Two Wheeler Insurance

Two Wheeler Insurance or Bike Insurance is a plan that protects the owner of a bike from any possible damages in case of an accident, theft or natural disaster. Currently, a third-party two-wheeler insurance policy is mandatory under the Motor Vehicle Act 1988.

It is advisable to buy Bike insurance as it will help you to cover any unforeseen expenses arising out of the damage caused to your two wheeler due to accidents, natural calamities or third party accidents or liabilities.

As mentioned above, a two wheeler insurance plan is a form of insurance cover for your motorbike. In India, it is mandatory by law as laid down in the Indian Motor Vehicles Act, 1988 to have a basic third party liability only two wheeler insurance plan. To help you understand better, think about the following situation:

• A bike accident can cost a fortune!
• Indian roads are not rider friendly at all!
• There are strict traffic penalties!
• You can also win a free trip to jail for 3 months
• There might be legal consequences for unsafe riding!
• Hospitalization for medical and accidental treatment is expensive!

Therefore, It is better to stay protected at all times.

Following are some of the key features of two-wheeler insurance plans:

There are many uncertainties while riding a two-wheeler. These situations may cause damage to your two-wheeler and even injuries to you. To stay secure from all such incidents, it is important to have valid two-wheeler insurance.

Let’s have a look at the benefits you get from buying two-wheeler insurance:

• Mental Peace: Accidents and damage to your vehicle can lead to huge repair charges. If you have two-wheeler insurance, your insurance company will take care of the unwanted expenses, giving you peace of mind.
• All Vehicle Types: It protects against the damages caused to the motorcycle, scooter, or moped. Also, the vehicles have been improvised and are available with better features.
• Replacement Cost: The increasing demand for bikes has led to a rise in the cost of its parts. Thus two-wheeler policy covers the cost of spare parts, including bolts and nuts or parts such as the gears which have become costlier than before.
• Financial Security: Two-wheeler insurance offers financial support that helps save a lot of money. Even small damages can cost thousands of rupees. A two wheeler insurance plan helps you get the damages repaired without spending much from your pocket.
• Personal Injury due to an Accident: It covers expenses towards any injuries along with damages caused to your vehicle in an accident.
• Roadside Assistance: At the time of purchasing the policy purchase, you can opt for a roadside assistance add-on that will come to your aid in case you need assistance on the road. This includes services such as minor repairs, towing, tyre changing, etc.

Here is a comprehensive list of the best two-wheeler/bike insurance plans, the insurers, their respective Third party Cover and a number of Personal Accident Cover across India.

Disclaimer: *The incurred claim ratio is sourced from the IRDAI Annual Report 2018-19. Coverfox does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Here is a comparison of Comprehensive vs Third Party Cover Two Wheeler Insurance Plans:

Add-ons are the additional covers you can opt for while purchasing your 2 wheeler vehicle insurance. With add-ons you can avail more benefits on top of the ones offered by your bike insurance policies. Given below are some of the add-ons that you can avail for your bike:

• Zero Depreciation Cover

  Due to passage of time your bike loses value due to depreciation, which can directly reduce the amount of settlement, at the time of claim. When you purchase a Zero-Depreciation Cover you do not have to compromise on the claim amount, as it foregoes the amount of depreciation on the parts made of nylon, plastic and fiberglass. In the event of a claim settlement, the customer receives the full amount due without any deductions for depreciation. It is always advisable to get this add on cover it will help you from any loss in claim, arising from depreciation of your bike or scooter

• No Claim Bonus

  The No-Claim Bonus Add-on allows you to avail a discount on bike insurance premium for the term where you don’t make a claim on your insurance policy. Not making a claim shows you as a safe driver, and the two-wheeler insurance company allows you to avail for No Claim Bonus (NCB) discount at the time of your two-wheeler / bike insurance renewal. The no-claim bonus discount can range anywhere from 20-50% of your own damage premium.

• Emergency Roadside Assistance Cover

  There can be times where your bike or scooter breaks down in the middle of the road and you will then need to drag the bike to the service center at your own expense, this is where this add-on to your bike insurance protects you. This add-on cover insures you from a variety of unplanned and unforeseen incidents that could lead to a roadside emergency such as towing, lost key assistance, battery jump-starts, replacement keys, and fuel arrangements Tyre changes and small repairs on-site are also included. The add-on is of great benefit if you ride long distances every day, especially on Indian roads.

• Return to Invoice

  During the claim settlement of total loss, the bike insurance company pays you the Insured Declared Value (IDV) of your bike. Return to Invoice add-on bridges the gap between the IDV of your two-wheeler insurance policy and its current on-road value. This includes taxes, documentation and other related charges as well. What this add on does is provides the policy holder to get an insurance amount as per the price on which the policy was purchased, you will get the entire amount in scenarios where your two wheeler was damaged due to total loss or theft.

