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  • Two Wheeler Insurance
  • What Is Insurance
  • Why You Need Insurance
  • Why Coverfox
  • Things To Consider Before Buying Online
  • Benefits
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  • Which Is Better Insurance
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Buy Bike Insurance Online

Two Wheeler Insurance

Buying a new bike can be very exciting. While most people spend a lot of time and effort in finding the right bike, some amount of time should also be devoted towards finding the right two wheeler insurance policy for your beloved two wheeler. Having two-wheeler insurance is essential before you hit the road with your new bike. It provides financial protection and peace of mind in case of any unforeseen circumstances. From covering accidental damages to third-party liabilities, two wheeler insurance can help ensure that you and your ride are safe on the roads. So, don’t forget to get yourself a two wheeler insurance policy before you head out for a ride!
If you are planning to buy a two-wheeler, it is imperative that you look out for the right two wheeler insurance as well. Read on to learn all about two wheeler insurance so that you are in a position to make a well-informed decision.
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What is Two Wheeler Insurance?

Even the most careful drivers might not always be able to avert an accident. When out on the road, damage to vehicles can be a common problem. While some damages can be minor and easily repairable, some may attract hefty expenses. In order to aid you in managing the financial expenses of repairing your bike, a two-wheeler insurance policy is required. A two-wheeler insurance policy is an agreement between the vehicle owner and the insurance company. The policyholder has to pay the premium and in return, the insurer is obliged to cover the admissible costs of the insured vehicle.

In India, there are broadly three types of two-wheeler insurance policies:

  • Third-party liability bike insurance
  • Comprehensive bike insurance
  • Standalone own-damage bike insurance.

Depending on the requirements and preferences of the bike owner, a bike insurance policy is purchased. While some prefer only a third-party liability to cover the legal formalities, others may prefer an all-around coverage with a comprehensive plan. Standalone own-damage bike insurance is a preferred plan by those who already have purchased a third-party liability cover but also wish to cover their own damage.

Comparing different plans online before purchasing one is essential to get your hands on the most suitable plan for your bike. The location of your bike, the associated risk, premium budget, and frequency of riding the bike are some important factors that play a major role in deciding your ideal two-wheeler insurance policy. This article will provide you with a comprehensive guide to choosing the best plan for your two-wheeler.

Why Do You Need Two Wheeler Insurance in India?

A two-wheeler insurance policy helps you cope with different types of road mishaps and related financial burdens. Here are some of the reasons that necessitate the need for a bike insurance policy:

  • Abide by the law:

    The Motor Vehicle Act, 1988 mandates every motor two-wheeler to have at least a third-party liability insurance policy. Hence, to drive legally on the roads of the country and avoid any unnecessary penalty, you must have a two-wheeler insurance policy. Depending on your needs, you can either go for a basic third-party plan or a comprehensive plan for all-around coverage.

  • Coverage against financial loss:

    Be it a third-party loss or own damage, the repairing costs can sometimes be quite high on your pockets. You may find it difficult to bear such expenses, so having a two-wheeler insurance policy is important. It acts as a financial pillar in case of a mishap. Be it a case of theft, an unforeseen disaster, an accident, etc., a bike insurance policy is there to cover the admissible expenses.

  • Coverage against man-made and natural disasters:

    Disasters, both man-made and natural, can cause serious and, sometimes, irreparable damages to your vehicle. It is heartbreaking to witness and bear the losses. In case your vehicle is in a condition to be repaired, the insurance company will bear the cost of repair. However, if the bike goes into complete loss, a suitable compensation amount is provided by the insurer.

  • Coverage for bike theft:

    Coverage for thievery is also a part of the bike insurance policy coverage. In case your bike gets stolen, the insurance company expects you to file a police complaint. In case the bike is not retrieved, compensation is provided to you by the insurer. In case of any damage to your bike, the repair costs are covered by the insurance company.

  • Personal accident cover:

    The damages during an accident do not always limit themselves to the vehicle or the third party. Some mishaps may also cause fatalities to the bike's owner/driver. Hence, a bike insurance plan also provides personal accident cover for the bike's owner.

Also Check Top Plans in 2021
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Reliance General Insurer
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs

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.

How to Buy Two Wheeler Insurance Policy Online on Coverfox?

