Two Wheeler Insurance in Chennai

Chennai is also known as the ‘Detroit of India’ and it is famous for its beaches, food, natural beauty etc. The city is a humming metropolis with an estimated population of 90 lakhs. The Chennai metropolitan region has an annual death rate of 1,150 deaths due to accidents over the past decade. Further two-wheeler drivers in Chennai face various issues such as poor road conditions, flooding, heavy traffic and congestion, etc.

With this outlook, it is necessary to have two-wheelers insured so that they can withstand monsoons, accidents and unexpected damage. Further, it is mandatory to have third-party two wheeler insurance as per the Motor Vehicles Act of 1988. Thus, let us first understand factors to consider while purchasing a motorcycle insurance policy in Chennai.

While you consider buying a two-wheeler insurance policy understanding policy duration, add-ons and a few of the below factors is important:

Premium comparison:

Pick the policy having an optimised premium structure with coverage.

Check IDV (Insured Declared Value):

Checking your IDV is important because based on that your premium is decided. Opt for an accurate IDV, not the lowest.

Coverage needs:

Whether you need a comprehensive plan or third-party liability coverage depends as per your requirements and budgetary limitations.

Claim settlement ratio:

Pick an insurer having a high claim settlement ratio, safeguarding your chances of getting a claim.

Digital policy & claim process:

It would be better if you opt for digital policy and claim process because it will save you time and this is where Coverfox comes in!

Add-ons and customisation:

You need to have a free hand while picking add-ons and customising your plan according to your needs.

Network garage facility:

Pick an insurer who has a wide network of garage facilities.

Generally, three types of Two-wheeler Insurance are provided by every insurer:

Third-party bike insurance:

This is the most basic form of coverage and is mandatory under the Motor Vehicles Act of 1988. It covers financial liabilities arising from injuries to third-party individuals caused by your bike. This type of policy is typically the most affordable because it offers limited coverage.

Inclusions:

• Only third-party damage is covered.(vehicle and Individual)

Exclusions:

• Own Vehicle Damage
• Personal Injuries
• Drunk or illegal riding

Standalone Own-Damage insurance:

This insurance focuses solely on covering damages caused to your bike, offering flexibility to those who already have third-party insurance. It includes protection against accidents, theft, fire, and natural or man-made disasters.

Inclusions:

• Own bike accident damages
• Natural Calamities
• Man-Made hazards
• Theft
• Fire

Exclusions:

• Third Party Liability
• Damages that have been caused to the bike consequently and not during an accident
• Drunk Riding or Illegal Riding

Comprehensive Two-wheeler insurance:

Comprehensive insurance provides extensive coverage, ensuring all-around protection for both third-party liabilities and damages to your motorcycle. It includes the benefits of third-party bike insurance by covering damages or injuries to third parties. Also, it protects your motorcycle against accidents, theft, fire, natural calamities (floods, earthquakes), and man-made events (riots, vandalism).

Inclusions:

• Third-Party damage cover
• Own bike damage cover
• Protection against theft
• Protection against natural/man made calamities
• Protection as per add-ons (Zero depreciation, engine protection, accessories protections, etc.)

Exclusions:

• Normal wear and tear
• Riding illegally or under influence
• Unapproved bike modifications
• War effects
• Mechanical or Electrical Breakdowns

You can buy two-wheeler insurance online with the help of below steps:

1. Head over to Coverfox’s bike Insurance section.
2. Enter your Motorcycle registration number in the field given.
3. Click on the button “Bought a new bike?” to purchase a new insurance policy.
4. Fill in the RTO registry details.
5. Click on “Get Quotes”
6. You will be redirected to a page where you will be presented with different quotes from reputable insurance companies.
7. Select the policy that best fits your needs.
8. Pay online through the secure payment gateway.
9. Your policy will be emailed to you at your registered address.

Renewing the two-wheeler insurance policy is very quick and easy with Coverfox with the help of the following steps:

1. Head over to the Coverfox website’s bike insurance section
2. Enter your Bike’s registration number in the given field
3. Enter your previous insurance expiry details
4. Click on Get Quotes
5. You will be redirected to a page where you will be presented with different quotes from reputable insurance companies
6. Select the policy that best fits your needs
7. Pay online through the secure payment gateway
8. Your policy will be renewed and delivered to you by email to your registered address.

Documents Required to Buy/Renew Insurance Policy in Chennai:

Below are the documents required to buy/renew insurance policy

• Proof of purchase of the two wheeler (In case of new vehicle)

• Registration Certificate (RC)

• ID proof

• Address proof

• Driving Licence (DL)

• Previous Insurance policy (Incase of Renewals)

Applying for claims with Coverfox on your side will make it more seamless and hassle-free. You need to take the below actions to claim two-wheeler insurance in Chennai:

Contact the insurer at your earliest to register the claim:

Delayed contact and communication between the claim applicant and the insurer might lead to repercussions thus it is advisable to contact the insurer at the earliest.

Lodge an FIR:

If your bike has been stolen or been in a major accident it is necessary to file an FIR to speed up your claim process.

Damage evaluation by authorised garage or insurer agent:

It is preferred that the garage that you choose is authorised by the insurer’s company.

Settling claim via reimbursement:

Pay the service centre to initiate the claim process, fill out the relevant form and submit the required set of documents to ensure a quick intimation of the claim.

Documents Required to Claim Bike Insurance in Chennai:

• Duly signed claim form

• Copy of valid vehicle Registration Certificate (R.C.). You can get this at RTO Chennai

• Copy of valid Driving License (D.L.)

• Copy of first two pages of the policy document

• FIR for accidental damage

• Original repair bill, cash receipt, and proof of release.

The following are the tips to reduce two-wheeler insurance premiums in Chennai:

Install ARAI-Approved Anti-Theft Devices:

Get discounts by securing your bike with certified locks or GPS trackers.

Opt for a Higher Voluntary Deductible:

Choose to bear a small part of the claims to lower your premium.

Renew Your Policy on Time:

Avoid lapses to retain your No Claim Bonus (NCB) and skip re-inspection charges.

Claim No Claim Bonus (NCB):

Enjoy a 20–50% discount on your damage premium for claim-free years.

Buy Long-Term Insurance:

Choose a 3- or 5-year plan to lock in lower premiums and avoid yearly hikes.

Avoid Unnecessary Add-Ons:

Only select add-ons that suit Chennai’s traffic and weather (e.g., zero dep, RSA).

Compare Policies Online:

Use trusted sites like Policybazaar or Coverfox to find the best-priced plan.

As we have been through a swift guide on buying two-wheeler insurance in Chennai, let’s go through a quick run-down of the same. Comprehensive insurance is preferred if the bike is new or if you want to cover major risks. Stand-alone damage insurance doesn’t cover third-party liabilities but it covers the damage to your vehicle. Meanwhile, third-party insurance is compulsory to buy as per law.

There is no such thing as buying the perfect two-wheeler insurance, it is all about coverage requirements, ease of buying and renewing a policy, claim settlement ratio, inclusions and exclusions and the company that makes these steps easy for you.