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What is Bike Insurance?
There are many types of policy bike insurance refers to policy where Insurance policy company provides protection in terms of financials against physical damage or bodily injury resulting from road accidents. Nowadays it is mandatory to have a valid Bike Insurance as by Motor Vehicle Act 2019. It has been mandatory for all bikers to have Third party Insurance without having Bike Insurance you may be under threat of been fined on road or no compensation for loss and damage to your bike.
Reasons to have a Two Wheeler Insurance
There are many types of Bike Insurance policy available in the market but we provide the best deal for your best bikes. Few of the reasons to have two wheeler Insurance are:-
Types of Bike Insurance Policy in India
Broadly speaking there are two types of Bike Insurance mainly offered by Insurance companies in India. They are Third party bike Insurance and comprehensive bike Insurance.
Difference between Third Party & Comprehensive Bike Insurance
Factors/ Type of Bike Insurance Plans
Third Party Bike Insurance
Comprehensive Bike Insurance
Scope of Coverage
Third Party Liability
Personal Accident Cover
Mandatory of Law
Benefits of Two Wheeler Insurance?
Knowing the conditions of Road and Transportation in India. When a person rides his bike he may get accidents by his or other mistake. Quality of roads are not high in India. High traffic, Morning rush hour all are the parts of life today. On the rainy day tyres of bike may get slippery all these lead to Damage to Bike.
The only solution to have your bike protected from this road accidents and theft is to have a valid Bike Insurance. The Motor Protection Law too protect millions of bikers from expenses to Third Party Damages. The benefits of having Two wheeler Insurance are:-
- Financial Protection against Damage:- In India, major population been under middle class, road accidents damages, theft put a heavy burden on two wheeler owner. Bike Insurances protects you from such expenses and saves a lot of money in case of accidents.
- Accidental Injuries:– Bike insurance includes not only the expenses of bike but also too the injuries incurred to owner due to accidents.
- Cost of Spare Parts:– With the rise of prices of two wheeler like Motor cycle, Scooter etc. there has been constant increase in price of spare parts of Bikes etc. These Bike Insurance policy also covers the cost of Spare Parts like Nut, Bolts, Brake etc.
- Roadside Assistance when needed:– One of the benefits of Insurance policy is road side assistance. Suppose you get minor accident. If you opt for roadside assistance during policy purchasing they will come to your help on road. Among various services are towing, minor repairs. Flat tyres etc.
- Peace of Mind:– Damages to Bike not only make financial problem but also have impact on peace of mind to bear loss of damages to Bike. By the bike insurance, you can breathe care free of all the expanses.
Key features of Bike Insurance Policy:-
In the competitive market there are many Insurance company which came with many features to woo the customer to have their Insurance policy. Nowadays to have their Insurance policy with lot of Policy available one chooses the best. Some of the key features of bike insurances are:-
- Type of Coverage:- one of the major key feature is the rider having option to choose comprehensive on liability only policy. Liability only policy is mandatory whereas comprehensive policy is not mandatory.
- Compulsory Personal Accident Cover of 15 Lakhs:- Bike owners can now avail personal accident cover of Rs. 15 lakh under the Bike Insurance Policy. Earlier it was 1 lakh which has been increased upto 15 lakhs by IRDA.
- Transfer of No Claim Bonus ( NCB) easily:- No Claim Bonus (NCB) refers to reward for a person for safe driving practices and making no claims in the earlier year NCB discounts can be easily transferred in case of newly buyed bike. NCB Discounts are provided to owner of vehicle and not to vehicle.
- Higher Efficiency and Quick Registration through Internet Purchase:- Insurance company provides various offers and online policy purchase policy through their website. By the internet it is now easier for policy holder to get their needs fulfilled within seconds.
What is Covered under Two Wheeler Insurance policy:- In the competitive market there are many Insurance company offereing various schemes for your bike. One person can met with accident anywhere and Anytime. Following are the inclusions that bike owner gets with policy:-
- Damage Due to Natural Calamities:- Damages to bike due to the Natural calamities like earthquake, flood, lightning, cyclone etc are included in it.
- Loss & Damages due to Man-Made Calamities:- Insurance policy provides various coverage against Man Made calamities like riots, strike, malicious act, terrorist activity etc.