Buying a two-wheeler insurance online instantly on Coverfox is easy and simple, just follow the steps mentioned below:

  • Step 1: Scroll to the top of the page.
  • Step 2: Enter the details required.
  • Step 3: Select your city and your RTO zone.
  • Step 4: Choose the two-wheeler manufacturer, model & variant of your bike.
  • Step 5: Enter the year of vehicle manufacturer.
  • Step 6: Premium quotes from various insurers will be displayed.
  • Step 7: Select the plan best fitting your needs.
  • Step 8: Choose add-on covers that you want
  • Step 9: Enter the required personal details.
  • Step 10: Pay premium through options like internet banking, debit/ credit cards.
  • Step 11: The policy will be issued and emailed to your registered email id.

Documents Required to Buy Two-Wheeler Insurance Policy:

In order to purchase a two-wheeler insurance policy for your bike, you need to have certain documents. Check out the pointers below to know what all you need to have before applying for a two-wheeler insurance policy:

  • Registration certificate of your bike
  • Details of your bike like chassis number, bike number, etc.
  • Attested identity proof of the bike's owner (Aadhar, PAN card, driving license, passport)
  • The driving license of the bike owner (attested)
  • Passport size photographs.
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Things to Consider Before Buying Two Wheeler Insurance Online

Mentioned below are some important facts which you can consider before buying bike insurance online from Coverfox.com and also avail certain additional benefits:

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Fast Policy Delivery

With Coverfox, get a comprehensive online two-wheeler insurance coverage plan in 5 minutes.

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Online Claim Settlement

The entire process of claim settlement is fast, convenient and hassle-free.


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Digital Documentation

All of your KYC documents are digitally stored and secured. There is no need for physical inspection.

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Call us on 1800 209 9930 and let us handle the rest.

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Complete Paperless Online Process

Buy, compare and renew best bike cover plans online on Coverfox.

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What are the Benefits of Two Wheeler Insurance?

A two-wheeler insurance policy has a lot of benefits for all its customers. Check out the pointers below-

Covers third-party liabilities:
One of the biggest benefits of having a bike insurance policy is that your third-party liabilities are covered. In case you have accidentally caused any damage or injury to a third party property or person, you are liable to pay for their loss. In such a scenario, your insurer will pay the required compensation to the other party. Any legal liabilities that arise will also be taken care of by the insurer.
Financial support during mishaps:
Some accidents or mishaps can be quite serious and cause heavy damage to your vehicle and to the one driving the vehicle. Repairing the same can be expensive, depending on the parts of the two-wheeler damaged. However, when you have a comprehensive two-wheeler insurance policy, you need not worry about the finances as your insurer is there to cover the admissible charges. You may go for a cashless garage option at a network garage or make a reimbursement claim once your two-wheeler is repaired.
Cover against accidental injuries:
Two-wheeler accidents can often lead to physical injury to the bike's driver/owner as well. Hence, a bike insurance policy covers the medical cost of the driver's treatment as well. So you do not have to panic about medical expenses in such difficult times. The personal accident cover also offers security in case of disability or death caused due to an accident that can go up to INR 15 lakhs.
A cover for all types of two-wheelers:
All types of motor-based two-wheeler vehicles are covered under the two-wheeler insurance policy. Be it a motorbike, moped, scooty, or scooter. All the vehicles can be covered under the insurance plan.
Different types of plans for different needs:
There are different types of bike insurance plans available so people can choose one as per their needs. For old or rarely driven vehicles, a third-party liability can be enough. However, if you live in accident-prone areas or drive frequently, you may look for a comprehensive bike insurance plan.
Peace of mind amid mishaps:
When an accident or unfortunate incident can create a lot of anxiety, especially regarding the repair cost of the vehicle. However, with a two-wheeler insurance policy, you can unburden yourself as financial support provides you with much-needed peace of mind.
Add-ons to widen the coverage:
When you opt for a standalone policy or a comprehensive policy, you have the freedom to purchase different add-ons to widen the coverage of the plan. Roadside assistance, zero depreciation, key replacement, return to invoice, etc., are some of the popular add-on covers. Hence, you need not limit the coverage only to the base cover.

Types of Bike Insurance Policies in India:

Even the two exactly same two-wheelers can have different insurance requirements depending on the location, use of the bike, owner's preferences, etc. Hence, there are different types of bike insurance plans available to suit every need. You must first enlist your requirements and then pick a plan that best suits you. Let us delve deeper into the three major types of two-wheeler insurance policies:

Third-Party Liability Insurance:

As the name suggests, TP or third-party bike insurance is meant to cover only the losses/damages incurred by a third-party person or property done by the insured vehicle. During an accident, if the insured vehicle damages a third party, the cost of repairing the damage is covered by the insurance company. Mandated by the Motor Vehicle Act, having this kind of coverage is important to get coverage for any kind of third-party liability.

