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GET Two-Wheeler Insurance PLANS

Two-Wheeler Insurance

Every two-wheeler owner must buy a two-wheeler insurance plan. Without motorbike insurance, you may have to pay a hefty fine, imprisonment of up to 3 months, or both. The insurance company will also pay for the unintentional loss caused to the third party. Your bike insurance policy protects you from paying for these third-party expenses, including property damage and medical bills. In addition, you must have bike insurance to protect the financial interests of your bike. If your vehicle is damaged without bike insurance, you are responsible for covering the cost of the repair.

What is Two Wheeler Insurance Plan?

Two-wheeler insurance or bike insurance is a contract between the insurance company and the policyholder in which the insurance company provides coverage against damages caused to your bike/scooty/scooter/moped due to accident, theft, or natural calamities. There are three types of bike insurance plans offered by insurance companies in India which are standalone own damage plans, third-party insurance plans, and comprehensive two-wheeler insurance plans.

Types of Two-Wheeler Insurance Policy

It is mandatory to have a bike insurance policy in India that offer coverage to your two-wheeler in case of damage caused to your vehicle due to an accident, theft, or natural calamities. There are three types of bike insurance policies in India for your vehicles i.e. Standalone own damage bike insurance, Third party bike insurance, and comprehensive bike insurance.

01

Comprehensive Bike Insurance

A comprehensive bike insurance policy offers total protection by covering all of your potential financial liabilities to third parties and compensating you for costs associated with your bike's own damage. With this type of plan, your bike is protected from damages caused by self-ignition, explosion, fire, man-made disasters, theft, accidents, etc. Also, you can enhance the basic coverage benefits of the comprehensive bike insurance policy by adding some add-on riders like Zero. Depreciation cover, roadside assistance cover, engine cover, etc. by paying an additional premium amount.

02

Third-Party Bike Insurance

Third-party bike insurance is mandatory for riding a bike in India. It covers temporary or permanent disability, bodily injury, and death of a third party person due to an accident involving the vehicle of the policyholder. Third-party bike insurance also covers expenses related to property damage up to INR 1 lakh by a third party. But, it does not cover the damage done by the insured person or the insured’s bike.

03

Standalone Own Damage Bike Insurance

Standalone own-damage bike insurance policy covers all damages caused to the insured bike due to accident, theft, fire, natural calamity, or man-made calamity. A standalone own-damage policy gives policyholders the freedom to choose the insurance provider of their choice. Policyholders have the option of purchasing both their damage and third-party plans from the same insurer or a different one. By purchasing add-on cover, an insured can enhance the coverage benefits of their damage insurance policy.

Difference Between Comprehensive Bike Insurance or Third Party Bike Insurance or Own Damage Bike Insurance

The below table shows us the common difference between Comprehensive Bike Insurance or Third Party Bike Insurance or Own Damage Bike Insurance.

Particular Comprehensive Bike Insurance Third Party Bike Insurance Own Damage Bike Insurance
Coverage Benefits Wider Narrow Wider
Own Damage Cover Covered Not Covered Covered
Third Party Liabilities Covered Covered Not Covered
Personal Accident Cover Covered Not Covered Covered
Premium Amount High Low High
Mandatory by the Government No Yes No

Key Specifications of Two Wheeler Insurance Policy

Following are the key specifications of two-wheeler insurance policy:

Features Definition
Own Damage Cover Own-damage bike insurance policy covers all damages caused to the insured bike due to accident, theft, fire, natural calamity, or man-made calamity.
Third-Party Cover It offers coverage for any damage caused to the third party in case of disability, death, or property destruction due to an accident.
Personal Accident Cover The insurance company pays an amount to the policyholder in case of death or permanent disability due to an accident.
No Claim Bonus For every claim-free year, the insurance company pays you an NCB of up to 50% for up to 5 consecutive years.
Add-on Riders You can enhance the basic plan coverage by adding optional add-on riders by paying some extra premium amounts.

