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08 Dec 2021
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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:
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.
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:
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.
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.
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 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.
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.
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.
Buying a two-wheeler insurance online instantly on Coverfox is easy and simple, just follow the steps mentioned below:
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:
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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Buy, compare and renew best bike cover plans online on Coverfox.
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:
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 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
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.
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.
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.
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:
Disclaimer: The above mentioned prices are for a 2 year old Suzuki Burgman Street 125, registered in Navi Mumbai & previous policy has not expired.
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+ |
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:
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
Take a look at the list of some of the most common exclusions for a two-wheeler insurance plan:
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:
You need not pay a single rupee, the money is given to garage by the insurance company
You can pay the money first, incase of claim & later get it reimbursed by insurance company
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-
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-
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.
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-
Here are the steps that you need to follow to quickly renew your plan online via Coverfox-
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.
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:
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.
