Varun raj
Renewing my bike insurance policy online was quick and easy
09 Jan
Language
Two-wheeler insurance is a type of financial protection designed to cover expenses arising from accidents, theft, damages, and legal liabilities involving your two-wheeler. It ensures that you are financially secure in case of unforeseen events on the road. 2-wheeler insurance is a legal agreement between the policyholder and the insurer that gives financial assistance to the two-wheeler insurance policyholder when in need (as per policy). Depending on the bike insurance policy, it can cover damages to your bike, third-party liabilities, personal accidents, and more. Riding without a third-party 2-wheeler insurance policy in India can lead to hefty fines, up to ₹4000, and it is mandatory to have at least a third-party liability bike insurance to ride legally on public roads as per the Motor Vehicle Act 1988. So, compare bike insurance policies and get one today!
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.
While riding on public roads of India, having bike insurance is essential. It not only helps you prevent legal trouble, but also assists you financially in case of an accident, repairs, damages due to various reasons, etc. Here are the key reasons for buying a bike insurance policy in India:
As per the Motor Vehicles Act 1988 in India, at least third-party bike insurance is mandatory for all two-wheeler owners. Riding without third-party liability two-wheeler insurance cover can lead to traffic challans that can go up to ₹4,000.
Two-wheeler insurance policy ensures your financial well being. Damages incurred by your bike in an accident, any third-party liability, repair costs, medical liabilities, damages by man-made hazards or natural calamities are covered by 2-wheeler insurance.
While riding on the road, you do not have to worry about legal troubles due to lack of two-wheeler insurance, financial backslash due to accidental damages, repair costs of your bike. You will ride completely stress free, because bike insurance will have your back financially.
Any liability that arises from an accident by your bike or motorcycle, towards a person or a property, will be covered by bike insurance.
Bike insurance is essential for protecting your two-wheeler against financial losses due to accidents, theft, or other unforeseen events. Below are the key features and benefits of bike insurance:
| Features | What It Offers | Benefits |
|---|---|---|
| Covers damages to your bike from accidents, theft, natural and man-made disasters; includes third-party liability. | Ensures full financial protection for your vehicle and legal liabilities. | |
| Mandatory coverage for damage or injury caused to others. | Keeps you legally compliant and avoids fines or lawsuits. | |
| Protection against theft, accidents, fire, and natural calamities. | Saves money on costly repairs or replacement. | |
| Covers injuries or death of the rider, sometimes pillion as well. | Offers financial aid during medical emergencies or accidents. | |
| Optional covers like Zero Depreciation, Engine Protection, Roadside Assistance. | Customises your plan and enhances your safety and convenience. | |
| Discount on renewal premiums for claim-free years. | Rewards safe driving with cost savings. | |
| Network of partner garages for direct repairs without upfront payment. | Reduces hassle and speeds up the repair process. | |
| Set your bike’s insured value as per your preference. | Optimises claim value and controls premium cost. | |
| Buy or renew policies online for multiple years. | Saves time and ensures uninterrupted coverage. |
There are many options, many insurers that provide excellent bike insurance policies online to choose from. So, what are the factors that you should consider to get the best deal for bike insurance policy? To answer that, keep a note on these factors that affect online 2-wheeler insurance prices:
Consider your coverage needs, if you need a third-party 2-wheeler insurance policy only to be able to legally ride on roads, or have a better, comprehensive bike insurance policy to protect you from any financial mishaps. Generally, we recommend getting a comprehensive two-wheeler policy for new bikes to ensure financial security and a third-party bike insurance policy for older bikes.
Before buying anything, you probably set a budget. Premium costs are a yearly price that you pay to have two-wheeler insurance. Weigh the price of premium vs the benefits it gives and then choose the bike insurance policy.
Add-ons help you enhance your two-wheeler insurance policy online. Add-ons like Personal Accident Cover, Zero-Depreciation Cover, 24x7 Roadside Assistance Cover, are excellent to have for a small price uplift. Consider them before making a final decision.
Choose an insurer with a high claim settlement ratio to ensure a hassle-free claims process. This ensures you do not need to worry about problems during claims and have a peace of mind.
