What is bike insurance?
Bike insurance is a contract between the bike owner and the insurance provider. The insurance company offers financial coverage to the bike owner in the event of an accident. Third-party two-wheeler insurance in India comes under the Motor Vehicle Act of 1988. Bike insurance protects you in the event of an accident while riding a two-wheeler/motorbike on Indian highways. To avoid paying fines, purchase or renew two-wheeler insurance online for up to three years.
Benefits of two-wheeler insurance
Given below are the key features and benefits of two-wheeler insurance:
Key features |
Benefits |
Claim settlement |
Cashless and reimbursement claim settlement |
No Claim Bonus |
Up to 50% |
Add-on covers |
Six add-on covers |
Own damage cover |
Covers accidents and natural or man-made calamities |
Third-party damage cover |
Covers third-party injuries and property damages |
Claim settlement ratio |
96% claim settlement ratio* |
Bike insurance premium |
Starts at Rs. 702* |
Personal accident cover |
Up to Rs. 15 lakhs~* |
Cashless garage network |
6,500+* across India |
Repair service |
Doorstep two-wheeler repairs |
Buying/renewal process |
Online |
Cashless claim settlement at 6,500+ network garages
Repair your damaged two-wheeler across 6,500+ network garages and avail of cashless claim facilities.
Doorstep claim settlement
Repair your two-wheeler at partner garages and get it delivered to your doorstep within three days.
Own-damage coverage
Get coverage against damages caused to your two-wheeler due to natural calamities, theft, fire, and accidents.
Third-party liability coverage
When buying two-wheeler insurance online with third-party coverage, get coverage for third-party injuries or property damage.
Know more about third-party bike insurance coverage.
Personal accident cover
Get coverage for up to Rs. 15 lakh in case of accidents. The unfortunate event may lead to injuries, disability, or death of the owner-rider of the vehicle.
No claim bonus
Benefit from No Claim Bonus and get up to a 50% discount on your own damage premium, depending on the policy years.
Multiple optional add-ons covers
Choose from multiple add-on covers. These include loss of accessories, legal liability to paid driver, cleaner, or any workman. Also, get personal accident cover for occupants.
Get more information about the available add-on covers.
Factors affecting two-wheeler insurance premium
Several factors determine the premium for two-wheeler insurance. 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 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 a factor 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. This 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)
A vehicle's current market value is its IDV. As a bike depreciates over time, its IDV is calculated annually. Based on the vehicle's IDV, the insurance provider calculates the compensation and premium.
Engine capacity
The bike's engine capacity is a major determinant in bike insurance prices. The cubic capacity of the engine is used to calculate its size (cc).
No Claim Bonus
It is given by insurers to policyholders who do not file a claim during the policy year. The NCB is in the form of a reduction in the following policy year's premium. With consecutive claim-free years, you can accumulate this advantage by 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 premiums
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 will 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 is 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 lower the insurer's liability by making you pay part of the claim. So, your insurer will cut your premiums if you choose a high optional deductible.
Types of bike insurance
Comprehensive insurance
As the name suggests, this insurance provides comprehensive coverage for your insured two-wheeler. A comprehensive bike insurance provides coverage for personal accident coverage for the rider, and any third-party liability. The insured bike is also fully covered against fire, explosion, theft, accident, self-ignition, or lightning. Also, against natural disasters, terrorist activity, and damage in transit by road, rail, inland waterway, lift, elevator, or air.
Third-party insurance
This insurance is mandatory in India. It covers the policyholder against liability for the damage caused 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 does not cover any damages for the insured two-wheeler or the rider.
Own-Damage Bike Insurance
In the event of unintentional damage to the insured two-wheeler, your own damage bike insurance policy can be helpful. The policy reimburses you for your losses in accordance with the terms and conditions if your two-wheeler is damaged as a result of flooding, natural disasters, vandalism, etc.
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. You receive full value for your two-wheeler and all its spare parts. 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 non-functioning two-wheeler. With the add-on facility of roadside assistance, you will have access to 24x7 emergency roadside assistance. This includes towing services in the event of a breakdown.
