Being one of the largest markets of two-wheelers globally, the demand for two-wheeler insurance policies has risen in India. Motor Vehicle Act of India, 1988 mandates having a vehicle insurance policy for every individual before going out on the road.
Two-wheeler insurance is a tool to safeguard your financial interests in case of an accident. It also covers you in case of permanent disability or death of owner/rider and third-party.
Having a third-party insurance policy in India is compulsory. It offers coverage against third-party liabilities occurring in case of an accident.
However, having a comprehensive insurance plan will be more beneficial as it offers extensive coverage, including standalone and third-party liabilities.
Buying or renewing a two-wheeler insurance policy is not a hassle anymore. You can complete this process online using your preferred insurance provider’s website or mobile application. One needs to provide necessary details and upload certain documents if the insurance provider asks.
After paying the premium amount online, you will receive the policy purchase or renewal confirmation within a few minutes.
Insurance providers reward you with a no-claim bonus every year if you do not register any claims. You can receive NCB benefits of up to 50% in the following year, depending on your choice of insurer. Also, you can transfer your no-claim bonus while switching your insurance provider.
If you are a recognised automobile association member with a reputed riding history or have anti-theft devices installed. IRDA-approved insurance providers can offer you additional discounts on your insurance premium.
Add-on coverages like zero depreciation, pillion rider coverage, breakdown assistance, etc., broaden the scope of coverage of an insurance policy. It may increase the total premium amount but offers more protection in any unfortunate incident.
Now you can use your smartphone to complete the due inspection process during purchase or claim settlement of a policy.
You can now avail cashless repairing services from numerous network garages spread across India.
There are two types of two-wheeler insurance:
• 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 two-wheeler 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.
Here’s what is covered in a two-wheeler insurance plan:
Loss or damage to your two-wheeler due to natural disasters
Your two-wheeler can get damaged or destroyed in case of a natural calamity like fire, explosion, self-ignition, lightning, earthquake, flood, or more. In such cases, a two-wheeler insurance policy helps cover your loss.
Loss or harm to your two-wheeler against man-made disasters
A bike insurance policy also helps keep your two-wheeler insured from not just burglary or theft, but also from riots, strikes, malicious acts, accidents by external forces, terrorism, and any harm caused while traveling by road, train, inland waterway, lift, elevator, or air.
Personal accident cover
A personal accident cover is an important aspect of two-wheeler insurance. It provides financial assistance to the insured in the event of a serious accident. Also, by paying an additional price, you can get optional personal accident insurance for co-passengers as well.
Third-party legal liability
Accidents resulting in an injury or death of a third party, or damage caused to the third-party’s property can have legal implications. This 2-wheeler insurance policy covers the legal liability of the third party for unintentional damages in case of an accident.
Regular wear and tear of two-wheeler
The two-wheeler insurance policy does not cover regular wear and tear of the two-wheeler and its consumables like tires and tubes unless the vehicle is damaged in an accident. In such a case, the policy covers up to 50% of the replacement cost.
Depreciation or any consequential loss
Depreciation or any consequential loss to two-wheelers is not covered under two-wheeler insurance policy.
Harm caused under intoxication
The harm caused by someone operating a two-wheeler while under the influence of drugs or alcohol is not covered in a two-wheeler Insurance Plan.
Breaking the traffic rules
The cover does not apply to vehicles that violate any traffic rules.
Two-wheeler insurance policies also does not cover any mechanical or electrical breakdown on two-wheelers.
Damage due to war
Loss or damage caused in case of nuclear risk, war, or mutiny is also not covered under this insurance.
The premium for your two-wheeler insurance policy is calculated based on the following factors:
Third-party bike insurance premiums are set according to IRDAI guidelines, whereas standalone own-damage and comprehensive two-wheeler insurance premiums are set by insurance firms and vary depending on the characteristics of the policyholder's bike.
|Bajaj Allianz General Insurance 2-Wheeler Policy||Acko General Insurance – a 2-wheeler Package policy|
|Category||Comprehensive Plan||Comprehensive Plan|
|IDV||To be calculated based on bike make and model.||To be calculated based on bike make and model.|
|Benefits covered||Own damage, liability against third party cover, personal accident cover||Own damage, liability against third party cover, personal accident cover|
|Tenor||1 year- for a pre-owned vehicle||1 year- for a pre-owned vehicle|
|Premium||To be calculated based on bike make, year and model.||To be calculated based on bike make, year and model.|
|Personal accident cover for accidents||Available||Available|
|Key replacement cover||Available||Available|
|No claim bonus cover||Available||Available|
|Engine protect cover||Available||Available|
|Consumable expenses||Not available||Available|
|Claim settlement||98% claims settled||95% for FY 2020-21|
|Claim registration process||Digital||Digital|
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 of 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 Protect Cover
You can add more protection to your two-wheeler by getting financial help for expenses arising from water ingression, oil leakage, hydrostatic look, and more.
