Bike Insurance

Bike insurance is a type of two-wheeler insurance policy that covers the damages or liabilities occured to the insured motorcycle or scooter due to accidents, fire, theft, natural calamities, man-made disasters, third-party liabilities, etc. According to the Motor Vehicles Act 1988, third-party bike insurance is mandatory for all two-wheeler owners. However, it is suggested to buy comprehensive bike insurance to cover all the major vehicle expenses or damages.

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  • Save up to 85% by comparing plans
    Save up to 85%# by comparing plans
  • 20+ Insurers to choose from
    20+ Insurers to choose from
  • 1.2 Crore+ Bike Insured
    1.2 Crore+ Bike Insured
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Bike Insurance Price in India

The following table explains the 1-year insurance price and 5-year third-party insurance price based on the Cubic Capacity (CC) of your bike's engine and the KiloWatt capacity of your electric two-wheeler's battery:

For Two-Wheelers

Engine Capacity (in CC) Annual third-party bike insurance rates 5-years third-party bike insurance rates
Up to 75 CC ₹ 538 ₹ 2,901
75 - 150 CC ₹ 714 ₹ 3,851
150 - 350 CC ₹ 1366 ₹ 7,365
Above 350 CC ₹ 2804 ₹ 15,117

For E-Bikes

KiloWatt Capacity (in KW) Annual E-Bike Insurance Price 5-Year E-Bike Insurance Price
Less than 03 kW ₹ 457 ₹ 2,466
03-07 kW ₹ 607 ₹ 3,273
07-16 kW ₹ 1,161 ₹ 6,260
Above 16 kW ₹ 2,383 ₹ 12,849

*Disclaimer: The annual and long-term third-party insurance price mentioned above is as per the IRDAI.

Note: In India, the premium of a comprehensive bike policy depends upon several factors, such as engine capacity, bike age, location, etc. On the other hand, the third-party insurance price is determined by IRDAI (Insurance Regulatory and Development Authority of India).

expert-advice-quotes
Directly from Experts

Two-wheelers have always remained an integral part of India’s transportation landscape, reflecting the country’s diverse geographical and economic dynamics. It acts as a source of livelihood for one segment, while for some, it is passion and dream to drive that superbike.

However, the common thing across segments is the need for financial protection against thefts or any unforeseen damage caused by accidents or natural disasters like floods or fires.

And there comes the ‘Two-Wheeler Insurance Policy’ to the rescue, which also prevents third-party liabilities as well as hefty challans for not having valid insurance while driving.

Buying a bike insurance policy from Policybazaar has never been this easy. You can purchase and renew your insurance within a matter of minutes. You can compare plans from 17+ insurers and select the best plan according to your requirements while choosing the right coverage (IDV) and set of add-ons.

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Manas Kapoor
Business Head – Two-wheeler Insurance
Manas Kapoor

Key Features of Bike Insurance Policy

The table below highlights the key features:

Categories Key Features
Bike Insurance Premium Plans starts @ ₹1.3/day*
Compare & Buy Compare bike insurance online from 17+ insurers and buy online
Third-party (TP) Liability Coverage Coverage for permanent/temporary injuries, death & property damages for third-party
Own-damage (OD) Coverage Coverage for the damages or loss to own vehicle from natural & man-made calamities, theft, fire, accidents, etc.
Add-on Covers Available more than 10 add-ons, such as NCB protection cover, zero dep cover, engine protection cover, roadside assistance cover, etc.
Buying/Renewal Process Buy or renew bike insurance online with zero paperwork
Cashless Garages or Network Garages Available
Claim Settlement 24x7-claim assistance available for instant settlements
Mandatory Personal Accident (PA) cover Up to ₹ 15 lakhs
No Claim Bonus (NCB) Avail up to 50% discount on policy renewal for 5 consecutive claim-free years

Benefits of Buying Bike Insurance Online

Buying bike insurance online is quite an easy process and an affordable deal. With that saying, below is a table showing a comparative study of why you should purchase bike insurance online over offline:

Point of Basis Bike Insurance Online Bike Insurance Offline
Buying process You can easily buy bike insurance online from the insurer's website or Policybazaar.com using your smartphone or laptop. You have to physically visit the insurer's office or connect with the agent.
Premium rates Since there is no role of agents or intermediaries, the bike insurance premium is quite affordable. Due to higher operational costs and the huge role of agents, the premium increases automatically.
Customer support services Connect with the respective customer support team 24x7 through calls and emails. During office hours, connect with the respective agent or customer support team.
Paperwork Minimal to zero paperwork. It involves a lot of paperwork.
Convenience It only requires a stable internet connection and a smartphone/tablet/laptop. As the customer needs to visit the insurance agent during office hours, the process is complicated.
Transparent As everything is shown on the insurer's website, hence it is more evident. The huge role of agents, so the transparency is low.
Comparison It is easy to compare different plans online on the internet as per the need and budget. The agents only offer those plans that they want to sell.
Renewal process The policyholder's details are auto-saved with the insurer, so the renewal process is easy. Here, the renewal process is lengthy as it takes more time to gather information.

Why Should You Buy a Bike Insurance Policy?

