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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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Get Lowest Rates for bike Insurance

Buy/Renew Two Wheeler Insurance Online

Disclaimer: Above mentioned prices are for a 2 years old Hero Honda Karizma R | 223 CC registered in Navi Mumbai & previous policy has expired.

Add-ons For Your Bike Insurance

Choose The Right IDV
A lower IDV demands a lower premium to be paid. (But compute wisely, since IDV is the utmost value the insurer can compensate you with).
Avail No Claim Bonus
Your responsible driving skills are rewarded with a bonus of upto 50% on your premium, for every consecutive claim-free year. Now isn't that a treat?
Install security devices
ENGINE PROTECTION
Automative Research Association of India (ARAI) approved anti-theft devices can fetch you upto 2.5% discount on your premium!
Become AAI Member
Membership of the Automobile Association of India, an organisation powered by IRDAI, secures you a concession on own-damage premium.

Its Simple and Instant

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%

Its Simple and Instant

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.

Get Discounts Upto 75%

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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Check Right Bike/Two Wheeler Insurance by Bikes Body Type

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Bike Insurance FAQ's

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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