Comprehensive Insurance:

Comprehensive bike insurance covers the damages incurred by both parties (insured and third party) due to an accident. It is an all-around bike insurance policy that covers the majority of the admissible costs. Not only does it covers accidental damage, but it also provides

  • Protection against theft
  • Cover for natural and man-made disasters
  • Compensation in case of complete loss of the vehicle
  • Financial aid in case of loss due to a fire explosion.

You can also purchase add-ons along with a comprehensive plan to further enhance its coverage. The add-ons require a sum of extra premium but help you get the features that are not included in the base plan.

Standalone Own Damage (OD) Insurance:

A standalone own-damage insurance policy covers only the damages incurred to the insured bike and the policyholder due to any mishap. Any loss due to fire, disaster, accident, or theft is covered in the policy. Those who already own a third-party liability cover and want their own damage cover as well may go for standalone own-damage bike insurance.

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Which is the Best Comprehensive or Third Party Cover or Stand-alone own damage?

All three two-wheeler bike insurance policies are curated, keeping in mind the varied needs of bike owners. While a comprehensive plan covers all the basic requirements (the third-party losses and own damage), a third-party policy only covers the loss/damage of a third-party person or property. On the other hand, own standalone damage covers only the damage/loss of the insured vehicle.

Different bike owners may prefer different bike insurance plans. In order to know which one is best suited for your needs, here is an easy way to compare:

What is Covered? Comprehensive two-wheeler insurance Standalone own-damage two-wheeler insurance Third-Party liability two-wheeler insurance
Third-party liabilities
✔
✖
✔
Own damages
✔
✔
✖
Personal accident cover
✔
✔
✖
Protection against fire
✔
✔
✖
Cover against theft
✔
✔
✖
Cover against disasters
✔
✔
✖
Add-ons available
✔
✔
✖

The table above clearly mentions the coverage provided under different bike insurance plans. So, now you need to assess what covers you really need and then purchase the respective plan.

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How to Compare Two-Wheeler Insurance Plans Online?

Comparing bike insurance quotes online has become easy with Coverfox. Now you can compare two-wheeler insurance plans online from various 2 wheeler insurance companies and get the best suitable policy at lowest premium prices. You can also check the IDV, NCB, claim settlement ratio as well as cashless garages of these insurance companies.

However, you must also consider the below points while comparing two-wheeler insurance plans:

  1. Type of 2 wheeler insurance: Do check if the motor insurance company is offering both comprehensive as well as third party insurance plans. This will help you manage both your policies easily.
  2. Add-On Covers: Make sure to check all the necessary add-on covers are provided by the insurance provider. Add-on covers provide extra coverage to your motorcycle which is otherwise not included in your policy, by paying extra premium amount.
  3. Claim process: Check the claim settlement ratio as well as the process of claims offered by the insurance provider. Most companies provide both, cashless as well as reimbursement claims. Depending on your needs you need to select the one that suits your needs.
  4. Renewal process: With the digital age, most insurance companies offer bike insurance renewal online. Renewing motorcycle insurance online has become a matter of seconds without any hassle or extra costs. Upon successful renewal, the policy will be sent to your registered email address.
  5. Offers or Discounts: While comparing bike insurance plans, it is important to see how much discount is offered by the insurance company. Different companies offer different discounts on your NCB. Some companies even offer discounts for online policy renewal, credit card discounts etc.

How to Check Motorcycle Insurance Policy Premium

Top Plan
IDV Cover Value
Net Premium
Plan Details
New India Bike Insurance
45,739
₹ 1,358 *
United India Bike Insurance
45,739
₹ 1,457 *
Iffco Tokio Bike Insurance
32,435
₹ 1,465 *
Digit Bike Insurance
40,881
₹ 1,645 *
Oriental Bike Insurance
40,658
₹ 1,792 *
MAGMA HDI Bike Insurance
42,829
₹ 2,028 *

Disclaimer: The above mentioned prices are for a 2 year old Suzuki Burgman Street 125, registered in Navi Mumbai & previous policy has not expired.