Benefits of Buying Two Wheeler Insurance Policy

Anything can happen while driving a two-wheeler in India. Rugged roads, rain, and uncontrolled traffic can cause problems on the road. Road accidents are common due to a lack of good infrastructure, unregulated traffic, and many other reasons. To avoid these situations, it is necessary to have a two-wheeler insurance policy. Two-wheeler insurance requires timely renewal If you cannot renew it on time, your policy will lapse and become invalid. If your two-wheeler insurance policy is not renewed, you will not be eligible to make any claim. Some other benefits of two-wheeler insurance policies are:

01

Financial Protection

Two-wheeler insurance policy provides financial protection to your vehicle in case of accident, theft, or third-party liabilities. A bike insurance policy helps you get your vehicle repaired without leaving any loss in your pocket.

02

Accidental Injury

A two-wheeler insurance policy covers damages caused to the vehicle and covers injuries that the rider incurs while driving on the road.

03

All Two-Wheelers

Two-wheeler insurance plan covers all types of two-wheeled vehicles. This also includes vehicles that have been improved for better features, including mileage, power, etc.

04

Cost of Spare Parts

The increasing demand for two-wheelers has also increased the cost of spare parts for two-wheeled vehicles. This two-wheeler insurance policy covers the cost of spare parts including nuts and bolts and gears and brakes.

05

Peace of Mind

Any damage can cause financial loss to the owner of the vehicle. If you have the right insurance policy, you can drive on the road without any worries.

Best Two Wheeler Insurance Plans

There are a variety of two-wheeler insurance plans in India offered by various motor insurance companies But finding the best two-wheeler insurance plan is a tedious task. We RenewBuy is making it easier for you as we have compiled the list of best two-wheeler Insurance plans in India in the table below:

Comprehensive Two Wheeler Insurance Plan

Two Wheeler Insurance Company Third Party Cover Cashless Garage
HDFC Ergo General Insurance Yes 6,800+
Go Digit General Insurance Yes 1,000+
New India Assurance Yes 3,000+
Iffco Tokio General Insurance Yes 4,300+
ICICI Lombard General Insurance Yes 8,800+
Reliance General Insurance Yes 4,600+
Shriram General Insurance Yes 2,000+
SBI General Insurance Yes 2,600+
Liberty Videocon General Insurance Yes 4,300+
Bajaj Allianz General Insurance Yes 4,300+

Own Damage Insurance Plan

Two Wheeler Insurance Company Third Party Cover Cashless Garage
HDFC Ergo General Insurance Yes 6,800+
Go Digit General Insurance Yes 1,000+
New India Assurance Yes 3,000+
Iffco Tokio General Insurance Yes 4,300+
ICICI Lombard General Insurance Yes 8,800+
Reliance General Insurance Yes 4,600+
United India Insurance Yes 3,100+
SBI General Insurance Yes 2,600+
Liberty Videocon General Insurance Yes 4,300+
RoyalSundaram Alliance Insurance Yes 3,300+

Third Party Insurance Plan

Two Wheeler Insurance Company Third Party Cover Cashless Garage
HDFC Ergo General Insurance Yes 6,800+
Go Digit General Insurance Yes 1,000+
New India Assurance Yes 3,000+
Iffco Tokio General Insurance Yes 4,300+
ICICI Lombard General Insurance Yes 8,800+
Reliance General Insurance Yes 4,600+
United India Insurance Yes 3,100+
SBI General Insurance Yes 2,600+
Liberty Videocon General Insurance Yes 4,300+
RoyalSundaram Alliance Insurance Yes 3,300+

*Disclaimer: We RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different motor insurance companies

Benefits of Renewing Two Wheeler Insurance Online

The following are the renewing two-wheeler insurance online:

  • Convenient
  • Easy Comparison
  • Easy Comparison
  • Paperless Process
  • Unbiased Opinion

Factors That Affect Two-wheeler Insurance Premium

Many factors can affect your bike insurance premium. Here are the major factors that affect the insurance premium of two-wheelers:

01

Coverage

The scope of coverage benefits affects the premium of your policy. If you choose a third-party liability insurance plan, you will have to pay a lower premium than a comprehensive two-wheeler insurance plan.

