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Two wheeler insurance is a legal agreement between you and the insurance company. This insurance policy protects you from expenses and repair costs that you may face as a result of an accident, theft, or natural disaster or human-made events like riots and legal liability towards a third party/person/property.
Be it a motorcycle, moped, scooter or any other vehicle with two wheels, a comprehensive bike/two wheeler insurance coverage plan will provide ample protection to you, your bike and any other third party involved in an accident. Comprehensive Two Wheeler Insurance or two-wheeler insurance plan is the best friend for you and your motorbike.
Two-wheeler insurance or bike insurance plan covers your financial damages upto the extent of the:
IDV (Insured Declared Value = Current Market Value of the vehicle).
Buying a two-wheeler insurance policy online instantly on Coverfox is easy and simple, just follow the steps mentioned below:
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
Renewing a two-wheeler insurance policy online instantly on Coverfox is easy and simple, just follow the steps mentioned below:
There are two categories of two-wheeler insurance plans offered by insurers in India.
Here is a comparison of Comprehensive vs Third Party Cover Two Wheeler Insurance Plans:
|What is Covered?||Third-Party||Comprehensive|
|Third-Party Vehicle Damage|
|Third-Party Property Damage|
|Personal Accident Covered|
|Own Vehicle Damage|
|No Claim Bonus|
|Damage from Natural Calamities|
|Zero Depreciation Cover|
Here is a comprehensive list of the best two-wheeler/bike insurance plans, the insurers, their respective Incurred Claim Ratio (ICR) and a number of cashless garages across India.
|Two-wheeler Insurance Provider||Cashless Garages||Third-party Cover||Personal Accident Cover|
|Bajaj Allianz Two Wheeler Insurance|
|Bharti AXA Two Wheeler Insurance|
|Digit Two Wheeler Insurance|
|Edelweiss Two Wheeler Insurance|
|HDFC ERGO Two Wheeler Insurance|
|IFFCO TOKIO Two Wheeler Insurance|
|Kotak Mahindra Two Wheeler Insurance|
|Liberty Two Wheeler Insurance|
|National Insurance Two Wheeler|
|New India Assurance Two-Wheeler Insurance|
|Navi Two-Wheeler Insurance|
|Oriental Two-Wheeler Insurance|
|Reliance Two Wheeler Insurance|
|SBI Two Wheeler Insurance|
|Shriram Two Wheeler Insurance|
|TATA AIG Two Wheeler Insurance|
|United India Two-Wheeler Insurance|
|Universal Sompo Two-Wheeler Insurance|
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.
An add-on is a rider that can be attached to your comprehensive two-wheeler insurance plan. You can purchase numerous riders at the cost of an additional premium. The purpose of an add-on is to enhance the cover offered by your existing two wheeler plan or provide a unique valued added-benefit.
• Emergency Roadside Assistance Cover
• Return to Invoice
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:
Therefore, It is better to stay protected at all times.
An expired insurance plan means you are no more covered by the insurer for any damages or any legal liabilities. You must renew the policy before it is expired:
You can renew your expired two-wheeler insurance online:
Following are some of the key features of two-wheeler insurance plans:
|Own Damage Cover||Offers financial protection against damage incurred by your two-wheeler|
|Liability Cover||Covers financial obligation against third party and property due to their death, disability and property destruction from an accident|
|Personal Accident Cover||Rs. 15 lakh cover for you payable in case of death or disability due to an accident.|
|Add-Ons||Zero depreciation, No Claim Bonus Protection Cover, Engine Cover, Return to Invoice and more for added protection.|
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:
● All Vehicle Types:
● Replacement Cost:
● Financial Security:
● Personal Injury due to an Accident:
● Roadside Assistance:
Below is the list of inclusions under a two-wheeler insurance policy:
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.
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.
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.
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.
The Two-wheeler insurance company will provide the IDV to the owner in case the insured bike or scooter is stolen.
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.
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:
IRDAI determines the premium rates applicable for a two-wheeler third-party insurance plan. This premium amount is calculated based on the engine capacity of your bike or two-wheeler.
Calculate two wheeler insurance premium online on Coverfox for free.
Third-Party Insurer Premium Rates
|Vehicle Type||2018-19||2019-20||Percentage of Increase (%)|
|Vehicle not exceeding 75c|
|Exceeding 75cc to 150cc|
|Exceeding 150cc to 350cc|
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:
It is recommended that you compare various companies' plans before finally purchasing an insurance plan. You must check the following points beforehand:
There are two ways of filing a Two Wheeler Insurance Claim with your two-wheeler insurer online.
• Cashless Claim
In case of cashless claim settlement, the claim amount will be paid directly to the network garage where your vehicle repairs were done. This service can be taken only at network garages of your insurance company.
• Reimbursement Claim
A reimbursement claim can be made if you get the repairs done at a garage, which is not on your insurer’s list of network garages. In this case, you are supposed to pay the repair expenses and will later have to file for reimbursement with your insurance company.
Here are the steps involved in the claim settlement process for cashless and reimbursement claim for your bike:
Cashless Claim Settlement Process
Reimbursement Claim Settlement Process
You can follow any of these steps to check your two wheeler insurance policy status:
IDV is the Insured Declared Value of your two wheeler. It is the:
You can get a copy of your two wheeler insurance policy document via any of the following ways:
Please follow these steps to raise a two wheeler insurance claim:
An NCB is a No Claim Bonus. It is:
Insurance premium is the amount you pay:
A long term two wheeler insurance is a type of two wheeler insurance that:
You can find your two wheeler insurance policy number via any of the following methods:
Here are the top 5 benefits of purchasing a bike insurance plan online:
As per the Indian Motor Vehicles Act, 1988, all vehicles plying on the Indian roads must have a third party liability cover. The liability bike insurance policy is mandatory to ensure that in case of a road accident, the person being injured or property being damaged by your vehicle is compensated.
When you buy a mandatory third-party two wheeler 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 and can be opted by paying an additional premium.
At the time of claims with a cashless two wheeler insurance policy, you can opt for cashless garage service through any of the authorised network garage of your insurer where you can get your two wheeler repaired without paying any cash.
Buying a second hand two wheeler insurance can be a tricky thing. However, we have written an article so that you can avoid all the possible mistakes. Read - Buying Bike Insurance: Mistakes you Will Never Make Again
In an insurance policy, the insured or the policyholder is referred to as the first party. The first party is eligible to receive the pre-determined sum assured from his/her insurance company, which is known as the second party, in the case of a loss, injury or accident that may be caused by you to any another entity is known as the third party.
Once you make a claim for your two-wheeler, you lose out on NCB (No Claim Bonus). Hadn’t you raised a claim, you could have availed NCB, thus reducing your premium in the next policy year. But if you did, sadly, the premium automatically increases the following year
Yes, you can change your current two wheeler insurance provider and buy a policy from another insurance company.