Key replacement cover
If you lose your bike key, replace the lockset and keys promptly to prevent theft. Key and lockset repairs or replacement are covered by bike insurance's key replacement coverage.
Outstation emergency cover
This protects you from accidents or breakdowns that occur outside a 100-kilometre radius of your home. In addition, if the repair time crosses 12 hours, 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. This is 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 ingress, oil leakage, and more.
Step-by-step guide to buy Two-wheeler Insurance plans on Bajaj Finance Insurance Mall
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Step 1
Click here to visit the online application form.
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Step 2
Enter the vehicle type, registration number, mobile number, and residential PIN code. Check the terms and conditions of bike insurance policy and click on the ‘Get Quote’ button below.
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Step 3
Choose the IDV, NCB value, optional add-on covers, and plan type to get a list of relevant insurance policies. You need to update your current insurance policy expiry date here.
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Step 4
Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on Next to proceed.
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Step 5
Confirm the vehicle registration date and the previous policy type (Comprehensive/third-party). Click on ‘Proceed’.
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Step 6
Enter vehicle owner’s name, date of birth, residential address, and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous bike insurance policy details.
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Step 7
Review your previously filled details and make the payment through your preferred online payment mode – Net banking, UPI, Credit/Debit card to buy the two-wheeler insurance policy.
After successful payment, your policy document will be available for you to download instantly. A copy of the policy document will also be mailed to your registered email ID within 5-7 working days.
You will also receive an SMS confirmation immediately after the payment process is completed.
You can also access your policy details through the My Account section within 5-7 days after purchase.
Step-by-step guide to renew two-wheeler insurance plans
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Step 1
Before your policy expires, click here to choose your preferred plan.
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Step 2
Enter the vehicle type, registration number, mobile number, and residential PIN code. Check the terms and conditions of bike insurance policy and click on the ‘Get Quote’ button below.
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Step 3
Choose the IDV, NCB value, optional add-on covers, and plan type to get a list of relevant insurance policies. You need to update your current insurance policy expiry date here.
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Step 4
Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on Next to proceed.
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Step 5
Confirm the vehicle registration date and the previous policy type (Comprehensive/third-party). Click on ‘Proceed’.
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Step 6
Enter vehicle owner’s name, date of birth, residential address, and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous bike insurance policy details.
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Step 7
Review your previously filled details and make the payment through your preferred online payment mode – Net banking, UPI, Credit/Debit card to buy the two-wheeler insurance policy.
After successfully making the payment, your policy document will be available for you to download instantly. A copy of the policy document will also be mailed to your registered email ID within 5-7 working days.
You will also receive an SMS confirmation immediately after the payment process is completed.
You can also access your policy details through the My Account section within 5-7 days after purchase.
Benefits of renewing two-wheeler insurance online
No inspection
You can renew your two-wheeler insurance policy without any inspection. This is subject to no break in the insurance period.
No fresh documentation
To renew your bike insurance online, you need not present fresh documents.
Quick and affordable
The renewal process takes just a few minutes and you need not pay any additional charges.
Compare best deals
When renewing your policy online, you can compare the prices of all leading insurance providers and choose a policy that suits you the best.
Easy customer support
For any assistance regarding the renewal process, you can contact customer care through a 24x7 helpline number.
