Two-wheeler Insurance starting at Rs. 702*

Types of bike insurance

There are two types of two-wheeler insurance online:

Comprehensive insurance

As the name suggests, this insurance provides comprehensive coverage and is highly recommended. It covers damages for an insured two-wheeler, personal accident coverage for the rider, and any third-party liability caused by the insured two-wheeler.\ The insured bike is also fully covered against fire, explosion, theft, accident, self-ignition or lightning, natural disasters, terrorist activity, damage in transit by road, rail, inland waterway, lift, elevator, or air.

Third-party insurance

This insurance is mandatory in India and covers the policyholder against liability for the damage caused by the insured two-wheeler to other people's vehicles or property. The damage can be third-party vehicle damage, injuries, death, or property damage. But the third-party bike insurance doesn’t cover any damages for the insured two-wheeler or the rider.

Add-ons for Two-wheeler Insurance policy

Zero-depreciation cover

Zero-depreciation add-on protection is best suited for new vehicles. It lets you avoid depreciation cuts, and the owner gets the full benefit in case of any incident. In this cover, you receive full value for your two-wheeler and all its spare parts, as the depreciation of your motorcycle is not considered by your insurer.

Roadside assistance cover

One of the most terrifying scenarios for any rider is being stuck on the road with a two wheeler that is not functioning. With the add-on facility of roadside assistance, you'll have access to 24x7 emergency roadside assistance, including towing services in the event of a breakdown.

Key replacement cover

In case the key to your bike is stolen, you should immediately replace the lockset and keys as it poses a risk of vehicle theft. Add-on service like key protect cover in bike insurance covers the cost involved in the repair or replacement of your two-wheeler keys and lockset.

Outstation emergency cover

The outstation emergency cover protects you from accidents or breakdowns that occur outside of a 100-kilometer radius of your home. In addition, if the repair time crosses 12 hours or more, the insurance company also reimburses you with Rs. 2,500.

Personal accident cover for passengers

Personal accident cover for passengers is an added layer of protection for your loved ones. In case of any unfortunate incident, you will get coverage of up to Rs. 1 lakh per passenger as per the terms and conditions of your two-wheeler insurance policy.

Engine protection cover

You can add more protection to your two-wheeler by getting financial help for expenses arising from water ingression, oil leakage, and more.

Factors affecting two-wheeler insurance premium

The premium of two-wheeler insurance is determined by several criteria. The insurance company calculates the premium amount by weighing various risks. Here’s the list of factors that influence the cost of a bike insurance policy:

Make and model

The manufacture and model of the vehicle are the one of the essential elements that influence the bike insurance rate. If you own a low-cost bike, your insurance rate will be lower as well. However, if you own a high-priced sports bike, you will have to pay a greater premium.

Age of the vehicle

The age of a vehicle is also considered when calculating the policy premium. Therefore, when purchasing a bike insurance policy, insurers require you to enter the age of the bike to provide policy rates. A new bike has a higher value than an old bike, which means the former will have to pay a higher premium for insurance, while the latter would have to pay a lesser cost.

Insured Declared Value (IDV)

The IDV of a vehicle denotes its current market value. The IDV of a bike is computed every year as with time the value of the bike reduces due to depreciation. The insurance company evaluates the sum to be compensated based on the vehicle’s IDV, and accordingly the premium is also decided.

Engine capacity

One of the most common and important factors that influence the rates of bike insurance premiums is the engine capacity of the bike. The cubic capacity of the engine is used to calculate its size (cc).

No Claim Bonus

The No Claim Bonus (NCB) is a reward given by insurers to policyholders who do not file a claim during the policy year. The NCB is delivered in the form of a reduction in the following policy year's premium. With consecutive claim-free years and responsible driving, you can accumulate this advantage up to 50%. As a result, the insurance premium is influenced because you will have to pay it after the NCB 

How to save on bike insurance premium

There are various methods to save money on your two-wheeler insurance policy without sacrificing coverage. Take a look at the following:

Claim your NCB

For every claim-free year, you'll get an NCB. You can use your NCB to get premium discounts without lowering your coverage level and can also get assistance in bike insurance renewal.

Know the year your bike was built

It's critical to know the year your bike was built. Because older motorcycles have a smaller IDV, thus the premium rates are low.

Install safety gadgets

Safety devices that can improve the safety of your bike should be considered. This is because your insurance company will recognise your installation and give you a discount on your payment.

Choose your bike's engine capacity wisely

Choosing your vehicle's engine cubic capacity, or CC, is critical because a greater CC draws a higher premium. As a result, you must carefully select the CC engine while purchasing.

Choose a higher voluntary deductible

Deductibles reduce the insurer's liability by requiring you to pay a portion of the claim amount out of your pocket. As a result, if you choose a high optional deductible, your insurer will reward you with lower premiums.