Best Two-Wheeler Insurance In India 2024
Editorial Note: This content has been independently collected by the Forbes Advisor team and is offered on a non-advised basis. This content is not part of the comparison service provided by RunPath Regulatory Services. Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.
India has a compulsory third-party insurance policy for all two-wheeler vehicles such as bikes, motorcycles and scooters before they are allowed to be on the road under the Motor Vehicles Act. However, having a suitable type of two-wheeler insurance policy is always a good choice for its benefits. A comprehensive policy not only provides extensive protection against any third-party liabilities but also covers damages to your vehicle arising out of incidents such as accident, fire, theft or due to any natural calamities along with cover for the owner.
Forbes Advisor India analyzed 25 large motor insurance companies to help you choose the best one for your two-wheeler.
- Featured Partner
- List of Best Two-Wheeler Insurance Policies in India
- Reliance General Two-Wheeler Package Policy
- ICICI Lombard Two-Wheeler Comprehensive Insurance
- TATA AIG Comprehensive Bike Insurance Policy
- Bajaj Allianz
- HDFC Ergo
- IFFCO Tokio
- SBI General Comprehensive Bike Insurance
- Digit Own Damage
- Summary of Best Two-Wheeler Insurance
- Methodology
- What Is Bike Insurance And How Does It Work?
- What Is Bike Insurance?
- Why Is Bike Insurance Necessary?
- Key Features And Benefits Of Bike Insurance
- What Are The Different Types Of Bike Insurance Policies?
- Difference Between Third-Party Insurance And Comprehensive Insurance Policy
- Add-On Covers For Bike Insurance Policy
- Bike Insurance Claim Settlement Process
- Documents Required to File A Bike Insurance Claim
- How To Choose The Right Bike Insurance Policy?
- How To Calculate Bike Insurance Premium?
- Factors Affecting Bike Insurance Premium
- How To Buy Or Renew Bike Insurance Online?
- Documents Required To Buy a Bike Insurance Online
Featured Partner
1
ACKO Bike Insurance
Affordable
Plans starting at INR 555
Personal Accident Cover
Available
Cashless Claims Facility
Yes
List of Best Two-Wheeler Insurance Policies in India
- Reliance General Two-Wheeler Package Policy: Best Overall
- ICICI Lombard Two-Wheeler Insurance: Best comprehensive two-wheeler policy
- TATA AIG Bike Insurance Policy: Best policy with variety of add-ons
- Bajaj Allianz Two-Wheeler Insurance: Best long-term policy
- HDFC Ergo Two-Wheeler Insurance: Best policy with no-limit on the number of claims
- IFFCO Tokio Two-Wheeler insurance: Best zero depreciation policy
- SBI General Bike Insurance: Best coverage for personal and third-party liabilities
- Digit Two-Wheeler Insurance: Best third-party bike insurance policy
BEST OVERALL
Reliance General Two-Wheeler Package Policy
Number of Network Garages
8,500+
Plan Type
Comprehensive
Benefits
Discounts available on premium,equated monthly installment (EMI) protection cover
Number of Network Garages
8,500+
Plan Type
Comprehensive
Benefits
Discounts available on premium,equated monthly installment (EMI) protection cover
The Reliance General Two-Wheeler Package plan is a comprehensive policy, which provides coverage for third party liabilities along with own damages arising out of any kind of accident, theft or natural calamities such as flood or earthquake. This policy provides the freedom to the insured to cover their new vehicle for two, three and five years. The insured is also entitled to receive great discounts on the premium under NCB and voluntary deductibles benefits.
Key Features
- Policy tenure options are for two, three and five years.
- Personal accident coverage for INR 15 lakh.
- Option of choosing voluntary deductibles between INR 500 to INR 1,500 to lessen the amount of premium by 5% to 20%.
- 50% discount on the premium under NCB, in case of no claims made in the entire policy tenure.
- Coverage for any kind of damages related to natural calamities such as floods.
- Coverage for own damages related to unpredictable events such as accident, theft, fire.
- Coverage for any legal or financial liability for injury, death and/or property damage caused to a third party up to INR 1 lakh.
Add-ons
- Coverage for zero depreciation which provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
- Daily allowance benefit provides the cash benefit of up to INR 5,000 per day for covering the traveling expenses if the vehicle is in any network garage for more than two days.