Key inclusions and exclusions
Here’s a quick look at the inclusions and exclusions of two-wheeler insurance policies:
- Key inclusions
- Key exclusions
| Key inclusions | Description |
|---|---|
| Third-party liabilities | Gives financial and legal coverage against physical injury and/or property damage caused to the third party by your insured vehicle |
| Personal accident cover | Compensates the specified sum insured on the bike insurance policy in case of the insured’s demise or if he/she suffers from permanent total disability due to an accident |
| Accidental damage | Covers damages or losses caused to the insured vehicles in any incident such as accidents, natural disasters, theft, or malfunctions |
| Fire damage | Coverage against damages caused due to fire explosion, self-ignition, or lightning |
| Theft | In case the two-wheeler is stolen, the insurer will provide coverage |
| Key exclusions | Description |
|---|---|
| Location | Any loss or damage caused to your two-wheeler outside the geographical limits of India |
| Pre-existing damages | Any damage that your two-wheeler has suffered before buying this two-wheeler insurance policy |
| Normal wear and tear | Repair or replacement costs of two-wheeler parts that are damaged over time due to regular usage |
How to raise a cashless claim with ACKO
Follow these steps to raise cashless claim requests with ACKO Two-wheeler Insurance:
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Step 1 - Contact the insurer
Log in to acko.com or ACKO app and click on ‘Claim Now’ to register your claim request
You can also call 1800-266-2256 (toll-free) to register your claim or send an e-mail to hello@acko.com -
Step 2 - Locate your nearest network garage
Once the claim is registered, take the two-wheeler to an ACKO network garage near you. In some cases, a crew may be assigned to take your two-wheeler for repairs at network garages
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Step 3 - Repair cost and coverage is estimated
A surveyor along with a mechanic will discuss and let you know the repair cost and the coverage amount based on the applicable terms and conditions of bike insurance policy
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Step 4 - Bill is settled between ACKO and the garage
The garage will repair the two-wheeler and settle the bill directly with ACKO
The balance (deductibles) amount needs to be paid by you to the garage
How to raise a reimbursement claim with ACKO
To reimburse your two-wheeler repairing bills with ACKO Two-wheeler Insurance, follow these steps.
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Step 1 - Contact the insurer
Log in to acko.com or ACKO app using your registered mobile number or call 1800-266-2256 (toll-free) to register your bike insurance claim and inform ACKO about the damage to your two-wheeler
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Step 2 - Repair your two-wheeler at any of your preferred garages
Get your two-wheeler repaired at your preferred garage, pay the bills, and retain the invoice
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Step 3 - Submit the required documents
Submit the reimbursement claim with ACKO by logging in to their website or app and uploading the invoice and the other necessary documents
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Step 4 - Claim settlement
ACKO will review your claim and verify the documents to process the reimbursement as per the bike insurance policy's terms and conditions
How to raise a cashless claim with Bajaj Allianz General Insurance
Follow these steps to raise cashless claim requests with Bajaj Allianz Two-wheeler Insurance.
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Step 1 - Contact the insurer
Register your claim: Call the toll-free number 1800-209-5858 Or Write an email at: bagichelp@bajajallianz.co.in Or Directly visit the insurer's website
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Step 2 - Provide some basic details
Share some basic details with the insurer: Contact number, engine and chassis number, date, time, description, and location of the accident, vehicle inspection address, kilometre reading on the vehicle
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Step 3 - Receive claim reference number
You will receive a claim reference number from the insurer and an SMS about the exact status of your bike insurance claim
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Step 4 – Locate your nearest network garage
Take your vehicle or have it towed for repair to the nearest network garage
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Step 5 - Bill is settled between the insurer and the garage
The vehicle will be repaired at a network garage and delivered to your doorstep. The insurer will settle the bills directly with the garage
How to raise a reimbursement claim with Bajaj Allianz General Insurance
Follow these steps to raise reimbursement claim requests with Bajaj Allianz Two-wheeler Insurance.
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Step 1 - Contact the insurer
Register your claim: Call the toll-free number 1800-209-5858 Or Write an email at: bagichelp@bajajallianz.co.in Or Directly visit the insurer's website
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Step 2 - Provide some basic details
Share some basic details with the insurer: Contact number, engine and chassis number, date, time, description, and location of the accident, vehicle inspection address, kilometre reading on the vehicle
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Step 3 – Receive claim reference number
You will receive a claim reference number from the insurer and an SMS about the exact status of your claim
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Step 4 – Repair your two-wheeler at any of your preferred garages
Get your two-wheeler repaired at your preferred garage, pay the bills, and retain the invoice
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Step 5 - Submit the required documents
Submit bills along with the documents online or to the nearest Bajaj Allianz office
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Step 6 - Claim settlement
Reimbursement will take approximately 7 - 30 days (for a net of loss) from the date of submission of the final bill, provided all documents are in order and within two-wheeler insurance policy purview
How to raise a cashless claim with SBI General Insurance
Follow these steps to raise cashless claim requests with SBI General Insurance
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Step 1 - Contact the insurer
Log in to the SBI General Insurance website or the SBI app with your registered mobile number and click on ‘Intimate Claim’ section.
