header Two Wheeler Insurance

5 Tips for Choosing the Perfect Bike Insurance Plan in India

By Juhi Walia
14 July 2022, 12:05 AM

Two-wheelers are one of the most frequent modes of transportation in India. Riding a two-wheeler is convenient since it lets you quickly and inexpensively travel through traffic. Still, it also presents the risk of accidents and disasters, which may result in unpleasant and costly expenditures. 

Hence, two-wheeler insurance is strongly recommended if you want to enjoy your travel without concern. Third-party liability insurance is essential and protects you against a third party's financial obligations. In addition, these plans will cover you if your two-wheeler is wrecked in an accident. 

Bike Insurance Types in India

The types of bike insurance policies available in India are mentioned in the table below:

Third-party Bike Insurance PolicyStandalone Own Damage Bike Insurance PolicyComprehensive Bike Insurance Policy
  • Third-party bike insurance covers the damage done to any third-party vehicle, property or life.
  • In the event of an accident, standalone own-damage bike insurance compensates you for the expense of the damages inflicted on you or your vehicle. NCB (No-Claim Bonus) and add-on coverage are also available with this bike insurance policy.
  • Comprehensive bike insurance offers extensive coverage. In the event of an accident, it covers both third-party liability and your damage expenses. This sort of bike insurance coverage also includes a variety of extra add-ons that you may use to increase your coverage against adverse events.

Important Note: The Motor Vehicles Act, 1988, states that every two-wheeler owner must have third-party bike insurance. You may suffer penalties and detention if caught without it by the traffic police. Moreover, in the event of an accident, this bike insurance coverage pays for any harm caused to a third party.

How Do You Select the Most Appropriate Two-wheeler Insurance?

It's vital to select insurance coverage based on the aspects that will help you meet your objectives. Assessing your requirements, exploring the offerings, and comparing estimates from several insurance companies before making a purchase is crucial. Given below are some suggestions that can guide you in choosing the two-wheeler insurance coverage that meets your requirements and budget.

Check the Policy Benefits

Before you begin your search for insurance coverage, you must first make an assessment based on your needs and budget. A comprehensive bike insurance policy is the best two-wheeler plan because it contains the necessary third-party liability and own-damage coverage. Next, check whether any built-in benefits, such as roadside assistance, towing, etc, are in the policy—the more the scope, the superior the plan.

Consider the Insured Declared Value (IDV)

Your current market price indicates your two-wheeler's IDV. In case of theft or complete loss of your two-wheeler, this is the amount your insurance company will pay you. Depreciation reduces IDV over time and decreases the premium. IDV in bike insurance is essential because it determines an insurance policy's premium amount.

Select the Most Cost-effective Premium Rate

The premium cost is among the most significant factors when selecting bike insurance. It's the amount you'll need to spend to get insurance benefits. Consequently, you should be able to handle the financial burden. Avoid assessing the premium cost independently; do it with the IDV and policy coverage. Look for insurance with a high IDV and all-inclusive coverage at a low price.

Learn About the Add-on Covers

For a nominal charge, add-on covers allow you to increase the coverage of your bike insurance policy. As a result, comparing bike insurance add-ons is always a brilliant idea. Also, look for any optional coverage required; otherwise, the policy may disappoint you. Finally, it's also good to compare the various insurers' extra rates for the add-on. Getting the add-ons at a reasonably low price will only make you feel good.

Look for Discounts

Consider the many discounts available under the insurance plan and select the one that gives you the maximum discount, helping you reduce your premium significantly. One such discount comes in the form of a no-claim bonus. You get this bonus when you don't file a claim in the policy year. Besides, bike insurance companies can offer you additional discounts basis your profile, bike, location, etc. Do enquire the insurer about the same. Look to grab an insurance policy with the lowest premium amount.


According to statistics issued by the Ministry of Traffic Transportation in October 2020, a two-wheeler was involved in one of every four road accidents. This data depicts the importance of having financial protection in the event of an accident. A comprehensive two-wheeler insurance policy can thus make you feel assured at such times. 

Comprehensive two-wheeler insurance coverage pays for repairing or replacing damaged bike components in the event of an accident. A comprehensive policy also protects your car from damage caused by fire, theft, riots, earthquakes, cyclones, etc.

Keep the points mentioned above in mind while getting two-wheeler insurance. These things guarantee you the best coverage for your two-wheeler vehicle in India. Paytm Insurance can assist you in choosing the perfect two-wheeler insurance policy as per your requirements and budget.

Also read -


1. What is the best bike insurance policy?

Because of its scope, a comprehensive policy is regarded as the most acceptable two-wheeler insurance policy. It includes both the obligatory third-party liability insurance and own damage coverage. You may also add relevant add-ons to your insurance to make it effective.

2. What are some approaches to saving money on bike insurance?

Here are some helpful hints for lowering your bike insurance premium:

  • Compare several insurance policies.
  • Small claims should be avoided.
  • Select appropriate add-on covers.
  • Ensure that your insurance policy is up to date by renewing it on time.
  • Install anti-theft devices.
  • Get NCB by not filing a claim in the policy year.
  • Inquire about discounts

3. What does first-party bike insurance involve?

The term "first-party bike insurance" refers to a policy covering both the owner and third party. Natural disasters that result in severe loss of life can have devastating implications for vehicles. First-party insurance protects your vehicle and shields you from financial damage.

4. Is it necessary to get bike insurance for the initial five years?

IRDAI has made it essential for all new two-wheelers to be given a five-year insurance cover after a Supreme Court judgment in September 2018. The motive was to cover many two-wheelers and reduce the count of expired, invalid, and unregulated vehicles.

5. Should I get bike insurance with a zero depreciation add-on?

Yes, you could consider adding a zero depreciation add-on to your bike insurance policy to get a claim amount without any depreciation. It will cost you an extra premium. But it's worth opting for this add-on as bike depreciation rates can be very high later.

Two wheeler Insurance banner
Two wheeler Insurance

Starting at only ₹1.5 per Day*

Enter your details to buy Bike Insurance
By proceeding you agree to Terms & Conditions
Proceed without two wheeler number