Top Rated Two Wheeler Insurance Companies

HDFC ERGO
HDFC ERGO Two Wheeler Insurance
Reliance
Reliance Two Wheeler Insurance
Oriental
Oriental Bike Insurance
Go Digit
Digit Two Wheeler Insurance
Kotak
Kotak Two Wheeler Insurance
Royal Sundaram
Royal Sundaram Two Wheeler Insurance
National
National Two Wheeler Insurance
SBI
SBI Two Wheeler Insurance
Liberty General
Liberty General Two Wheeler Insurance
Magma HDI
Magma HDI Two Wheeler Insurance
Shriram
Shriram Two Wheeler Insurance
Universal Sompo
Universal Sompo Two Wheeler Insurance
ICICI Lombard
ICICI Lombard Two Wheeler Insurance
Edelweiss
Edelweiss Bike Insurance
United India
United India Bike Insurance
Bajaj Allianz
Bajaj Allianz Two Wheeler Insurance
IFFCO TOKIO
IFFCO TOKIO Two Wheeler Insurance
Raheja QBE
Raheja QBE Bike Insurance
Future Generali
Future Generali Bike Insurance
Future Generali
ACKO Two Wheeler Insurance
Cholamandalam
Cholamandalam Two Wheeler Insurance

Best 2 Wheeler Insurance Policies in India - May 2023 (IRDAI Approved)

Here is a comprehensive list of the best two-wheeler/bike insurance plans, the insurers, their respective Third party Cover and a number of Personal Accident Cover across India.

Two Wheeler Insurance Companies Motor OD Claim Settlement Ratio FY20 Motor incurred claim Settlement Ratio FY20 Network Garages
IFFCO Tokio General Insurance 95.30% 87.77% 4,300+
Royal Sundaram General Insurance 92.66% 92.23% 4,600+
The Oriental Insurance Company 91.76% 101.63% 3,100+
HDFC Ergo General Insurance 91.23% 79.21% 6,800+
Universal Sompo General Insurance 90.78% 89.54% 3,500+
TATA AIG General Insurance 90.49% 80.29% 5,000+
The New India Insurance 89.60% 85.35% 3,000+
SBI General Insurance 89.51% 92.05% 16,000+
Bajaj Allianz General Insurance 88.83% 65.83% 4,000+
Future Generali India Insurance 88.69% 57.67% 2,500+
Bharti AXA General Insurance 87.99% 81.91% 5,200+
ICICI Lombard General Insurance 87.71% 76.83% 5,600+
Liberty General Insurance 87.48% 70.95% 4,300+
Cholamandalam MS General Insurance 85.89% 82.95% 7,100+
National Insurance Company 85.71% 116.44% 3,100+
Zuno (Edelweiss) General Insurance 84.52% 116.31% 1,000+
Reliance General Insurance 84.26% 84.63% 3,800+
Acko General Insurance 83.91% 97.58% 2,000+
United India Insurance Company 82.93% 96.45% 3,100+
Kotak Mahindra General Insurance 82.81% 76.66% 1,300+
Go Digit General Insurance 80.47% 74.82% 1,400+
Magma HDI General Insurance 79.60% 85.13% 4,000+
Shriram General Insurance 77.26% 66.43% 2,000+
Navi General Insurance 76.20% -% 900+
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Key Features of Having a Bike Insurance Policy

In order to retain customers and foster loyalty, insurance companies offer a wide range of features. Let's delve into some of the noteworthy features that two-wheeler insurance plans have to offer:

  • Third-party insurance or comprehensive insurance:

    When it comes to two-wheeler insurance, riders have the choice between a comprehensive or third-party policy. The third-party policy is mandatory according to Indian Motor Vehicle Act, and every rider must have this coverage. However, a comprehensive policy not only provides protection against damages caused to the insured vehicle but also includes personal accident coverage along with third-party cover.

  • Simple process of No Claim Bonus (NCB) transfer:

    Transferring the NCB discount while buying a new two-wheeler is a simple process. The NCB belongs to the driver/owner, not the vehicle itself, and is offered as a reward for refraining from making any claims in the previous year(s). You can seek an NCB of up to 50 of the upcoming premium.

  • Mandatory personal accident coverage of INR 15 lakhs:

    Two-wheeler insurance policies include an inbuilt feature where bike owners can obtain personal accident coverage of up to INR 15 lakhs. This coverage has been made compulsory by the IRDAI.

  • Discounts:

    Insurers approved by the IRDA offer several discounts to policyholders. These include discounts for installing anti-theft devices, having no claim records, being a member of any recognised automotive association, etc.