In case of an accident, you can call on 1800-102-1111 (toll-free) to register your claim or send an email to customer.care@sbigeneral.in.
You can also send an SMS typing ‘CLAIM’ to 561612. -
Step 2 - Provide some basic details
Fill out the claim form with some basic details. In case of accident or theft claims, the list of documents will be specified in the form. The insurer will send a surveyor to assess the vehicle damage and suggest a list of nearest network garages.
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Step 3 – Take the two-wheeler to a network garage
You can either ride the two-wheeler to the network garage or choose the towing service provided by the insurer.
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Step 4 – Bill is settled between SBI General and the network garage
The insurer will settle the bill up to the sum insured with the network garage directly. You will only need to clear the balance (deductibles) amount needs with the garage.
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Step 5 – Fastlane Claim Settlement (FCS)
The insurer also offers ‘Fastlane Claim Settlement’ that facilitates quick motor claim settlement. This process fast tracks your claim process and completes in 2-3 days. Call on the toll-free number 1800-102-1111 and contact the claim manager. The person will assist you with any queries and documentation required.
How to raise a reimbursement claim with SBI General Insurance
Follow these steps to raise reimbursement claim requests with SBI General Insurance:
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Step 1 - Contact the insurer
Log in to the SBI General Insurance website or the SBI app with your registered mobile number and click on ‘Intimate Claim’ section.
In case of an accident, you can call on 1800-102-1111 (toll-free) to register your claim or send an email to customer.care@sbigeneral.in.
You can also send an SMS typing ‘CLAIM’ to 561612. -
Step 2 – Repair your two-wheeler at any of your preferred garages
You can repair your vehicle at any of your preferred garages, pay the bills, and retain the invoice.
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Step 3 - Submit the required documents
Submit the reimbursement claim form by logging in to their website or app and uploading the invoice and the other necessary documents.
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Step 4 – Claim settlement
SBI will review your claim and verify the documents to process the reimbursement as per the policy's terms and conditions.
Documents required for raising a claim request
Here is the list of documents you need to raise a claim request against two-wheeler insurance policies.
- Copy of the registration certificate (RC) of your vehicle
- Copy of your driving licence
- Policy number
- Description of the incident and photographs of the vehicle (if possible)
- First Information Report (FIR) in case of theft, injuries to any third party or damage to their property
- The original bills for the repairs of the two-wheeler (in case of reimbursement claim)
Frequently asked questions
A cashless bike insurance claim provides you with instant aid after an unfortunate event. It helps you avoid paying any repair costs. However, a cashless claim is only applicable for two-wheelers repairing at a network garage.
A policyholder receives a No Claim Bonus (NCB) if they haven't filed any claims throughout the insurance period. The comprehensive bike insurance plan in India varies between 20-50%, according to current laws. A third-party motor insurance plan does not qualify for the NCB. At the time of the vehicle transfer, the insurance plan can be transferred to a new insurance provider, but NCB can't be transferred. The new buyer is responsible for paying the outstanding balance. The NCB can be used by the two-wheeler’s original owner when acquiring a new vehicle.
Comprehensive two-wheeler insurance gives coverage to your third-party liabilities in addition to the damage sustained by your bike/two-wheeler due to an accident, theft, fire, or natural calamities like earthquakes, floods, and man-made disasters.
The following are the most significant elements that influence bike insurance premiums:
1. Insured declared value (IDV)
2. Make and model of the two-wheeler
3. Deductibles
4. Seating capacity
5. Cubic capacity
6. Previous insurance history
The type of coverage has an impact on the premiums. Do compare insurance premiums to obtain the best deal. The IRDA decides third-party premium amounts.
The deductible is the amount that must be paid by the insured if a claim is filed. Generally, there is a standard or mandatory deductible for most automobiles. It depends on the carrying capacity or cubic capacity of the vehicle. However, in some situations, the insurance carrier may impose a larger deductible based on the vehicle's age or the frequency with which the claims are filed.