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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.
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 in 2021||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.
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:
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:
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:
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:
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
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:
You can find your two wheeler insurance policy number via any of the following methods:
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.
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.