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Bike insurance provides you financial protection if your bike is damaged due to an accident or man-made/ natural calamities like theft, flood, fire, earthquake, riots, etc. Motorbike Insurance also helps you protect yourself against third party liabilities arising out of accidental damages to third-party, i.e., person or property or vehicle.
India has the worst roadways and transportation infrastructure. In fact, even metropolitan cities have terrible road conditions with frequent bouts of potholes, flooding, and repairs throughout the year. Plus, you are more exposed to the perils of the harsh driving environment while riding a bike.
Keeping these facts in mind, you need to have a bike insurance plan. Also, the Government of India has made it mandatory to have a third party bike insurance cover for all bike owners through the Motor Vehicles Act, 1988. There are two types of bike insurance plans which you can choose from, i.e., Third-party Liability Only Cover and Comprehensive Bike Insurance.
As the name suggests, third party bike insurance provides cover only against damages arising out of third party liability (the third party refers to a third person or property involved in an accident with you.
Comprehensive Bike Insurance plan offers cover against damages arising out of third party as well as damage to your own motorbike. If you are confused about the two mentioned above. It is okay. This is where Coverfox comes into the picture.
Disclaimer: Above mentioned prices are for a 2 years old Hero Honda Karizma R | 223 CC registered in Navi Mumbai & previous policy has expired.
Your motor insurance plan will protect your bike against the following instances!
Your motor insurance policy will not protect your bike against the following instances!
Here is a list of the best online bike insurance plans offered by the top motor insurers in India with the incurred claim ratio for 2018-19%.
The incurred claim ratio has been sourced for the annual report 2018-19 published by IRDAI.
| Top Insurance Provider | Policy Term | Incurred Claim Ratio for 2018-19 |
|---|---|---|
| Universal Sompo Bike Insurance | 1 Year | 76% |
| United India Bike Insurance | 1 Year | 120.79% |
| TATA AIG Bike Insurance | 1 Year | 70% |
| Shriram Bike Insurance | 1 Year | 69% |
| SBI Bike Insurance | 1 Year | 87% |
| Reliance Bike Insurance | 1 Year | 85% |
| Oriental Bike Insurance | 1 Year | 112.60% |
| NAVI Bike Insurance (DHFL has been acquired by NAVI Technologies Pvt Ltd) | 1 Year | 29% |
| New India Assurance Bike Insurance | 1 Year | 87.54% |
| National Bike Insurance | 1 Year | 127.50% |
| Liberty Bike Insurance | 1 Year | 70% |
| Kotak Mahindra Bike Insurance | 1 Year | 74% |
| IFFCO Tokio Bike Insurance | 1 Year | 87% |
| HDFC ERGO Bike Insurance | 1 Year | 82% |
| Bajaj Allianz Bike Insurance | 1 Year | 62% |
| Bharti AXA Bike Insurance | 1 Year | 75% |
| Digit Two Wheeler Insurance | 1 Year | 76% |
With Coverfox, you can get your favorite new bike insurance online in just 5 mins! Plus, here are five reasons to get bike insurance online:
In short, you can easily buy, renew, and compare online bike insurance policy on Coverfox at the click of a button. So what are you waiting for? Give us a call today on 1800 209 9930.
If you are looking for bike insurance cover, you have come to the right place. Please follow these steps to get bike insurance offers from Coverfox.
Well, it takes close to 5 minutes to get your favorite policy straight into your inbox. Plus, you can quickly pay online with a credit, debit, net banking. Our website has a direct secure payment gateway option with all the major insurance providers in India.
Did we mention that you can avail of a discount of up to 80% on the bike insurance premium amount? Buy bike insurance online today, only on Coverfox.
As the name suggests, personal accident cover provides cover against:
Damages arising due to accidental death or injury
It can be availed only as a rider option.
Covers people up to the age of 65 years
The maximum compensation can go up to Rs. 15 lakhs.
It comes with accidental death benefit and disability compensation.
Provides 100% of the sum insured in case of accidental death
The benefit is paid to the family of the policyholder in case of death.
| Amount Covered | Accidental Event |
|---|---|
| 100% of the Sum Insured | Death |
| 100% of the Sum Insured | Dismemberment of both limbs or loss of sight of both eyes or one limb and one eye |
| 50% of the Sum Insured | Dismemberment of one limb or loss of sight of one eye |
| 100% of the Sum Insured | Permanent and Total Disability |
What is a bike insurance policy?
