Comprehensive Two-Wheeler Insurance
For most Indians, a two-wheeler is still an efficient and effective means of transport. The freedom to navigate even in the most congested lanes and roads can come only with a two-wheeler. If you own a two-wheeler, you must also be aware that just like a driver’s license, you also must possess a valid insurance policy for your two-wheeler when riding it on the road.
Traditionally, there are two main kinds of two-wheeler insurance policies:
1. Third-Party Liability Insurance
2. Comprehensive Insurance
Third-party insurance covers the damages to a third-party only, which could be a person, his vehicle or property. With comprehensive bike insurance, your coverage becomes very wide. Along with the third party liabilities, it also covers the damages that your bike suffers in an accident. Let us read about comprehensive two-wheeler insurance policy in detail.
What is Comprehensive Two-Wheeler Insurance?
A comprehensive two-wheeler insurance policy provides a cover against almost all kinds of unpredictable accidents that can cause damage to your two-wheeler. As mentioned above, your comprehensive two-wheeler insurance policy is a combination of 2 kinds of covers, one being own-damage and the second being the damage that is caused to the third party.
This example will help you understand better, suppose you are riding your bike and accidentally hit another person who is on a bike too. Now, because you are the cause of the accident, you are morally and legally responsible to pay for the damages that you have caused to the third person. This is where your comprehensive two-wheeler insurance policy will come into play. The policy will not only compensate the third-party for their damages but also bear the cost of repair of your two-wheeler.
Features & Benefits of Comprehensive Two-Wheeler Insurance Policy
1. Wide Coverage
Your comprehensive two-wheeler insurance policy is rightly called an all-inclusive policy. Almost all kinds of accidental damages to your bike would be covered by the comprehensive insurance policy, such as a collision, theft, man-made or natural disaster.
2. No Claim Bonus
Not making a claim throughout the policy tenure can fetch you a bonus in the form of a discount. Your NCB can get you a discount in the renewal premium that can range from 20% to 50%.
3. Customisation with Add-Ons
Add-ons can help you keep your bike well-covered with the wide range of cover that they offer. For example, buying a Zero-Depreciation Cover will help to control the loss of your bike’s value due to depreciation. With Engine Protection Cover, the insurance will cover the damages to the engine of the bike too, which is otherwise not included in a regular comprehensive plan.
4. Easy Processing
Every aspect of insurance is very easy with the online system. The purchase, the renewal and claim process can all be done from the comfort of your home, at a time convenient to you.
5. Premium Calculator
A premium calculator is an online tool that helps you to calculate the premium of an insurance policy and thus compare the cost of different policies.
6. Repairs become Affordable
Yes, comprehensive two-wheeler insurance may seem a little costly as compared to third-party insurance but it offers extensive coverage too. If you see the bigger picture, you will realise that the premium cost will be far less than the amount you may spend in case your bike gets damaged.
7. Protection Against Theft
In case your two-wheeler gets stolen, your insurance company will provide you compensation.
8. Peace of Mind
With the unpredictable nature of life, the right insurance plan helps you to be well-equipped to manage the financial crisis that may arise because of a bike accident. Comprehensive two-wheeler insurance surely brings peace of mind with it.
Who Should Opt for Comprehensive Two-Wheeler Insurance?
- If you are buying a new two-wheeler, you should consider buying a comprehensive policy as it would offer you more cover
- If you are buying a used-two-wheeler, you can still buy a comprehensive cover so that even if it faces any damage in an accident the repair cost will be borne by the insurance company
- Thus, it can be said that anyone who has a two-wheeler can purchase a comprehensive two-wheeler insurance policy
What is Covered Under Comprehensive Two-Wheeler Insurance?
