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30 FLAT SECONDS
There's no better way to put this, but the real answer is 'no'. With regulated pricing and premiums set by the IRDA, the prices you see here are the ones you see everywhere (lower prices elsewhere usually mean there's a possibility of hidden charges). The only difference? At Coverfox, we don't look for the cheapest price, we look for the right one.
Online payments can be a major hassle, but not with Coverfox. This is why you don’t need a Credit Card; you can make payments through just Net Banking or your ATM/Debit Card. Unfortunately, we can’t support cash on delivery or cheques, just because we want to keep it online and simple. We do allow for card-on-delivery payment though. But this only works in the case of customers with expired car insurance, where an inspection is required.
You'd get your policy before you finish reading this answer. It's THAT fast. Once you choose your product and make your payment, it’s sent to your inboxes right away. No hard copies, because we are also secret environmentalists. If by any chance there is a delay due to a medical check or an expired vehicle inspection, we promise that you’ll be informed in advance.
With our excellent Customer Service, we make sure that you never have to deal with the insurer personally. We make it that convenient. Our relationship with insurance companies ensures our dedication to every customer! In fact, we offer free claim assistance during emergencies to even those who may not have bought insurance policy from us. After all, Coverfox is simply a phone call away for anyone in need.
Here, we don’t take any sides (apart from yours) when it comes to insurers – in fact, we don’t even ask you for your contact details for comparing various products until you are convinced. You can say that we are always looking out for you – like the friend you call at 4 am - whether it’s finding you the perfect policy or making sure you get only the best deals, we are on your side. As an IRDA approved organization, we are as genuine as they can get.
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 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!).
Coverfox offers an easy, simple, and instant process to buy and renew two wheeler/bike insurance online.
Choose the right two wheeler insurance policy
|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.|
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.
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:
|Not exceeding 75cc||Rs. 569||Exceeding 75cc but not exceeding 150cc||Rs.720|
|Exceeding 150cc but not exceeding 350cc||Rs.887|
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,
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:
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:
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!
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.
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.
Go for a Zero Depreciation add-on cover for your two wheeler and stay absolutely worry-free
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).
Required steps and supporting documents:
In case of Accident
In case of Two wheeler Theft
In case of Third Party Claims
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:
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:
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:
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!
"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!"
"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!"
"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!"
"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!"