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Bike Insurance

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.

Is Bike Insurance Important?

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.

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What is Covered in Motorbike Insurance?

Your motor insurance plan will protect your bike against the following instances!

  • Damages arising if your bike gets involved in an accident or collision
  • Compensation for your bike if it is stolen
  • Accidental fire
  • Natural disasters such as lightning, earthquake, etc
  • Personal accident cover
  • Losses to third party property and person

What is Not Covered in Motorbike Insurance?

Your motor insurance policy will not protect your bike against the following instances!

  • Own damage, if your motorbike insurance plan is a third party liability cover only policy.
  • Driving under the influence of alcohol, drugs, narcotics, etc
  • Driving without a valid license
  • Intentional negligence - rash driving, breaking traffic rule, going opposite on a one way.
  • Commercial use of a private vehicle
  • Act of War - Biological, Chemical, and Nuclear

Top Bike Insurance Plans for 2021 in India

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%

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Why Get Bike Insurance Online from Coverfox?

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:

  • Online Comparison: With Coverfox, you can check top quotes offered by the best bike insurance companies across India, all on a single webpage. All you need to do is enter the requested details of your motorbike and let our super-smart algorithm do the job of helping you find the best bike insurance plan.
  • Complete Customization: You can customize your bike insurance plan with respect to the insured declared value, rider add-ons, premium payment options, cashless garages, type of cover, etc.
  • Online Buying Process: The entire process of buying a bike insurance policy is done online. No paperwork is needed, and you will never have to visit an insurance agent or go to any insurance company branch in person.
  • Expert Advice: At Coverfox, we believe in making bike insurance as simple as possible for every individual. Therefore, we have a dedicated team of IRDAI certified advisors and a 24x7 customer service team that is always ready to help you in the entire journey of buying a bike plan to full and final claim settlement assistance and beyond.
  • Rider Options/Add on Cover: At Coverfox, you can select a wide range of rider options online. You can simply add them to your comprehensive bike insurance policy at a small additional premium. If you are thinking about the premium amount, don’t worry. We have specifically designed a premium calculator just to help you go ahead with ease.

    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.

How to Get Bike Insurance from Coverfox?

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.

  • Visit the official website of Coverfox
  • Select the bike insurance tab from the top menu
  • Enter the requested bike details and registration number
  • Select the registered Regional Transportation Organisation
  • Check if your previous policy has expired or not
  • Click on submit
  • The search tab will show you a list of top bike insurance quotes and plans and a buy option.
  • 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.

What is a Personal Accident Cover in Bike Insurance?

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.

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How much Cover is offered under a Personal Accident Cover?

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

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Frequently Asked Questions

  • Q. What is a bike insurance policy?
    • Bike Insurance is an agreement signed between a bike 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 bike 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 bike insurance plan takes care of both third-party liabilities as well as own-damages incurred by the insured’s bike.

  • Q. Why do I need a bike 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.

  • Q. Can I cancel my bike insurance policy anytime during the tenure of the policy?
    • 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?

  • Q. What if my Bike 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.

  • Q. What is the tenure of a bike insurance policy?
    • Bike Insurance policies are issued for a duration of one year..

  • Q. What is the endorsement in Bike Insurance?
    • The term endorsement with reference to bike 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.

  • Q. 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.

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