As mentioned above, the scope of comprehensive two-wheeler insurance is much more than third-party liability insurance, let us see how:
1. Third-Party Liabilities
In case you cause injury or damage to someone else while riding your bike, the comprehensive insurance will cover the following:
- Third-party liability that covers injury or death
- Property loss to the third-party
2. Own Damage Repair Cost
If your bike faces accidental damages due to any of the following, the repair costs will be borne by the insurance company:
- Collision with a person/object
- Natural Disasters such as earthquakes, floods, landslides, cyclones etc
- Man-Made Disasters such as vandalism, riots
3. Vehicle Theft
If your bike gets stolen, your insurance company will help by compensating you with the bike’s IDV. This would help you buy a new bike.
4. Personal Accident Cover
Some accidents can cause critical injuries and sometimes even death. In such an unfortunate situation, your two-wheeler insurance provides you with a Personal Accident Cover of INR 15 lakhs, which covers accidental disability and death.
What is Not Covered Under Comprehensive Two-Wheeler Insurance?
Given below are some basic exclusions, or services that are not covered, under Comprehensive two-wheeler insurance:
1. Drunken Riding
If the rider is found to be riding under the influence of alcohol or any other intoxication, he would not be able to make a claim.
2. Unauthorised Driving
Unless the rider has a valid driver’s license, he would not be able to make a claim.
3. Deliberate Accident
If you consciously try to damage your two-wheeler, you would not be able to make a claim.
4. Malicious Use
If you damage your bike while using it for some illegal activities.
5. Consequential Damages
The damages that occur after an accident takes place are not covered.
Damages that are caused because of the rider’s carelessness are excluded from coverage.
Normal wear and tear of the two-wheeler is not covered under a basic comprehensive insurance policy.
8. Expired policy
An invalid policy will not fetch you any benefits.
9. Excluded Add-On
The add-on benefits that you have paid for are the only ones that would be covered.
Add-on Covers in Comprehensive Two-Wheeler Insurance Policy
1. Zero-Depreciation Cover
It is not only accidental damage that can decrease the value of your bike, but depreciation also does the same. With the Zero-Depreciation Cover, your insurance company will pay for the depreciated parts.
2. Roadside Assistance
Having your two-wheeler breakdown in the middle of nowhere especially when you are with your family can be a real nightmare. Roadside Assistance will help you get your bike picked-up/repaired.
3. Consumable Cover
The products like nuts, lubricants, engine oil, tyres etc are not covered under a basic plan, however, with Consumable Cover, these parts will be covered too.
4. Cover for Accessories
When you opt for an Accessory Cover, you can add fancy accessories to your two-wheeler without the worry of a financial loss. Remember that when you purchase this add-on, you must update your insurer about any new accessories.
5. Medical Cover
With a Medical Cover, your medical treatment will be covered by the insurance company.
6. Return to Invoice Cover
When a bike is stolen or is a total loss, with this cover, you can claim the Invoice amount that you paid at the time of purchase of the bike.
7. Passenger Cover
Your regular policy will not cover the add-on. But with the Passenger Cover, the co-passenger will also be covered for partial or full disability.
8. Lost Key Replacement
When you lose your two-wheeler’s key, the cost of its replacement will be borne by the insurance company. In case your key has been stolen, you would have to lodge an FIR.
9. NCB Protect
No Claim Bonus is a discount that you receive on premiums, when you do not make a claim during the policy tenure. With NCB Protect you can safeguard your NCB, even if you make a claim.
10. Engine Protection Cover
While the damages that occur due to an accident are covered, a base policy doesn’t cover the repair cost of the engine. Even if it is consequential damage, the Engine Protection Cover will cover the damages. Even the damages to the engine due to a natural disaster will be covered.
Comprehensive Two-Wheeler Insurance Premium Calculator
A premium calculator is a free online tool that helps you in getting quotes on your two-wheeler insurance plan almost instantly. You just submit the basic details of your two-wheeler and an estimated premium will be told.
The calculator will also cater to add-on benefits and their cost.