  • Online purchase and quick registration:

    Insurers provide the option of purchasing or renewing policies online through websites and mobile applications. This makes it extremely convenient and fast for policyholders to fulfil their insurance requirements.

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Two Wheeler Insurance Add-Ons

Zero Depreciation Cover

Due to passage of time your bike loses value due to depreciation, which can directly reduce the amount of settlement, at the time of claim. When you purchase a Zero Depreciation Cover you do not have to compromise on the claim amount, as it foregoes the amount of depreciation on the parts made of nylon, plastic and fiberglass. In the event of a claim settlement, the customer receives the full amount due without any deductions for depreciation. It is always advisable to get this add on cover it will help you from any loss in claim, arising from depreciation of your bike or scooter

Zero Depreciation Cover

No Claim Bonus

The No Claims Bonus Add-on allows you to avail a discount on bike insurance premium for the term where you don’t make a claim on your insurance policy. Not making a claim shows you as a safe driver, and the motorcycle insurance company allows you to avail for No Claim Bonus (NCB) discount at the time of your two-wheeler / bike insurance renewal. The no-claim bonus discount can range anywhere from 20-50% of your own damage premium.

No Claim Bonus

Emergency Roadside Assistance Cover

There can be times where your bike or scooter breaks down in the middle of the road and you will then need to drag the bike to the service center at your own expense, this is where this add-on to your bike insurance protects you. This add-on cover insures you from a variety of unplanned and unforeseen incidents that could lead to a roadside emergency such as towing, lost key assistance, battery jump-starts, replacement keys, and fuel arrangements Tyre changes and small repairs on-site are also included. The add-on is of great benefit if you ride long distances every day, especially on Indian roads.

Emergency Roadside Assistance Cover

Return to Invoice

During the claim settlement of total loss, the bike insurance company pays you the Insured Declared Value (IDV) of your bike. Return to Invoice add-on bridges the gap between the IDV of your two-wheeler insurance policy and its current on-road value. This includes taxes, documentation and other related charges as well. What this add on does is provides the policy holder to get an insurance amount as per the price on which the policy was purchased, you will get the entire amount in scenarios where your two wheeler was damaged due to total loss or theft.

Return to Invoice

Daily Allowance Benefit

In a case where your bike has met a casualty, it might be possible that your bike is left at the network garage for days at a time. In such a case, a Daily Allowance Cover provides you with a daily travel allowance till the time your bike is repaired and released from the network garage.

Daily Allowance Benefit

EMI Protection

When you have an EMI protection cover, your bike insurance company shall pay the EMIs for your two-wheeler if the bike is getting repaired at a network garage after an accident.

EMI Protection

Engine Protection Cover

The life and power of your two-wheeler depends on its engine. Hence, taking care of the engine is a must. An engine protection cover add-on covers the damage on your engine caused by water ingression or oil leakage, which is usually not covered under the standard two-wheeler / Bike insurance policy.

Engine Protection Cover

What is Covered Under Two Wheeler Insurance Policy?

Cover from Natural Calamities
Protection against natural calamities:
Earthquakes, floods, lightning, cyclone, storm, hurricane, etc. are all covered under a bike insurance policy.
Man Made Calamities
Protection against man-made disasters:
Some examples of man-made calamities include riots, theft, terrorism, etc.
Own Damage Cover
Third-party cover:
Covers any financial damage that may result from lawsuits involving third-party injuries, including those that may have resulted in the person's death or disability.
Personal Accident Covere
Fire and explosion:
It covers losses or harm brought on by a fire, explosion, or self-ignition.
Third Party Liability
Personal accident cover:
For injuries to the rider or owner that could cause temporary or permanent disabilities, a personal accident cover of up to INR 15 lakhs is offered.
Fire & Explosion
Own damage cover:
This insurance covers the insured vehicle from every loss or damage brought on by fire, explosion, natural disasters, man-made disasters, or theft.

What is Not Covered Under Two Wheeler Insurance Policy?

Take a look at the list of some of the most common exclusions for a two-wheeler insurance plan:

  • Loss brought on by mechanical or electrical failures
  • Any damage brought on by the vehicle's regular wear and tear
  • Depreciation or any subsequent loss resulting from routine use
  • Any tyre or tube damage sustained during regular use
  • Any loss happened while the bike was being used outside the parameters of the policy
  • Any harm brought on by a driver who was under the influence of drugs or alcohol while driving the two-wheeler
  • Loss or harm sustained when a rider without a valid license used the bike
  • Any damage brought on by war, insurgency, or nuclear risk.
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How to Claim Two Wheeler Insurance?

