Two Wheeler Insurance

Two wheeler insurance policy offers security against the financial obligation, that is likely to be borne by you in the case of theft, damage or third party damage/death caused by your two wheeler.

But WHY is bike insurance important?

Why is Two Wheeler Insurance Required?

No financial stress!

It offers you a financial shield in case of theft or any damages caused by or to your two wheeler!

OBLIGATORY BY LAW

A photocopy of the two wheeler insurance policy must be in your possession at all times.

PERSONAL ACCIDENT COVER

Two wheeler policy holder is covered with sum insured of Rs. 1 lakh in case of accidental death or total permanent disability

PEACE OF MIND

In the worst-case scenario, you are not obligated to spend tremendously on the repairs of your bike.

Types of Two Wheeler Insurance Coverage

Insuring with the right coverage is essential for optimum financial protection.

Is there anything more exciting than riding your trusted bike through the city roads? Not really. In fact, for most riders, their bike is a reflection of their personality. Which is why insuring your bike is the best way to show it some love. Buying two wheeler insurance saves you against the financial loss you might face if your two wheeler was wrecked in an accident or worse, stolen. After all, no one needs that kind of negativity in their life.

Comprehensive Insurance

Comprehensive bike insurance policy covers damages to the third party, as well as your own bike. It is best for those wanting to cover for losses from incidents such as theft and natural disasters.

Third-party liability Insurance

Third-Party bike insurance policy covers only the damages to a third party and their property. It's best for those insuring their bikes only because it's mandatory (but we wouldn't recommend that!).

Difference Between Comprehensive and Third-party Liability Policy

Coverage	Comprehensive Policy	Third Party Policy only
Third Party Liability	Covered	Covered
Third Party Property Damage	Covered	Covered
Personal Accident Cover	Covered	Covered
Own Damage	Covered	Not Covered
Bike Theft	Covered	Not Covered

Features of Two Wheeler Insurance

Stay Protected – Stay covered, stay protected against any loss or damage happen to the insured bike.
Covers Third-party – Policyholder is financially covered against the third-party liability.
Protection against theft – You are covered in case of theft of your beloved two wheeler.
Personal Accident Cover – Offers sum insured of Rs.1 lakh for the owner-rider in case of accident and optional pillion rider cover.
Increase the benefits – Various add-on covers help you to widen up the coverage and benefits of comprehensive policy.

Benefits of Buying Two Wheeler Insurance

Completely Paperless – Paperless process of buying and renewing the bike insurance policy.
Instant Policy – In just 4 minutes you receive the policy directly in your inbox.
Long-term policy – Single policy that covers your two wheeler for 3 years.
Cashless Garage Network – Access Cashless Garage Network across India in minutes.
Worry-free Ride – No worries about the loss of policy. Soft copy is always accessible.
Renew expired policy – Renew your expired policy without inspection.
Transfer No Claim Bonus – Hassle-free transfer of accumulated No Claim Bonus.

Coverfox: One Stop Solution for All Your Two wheeler Insurance Needs

Coverfox offers an easy, simple, and instant process to buy and renew two wheeler/bike insurance online.

Choose the right two wheeler insurance policy

Compare – Compare policies offered by different insurers on one platform.
Best Quotes – Compare to get the best quotes from various insurers.
Completely online – Right from comparing to buying and issuance of the policy, everything is entirely online.
Secure Payment – When you buy a policy, you directly pay to the insurer through a completely secured payment gateway.

Bike Insurance: Inclusions and Exclusions

What’s Included	What’s Excluded
Damages that might happen to your bike in an accident.	Damages caused if you were caught riding under the influence of alcohol.
Personal Accident Cover - if you (the owner-driver) are injured in a bike accident, the insurer compensates you.	Loss and damages that may be caused because of a war or a nuclear strike.
Financial protection to your bike from natural calamities such as floods, earthquakes, etc.	Accident-related damages caused while you were using your two wheeler for illegal activities.
In case your two wheeler gets stolen, your insurer will pay an amount equal to your bike’s IDV.	Damages caused or losses incurred to your two wheeler while you were riding without valid license.
Coverage for damages caused during a man-made disaster. This includes riots, strikes, fire, and terrorism are covered.	Regular mechanical expenses due to consistent wear and tear.

Sneak Peek to the Two Wheeler Insurance Calculator

When you insure your two-wheeler, you promise to pay the annual premium to the insurance company and in return the insurance company promises to cover the risk of damage or loss.

To get the right premium you need to enter the basic two-wheeler details such as bike number, or bike make, model, registration center. Once you fill up the details, policy details and premiums from different insurer will be displayed. Then, you can compare the policies, premium breakups and the amount charged for each feature.

