party Two-Wheeler Insurance Covers The Liabilities That Are Suffered By The Other Party Because Of Your Bike. It Is A Formality That Is Mandatory Under The Motor Act. Comprehensive Two-Wheeler Insurance, On The Other Hand, Will Cover Not Only The Damages To Your Bike But Also The Third Party. It Is An Optional Formality.
As The Name Suggests, A Single Year Two-Wheeler Insurance Comes With The Policy Tenure Of 1 Year, And Multi-Year Two-Wheeler Insurance Comes With A Policy Tenure Of More Than A Year. If You Purchase A Two-Wheeler Insurance Plan For Your Bike For A Tenure Of 3 Years, You Are Free From The Hassle Of Renewing It Every Year For The Coming 3 Years. As Compared To Single-Year Two-Wheeler Insurance, Multi-Year Two-Wheeler Insurance Is More Advantageous As You Can Save Almost 20-40% On The Premium Apart From The Other Lucrative Discounts. Also, Even When You Opt For Multi-Year Two-Wheeler Insurance, The Idv, I.E The Insured Declared Value Will Remain The Same Which Is Again Beneficial, Otherwise Every Year The Idv Will Reduce. The Table Shows The Rate Of Depreciation:
Age Of The Two-Wheeler
Percentage Of Depreciation
Up To 6 Months
6 Months To 1 Year
1 - 2 Years
2 - 3 Years
3 - 4 Years
4 - 5 Years
When You Buy A Bundled Two-Wheeler Insurance Plan, It Provides You With A Cover For Third Party Claims For A Period Of 3 Years And A Cover For Your Own Damage For A Period Of 1 Year.
From 1 September 2019, Two-Wheeler Owners With Third-Party Insurance, Have Been Allowed To Buy Standalone Own Damage (Od) Insurance. This Policy Cover Provides Insurance To The Two-Wheeler Against Theft As Well As Own Vehicle Damages. It Is A Yearly Product That The Policyholder Has To Renew Annually And Can Only Be Bought Along With A Valid Third-Party Only Bike Insurance Plan.
When You Do Not Make A Claim Throughout The Policy Tenure, You Get A Discount On The Own-Damage Component Premium Under A Comprehensive Plan, When You Renew The Policy. This Discount Is Called A No-Claim Bonus (Ncb). The Discount Generally Increases With Claim-Free Years And Can Be Between 20% To 50%.
No Claim Bonus
After 1 Year
After 2 Years
After 3 Years
After 4 Years
After 5 Years
You can check bike insurance plans online, compare them and choose the best out of them in terms of coverage, premium and additional benefits. Paytm Insurance.co.in, a premier online marketplace for insurance products, is the one you should visit for picking the best bike insurance plan. We've joined hands with numerous top bike insurance companies that offer you maximum coverage in exchange for affordable premiums. Quite a hassle-free process as opposed to when visiting the website of different insurers individually and choosing a plan out of them.
You can buy a bike without insurance. But if caught without insurance while driving, be ready to pay a penalty of up to INR 1,000 or face a 3-month imprisonment. As per the Motor Vehicles Act, third-party insurance is mandatory to have. In addition, you also get protected against the legal liabilities arising out of your insured bike with this insurance. These liabilities include damages to the third party or property due to your bike. However, it is best to opt for comprehensive bike insurance that covers third-party liabilities as well as the damages incurred to your bike due to accidents.
There are multiple ways by which one can check the expiry date of bike insurance online. You can do so by visiting the website of your insurer, Insurance Information Bureau (IIB) or VAHAN. The steps to check the bike insurance expiry dates may not be the same across insurance companies. So, follow the steps asked by your insurer to do so.
Things to Do on IIB
Things to Do on VAHAN
A two wheeler insurance policy is a plan wherein the insurance company takes stock of the damages incurred to your vehicle. Besides, the policy immunes from legal liabilities that you may face owing to your insured two-wheeler. In an accident, your two-wheeler might end up injuring other individuals and causing damage to properties, besides injuring you. It could even lead to the death of other individuals. So, with a two wheeler policy, you can be saved from all these legal and financial hassles.
You can obtain your bike insurance paper online with these simple steps.
Bike insurance plans are available in three types - Comprehensive Insurance, Standalone/ Own Damage Insurance, and Third-party Liability Insurance.
