5 KEY ANSWERS

30 FLAT SECONDS

Instant Renewals
For policies bought on Coverfox

Two Wheeler Insurance

A good bike insurance plan helps you ensure a safe ride every single time.
Buy Two Wheeler Policy Confidently

With 25 bike insurers near me and 100+ products to choose from, Coverfox works actively to find a plan that is ideal for you. We mean, the best one. From providing you with all the right information to offering unbiased comparisons, we do it all. Hey, you don't even need to engage with the insurer yourself.

Insurer Logo

Things You Need to Know About Two Wheeler Insurance Policy

Coverfox logo

Why Coverfox?

Coverfox offers a simple and instant process to buy and renew insurance policy online.

Save Money on your Two Wheeler Insurance Policy

  • No Claim Bonus: it is a discount on the own damage premium of your insurance policy. It is offered by every insurance company for every claim-free year. For a first claim-free year, you get 20% discount on the own damage premium for the next year. It's cumulative and thus, keep on increasing with the number of claim-free years. This discount can go up to a maximum of 50% for 5 consecutive claim-free years.

  • Save Money: When you buy a long-term/multi-year third-party policy, you can save money on premiums. IRDAI changes the third-party policy premium every year. Generally, there's a price hike every year on third-party premium, which you don't have to pay as you lock the third-party premium for 3 years.

  • 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 Make and Model: 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 the rate of depreciation increases with number of years, 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 your 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 insurer 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
5005% on the OD premium of the vehicle, subject to a maximum of Rs 50/-
75010% on the OD premium of the vehicle, subject to a maximum of Rs 75/-
100015% on the OD premium of the vehicle, subject to a maximum of Rs 125/-
150020% on the OD premium of the vehicle, subject to a maximum of Rs 200/-

Compare Two Wheeler Insurance Policies Online & Get the Best Deal

Coverfox has simplified the process of comparing insurance policies online.

Why Compare Two Wheeler Insurance policies?

Choosing bike was probably not that easy. After all, so many options.

However, choosing an insurance policy won't be that complicated. In fact, it's easy, simple, and straightforward.

No matter which or what type of two wheeler (scooter, scooty, bike, cruiser, sports bike, etc.) you ride, get a two wheeler policy.

But with so many two wheeler insurance companies offering different premium, the ideal way is to compare before buying one.

Coverfox Makes Comparison Easy

After entering the basic details of your two wheeler, all you have to do is click on – Get Quotes, based on the entered details, Coverfox will fetch quotes from different insurers for you. It’s that easy. Within a minute, policies offered by the different insurer will be displayed on your screen. You can check the details and compare various plans. It’s instant and simple.

Steps to Compare Two Wheeler Insurance Policies Online

  1. Enter your two wheeler details – Vehicle number, if you don't know the number then enter the basic details of your two wheeler, such as model, make, and variant.
  2. Enter the registration details of your two wheeler.
  3. Check and declare if the policy has expired or not.
  4. Finally, click on Get Quotes.

Things You Should Consider While Comparing Two Wheeler Insurance Policies

  1. Compare type of Coverage (Third Party Liability or Comprehensive).
  2. Compare Insured Declared Value (IDV).
  3. Compare Premium.
  4. Compare Add-on Covers.

Unique Benefits of Comparing Policies

  • Save Money: Compare different insurance policies and save money
  • Best Plan: Compare to get the best plan for your two wheeler
  • Insured Declared Value: Compare Insured Declared Value offered
  • Add-on Covers: Compare add-on covers offered by various insurers

What is Multi Year Two Wheeler Insurance?

A third-party insurance policy is valid only for one year, which needs to be renewed every year before the policy lapse.

However, a multi year two wheeler insurance policy is unique. With a long-term/multi-year insurance policy, you can cover your two wheeler for 3 years in a single policy.

You don't have to renew the insurance each year.

Benefits of Multi-year Two Wheeler Insurance Plan:

Save up to 20–40% upfront on premium

IRDA hikes the third-party liability portion of the premium by up to 20% each year. Multiyear insurance saves you against the hike of third-party premium and service tax.

Eliminates the hassle of yearly renewal

Renewing your policy once for three continuous years is stress-free as compared to renewing your two wheeler insurance policy annually.

Protection for long-term

Ride safely and happily by enjoying long-term financial protection of your vehicle for three years. Also, you receive one policy document that is valid for three years.

Easy cancellation of policy

Insurers make the multiyear insurance policy cancellation easier. In a multi-year year plan, if you make a claim in case of theft/loss, you may get the refund of premium of the remaining period.

Lucrative discounts offered

At times, insurance companies offer upfront discounts on multi-year two wheeler insurance policies. This helps you save on your premiums.

Better No-Claim Bonus

If you are eligible for 25% NCB, it’s applied on the premium of all 3 years. In single year policy, you lose the 25% with one claim. But, in multiyear plan, the 25% is locked for you.

Things you need to know

What's not included in your two wheeler insurance cover?

A third party two wheeler insurance cover is clearly limited. But there are some scenarios where even a comprehensive bike insurance policy with add-ons can't help:

  • Damages when the policy is not active.
  • Damages when the driver/owner is breaking the law. (Always carry your license, follow traffic rules and NEVER EVER drink and drive!)
  • Damages due to oil leakage.
  • Damages when you don't follow manufacturer's guidelines. (Not a good idea.)
  • Gradual wear and tear. (Because everything grows old!)

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:

  • Insurance Company: Check the company’s past records for the number of claims settled and the time taken to settle them. That's always a great measure.
  • Premium and Coverage: Balance between the premium you are willing to pay and the coverage that you will actually end up needing. Also, don't forget to include add-ons.
  • Cashless Garage Network: Be sure about the insurer’s network garages in your area. You must remember that you can avail cashless services only at these garages, so that's always tricky.

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:

  • The copy of the Registration Certificate & Tax Receipt of your bike.
  • The proof of valid insurance document.
  • Copy of your Motor Driving License
  • Copy of FIR/Panchanama in case of Theft or Third Party damage/death/bodily injury.
  • Repair Bills and Payment Receipts in case of reimbursement. That sounds about right?

What is zero or nil depreciation add-on cover for your two wheeler?

At the time of claim, the insurance company does not pay the depreciable cost. Depreciable two wheeler parts such as rubber, plastic, metal are not fully covered. The depreciable cost as per the body parts are deducted at the time of claim repair, which the policyholder has to pay.

But with the help of zero depreciation add-on cover, 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 of depreciable parts (except tyre(s) and tube(s)).

How to make a claim on your bike insurance policy?

Required steps and supporting documents:

In case of Accident

  • Immediately contact Coverfox.com
  • Lodge a claim with duly signed claim form
  • Copy of Driving License, RC book, Policy document
  • FIR, if required (Kindly note down, contact details of people and vehicle number involved in accident)
  • Original Repair Estimate Bill
  • In case of cashless service, only Invoice receipt
  • In case of reimbursement provide estimate bill, original invoice and payment receipt

In case of Two wheeler Theft

  • Immediately contact Coverfox.com
  • Lodge a claim with duly signed claim form
  • Original keys with Copy of Driving License, RC book, Policy document
  • Police FIR copy
  • Duly signed Form 26, 28, 29, 30 and Form 35.
  • Final confirmation with “No Trace Report” of the insured vehicle from the police

In case of Third Party Claims

  • Immediately contact Coverfox.com
  • Lodge a claim with duly signed claim form
  • Police FIR copy
  • Copy of Driving License, Policy and vehicle’s RC book
Leave a rating!
4.2 (61 votes)
Close