Raising a claim for two-wheeler insurance is quite easy and simplified. You have the option of both a cashless claim and a reimbursement claim. For the cashless claim, you need to take your two-wheeler to a network garage of your insurance provider. For a reimbursement claim, you may go to any garage and later submit the bills to raise the claim.

Check out the claim process in detail:

cashless-claim

Cashless Claim

You need not pay a single rupee, the money is given to garage by the insurance company

reimbursement-claim

Reimbursement Claim

You can pay the money first, incase of claim & later get it reimbursed by insurance company

Cashless Claim

Under a cashless claim, your insurance provider directly settles the admissible bills with the garage and you need not make payments for the same. The process for a cashless claim is-

  • Inform your insurer about the mishap
  • In case of an accident, file an FIR at the nearest police station and collect a copy of the same
  • Fill out the cashless claim form either by visiting the online website of the insurer or at the nearest branch
  • Submit the documents as required along with the form
  • Your insurer will address the matter and pay for the admissible charges as per the policy's clause.

Reimbursement Claim

A reimbursement claim requires you to pay upfront from your end. Once the repair is done, you can raise a reimbursement claim by following the right process-

  • Inform your insurer about the accident or the mishap
  • Lodge an FIR in case of an accident
  • Get your vehicle repaired in any of your preferred garages
  • Fill out the reimbursement form online/offline
  • Submit all the documents along with the form including the bills
  • The insurer will assess the bills and transfer the admissible charges to your linked bank account.

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Process for Bike Insurance Renewal Online

Renewing a bike insurance plan online is a matter of a few clicks. You can do it anytime from the comfort of your home or office. With Coverfox, you can access the simplified and quick renewal process to continue availing of the benefits of a two-wheeler insurance policy.

Documents required to renew a two-wheeler insurance policy

With Coverfox, the process for renewing a two-wheeler insurance policy is mostly paperless. However, in some cases, you may be required to submit a few documents. These may include-

  • Details of the policyholder/owner of the two-wheeler
  • Driving license of the policyholder
  • The registration certificate and registration number of the bike
  • Details of the existing two-wheeler insurance policy
  • Bank details for the purpose of payment.

Steps to Renew Two-Wheeler Insurance Policy Online

Here are the steps that you need to follow to quickly renew your plan online via Coverfox-

  • On the Coverfox homepage, select the option of a two-wheeler insurance policy
  • Click on the option of renewing the plan
  • Enter the details of your existing two-wheeler insurance policy
  • Before you renew the plan, you may want to upgrade or change your existing plan. So, compare different plans to choose the best one
  • Choose the add-ons that you wish to add to your policy
  • Do not forget to avail the bonus/offers available at the time of renewing the plan
  • Pay the premium amount and you are done.

Steps for Bike Insurance Renewal Online

  • 1 Enter Bike Details
    Enter Bike Details
    Fill in your Bike registration number and other basic details
  • 2 Compare & Select Right Plan
    Compare & Select Right Plan
    Go through the shortlisted plans, their premiums and choose the best plan
  • 3 Add Additional Covers
    Add Additional Covers
    Increase the protection by attaching add-ons like Zero Dep. Engine Protection, etc.
  • 4 Make Online Payment
    Make Online Payment
    Pay Premium online through a secure gateway from your credit/debit card, internet banking, wallet, etc.

What is the importance of renewing/ reviving your already expired Bike Insurance Policy?

Make sure you renew your plan before it expires. If you fail to renew the two-wheeler insurance policy on time, your policy may expire leading to no coverage for your bike against any mishap. You will not be able to avail of the no-claim bonus if you do not renew the policy within 90 days of policy expiry.

And that’s not all, if caught without valid two wheeler insurance you not only would have to pay a heft fine, but it can also lead to imprisonment. So, do not delay or wait until the last moment and update the policy on time.

How to Save on 2 wheeler Insurance Premium?