- In EMI protection cover, the insurer will take care of the insured’s three EMIs of the current two-wheeler loan, if the insured’s vehicle is in any of the network garage for more than a month.
- Helmet cover provides an allowance for replacing the damaged helmet of the same kind and model, if damaged during an accident of the insured vehicle.
- Hassle-free and very easy claim settlement process.
- Policy renewal up to three years.
- Wider coverage.
- More than 10 add-on covers
- No coverage for regular wear and tear.
- No coverage for any electrical and mechanical issues.
BEST COMPREHENSIVE TWO-WHEELER POLICY
ICICI Lombard Two-Wheeler Comprehensive Insurance
Number of Network Garages
6,500+
Plan Type
Comprehensive
Benefits
Zero depreciation cover + AI enabled process
Number of Network Garages
6,500+
Plan Type
Comprehensive
Benefits
Zero depreciation cover + AI enabled process
The ICICI Lombard Two-wheeler Comprehensive policy protects the owner from the own vehicle damages caused due to accidents or theft or any damages caused to any third party or property from the insured’s vehicle. The insurance provides the zero-depreciation coverage at a little additional cost along with the wide gamut of cashless garages which is beyond 10,000. This policy is ideal for those owners who are looking for an all-rounder protection for their two-wheeler.
Key Features
- Coverage for:
1. Loss or damage to the two-wheeler due to natural disasters such as fire, flood.
2. Loss or damage to the two-wheeler against man-made disasters such as theft, riots.
- INR 15 lakh as personal accident cover for the owner-driver of the vehicle.
- Up to INR 1 lakh worth of coverage for any loss and damage happened due to accident resulting in the injury or death of a third person or damage caused to the third-party property.
- Up to 50% discount on premium under NCB benefit after five claim free years.
Add-ons
1. Coverage for zero depreciation which provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
2. Roadside assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
- Digital inspection for claims.
- Instant issuance of the policy via mobile app.
- Wide presence of cashless garages.
- 24/7 roadside assistance.
- Limited optional covers.
- No coverage for damage due to regular wear and tear.
- No coverage for any mechanical and electric breakdown.
BEST POLICY WITH VARIETY OF ADD-ONS
TATA AIG Comprehensive Bike Insurance Policy
Number of Network Garages
4,000+
Plan Type
Comprehensive
Benefits
Up to 75% discount on online purchase
Number of Network Garages
4,000+
Plan Type
Comprehensive
Benefits
Up to 75% discount on online purchase
TATA AIG’s Comprehensive Bike Insurance policy offers extensive protection against third-party liabilities, coverage for own damages or loss caused by theft and natural as well as man-made disasters. It offers a wide variety of add-on covers such as consumables coverage and zero depreciation cover which is the highest amongst other major two-wheeler insurance companies. TATA AIG also has a wide network of cashless garages with a strong pan-India presence.It also offers up to 75% discount on their two-wheeler insurance premiums with online purchase of the policy.
Key Features
- Covers damage and loss caused due to:
1. Accidents and any loss happened in transit by air, waterways, railways, roadways.
2. Theft of the two-wheeler.
3. Natural calamities such as floods, landslides, earthquakes.
4. Man-made calamities arising from terrorist attacks, riots, strikes.
5. Fire caused by self-ignition, lightning, explosions, etc.
6. Any third-party property or death bodily damages caused to a third party by the insured’s vehicle are covered up to INR 1 lakh.
- Up to 50% discount on premium under no claims bonus (NCB) after five claim-free years.
- Up to 75% discount on premium if policy purchased online.
Add-ons
- Coverage for zero depreciation provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
- Roadside assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
- Consumables expenses cover vehicle oil, refrigerants, coolants, electrolytes, fluids, nuts, bolts, screws, filters, bearings, washers, clips and other similar items.
- Return to invoice gives the insured the benefit of receiving the original invoice price of the two-wheeler, including road tax and registration charges.
- Engine protection cover offers protection against any damage of the engine arising out of oil leakage, natural calamities or mechanical issues.
- The insured will receive reimbursement of emergency medical expenses and also the costs related to ambulance charges for the damages caused in an accident.
- Personal accident coverage can be enhanced beyond INR 15 lakh.
- Additional third-party coverage.
- Extensive network of cashless garages.