Having a bike insurance policy is essential in order to protect your two-wheeler and your finances. Here is a list of key reasons why you should have a bike insurance policy:

  • Mandated by Law
    Firstly, having at least a third-party bike insurance policy for your two-wheeler is mandatory in India. Riding without it can result in fines of ₹ 2000/- and/or imprisonment.
  • Financial Protection Against Theft
    Usually, bikes are considered easy targets for theft. However, having a comprehensive bike insurance policy will save you from the significant loss that may arise if the insured bike is stolen and not traced by the local police.
  • Coverage for Accidental Damages
    Road accidents can cause huge damage to your bike and thus lead to costly repairs that you must pay from your pocket if your vehicle is uninsured. However, the right insurance cover will cover these repair expenses, reducing your financial burden.
  • Protection Against Third-party Liabilities
    Suppose you accidentally cause damage to someone else’s property or injure someone while riding your bike. In that case, a third-party bike insurance policy will compensate that person and protect you from legal and financial repercussions.
  • Coverage from Natural Calamities & Fire
    Natural calamities like floods, earthquakes, tsunamis, landslides, fires, etc., can cause damage to your bike. A comprehensive bike insurance coverage ensures you are compensated for the damages or losses incurred due to such unexpected events.
  • Coverage for Man-made Disasters
    Man-made disasters like strikes, riots, vandalism, terrorist activities, etc., causing damage to your bike are covered under your two-wheeler insurance policy. It also covers the damage caused in transit of the insured bike by roads, airways, railways, waterways, lifts, or elevators.
  • Personal Accident Coverage
    Having Personal Accident (PA) cover is mandatory add-on cover available with your bike insurance policy, which provides financial aid up to ₹ 15 Lakh in case of injuries or fatalities caused to the bike owner or rider in a road accident.

Types of Bike Insurance Plans

Broadly, there are 3 types of two-wheeler insurance policies offered by general insurance companies in India. See below for more information:

  1. Third-Party Bike Insurance

    Third-party bike insurance covers the policyholder against all the legal obligations causing damage to the third party in an accident or collision. This policy offers compensation for the damages/injuries caused to a third party/vehicle/person/property up to ₹ 7.5 Lakhs.
    The Indian Motor Vehicle Act 1988 mandates anyone who owns a two-wheeler must have valid third-party bike insurance while riding on public roads.

  2. Own-Damage Bike Insurance

    Own-damage bike insurance is a standalone own-damage (OD) that covers the damages caused only to the insured bike due to theft, accidents, fire, etc.
    For extensive protection, it is advisable to have this policy in addition to mandatory third-party insurance. Moreover, riders can enhance an own-damage two-wheeler insurance policy to get additional coverage.

  3. Comprehensive Bike Insurance

    A comprehensive bike insurance policy covers both third-party liabilities and own damages in a single policy. The policy protects the insured bike from several unforeseen circumstances, such as damages caused due to fire, natural calamities, theft, accidents, man-made disasters, and related adversities.
    Additionally, it allows you to pay an extra premium to buy riders or add-ons to enhance the policy coverage.

Add-On Covers in Bike Insurance Policy

Add-on covers in bike insurance are the optional covers, which can be purchased with a comprehensive policy or standalone own-damage policy by paying an extra premium amount. These add-ons help in enhancing the coverage of the basic plan.

The variety of add-on covers that you can opt for your two-wheeler are as follows:

  1. Mandatory Personal Accident (PA) Cover

    Compulsory Personal Accident (PA) cover is an add-on offered to the owner/driver of the insured two-wheeler only if he/she holds a valid DL (Driving License). As per the IRDAI, ₹ 15 Lakh is the limit of coverage and offers full compensation to the nominee of the policyholder in case of sudden death in a road accident. It also compensates in case of injury or permanent disability of the policyholder.

  2. NCB Protection Cover

    For every claim-free year, the policyholder can avail of a discount on the renewal of the own-damage premium, which is commonly known as the No Claim Bonus (NCB). This NCB ranges from 10% to 50%. With the help of NCB protection cover, a policyholder can retain the NCB and get a discount during renewals, even if they raise any claim during their policy tenure.

  3. Zero Depreciation Cover

    Usually, an insurer pays the claim amount after deducting the depreciation value of the insured vehicle. The zero depreciation cover (commonly known as bumper-to-bumper cover) helps in eliminating the depreciation factor while paying the claim amount. This add-on cover is applicable on private bikes and subject to a specific number of claims during the policy tenure.
    However, compulsory and voluntary deductibles will be applicable even after purchasing zero depreciation cover.

  4. 24x7 Roadside Assistance Cover

    This roadside assistance cover enables the policyholder to avail emergency roadside assistance from the insurer within a specified distance mentioned in the policy documents.
    The roadside assistance protects you in case of breakdown assistance, emergency fuel assistance, flat tyre assistance, lost key assistance, minor repairs, etc. Furthermore, any service taken under this cover is not counted as a claim; hence, the NCB discount remains the same.