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 taken into account when calculating the policy premium. Therefore, when purchasing a bike insurance policy, insurers require you to enter the age of the bike in order 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.
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 discount is deducted.
IDV is the value of your two-wheeler that the bike insurance company sets. This amount will be refunded if your bike or two-wheeler gets completely damaged, like in case of a fire or if it gets stolen. IDV is lower than the price of the bike or two-wheeler, as depreciation is one of the major factors considered while calculating IDV. Model of the bike and accessories are other factors to consider while calculating IDV.
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 CC 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.
Renewing your bike insurance is super easy and you also do not need to visit any branch. You can renew your two-wheeler insurance online from anywhere and anytime. Two-wheeler insurance renewal online has the following benefits:
• No inspection: You can renew with no inspection. Provide there is no break in the insurance period.
• No fresh documentation: You don’t need fresh documentation to renew your two-wheeler insurance online.
• Quick and affordable: There are no extra charges and the renewal process takes a few minutes.
• Compare best deals: Renewing your policy online means you can compare leading insurers and get their quotes. You can buy the one that suits you best.
• Customer support: Get chat and phone support from the customer support teams in case of any doubts
Reliable Brand Name
Bajaj Finance is a well-known financial institution ranking among the top Indian NBFCs year after year. We have received the highest safety ratings from both ICRA and CRISIL. These ratings can be used to evaluate the credibility of any entity and form the basis of trust for our millions of active customers.
Complete Online Process
• Save time
Save time by not having to coordinate with the insurance company when you renew your two-wheeler insurance online.
• Option to compare
Finding the best two-wheeler insurance is easy. When you renew your bike insurance online, you can easily compare various plans in terms of coverage and price.
• Additional discounts
As opposed to the offline method, you can be eligible for extra discounts or rewards if you renew your bike insurance online.
• Choose the best two-wheeler insurance
You should compare various two-wheeler insurance policies and purchase the one that provides the best coverage. This way, you will get the best plan at a reasonable price.
Easy Claim Process
Paperless door-to-door claims are available at Bajaj Finance. Now you can raise a claim procedure simply using a smartphone. On your registered mobile number, you will receive a link for Self-Inspection. Just follow the guided step-by-step method and photograph the damage to your vehicle from your smartphone.
Choose from our network of garages the type of repair you want, such as reimbursement or cashless.
For Accidental Damage:
For Theft Cases:
Following is a step-by-step guide on the process of initiating a bike insurance claim online
Register your claim:
Call our Toll-Free Numbers 08698010101/1800-209-0144 /1800-209-5858 and connect to us instantly. Please provide the basic details like:
Send in your vehicle for repair:
Survey and Claim Settlement
For Acko :
BFL Helpline Number: 08698010101
ACKO Insurance Helpline Number: 1800 266 2256 (toll-free)
Mailing address: Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.
*For claim related issues, please refer to your policy document or certificate of insurance (COI).
Just follow the below step to apply for bike insurance online
Step1: To apply for the product, click on ‘Apply Now’ and fill in the necessary details in the application form.
Step2: Make fee payment online.
Step 3: If required opt for a call back from our representatives or complete the process by clicking ‘Buy Now’
The Motor Vehicles Act of 1988 requires a minimum 5-year tenure for third-party coverage. Please note that the minimum 5-year tenure is compulsory only for third-party insurance plans. If you choose a robust two-wheeler insurance package, the policy would last three years rather than five.
The procedure for renewing two-wheeler insurance online is easy and takes no time. Navigate to your two-wheeler insurance provider’s web page. Fill in the necessary information and choose an appropriate schedule. After that, you should make a deposit. If a bike inspection is not needed, your insurance policy will be sent to your registered email address immediately.
