Two Wheeler Insurance
Bike Insurance or Two-wheeler insurance is “The answer” for sky-rocketing costs that may arise because of damages caused to the motorcycle. It incorporates all types of two wheelers: motorcycle, moped and includes all users: cover against any damages that may occur to a motorcycle and injuries to one or more individuals due to an unanticipated occurrence like an accident, theft or natural disaster.
Purchasing Bike Insurance offers you with the best solution for overcoming the cost involved at the time of an accident or damage. You can opt for third party as well as comprehensive two-wheeler insurance for any two wheelers including motorcycle, mopeds or scooters.
Importance of a Two-Wheeler Insurance Policy
For most Indians, a scooter, moped, motor bike or similar two-wheeler is usually the first ever automobile purchase. Many would manage to buy a car only later in life. With India having more two wheelers than any other country in the world, the issue of two-wheeler insurance becomes an important one. Since it is now an easy matter to buy bike insurance online, two-wheeler owners have easy access to bike as well as other types of vehicle insurance. If you need to buy bike insurance, keep the following in mind:
Riding without insurance is dangerous - Never ride a vehicle that has not been insured. Two-wheeler insurance is a legal requirement. Riding a vehicle without valid insurance is an offence in India. If a vehicle user or owner is caught with an uninsured bike, they may be liable to fines and in some cases to imprisonment up to three months. Not having vehicle insurance also means that the vehicle user would have to bear the entire liability and the expenses in case of an accident.
Two-wheeler insurance protects you - Two-wheelers are much more dangerous than cars, so insurance of two wheelers becomes even more important. Statistics show that two-wheeler vehicles are much more likely to be involved in accidents than cars and it is therefore more likely that a two-wheeler user will encounter accident related expenses. With easy access to bike insurance online making the whole process quick and easy, there is no reason not to insure your two-wheeler.
Problems with lapsed two-wheeler insurance plans - If the term of your insurance plan is about to end, you must renew your insurance on time. Lapsed policies not only mean that you open yourself up to the possible expenses of an accident and legal prosecution, it also means losing one's no-claims bonus. Additionally, renewing a lapsed policy could mean a lengthy process involving vehicle inspections and paper work. It is a better idea to opt for bike insurance online before the policy lapses.
Two-wheeler insurance gives you peace of mind - Buying bike insurance and ensuring that the policy is never allowed to lapse means peace of mind as vehicle owner. As a policyholder you know that the insurance company will take care of expenses of an accident and can ensure that you are protected against any legal problems. The insurance purchase process is now simplified and streamlined; with little documentation or form filling work needed to buy a policy.
Importance of choosing the right insurance company - Many service providers offer two-wheeler insurance. You can choose between companies such as Bajaj Allianz, Bharti AXA, HDFC ERGO, IFFCO Tokio, New India Assurance, Reliance and Tata AIG. If you're buying bike insurance online, be sure to check product reviews and also check the company’s claims ratio. It is important to check the company’s overall reputation and customer care since these become very important at the time of making an insurance claim.
Two-wheeler insurance can be customized - Be sure to check policy terms and conditions, inclusions and exclusions while buying bike insurance and choose what is suitable for you. Thepremium payable will depend upon the make, model and age of the vehicle as well as the sort of policy (standard or compressive) and the optional riders that you, as a policyholder opt for.
You can port your vehicle insurance - It is important to remember that like many other forms of insurance a policyholder is free to port an insurance policy; in other words, to switch from one to another service provider without loss of no-claims bonuses or other benefits. If you have had a bad experience with an insurance company or you find that another company is offering you a better deal, you are free to port your policy to another service provider.
You can make cashless claims - With the help of bike insurance, a policyholder does not have to make large payments to a mechanic or workshop /garage at the time of an accident. Since insurance companies typically have a network of workshops or garages, policyholder can get cashless service at any of thousands of workshops of outlets specified by the insurance company. This can be a huge advantage at a time when one has undergone the trauma of an accident and is under even more stress from an injured third party or damaged third- party vehicle.
It becomes clear that not only is there a legal requirement but also a practical necessity for every bike or moped owner to have two-wheeler insurance. The insurance company pays for damage, loss, theft, injury to a policyholder, pillion, third party, disability and even death of those involved in an accident. In other words, there many reasons to buy bike insurance and no reasons not to do so!
Types of Two-Wheeler Insurance Plans
If you are a responsible citizen and owns a vehicle, specially a two- wheeler than it is very much important for you to have a two-wheeler insurance. This is not only a legal requirement, but also a necessity for the protection of vehicle user as well as for the vehicle itself. There are mainly two types of two-wheeler insurance plans to be chosen according to the needs of the owner.