• Daily Allowance Benefit

  In a case where your bike has met a casualty, it might be possible that your bike is left at the network garage for days at a time. In such a case, a Daily Allowance Cover provides you with a daily travel allowance till the time your bike is repaired and released from the network garage.

• EMI Protection

  When you have an EMI protection cover, your bike insurance company shall pay the EMIs for your two-wheeler if the bike is getting repaired at a network garage after an accident.

• Engine Protection Cover

  The life and power of your two-wheeler depends on its engine. Hence, taking care of the engine is a must. An engine protection cover add-on covers the damage on your engine caused by water ingression or oil leakage, which is usually not covered under the standard two-wheeler / Bike insurance policy.

Top Plans	IDV Cover Value	NET PREMIUM
New India Bike Insurance	45,739	₹ 1,358 *	GET PLAN
United India Bike Insurance	45,739	₹ 1,457 *	GET PLAN
Iffco Tokio Bike Insurance	32,435	₹ 1,465 *	GET PLAN
Digit Bike Insurance	40,881	₹ 1,645 *	GET PLAN
Oriental Bike Insurance	40,658	₹ 1,792 *	Get Plan
MAGMA HDI Bike Insurance	42,829	₹ 2,028 *	GET PLAN

Disclaimer: The above mentioned prices are for a 2 year old Suzuki Burgman Street 125, registered in Navi Mumbai & previous policy has not expired.

Buying a two wheeler insurance policy online instantly on Coverfox is easy and simple, just follow the steps mentioned below:

• Step 1: Scroll to the top of the page.
• Step 2: Enter the details required.
• Step 3: Select your city and your RTO zone.
• Step 4: Choose the two-wheeler manufacturer, model & variant of your bike.
• Step 5: Enter the year of vehicle manufacturer.
• Step 6: Premium quotes from various insurers will be displayed.
• Step 7: Select the plan best fitting your needs.
• Step 8: Choose add-on covers that you want
• Step 9: Enter the required personal details.
• Step 10: Pay premium through options like internet banking, debit/ credit cards.
• Step 11: The policy will be issued and emailed to your registered email id.

Below is the list of inclusions under a two-wheeler insurance policy:

• Damage Caused by Natural Calamities

  Any damage due to natural calamities, such as thunder-lightning, flood, earthquake, cyclone, hurricane, cyclone, typhoon, storm, tempest, inundation, hailstorm, landslide, and rockslides, among others will be covered.

• Damage Due to Manmade Calamities

  It offers coverage against various man-made disasters, such as riots, inland waterways, terrorist activity, malicious acts, and any damages caused in transit by rail, lift, road, elevator, or air, among others.

• Own Damage Cover

  This cover protects the insured vehicle against any loss or damage caused by the means of natural calamities, man-made calamities, fire & explosion, or theft.

• Personal Accident Coverage

  This cover of up to Rs. 15 lakh is available for injuries to the rider that may result in temporary or permanent disabilities. You can also avail optional personal accident cover for the co-passengers.

• Theft or Burglary

  The Two-wheeler insurance company will provide the IDV to the owner in case the insured bike or scooter is stolen.

• Third-Party Liability

  It provides cover against any legal loss of money that may occur due to injuries to a third party which may have even led to his demise. Likewise, it also protects against any damage caused to any third-party property.

• Fire & Explosion

  It covers losses or damage caused due to self-ignition, fire, or an explosion.

Here is a list of exclusions under a two-wheeler insurance plan:

• Loss from mechanical/electrical breakdowns.
• Any damage to the tyres and tubes in the normal course of running.
• Damage caused due to normal wear and tear of the vehicle.
• Any loss occurred while the bike was being used beyond the scope of coverage.
• Any consequential loss from regular use.
• Any damage caused due to the driver who is driving under the influence of drugs or alcohol.
• Any loss incurred due to war or mutiny or nuclear risk.
• Loss/damage incurred when the bike was being driven by a person without a valid driving license.

Mentioned below are some important facts which you can consider before buying two-wheeler insurance online from Coverfox.com and also avail certain additional benefits:

• Save Money:We do not charge any extra amount!
• Super Fast Policy Delivery: With Coverfox, get a comprehensive online two-wheeler insurance coverage plan in 5 minutes.
• Online Claim Settlement: The entire process of claim settlement is fast, convenient and hassle-free.
• Digital Documentation: All of your KYC documents are digitally stored and secured. There is no need for physical inspection.
• Previous Policy Expired: No problem, we do not ask details for your previous expired bike plan (more than three months)
• Customer Support: Call us on 1800 209 9930 and let us handle the rest.
• Complete Paperless Online Process: Buy, compare and renew best bike cover plans online on Coverfox.