- Discount on premium under online policy and NCB.
- Quick claim settlement process.
- No coverage for regular wear and tear.
- No coverage for any electrical and mechanical issues.
BEST LONG-TERM POLICY
Bajaj Allianz- Long term Two-Wheeler Package Insurance
Number of Network Garages
6,500+
Plan Type
Comprehensive
Benefits
No hassle of renewals, instant settlement via the app
Number of Network Garages
6,500+
Plan Type
Comprehensive
Benefits
No hassle of renewals, instant settlement via the app
The Bajaj Allianz’s Long-Term Two Wheeler Package policy is beneficial to those who are looking to insure their vehicle for a long-term tenure. It provides comprehensive coverage for two-wheelers against their own damages, theft and natural disasters and also covers the legal liability to third parties. The policy is available for three years and there is no need to insure this policy every year up to three years of policy tenure. Another advantage is, the insured will not have to bear any change in premium rates for the entire three years of policy tenure. The insured can also opt the coverage for legal liability related to the paid drivers, cleaners or any workman also.
Key Features
- Long-term insurance coverage up to three years.
- No inspection is required for policy renewals.
- No hassle for yearly policy renewal as multi-year bike insurance available for a period of up to three years.
- NCB benefit gets reduced but will not be zero even after settling the claims.
- There will be no change in premium rates during the policy period.
- Coverage for any kind of damages related to natural calamities such as floods.
- Coverage for damages related to unpredictable events such as accident, theft, fire.
- Coverage for any legal or financial liability for injury, death and/or property damage caused to a third party up to INR 1 lakh.
- Coverage for personal accident up to INR 15 lakh which can be increased more at an additional premium rate.
Add-ons
1. Coverage for zero depreciation which provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
2. Roadside assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
3. Coverage can be opted for legal liability to paid drivers, cleaners or any workman.
4. The insured can also choose higher voluntary deductible over the compulsory deductible amount.
- Coverage for long-term.
- Hassle-free policy renewals.
- Wide gamut of add-on covers.
- Instant facility for claim settlement via app.
- Option to save on premiums.
- No coverage for regular wear and tear.
- No coverage for any electrical and mechanical issues.
BEST POLICY WITH NO-LIMIT ON CLAIMS
HDFC Ergo-Comprehensive Two-Wheeler Insurance
Number of Network Garages
1,800+
Plan Type
Comprehensive
Benefits
Roadside emergency services, single-day claim settlement
Number of Network Garages
1,800+
Plan Type
Comprehensive
Benefits
Roadside emergency services, single-day claim settlement
HDFC ERGO’s Comprehensive Two-Wheeler Insurance provides an extensive coverage to the two-wheelers, including own damages and damages to a third-party person or property. There is also no limit on making claims under this policy. The insured also has the option of choosing the tenure as per their choice; however, it is recommended to go for three-year policy tenure to avoid any kind of renewal issues.
Key Features
- Coverage for any kind of damages related to natural calamities such as floods.
- Coverage for damages related to unpredictable events such as accident, theft, fire.
- Coverage for any legal or financial liability for injury, death and/or property damage caused to a third party up to INR 1 lakh.
- Coverage for personal accident for INR 15 lakh.
- Option of choosing the policy for two years and three years.
Add-ons
1. Zero depreciation cover or bumper to bumper cover gives the advantage of having this cover as the insured is entitled to get the coverage of the entire amount, without any deductions.
2. Emergency assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
3. NCB retention add-on cover protects no-claim bonus amount during the policy period, even if the insured has raised a claim. After the full term of policy, the insured will be eligible for NCB on the policy renewal.
- Zero paperwork.
- Claims settled on the same day.
- No limit on making claims.
- Door-step two-wheeler repairs.
- No coverage for depreciation in the value of a two-wheeler.
- No coverage for any electrical and mechanical issues.
BEST ZERO DEPRECIATION POLICY
IFFCO Tokio- Comprehensive Two-Wheeler insurance with Zero Depreciation Cover
Number of Network Garages
4,300+
Plan Type
Comprehensive with Zero depreciation
Benefits
Inbuilt zero depreciation cover 50% discount on NCB
Number of Network Garages
4,300+
Plan Type
Comprehensive with Zero depreciation
Benefits
Inbuilt zero depreciation cover 50% discount on NCB
IFFCO Tokio’s Comprehensive Two-Wheeler insurance with Zero Depreciation Cover aims to provide extensive coverage to its policyholders. Other than own damages and third party liabilities, the insured also gets the advantage of zero-depreciation benefit in the same policy, where the insured does not need to pay the depreciation value of the damaged or replaced parts. The policy can be opted for two years and three years
Key Features
- Coverage for any kind of damages related to natural calamities such as floods.
