- About Coverfox
Bike insurance is a type of insurance plan designed specifically for your motorbike. The two most common types of bike insurance plans are comprehensive bike insurance plan and third party liability plan. The purpose of a bike insurance plan is to prove complete protection for you and your bike against most man made, natural disasters and third party related accidents.
To help you with the same, now, you can buy bike insurance online with a simple click of a button. Know more on Coverfox.
Hello there! Before you would want to skip reading this critical piece on bike insurance, did you know that you could attract a fine of Rs. 2,000 as a first time offender and Rs. 4,000 and/or a jail term of 3 months as a repeated offender, for not having bike insurance? Well, it is true and scary at the same time.
Bikes are the most common sight on the Indian roads, isn’t it? Which means logically, there is a higher risk of accidents too. We all know that it is mandatory to have bike insurance under the Motor Vehicles Act, 1988, in India. And why risk at all when you can easily compare, buy and renew your bike insurance from India’s top insurers on Coverfox.com?
You may feel that buying bike insurance would take so much of your time and effort, and you keep delaying this one day after the other. Well, it just takes 5 minutes. Yes, you read it right. 5 minutes and that’s it!
Worry not, you wouldn’t have to pay a single penny extra for buying bike insurance online. At the same cost, you will be able to compare, buy and renew your insurance.
Along with Third-Party Liability Only Insurance, motorbike owners can also buy a Comprehensive Insurance Policy - both of which are available on Coverfox.
Coverfox allows you to purchase the best online bike insurance policies, which fit your needs without any documentation or inspection required of your bike.
You will receive your policy directly into your inbox within just a few minutes.
The premium payment done toward buying your new bike insurance policies is fully secured on our platform. We take extra care to ensure your transaction is in safe hands.
We at Coverfox also ensure 100% claims assistance in the case an unfortunate event occurs.
You can avail Cashless claim facilities throughout all the network garages of the insurer spread across the country.
Why wait anymore? Buy bike insurance online in India and get complete peace of mind.
Follow these simple steps and there you will have your policy document in your inbox!
Go to coverfox.com.
The top of the page will have a bike insurance quotes box.
Choose your Bike’s details - Manufacturer and Model.
Enter the details of the RTO in which was bike was registered
Enter the year of Manufacture of your bike
A new page will display details of the policy - such as IDV and Premium - from different insurers.
Choose the policy type (Third Party or Comprehensive insurance) along with add-on covers you wish to buy
Click on the ‘Buy Now’ option.
Enter all details necessary to complete the billing process
Pay premium using debit/credit cards, online banking, or UPI.
Once paid, the policy will be sent to you within a few minutes onto your registered email ID.
If we had to keep it short, our answer would be; we make your life easy by simplifying the buying process for you. But let’s elaborate, with Coverfox, individuals can choose from a wide range of policy options that differ based on premiums, sum insured levels, features, benefits, etc.
The entire process of finding the right policy is completed in just a few clicks, thereby speeding up the process.
Even then if you have any doubts, no matter how simple it may sound, you can always call us on our toll-free number 1800 209 9930, and speak to an expert advisor of Coverfox.
Coverfox is committed to providing online buyers with the best solutions in the following ways -
Coverfox helps you compare bike insurance online from top insurers to save money on Premiums.
The Best bike insurance policy ensures the most suitable premium, IDV, and period of insurance for the insurance buyer.
Covefox allows buyers to compare IDV across insurers to select one that best fits their bike.
Pick and choose additional benefits (add-on covers) to add to your bike insurance policy for any additional coverage. Ultimately, the choice is yours!
We are here right here, whenever you need us! You can always come back and we would be more than happy to serve! Always :)
The Motor Vehicle Act, 1988, makes it compulsory for all bikes plying on Indian roads to have at least a Third-Party Liability Cover.
Furthermore, new bike owners must mandatorily possess a five-year insurance policy.
Hefty fines are levied on bike users caught riding without a valid insurance policy.
It provides financial protection to policyholders from uncertain risks and unfortunate accidents. These include damage to the insured vehicle, to third party people and property, as well as bodily injury to the rider, pillion, and/or pedestrians.
The financial burden incurred in either repair or replacement of essential bike parts, maybe huge - especially in cases of an accident or damage to the bike’s engine.
Comprehensive Insurance also provides for adequate compensation when the insured vehicle, or its components, are subject to theft and/or damages.
