A bike insurance plan that provides coverage against damage to a bike or bike rider due to an accident, theft, or natural disaster. It is a safety cover to protect the bike and the bike rider from unexpected liabilities that may occur due to an accident. Two-wheeler insurance (बाइक/टू व्हीलर बीमा) serves as a helper in the fight against unwanted expenses in the event of motorcycle damage.
We are going to tell you all the information related to the Insurance like What is Bike/Two Wheeler Insurance, necessary, Types, Benefits, documents required, apply for two-wheeler coverage, Offline, Online, renew an insurance policy, Claim Process, premiums, etc. If you want to know more information related to the scheme, then you have to read the article given by us.
What is Bike/Two Wheeler Insurance?
बाइक/दुपहिया बीमा के बारे में – A bike insurance policy is a contract between the insurance company and the bike owner where the insurance company provides financial coverage for your bike against any loss or damage caused by an accident. As per the Motor Act 1988, third-party bike insurance is mandatory in India. Bike insurance covers you from any accidental injuries that occur while driving a two-wheeler/motorcycle on roads.
Bike insurance or two-wheeler insurance provides protection against third-party liabilities arising from injuries to one or more persons. Bike insurance is an ideal solution to cover financial costs and losses that may arise due to damage to the motorcycle. Bike insurance cover provides protection for all types of two-wheeled vehicles such as motorcycles, mopeds, and scooters.
बाइक / टू व्हीलर इंश्योरेंस हिंदी में – टू व्हीलर इंश्योरेंस / बाइक इंश्योरेंस एक बीमा पॉलिसी को संदर्भित करता है, जो किसी दुर्घटना, चोरी या प्राकृतिक आपदा के कारण आपकी मोटरसाइकिल / दोपहिया को होने वाले किसी भी नुकसान को कवर करने के लिए लिया जाता है। टू व्हीलर इन्शुरन्स एक या अधिक व्यक्तियों को चोट लगने से उत्पन्न होने वाली थर्ड पार्टी देनदारियों से सुरक्षा प्रदान करता है। बाइक बीमा वित्तीय लागत और नुकसान को पूरा करने के लिए एक आदर्श समाधान है जो मोटरसाइकिल को हुए नुकसान के कारण उत्पन्न हो सकता है। बाइक बीमा कवर मोटरसाइकिल, मोपेड, स्कूटी, स्कूटर जैसे सभी प्रकार के दोपहिया वाहनों को सुरक्षा प्रदान करता है।
हम आपको बीमा से संबंधित सभी जानकारी बताने जा रहे हैं जैसे बाइक / दोपहिया बीमा क्या है, आवश्यक, प्रकार, लाभ, आवश्यक दस्तावेज, दोपहिया कवरेज के लिए आवेदन, ऑफलाइन, ऑनलाइन, बीमा पॉलिसी का नवीनीकरण, दावा प्रक्रिया, प्रीमियम आदि। यदि आप योजना से संबंधित अधिक जानकारी जानना चाहते हैं, तो आपको हमारे द्वारा दिए गए लेख को पढ़ना होगा।
Why is Two-Wheeler Insurance Necessary?
- As per the Indian Motor Act 1988, all car owners must have a valid insurance policy. At least third-party car insurance is a must if you want to drive legally on the roads of India.
- Apart from the mandatory features, it is also important for financial security.
- Provides the necessary financial assistance to protect against damage to the insured vehicle, third party property, and bodily injury to the passenger, pedestrian, or passenger.
- Loss or damage to the vehicle due to fire, earthquake, accident, theft, or any other natural disaster is covered under the policy.
- Third-party insurance is insurance that protects against legal issues that can lead to property damage due to any injury, death, or damage to a third party.
Types of Bike/Two Wheeler Insurance – बाइक/टू व्हीलर बीमा के प्रकार
Comprehensive insurance on two wheels
A two-wheeled comprehensive plan is essentially an insurance policy that provides coverage against the insured and third-party liability. Comprehensive two-wheeled plans provide additional features and benefits that the policyholder can take advantage of as an additional cover.