Now you can pay for two-wheeler insurance online. It is a simple, fast, hassle-free and convenient method. Here are the steps for the same:

• Visit the official website of your preferred insurer
• Click on bike/two wheeler insurance
• Select the suitable plan and the premium quote
• Make the payment online via debit/credit/Net Banking
• Your policy will be delivered to your email ID

You can make a claim for your Two-wheeler, bike or scooter Insurance online. There are two ways of filing a claim for insurance online; 1) cashless claim and 2) reimbursement. Let’s discuss both the claim processes:

Cashless Claim

You need not pay a single rupee, the money is given to garage by the insurance company

Reimbursement Claim

You can pay the money first, incase of claim & later get it reimbursed by insurance company

Cashless Claim: You can make a cashless claim in case of repair undergoing at one of the network garages. In a cashless claim, the damages are directly covered by your bike insurance provider, and you have to pay nothing out of your pocket.

Reimbursement Claim: If your vehicle covered under the bike insurance policy gets repairs on a garage which is not in the list of your insurer’s approved network garages, then you can file a reimbursement claim for your policy. Under this, you'll need to pay for the repairs upfront and then submit a claim for reimbursement to your insurance company.

With Coverfox, your two-wheeler insurance renewal is faster than ever. You can now get your Bike Insurance renewal online in no time. If you wish to change your bike insurance policy during the renewal process, Coverfox allows you to compare the best bike insurance policies online and choose the one perfectly fitting your needs.

Online bike Insurance policy renewal is simple and takes few easy steps to get it done. All you need to do is keep your policy details ready, and you are good to go. Follow the instructions below to get your bike insurance renewal online:

• Step 1: Visit coverfox.com and go to the bike insurance renewal form
• Step 2: Feed in your bike’s registration number and other necessary details
• Step 3: Choose the two-wheeler insurance policy you want to buy
• Step 4: You can now select riders or update IDV. You can update IDV as per your needs
• Step 5: Your calculated two-wheeler insurance premium amount will be shown
• Step 6: Pay your bike insurance premium online with Coverfox’s secure payment channels
• Step 7: Your two-wheeler Insurance Policy is now renewed!

The documents for your newly renewed bike insurance policy shall be delivered to you via email. You can choose to take out a print as per your requirement.

Driving without valid two-wheeler insurance in India can land you in trouble with the law enforcement authorities. A third-party liability, only insurance policy is compulsory if you want to use your vehicle in India, as per the Indian Motor Vehicles Act, 1988. A two-wheeler insurance policy must mandatorily be carried by you while using your vehicle along with other necessary documents like Driving License, Registration Certificate (RC) of the Two-wheeler and Pollution Under Control Certificate (PUC).

It is quite natural that one can forget to carry or renew their two-wheeler insurance policy. But, did you know your negligence can cost you a fine of Rs. 2,000/- and a free jail trip for 3 months if you are a repeat offender.

So, always remember to carry your two-wheeler insurance and ensure that it is valid too. You can quickly check the policy status through these simple methods:

1. VAHAN Portal:
   If you have misplaced your insurance copy. You can open the official webpage of the Road Transport and Highways Ministry (https://vahan.nic.in/) and click on Know Your Vehicle details to get your two-wheeler insurance policy details.
   Step 1 - Open VAHAN e-services and click the “Know Your Vehicle Details” button.
   Step 2 - Enter Bike Number and Verify your login by providing the answer to the logical question.
   Step 3 - Click the Search Vehicle button.
   Step 4 - Check the details displayed

2. Policy Copy:
   You can check the policy document and instantly know about the date till which your insurance cover is active.

3. Insurer Website:
   If you do not have your policy document with you, but remember the name of the insurance company from which you have brought your previous two-wheeler insurance policy, your work is half done. You can visit the insurer website to check whether the policy is active or not, and download a copy is required. You can also get in touch with the customer care team if you face any difficulties.

4. RTO Office:
   You can also visit the regional transport office to determine whether the two-wheeler insurance policy is active or expired.

5. IIB Portal:
   You can also visit the Insurance Information Bureau portal to know the status of your two-wheeler insurance policy. You have to visit https://iib.gov.in/ and click on the v-seva to get the required details.

So, when you decide to drive your two-wheeler, ensure that you have an active two-wheeler insurance policy.

Here are the steps involved in the claim settlement process for cashless and reimbursement claim for your bike:

Cashless Claim Settlement Process

• Inform your insurance company about the accident.
• A survey will be conducted to evaluate the damage.
• Fill in the claim form and provide the required documents.
• Then, the insurer will approve the repair.
• Your bike will be repaired at one of the network garages of your insurance company.
• After repairs, your insurer will pay the repair charges directly to the garage.
• You are only required to pay the deductibles or non-covered expenses (if any).

Reimbursement Claim Settlement Process

• File the claim with your insurance company.
• Fill up the claim form and provide all the documents required.
• A survey will be conducted to evaluate the repair cost.
• Give your vehicle to be repaired at a non-approved garage.
• Clear the bill with the garage.
• Submit all the bills, receipts as well as ‘proof of release’ to the insurance company.
• Once the claim is approved, the approved amount will be paid to you as a reimbursement.