- Coverage for damages related to unpredictable events such as accident, theft, fire.
- Coverage for any legal or financial liability for injury, death and/or property damage caused to a third party up to INR 1 lakh.
- Coverage for zero depreciation, which provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
- Coverage for personal accident for INR 15 lakh.
- Option of choosing the policy for two years and three years.
Add-ons
1. NCB protection provides a discount on premium up to 50%, if no claim is made in five consecutive years.
2. Return to invoice provides coverage against any damage and the insured receives the original invoice price of the two-wheeler, including road tax and registration charges.
3. Roadside assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
4. Engine protection cover offers protection against any damage of the engine arising out of oil leakage, natural calamities or mechanical issues.
- Paperless process.
- Claims to be settled on the same day.
- Option to make claims up to INR 20,000 instantly via QCS app.
- Huge presence in India with 20,000 agents.
- Easy online application process.
- Limited network of cashless garages.
- No coverage for any accessories.
- No coverage for regular wear and tear.
- No coverage for any electrical and mechanical issues.
BEST COVERAGE FOR PERSONAL AND THIRD-PARTY LIABILITIES
SBI General Comprehensive Bike Insurance
Number of Network Garages
6,400+
Plan Type
Comprehensive
Benefits
NCB protection cover
Number of Network Garages
6,400+
Plan Type
Comprehensive
Benefits
NCB protection cover
SBI General is a government-owned company, which holds a dominant position in the insurance space of India. Like other comprehensive packages, SBI also offers the coverage for own damages and the third-party liabilities. This plan also offers a very useful add-on cover at a minuscule cost such as NCB protection cover, which makes the insured eligible for the next slab of NCB at the time of policy renewal.
Key Features
- Mandatory personal accident cover of INR 15 lakh for the insured owners of the vehicle.
- Coverage for any loss or damage of two-wheeler or its accessories due to any kind of accidents like transit, fire, accidental damage, explosion, and self-ignition.
- Coverage for the damages arising due to flood, earthquake, landslide or any kind of theft, riot, strike, or terrorist activity.
- Coverage for third party liability, in case of death or injury caused to the third party or damage caused to the property of the third party due to the insured’s vehicle.
- The insured is entitled to up to 50% discount on premium under NCB benefit, in the claim-free years. So, if you have a high NCB, the premium amount would be low.
Add-ons
1. Return to Invoice covers in case of any damage, the insured receives the original invoice price of the two-wheeler, including road tax and registration charges.
2. Protection of NCB, with this add-on, the insured has an additional advantage of retaining the existing NCB of the policy during the renewal. However, this benefit can be availed only for a single claim in the entire policy period.
- Easy interface to buy or renew the policy.
- Quick claim settlement process.
- Decent network of cashless network garages.
- Not responsive customer care support.
- No coverage for damage due to regular wear and tear.
- No coverage for any mechanical and electric breakdown.
BEST THIRD-PARTY BIKE INSURANCE POLICY
Digit Own Damage Two-Wheeler Insurance
Number of Network Garages
4,400 +
Plan Type
Standalone own damage cover
Benefits
Covers own damages and losses, choice of customizing the insured declared value (IDV)
Number of Network Garages
4,400 +
Plan Type
Standalone own damage cover
Benefits
Covers own damages and losses, choice of customizing the insured declared value (IDV)
Digit Own Damage Two-Wheeler policy is good for those who only have third-party insurance as their insurance. The own damage insurance policy will enhance the scope of coverage of their existing third-party cover by providing them coverage for damages and losses caused due to accidents, theft or due to fire or any natural calamity. The most convenient feature for the policyholders is that the company inspect the vehicle digitally.