Bike Insurance/Two-wheeler insurance is an agreement signed between a two-wheeler owner and an insurance company. Under this, an insurance company promises to pay for the financial liabilities which may arise to any damage incurred or caused by the policyholder’s two-wheeler in return for a premium paid by the latter. The coverage of damages depends on the type of bike insurance policy. While a third-party bike insurance plan offers coverage only for third-party liabilities, a comprehensive two-wheeler insurance (bike insurance) plan takes care of both third-party liabilities as well as own-damages incurred by the insured’s two-wheeler.
Which is the best bike insurance/two-wheeler insurance company?
The definition of Best bike insurance company varies from one policyholder to another depending on their own requirements such as type of plan, add-on covers, customer support service, etc. However, one reliable parameter to compare different bike insurance companies is the Incurred Claim Ratio (ICR).
What are the 2 types of bike insurance/two-wheeler insurance?
There are 2 types of bike insurance/two-wheeler insurance/ policies available in India namely third-party bike insurance policy, and comprehensive bike insurance policy. While a third-party/liability only provides coverage for third-party liabilities only, A comprehensive bike insurance policy is a bundled cover that provides coverage for both own damages as well as for third party liabilities.
Is bike insurance mandatory in India?
Yes, as per the Indian Motor Vehicles Act 1988, every bike owner needs to mandatorily have at least a third party bike insurance plan. It is compulsory to own the basic liability-only cover for every bike rider, otherwise, on being caught a fine of Rs. 2,000 and/or imprisonment of up to 3 months will be levied.
How much is the premium of bike insurance/two-wheeler insurance?
Third-party bike insurance premium is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) as per the engine capacity of the bike. However, the premium for comprehensive two-wheeler insurance plans varies from bike to bike and company to company. The own-damage premium depends on a number of factors such as geographical location, Make, Model, and Variant of the bike, engine capacity, registration city, fuel type, etc.
What is third party insurance/liability only insurance for a bike?
A third-party bike insurance or liability only insurance policy is the type of insurance that covers the expenses related to losses and damages that you may incur towards a third party after an accident with your bike. It covers bodily injuries, death, or property damages of the third party. The coverage for property damages is limited to Rs. 7.5 lakh, while, in case of death, the claim amount is decided by the court.
Why do I need a bike insurance/two-wheeler insurance policy?
As per the Indian Motor Vehicles Act, 1988, it is a mandatory requirement for every bike owner to hold at least a Third-party liability only insurance policy to drive the vehicle legally in the country. Besides legal compliance, bike insurance also provides financial stability in case of an accident in the future.
Can bike insurance be transferred to the new owner at the purchase of a second-hand bike?
Yes, the owner of the bike can transfer their existing bike insurance policy to the new owner of the bike, in case of the sale of a second-hand bike. The transfer of insurance ownership must be completed within 14 days of bike purchase.
Can I cancel my bike insurance policy anytime during the tenure of the policy?
Yes, you can cancel the bike insurance policy anytime during its term. You will have to submit documents to prove that your vehicle has been insured elsewhere or the registration certificate of your vehicle has been canceled by the Regional Transport Office (RTO). Once the policy is canceled, the insurer will refund the remaining amount, after deducting the premium for a period in which coverage has been given. The refund is possible only if there has been no claim during the policy tenure.
Why should I buy a comprehensive bike insurance policy when the law mandates only a third-party policy that covers, injury, and death, or property loss?
Although, as per law it is compulsory only to buy third-party bike insurance it is best to purchase a comprehensive bike insurance policy to protect your vehicle from both man-made and natural calamities. By buying the comprehensive cover for your bike, you can claim from your insurer for accidents or damages caused to the vehicle.
What if my Bike Insurance/two-wheeler insurance policy is misplaced?
You must contact your insurance company who in turn will issue a duplicate copy of the policy. You may have to pay a nominal amount to get the duplicate copy. In the case of an online purchase, a soft copy of the policy is sent to the email address. A colored print out of the same acts as a valid hard copy.
What is the tenure of a bike insurance policy?
Bike Insurance policies are issued for a duration of one year.
What is the endorsement in Bike Insurance/two-wheeler insurance?
The term endorsement with reference to bike insurance/two-wheeler insurance refers to a letter that acts as documented proof of any changes in the policy terms. This document is valid proof of the changes in policy. An endorsement, typically, can be related to a change in address, premium correction, and so on.
What to do if my bike is lost or stolen?
In this case, you need to visit the nearest police station to lodge an FIR for the loss or theft of your bike. You also need to inform your insurer about the incident in order to file a claim, which requires you to submit certain documents with a copy of the FIR attached.
Do we get personal accident cover with the bike insurance policy?
Yes, for a comprehensive bike insurance/two-wheeler insurance policy you get a personal accident cover of Rs. 15 Lakh.
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