This is How a Two Wheeler Insurance Calculator Works

For Third-party premium

The premium for the third-party liability cover is decided by the Insurance Regulatory and Development Authority of India (IRDAI). The premium is based on the engine cubic capacity (cc). IRDAI changes the price every year.

The following table shows the revised premium for FY 17-18:

Two wheelers	Premium
Not exceeding 75cc	Rs. 569
Exceeding 75cc but not exceeding 150cc	Rs.720
Exceeding 150cc but not exceeding 350cc	Rs.887
Exceeding 350cc	Rs.1,019

For Comprehensive premium

The premium of a comprehensive or package policy differs from insurer to insurer. Since the comprehensive policy provides financial coverage for own bike damage, it includes various variables into account to calculate the premium. Own Damage premium is based on the Insured Declared Value (IDV). Factors taken into account are ex-showroom price, age of the vehicle, location of registration,

How to save on two wheeler insurance premium

Compare two wheeler plans
Opt for a long-term policy
Opt for voluntary deductibles
Avail discounts as per the accumulated No Claim Bonus
Install Anti-theft device
Buy only necessary add-on covers

The Need for Bike Insurance Renewal

Having a bike insurance plan is a great way of taking care of the expenses you could suffer in case of third-party damage, which you would otherwise pay from your pocket. Apart from this vital point, there is a host of other benefits:

Easily transfer No-Claim Bonus

No Inspections, No Paperwork

Coverage against Bike Theft

Add-ons for additional protection

Benefits of Renewing Two Wheeler Policy Online

Easily Transfer No Claim Bonus
Coverage against Bike Theft
No Inspections, No Paperwork
Add-ons for Additional Protection
Complete support at the time of buying and claims
Access to the Garage Networks

Is your two wheeler insurance policy expired?

Forgetting renewal date is just human! Having so many things on mind, it’s easy to slip through the mind, the renewal due date.

Do not worry. Or fret. With Coverfox’s support, you can simply renew the expired two wheeler insurance policy online.

Here’s what you get when you renew expired two wheeler insurance policy with Coverfox:

No inspection: Without inspection and documentation, Coverfox helps you to renew your two wheeler expired policy.
No extra or hidden costs: No extra or hidden charges. It comes at the same cost as it cost to renew a regular two wheeler insurance policy.
Instant: You will receive the policy within minutes. Instantly.
Best part: As said, no documentation, you don’t have to provide previous policy details if the policy has expired for more than the 90 days.

The Bike Insurance Renewal Process

Before you renew the insurance, there are a few things you need to keep in mind. The process varies in case your previous insurance is active or inactive:

If your policy is active

Negotiate your premium

Firstly, be well aware of your plan and understand it in-depth. Eliminate features and exclude add-ons that you are sure you won’t use to bring down your cost!

Evaluate your cover

Renewing also lets you evaluate the cover you’ve been offered v/s the other plans in the market. Browse through and pick one that matches your needs!

Know your add-ons

Select add-ons that are best suited to your needs and include them in your policy. They might be an added expense, but they enhance the policy benefits!

Correcting the wrong information

During a policy renewal, you can get previous mistakes rectified by providing the right information – remember, proper policy details are vital for speedier claims!

IF YOUR POLICY IS INACTIVE

Missed out on renewing your policy? Don’t worry; it’s only human! Here’s what to do when that happens:

Research and compare the plans you wish you consider for the coverage and choose.
Contact the insurance company/broker/agent for the coverage.
Fix up an appointment for the inspection of your vehicle. Do note; this can invite a nominal fee. If the insurance company chooses to offer you the coverage, you can make the payment and get the policy in hand.
This insurance report is valid for only 24 hours, and hence the payment has to be done within this timeframe.

Policy expired? Renew online without inspection

Here's How to Save Money on your Two Wheeler Insurance

Engine cc: The higher the engine cubic capacity (cc) of two-wheeler, the higher is the premium. Be ready to shell out money Royal Enfield riders!

Bike Model and Make: The more high-end the bike, the higher is the bike insurance premium you need to pay. That means you, Harley Davidson and Ninja owners!

Year of Manufacture: Since rate of depreciation increases with age, older bikes have lower Insured Declared Value (IDV). And thus, lower premiums and vice versa.

Automobile Association of India: If you’re a member of the Automobile Association of India, approved by IRDAI, you are eligible for a discount of up to 2.5% on own-damage premium.

Anti-theft device: If you install an anti-theft device on the bike as approved by IRDAI you get an additional 2.5% discount.

Voluntary Deductible Discount: If you decide to pay the minimum amount of money at the time of claim, the insurance offers a discount on the own-damage premium. The advantage is that if there’s no claim, you pay no extra cost and still save money by opting voluntary discount.