You may think there would be a lot of these. But, wait! Let’s give our minds some rest. 1..2..3.. Breathe... There are just two basic types of bike insurance policies in India.
|Third-Party Liability Cover||Comprehensive Policy|
|This policy covers only the damages or losses caused by the insured bike to the third party or property||This type of insurance provides complete financial protection against own damages as well as any third party and property loss or damages caused by the insured bike.|
|Protection of the bike owner, thanks to a personal accident cover||These policies also cover bike theft|
|The Motor vehicles Act, 1988, has made it compulsory for all vehicles on Indian roads to insure themselves with a Third-Party Liability Cover|
Now, let us see an example to understand the difference between a liability cover and comprehensive cover.
Amit and Sanjay bought a new Honda CB Unicorn self-start 150cc bike. The on-road price in Mumbai is Rs. 80,000.
Amit insured the motorcycle with only a Third-party cover. Third-party premiums are determined based on Engine CC, so the premium is Rs. 770.
While Sanjay bought a Comprehensive policy (covers own damage + third party liability cover), which cost him Rs. 1,200. In June, both met with a minor accident. The total repair cost turned out to be Rs. 6,000 (approx.).
Amit had bought only third party policy, the entire repair cost incurred will be borne by him. The insurance company will pay only third party property damage costs - nothing for any damages incurred on the bike. Since Sanjay had bought a comprehensive policy, the insurance company will pay the repair cost (after deduction for the value of the depreciable parts) on behalf of him.
|Premium Paid||Rs.770/- (only third-party)||Rs.1,200(Comprehensive)|
|Third-party||Paid by the insurance company||Funded by the insurance company|
|Own- Damage Repair Cost Rs.6,000/-||Not paid by the insurance company||Paid by the insurance company|
|Total Money Invested||Rs.770 + Rs.6,000||Rs.1,200|
|Net Savings (Rs.)||0/-||More than approx. Rs.3,000|
|COVERAGE||COMPREHENSIVE POLICY||THIRD-PARTY POLICY ONLY|
|Third-Party Property Damage||Covered||Covered|
|Personal Accident Cover||Covered||Covered|
|Own Damage||Covered||Not Covered|
|Vehicle Theft||Covered||Not Covered|
Type of Insurance Policy - Depending on whether a buyer has chosen a Third Party Liability Only Cover or a Comprehensive Insurance Policy, the premium incurred will vary. Comprehensive policies tend to cost more, but offer more cover, while Third-Party Insurance is less expensive than a Comprehensive Policy but offers protection only towards third-party legal liability.
Vehicle Value or Insured Declared Value (IDV) - The brand, model, and engine capacity of a bike plays a pivotal part in determining the insurance pricing. The insurance premium of a bike usually costs a specific percentage of its market value.
Modifications - The cost of insurance rises with the number of changes made to the vehicle. Modifications increase the mechanical performance or aesthetic appeal of the bike.
Claims History - The cost of insurance rises with the claims history of the rider. Higher the number of accidents faced by a careless driver, the higher the number of claims made on the policy.
Add-Ons - These are extra coverage offered to purchasers of comprehensive bike policies. The add-ons increase the coverage provided; however, it also impacts the overall cost of the insurance policy. These should be attached to the base plan only after a personal evaluation of the coverage required.
Lapsed Policies - Policy buyers who failed to renew their policies - even within the 30 day grace period provided by the insurer - may face an even higher insurance policy renewal cost.
Discounts - No Claim Bonus (NCB), offers comprehensive policy buyers a notable discount on the premiums if they haven’t raised a claim in the previous policy year.
An online bike insurance premium calculator helps you arrive at the premium you would have to pay to get an insurance policy for your bike.
The premium calculator generates quotes from many general insurance companies depending on the inputs of the user.
Coverfox’s premium calculator is easy to use and offers insurance buyers a detailed comparison of policies provided by insurers.
The premium calculator is used to compare, renew, and buy policies as well.
The premium of liability insurance cover is dependent on the vehicle's engine capacity (cc).
The premium of comprehensive cover on the vehicle - taking into account make, model, variant, RTO location, and the age of your bike.
Yes, we talk about this a lot. Add-ons are basically additional benefits that you can add to your bike insurance policy. And we cannot thank the bike insurance companies enough for this! When you purchase a comprehensive policy, you get covered against all sorts of accident-related repairs. However, if you want to enhance the cover for your existing comprehensive plan, going for add-ons or riders is undoubtedly a smart choice.
*Note: Rider add-ons come at the cost of an additional premium which you pay for your plan. Here is a list of add-on covers for your insurance plan:
Engine cover protects against damages (circuit) to the engine. A standard insurance policy bike does not cover damages to the engine, which can cost several thousands of Rupees.
Roadside assistance is the support given in case of a mechanical failure or the breakdown of your bike in the middle of the road/highway. When you purchase a roadside assistance rider for your policy, you will be entitled to facilities such as free towing, immediate repairs, emergency fuel, etc.