Key Features
- Coverage available for damages and any kind of losses due to:
1. Accidents
2. Theft
3. Fire
4. Any kind of natural calamity such as flood or landslide
- Add ons:
1. Coverage for zero depreciation which provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
2. Roadside assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
3. Consumables expenses provide coverage to vehicle oil, refrigerants, coolants, electrolytes, fluids, nuts, bolts, screws, filters, bearings, washers, clips and other similar items.
4. Return to invoice provides coverage against any damage where the insured receives the original invoice price of the two-wheeler, including road tax and registration charges.
5. Engine protection cover offers protection against any damage of the engine arising out of oil leakage, natural calamities or mechanical issues.
- This policy also gives the freedom to the insured of opting the IDV as per their choice. IDV is the maximum amount of claim that the insurer will pay if the vehicle is damaged beyond repair or in case of a theft. The own damage premium is calculated like this below:
IDV X [Premium Rate (decided by insurer)] + [Add-Ons (like extra coverage)] – [Discount & benefits (like No Claim Bonus)]
- Cost-effective policy.
- Smartphone-enabled self-inspection.
- Customize the vehicle’s IDV as per the insured’s choice.
- Responsive support system.
- Paperless claim process.
- No coverage for third-party losses.
- Limited network of cashless garages.
- No coverage for regular wear and tear.
- No coverage for any electrical and mechanical issues.
Summary of Best Two-Wheeler Insurance
Methodology
Forbes Advisor India considered the below-mentioned factors while selecting the best two-wheeler insurance policies for your two-wheeler vehicle:
Scope of Coverage Requirement (30% of the score): It is very crucial to consider which coverage would best suit your needs. Forbes India analyzed the two types of insurance policies in depth such as third-party insurance and comprehensive insurance and standalone own damage policies.
Research on the Background of the Insurers (30% of the score): We only considered those reputed insurance providers with a high claim settlement ratio and those offering bike insurance plans with useful add-ons. By enhancing your policy with appropriate add-ons, one can completely protect their vehicle.
Cashless Network Garages (20% of the score): The number of tie-ups listed these insurance companies have with garages for cashless repairment expenses. Some companies including ICICI Lombard, HDFC Ergo and TATA AIG have more than 8,000 network garages.
Policy Terms And Conditions (10% of the score): It is again important to choose your two-wheeler insurance policy vigilantly and thus be very sure to read the offer documents carefully before just buying the policy. Also, consider the inclusions and exclusions before finalizing the two-wheeler insurance policy.
Online Insurance (10% of the score): With the advent of online and digital technology, buying an insurance policy is just a matter of a few minutes. We have listed those policies, which can be easily purchased online with zero paperwork. Certain companies are also offering discounts on premium, if the policy is purchased online.
What Is Bike Insurance And How Does It Work?
Undoubtedly, bikes or any other kind of two-wheelers are the most affordable choice for Indian commuters, but it also comes with its own set of risks as they are highly prone to road accidents.
With the increase of two-wheelers on the road and the soaring chances of accidents, it has become extremely crucial to have good bike insurance which not only helps you in overcoming any financial loss resulting from bike accidental damage but also protects the other person who has been hurt in any way with an involvement of your bike.
Here’s a detailed and comprehensive guide on bike insurance, kinds of bike insurance policies, its features and benefits, which one you should consider as per your needs and requirements and much more.
What Is Bike Insurance?
Bike insurance is a contract between the bike owner and the insurance company, where the latter covers any damage caused to the bike due to an accident, theft, or collision. The bike insurance plays a pivotal role in safeguarding financial and legal obligations, which might arise in case of any unfortunate accident, natural disaster such as fire, landslide or man-made causes such as theft, riots, vandalism and so on.
Bike insurance policies cover all sorts of two-wheelers, such as motorcycles, scooters, moped bikes and electric bikes as well. As per the Indian Motor Tariff, 2002, it is mandatory for every bike owner to have at least a third-party bike insurance policy.
Why Is Bike Insurance Necessary?
It can prove to be extremely fatal and risky, if you own a bike and you do not have an insurance policy for it. By just paying a nominal amount for an insurance policy, one can claim quite a reasonable amount of money in the hour of need. Below are the reasons which states clearly that why it is necessary for any vehicle owner to have a bike insurance policy:
Safeguards you from Legal Fines: In India, it is illegal to drive any bike without having a valid third-party bike insurance policy. Therefore, it is mandatory to have a proper bike insurance in place which saves you from paying hefty legal fines.