Third-Party Bike Insurance: This type of insurance is also known as third party bike insurance or liability only insurance. Under the law, the vehicle owner is required to purchase this type of insurance as it is compulsory to have. Such a policy covers death or bodily injuries that a third party may sustain an accident. The ‘third party’ refers to the person or persons involved in an accident other than the policyholder and the insurance company. Third party bike insurance will cover medical expenses, expenses due to loss of income and compensation for disabilities.
Third party bike insurance will also pay for expenses relating to repairs needed to the third party’s vehicle. A range of natural and manmade disasters are covered under the policy; however specific instances of what is covered may vary significantly from one to another insurance service provider. Typically, this type of insurance policies also includes personal accidental coverage up to a certain limit (up to Rs 1 lakh) if the accident results in permanent disability or death.
The premium payable in respect of third party insurance depends upon the cubic capacity (CC) of the two- wheeler; whether between 75 and 150 CC, 150 to 350 CC or above 350 CC. You can find out more details about liability only insurance, coverage for personal accident cover for vehicle owner, terms, conditions and exceptions from the IRDA guidelines.
Liability to the Third Parties in case of Two-Wheeler Insurance
As laid down in the Schedule
- Bodily injury or death of any person including the occupant of the insured vehicle (given such person are not on hire or for reward) but apart from it, there is a necessity to meet the requirements of Motor Vehicles Act.
- Property damage, excepting that the property belongs to the insured party or in the custody or control of the insured or held in trust.
It is a smart bet to get an insurance done for your vehicle be it on-line or off-line because if anything unforeseen happens you will have something to fall back on.
Having the right insurance for your bike is important. This factor is concerned with your own safety and security of your vehicle. The damages you face at the time of an accident can be expensive. Hence a two-wheeler insurance policy bought through a trusted provider like RenewBuy can come in extremely handy.
2. Comprehensive bike insurance policy – Usually a standard policy will not cover damage to the vehicle of the policy holder or the theft of the vehicle. By choosing to buy comprehensive bike insurance (also known as own damage policy in some cases) the policyholder derives additional protection and wider coverage. In addition to third party damage, a comprehensive policy may also cover other events such as break-in and/or theft, incidents of explosion or arson, damage while in transit, acts of riot or terror, natural calamities such as flood, landslide, earth quake and cyclone among others.
Comprehensive bike insurance may be of different types, depending upon which company one buys from. It can offer ‘return to invoice’ cover, which helps the policyholder substantially recover their losses in case the vehicle is a total write-off or is stolen. A comprehensive policy may also offer consumables cover for your two-wheeler. Medical cover is a useful feature of comprehensive bike insurance to look for, particularly if a policyholder frequently visits accident prone zones or has a job with a high accident risk. Comprehensive policies may also cover vehicle accessories such as rails, leg and other guards, side car fixtures, foot rests, rear view mirrors and similar.
What is comprehensive two-wheeler insurance?
As the terms suggest, comprehensive two-wheeler insurance offers more protection than a basic policy to the vehicle owner. Whereas third party insurance pays for damage or injury to the third party, comprehensive bike insurance also pays for damage and injury sustained by the policyholder and their vehicle. A comprehensive policy helps to protect against damage to one's own vehicle, against theft and loss as well as against injuries sustained by the policyholder. A comprehensive two-wheeler insurance offers these additional protections in addition to third party insurance. So, whether you are buying bike insurance online or from a broker, it makes sense to consider the option of comprehensive insurance.
What will be Covered Under Comprehensive Two-Wheeler Insurance?
Insurance companies such as Bharti AXA, HDFC ERGO, ICICI Lombard, Liberty Videocon, National Insurance, Oriental Insurance, Reliance, Tata AIG, Universal Sompo and many others now offer bike insurance plans for two-wheeler owners in India. Two-wheeler insurance policies are of various types ranging from basic or standard plans to comprehensive plans with extended coverage. You can check out different policy types and understand terms such as third party insurance and comprehensive policies to see what suits your requirements. You can then buy bike insurance online to enjoy a convenient and user- friendly experience.
What are the benefits of Comprehensive Two-Wheeler Insurances?
Comprehensive bike insurance offers wider protection: A comprehensive policy will pay for repairs for damage that your two-wheeler may have sustained in case of a collision or other accident. Whereas it can be an expensive proposition to pay out of your pocket for medical expenses and to restore your vehicle to its pre-accident condition, having the insurance company pay for the same can mean significant savings.
Comprehensive bike insurance also pays for medical treatment of injuries, as a policyholder, you may suffer as a result of an accident. In the unfortunate event of a rider (or pillion rider, depending upon the terms of the policy) dying, the insurance company also makes a lump sum payment for the deceased. In addition, the comprehensive policy will also pay for medical expenses and repair costs of the third party.
Comprehensive coverage offers protection against a wider variety of events; in other words, it pays for more than just vehicular collisions. It also pays for man-made disasters and natural calamities.