A comprehensive insurance policy covers you financially against the damages incurred to your bike as well as the legal liabilities arising out of the insured vehicle.
Whereas Standalone/Own Damage Insurance covers the damage caused to your vehicle by man-made and natural calamities. It also covers bike theft and damages beyond repair. But it does not immune you from third-party liabilities.
Third-party Liability Insurance covers only the damage caused to persons or properties with your insured vehicle.
Bike insurance premiums can start from INR 500-2,000 per annum, depending on the coverage amount, type of vehicle, its age, model number, engine, the city of purchase, the safety devices installed in it, add-on covers, if any. Comprehensive bike insurance, since it covers the maximum stuff, commands more premium than other bike insurance variants. But given the financial and legal hassles that one may encounter in case of an accident or other frailties, having a comprehensive plan, even at a higher premium, is worth your money.
PA Cover or Personal Accident Cover in bike insurance could come as a separate plan or with an existing bike insurance plan. This cover protects you financially in case you get injured due to an accident involving your insured vehicle. The medical expenses for the treatment of injuries owing to accidents will be covered under this. Personal accident cover, which can be provided for up to INR 15 lakh, when added to the existing plan leads to additional premiums. However, the premium for both bike insurance and personal accident cover will need to be paid on the same date. The insurance company consolidates the premium that you need to pay on the due date.
In that case, you lose the privilege of bike insurance cover against unfortunate incidents such as accidents, theft, damages due to man-made and natural calamities, etc. But you can get all that covered again by renewing your bike insurance policy. The insurance company would most likely inspect your vehicle in case you wish to renew it offline. Whereas online renewals will not lead to vehicle inspection. Regardless of the mode of bike insurance renewal, you will lose no claim bonus (NCB) benefits in case you renew 90 days after the expiry date. NCB means a premium discount you get on renewal for not filing a claim in a year.
You can find your bike insurance policy number on the official website of the Regional Transport Office, State Transport Department, Ministry of Road Transport and Highways, or Insurance Information Bureau (IIB). Whichever website you may go to, you need to type the vehicle registration number to get your policy number. In case of no registration number, you need to apply for the registration certificate first by giving some vehicle-related details. The registration certificate, when issued to you, will have the registration number. So, type that on any of the websites mentioned above to get your policy number.
It is calculated based on the age of the vehicle, its engine capacity, the brand name, insured declared value (IDV), year and place of registration, the type of insurance plan chosen, etc. You can calculate your bike insurance premium by mentioning these details on paytminsurance premium calculator. The premium amount you see online is an estimated one, the actual might differ. So, no harm in being prepared for a small rise in the premium amount.
Singling out from a list of top insurers is not fair; the one that works for others may not work for you and vice versa. As a customer, you need to deal with the bike insurance company that covers you holistically for the premium you can afford. Additional benefits offered by the chosen insurance company will only make your bike insurance experience better. So, don’t go by names alone, go by their features too besides checking your needs before picking a bike insurance company in India.
You can renew two wheeler insurance by paying the premium on the due date online or offline. For online premium payments, you can choose from UPI, Wallets, Net Banking, Debit Card, Credit Card, etc. Offline modes include the payment made through cheque, demand draft, etc. Given the hectic schedule, one can miss paying the premium on the due date. So, there’s no harm in getting the auto payment instruction activated for you. The insurance company will intimate you about the premium and its due date of payment in advance. Just have that amount in your bank account for a smooth payment experience.
Third-party bike insurance is mandatory as per the Motor Vehicles Act. This insurance not only helps you prevent challans or imprisonment but also saves you from the legal cases the third party might file against you for any damage caused to it by your vehicle. But only third-party liability cover eludes you from the financial immunity others get for their vehicle damage. So, choosing a comprehensive policy makes sense.
A bike owner cannot purchase two bike insurance for the same bike from the same insurance company. But the insurance laws do allow you to buy third-party insurance and own damage cover separately from two insurance companies. But before doing so, check the worth of buying them separately. More so when you can buy a comprehensive plan that covers everything. The premium of two different plans together will most likely equal or exceed the one with a comprehensive plan. Maybe choose the best comprehensive plan for all-round protection and cost-efficiency.