Voluntary Deductible (Rs.)	Discount
500	5% on the OD premium of the vehicle, subject to a maximum of Rs 50/-
750	10% on the OD premium of the vehicle, subject to a maximum of Rs 75/-
1000	15% on the OD premium of the vehicle, subject to a maximum of Rs 125/-
1500	20% on the OD premium of the vehicle, subject to a maximum of Rs 200/-

No Claim Bonus: It is a discount on the premium of two wheeler comprehensive policy offered by every insurer for every claim-free year. For a first claim-free year, you get 20% discount on the premium for the next year. It’s cumulative and thus, keep on increasing as with the number of claim-free years. This discount can go up to a maximum of 50% discount for consecutive 5 claim-free years.

Save Money: You save money on the third-party premium when you buy a long-term/multiyear policy. IRDAI changes the third-party policy premium every year, and there’s a price hike every year. But with a long-term policy, you lock the third-party premium for 3 years.

Geographic Location: Depending on the geographical location/registration location of premium varies. Bike owners staying the densely populated, prone to accidents location are charged a higher premium.

Don't Pay a Penny for Garage Bills at the time of claim

Go for a Zero Depreciation add-on cover for your two wheeler and stay absolutely worry-free

Zero or Nil Depreciation Cover

At the time of claim, the two wheeler insurance company does not pay the depreciable cost. Depreciable bike parts such as rubber, plastic, metal are not fully covered. The depreciable cost is deducted at the time of claim repair. And this must be borne by the policyholder.

But with the help of two wheeler zero depreciation add-on cover, you stay covered. You save money even on those depreciable parts at the time of claim repair. Because of this add-on cover, the insurance company pays the full amount of repair and/or replacement at the time of claim. Except tyre(s) and tube(s).

How to Make a Claim on Your Bike Insurance Policy

Required steps and supporting documents:

In case of Accident

Immediately contact Coverfox.com
Lodge a claim with duly signed claim form
Copy of Driving License, RC book, Policy document
FIR, if required (Kindly note down, contact details of people and vehicle number involved in accident)
Original Repair Estimate Bill
In case of cashless service, only Invoice receipt
In case of reimbursement provide estimate bill, original invoice and payment receipt

In case of Two wheeler Theft

Immediately contact Coverfox.com
Lodge a claim with duly signed claim form
Original keys with Copy of Driving License, RC book, Policy document
Police FIR copy
Duly signed Form 26, 28, 29, 30 and Form 35.
Final confirmation with “No Trace Report” of the insured vehicle from the police

In case of Third Party Claims

Immediately contact Coverfox.com
Lodge a claim with duly signed claim form
Police FIR copy
Copy of Driving License, Policy and vehicle’s RC book

FAQs on Two wheeler insurance

What’s not included in your Two wheeler Insurance Cover?

A third party liabilty insurance cover is clearly limited. But there are some scenarios where even a comprehensive bike insurance policy with add-ons can't help:

Damages when the policy is not active.
Damages when the driver/owner is breaking the law. (Always carry your license, follow traffic rules and NEVER EVER drink and drive!)
Damages due to oil leakage.
Damages when you don't follow manufacturer's guidelines. (Not a good idea.)
Gradual wear and tear. (Because everything grows old!)

How do you compare plans before choosing one?

We all know that too many options usually implies too much confusion. That is why, before choosing, one must compare plans on the basis of:

Insurance Company: Check the company’s past records for the number of claims settled and the time taken to settle them. That's always a great measure.
Premium and Coverage: Balance between the premium you are willing to pay and the coverage that you will actually end up needing. Also, don't forget to include add-ons.
Cashless Garage Network: Be sure about the insurer’s network garages in your area. You must remember that you can avail cashless services only at these garages, so that's always tricky.

Please visit this link to compare two wheeler insurance policies.

What are the documents required to register a claim?

The sole purpose of buying insurance for your two-wheeler is to get adequately compensated for any damages and losses. To ensure that you raise a successful claim, it’s necessary to keep all the relevant documents at hand. While insurance companies try their best to avoid pesky paperwork, here is a list of documents you need to have on you:

The copy of the Registration Certificate & Tax Receipt of your bike.
The proof of valid insurance document.
Copy of your Motor Driving License
Copy of FIR/Panchanama in case of Theft or Third Party damage/death/bodily injury.
Repair Bills and Payment Receipts in case of reimbursement. That sounds about right?

How do I renew my two wheeler insurance policy?

We send you a renewal notice much before your policy expiration date! Just confirm acceptance along with a cheque, and we’ll take care of the rest.

Can I renew my bike insurance policy online?

Yes, you can – with a debit/credit card or even through net banking. Although, for expired policies you will have to contact us for an offline renewal process.

If I have fitted new accessories to my bike, how and when can I get them insured?

They can be insured during the term of the current policy itself. You just need to send a written request to our Customer Care, and we'd take care of the rest!

More FAQs

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