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5 Steps for a Happy Bike Insurance Policy Experience

By Vikas Chandra Das
27 July 2022, 12:15 PM

Having bike insurance is satisfying in itself, but some areas may leave you dissatisfied. The claim process can be cumbersome if the policy coverage, the insurer, or anything else is not up to your expectations. So, it's high time to assess the reliability of your insurance cover.

Here are the five things to determine if you are satisfied with your insurance plan or not!

1. Premium

Premium is one of the most crucial factors when comparing different insurance plans. The lowest premium may attract you the most but may not suffice the coverage you want. Verify twice to see if the premium you are paying equates to the solutions you receive.

2. Terms and Conditions

You need to evaluate the terms and conditions of your bike insurance plan in detail to understand the coverage provided. The knowledge of the inclusions and exclusions of your insurance policy is of utmost importance. It helps ensure a smooth claim process.

3. The Credibility of the Insurer

Covering your two-wheeler with a dependable insurance provider helps in efficient claim settlement. At the time of claim settlement, if the services provided by your insurer are not satisfactory, it results in frustration. Hence, assess its credibility in-depth for a hassle-free journey. For this, you can check out the customer reviews on its website or its social handles. A claim settlement ratio can also give you a glimpse of the insurer's credibility.

4. After-sales Services

Every insurer will serve its best up to the time of selling its policies to you. Once sold, only a few will help you in times of need. If your insurer serves you whenever you need it, you have chosen the right provider. Be it the renewal process, claim settling process, or any other service, a good service provider will try their best to satisfy their customers.

5. Discounts

There are various methods to save money on bike insurance, and many insurance firms provide them to recruit new clients. Consider these discount alternatives when deciding which insurance plan and insurer is best for you.

After assessing the above factors, it's time to switch your plan if you are unsatisfied with your existing insurance policy. Do keep in mind the following ten steps before switching to the new one:

Read more - Top 9 Benefits of Renewing Your Bike Insurance Policy on Time

Steps Before Switching to the New Insurance Policy

Step 1: Identify your requirement for damage cover. The main motive for buying insurance is to protect your own interest and third-party liability.

Step 2: Do research and explore the market thoroughly. To make your research successful, you need to familiarise yourself with the terminology of the insurance market.

Step 3: Make an effective comparison between different insurance plans. While making this comparison, you must ensure the chosen policy matches your requirements.

Step 4: More than thirty providers operate in India selling general insurance. Choosing an appropriate service provider is crucial as it will be the intermediary between you and the insurance benefits.

Before sales or after-sales services, customer reviews, and claim settlement ratio are some factors to consider while choosing the service provider.

Step 5: Select the type of insurance plan, viz., comprehensive cover, third-party cover, or standalone bike insurance cover. Once selected, fill in the details of your bike.

Step 6: Calculate your two-wheeler's insured declared value (IDV). The IDV is the vehicle's current market value minus depreciation. Insurers allow you to choose between the IDV ranges. So, choosing a high IDV yet keeping the premium affordable is the way forward for you.

How a two-wheeler's IDV is determined:

IDV: The ex-showroom price of manufacturer + goods and services tax + cost of components not included in the listed price - depreciation charges - the cost of insurance and registration

Step 7: In this step, you can choose add-ons to enhance your two-wheeler insurance policy. Add-ons are the additional features available in exchange for an extra premium. A two-wheeler insurance policy's commonly observed add-on benefits are:

  • Emergency assistance cover
  • Zero depreciation cover
  • Pillion rider protection
  • Roadside assistance cover

Step 8: Go through the policy document thoroughly. It helps in easing the claim process. You need to read the declaration page, inclusions & exclusions, geographical limit, other terms of the policy, etc.

Step 9: Complete all the relevant details, upload the documents, and verify the preview. Once you fill in all the personal information and the details of your two-wheeler, you need to confirm whether the details are keyed-in correctly. Once verified, save a copy of the same.

Step 10: Pay the premium, and it's done!

You will get a copy of the two-wheeler insurance policy in your email upon premium payment. You can take a printout and keep it with your vehicle.

Read more - Everything You Need to Know About Changing Your Bike Insurance Policy Online

The Bottom Line

An insurance cover is essential to protect your bike from any damage, to comply with the legal requirements, and for mental peace. Hence, it is imperative to examine if you are satisfied with your bike insurance plan and the insurer too! If not, do not hesitate to switch to a different one that better fits your requirements.

Read more -  Is it Good to Purchase Bike Insurance Plans Online?


1. Why buy insurance for a two-wheeler?

A two-wheeler insurance policy saves you financially in case of damage due to an accident or natural or man-made disasters. And if you buy a comprehensive policy, stay assured financially against third-party claims due to an accident, vehicle theft, etc. 

2. Is it mandatory to have two-wheeler insurance?

Yes, in India, it is mandatory to have two-wheeler insurance with a third-party liability cover. The requirement is enabled by the Motor Vehicles Act 1988.

3. Why should you check the terms and conditions of your two-wheeler insurance policy?

Two-wheeler insurance comes with benefits and terms and conditions regarding the same. So, before buying a policy, check the policy wording containing terms & conditions, features & benefits, claim process, etc. Knowing them beforehand will help prevent a claim rejection that can be very hard to deal with in its absence. 

4. What factors impact the premium in a two-wheeler insurance policy?

Factors that impact the premium in two-wheeler insurance are:

  • Vehicle cost & model
  • Date of manufacture
  • Cubic capacity
  • Location of purchase
  • Add-ons chosen
  • Term of the insurance coverage

5. What are the insurance premium rates for two-wheelers as per the IRDAI?

The latest rates issued by the IRDAI for two-wheeler insurance for third-party cover range from INR 538 to INR 15,117, depending upon the CC and the insurance term. These rates are effective from 1st June 2022.

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