- Own Damage Cover:- Any loss or damage to bike due to Natural Calamities, fire and explosion, theft are covered under it.
- Personal Accident Coverage:- A personal accident coverage refers to cover of up to Rs. 15 lakh provided to person for injuries to rider/ owner that may result in any type of Disability.
- Theft or Burglary:- With the increase in cases of theft and Burglary. Bikes are at high risk. Insurance company provides for cover of bike in case of theft or Burglary.
- Legal Third-Party liability:- Insurance company offers for compensation of loss of third party it may include person or property. It pays for injuries to third party.
- Fire & Explosion: – It also covers any losses or Damages due to fire, self ignition or any type of Explosion.
What is not covered under Two- Wheeler Insurance policy:-
Insurance policy does not cover the following damages likes:-
- Damages to two wheeler on normal running on after use of bike for long.
- Mechanical/ Electrical breakdowns are not covered under the cover.
- Depreciation of bike from regular use.
- After normal running of tyre and tubes damages to them are not covered.
- There is always a scope for something when it is used beyond t heir scope it may lead to Damages. Such compensation are not covered.
- If the Bike is driven by person without valid driving licence. Then Damages/ loss incurred are not compensated.
- While the time of accident if the Driver is found to be in influence of drugs or alcohol, insurance company does not compensated in such cases.
How to claim Two- wheeler Insurance policy online.
A Insurance policy holder can claim the two wheeler insurance policy by two ways either by lodging a cashless claim or by reimbursement claim with this insurer company.
- Cashless claim:- Cashless claim refers to claim policy where claim amount for damage vehicle is directly paid to network garage where repairs was done. In this type of claim one has to repair his damage bike only there where Insurer Company has a network.
- Reimbursement Claim:– This Reimbursement claim can be registered when the damage part is repaired at out of the network service of insurer. Means that garage is not in the list of approved garage of Insurer. In that case, you have to pay for the repair parts initially. But you will be eligible for filling of Reimbursement with your insurance policy.
Documents required for filling a claim for your Two Wheeler:- Following are the Documents which you require while filling for two wheeler claims:-
- Duly signed form of Insurance holder & insurer.
- Registration certificate or RC of the Bike is required in Documents.
- Photocopy of your Insurance policy.
- Repair bill and payment receipt in original.
- Proof of release is also required while filling Documents.
How to Renew Two Wheeler Insurance Policy online:-
A insurance company provides you various channels thorough which you can renew your Bike Insurance policy online. Providing the best policy available in the market and by comparing diff policy.
By getting assistance from our call centre.
Online Two Wheeler Insurance Renewal Process:-
Renewal process for Two Wheeler Insurance is very easy and available on website. One can follow following steps for renewing his two wheeler policy.
- First one has to go to Bike Insurance renewal form
- Details of two wheeler like RC and other information to be filled.
- Select the two wheeler insurance policy you want to purchase
- Select the Riders or update IDV.
- After completion of all process you can see the premium amount that one has to pay.
- One can choose the medium of payment as per his/her choice to pay for the premium amount.
- Once the payment is made. The Insurance policy will be renewed.
- One can download the Insurance policy original copy from registered email address or one can get download and print out the renewed policy.
STEPS TO RENEW TWO WHEELER INSURANCE POLICY OFFLINE
One can also Renew his two wheeler insurance policy offline by insurance company. One can fill the form of application there by filling all the details. The Branch there provides you all the details and better plans for your two wheeler. If a person pay the premium amount by cash, DD or Debit card he gets the renewed policy immediately. Cheque payments needs time to clear and in such case the policy is usually sent to the registered email id of policy holder. He need not to visit the Branch office.
How to Renew your Expired Two Wheeler Insurance policy:-
- Once a Insurance policy is Expired you are not covered by insurer for any damages, legal liability etc. while riding it is punishable offence to have expired insurance policy. Wo one need to renew his expired two wheeler insurance policy.
- Switching the Insurer:- If one person is not satisfied with his previous Insurer company he can opt for switching the Insurer. Renewal time is the best time to renew your policy coverage as well as Insurer. One can get the best deal in competitive market.