No claim bonuses are transferable, so while renewing the bike insurance policy, ensure you transfer NCBs while you renew your policy. NCBs are transferable, so ensure during your bike insurance renewal, you opt for NCBs. If you do not make a claim during a bike insurance term, in the next two-wheeler insurance renewal you can get hefty discounts.
The following types of two-wheelers can be covered under two-wheeler insurance policy online:
Add-on covers in two-wheeler insurance online are optional enhancements that you can include with your comprehensive or standalone own-damage policy. Though they come at a small additional cost, these add-ons significantly boost the protection offered by your standard plan. Here are some popular online bike insurance add-ons you can consider:
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In India, you can buy 3 types of two-wheeler insurance online: third-party (covers damage to others), own-damage (covers your bike), and comprehensive (covers both). Let’s have a detailed look at all of the types of two-wheeler insurance online.
When selecting a bike insurance policy, it’s important to understand the available options to choose the one that best fits your needs. Here’s a detailed look at the three main types of bike insurance policies:
In a third-party liability cover, only the damages done to a third party (individual or property) are covered. This type of two-wheeler insurance is mandatory by law as per the Motor Vehicle Act 1988. Driving without having at least a third-party bike insurance policy can lead to hefty fines.
A comprehensive bike insurance policy gives all round financial protection to the policyholder. It covers any damages done to the policyholder’s bike, any third-party liability and can be further customised using add-ons. This type of 2-wheeler insurance policy is recommended to ensure complete financial security.
A standalone bike insurance policy or own-damage two-wheeler insurance covers damages done to the policyholder’s vehicle only. No third-party liabilities will be covered under this type of insurance, so ensure to get a third-party insurance before buying a standalone cover plan. This is a cost-effective insurance plan.
This table will help you out in understanding the difference between the types of bike insurance online and help you choose what's best for you:
| Aspect | Third-Party Bike Insurance | Comprehensive Bike Insurance | Standalone Own-Damage Bike Insurance |
|---|---|---|---|
| Covers damage/injury to third-party individuals or property only | Covers third-party liabilities plus own bike damages | Covers only own bike damage; third-party cover must be bought separately | |
| Mandatory under the Motor Vehicles Act, 1988 | Not mandatory but highly recommended | Not mandatory but requires a third-party policy for legal compliance | |
| ❌ Not included | ✅ Included | ✅ Included | |
| ✅ Included | ✅ Included | ❌ Not included | |
| ❌ Not typically included (unless separately opted) | ✅ Included | ✅ Included (with variations) | |
| ❌ Not available | ✅ Available (e.g., Zero Dep, RSA, Engine Protection) | ✅ Available (customisable) | |
| Most basic, Cheapest | Higher Premium rates, but more coverage | Cost-effective Premium cost by bundling policies | |
| ❌ Unavailable | Can be customised using add-ons | Limited add-ons can be used for customization | |
| Basic legal compliance, budget buyers | Full coverage seekers, high-risk area riders | Riders with third-party policy, needing own-damage protection | |
| No own-damage or rider cover | Higher premiums | No third-party liability cover |
| Covered Under Bike Insurance | Not Covered Under Bike Insurance |
|---|---|
Third Party Liability |
Electrical or Technical Issue |
Losses/Damages Due To Fire |
Intoxication |
Accidental Damages |
Basic Wear and Tear |
Natural Calamities |
Unlawful Activities |
Man-Made Situations |
Out Of Jurisdiction |
Loss or Theft Of Vehicle |
Consequential Loss |
If you are looking to buy bike insurance online for your two-wheeler, you have come to the right place. Coverfox provides everything you need while looking for a bike insurance policy. You can compare bike insurance prices, select add-ons, get discounts and everything can be done completely online! Just follow these simple steps:
Visit the Coverfox website.
Enter your bike details, including registration number and model.
Select add-ons if required.
Make a secure online payment.
Receive your policy instantly via email.
Coverfox provides one of the best platforms to buy insurance online. It is a one stop station where you can compare bike insurance prices, coverages, calculate premium and get excellent after-sale support. Here is a more detailed breakdown on benefits of buying two-wheeler insurance online through Coverfox:
Coverfox provides comprehensive bike insurance online that covers your own damage, third-party liabilities, and total loss due to accidents, theft, fire, and natural disasters.