There are certain factors that can influence the premium for bike insurance. Taking care of them can result in lower premium rates. Let’s look at some of those factors and understand how to take advantage:

  • Compare Plans: The best course of action when purchasing two-wheeler insurance online is to first compare bike insurance plans. Coverfox allows you a detailed comparison of the quotes from the best bike insurance companies. Make a note of the features and coverage provided by the various bike insurance providers, then pick the one that best suits your needs and budget.
  • Claim Your No Claim Bonus (NCB): If you choose to renew your two-wheeler insurance or get a new bike insurance plan, make sure to claim your No Claim Bonus (NCB) discount on the premium. In either case, you are eligible to receive an NCB for each year you go without filing a claim, which can drastically lower the cost of your bike insurance, as you can get a premium discount of up to 50%.
  • Choose a higher deductible: The deductible is the share that you choose to pay in case a claim is raised. The higher your share, the lower would be your bike insurance premium.
  • Drive carefully: Your driving history can also affect your premium. Someone who has a record of reckless driving would be considered a high-risk customer and will be charged a higher premium.
  • Install Safety Devices: You can lower your premium by installing safety and anti-theft gadgets that have been certified by the Automotive Research Association of India (ARAI). This step increases the safety of your car and reduces the liability of your insurer.
  • Know your Vehicle’s Age: Your bike's market value or insured declared value drops over time due to depreciation. As a result, the premium you pay also drops.
  • Choose Suitable Add-on Covers: Only choose the add-ons that you feel are necessary for your two-wheeler since they add to the cost of your insurance in return for providing extra coverage.
  • Renew Your Insurance on Time: The NCB benefit on a bike insurance policy that is set to expire is only good for 90 days after the policy's due date. Renew your insurance on time to avoid a premium price hike.
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Conclusion

Having two-wheeler insurance is a critical part of owning and operating a motorbike or scooter. It not only provides financial protection to the owner but also safeguards them from potential legal liabilities that may arise due to an accident or other damage caused by their vehicle. So, if you are planning to buy a new bike, make sure you invest in the right coverage as well.

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Frequently Asked Questions

  • Q. How to check two wheeler insurance status?
    • You can check the two wheeler insurance status in a number of ways:

      1. Get in touch with your insurance provider via email or customer care and inquire
      2. On the website of IIB, which is the Insurance Information Bureau or the VAHAN website, you can enter your vehicle details and check the status
      3. You can visit your nearest RTO for the same.
  • Q. Why is a two wheeler insurance policy mandatory in India?
    • Every motorised two-wheeler has to have a minimum of third-party liability insurance. This has been done so that if a rider causes injury/ harm to some other person, compensation should be payable to recompense their loss.

  • Q. How to get a copy of my two-wheeler insurance policy online?
    • For a copy of your two-wheeler insurance policy, you would have to visit the insurer either online or offline. The online procedure is simple and quick, as you can log in with your details and download a copy of your insurance policy and print it.

  • Q. How to find my two wheeler insurance policy number?
    • Your two wheeler insurance policy number is mentioned on your insurance policy. In case you do not have the policy, you can visit the registered RTO website, enter your bike details and check the insurance number and its status.

  • Q. What is a personal accident cover in a two wheeler insurance policy?
    • A personal accident cover in a two wheeler insurance policy is compensation that is paid out in case the owner/ rider gets severely injured or dies in a motor accident. In case of an unfortunate incident, the cover offers financial support to the injured/nominee.

  • Q. How to buy two wheeler insurance for a second hand bike?
    • When you purchase a second-hand bike, you need to transfer the ownership to your name. You would have to apply for a NOC from the registered RTO. Along with this if the insurance policy still exists, and you want it transferred the previous owner will have to request the insurance company to transfer it to your name. The following documents will be needed:

      1. Policy papers
      2. Proof of identity, both parties
      3. RC
      4. Form 20 and Form 30.
  • Q. What is full coverage insurance?
    • Full coverage is a term used by many, and it refers to car insurance coverage that includes third-party liability and own damage coverage. It is a term often used interchangeably with comprehensive insurance.

  • Q. Is there any grace period for bike insurance?
    • A two wheeler insurance company generally offers a grace period of 30 days to renew the insurance. However, remember that if an accident occurs during the grace period, a claim cannot be raised. Also, if you do not renew your expired policy within 90 days, you will lose the acquired NCB, and no claim bonus.

  • Q. What is the right time to Renew Bike Insurance?
    • It is suggested that you renew your two-wheeler insurance before it expires. For example, if your policy expires on 24th February at midnight, you should get it renewed a few days before the 24th or definitely on the 24th so that there is no break in the coverage.

  • Q. What is the premium of different bike insurance plans?
    • The premium that you have to pay for your bike insurance depends on a number of factors such as age, price, make, model and variant of your bike. Factors like the registration city, your riding history etc. can also influence the premium.