Comprehensive two-wheeled plans include:
- Two wheels were damaged by fire.
- Damage to two wheels as a result of natural disaster or accident.
- Bike damage due to riots or violence.
- Damage to the bike due to terrorist activities.
- Car or merchandise theft.
- Bike damage during transportation or shift.
- Roadside repair assistance.
- Towing assistance.
- Housing and support cover.
- replacement transfer cover.
- Covering the interior and remote area.
- Legal assistance and coverage.
Third-party two-wheeler insurance
This third-party insurance plan is mandatory for all vehicles as per the terms and guidelines of the Motor Vehicles Act. Many benefits are obtained from this, it not only protects you but also helps to get compensation for the other person.
Covered Covers in Two Wheel Insurance against Third Party Liability:
- Third-party death coverage
- Third-party accident coverage
- Third-party total/partial/temporary/permanent disability coverage
- Third-party property damage coverage
|Factors\Types of Bike Insurance Plans||Third-Party Bike Insurance||Comprehensive Bike Insurance|
|Scope of Coverage||Narrow||Wider|
|Own Damage Cover||Not Covered||Covered|
|Personal Accident Cover||Not Available||Available|
|Mandatory of Law||Yes||No|
Benefits of Bike Insurance
बाइक बीमा के लाभ or फायदे – Two-wheeler insurance provides a wide range of benefits to policyholders. The main benefits are as follows:
Helps you comply with the law
Bike insurance helps you comply with the law. As per the Indian motor tariff, every bike owner is obligated to carry at least a third-party bike insurance plan. Driving without a valid third-party bike insurance plan attracts a fine of Rs. 2000 and/or imprisonment for up to 3 months.
Protection against third party responsibilities
A bike insurance plan covers financial liabilities you may incur to a third party such as bodily injury, disability, death, and property damage. Property damage coverage is limited up to Rs. 1 lakh.
Protection from self-harm
The bike insurance plan covers damage expenses for your bike that you may incur due to accident, fire, theft, natural and man-made disasters, etc. This coverage is provided under separate special damage plans and comprehensive bike insurance plans.
A bike insurance plan gives you coverage even if your bike is stolen. In such cases, your insurance company will provide you with an Insured Declared Value (IDV) of your bike which will be equal to the market price of your bike at the time of purchasing the policy.
Personal accident coverage
You can include personal accident cover up to Rs. 15 lakhs in your bike insurance plan to cover bodily injury, disability, or death of the bike insurance policyholder.
Top Two Wheeler Insurance Companies in India
There are many top general insurance companies in India offering comprehensive and liability bike insurance plans. The following companies have earned a good reputation in bike insurance:
|insurance company name||third party cover||network garage||Personal cover (crashed)||claim settlement ratio||Policy Term||no-claim bonus|
|Bharti Axa General Insurance||Available||4000+||1 lakh rupees||75 %||1 year||Available|
|Bajaj Allianz General Insurance||Available||4800+||1 lakh rupees||62%||1 year||Available|
|IFF’s Tokyo General Insurance||Available||4300+||1 lakh rupees||87 %||1 year||Available|
|Universal Sompo General Insurance||Available||5400+||1 lakh rupees||88 %||1 year||Available|
|Reliance General Insurance||Available||4450+||1 lakh rupees||85 %||1 year||Available|
|New India Assurance||Available||1150+||1 lakh rupees||87.54 %||1 year||Available|
|Royal Sundaram General Insurance||Available||3300+||1 lakh rupees||89 %||1 year||Available|
|HDFC Ergo General Insurance||Available||6800+||1 lakh rupees||82 %||1 year||Available|
Table Data updated on 14-04-2021
How do you choose a two-wheeler insurance company and insurance plan?
With so many insurance plans and insurance companies, it becomes very difficult to choose an insurance company and insurance plan. Always choose the policy that works for you. For example, a high-profile insurance company may provide good insurance services in central areas but its presence in your area may be limited.
To choose the policy according to your needs, you have to check the plans of all the major insurance companies, which can also take a long time.
