cover_img

GET Two-Wheeler Insurance PLANS

Two-Wheeler Insurance

Two wheeler insurance is purchased to cover any damage caused to your motorcycle/two-wheeler due to an accident, theft, or natural calamity. It protects you against any financial losses that may arise due to damages or bodily injury that happen to the third party in case of an accident. It is the best solution to ensure that the financial liability arising from a bike accident is covered. It covers all types of two-wheelers.

What is Two-wheeler Insurance?

Two wheeler insurance is a legal contract between the Insurer and the Insured that makes the Insurer liable to cover any damages to your vehicle in case of an accident. Third-party vehicle insurance is mandatory in India under the Motor Vehicles Act, 1988. The insurance policy provides financial safety against accidents when driving your vehicle on the Indian roads.

Types of Two-wheeler insurance in India

There are two types of insurance that you can buy in India for your vehicle. They include:

01

Third-Party insurance Plan:

A 3rd party bike insurance plan protects you from any legal obligations that may arise if you cause damage or injury to a third party.

Note: It is mandated by the law that any vehicle driving on the roads in India needs to have a valid third-party insurance plan.

02

Comprehensive Insurance Plan:

A comprehensive bike insurance plan provides coverage to the rider against damages to own bike in addition to the third-party liability. The plan financially protects you from damages that can happen due to accident, natural disaster, etc.

Must read:

Difference between 3rd party & comprehensive two wheeler insurance.

Key Features of Two-wheeler Insurance Policy

Two-wheeler insurers offer a range of services and features to attract customers. In today's era, buying online insurance for your two-wheelers is an easy and quick process. The key features of a bike insurance policy include:

01

Comprehensive and Liability Only Coverage

The vehicle owner has the option of either comprehensive or liability-only coverage. The liability-only insurance policy is mandatory under the Motor Vehicles Act, 1988. On the other hand, a comprehensive insurance policy protects the rider from damages caused to the vehicle. It provides third-party liability and personal accident cover for the co-riders (mainly as an add-on cover).

02

Personal Accident Cover

Bike owners can now get a personal accident cover of Rs 15 lakh as an in-built feature. The IRDAI has mandated the rider to avail of this cover.

03

Optional Coverage

It is additional coverage that you can buy to enhance the scope of the policy. Many add-on covers include a cover for spare parts, zero depreciation bike insurance cover, etc.

04

Transfer of NCB (No Claim Bonus)

The NCB can be transferred from an old vehicle to a new one without any trouble. No Claim Bonus has been given to the owner and not the vehicle. It is the reward that you get from claim-free years.

Note: The key features are available in comprehensive and 3rd Party liability policy

Benefits of Two-Wheeler Insurance Policy

Road accidents are common due to the lack of good infrastructure, unregulated traffic, and many other reasons. Therefore, having a valid insurance document becomes very important to ensure that you have a financial safety net if there is an accident on the road. These are the benefits of purchasing a 2 wheeler insurance policy:

01

Financial Safety Net

A bike insurance plan helps you save a lot of money when there is an accident on the road, theft of the vehicle, or third-party liabilities. Even a minute repair is expensive. Thus, a bike insurance policy helps you get your vehicle repaired without causing a dip in your bank account.

02

Accidental Injury

An insurance policy covers damages caused to the vehicle and covers injuries that the rider incurs while driving on the road.

03

All Two-Wheelers

The 2 wheeler insurance plan covers all types of two-wheelers. It also covers the vehicles that have been improvised for better features, including mileage, power, etc.

04

Cost of Spare Parts

The increased demand for two-wheelers has also increased the prices of spare parts. This insurance policy covers the cost of spare parts, including nuts and bolts and gears and breaks.

05

Peace of Mind

Any damage can cause financial losses to the owner of the vehicle. If you have the right insurance policy, you can drive on the road, keeping worries at bay.