Using a premium calculator is easy, let us look at the steps to be followed:
Step 1 - Submit Personal Details
When you land on the two-wheeler insurance premium calculator page, you need to enter details like - your name, gender, email address, mobile number.
Step 2 - Bike details
Enter the two-wheeler details - date of registration, make, model and variant.
Step 3 - Add-Ons
If you want to add any riders/ add-ons to your plans, you can do it now.
Step 4 - Payment
Once you enter all the details, the calculator will display an estimate of the policy premium. If you approve of it, you can make the payment through net banking or your credit/debit car.
Factors Affecting Premium of Comprehensive Two-Wheeler Insurance
1. Type of Policy
The kind of two-wheeler insurance policy you select will affect the premium that you pay. As comprehensive policy offers more coverage, it costs more than a third-party insurance plan.
In a metro city, as the roads are crowded and the chances of an accident are more. Thus, the premium rate that you would have to pay in a metro city would be more than as compared to a Tier-II or a Tier-III city.
3. Add-Ons that You Pick
When you choose an add-on for your basic policy, you will have to pay a little extra premium.
The make, model and variant of a two-wheeler directly impact the premium. For a bike that costs less, you pay a smaller premium and vice versa. A Royal Enfield Bullet costs more than a Bajaj Pulsar and so would the insurance.
5. Policy Tenure
Opting for a long-term policy can get you a discount on the premium.
The amount of money that you are willing to spend from your own pocket in case a claim is to be made is called a deductible. A higher amount of deductible would mean a decreased premium.
How to Renew Lapsed/Expired Comprehensive Two-Wheeler Insurance Online?
When you do not renew your two-wheeler insurance policy, the consequences can be severe. If caught without insurance, you will be penalised and can also get into legal trouble.
If you are not completely happy with your current insurance company or the plan that you have, you can always switch to another plan or select a different insurance company. Various insurance aggregator websites are available that would help compare different two-wheeler insurance plans and their premium amount.
Renewal of insurance is a simple and quick process and you can do it easily by following the steps given below:
Step 1- Visit the website:
You need to visit an online portal/website/insurance provider to renew your policy and choose your plan that you wish to renew your two-wheeler insurance plan.
Note: However, if you are not sure how to do the same, then you can get in touch with the company through customer care and inform them that you had forgotten to renew the policy on time. The company executives will be able to guide you on how to proceed with the renewal process.
Step 2 - Enter your details:
Once you login to the comprehensive plan that you desire to buy for your two wheeler, you need to fill the details like registration number of your bike, previous policy details and your no-claim bonus, your personal details like name and contact details, etc.
Step 3 - Making the Payment
Once you get an authorization from the company you can proceed towards the payment and renew the policy. Most companies have a set timeline that has to be followed and the inspection by the surveyor is valid only for 24 hours.
Step 4 - The Surveyor’s Visit
Once the payment is done, the insurance company will send a surveyor to assess the bike since your bike has already lapsed. There are certain two-wheeler insurance companies and some insurance aggregators that are offering policy renewal without assessing the two-wheeler as well. There are also some companies that assess your two-wheeler through a video call or with photographs. You can also find out from the customer care department about the procedure followed in your company.
Step 5: Check the policy bond
Once your bike has been successfully surveyed, you will get a soft copy of your policy bond in your registered email id. Please check the credentials of your bike and policy details in your policy document, especially if you have changed your insurer, so that there is no ambiguity at the time of claim, if any.
Comprehensive Two-Wheeler Insurance Claim Process
Your comprehensive two-wheeler policy lets you make a claim in two major situations:
Theft of the Two-Wheeler:
- In case your bike has been stolen, you need to file an FIR at the nearest police station at your earliest convenience.
- You must inform the insurance company about the same as well.
- The police would look for your two-wheeler and in case they cannot find it within a period of three months, they will issue you a “Non-Traceable Certificate”.