Coverage for Natural and Man-Made Disasters: Insurance policies cover damage to the bike caused by natural calamities such as landslides, floods, earthquake, fire and so on. With proper insurance in place, one can easily make a claim under these unforeseen situations.
Coverage Against Theft: Theft of your bike can cause a major concern and the financial implications of losing the bike can be worse. But if your bike is insured, then you don’t have to worry much, as immediately when you report the theft of your bike, the insurance company is bound to cover the cost of replacing your vehicle.
Coverage Against Third-Party Liabilities: A third-party bike insurance which is mandatory, provides financial protection to your bike against any damages or injuries caused to a third party, with an involvement of your vehicle in an accident.
Coverage Against Own Damages: One of the most important reasons to have a bike insurance policy, is that it aids financial help to the insured bike owner for any cost incurred on repair work of damaged bikes due to accidents or any man-made or natural calamities.
Key Features And Benefits Of Bike Insurance
360-Degree Protection: A bike insurance policy provides 360-degree financial and legal protection to you, your vehicle and third-party person or property, in case of the occurrence of any accident or mishap. Having a bike insurance also covers you against loss and damage arising due to theft, strike or war. While third-party insurance is mandatory, one can opt for comprehensive coverage policy to get coverage for own damages caused to your bike also.
Cashless Claim: This is one of the main benefits of a bike insurance policy. An insured bike owner can easily apply for a cashless claim, in case of any damage caused to their bike due to an accident or any mishap. All they need to get their damaged vehicle at any of the network garages, where the bill will be directly settled between the garage owner and the insurance company.
No Claim Bonus: No-claim bonus is a kind of discount which insurance companies provide for making no claim in the preceding years. Bike insurance companies provide up to 50% NCB benefit on the insurance premium which is indeed a great benefit for insured. The NCB discount can be even carried further at the time of renewal of your policy.
Personal Accident Cover: Personal accidental coverage is one of the benefits which the insured receives as soon as they insure themselves under a bike insurance policy. This cover provides coverage to the bike rider against any bodily injuries or death arising due to an accident. It is crucial to have a personal accident cover especially when you drive, but if you do not have a separate PA cover, you can definitely get it along at the time of buying a bike insurance for you.
Coverage for Long-term: Bike insurance companies have launched several long-term insurance policies which can cover your bike up to a maximum of three years. The benefit of being covered in a long-term policy is that the premium is fixed for the next three years and there will be no hassle of yearly renewal of policy. Many insurance companies also provide discounts on premium for option these long tenure bike insurance policies.
What Are The Different Types Of Bike Insurance Policies?
While buying a bike insurance, you can select from the various kinds of insurance policies based on your coverage requirement. The bike insurance in India is broadly categorized into three major kinds, which are:
Third-Party Insurance
In India, as per The Motor Vehicles Act, 1988, it is mandatory to own a third-party insurance to ride a bike on Indian roads. Third-party insurance covers all injuries, disabilities or death caused to the third-party due to an accident from the insured’s bike. However, the insured’s bike damages or theft is not covered under this plan. The third-party premiums have been already decided by the insurance regulator of India, IRDAI, which are as follows for FY 2021-2022:
Comprehensive Insurance
This kind of insurance policy provides an all-rounder protection to the bike owner. It covers you, your bike and also third-party person or property from any financial damages caused. It also includes a personal accident cover for the owner-driver. One must go for comprehensive insurance to ensure full safety for your bike.
However, due to extensive coverage, this kind of insurance is more expensive than the third-party bike insurance policy. At the same time, in comprehensive insurance, the insured has the full liberty of adding optional riders such as zero depreciation cover, engine protection, key replacement and so on at an extra premium cost.
Standalone Own-Damage (OD)
This kind of bike insurance covers damages caused to your own vehicle, in the unfortunate event of accident or mishap. In this plan, the insured receives the financial protection for their own insured bike. This policy does not cover any damages caused to third-party persons or property.
The insured has an option to buy a third-party policy and own-damage policy either from the same insurance company or from different ones. An insured can also enhance the scope of coverage of an own-damage insurance policy by purchasing add-on covers.
Difference Between Third-Party Insurance And Comprehensive Insurance Policy
Add-On Covers For Bike Insurance Policy
Zero Depreciation Cover: if a bike owner purchases this cover along with the policy, then they don’t have to pay for the cost of depreciation of your vehicle and thus you would be able to claim for a bigger amount.