  5. Return to Invoice (RTI) Cover

    At the time of total loss or theft, the insurer pays the ‘Insured Declared Value (IDV)' of the insured bike. However, having the Return to Invoice cover bridges the gap between the IDV and the invoice/on-road price of the insured vehicle, including registration and taxes, allowing the policyholder to get the purchase value as the claim amount.

  6. Engine Protection Cover

    Engine protection cover is an add-on benefit under the comprehensive bike insurance policy. This cover offers compensation in case the insured two-wheeler engine is damaged partially or totally due to leakage of lubricant oil, water ingression, damage due to hydrostatic lock, etc.

    Additionally, the engine protection cover protects against damages to the insured bike engine parts, including cylinders, pistons, connecting rods, crankshafts, etc.If you are residing in a flood-prone area or in such a place where water logging is a major issue, this add-on is a must-buy.

  7. Consumables Cover

    Consumables refer to those essential parts that are needed to run the bike smoothly. The engine oil, brake fluids, chain lubricants, coolant, nuts & bolts, etc., are some popular consumables required to run the bike. With the help of consumable cover, the insurer reimburses the cost of consumables up to a certain limit.

  8. Passenger Cover

    A Passenger Cover offers additional financial coverage to the co-passenger or rider in case they meet with a road accident. This add-on cover protects the pillion rider in case of bodily injuries or death due to accidents or insured perils mentioned in the policy documents.

Difference Between Third-party Bike Insurance, Own-damage Bike Insurance, and Comprehensive Bike Insurance Policy

Here is a table highlighting the comparison of TP, OD, and Comp bike insurance policy based on various factors:

Factors Third-party (TP) Bike Insurance Own-damage (OD) Bike Insurance Comprehensive (Comp) Bike Insurance
Meaning It covers third-party liabilities in case of accidents or damage to others' property caused by the insured bike. It covers damage to your own bike due to accidents, theft, natural calamities, man-made disasters, fire, etc. This policy can only be purchased only when you have a mandatory TP policy. It is a combines third-party liability and own-damage coverage, offering comprehensive protection to the insured bike.
Coverage It covers:
1. Damage to third-party property
2. Injury or death of a third party.
It covers:
Damage to your own bike due to accidents, theft, fire, natural disasters, etc.
It covers:
1. Third-party liabilities
2. Own-damages (accident, theft, fire, etc.)
Premium Rates Lowest among all the options available. Moderate among all.
It depends on the IDV of the bike, ex-showroom price, engine capacity, and other factors.
Highest among all, as it covers both third-party and own-damage risks.
Add-ons Availability Only PA cover is available as it is a mandatory cover. Can buy add-ons like engine protection, zero depreciation, etc. Full range of add-ons available, such as engine protection cover, 24x7 roadside assistance cover, zero depreciation, NCB protection cover, etc.
Coverage Limit Only covers third-party damages up to ₹ 7 Lakh. Covers the cost of repairs/replacement of your own bike (up to the sum insured). Covers both third-party up to ₹ 7 Lakh and own-bike damage up to the sum insured.
Premium Calculation Determined by IRDAI and depends upon the bike’s engine capacity. Based on the bike’s IDV (Insured Declared Value), ex-showroom price, engine capacity, etc. A combination of third-party coverage and own-damage factors. Hence, the premium is based on the IDV and bike, engine capacity, and various other details.
Policy Duration For new bikes, buying a TP policy is mandatory for 5 years. Typically it is a 1-year policy and renewable annually. Can be purchased for 1 or 5 years.
Availability of NCB Unavailable Eligible for NCB Eligible for NCB
Mandatory by Law Yes, it is mandatory by law for all motor vehicles in India. No No
Legal Liability Coverage Yes, covers third-party injury, death, and property damage. No, no third-party liability coverage. Yes, it covers both third-party liability and own-damage.

Which Kind of Two-Wheelers Can be Insured with Policybazaar.com?

Usually, four types of two-wheelers can be insured under a two-wheeler insurance policy. Find them below in detail:

  1. Motorbikes: In India, motorbikes are one of the common types of two-wheelers equipped with an engine capacity of 100-1000 CC designed for daily commuting and recreational riding.
  2. Scooters: Scooters, commonly referred to as ‘scooty' in major regions of India, are easy to use and fuel efficient. They are smaller, lighter, and have an automatic transmission, which is why they are becoming popular for urban commuting.
  3. Electric Two-wheelers: As the name suggests, electric motorcycles/scooters powered by batteries are becoming more popular due to the environmental benefits associated with lower operating costs.
  4. Mopeds: Mopeds are extremely lightweight motorised bicycles with an engine capacity of 50-100 CC. They are economical in pricing and are used for short- distance commutes, especially in rural India.

Why Buy/Renew Bike Insurance Online from Policybazaar.com?

Policybazaar.com gives you an option to instantly renew your two-wheeler insurance online in just 60 seconds with the lowest guaranteed premium and save unnecessary hassle and costs. Buy & renew your motorcycle insurance policy & save up to 85%.

What not to miss? Here you go:

  • Compare various 2-wheeler insurance plans from leading insurers in India.
  • Save money and choose a plan that fits your pocket well.
  • Get assistance from our 24x7-customer assistance team for any insurance-related queries.