02

Insured Declared Value (IDV)

IDV is calculated by calculating the market value of your vehicle. IDV is directly proportional to the premium amount of the insurance policy. This means If your IDV is higher, you have to pay a higher premium.

03

Age of the Vehicle

The age of the vehicle is inversely proportional to the market value or IDV due to depreciation. This means if the age of the vehicle is more then you will pay less premium.

04

No Claim Bonus

NCB is the reward that you get while renewing your policy if you have not made any claim in the previous policy year and it also reduces your premium amount.

05

Safety Devices

If you have safety devices installed in your vehicle, the insurer will provide you with the policy at a lower premium amount.

06

Deductible

If you add a voluntary deductible to the policy, you will have to pay some percentage of the claims yourself, and the insurer will pay the rest. In this case, you will have to pay a lower premium amount for a two-wheeler insurance policy.

Coverage Benefits Under Bike Insurance Plan

In the section below, you will get an insight into the coverage benefits offered under the bike insurance plans in India:

01

Third-party Injuries

All the Injury caused to a third party due to your two-wheeler is covered.

02

Third-party Liabilities

If the third party caused disability in an accident due to your bike is covered.

03

Third Party Death

The insurance company will provide compensation if a third party, unfortunately, dies in an accident due to your bike.

04

Third Party Property Damage

The insurance company offers coverage up to INR 1 Lakh in case of damage to a third party’s property due to the insured bike.

05

Accident Cover

The insurance company covers all damages caused to your bike in the event of an accident.

06

Natural Calamities

The insurance company covers damages caused to your two-wheeler due to natural calamities like earthquakes, floods, etc.

07

Theft

Motor insurance company provides coverage under the bike insurance plan in case of loss of bike due to theft.

08

Man-made disaster

Motor insurance company covers damages caused to the bike due to man-made calamities like terrorism, vandalism, etc.

09

Fire and Explosion

The insurance company covers damage caused to the bike due to fire and explosion.

What is Not Covered Under Bike Insurance Policy?

Below mentioned are the situations that are not covered under a two-wheeler insurance policy:

  • Driving with an invalid driving license.
  • Driving under the influence of drugs and alcohol.
  • Depreciation or wear and tear.
  • Vehicle consumables.
  • Mechanical or electrical breakdown.
  • Damage due to war or nuclear attack.
  • Tyre or tube repair.

Bike Insurance Companies Offered Two Wheeler Insurance Plans in India

Below mentioned are the bike insurance companies offering two-wheeler insurance plans in India along with their claim settlement ratio and cashless garages:

Bike Insurance Company Network Garages Claim Settlement Ratio
IFFCO Tokio General Insurance 4,300+ 95.30%
Royal Sundaram General Insurance 4,600+ 92.66%
The Oriental Insurance Company 3,100+ 3,000+
HDFC ERGO General Insurance 6,800+ 91.76%
Universal Sompo General Insurance 3,500+ 90.78%
Tata AIG General Insurance 5,000+ 90.49%
The New India Assurance 3,000+ 89.60%
SBI General Insurance 16,000+ 89.51%
Bajaj Allianz General Insurance 4,000+ 88.83%
Future Generali India Insurance 2,500+ 88.69%
ICICI Lombard General Insurance 5,600+ 87.71%
Liberty General Insurance 4,300+ 98%
Cholamandalam MS General Insurance 7,100+ 85.89%
National Insurance Company 3,100+ 85.71%
Edelweiss General Insurance 1,000+ 84.52%
Reliance General Insurance 3,800+ 84.26%
Acko General Insurance 2,000+ 83.91%
United India Insurance Company 3,100+ 82.93%
Kotak Mahindra General Insurance 1,300+ 82.81%
Go Digit General Insurance 1,400+ 80.47%
Magma HDI General Insurance 4,000+ 79.60%
Shriram General Insurance 2,000+ 77.26%
Navi General Insurance 900+ 76.20%