Road Assistance: This add-on is useful in providing any kind of emergency help which a bike owner might require in case of a mechanical breakdown of their bike in the middle of a road. With this cover, one gets the services such as fixing bike issues on the spot, provides free drop to reach your destination, covers the cost of getting the bike to the garage and so on.
Consumables Cover: While making the claims, generally the cost of damaged nuts, bolts and other consumables are not covered under basic insurance policy. However, this add-on helps you to cover the expenses of consumables damaged due to an accident.
Engine Protection Or Gear Box Protection Cover: We all know that replacing important bike parts such as engine and gearbox can be very expensive, but when you apply for its protection add-on cover, the same thing can be replaced at zero cost. However, the cost of the engine and gearbox would be only covered, if it has been damaged due to accident or any unfortunate mishap.
Return to Invoice Cover: This cover allows the bike owner to avail the full invoice price of their bike, if the bike has been damaged totally or in case of theft.
Tyre Protection Cover: Tyre is an important component of a bike or any two-wheeler. Any wear and tear of tyre due to accidental damage gets covered, if the bike owner has opted for tyre protection cover.
Above-mentioned add-ons are the most useful ones which can be easily clubbed with the comprehensive bike insurance policy with an aim to make the coverage most beneficial. The other add-ons which are also available such as key protection cover, NCB protection, any loss of personal belongings and passenger assistance cover.
Bike Insurance Claim Settlement Process
The bike owner can raise the claim either via cashless claim or by reimbursement claim process. The claim settlement process for both cashless and reimbursement is different from each other. Let’s understand one by one the claim settlement process for filing claims under both the options.
Steps to File Cashless Claims
- Step 1: Notify your insurance company by contacting them directly. You can use their mentioned toll-free number or visit their website.
- Step 2: Now, register your claim and always save the claim reference number for future use.
- Step 3: The insurance company assigns a surveyor or a claim inspector who is responsible for assessing the damage incurred to your vehicle. This assessment will be later submitted by the surveyor to the insurance company.
- Step 4: Once the insurance company approves the claim report, your bike will be transferred to the nearest network garage for repair work.
- Step 5: After analyzing the documents submitted by you, the insurance company will settle the bill directly with the garage and thus the claim will be settled via cashless process.
Step To File Reimbursement Claims:
- Step 1: Notify your insurance company by contacting them directly. You can use their mentioned toll-free number or visit their website.
- Step 2: Now, register your claim and always save the claim reference number for future use.
- Step 3: Take your damaged bike to the nearest garage and get the bike repaired. Settle the final bill and pay directly to the garage.
- Step 4: Submit the respective original bills, necessary documents and claim settlement form to the insurance company to initiate the process of claim.
- Step 5: Once the claim is approved, the insurance company will compensate you and thus the claim amount will be reimbursed.
Documents Required to File A Bike Insurance Claim
- Signed and filled claim settlement form.
- Copy of an insurance policy.
- Copy of license.
- Copy of Registration Certificate of your bike.
- FIR copy is required in case of a huge accident or theft.
- Original invoice/bills of repair.
How To Choose The Right Bike Insurance Policy?
Keep the below-mentioned points in mind while choosing the right bike insurance policy for your vehicle.
- Assess your coverage requirement and select that policy which fits in your budget.
- Know your bike’s cubic capacity and then accordingly select the policy.
- Understand in detail about every add-on or riders available and then extend your policy coverage.
- Know the current insured declared value (IDV) of your bike. IDV is the maximum sum insured which is fixed at the time of buying a bike insurance policy. This amount will be paid by the insurance provider in case of total loss or theft of your bike.
- Research about the insurance company online and select the reputed insurer.
- Compare the premium quotes online and read the policy terms and conditions online, as per your own convenience.
- Always consider reading customer feedback and reviews online.
How To Buy Or Renew Bike Insurance Online?
Documents Required To Buy a Bike Insurance Online
- Identity Proof: Passport, driving license, PAN card.
- Address Proof: Voter ID, Passport, Aadhar Card.
- Copy of Registration Certificate of your bike.
- Registration number of your bike.
- Copy of your recent passport size photograph.
- Old policy number, if any.
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