Optional riders or add on coverage – In addition to a standard policy, a policyholder can also opt for certain optional riders. These two-wheeler insurance riders will cover any personal accident or injury to the owner of the two-wheeler and/or persons riding on the pillion. The coverage for pillion riders could be in respect of specific persons named in the policy or for and all pillion riders.
The value of any vehicle depreciates with each year. In the event, insurance premiums payable each year and the proportion of compensation of any insurance claim, also reduce. By opting for the zero-depreciation cover rider, you can reduce this disadvantage of two-wheeler insurance.
The vehicle owner can also opt for riders such as emergency road assistance or 24x7 spot assistance cover so that the policyholder can receive assistance even if there is an accident at some unearthly hour or at a remote place.
Spare parts, accessories and consumables are usually not covered by vehicle insurance. However, by opting for appropriate riders, the policyholder can buy additional coverage for electrical and nonelectrical parts, engine protector cover, consumable expenses and more.
How to Choose the Best Two-Wheeler Insurance Plan?
There are so many insurance providers available in the market who offers two-wheeler insurance for your bike, mopped or scooter. Hence, choosing the best policy out all of them is really a tough job. You should be very careful while choosing bike insurance for your vehicle. You should keep few points in your mind while choosing insurance policy for your two-wheeler.
Type of coverage: It is not true that all the companies offer same features for same policy. You will notice that different companies are offering different features for the same policy. So, always compare the type of coverage which you are getting for your bike before making any decision.
Premium cost: There will be different premium quotes offered by different insurance companies for the same policy which you are opting. Choose the policy very carefully which offers you the lowest premium cost while covering all the features or requirements.
IDV: In order to get lowest premium cost, sometimes companies offer low IDV (insured declared value). But it is advisable that you spend a little bit more on the premium cost and choose your own IDV, instead of losing your pocket at the time of unfortunate mishap.
Add-Ons: Not all the features are being covered under one policy. In that case, choosing different add-ons as per your requirement is always a good decision.
Cashless garage network: Before deciding upon which policy you should bought and from which insurer just make sure that you conducted a thorough research on the network of cashless garages associated with that particular insurer.
How to Compare Two-Wheeler Insurance Online?
With the advance of the internet and Smartphone , mostly people like to conclude their tasks online. Nowadays, it is a child’s play to compare two-wheeler insurance online. In some cases, there is no vehicular inspection conducted, in the case of an expired policy even, a two-wheeler insurance online can be done. Comparing bike insurance online is an extremely trouble-free process with clear, comprehensible options.
Whenever you compare two-wheeler insurance online, just keep few things in your mind:
- Make comparison between the type of coverage which your insurer is providing.
- Choose IDV according to your vehicle’s registration number, manufacturing year, NCB and so on.
- Compare quotes of Premium Cost offered by different companies.
- Choose add-ons as per your requirement.
How to calculate two-wheeler insurance premium online?
Want to know the premium cost before buying an insurance for your bike? Than bike insurance calculator is the best and easy option for you. It is very simple as well as hassle-free and you can get premium quotes for your bike in just few clicks. By providing some information about your two-wheeler, you will get a list of premium quotes from different companies with the help of bike insurance calculator. You can choose the best suitable policy out of them. Moreover, there will be no paper work required, if you are calculating bike insurance premium online.
Benefits of Buying Bike Insurance Policy Online from RenewBuy
Most Bike insurance online companies will offer you with different plans for covering the damages caused to the motorbike along with the injuries. They will have different premium amount based on their individual calculation. At RenewBuy you get to view all these offers form different providers at one single place, so that your research is simplified, and your buying decision becomes easy. The plans can be purchased online within few seconds. You just have to make a comparison amongst different insurance plans available and then select the best two-wheeler insurance plan that suits your needs.
- RenewBuy not only provides you a big variety of policy quotes from different insurance providers, but also gives you a chance to save big by providing lowest premium rates.
- With RenewBuy, you will get all the product related information.
- RenewBuy provides you an online assistance with the help of an in-house customer care support team.
- It is time saver.
- You can calculate premium cost online.
Steps/Process to buy Bike Insurance Policy Online
Earlier, buying an insurance policy was way difficult than what it is now. You don’t need to run around or check websites of different insurance companies. Aggregators like RenewBuy have made people’s life so easy that in just few clicks you can compare and get a best suited insurance policy for your two-wheeler.
All you have to do is just follow below mentioned steps when purchasing any bike insurance online from RenewBuy: -
- Log on to the official website of RenewBuy.
- Click on the two-wheeler insurance button on home page.
- Provide your details like model and purchase year of your two-wheeler and click on the submit button.
- Once you click on the submit button than you have the convenience of comparing different policy plans offered by different insurance companies on the same platform.
- The moment you select the right policy plan, click on the buy button, fill the details and make payment online.
- Once you make payment, you will get your policy instantly on your e-mail id provided by you.