You can enhance your two-wheeler insurance with add-ons like Zero Depreciation Cover, Roadside Assistance, and Engine Protection, allowing for customised coverage according to your needs.
Policyholders can enjoy cashless claim benefits at network garages, reducing out-of-pocket expenses for repairs.
The platform avails easy purchase of bike insurance online, bike insurance renewal online, and even the claim process can be done online. The digital world has taken the world of bike insurance online.
Online support is available through chatbots and customer service, offering guidance and assistance whenever needed.
Coverfox provides bike insurance at best rates in the market, and you can compare it with different insurers at the same time. Coverfox also provides discounts like NCBs, cutting down premium costs and help you save money whilst protecting you financially.
Comprehensive coverage provides financial security and peace of mind, safeguarding against unforeseen liabilities and expenses.
While buying a bike insurance policy one has to keep the following pointers in mind:
Consider add-ons such as zero depreciation, roadside assistance, or personal accident coverage to enhance your policy.
Look for No Claim Bonus discounts to lower premium costs for claim-free years.
Choose from third-party liability, standalone own damage, or comprehensive plans based on your needs.
Use online platforms to compare policies, access discounts, and ensure a smooth buying experience.
If you have bought a new motorcycle, you should buy two-wheeler insurance online immediately, to be able to legally ride on public roads of India and to safeguard your financial well being in case of unfortunate events. Follow these steps to get two-wheeler insurance online for your bike:
Comparing bike insurance policies online helps you determine the best possible policy for your two-wheelers. It ensures you take the right decision and do not regret later. Coverfox provides the best platform to compare bike insurers online. You can compare different insurer factors like reviews, claim settlement ratios, network garages etc online through Coverfox. Here are a few tips to compare insurers online:
After you purchase bike insurance, at a point you might need to file for a claim. Filing a claim is basically asking the insurance to make you whole for an incident or a repair that is covered under your bike insurance policy. There are 2 types of claims, one is cashless claim the other is reimbursement claims. Here’s a thorough guide on how to file a claim against your bike insurance:
Inform your insurance provider immediately.
Submit a claim form along with the required documents.
Provide details like FIR (if applicable) and repair estimates.
Get the vehicle inspected by the insurer.
Receive claim approval and get your bike repaired at a network garage.
Following documents are required to file for a claim at an insurer:
Premium rates are the bike insurance prices that one needs to pay for a particular term (typically 1 year) to avail two-wheeler insurance services. This bike insurance price depends on the coverage plan selected, along with the add-ons, discounts, and on the make model of the bike. Since comprehensive coverage plans cover multiple things and can be heavily customised, we cannot pre-amptively determine its cost. However, price for third-party liability insurance is set by IRDAI based on cubic capacity of the bike, and power output in an e-bike and are as follows:
| Engine Capacity (cc) | Annual Premium (₹) | 5-Year Premium (₹) |
|---|---|---|
| Motor Power (kW) | Annual Premium (₹) | 5-Year Premium (₹) |
|---|---|---|
Insurance premium rate is the price you have to pay in order to receive benefits from bike insurance. Generally the term for a 2-wheeler insurance premium is one year. This insurance premium is affected by various factors, that can increase or decrease the premium price:
Premiums are higher for newer or premium bikes; older bikes have lower premiums.
Comprehensive policies cost more than third-party insurance due to broader coverage.
Urban areas or high-risk zones lead to higher premiums due to increased accident or theft risks.
Additional covers like Zero Depreciation or Roadside Assistance increase the premium.
Younger or less experienced riders often face higher premiums.
A clean claim record reduces premiums through NCB discounts.
Higher usage or commercial use may result in higher premiums.
Non-standard modifications can increase the premium.
Lowering your bike insurance price is easier than you think. Follow these simple tips:
Avoid filing minor claims to earn No Claim Bonus (NCB) discounts.
Shop around to find the best rates and coverage options.
Agreeing to pay a higher out-of-pocket amount reduces premiums.
Security devices certified by ARAI can earn discounts from insurers.
Only select add-ons you truly need to avoid inflated premiums.
Combine bike insurance with other policies for multi-policy discounts.
Avoid policy lapses to retain NCB and avoid higher renewal premiums.