Coverage Under Bike Insurance Policy

  • Inclusions
  • Exclusions

Here is a list of inclusions given under your bike insurance policy:

Third-party liability cover: Bike insurance company offers compensation in case of injuries or death of a third party person or damage to the property due to the insured two-wheeler.

Fire disasters: Damages or loss caused due to fire, explosions, self-ignition, etc., to the two-wheeler.

Accidental damages: Compensates for the accidental damages caused to the insured bike.

Natural calamities: Damages or losses to your bike caused by cyclones, earthquakes, floods, typhoons, etc.

Man-made disasters: Damages or losses caused to the insured bike due to riots, vandalism, protests, etc.

Theft or total loss of vehicle: Partial or total loss caused due to the theft of the insured bike. The company is liable to pay the bike's IDV as per the T&Cs when the vehicle is stolen, and the authorities declare it 'Untraceable'.

Here is the list of exclusions where the insurer does not compensate for any loss or damage:

❌ Electrical or technical breakdown: Losses or damages due to electrical, mechanical, or technical issues.

❌ Intoxicated condition: Damages sustained by the bike when riding under the influence of intoxicating substances, such as alcohol, drugs, etc.

❌ Regular wear & tear: Repairing or replacing the bike components due to regular wear & tear

❌ Illegal activities: Any loss or damage caused due to illegal activities, such as racing, rash driving, etc.

❌Beyond geographical boundaries: Any loss or damage incurred to the vehicle when driven outside the geographical limits mentioned in the policy documents.

❌ Consequential loss: An indirect loss or impact caused to the insured bike.

*Disclaimer: The above inclusions and exclusions are subject to change as per the insurer's policy wording. Kindly go through the policy wording of the insurance company before buying the policy.

How to Calculate Bike Insurance Premium?

Using a free bike insurance premium calculator available at Policybazaar.com, you can easily calculate the estimated premium of the plan. The bike insurance calculator takes the bike details to evaluate the bike insurance premium. The following are the parameters taken into consideration to fix the bike insurance premium:

  1. Make, model, and the variant of the two-wheeler
  2. Ex-showroom price
  3. City of registration
  4. Year of bike purchase

Follow the below procedure to calculate bike insurance premium online:

  • Step 1: Visit the 'Bike Insurance Premium Calculator' page provided by Policybazaar Insurance Brokers Private Limited.
  • Step 2: Select the essential details about your two-wheeler, such as make, model, variant, ex-showroom price, city of registration, year of purchase, and any claims raised in the past.
  • Step 3: Click the 'Calculate' button to get the estimated premium for the selected two-wheeler model.

This calculator tool gets the 'two-wheeler insurance plans'. After that, you can compare plans and instantly pay via UPI, debit/credit card, or Internet banking for the plan that suits your interests and fulfils your needs. Whether you want motorcycle, scooter or e-bike insurance, you can check out the two-wheeler insurance policies offered by various insurers here.

List of Bike Insurance Plans 2024

The table below lists the 17+ bike insurance companies for 2024, along with their cashless garages and claim settlement ratios. You can compare and buy two-wheeler insurance online for your motorcycle at Policybazaar. You can now renew your expired bike insurance policy online from foremost insurers with lowest premiums in just 60 seconds.

  • Quick Policy Issuance
  • No Inspection, No Extra Charges
  • Lowest Premium Guaranteed on the Insurance Plan
Bike Insurance Companies Cashless Garages Third-Party Cover Personal Accidental Cover Claim Settlement Ratio Policy Term (Minimum)
Bajaj Allianz General Insurance Co. 4500+ ₹ 15 Lakh 96.5% 1 Year View Plan
Cholamandalam MS General Insurance Co. 6912+ ₹ 15 Lakh 98.0% 1 Year View Plan
Future Generali India Insurance Co. 3500+ ₹ 15 Lakh 87.4% 1 Year View Plan
Go Digit General Insurance Ltd. 1400+ ₹ 15 Lakh 97.0% 1 Year View Plan
HDFC ERGO General Insurance Co. 2000+ ₹ 15 Lakh 100.0% 1 Year View Plan
ICICI Lombard General Insurance Co. Ltd. 6200+ ₹ 15 Lakh 93.4% 1 Year View Plan
IFFCO Tokio General Insurance Co. 4300 ₹ 15 Lakh 95.8% 1 Year View Plan
Liberty General Insurance Co. 4300+ ₹ 15 Lakh 98.0% 1 Year View Plan
National Insurance Co. 900+ ₹ 15 Lakh 93.0% 1 Year View Plan
New India Assurance Co. Ltd. 1173+ ₹ 15 Lakh 91% 1 Year View Plan
The Oriental Insurance Co. 3100+ ₹ 15 Lakh 94.0% 1 Year View Plan
Reliance General Insurance Co. 8700+ ₹ 15 Lakh 98.6% 1 Year View Plan
SBI General Insurance Co. 16000+ ₹ 15 Lakh 94.0% 1 Year View Plan
Shriram General Insurance Co. 2000+ ₹ 15 Lakh 98.0% 1 Year View Plan
TATA AIG General Insurance Co. 7500+ ₹ 15 Lakh 98.0% 1 Year View Plan
United India General Insurance Co. 500+ ₹ 15 Lakh 95.0% 1 Year View Plan
Universal Sompo General Insurance Co. 3500+ ₹ 15 Lakh 90.0% 1 Year View Plan
ZUNO General Insurance Co. 1500+ ₹ 15 Lakh 89.0% 1 Year View Plan
Zurich Kotak General Insurance Co. (formerly Kotak Mahindra) 3000+ ₹ 15 Lakh 98.0% 1 Year View Plan