Yes, it’s mandatory to have personal accident cover for your bike insurance. It’s a rider that one could add to their insurance policies for coverage against medical expenses for the treatment of injuries caused due to an accident involving their vehicles. However, you don’t need to buy it again for a new vehicle. The personal accident cover for the old vehicle will help suffice the legal requirements. You can get a maximum cover of INR 15 lakh.
Yes, you can transfer your bike insurance to the new owner while selling the vehicle to the concerned person. The insurance transfer should happen within 14 days of selling the vehicle. Else the new owner may have to buy an altogether new insurance policy for protection against financial and legal hassles in case of unfortunate incidents such as accidents, vehicle thefts, etc.
Different insurance companies can have different online claim processes. While some would ask you to quote your policy number, others would tell you to mention your mobile number for filing a claim. You may also be asked to mention the reason for filing a claim. So, furnish the details accordingly on the company’s official website or mobile app. Afterward, the insurance company will send a surveyor to check the extent of the damage. You can thus go to either a cashless network garage or some other of your choice for reimbursement claim settlement.
Yes, you can insure a bike after 15 years with any of these insurances - comprehensive plan, own damage plan, third-party liability plan only. As per India’s laws, one must have a third-party liability cover to keep riding a bike without any legal hassles such as fines or court cases. A comprehensive plan covers both own damage and third-party liabilities. This sums up the option you should choose from the given alternatives.
Renewal of bike insurance policy is important to continue riding the vehicle without any fine or legal complications. It also offers financial protection that one seeks in case of damage to the vehicle due to an accident, natural calamities, man-made destructions, etc. So, get your bike insurance renewed without any delay.
It’s important to renew bike insurance by paying the applicable premium on or before the due date. Failing to do so will result in losing bike insurance cover and the benefits you may have accumulated till the time of renewal. If your routine is such that you can forget to pay manually, activate automatic premium payments. So, on the due date, the premium amount will be deducted automatically from your bank account.
Renewing from the same insurer will help keep intact the benefits you accumulate over the policy period. Like the premium discount that you get on not filing a claim in a policy year. The discount would, inevitably, add to your savings. Non-renewal would lead to the seizure of the insurance policy as well as the accumulated benefits. Moreover, renewing with the same insurer adds to your reputation of a disciplined customer, creating scope for more benefits in the future.
In the absence of bike insurance, you will be made to pay a fine up to INR 2,000. The fine will also apply if you are running a bike with an expired insurance. You could even face an imprisonment of three months. So, renew your bike insurance policy on time to avoid fines and imprisonment.
Depreciation in bike insurance means a reduction in the value of items due to the wear and tear the two-wheeler can have with time. The insurance company would thus deduct the depreciation amount from the claim you file to it. For instance, a spare part costing INR 5,000 could reduce to INR 3,000 over two years. So, the insurer would release INR 3,000 and not INR 5,000 towards spare replacement.
It is because of the different cost structures companies may have regarding bike insurance. Besides, the variation in the type of bikes, their age, engines and place of registration also leads to different premiums. For a better understanding, you can check the premium of different companies basis these factors on paytminsurance.co.in, a leading financial marketplace for insurance products.
IDV or Insured Declared Value is the amount up to which the insurance company covers your bike against accidents, total loss, theft and natural or man-made disasters. The insurance company calculates the IDV by deducting depreciation from the current value of the bike. While calculating the IDV, insurers ignore the road tax, insurance and registration costs. So, calculate the IDV of your bike basis these to get an idea beforehand the cover you will get while claiming.
NCB in bike insurance means the discount you get on the two-wheeler premium when you don’t claim in the policy year. The discounts could range between 20% and 50%, depending on the insurer’s terms and conditions. So, if you don’t claim in a policy year, the insurer will credit you the NCB on renewal, reducing your premium and adding to your savings.
You can download a bike insurance copy on the official website of the insurance company whose policy you have bought. You just need to fill in personal as well as bike-related details to download the policy copy. Besides, you could visit the website of the IIB or VAHAN to get the copy. You could even visit the nearest branch of your insurer to get the bike insurance copy.
Third-party insurance means the cover you get for damages caused by your bike to other people and properties. Importantly, this insurance is mandatory to have as per the Motor Vehicle Act. In its absence, you could be fined or imprisoned as per the law. While the traffic police could fine you up to INR 2,000, the imprisonment can extend to as long as three months. Why then take a chance when you can have third-party insurance for your bike?