*Data has been sourced from report of IBAI 5th Edition

*Disclaimer: We RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different motor insurance companies

Things To Remember While Purchasing Two-wheeler Insurance

Comparing bike insurance is the easiest and most convenient way to know the best bike insurance policy that suits your pocket. D2C Insurance Broking Private Limited (“RenewBuy.com”) provides you with a free online tool to compare various bike insurance policies so that you can buy the best two-wheeler insurance policy as per your requirement. There are various factors that one needs to consider before buying a bike insurance plan online:

01

Types of two-wheeler insurance policy

Always check the type of policy you are going to buy as there are three types of two-wheeler insurance policies i.e. own damage insurance policy, third-party insurance policy, and comprehensive insurance policy.

02

Add-On Covers

You should always check the add-on riders or optional coverage that comes with it before buying a bike insurance policy. Motor insurance companies offer different types of additional riders at some extra premium amount.

03

Claim Process

Always go for the insurance company that has the most simple, quick, and hassle-free claim process as it helps you in settling your claim.

04

Claim Settlement ratio

Always check the claim settlement ratio of the insurance company. This is an important parameter to check the performance of companies as the higher the claim settlement ratio, the higher will be the chances of your claim being settled.

05

Customer Reviews

Before buying a bike insurance policy, you must read the reviews of the insurance company. This will help you understand the pros and cons of the insurance provider when it comes to providing services to the customers.

Two Wheeler Insurance Add-ons

Two wheeler insurance add-ons are used to enhance the coverage benefits of the bike insurance policy by paying some extra premium amount. Following the add-ons that you can opt for your two wheeler insurance policy:

01

No Claim Bonus (NCB Protect)

This add-on allows you to retain your no claim bonus and get discounted premium amount even if you make any claim during the policy tenure.

02

Zero Depreciation

The full amount will be paid to you if your insurance policy has zero depreciation cover, which means that no deductions will be made for depreciation at the time of claim settlement.

03

Emergency Assistance Cover

Your insurance company will provide you with emergency roadside assistance if you have this add-on cover. Most insurers provide a variety of services under this add-on rider such as tyre replacements, small on-site repairs, battery jump starts, towing fees, lost key help, replacement keys, and fuel arrangements, etc.

04

Return to Invoice

This add-on rider covers the gap between the IDV and the on road price of the vehicle including the registration and taxes, it allows you to get the purchase value at the claim time.

05

Daily Allowance

The insurance company will provide you with a daily allowance for traveling when your insured vehicle is in the network garage for repairs.

06

Helmet Cover

If your helmet is partially or completely damaged in an accident, you can use this add-on cover to pay for its repair or replacement. In case of a replacement, the new helmet will be the same make and model.

Two Wheeler Insurance Price

As per the latest hike in third party bike insurance rates set by IRDAI, you should expect to pay extra for third party coverage on two-wheelers. The cost of third-party plans is decided by IRDAI, where the premium amount for a comprehensive bike insurance plan is decided based on several external factors like engine capacity, age, location, gender, etc.

Additionally, it continues to grow every year. IRDAI has suggested a 4 to 21% growth for the financial year 2019-20. Two-wheelers with engines of 150cc and 350cc have seen the biggest growth of 21%. Read the table below to compare the current (applicable from 1st June 2022) and the old third-party two-wheeler premium price.

Type of Vehicle Old Price New Price Increase in Percentage
Vehicles Up to 75cc INR 482 INR 538 12%
Vehicles between 75cc to 150cc INR 757 INR 714 -6%
Vehicles between 150cc to 350cc INR 1193 INR 1366 15%
Vehicles above 350cc INR 2323 INR 2804 21%

Two Wheeler Insurance Plan Buying Process

You can buy your bike insurance policy from the official website of the insurance company and "RenewBuy.com". Mentioned below are both the buying process of two wheeler insurance plans:

Buy from the official website of the insurance company

  • Visit the insurance company’s official website and click on the “Two Wheeler Insurance” tab.
  • Select the desired plan.
  • Fill in all the required information.
  • Click on Buy Now button.
  • Make payment.
  • The insurance company will send the policy documents to your email address.

