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Two-Wheeler Insurance: All You Need to Know

A good bike insurance plan helps you ensure a safe ride every single time.
Buy Confidently

With 25 insurers and 100+ products to choose from, Coverfox works actively to find a plan that is ideal for you. We mean, the best one. From providing you with all the right information to offering unbiased comparisons, we do it all. Hey, you don't even need to engage with the insurer yourself.

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Types of Two-Wheeler Insurance Coverage

Insuring with the right coverage is essential for optimum financial protection.
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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. Having two-wheeler insurance saves you against the financial loss you might face if your bike was wrecked in an accident or worse, stolen. After all, no one needs that kind of negativity in their life.

Comprehensive Insurance

This 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

It 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!).

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Bike Insurance: Inclusions and Exclusions

You don’t want to be left hapless at the time of making a claim, right? That’s why know what your insurance policy covers and does not cover.

What’s IncludedWhat’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.

Two Wheeler Insurance is Simple, Fast and Online

Believe it or not! You can renew your bike insurance with Coverfox.com instantly. Even if you have an expired policy. And we too hate paperwork.

What is Multi-Year Two-Wheeler Insurance?

General two-wheeler insurance plans are designed for one year and have to be renewed annually. However, a multi-year two-wheeler insurance policy is unique. This policy allows two-wheelers to be insured up to three years consecutively at one time.

Policyholders don’t have to renew the insurance contract each year. This is because they receive a policy certificate for a maximum of three years cover.

Benefits of Multi-Year Two-Wheeler Insurance plan:

Save up to 20–40% upfront on premium

IRDA hikes the third-party liability portion of the premium by up to 20% each year. Multiyear insurance saves you against the hike of third-party premium and service tax.

Eliminates the hassle of yearly renewal

Renewing your policy once for three continuous years is stress-free as compared to renewing your two wheeler insurance policy annually.

Protection for long-term

Ride safely and happily by enjoying long-term financial protection of your vehicle for three years. Also, you receive one policy document that is valid for three years.

Easy cancellation of policy

Insurers make the multiyear insurance policy cancellation easier. In a single year plan, if you make a claim in case of theft/loss, you are not eligible for refund.

Lucrative discounts offered

At times, insurance companies offer upfront discounts on multi-year two-wheeler insurance policies.
This helps you save on your premiums.

Better No-Claim Bonus advantage

If you are eligible for 25% NCB, it’s applied on the premium of all 3 years. In single year policy, you lose the 25% with one claim. But, in multiyear plan, the 25% is locked for you.

How to save on Bike Insurance Premium

Choose The Right IDV

BIKE MODEL AND MAKE

The more high-end the bike, the higher is the insurance premium you need to pay. That means you, Harley Davidson and Ninja owners!
Avail No Claim Bonus

YEAR OF MANUFACTURE

Since rate of depreciation increases with age, older bikes have lower Insured Declared Value (IDV). Hence they have lower premiums and vice versa.
Install security devices

ENGINE CAPACITY

Know the cubic capacity of your bike’s engine? Well, you are one step closer to knowing what your insurance premium should be!
Become AAI Member

GEOGRAPHIC LOCATION

Do you stay in an urban location with higher density of traffic (and thus, a higher incident of accident)? Well, that means a higher premium for you!
Install security devices

DISCOUNT

If you’re a member of the Automobile Association of India, which is powered by IRDAI, certain insurers may extend a concession of up to 2.5% on own-damage premium. Some insurance companies also offer occupational discount. If you have fitted your bike with an ARAI approved anti-theft device, there’s an additional 2.5% discount.
Become AAI Member

NO-CLAIM BONUS

A discount on premium that is offered for every year you don’t raise a claim. For not making a claim in the first year, you get 20% discount in the next year. This discount increases steadily with every claim-free year to up to a maximum of 50% at the end of five claim-free years. But must you claim, your accumulated discount goes to zero.

Coverfox advantage Coverfox Advantage

Expert Advice

Expert advice and an informed, unbiased opinion that clears the confusion and helps you buy that perfect plan for you. Can it get any easier?
Expert advice

POST-SALES ASSISTANCE

Service Managers who assist you with all your post-sale requirements. Right from claims processing to renewals! They are like superheroes, but only better.
Post sales assistance
You happy. We happy.

"My first experience with Coverfox was an absolute delight. Their positive response and effective actions changed my opinion of the entire insurance segment. Hope they keep it up!"

Ramachandran D

"What I’ll never stop being thankful for is the fact that my claim for total loss was settled in such less time. Thank you so much for all the support from your side!"

Arun H

"Their prompt replies, seriousness about policy deliveries and commitment to their job are just some factors that make Coverfox shine through. But their complete transparency in their calls clearly is the icing on the cake!"

Navneet

"Having been a customer for over a year, I feel relaxed as far as health insurance is concerned. Their customer service personnel guided me through each step of my process while helping me finding the best plan!"

Manoj Kumar Jain
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 accor
  • 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.
  • 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?

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