Best Two Wheeler Insurance Plans:

The list of insurers that offer insurance plans for your two-wheelers include:

Two-Wheeler Insurance Company Cashless Garages Third Party Cover Personal Accident Cover Incurred Claim Ratio Policy Term (Minimum)
Reliance Two-Wheeler Insurance   Yes 15 lakh   1 year
Bharti AXA Two-Wheeler Insurance   Yes 15 lakh   1 year
IFFCO Tokio Two-Wheeler Insurance   Yes 15 lakh   1 year
Digit Two-Wheeler Insurance 2440 Yes 15 lakh   1 year
Liberty Two-Wheeler Insurance   Yes 15 lakh   1 year
New India Assurance Two-Wheeler Insurance   Yes 15 lakh   1 year
HDFC Ergo Two-Wheeler Insurance 1506 Yes 15 lakh   1 year
ICICI Lombard Two-Wheeler 4750 Yes 15 lakh   1 year
Royal Sundaram Two-Wheeler Insurance   Yes 15 lakh   1 year
Shriram Two-Wheeler Insurance   Yes 15 lakh   1 year

Confused on how to go forward? RenewBuy offers you a trusted digital platform, where you can compare and buy affordable two-wheeler plans. Further, it is noteworthy that your insurance can be renewed in just few minutes!

Things To Examine While Purchasing Two-wheeler Insurance Online:

An insurance cover for two-wheelers can provide you financial aid in case the need arises. Websites like RenewBuy.com offer you the opportunity to compare different insurance policies so that you can get the best policy according to your requirements. Give a thorough check to compare the premium cost before buying a new insurance plan online. Comparing vehicle insurance is the easiest and the most convenient way of knowing the best policy that suits your pocket. You will get the best insurance policy for the two-wheelers at an affordable premium cost with a fair online comparison. Apart from premium, there are other factors that need to be considered before buying insurance online:

01

Types of two-wheeler insurance policy

A 3rd party bike insurance plan or a comprehensive insurance plan.

02

Add-On Covers

Before buying a policy, you must check the add-on covers or optional coverage that comes with it. Insurance providers offer different types of riders, but it all depends upon your requirements.

03

Claim Process

Before buying a policy, you must check the claim process of the insurance company.

04

Claim Settlement Ratio (CSR)

It is advisable to read about the claim settlement ratio of the Insurer.

How to Compare two-wheeler Insurance Online?

Comparing 2 wheeler insurance is a quick and easy task. RenewBuy (www.renewbuy.com) has a seamless digital platform, wherein you can compare various insurance schemes and make the right decision.

Here is how you can go and compare the insurance quotes for two-wheelers:

  • Visit RenewBuy.com
  • Enter your bike make and model
  • Enter manufacturing year
  • Click on the 'Instant Quote' button.
  • Know the quotes given by various companies
  • Compare the features of multiple quotes
  • Select the add-ons, if required
  • Select the Insurer and pay online
  • Get the policy instantly on your mail id

Comparing various schemes and insurers is the key to finding the right plan. RenewBuy helps you to compare bike insurance plans available with multiple insurance companies. It helps you in finding the right option and the best coverage in just a few clicks. We assist you with comparison and then let you choose the best bike insurance plan effortlessly.

Always remember that insurance is an investment that will secure the safety of your vehicle. Therefore, before buying bike insurance online, it is advisable to compare the features and move further.

Renew Two-Wheeler Insurance

In India, it is mandatory to get your vehicle insured. Riding your vehicle without a valid insurance policy is an offence. It is wise to get a timely Insurance Renewal for your two-wheelers online. But, choosing the right one can be a tedious task. There are multiple things to keep in mind before renewing your insurance. To give you a gist of it, you need to remember the below-mentioned things before considering Two Wheeler Insurance Renewal:

No Claim Bonus (NCB):

If 90 days have passed after the lapse of your policy, the annual NO CLAIM BONUS (NCB) discount would not be there. If you have not claimed it for previous years, this can be a heavy monetary loss.

01

No Requirement of Survey of Vehicle

RenewBuy allows you to renew your lapsed 2W policy online without any inspection. Although it is always recommended to renew your insurance policy for the bike before it expires, you can restore it without inspection online.

02

Renew 2 Wheeler Insurance Online

Online renewal of your bike insurance policy is the smartest thing to do as it saves time, involves little or no paperwork, is cheaper, and is much faster. If you wish to renew insurance online, compare different plan & premium rates and choose from flexible tenures.

Two-wheeler insurance Renewal at RenewBuy

2 wheeler insurance is a mandatory stipulation, as per Indian law. An uninsured bike simply cannot ply on the road. Hence, it is essential to have a continuous validity of insurance coverage for your bike. However, there stands a high chance that the timely renewal may have skipped your mind several times. Else the policy will lapse, and you won't get coverage for the break-in interval.