*Disclaimer: The Claim Settlement Ratio (CSR*) mentioned above is as per the figures mentioned in the IRDAI motor insurance annual report 2021-22 and are arranged in alphabetical order. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

Factors Affecting Bike Insurance Premium

Several factors determine the premium of your bike insurance policy. Check out the factors that affect your two-wheeler insurance premium:

  • Policy Coverage: 
    The level of policy coverage majorly affects your insurance premium amount. Since the third-party policy is mandatory & offers basic coverage, you will have to pay a lesser amount to avail its benefits as compared to a comprehensive bike plan.
  • Insured Declared Value: 
    The Insured Declared Value (IDV) of your bike is the estimated current market value of your vehicle. If the current market value of your vehicle is less, you will have to pay a lower bike insurance premium.
  • Age of the Vehicle: 
    The age of your bike is inversely proportional to its market value or IDV due to depreciation factor. The higher the age of your vehicle, the lesser will be the premium amount that you will be required to pay.
  • Make & Model of the Vehicle: 
    Lower-end bike models attract a lower level of coverage leading to lower premiums. On the other hand, high-end bike models will require a wider coverage, and hence you will pay a higher premium.
  • Engine Cubic Capacity (CC): 
    The bike engine's cubic capacity is directly proportional to the bike insurance premium rates. This means higher engine CC will make you pay a higher premium.
  • No Claim Bonus (NCB): 
    NCB enables you to receive a discount on your premium at the time of renewal if you have not raised a single claim in the policy period. Hence, NCB reduces the bike insurance premium.
  • Geographic Location: 
    The place you will be riding your bike affects your premium places. For instance, metropolitan cities have higher risk exposure. Therefore, the premium amount will increase as the level of risk rises.
  • Deductibles: 
    A bike insurance deductible is the portion of the claim you pay before the insurance provider pays the rest of the claim amount. If you opt for the higher voluntary deductible, your insurer will offer you a discount on your premium, reducing the overall premium amount.

How to Save on Your Bike Insurance Premium?

Here are a few ways to help you significantly reduce your bike insurance premium, particularly if you are looking for a comprehensive two-wheeler insurance policy:

  • Choose the Right Bike: Always choose a two-wheeler wisely that fits your needs & budget. A higher-end model will always cost you more than the usual ones. Hence, select a bike which can be covered without making you worried about inflating premium rates.
  • Understand Your Bike's Value: Knowing your bike's accurate market value will help you save a lot. Sometimes, the IDV set may be too high, ultimately increasing your premium for no reason. Therefore, you must ensure the IDV is aligned with the bike's market value.
  • Consider a Voluntary Deductible: Another method to reduce your insurance premium is to choose a voluntary deductible. It refers to an amount you pay yourself while settling the claims. Suppose you are confident that you won't raise a claim during the policy period. In that case, you can agree to pay a higher deductible, further lowering your insurance premium amount.
  • Utilize Your NCB: NCB or No Claim Bonus is a reward that you can use to renew your policy. It will definitely reduce the premium amount of your own damage bike insurance to an extent. If you switch insurance companies, you can still transfer this discount and enjoy the benefits of reduced premiums.
  • Renew Your Policy on Time: You are always advised to renew your policy before it expires to avoid losing accumulated NCB. If your policy lapses for more than 90 days, which is usually the grace period provided by the insurer, you'll also lose out on the accumulated NCB.
  • Install Anti-Theft Devices: Generally, 2-wheeler insurance companies offer discounts on premiums if your bike has an ARAI-certified anti-theft device installed. This precautionary measure reduces the risk of theft and rewards you.

How to Compare Bike Insurance Plans Online?

Comparing two-wheeler insurance premium quotes offered by multiple insurers made it easier with Policybazaar.com. While comparing plans, you must check various features, including NCB, IDV, CSR, etc., of all insurance companies.

However, there are quite a few things to check apart from the premium:

  • Inclusions & Exclusions
    Several bike insurance providers offer both third-party and own-damage cover. In this, it is your sole responsibility to check the coverages i.e. inclusions & exclusions along with the features. Furthermore, understanding the terms and conditions will help you to file for bike insurance claims without any hassles.
  • Add-On Covers
    You can buy add-on covers with your comprehensive bike insurance policy by paying an extra premium. The common add-on covers include zero depreciation cover, NCB protection cover, roadside assistance cover, etc. The policyholder only needs to pay the nominal premium to enjoy add-on benefits.
  • Facilities and Features
    Amid cutthroat competition in the insurance market, motor insurance companies offer various features and benefits to help customers in the claim process. Policybazaar.com customer assistance team operates round the clock, where the insurance experts guide you to select the right policy. Moreover, they assist you in policy renewal, claim settlement, and transfer of NCB (No Claim Bonus).
  • Network Garages
    Network garages is another significant factor that you must check while comparing plans offered by various insurers. If you choose an insurer with a highest number of authorised network garages spread across your location, then finding one near you would be easier and ensure a speedy cashless claim settlement process.
  • Claim Settlement Ratio
    Claim Settlement Ratio or CSR is defined as a ratio between the number of claims raised and the number of claims resolved in a financial year by the insurance company. It is denoted in percentage. It is always advised to choose a higher CSR, as the company will settle claims in less time.

