Two-Wheeler Insurance

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.

Features and benefits of two-wheeler insurance policies

• 

  Third-party and comprehensive coverage

  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.

• 

  Hassle-free purchase or renewal of policies

  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.

• 

  Save more with a no-claim bonus

  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.

• 

  Get additional discounts

  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

  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.

• 

  Digital inspection

  Now you can use your smartphone to complete the due inspection process during purchase or claim settlement of a policy.

• 

  Cashless repair or easy assistance

  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 cvers 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 why buying a comprehensive two-wheeler insurance policy is beneficial.
Get comprehensive coverage

A two-wheeler insurance policy financially gives you complete coverage against third-party liabilities, own damages caused by fire, natural or man-made disasters like earthquakes or strikes or riots etc.

Keeps you legally compliant

A third-party insurance policy is mandatory for riding a two-wheeler on Indian roads. A comprehensive bike insurance policy will compensate for both third-party liabilities and own-damages. Therefore, gives you overall financial coverage and keeps you legally compliant.

Benefit from add-on covers offered on this policy

You can enhance your comprehensive bike insurance policy with add-on covers to ensure you are fully covered. You can customise your policy with add-on covers like a zero-depreciation cover, engine protection cover, roadside assistance cover, consumables cover and many more.

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.

Mechanical/electrical breakdown

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:

• Insured Declared Value (IDV) of the vehicle
• Engine Cubic Capacity (CC) of the vehicle
• Zone of registration
• Age of the vehicle

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
Depreciation protection	Available	Available
Engine protect cover	Available	Available
Roadside assistance	Available	Available
Consumable expenses	Not available	Available
Claim settlement	98% claims settled	95% for FY 2020-21
Claim registration process	Digital	Digital

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 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.

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 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.

You need to submit a few important documents while raising the claim request with your insurer. Here’s a common list of documents asked by all the insurance companies to process the claim request. However, you must verify the list of documents with your insurer to ensure you submit all the required documents when filing a claim.

For Accidental Damage:

• Claim form duly filled and signed by the insured 
• Proof of insurance Policy / Cover note copy 
• Copy of Registration Book, Tax Receipt 
• Copy of Motor Driving License of the person driving the vehicle at the time 
• Police Panchanama/FIR (In case of Third-Party property damage /Death / Body injury) 
• Estimate for repairs from the repairer where the vehicle is to be repaired 
• Repair Bills and payment receipts after the job is completed 
• Claims Discharge Cum Satisfaction Voucher signed across a Revenue Stamp 

For Theft Cases:

• Claim form duly filled and signed by the insured 
• Original Policy document 
• Original Registration Book/Certificate and Tax Payment Receipt 
• Previous insurance details - Policy No, insuring Office/Company, a period of insurance 
• All the sets of keys/Service Booklet/Warranty Card 
• Police Panchanama/ FIR and Final Investigation Report 
• Acknowledged copy of a letter addressed to RTO intimating theft and making vehicle "NON-USE" 
• Form 28, 29 and 30 signed by the insured 
• Letter of Subrogation 
• Consent towards agreed claim settlement value from you and Financer 
• NOC of the Financer if the claim is to be settled in your favor 
• Blank and undated "Vakalatnama" 
• Claim Discharge Voucher signed across a Revenue Stamp 

Following is a step-by-step guide on the process of initiating a bike insurance claim online

For BAGIC

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:  

• Contact number 
• Engine and chassis number 
• Date and time of the accident 
• Description and location of the accident 
• Vehicle inspection address 
• Kilometre reading 

Send in your vehicle for repair:

• Move your vehicle to the garage from the accident spot (in case of an accident) or have it towed to avoid further damage. 
• Should your vehicle not be found within 90 days, ask the police to issue a Non-Traceable Report (an undertaking that they are yet to find your vehicle) and hand over the report to us. You can then sit back and let us take care of the rest. 

Survey and Claim Settlement

• Submit a copy of the documents to your preferred garage/dealer and have them tallied with the originals. 
• Is the damage not too severe? Only got a cracked windshield or a bumper that has come off loose? In that case, we suggest you let our Motor OTS (On-The-Spot) service take over.  
• We will repair your vehicle (within X working days) at a network garage of your preference, deliver it to your doorstep and pay the garage directly. 
• You will only have to pay the excesses (as mentioned in the policy) and the depreciation value as informed by the surveyor.  
• With Bajaj Allianz Motor Insurance, you can secure your vehicle and avail a host of other add-ons such as Roadside Assistance.  

For Acko :

BFL Helpline Number: 08698010101 
ACKO Insurance Helpline Number: 1800 266 2256 (toll-free) 
Email: wecare@bajajfinserv.in     
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’