Two Wheeler Insurance

In India, the rise in the number of automobiles has been skyrocketing. This has increased the road accidents with high statistics of two wheeler accidents. To safeguard from the liabilities arising from the accidents of your two-wheeler or bike, two-wheeler insurance is mandatory.

Under the general insurance industry, two wheeler insurance is a part of motor insurance plan. The Two Wheeler Insuarnce is approved by Insurance Regulatory Development Authority of India (IRDAI). Under the Indian Motor Vehicles Act 1988, it is mandatory, all the motor vehicles plying on the road should have a valid insurance policy.

Two Wheeler Insurance is an insurance policy which safeguards you with the financial coverage against any loss or damage caused to or by your bike. It is mandatory to have a liability cover to ride your bike in India. If you ride your bike or two-wheeler on Indian roads without having a third party liability cover, it is considered illegal.

Two wheeler insurance provides coverage to the damages caused which includes-

Damage or loss to the bike due to theft, accident or any other man-made issue.
Damage or loss due to fire or any other natural calamities.

The bike insurance provides financial support to the insured vehicle, pedestrian, to the third party property, and bodily injury to the rider, pillion.

Why Two Wheeler Insurance?

In India, when you own a bike, it is essential to buy a two-wheeler insurance policy. Generally, most of the bike riders belongs from the middle class section. So, any damage or loss can burnout a middle-class man’s pocket, but having a two-wheeler insurance can save you from the financial burden. Following are some of the reasons to buy two wheeler insurance-

Legal Protection
It is a punishable offence to ride a two-wheeler without the valid two wheeler insurance policy. So, whenever you ride your bike, it is advisable to carry a photocopy of your two wheeler insurance policy.
No financial stress
Two wheeler insurance policy provides a financial support against any unforseen accidents of your bike.

Personal Accident Cover
The policy holder gets coverage of the medical expenses arising from accidents. The insurance policy company provides coverage upto Rs. 1 lakh in case, the policy holder suffers from total permanent disability or dies an accidental death.
Peace of mind
When you are financial protected against any bike accidental damage, then you enjoy a peace in mind.

Key Features

Protection of Vehicle

Your bike will get financial coverage from any kind of unforseen accidents.

Third party liability

In case of any accident, insurance company will provide coverage to the insured bike causing any damage to a third party.

Insurance for riders

Many two wheeler insurance company provides coverage to the rider (even if he is not the policy holder) and even the co-passengers (if any).

Add-on covers

Alongwith the insurance plan, a range of add-on covers are available which helps to enhance your two-wheeler insurance plan.

Premiums charged

Under the two-wheeler insurance, the premiums will be determined based on vital factors such as geographic location, model and make of bike, age of vehicle owner, year of vehicle manufacture, engine capacity, voluntary deductible, no-claim bonus, etc.

Types of Two Wheeler Insurance

Following are the types of two wheeler insurance coverage-

Third party liability or liability only cover
According to Indian law, third party liability insurance is mandatory. Under this plan, the policy covers only the damage caused by the insured bike to the third party or property. Also, the personal accident cover for the bike owner is provided. Whereas any wear and tear of the insured bike will not be covered under this plan. The two wheeler liability cover only includes coverages like-
- Third party property damage
  - This plan covers third party property damage up to Rs. 7.5 lakhs.
- Third party liability
  - The plan covers unlimited liability coverage in case of bodily injury or death of a third party.
- Personal Accident Cover
  - A third party policy covers- owner driver personal accident cover and optional pillion rider accident cover.
Comprehensive policy
The comprehensive bike insurance policy covers your own bike damage repair costs and also third party liability (if any). So, under this policy, both your own damage and liability will be comprehensively covered. Under this policy, your bike is protected if any damage is caused due to any natural calamity or man-made reasons.

Add-on Covers of Two-Wheeler Insurance

Here, we explain the most common add-on covers of two wheeler insurance.

Zero Depreciation
Under this add-on cover, the policy covers the complete replacement or repair cost of your bike's depreciable parts. This add-on covers excludes tyres and tubes.
Engine Protector
Under the bike insurance coverage policy, the damage caused to the engine is not included. But with the help of this add-on, the damage to gear box or engine due to water ingression, clogging or leakage of lubricating oil will be covered. The insured two-wheeler also gets coverage for the replacement or repair of pistons, gear shafts in gear box etc.

Benefits of Two Wheeler Insurance

Following are some of the benefits of two wheeler insurance-

Cashless garage
Under this facility, you need not have to pay for your bike repair. The insurance company provider will take care of it. In case, your bike has a sudden breakout or met with an accident, you may not be prepared with the required cash. With the help of cashless garage facility, your bike’s repair cost will be paid by the insurance provider. So, to enjoy this facility, you need to visit any of the authorized cashless garages under your insurance company provider.
Access to the policy
You can easily access your insurance policy whenever you need it. At the time of any damage or accident of your two wheeler, you need to inform your insurance company provider immediately. After proper examination of your bike, your will get your coverage.
No claim bonus
If you donot claim your insurance, your no claim bonus (NCB) will get accumulated over the years. You can avail a good discount on your premiums with the help of no claim bonus over the years. Some insurance companies set a limit of 5 years to earn NCB and some of them allows you to earn NCB over several years.
Easy NCB transfer
You can easily shift your NCB when your replacing your present bike with the new one. At first you need to move your two wheeler insurance policy from the existing one to the new one and then receive a no-claim certificate from the insurer. Using this certificate, you can acquire a discount on your new bike’s insurance premium. Also, you can request for a refund.
Quote of your two wheeler insurance
You can visit online and get information on your two-wheeler insurance quote. By entering your and your bike details you can get the quote. In case of renewal of the two wheeler insurance policy, you need to enter the existing policy number to get the quote.

Renewal of Two Wheeler Insurance

You need to login to the insurance company provider’s website for the renewal.
You have to put the correct details, which is asked.
Also, you need to keep the old policy and your banking details handy.
Select the add-ons as per your requirements.
You should properly see the premium payment details which is furnished by the insurance policy company.
On confirmation premium payment details, the insurance company generate a PDF format.
Lastly, you need to take a print out of this file and keep it with you at the time of your ride.

You can also renew your two-wheeler insurance using the insurance company’s mobile app.

Documents required to buy Two Wheeler Insurance

Here are the set of documents required to buy a two-wheeler insurance-

Driving license
Copy of the registration certificate of the bike
Claim form
Repair bills
Police report

Claim Process of Two Wheeler Insurance

Following are the steps to follow to claim for a two wheeler insurance-

You need to register your claim with your two wheeler insurance provider.
In case the bike has been stolen or damage caused, you need to file an FIR.
You can also opt for cashless option.
In case, you have taken your bike to the garage, you need to submit the required documents along with the claim form.
Police report

Two Wheeler Insurance

Related Article

Why Two Wheeler Insurance?

Legal Protection

No financial stress

Personal Accident Cover

Peace of mind

Key Features

Protection of Vehicle

Third party liability

Insurance for riders

Add-on covers

Premiums charged

Types of Two Wheeler Insurance

Third party liability or liability only cover

Comprehensive policy

Add-on Covers of Two-Wheeler Insurance

Zero Depreciation

Engine Protector

Benefits of Two Wheeler Insurance

Cashless garage

Access to the policy

No claim bonus

Easy NCB transfer

Quote of your two wheeler insurance

Renewal of Two Wheeler Insurance

Documents required to buy Two Wheeler Insurance

Claim Process of Two Wheeler Insurance

Related Article