How to Buy/Renew Bike Insurance Plans Online?

To buy two-wheeler insurance plan online, follow the procedure given below:

  • Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited.
  • Step 2: Scroll to the top of the page, click on the ‘Bike Insurance' button from the ‘Insurance Products' drop-down menu.
  • Step 3: Enter your bike registration number if you are renewing the policy. If it's a new bike, or you are buying a policy for the first time, click on the ‘Bought a New Bike' option.
  • Step 4: Compare and select a plan offered by different insurers.
  • Step 5: Choose any type of coverage; third-party or comprehensive bike insurance policy. You can also buy add-ons like zero dep cover, roadside assistance cover, etc., to enhance the coverage.
  • Step 6: Enter the required details such as owner, vehicle, and nominee details.
  • Step 7: Pay the premium amount through UPI, debit/credit cards, or internet banking.
  • Step 8: The policy will be issued, and you will receive the document on your registered email id.

KYC Documents Required to Buy/Renew Bike Insurance

As per the recent guidelines, all the general insurance companies have to complete the KYC of the customers to sell their two-wheeler insurance policies. Here is a list of mandatory documents that you need to submit to buy or renew your 2-wheeler insurance policy:

Documents Required for Proof of Identity/Address

  1. Aadhar Card
  2. Passport
  3. Driving License (DL)
  4. PAN
  5. Voter ID Card issued by the Election Commission of India
  6. Ration Card with the photo of the applicant

Check other documents required in this: KYC document required for buying/renewing a bike insurance policy.

How to Raise a Cashless Claim for Bike Insurance Online?

A cashless bike insurance claim will be directly settled with the network garage where the repairs are carried out. The steps to file a cashless 2-wheeler claim online are given below

  • Step 1: Report the Incident: Inform your insurer about the accident or mishap.
  • Step 2: Damage Assessment: A surveyor will conduct an assessment to estimate the damage.
  • Step 3: Claim Form Submission: Fill in the claim form and submit it with the mandatory documents.
  • Step 4: Repair Approval: The insurer approves the repair request by checking the mandatory documents along with the assessment report prepared by the surveyor.
  • Step 5: Garage Repairs: Send your damaged two-wheeler to the network garage for repairs once the repair request is approved.
  • Step 6: Direct Payment: After repairs, the insurer pays the repair charges directly to the garage.
  • Step 7: Deductibles Payment: You may be required to pay deductibles or non-covered expenses.

How to Raise a Reimbursement Claim for Bike Insurance Online?

Opting for a reimbursement claim means that you choose to get repairs done at a non-network garage and pay the bills on your own. Later, the insurance company will reimburse the bill amount. Here is the step-by-step process to raise reimbursement claims:

  • Step 1: Claim Registration: Register the claim with your insurer.
  • Step 2: Documentation: Fill out the claim form and submit it with the required documents.
  • Step 3: Cost Estimate: A surveyor estimates the repair cost and informs you about the assessment.
  • Step 4: Non-Authorised Garage Repairs: Get your two-wheeler repaired at a non-authorised or non-cashless garage (any nearby garage in your locality).
  • Step 5: Post-Repair Inspection: The insurer conducts another inspection after repairs.
  • Step 6: Bill Settlement: Pay all charges and clear the bill at the garage.
  • Step 7: Document Submission: Submit all bill payment receipts and 'proof of release' to the insurer.
  • Step 8: Claim Approval: The insurer will reimburse the bill amount to your registered bank account once the claim is approved.

Documents Required for Filing a Two-Wheeler Insurance Claim

Ensure you have the following documents when filing a 2-wheeler insurance claims:

  • Duly signed claim form
  • A valid copy of your bike's Registration Certificate (RC)
  • A valid copy of your Driving License (DL)
  • Active bike insurance policy
  • Police FIR (for accidents, theft, and third-party liabilities)
  • Original repair bill and payment receipt
  • Proof of release

For filing two-wheeler insurance claims hassle-free, follow these guidelines and keep all the necessary documents handy.

How to Renew Your Expired/Lapsed Bike Insurance Policy?

You cannot afford to carry expired two-wheeler insurance while riding. Lapsed bike insurance means you might be trapped in a financial crisis in case of a road emergency.

Moreover, there is no coverage for own damages, third-party liabilities, and other consequences. The thumb rule is to renew the policy before the expiry date. Another reason to avoid renewal at the last moment or before the policy expiration date is to avoid inspection charges.