As you finalize your two-wheeler policy, make sure of the following:
- The insurance company must be IRDA-approved.
- The insurance company must have a transparent record.
- It is important to check the financial soundness and ability of the insurance company.
- The company’s capacity and past performance in insurance on two wheels.
- Customer support is provided by the insurance company.
- Insurance company claims settlement ratio and claim process.
- The insurance plan should have the ability to meet your basic and specific needs.
Some two wheeler insurance company premium
|insurance companies||IDV||the cover||Premium (tax free)|
|Oriental Insurance Company||Rs 64,600||Bundle Cover (1 Year Loss + 5 Year TP)||Rs 3,726|
|United India Insurance||Rs 64,600||Bundle Cover (1 Year Loss + 5 Year TP)||Rs 4,001|
|New India Assurance||Rs 54,360||Bundle Cover (1 Year Loss + 5 Year TP)||Rs 3,517|
|HDFC ERGO||Rs 63,021||Bundle Cover (1 Year Loss + 5 Year TP)||Rs 4,577|
|Bajaj Allianz Insurance Company||Rs 68, 314||Bundle Cover (1 Year Loss + 5 Year TP)||Rs 4,430|
Table Data updated on 14-04-2021
Documents required to purchase a two-wheeler insurance policy
Buying new insurance – Less documentation is required to purchase two wheels. Simply fill out the application form and attach the registration copy of your bike
- Copies of old insurance papers.
- A copy of your two-wheeled policy.
- A copy of your bike’s registration certificate.
- A copy of the driver’s license
- First Information Report (FIR) filed at the police station.
- Medical bills (for a personal accident coverage claim).
- Bike repair bill (for bike repairs in offline garages).
How to apply for two-wheeler coverage?
You can apply online or offline to cover two wheels in India. You will receive the value of your premium when you choose the coverage period. Learn about the application process:-
Offline bike insurance
If you want to apply for two-wheeler insurance offline, you will have to meet with an insurance agent or insurance marketing consultant to get information about the insurance. Offline policy purchases are usually a bit pricey as you pay a fixed percentage of your premium to the agent. As a result, your prices may be higher when viewing an offline policy. Where to Buy Offline Bike Insurance:-
- From the office/department of the insurance company
- Through a coverage agent
- Through a financial institution or a third party
Online bike insurance
If you are applying for bike insurance online, you can visit the website of the company of your choice to be your insurance carrier. You can start the process by getting quotes from top insurance companies right away.
Before deciding on your insurance company, you can use our premium calculator to get an idea of the premium you will pay. You may need to enter your two-wheeler registration number, phone number, relevant field, and email. Then you can click to buy online.
Please visit the official website – https://www.policybazaar.com/
What does a two-wheeler insurance policy cover?
दोपहिया बीमा पॉलिसी में क्या शामिल है? – If you are planning to purchase or renew a two-wheeler insurance policy for your bike, you should consider the implications offered by two two-wheeler insurance companies. If you are a bike lover, you may have a traffic accident at any time. Our bike insurance policy covers damages to the bike owner and other parties as well.
Loss and damage caused by natural disasters
Any loss or damage caused to the insured vehicle due to natural disasters, such as lightning, earthquakes, floods, hurricanes, hurricanes, storms, storms, floods, hailstorms, landslides, rockslides, and others will be covered.
Loss and damage incurred due to man-made disasters
It provides coverage against many man-made disasters, such as riots, strikes by external means, malicious acts, terrorist activity, and any damages caused during the road, rail, inland waterway, elevator, escalator, or air transportation, among others.
Cover your damages
This cover protects the insured vehicle from any loss or damage caused by natural disasters, fires, explosions, man-made disasters, or theft.
Personal accident coverage
Personal Accident Coverage up to Rs. 15 lakhs available for injuries to the passenger/owner that may result in temporary or permanent disabilities or loss of a limb – resulting in partial or total disability. The cover applies when a person is traveling or is mounting or getting off a vehicle. Insurance companies offer optional personal accident coverage for travelers.