- You then need to obtain a Claim Form from the company, and submit it back along with the required documents and the “Non-Traceable Certificate”.
- Your claim would be settled as per your two-wheeler’s Insured Declared Value (IDV).
Damage to the Two-Wheeler:
This is a more popular type of claim when your bike or two wheeler meets with an accident and gets damaged. You need to claim for the repair work of the damage of your bike.
There are two ways to make a claim for the own-damage:
A cashless claim can be made when after an accident, you take your two-wheeler to a network garage. A company surveyor will visit the garage to assess the damages and the cost of repair. Once the surveyor submits a report, the insurance company will settle the amount directly with the garage. Though a big chunk of the repair would be paid by the company, you would have to pay for the depreciation of parts and also for the repair of consumable products. You must enquire about such details as they differ from company to company.
It may sometimes happen that you may not be able to take your bike to a network garage after an accident, in such cases you can opt for a reimbursement. For a reimbursement claim also, you must report the incident to the insurance company. You can get the repair work done and pay the same from your pocket upfront. Then the original bills and receipts need to be submitted at the insurance company along with the claim form in order to get a reimbursement of the amount paid towards the repair work.
How to Compare Comprehensive Two-Wheeler Insurance Policy Online?
With so many options and choices available, it can often become rather confusing comparing the policies and then choosing the best policy. Well, it doesn’t have to be difficult. Here are a few parameters that you must consider when buying an insurance policy for your two-wheeler.
Check them before you make a final decision:
1. The Cover that You Need
The first choice that you need to make is to choose which type of cover you need. Based on the type of policy you choose, your coverage, features and benefits would also vary. Always compare different insurers before choosing a comprehensive policy. See what other insurance companies are offering under their comprehensive insurance and then select an ideal one.
2. The premium of Car Insurance
Staying within your budget is always a good idea, however, a lower premium should not be the sole factor when planning to buy insurance. A lower premium means lesser coverage. Weigh the benefits vis-a-vis the cost and then select the one which best suits your requirements.
3. Incurred Claim Ratio
ICR would help you assess the company on the basis of the claims it makes. A low incurred claim ratio means that the premium charged by the company is on the higher side. If the ratio is more than 100%, the profitability of the company may get affected. Anything between 75%-90% is a good one.
4. Add-On Covers
A policy that offers a variety of add-on covers at an affordable price is a good deal.
5. No Claim Bonus
NCB is a discount, you can utilise at the time of renewal of your policy if no claims were raised by you in the previous year. Look out for how much bonus the company offers you. It generally ranges between 20% to 50%.
6. Network Garages
Getting your two-wheeler repaired in a cashless way can be a big boon that comes with a lot of benefits. More the number of garages in the company’s network, the better for you.
How to Buy Comprehensive Two-Wheeler Insurance Online?
In a world today, where we buy just about everything online why should two-wheeler insurance be any different too. Once you have decided what policy you want, you can buy one within minutes, just follow the steps given below:
- To buy the insurance you can either go to the official website of an insurance company or visit an insurance aggregator website.
- Go to Two-Wheeler Insurance’.
- Enter your personal details such as name, mobile number, email address, gender.
- Fill-in your bike details the like-manufacturing year, model, variant, registration details, etc.
- You may be asked to attach a few documents, however, most companies ask for these few basic details only.
- Choose the plan.
- Select the add-ons you wish to add any.
- Check the amount you would have to pay.
- If the premium is okay to you, pay the amount via credit/debit card, net banking.
- You will receive an email with a soft copy of your two-wheeler insurance policy.
Best Comprehensive Two-Wheeler Insurance Companies in India
Name of the Company
Features Offered by the Company
Incurred Claim Ratio
|HDFC Ergo Insurance|
|IFFCO Tokyo Insurance|
|Bharti AXA Insurance|
|New India Insurance|
|ICICI Lombard Insurance|
|Bajaj Allianz Insurance|
|TATA AIG Insurance|