Here is how you can renew your expired two-wheeler insurance policy online:

  1. Firstly, check the grace period available for your bike insurance renewal which can range up to 90 days.
  2. Visit the official website of Policybazaar Insurance Brokers Private Limited and choose 'Renew your Policy' and then click on 'Two-wheeler Renew'.
  3. Enter the bike number and click on 'View Prices'.
  4. Compare and choose affordable bike insurance from multiple options offered by multiple insurers.
  5. At last, fill in the proposal form, which includes owner details, vehicle details, and nominee details.
  6. Next, pay the bike insurance premium using UPI, net banking, or debit/credit card.

Things to Keep in Mind While Renewing Lapsed Bike Insurance Policy

Renewing a lapsed two-wheeler insurance policy includes some vital points that you should always keep in mind:

  1. Before renewing your lapsed bike insurance, you must compare plans from leading insurers and find a deal that meets all your requirements.
  2. Remember, there is no need to pay any additional charges or fees for the convenience of renewing lapsed bike insurance online.
  3. In India, most insurers do not have mandated vehicle inspections to renew lapsed bike insurance policies. Hence, you must check the process before buying.

Two-Wheeler Insurance FAQs

General
Claim
Buying/Renewal
  • Q. Is bike insurance mandatory in India?

    Ans: Yes, as per the Motor Vehicle Act 1988, all two-wheeler owners must hold at least a third-party bike insurance policy.
  • Q. How many types of bike insurance are available?

    Ans: There are three types of bike insurance plans available in India:
    • Third-party (TP) bike insurance plan
    • Own-damage (OD) bike insurance plan
    • Comprehensive bike insurance plan (third party + own damage cover).
  • Q. Which type of bike insurance is best?

    Ans: A comprehensive bike insurance policy is considered as an ideal policy as it offers both third-party liability coverage and own-damage cover.However, if you have an old bike, buying a third-party bike insurance policy will be the most convenient & affordable option.
  • Q. What is the rule of bike insurance in India?

    Ans: In India, if you buy a new two-wheeler, bike insurance is mandatory for a 5+1 year. This means a 5-year third-party bike plan + 1-year own-damage bike plan.
  • Q. What is the validity of a bike insurance policy?

    Ans: In the case of a brand new two-wheeler, you have to mandatorily buy a 5+1 years bike insurance policy. However, if you choose comprehensive two-wheeler insurance for your new bike, the validity will be of 3 years.
  • Q. What is the deductible in a bike insurance policy?

    Ans: Deductible refers to a part of the claim amount that policyholders have to pay from their pocket during the bike insurance claim settlement. This can be either mandatory or voluntary and helps to reduce the insurance premium.
  • Q. What is an endorsement in a bike insurance policy?

    Ans: An endorsement in a bike insurance policy is a process of making changes or modifications in the existing policy terms, vehicle details, or personal data of the policyholder.
  • Q. Where can I check my bike insurance policy details?

    Ans: You can directly contact the customer assistance team or find the details in the Policybazaar app available on both Android and iOS.
  • Q. What happens if I don't have bike insurance?

    Ans: Riding your bike without insurance is illegal in India. As per the Motor Vehicle Act 1988, you must have at least third-party liability cover; otherwise, you will end up paying a fine of up to ₹ 2,000 and/or imprisonment of up to three months on the first offence.
  • Q. How is the two wheeler insurance premium affected?

    Ans: The premium payable for your two wheeler insurance policy is subject to its age and several other factors. This means that the IDV (Insured Declared Value) of your vehicle decreases with its increasing age and the premium payable for the same is also lowered.
  • Q. How much does bike insurance cost?

    Ans: IRDAI determines a third-party bike insurance cost depending upon the engine capacity of your bike. However, a comprehensive bike policy premium depends upon several factors, such as make, model, variant, year of registration & location, IDV, the policyholder's driving history, add-ons, etc.
  • Q. Can we skip bike insurance?

    Ans: No, you cannot skip the bike insurance policy since it is mandatory coverage for all the two-wheelers in India.
  • Q. What are OD and TP in bike insurance?

    Ans: A two-wheeler insurance policy consists of two parts, i.e. OD (own-damage) cover and TP (third-party) liability-only cover.
  • Q. What is the full form of IDV?

    Ans: An IDV refers to the Insured Declared Value of the vehicle and is considered the current market value of the bike. It is the maximum payout amount the bike insurance provider offers if the insured motorcycle or scooter is stolen or damaged beyond repair.
  • Q. How to calculate IDV of bike?

    Ans: To calculate the IDV of a bike, you can use the following formula:
    (Manufacturer's Selling Price – Cost of Depreciation ) + (Cost of Accessories – Cost of Depreciation of these Accessories) = IDV
  • Q. What is zero DEP in bike insurance?

    Ans: Zero depreciation cover in bike insurance is an add-on cover that can be purchased for an additional premium. It provides comprehensive coverage and pays the full claim amount in case the depreciable parts of the bike need to be repaired or replaced.
  • Q. Does bike insurance automatically renew?

    Ans: Your bike insurance policy does not renew automatically. If your policy expires, it becomes void, and you must buy a new one.
  • Q. What is full insurance for a bike?

    Ans: In bike insurance, full insurance refers to the comprehensive bike policy that offers complete coverage for your insured vehicle against theft, accidents, fires, third-party liabilities, etc.
  • Q. How many times can I raise claims in my bike insurance policy?