This add-on cover provides a certain sum of money per day to meet your travel expenses when your bike has suffered, making it unusable until repaired.
All bikes come with some sort of accessories. These policies do not cover accessories. Having this add-on cover will provide coverage for all the accessories - electrical or non-electrical. This rider covers the cost to repair or replace the attachment.
A pillion rider is a person who sits behind you on a bike. This cover will lower your financial liability in case of accidental harm to the pillion rider. This add-on provides coverage for the death or permanent or partial disability of the pillion rider.
One must understand that irrespective of the policy purchased (whether liability only insurance policy or comprehensive insurance policy), all insurers ensure that they deduct the depreciation value and pay the remaining amount. The zero depreciation cover eliminates the depreciation factor. Thus, you are eligible for the whole claim amount.
Consumables include nuts, bolts, and engine oil, etc. Such items are usually not covered under necessary policies. Having this rider will ensure that you financially protect yourself from costs arising due to damaged consumables that need repair or replacement.
This add-on reimburses the actual bill value of the vehicle in case it is stolen or suffers a total loss due to natural calamities or theft. Thus it is incredibly beneficial to have.
|Damages that might happen to your bike in an accident.||Damages caused if you were riding under the influence of alcohol.|
|Personal Accident Cover - if you (the owner-driver) injure yourself in a bike accident, the insurer compensates you.||Loss and damages caused by war or a nuclear strike.|
|It ensures Financial protection to your bike from natural calamities such as floods, earthquakes, etc.||It doesn’t cover damages caused due to accidents while you were using your bike for illegal activities.|
|In case your bike gets stolen, your insurer will pay an amount equal to your bike’s IDV.||Damages caused or losses incurred to your bike while you were riding without a valid license.|
|It provides coverage for damages caused during a human-made disaster. The list includes riots, strikes, fire, and terrorism are covered.||It doesn’t cover regular mechanical expenses due to consistent wear and tear.|
As per the latest survey in 2019, there were over 4,50,000 accidents on Indian roads, resulting in close to 1,51,000 deaths. Hence, purchasing insurance for any bike becomes essential.
Choosing the right bike plan depends on a variety of factors, not just limited to - the bike’s model, engine capacity, and manufacturing date.
Keeping this in mind, some of the factors all bike owners must consider while purchasing insurance policies are as follows -
From a policyholder's point of view, it is best to choose a comprehensive insurance policy as it provides the best and broadest protection.
IDV - The Insured Declared Value (IDV) is the highest sum that the insurer will pay in the case of vehicle theft or total loss of the insured vehicle. If the IDV of the bike is high, so would be the premium charged for covering it.
Riders and Add-ons - Riders or add-ons increase the coverage offered under a comprehensive bike policy. These riders or add-ons can be attached to the base plan for a nominal additional premium. Hence, one must also take the rise into the premium into consideration before making a final decision.
Premiums - This is the annual amount paid to the insurance company for coverage. Premiums depend on various factors associated with the bike. E.g., model, engine capacity, etc. They usually influence a person's policy buying decision.
Insurance Company - It is vital to consider the insurance company offering the policy before making a choice. The insurer must be able to assist and reimburse policyholders in claims.
Bike Third Party Liability Plan or Liability Only Cover - Buying third party insurance provides financial protection against damage caused by your bike to another person or property.
Third-party Liability: Unlimited Liability cover in case of death or bodily injury to a third party.
Third-party property damage: Covers damage to third party property up to Rs.7.5 lakh.
Personal Accident Cover: A third-party policy covers a compulsory owner-driver, and offers an optional pillion rider cover.
Owner-Driver Personal Accident Cover: A Sum Insured of Rs.1 lakh for the owner-driver in case of a permanent total disability or an accidental death for a premium of Rs.50.
Optional Pillion Rider Accident cover: Pillion rider personal accident cover up to the sum insured of Rs.1 lakh is available on paying an additional premium.
Personal Accident Cover Table:
|Accidental Event||Percentage of Sum insured|
|The dismemberment of both limbs or loss of sight of both eyes or one limb and one eye||100%|
|The dismemberment of one limb or loss of sight of one eye||50%|
|Permanent and Total Disability||100%|
This policy provides complete financial protection against own damages and also any third party loss or damages caused due to the insured vehicle. This policy also covers theft.
|Coverage of bike Comprehensive Policy||Damages Caused|
|Own Damage||Fire, explosion, self-ignition or lightning|
|Third-party cover||Earthquake, flood, typhoon, hurricane, storm, tempest, inundation|
|Third-party liability cover||Cyclone, hailstorm, frost, landslide, rockslide|
|Third-party property damage cover||Burglary, theft, riot, strike, malicious act|
|Personal Accident Cover||Accident by external means, terrorist activity|
|Any damage in transit by road, rail, inland waterway, lift, elevator or air.|
The Own Damage of your bike is not covered. It doesn’t include any damage incurred to the insured bike due to an accident. The policyholder will have to pay the repair cost.