Buy from “RenewBuy.com”

  • Visit the official website of RenewBuy.
  • Click on the “Motor Insurance” tab.
  • Then, click on the “Two Wheeler Insurance” tab.
  • Fill out the form that shows on the next page.
  • Compare different motor plans and select your desired plan.
  • Click on the “Buy Now” button
  • A pop-up will show you the plan details and the additional riders information.
  • Click on the “Proceed to Buy” button.
  • Make online payment and the policy documents will be sent to your registered email address.

Why Choose Health Insurance From RenewBuy?

RenewBuy brings you the best deals in two wheeler Insurance plans across the market. The key reasons for you to consider us are as follows:

  • IRDAI Certified
  • Get Insured from leading Insurer
  • Discounted Premiums
  • Compare Various Bike Insurance Plans in Just a few Clicks
  • Simple & Easy Buying Process
  • 24x7 Claim Assistance

How to Claim Bike Insurance Online?

You can submit a two wheeler insurance claim online to your two wheeler insurer in two different ways. You can submit a reimbursement claim or a cashless claim to your insurer. Let us go through each of these claim categories in detail.

01

Reimbursement Claim

You can file a reimbursement claim if you do not get your vehicle repaired at the insurer's network garage. You will have to pay the repair bill yourself, and the amount will be reimbursed by the insurer later. For reimbursement, you need to provide documents like the original repair bill, receipt, RC, insurance policy, etc.

02

Cashless Claim

In the case of a cashless claim, the insurance company will pay the claim amount directly to the network garage, and you will only have to pay the deductible amount. You can file a cashless claim only if you get your vehicle repaired at the insurer's network garage.

Two Wheeler Insurance Claim Process

Below are the steps to file a claim for a cashless claim and reimbursement claim for your bike:

Cashless Claim Process

  • Intimate your insurance company about the accident or mishap
  • Survey will be done to estimate the damage
  • Fill in the claim form
  • Submit it to the insurance company along with the other required documents
  • Insurance company will provide approval to the garage for repair
  • Your two wheeler will be repaired at the network garage
  • Insurance company will pay the repair bill directly to the garage
  • You just have to pay the deductible amount (If any)

Reimbursement Claim Process

  • Register the claim
  • Fill in the claim form
  • Submit it along with the other required documents
  • Survey will be done to estimate the cost
  • Once the repair done, the insurer conduct another inspection
  • Pay the bills at the garage
  • Submit all the bills and payment receipt to the insurance company
  • Once the claim approved, the insurance company will pay the claim amount to you

Documents Required to File a Claim Under Two Wheeler Insurance Plan

Below mentioned is the list of documents that you required to submit at the time of filling a claim under two wheeler insurance plan:

  • Xerox of RC (Registration Copy)
  • Duly Signed Claim Form
  • Xerox of Driving License
  • Xerox copy of your Policy Document
  • First Investigation Report (FIR)
  • Bills and Payment Reciept
  • Proof of Release

Two Wheeler Insurance Plan Renewal Process

You can renew your bike insurance policy via two platforms i.e. online and offline. Read below to understand both the renewal process of a two wheeler insurance policy in detail:

Online Process

  • Visit the official website of the insurance company.
  • Select the “Motor Insurance” tab.
  • Then, select the “Two Wheeler Insurance” tab.
  • Select "Renewals" from the menu section.
  • Enter your policy number and Date of Birth.
  • The next page will show you the amount that you need to pay.
  • You can also customize your mediclaim plan as per your needs.
  • Once you did the Renewal payment, your policy details will be sent to your registered e-mail address.

Offline Process

You can visit the nearest branch of the insurance company and renew your policy from there. Also, you can connect with RenewBuy POSP advisors to get assistance for your two wheeler plan/bike insurance plan renewal.