- Online Searching:– With the introduction of Internet is now convenient fast and safe to buy a policy. One can go to renewal section and by providing details of bike such as make and model, manufacturing year etc. one can select the type of Two-Wheeler Insurance plan from available list.
- Buy Policy and stay Insured:– In the available list of Insurance plans if one offered premium is suitable to buyers budget. One buyer can make payment online and have insurance policy. Nowadays every Insurer offers a safe payment gateway. Where the Banks details of Insurance holder is kept safe after the compensation of process policy document is sent to registered email ID of Insurance holder.
HOW TO COMPARE TWO WHEELER INSURANCE PREMIUM ONLINE:-
Nowadays two wheeler insurance is mandatory in case of third party liability and Damages to third person on property. Apart from these insurance companies also provides protection against own damages bike. Accident cover are provided insurance policy company.
For comparing two wheeler insurance premium online one has to check few things apart from premium and they are:-
- Type of 2 Wheeler Insurance:- The first steps to compare Two Wheeler Insurance policy is to check type of Two Wheeler Insurance. In market two types of policy are available third party liability and comprehensive plan. If one wishes for complete cover against all risks he can go for comprehensive plan.
- Add on or Optional covers:- Add- on or optional covers are extra from two policy which can be buyed by paying extra. Add- on covers includes zero depreciation cover, personal accidents cover, Emergency roadside assistance, medical cover etc. In this insured needs only to pay the premium of service charge and rest insurer meets the cost.
- Facilities & Features Available:- There is a stiff completion in the market for Bike Insurance Companies. Every companies offer various features and benefits to help consumers to have claim process. Such facilities are recognized vehicle association or for installing theft proof devices. Few companies cover gives costumers to do not follow the repair workshop in case of cashless repairs.
- Claim process:- Now, Customer friendly claim settlement approach is adopted by many policy providers. They helps the insured to take their Damage bike to nearest authorised service centre. It is the insurer who bears all the expanses, the owner has only to bear the expenditure. Which is beyond the cover of policy along with service charges.
- Renewal process:- Renewal process has too became very easy and convenient with Introduction of Policy filling online. One can apply for Renewal online and get the electronically signed policies which you can easily get print out.
- Discounts available:- Before purchasing a policy one needs to have the Discounts that are available to Insured while insuring. Most companies offer discounts such as No Claim Bonus ( NCB) on discounts to members of recognized automotive association. Some of the companies offer an additional discount for online policy renewal if done through certain apps on credit card. While some companies offer extra additional covers in addition to policy.
HOW TO BUY TWO WHEELER INSURANCE POLICY ONLINE?
Following are the steps to buy two wheeler insurance policy online.
- One has to scroll to the top of page
- Enter the details required
- One has to select the city and his RTO zone
- Details of 2 wheeler manufacturer, model and variant of his bike is needed to be filled.
- Enter the year of manufacturing.
- One has to choose the premium quotes from different insurers that will be displayed on screen.
- Select the plan that one need to purchase for his bike.
- If one needs add-ons one can select that time.
- Once all details done, you can pay the premium amount through Debit/Credit card or through Internet Banking.
- The policy will be issued and it will be sent to your registered email id.
Top Bike insurance company in India 2021
|Companies||Network Garages||Claim Settlement Ratio|
|1||Bajaj Allianz General Insurance||4,000+||88.83% in FY20|
|2||Bharti Axa General Insurance||5,200+||87.99% in FY20|
|3||Hdfc Ergo General Insurance||6,800+||91.23% in FY20|
|4||Icici Lombard General Insurance||8,800+||87.71% in FY20|
|5||Iffco Tokio General Insurance||4,300+||95.30% in FY20|
|6||Kotak General Insurance||1,300+||82.81% in FY20|
|7||National General Insurance||3,100+||85.71% in FY20|
|8||New India General Insurance||3,000+||89.60% in FY20|
|9||Reliance General Insurance||6,200+||84.26% in FY20|
|10||Sbi General Insurance||16,000+||89.51% in FY20|
|11||United India General Insurance||3,100+||82.93% in FY20|
|12||Universal Sompo General Insurance||3,500+||90.78% in FY20|
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