Theft or burglary
Two-wheeler insurance will provide compensation to the owner of the insured motorcycle or the scooter is stolen.
Third-party legal liability
It provides coverage against any legal loss of money that may occur due to injuries to a third party in the surrounding areas, which may even lead to his death. Likewise, it also protects against any damage to the property of any third party.
It also covers any losses or damages caused by fire, self-ignition, or any explosion.
What does a two-wheeler insurance policy not cover?
बाइक या दोपहिया बीमा पॉलिसी में क्या शामिल नहीं है? – The following are accidents or situations that are excluded under the bike insurance policy:
- Damage caused by normal wear and tear of the vehicle.
- Loss from mechanical/electrical faults.
- Depreciation or any subsequent loss from regular use.
- Any damage to tires and tubes during normal operation.
- Any loss incurred while using the bike is out of coverage.
- Damage/loss incurred while riding a bike by a person who does not have a valid driver’s license.
- Any loss/damage caused by the driver driving under the influence of alcohol or drugs.
- Any damage/loss incurred due to war, insurrection, or nuclear hazards.
How to Renew an Insurance Policy on Two Wheeler Online?
Online insurance renewal process
Renew your two-wheeler insurance policy online by filling out the form available on the website. Although the process is quite simple to renew your bike insurance policy in just 30 seconds. You just need to keep your documentation handy. Follow the steps mentioned below to renew your insurance policy on two wheels online:
- Go to the bike insurance renewal form.
- Enter your bike registration number and other relevant information.
- Choose the two-wheeled insurance plan you wish to purchase.
- Select riders or update IDV. You can update the IDV as per your requirements. Your IDV must be 10% less than the previous year’s policy.
- After completing the process, you will see the amount of premium you have to pay.
- You can choose any online payment method to pay the premium amount.
- Once the payment is completed, the two-wheeler insurance policy will be renewed.
- Bike insurance policy renewal documents will be emailed to your registered email address.
- You can also download your policy document and get a hard copy.
- This is the correct document and you can show the document to the traffic police if he wants and save yourself to pay heavy traffic fines.
Steps to renew your two-wheeler insurance policy without being online
Two-wheeled insurance can traditionally be renewed by visiting the nearest office of the insurance company. The process is very simple although you have to find the time to go to the branch. You need to know your document and your vehicle details and fill it out in the application form. The branch generally delivers the new policy immediately if you pay the premium with cash, a demand draft, or a debit card.
Check payments need time to clear and in such cases, your policy will be emailed mostly to your official email address. If you wish to purchase new optional stirrups or additional covers, you may need to visit your nearest branch office. This step may differ from one insurance company to another, therefore, it is best to confirm it by contacting your insurance company before choosing additional coverages.
How to renew your expired two-wheeler insurance policy?
You cannot afford expired two-wheeler insurance while riding. Apart from imposing a penalty, it may also lead to huge losses in an emergency situation. An inactive policy means that you are no longer covered by the insurance company against any damages, legal liabilities, etc. The rule of thumb is to renew the policy before its expiration date. You can reload your policy from Policybazaar. Another reason to avoid renewing at the last minute or before the document expiration date is to avoid the examination fee.
Here’s how to renew an expired two-wheeler insurance policy online:
You can switch the insured up to:
If you’re not satisfied with your last insurance carrier, which may delay your renewal (just we think), you can switch it now. Renewal is the best time to review your policy coverage as well as the insurance company. Go shopping, compare, and buy the right deal.
Buying an insurance policy online is convenient, fast, and secure. Go to the Refurbishment section and provide the details of your motorcycle bike or scooter, such as make and model, CC, year of manufacture, etc. Select the type of insurance plan on two wheels from the available options. Choose add-ons to enhance policy coverage.
Buying an insurance policy and staying insured:
If they offer a premium that fits your budget, pay online. Every insurance company offers a secure payment option through an online payment gateway, where your confidential data is kept safe. Pay the installments using either a credit/debit card or net banking. The insurance company will send the electronic copy of your policy document to your registered mail ID.