IRDAI, or the Insurance Regulatory and Development Authority of India, launched the Insurance Information Bureau or IIB portal, which collects all data on the insurance industry. You can check the two-wheeler insurance policy status on their e-portal by following the steps mentioned below:
• Visit the official website of IIB.
• Tap on ‘V SEVA’ placed under the quick links and it will lead you to another page.
• Provide all the required information on this page along with the ‘Captcha’.
• Check all the information and click on ‘Submit’
If you bought your two-wheeler insurance policy online, getting a duplicate copy of your policy would be much easier and quicker. Follow these steps to download your bike insurance online:
• Go to the website of your insurance company.
• Choose the type of policy you like.
• Enter your policy details, such as the policy number and expiration date.
• If prompted, double-check your profile.
• View, print, or download your two-wheeler insurance policy after it has been confirmed.
Zero depreciation bike insurance offers broad coverage without taking depreciation into account. When you make a claim after your bike is involved in an accident and suffers damage as a result of the crash, the insurance company will bear the full cost of your losses ignoring the depreciation of your two-wheeler and its parts.
Zero depreciation bike insurance has the following advantages:
• When you choose zero-depreciation bike insurance, you gain coverage and full peace of mind.
• There is no need to be concerned about the safety of your bike.
• If you have a zero-depreciation policy, the out-of-pocket costs are kept to a bare minimum.
• The value of a zero depreciation cover is added to the value of a standard cover.
• When settling lawsuits for insured parts of the two-wheeler, depreciation is not considered.
Please keep in mind that zero-depreciation is an optional bonus (add-on) that can be obtained by paying a higher premium. The premiums are determined by the type of vehicle, location, and age of the vehicle. In most cases, the zero-depreciation cover is not included in a regular two-wheeler insurance policy.
A grace period is a buffer time provided by the insurers to allow you to renew your bike insurance before it expires. The grace period varies depending on the insurer and the nature of the policy. This period is defined in the policy's terms and conditions, and it generally ranges from 15 days to 90 days. This period prevents any lapse of policy benefits.
No. A grace period is an additional duration offered by insurers to renew their two-wheeler insurance before their policy expires. During this period, one can compare policies and choose a better policy that suits them the best or renews the existing policy before its benefits lapse.
Bajaj Finance Limited offersgreat options under two-wheeler insurance policies, offering a host of plans providing affordable premium amount. Additionally, you can avail of lucrative add-on services with this bike insurance extending the scope of your coverage.
This classification varies as per the requirement of an individual. An insurance policy best for you may not be adequate for someone else.
A third-party insurance policy provides financial coverage from any third-party liability. In case your motorcycle causes any damage to an individual or their property, this policy will cover the expenses.
A third-party two-wheeler insurance policy is not enough for a motorcycle. Since it safeguards the financial interests of third-party in case of an accident, you will not get coverage for any damage to your bike or yourself.
You can claim bike insurance online using your preferred insurance provider's website or mobile application. However, do not forget to keep every required document ready to avoid delays.
You can claim bike insurance as many times as you want, but the total claim amount will not exceed the total coverage amount mentioned in the policy papers.
Yes, theft is included in motorcycle insurance policy if you take a comprehensive policy. In case of a theft, you must intimate your insurance provider at the earliest. You should file a police complaint at the nearest police station as well.
If you lose your bike insurance papers, you can get in touch with your insurance provider and get a duplicate copy of these papers. However, do not forget to make a police complaint to avoid legal troubles.
If your two-wheeler is not insured, in that case, the traffic and transport authorities can fine you up to Rs. 2,000 for the first time and Rs. 4,000 at the second instance . Additionally, it can also include imprisonment.
*The penalty can vary with alteration in laws.
A two-wheeler insurance online covers risks like theft, accidents, natural calamities, fire, damages during transit, third-party liabilities.
In a cashless reimbursement, you need not pay for repair work or replacements from your pocket. In this case, the insurance provider will directly reimburse the cost to the service provider and , you need to visit a network garage to avail of this service. Whereas, with a non-cashless service, you need to pay for the repair and replacement upfront. Afterwards, the insurance company will reimburse that amount when you initiate a claim.
A PA cover in a 2 wheeler insurance stands for personal accident cover. It offers financial protection in case of an injury or death to the rider. No, it is not mandatory to opt for a personal accident insurance, but leading insurance providers offer this facility under comprehensive insurance coverage.
Yes, your bike insurance coverage is valid across India.
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