Do not fret if you are very near the due date of insurance renewal but cannot find time to renew the policy offline. Thanks to our online service at RenewBuy, within minutes, you can browse through various insurance renewal policies, compare them, and renew your bike insurance.

Key Benefits of Two-Wheeler Insurance Renewal with RenewBuy

To help you with the bike insurance renewal services we offer:

  • We help you redeem the 'No Claim Bonus’ when you renew the insurance for your two-wheelers online to ensure you don't suffer from monetary loss.
  • The main hassle related to the insurance renewal of two-wheeler online is the intense paperwork. With RenewBuy, we ensure you with a complete paperless mode. The insurance renewal for your two-wheelers will be immediate and completely hassle-free.
  • If 90 days have passed after the expiry of your previous policy, we will still provide you with the reminder. We believe in giving a user-friendly insurance renewal experience to the customer.
  • We helps you search out the most beneficial offers with premium rate.
  • You can browse through policy plans from leading and trustable policy providers to renew bike insurance online.
  • You can even save money using our comparison tool to identify one of the affordable policies that fit your requirement arena.

Two- Wheeler Insurance Renewal - Checklist

  • With us at RenewBuy.com, the 1-Click Renewal option is given.
  • Once you click the option, you are redirected to a page asking for "Bike Registration Number."
  • If you do not have "Bike Registration Number," you can further click the link "I want to start with bike details."
  • You are then redirected to a page asking for vehicle Model, Purchase Year, Month of Expiry, Registered City, Name, and Mobile Number.
  • After filling the form, you will submit it by pressing the "Add" button.
  • For more help, you can call us at 1800 419 7852 to solve all your queries before going with insurance renewal online.

Be smart and act fast with our online insurance renewal policies. The RenewBuy platform is at your service to conduct proper research and renew your insurance for two-wheelers online, without hassles.

Factors That Affect Two-wheeler Insurance Premium

Several factors can influence the premium of your bike insurance. Here are the top factors that affect the insurance premium for two-wheelers:

01

Coverage

The level of coverage affects the premium of your policy. If you choose a third-party liability coverage plan, you must pay a lesser premium than a comprehensive coverage plan.

02

Insured Declared Value (IDV)

The IDV is calculated by calculating the market price of your vehicle. If the market value is minor, so will be the IDV. That means you will end up paying a lesser price.

03

Age of the Vehicle

Vehicle age is inversely proportional to the market value or the IDV due to depreciation. That means you will pay a lesser premium if the age of the vehicle is more.

04

No Claim Bonus

NCB is the reward you get while renewing your policy if you have not made any claims earlier. That reduces the premium.

05

Safety Devices

If there are safety devices installed in your vehicle, the Insurer will offer you the policy at a lesser premium.

06

Deductible

If you add a voluntary deductible to the policy, you will have to pay some of the claims by yourself, and the rest of it will be paid by the Insurer. In this case, your premium will also be less.

07

Age of the Rider

The age of the rider also affects the premium. Younger people are assumed to have more exposure than older people. Thus, the older you are, the lesser the premium.

How to Save on the Premiums for Two-wheelers insurance?

There are several ways to save money while paying the premium. These include:

01

Claim the NCB:

NCB is provided to you for every claim-free year. The NCB allows you to get discounts on your premium without a reduction in the amount of coverage.

02

Know the Age of your Vehicle:

It is essential to know the manufacturing year of your vehicle. The older your vehicle, the lesser the premium.

03

Install Safety Gadgets:

You must install safety gadgets in your vehicle as the Insurer offers a discount on your premium in this case.

04

Choose the CC after consideration:

Choosing the cc of your vehicle after consideration is necessary as higher cc means a higher premium.

05

Choose Higher Voluntary Deductible:

Deductibles decrease the Insurer's liability towards the claim amount because you pay some amount of the claim yourself. If you opt for a more significant deductible amount, the Insurer recognizes it by offering you a discount on the premium amount.

Claim Process for Two-wheeler insurance

There are two methods in which you can file a claim for bike insurance which are:

01

Cashless Claim:

In the case of a cashless claim, the claim amount is deposited directly to the network garage, and you only have to pay the deductible amount. You can only file a cashless claim if you get your vehicle repaired at the network garage of the Insurer.

02

Reimbursement Claim:

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