    Ans: In a year, you can raise an unlimited number of claims under your bike insurance policy. However, it will hamper your claim history as well as accumulated bonus (NCB).
  • Q. What are cashless claims and reimbursement/non-cashless claims?

    Ans: Cashless claims refer to those services when your insured vehicle is being repaired at an authorised network garage of the insurer. In this case, the insurer directly pays the repair bill amount to the garage. While non-cashless or reimbursement claims refer to those services when your insured vehicle is being repaired at any non-network garage. In such a case, you will pay the total repair bill amount from your pocket, and the insurer reimburses the amount in your bank account.
  • Q. How many claims can I raise under zero depreciation?

    Ans: In Zero-dep cover, the claims vary from insurer to insurer. However, a minimum of two claims are offered under this, hence, you must read the policy inclusions & exclusions before buying it.
  • Q. How many days after bike insurance can be claimed?

    Ans: Typically, you should inform the insurance provider about the incident within 24-48 hours.
  • Q. Do we need FIR for bike insurance claim?

    Ans: Yes, an FIR is mandatory in India for theft, accident, and third-party claims.
  • Q. What to do if I miss my bike insurance renewal date?

    Ans: If you have missed the renewal date, you must check the grace period, which is offered by several motor insurers. You can easily renew it during the grace period which may range up to 90 days and keep your NCB intact.
  • Q. What are the details required to renew the insurance policy?

    Ans: It requires the policyholder's Driving License (DL) details, Registration Certificate (RC) number, last bike insurance policy number, and details of online payment modes such as UPI, net banking, or debit/credit cards.
  • Q. How can I buy/renew bike insurance online?

    Ans: Buying and renewing bike insurance online is a hassle-free process. You can visit Policybazaar.com, find the two-wheeler insurance tab to renew/buy, enter the vehicle details, contact information, nominee details, compare various plans, and lastly, pay the premium online.
  • Q. Is buying/renewing bike insurance online safe?

    Ans: Yes, buying or renewing bike insurance online is safe and convenient. Make sure you buy it from an IRDAI-registered insurer. You can easily check the IRDAI registration number at the bottom of the insurers' website.
  • Q. How to get a discount on the premium while purchasing/renewing a bike insurance policy?

    Ans: Here are a few pointers that you can follow to get a discount on premiums during bike insurance purchase/renewal:
    • Install safety devices in your two-wheeler authorised by the ARAI (Automotive Research Association of India). It will reduce the risk factor associated and bring down the two-wheeler policy premium costs.
    • Choose higher voluntary deductibles to get a lower bike insurance premium.
    • Do not forget to utilise the accumulated No Claim Bonus (NCB).
    • Become a member of the Indian Automobile Association. Here you will receive a membership to avail a lower two-wheeler insurance premium than usual.
bike-insurance-1-3-rs
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Average Rating
(Based on 1353 Reviews)
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Two Wheeler Insurance Reviews & Ratings
4.5 / 5 (Based on 1353 Reviews)
(Showing Newest 10 reviews)
Manvendra
Noida, August 27, 2024
Variety of Options
Few weeks back, I purchased a new bike and got it insured through Policybazaar.com. Unbelievably, the platform offers plenty of bike insurance options to choose from. Thank you Policybazaar for always being my first choice.
Nihal
Lucknow, August 26, 2024
Quick Claim Settlement
The claim settlement team at Policybazaar is very active and helped me settle my bike insurance claim within just a few hours. I highly recommend this platform to everyone who is looking to insure their two-wheeler.
Anuj
Nasik, August 25, 2024
Up to the Mark Customer Support Service
The customer support offered by Policybazaar.com is top-notch. The representatives were very cooperative and helped me solve any doubts I had regarding my bike insurance policy.
Rajat
Pune, August 24, 2024
Great Deal
Policybazaar.com helped me find a great insurance deal for my new scooty. The comparison feature on the platform is excellent, allowing everyone to choose the right deal according to their budget and requirements.
Lokesh
Jodhpur, August 23, 2024
Highly Satisfied
Thank you, Policybazaar.com, for offering satisfactory services. My Royal Enfield bike is now fully insured with a comprehensive two-wheeler insurance policy.
Mayan
Kanpur, August 22, 2024
Seamless Policy Renewal
Renewing my bike insurance policy online was quick and easy. Their process keeps my bike covered without any delays.
Anuj
Kannauj, August 21, 2024
Easy Policy Management
Managing my policy documents is incredibly convenient. Easy access to all details keeps me organized and informed.
Deependra
Jamshedpur, August 20, 2024
Responsive Team
With highly responsive and knowledgeable team, all my concerns about bike insurance policy were addressed promptly.
Ajeet
Faridabad, August 19, 2024
Efficient Claims Handling
Policybazaar.com’s claims team handled my case with ease and transparently. Their support made the process stress-free.
Vinod
Nasik, August 18, 2024
Simple Renewal Process
Renewing my own damage bike insurance policy is easier wih a simple comparison feature. Here I compared various plans and got one as per my budget.

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial).The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively.Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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