Claim Process for Two Wheeler Insurance
बाइक या दोपहिया बीमा के लिए दावा प्रक्रिया – The two insurance companies on wheels provide a hassle-free and smooth claims settlement process. The claims settlement process varies by type of insurance. If you encounter an accident involving a third party or a vehicle, you can file a claim through the following process:
- File an FIR: Accidents and thefts must be reported to the police. Visit the nearest police station, record the flight information report and keep a copy of the flight information report.
- Call Your Insurance Company Immediately: If you are a policyholder, call your insurance company at the helpline number provided on the two-wheeled sheet and give your policy number, date, time, and details of the damage to the bike. If you are a driver and are not a policyholder, contact the owner of the bike.
- Follow the insurance company’s instructions: an inspection officer may be assigned to the scene of the accident. If the inspection officer is not appointed, go to the repair of the car.
- Bike Repair at Network Garage: You can contact the on-site Network Garage staff or get towing assistance from your insurance company if features are available on your policy. You can also put your bike in the nearest mesh garage.
- File Non-Cash Claims: At Network Garage, you can file a non-cash claim for your vehicle repairs. Follow the cashless claim procedure as mentioned in your policy.
- Bike Repair in an Offline Garage: Sometimes it may not be possible to get to a grid-connected garage. In this case, obtain a repair invoice from an offline garage or repair center and follow the claims settlement process for offline garage repairs as described in your policy.
- Documents Required for Claim Processing: Whether you file a non-cash claim or a deferred payment claim, you will need to provide the following documents to your insurance company for submission
How to Save on a Bike Insurance Premiums?
There are several ways you can save on premium on two wheels without compromising your policy coverage. Check them out below:
- Claim your NCB: No Claim Bonus is rewarded for every claim-free year. You can make use of your NCB to take advantage of discounts on your insurance premium without reducing your level of coverage.
- Know the age of your vehicle: It is important to be aware of the year of manufacture of your bike. This is because older motorcycles attract lower premium rates due to Insured Declared Value (IDV).
- Install safety devices: You should consider using safety devices that can enhance the safety of your bike. This is because your insurance company will take note of your installation and offer a discount on your premium.
- Choose your bike’s CC wisely: Choosing your vehicle’s cubic or CC engine capacity is important because a higher CC attracts a higher premium. Hence, you need to choose your CC motor wisely.
- Choose a higher voluntary deductible: Deductibles reduce the insurance company’s liability to the amount of the claim as you pay a certain share of the amount out of your own pocket. Therefore, if you choose a higher voluntary deductible, your insurance company will acknowledge this by offering lower premium rates.
Frequently Asked Questions
You go to the insurance company’s website. Here you click on Two Wheeler Insurance. After that, you will be redirected to the relevant page for purchasing insurance online. If you want to buy the policy from a comparison website only, you can also buy the insurance policy from there.
In the event of an accident such as an accident or theft, inform the insurance company immediately.
If the two-wheeler was involved in an accident or was stolen, file an FIR and provide a copy to the company.
Then, you can apply for a claim with relevant documents like a claim form, vehicle registration (RC) copy, etc.
First-party insurance can be done without depth, let us tell you that insurance is compulsory for the owner and driver of the vehicle. By having comprehensive insurance, the coverage of road accidents can be increased to more than 15 lakhs while in third party insurance compulsory accident insurance is only available up to 15 lakhs.
Under the Motor Vehicle Act, the Government of India has made it mandatory for every bicycle owner to have an insurance policy. The policies also cover damage to the bike due to natural disasters such as floods, earthquakes, fires, etc., so you can file a claim under these circumstances.
Although it is mandated under the Motor Law to alleviate the financial grievances of the two-wheeler owner, third-party insurance coverage is not sufficient. In the event of any unfortunate event (accident, fire, theft), the third-party insurance policy does not cover damage or loss incurred by your bike.
In the event of the death of the third party, due to the insured bike, his family will be compensated by your insurance company. Maximum compensation for third-party property damage is Rs. 7.5 lakhs.