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How to Buy a Bike Insurance Policy Online on Paytm Insurance?

By Juhi Walia
13 October 2022, 10:50 AM

The two-wheeler remains an efficient and effective mode of transportation for most Indians. With a two-wheeler, you have the freedom to manoeuvre even on the most congested of roads and lanes. Like a driver's licence, you must also have a valid insurance policy if you ride a two-wheeler on the road.

Two-wheeler insurance policies are primarily divided into three types:

  • Insurance against third-party liability
  • A comprehensive insurance policy
  • Standalone own damage policy

Insurance for third parties only covers damages to third parties, such as people, vehicles, and properties. The coverage you receive when you purchase comprehensive bike insurance is comprehensive.

Along with third-party liability coverage, it also covers damages that your bike may sustain in the event of an accident. In detail, let us take a closer look at the comprehensive two-wheeler insurance policy. 

Whereas a standalone own damage policy only covers you for the damage caused to you and your bike. However, buy it if you only have a limited liablity policy.

Two Wheeler Insurance: Why Do You Need It?

Two-wheeler owners must carry third-party bike insurance under the Motor Vehicles Act, 1988. Unlicensed riders are subject to imprisonment if they ride without a valid third-party bike insurance coverage. Insurance against third parties only covers damage or losses caused by their vehicles or people. In the event of an accident on the road, this plan would be inadequate.

The best thing you can do is keep yourself completely protected by taking out comprehensive coverage. It is important to note that comprehensive cover is designed to reimburse the costs of repairing or replacing damaged bike parts in the event of an accident. You will also benefit from comprehensive cover if you want to protect your vehicle against damage caused by fire, theft, riots, earthquakes, etc., that may occur to it.

Paytm Insurance: Why Should You Choose It?

24x7 Insurance Support

Being a customer of Paytm Insurance, you can avail the free insurance support. There will be 24×7 support available in case of any queries regarding your bike insurance policy.

Hassle-Free Claim Settlement

The process of claim settlement is hassle-free, fast and straightforward with Paytm Insurance. You can easily claim your bike by registering on the insurance portal and submitting a bike insurance claim. With Paytm Insurance, claims are settled instantly after its team verifies them.

Cashless Service in Network Garages

You can get a bike repaired at any network garage using Paytm Insurance for your bike insurance. This process is further made easier because you don't have to worry about paperwork or other formalities. All you need to do is go to the garage and get the required work done on your bike. It's that simple! 

How to Buy Bike Insurance Online on Paytm Insurance?

A third-party bike insurance policy can be purchased or renewed using Paytm's app. You may find the right bike insurance company by contacting it directly or by using its agent, but with Paytm Insurance, you can compare the various quotes and choose the suitable one for you. As outlined below, follow these steps:

Log on to Paytm Insurance

  • Visit the official website of Paytm Insurance.
  • Click on 'Bike Insurance'
  • Enter your vehicle registration number
  • Click on 'Get Quote'
  • Log in by scanning the QR code.
  • Authenticate your vehicle by clicking on 'It's My Vehicle'.
  • Different quotes will appear on the screen.
  • Compare the policies based on coverage, premium, claim settlement ratio, etc.
  • Click on 'Buy Now'.
  • Feed in your name, mobile number, etc.
  • Click on 'Done'.

Pay the Premium Amount

Once you've chosen your cover and are ready to buy, it's time to pay the premium.

The bike insurance premium is an amount that covers you in case of an accident while riding a bike. Usually, these policy variants come on the screen - 1+5 year bundled comprehensive policy, comprehensive policy, 5-year third-party policy, third-party policy, and 5-year third-party cover and 1-year own damage policy purchased separately. Depending on the option you choose, the premium rates will appear on the screen. Pay the premium using the Paytm app. You could even pay via net banking, debit card, credit card, etc.

Wrapping Up

When purchasing a bike insurance policy from Paytm, you will find that checking quotes and processing a policy is hassle-free. Most insurance companies ask for basic information such as name, number, driving licence, etc. Apart from your personal information, you must mention the engine and chassis numbers of the vehicle in addition to the bike's registration number. 

Read more -


1. Why should I trust Paytm Insurance for bike insurance?

Firstly, it's an IRDAI-registrered insurance portal. Its registration number is 700. IRDAI. Secondly, it displays before you handsome bike insurance plans at attractive premium rates. Instant policy issuance and impressive claim assistance services further add to the customer's experience when shopping for insurance via Paytm Insurance.

2. What documents are required to buy insurance from Paytm Insurance?

No physical documents are required. You only need to provide and verify your basic information to create an account. You must submit all documents associated with your policy digitally to your insurer.

3. Can I have multiple insurances for my bike?

You can buy more than one policy for your bike. But having the best comprehensive policy is advisable to cover your multiple needs with one policy.

4. Can I check bike insurance advisories on Paytm Insurance?

Yes, you can! Visit the two-wheeler insurance blog section of Paytm Insurance to check the advisories.

5. How much tax do I pay on Paytm insurance premiums?

Paytm Insurance's bike plans are subject to 18% GST when purchased. For instance, if you are charged INR 10,000 per annum for a two-wheeler insurance policy and you are charged INR 1800 towards GST, the total premum will be INR 11,800.

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