  • Q. Why should I purchase a bike insurance policy?
    • Having a bike insurance policy is mandatory for every motorised vehicle as per Motor Vehicle Act, of 1988. If caught without valid insurance, you can land in legal trouble, which can include a penalty and/ or imprisonment. Apart from this, your bike insurance can help you with financial relief in case of third-party liabilities. If you opt for a comprehensive policy or a standalone own-damage coverage, the own damage would be covered too.

  • Q. What are the different types of bike insurance plans?
    • Broadly, there are three types of bike insurance policies available in India:

      1. Third party liability insurance that takes care of the liabilities that you accidentally cause to a third-party person or property
      2. Comprehensive policy is a combination of third party coverage as well as own damage. One can further enhance the coverage by including add-ons
      3. Own-Damage can be purchased as a standalone cover that covers own-damage only when you have third-party cover.
  • Q. What if my bike insurance policy expires?
    • It is highly recommended that you renew your bike insurance before it expires. This helps your bike stay safe from the risk of being without insurance. In case your insurance has expired, you would have to get an inspection done by your insurer before your policy can be renewed. In case you do not get your policy renewed within 90 days of the expiry, you would lose all NCB acquired so far.

  • Q. Can a bike owner purchase two bike insurance for the same bike?
    • While you can buy third-party insurance and own damage cover from two different insurers, buying 2 insurance plans for the same two wheeler is not allowed.

  • Q. Can bike insurance be transferred to a new owner of the bike?
    • Yes. If you wish to sell your bike or plan to buy a used bike, the insurance is still valid, it is transferable. The transfer must be done within 14 days of the sale/ purchase.

  • Q. What factors determine the premium of a bike insurance policy?
    • The following factors play a major role in the bike insurance premium:

      1. The age of the two-wheeler
      2. The MMV- make, model, variant
      3. The deductible that you have opted for
      4. The two-wheeler’s IDV
      5. The type of policy that you opt for.
  • Q. Can we insure bikes after 15 years?
    • It is compulsory for every motorised bike to have an insurance policy. It is the bike owner’s choice if she/ he wishes to buy third-party or comprehensive insurance.

  • Q. What is depreciation in bike insurance?
    • Every object decreases its value as time passes. Similarly, an asset like a bike also decreases in value due to everyday wear and tear. When a claim is raised, the insurer does not pay for the loss due to depreciation unless a zero depreciation add-on cover is opted for.

  • Q. Why is the premium for bike insurance plans different for different companies?
    • The premiums of the mandatory third-party insurance are fixed by the IRDAI. The vehicles are charged a premium on the basis of their cubic capacity. However, the own damage cover is decided by the insurance companies, which depends on a number of factors. The city/ registration city, the coverage opted for, and the benefits and features of every policy may differ from one another.

  • Q. What are the rules for bike insurance?
    • There are some basic rules that you need to remember about bike insurance:

      1. Third-party liability insurance is mandatory for all motorised bikes
      2. Comprehensive insurance though recommended is optional
      3. Policy coverage expires once the expiry date arrives
      4. No claim can be raised if the policy is invalid
      5. NCB can go up to 50% of the premium.
  • Q. Can I claim insurance for bike scratches?
    • If you have a comprehensive bike insurance policy then yes, you can claim for the scratches on your bike. However, insurance experts suggest that you should avoid making claims that are small so that you do not lose your no-claim bonus.

  • Q. Who are India's most popular Two-Wheeler Manufacturers?
    • India's most popular Two Wheeler Manufacturers are

      1. HDFC ERGO Two Wheeler Insurance
      2. Reliance Two Wheeler Insurance
      3. Oriental Two Wheeler Insurance
      4. TATA AIG Bike Insurance
      5. Bharti AXA Two Wheeler Insurance
      6. Digit Two Wheeler Insurance
      7. Kotak Two Wheeler Insurance
      8. Royal Sundaram Two Wheeler Insurance
      9. National Two Wheeler Insurance
      10. SBI Two Wheeler Insurance
      11. Liberty General Two Wheeler Insurance
      12. Magma HDI Two Wheeler Insurance
      13. Shriram Two Wheeler Insurance
      14. Universal Sompo Two Wheeler Insurance
      15. ICICI Lombard Two Wheeler Insurance
      16. Edelweiss Bike Insurance
      17. United India Bike Insurance
      18. Bajaj Allianz Two Wheeler Insurance
      19. IFFCO TOKIO Two Wheeler Insurance
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Written By: Coverfox - Updated: May, 2023.
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