You can also contact the support team for assistance if required.
Eligibility/Documents Required for Two-Wheeler Insurance
Legal Age: It is very important that you should be of legal age at the time of applying for two-wheeler insurance, as this is a crime to have a two-wheeler below the legal age.
Vehicle Registration: Before applying for insurance, ensure that the vehicle you want to get insured is registered with the RTO of your area.
Driving History: According to the law, the past driving history of the vehicle owner should be clean and there should be no legal proceedings against him/her.
Documents Required: The documents required for two-wheeler insurance are like registration number, ID proof, age proof, address proof.
Importance of Bike insurance Renewal
When it comes to two-wheelers, it is often a case of fill it, shut it, forget it. In other words, after purchasing the vehicle, many vehicle owners tend to forget about or underestimate the importance of bike insurance renewal. Bike insurance is a legal requirement in India; however, this is far from the only reason for the owner of a two-wheeler to renew vehicle insurance and to keep it updated and current.
A legal requirement: The law views any two-wheeler as a potentially more dangerous and deadly object, than a car, that could result in considerable damage and injury in public spaces. Hence, according to the Motor Vehicles Act, 1988, vehicle owners to insure any motor vehicle that they own by law. Typically, two- wheeler covers injury to the user of the vehicle or to a third party (person(s) other than the owner or user who may be involved in the incident). According to law having a vehicle insurance and its renewal is compulsory in each subsequent year of vehicle ownership. In other words, bike insurance renewal has to be in a way that the vehicle is never operated without proper and current insurance coverage.
Insurance keeps you and your two-wheeler protected: Apart from accidents that injure the bike operator user and/or the person on the pillion and/or a third party, the two-wheeler insurance policy also protects the vehicle against theft, natural disasters and manmade calamities. A policyholder can opt to buy additional riders in addition to a basic policy for more comprehensive, better coverage. It is possible to do this at the time of policy renewal as well, if the policyholder finds that existing coverage is inadequate. For instance, the policyholder is free to upgrade a basic third-party policy to a comprehensive policy or opt for additional riders at the time of renewal.
Makes you more protected: Statistics shows that riding a two-wheeler is far riskier than traveling in a car. In fact, the number of two-wheeler related deaths are as much as 26 times higher than car related deaths. There is not only a higher chance of falling, skidding or losing one's balance on a two-wheeler, a person is far more vulnerable than they would be in a crash tested vehicle that is covered from all sides. The likelihood of adding new safety features such as air bags to motorcycles is also lower than that of cars. Since the risk of operating or riding on a motorcycle or other two- wheeler is so much higher, the need for protection is also more vital. Bike insurance renewals are easy.
Now that several companies offering vehicle insurance in which they offer diverse products, it is easy to pick a policy that suits every requirement. The easy online renewal option also makes it quick and easy to renew bike insurance online. To renew online, the policyholder has to provide just a few details such as whether the insurance buyer is a company or an individual, license and registration details, sales invoice and details of the vehicle such as the year of manufacture, make, model and city of registration. By indicating the availability of previous year's policy copy, the policyholder can get an instant quote.
It is inexpensive: Bike insurance is less expensive than car insurance because the value of the vehicle itself is lower. When you add to this the fact that the perceived value of a vehicle reduces with each year of ownership, you find that the amount payable becomes lower with each subsequent year of renewal. If one is a responsible vehicle operator who rarely needs to make a claim, the insurance company offers an additional incentive in the form of a no claims bonus at the time of renewal which makes the insurance policy even more affordable.
Long-term Bike Insurance: To make it convenient for a vehicle owner to buy two-wheeler insurance, insurance companies also offer two and three- year policies. This means that the policyholder does not have to worry about missing the yearly renewal date and can rest assured that their vehicle has uninterrupted protection for an extended period. This offers the added advantage that there is no penalty or loss in the event of the policyholder forgetting to renew their policy on time or is unable to do so for any reason. It is likely that the policyholder could avail a discount or other benefit when they buy long term insurance for their two-wheeler.
Policyholder can renew lapsed two-wheeler insurance: If your bike insurance has lapsed, do not worry. You can renew it. While it is advisable to renew the policy on time to retain any accrued benefits, a lapsed policy can also be renewed. Insurance companies do provide for instances of oversight or other unavoidable reasons why a policy may not be renewed exactly on time. There is usually a 90-days grace period after the end of the previous policy within which time the policyholder can renew a policy. Though a policyholder can buy a new policy even if the previous policy lapses, in most cases the no claims benefits or other advantages will not be carried forward.
From the foregoing, the importance of bike insurance renewal becomes amply clear. Ensure that you choose a two-wheeler insurance policy that offers adequate protection and also ensure that you renew your policy on time for uninterrupted protection and to derive maximum benefit. Compare policies online and renew your policy quickly and conveniently.