The best insurance for a bike will anyway be a comprehensive plan covering third-party liabilities as well as own damage. Now that you know the type of bike insurance plan you purchase, let’s figure out the EXACT plan you should buy. The plan should have maximum coverage, least premiums, additional features, etc. We, at paytminsurance.co.in, have made it easy for you to select the best by putting out the details of top bike insurance plans on our website. You can compare them and choose the one that meets your requirements the best way.
Zero depreciation bike insurance is an additional cover that helps you get a claim amount without any deduction of depreciation. However, it doesn’t come under the base plan; you need to buy it separately and pay an extra premium for that too. But given the massive rate of depreciation in bikes, it only covers you adequately. The value of bike parts can depreciate 5-10% on average, based on the usage of the two-wheeler.
You can check your bike insurance policy status by visiting the official website of your insurer or by dialing the 24x7 toll-free customer care number. All you need to do is type your bike registration number. So, do that and check the status of your bike insurance. If the details submitted by you when applying for bike insurance are correct, the insurer would have approved your policy. The status could appear as pending too, which means the insurer is checking the details and will soon decide on your application. In case of incorrect information, the insurer could reject your policy.
You can check the NCB for your bike insurance while reading the policy document before buying bike insurance. In case you don’t check the same before buying insurance, you will get an email about NCB from the insurance company a few days before renewal. In this email, you’ll get to know the exact NCB amount you will get on renewal. All that is subject to no claim filing though.
You can check your bike insurance validity on the policy copy wherein the expiry date will be mentioned. You will get the policy copy both online and offline. The insurance company sends you your policy copy by email or courier. So, check the policy validity using any of these modes and renew it on time for hassle-free bike insurance coverage.
A comprehensive bike insurance is a plan by which you can claim for your own damages as well as third-party liabilities caused by your bike. These could be due to accidents, natural disasters, thefts, etc. Given its wide coverage, financial advisors recommend buying a comprehensive plan, even though it will come at a comparatively greater premium than what’s the case with a standalone third-party and own damage plan. You just need to buy the best comprehensive bike insurance plan in terms of coverage, premiums, additional benefits, etc.
No, it’s not! It can only save you from the legal and financial problems caused by your bike to the third person or properties. It does not cover the damage done to your bike. Without insurance, you will need to pay for all these. It could result in a hefty payment based on the extent of the damage. So, buy comprehensive insurance for maximum coverage.
You can easily find the insurance details online using your bike registration number. Go to the website of your insurer, IIB or VAHAN to check details such as policy number, IDV, premium amount, additional features, deductibles (if any), policy validity date, etc, by typing the registration number. All these are important details which you should know beforehand for hassle-free bike insurance.
You can claim for a stolen bike by following these steps.
Electric bikes that run with a power of less than 250W and at a maximum of 25 km per hour won’t require any insurance, beyond which a third-party insurance plan is mandatory. Repairing e-bikes can be very expensive. For instance, the replacement cost for batteries of Bosch e-bike could be around INR 50,000-70,000. So, a comprehensive plan covering such tall expenses is needed for e-bikes.
You can switch to a new two-wheeler insurance company a few days before the date of renewal. Benefits such as NCB will be intact if you switch that way. But if you want to switch during the policy period, you can do that too. You will need to follow a certain process as outlined by your insurance company. Most likely, you will need to submit a no-objection certificate (NOC), issued by the existing insurer, to the new insurer.
First party in bike insurance means the policyholder who buys the policy to get coverage against incidents such as damages, thefts, third-party liabilities.
As per the Motor Vehicles Act, it is mandatory to have a 5-year insurance cover for two-wheelers such as bikes. The Supreme Court, in 2018, decided to enforce this regulation to minimize cases of lapsed and expired policies besides insuring a maximum number of vehicles. But do note that a 5-year cover is necessary for third-party bike insurance, which is further needed to drive the vehicle without any penalty.
You can change the owner’s name in bike insurance after transferring it to a new individual. The following documents are required in a bike insurance transfer deal.
CPA tenure in bike insurance is one year. Compulsory Primary Accident (CPA) cover, which is mandatory as per insurance laws, allows all vehicle owners or drivers to get insurance benefits. So, if the insured person dies or gets permanently disabled while travelling in an insured vehicle, the insurance company will compensate up to INR 15 lakh.. Even if the co-driver faces these, the cover will be provided.
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