Accidental damage/loss/liability borne outside the prescribed geographical area.
Claims arising out of any contractual liability.
Accidental loss/damage incurred by the third party that might have resulted from a consequential loss.
Loss, damage, liability caused due to war, invasion, and other warlike operations.
Any liability caused due to radioactive contamination or nuclear weapons.
Any damages incurred when the policy is not active or expired
Any mechanical wear and tear due to ageing
Any mechanical or electrical breakdown
Riding without a legal and valid license
Riding under the influence of alcohol, drugs or any intoxicants
Using private bikes for commercial purposes
Just note down these points while buying bike insurance online. These come handy anytime you want to compare, buy or renew the insurance policy for your bike.
Bike policies are usually chosen based on the coverage level required, as well as the premium that you are willing to afford.
Add-ons: Insurance add-ons are highly relevant as they increase aspects of basic coverage. You must, however, consider the need for add-ons before adding them to the base plan.
IDV: Premiums for your comprehensive insurance plan depend on the IDV for the insured vehicle. Higher the IDV higher is the premium and vice versa. Securing the right value of IDV is essential.
Premium: Premiums are a significant consideration, as they may take a toll on an individual's pocket. Premiums depend on factors such as bike details and add-on covers.
Insurer: Choose an insurer that provides a perfect blend of all features in their plan. Some may offer Cashless garages, while others offer extended coverage through add-ons.
Claims Settlement Ratio: For any insurance company to be successful, they need to have an excellent claim settlement ratio.
Can We Now Have the Attention of New Bike Owners, Please?
"Folks! New bike owners have to buy long-term cover for 5 years. Yep, That’s right! "
New Bike Owners Have to Buy Long-term Cover for Five Years
As per the directive by the Supreme Court, passed in July 2018, a five-year upfront cover has become compulsory for new bikes. This new regulation has been implemented since 1st September 2018 and is applicable for all bikes purchased on and after 1st September.
It implies that every new bike owner would have to shell out a lump sum towards their bike insurance policy on the purchase of a vehicle. However, one benefit of this regulation is that it saves bike owners from the burden of annual renewals.
The primary reason behind this move is to improve the penetration of third party liability only covers bikes that have been on the roads for a few years. It is a fact that once bikes age considerably, owners often tend to skip renewing their insurance annually or - buy one that is not sufficient to cover risks.
This new regulation will ensure that newly purchased bikes in India are sufficiently covered against risks. It will also safeguard third party people, property, and pedestrians from injuries and accidental death caused by bikes.
If all the above information gets overwhelming, we are just a call away and always happy to assist you! :)
Bike insurance concepts are no child’s play, right? Well, then let us make it one for you. In this section, we will help you brush up on the most important concepts you must be aware of before purchasing Bike Insurance.
IDV, or Insured Declared Value, is the maximum sum insured that an insurance company would offer. It is the cover amount offered in the event of theft or significant damage or total loss of the insured vehicle due to an accident.
A No Claim Bonus is a discount on the own damage premium under the comprehensive policy. This bonus is given by the insurance company on renewal if no claims are lodged in the previous year by the policyholder.
A zero depreciation cover is an add-on cover, which you can attach to your comprehensive insurance policy. It ensures that depreciation or loss in value over time due to the usage of individual parts and components is not accounted for when the components are either replaced or repaired.
Return invoice cover reimburses the actual bill value of the vehicle if it is stolen or suffers a total loss due to natural calamities. It instructs the insurer to disregard the IDV value and pay the insured the full sum mentioned on the invoice of the bike when it was purchased.
When you buy the mandatory third party insurance, you get a personal accident cover of up to Rs.1 lakh for a premium of Rs.50. A pillion rider/passenger accident cover is optional. You can add it by an additional premium.
Insurance bike online generally have a lot of options where the price of the premium is concerned. On Coverfox, policy bikes are available at competitive rates where policy buyers have the choice to compare and pick their most preferred option.
Currently, in India, there are 25 General Insurance companies which are offering various Bike Insurance Plans. Out of these 25 General Insurance Companies, 4 are Public Sector Companies viz. The other 21 General Insurance Companies are Private Sector Companies.
Incurred Claim Ratio is the proportion of claim paid to customers against the total amount of premium collected by the general insurance company. This ratio is different for every business unit, like Motor, Health, Fire, Marine, etc.