What is bike insurance?
A bike insurance policy is a contract between the insurer and the bike owner in which the insurance company provides financial coverage to your bike against any loss or damage due to an accident. As per the Motor Vehicles Act 1988, third party bike insurance is mandatory in India. Bike insurance covers you against any accidental injuries that may occur while driving a two wheeler/motorbike on Indian roads. Rupee. Buy or renew two wheeler insurance online within 30 seconds to avoid paying a penalty of ₹2,000.
7 Reasons To Buy Two Wheeler Insurance Online
Here are some important facts that you can consider before buying two wheeler insurance online from Policybazaar.com and get some additional benefits:
Instant Two Wheeler Policy: You can buy two wheeler insurance instantly on Policybazaar as it issues policies online in a matter of seconds
Do not pay any additional charges: You will not be required to pay any additional charges
Previous Two Wheeler Policy Details Not Required: If for more than 90 days you are not required to provide your previous bike insurance policy details
No Inspection or Documentation: You can renew your policy without any inspection and documentation
Easy Renewal of Expired Policy: You can easily renew your expired policy on the website
Quick Claim Settlement: Policybazaar team helps you while filing a claim for your vehicle
Online Support: Our team is always with you whenever you need it. You don’t have to worry about anything if you get stuck anywhere
Types of Bike Insurance Plans in India
Broadly, there are generally two types of two wheeler insurance policies offered by the insurance companies in India. You can buy third party bike insurance and comprehensive bike insurance. See below for more details:
third party bike insurance
As the name suggests, third party bike insurance which insures the rider against all legal liabilities arising out of causing damage to the third party. Third party, herein may be property or person. Third party bike insurance covers any liability you have ceded to you for causing accidental damage to someone else’s property or vehicle. It also covers your liabilities for accidental injury to a third party person, including his/her death.
The Indian Motor Vehicles Act, 1988 mandates a person who owns a two wheeler, be it a motorcycle or a scooter, to take valid third party bike insurance if plying on public roads in the country. Those who do not follow this rule will be liable to pay huge penalties.
Comprehensive Bike Insurance
Comprehensive bike insurance that insures the rider against any damage to his vehicle in addition to the legal liabilities of third parties. It protects your bike from incidents of fire, natural calamities, theft, accidents, man-made calamities and related calamities. It also provides you a personal accident cover in case you sustain any accidental injury while riding your bike.
The following table shows the common differences between both comprehensive and third party bike insurance:
Factors\Types of Bike Insurance Plans
third party bike insurance
Comprehensive Bike Insurance
scope of coverage
third party liabilities
cover your loss
personal accident cover
the bottom of the
mandated by law
Best Two Wheeler Insurance Plans
Two wheeler insurance plans starting from ₹2 per day. Buy a two wheeler insurance plan for your motorcycle at Policybazaar and compare online. Now you can renew your expired bike insurance policy online in just 30 seconds from most insurance companies with lowest premium.
Quick release policy
No investigation, no extra charges
Lowest premium guaranteed on insurance plans
Two Wheeler Insurance Company Cashless Garage Third Party Cover Personal Accidental Cover Claim Ratio Policy Term (Min)
Bajaj Allianz Two Wheeler Insurance 4500+ Yes ₹15 Lakh 62% 1 Year
Bharti AXA Two Wheeler Insurance 5200+ Yes ₹15 Lakh 75% 1 Year
Digit Two-Wheeler Insurance 1000+ Yes ₹15 Lakh 76% 1 Year
Edelweiss Two Wheeler Insurance 1500+ Yes ₹15 Lakh 145% 1 Year
IFFCO Tokio Two Wheeler Insurance 4300+ Yes ₹15 Lakh 87% 1 Year
Kotak Mahindra Two Wheeler Insurance Available Yes ₹15 Lakh 74% 1 Year
Liberty Two Wheeler Insurance 4300+ Yes ₹15 Lakh 70% 1 Year
National Two Wheeler Insurance Available Available ₹15 Lakh 127.50% 1 Year
New India Assurance Two Wheeler Insurance 1173+ Available ₹15 Lakh 87.54% 1 Year
Navi Two Wheeler Insurance (earlier known as DHFL Two Wheeler Insurance) Available Available ₹15 Lakh 29% 1 Year
Oriental Two Wheeler Insurance Available Available ₹15 Lakh 112.60% 1 Year
Reliance two wheel
S Insurance 430+ Available ₹15 Lakh 85% 1 Year
SBI Two Wheeler Insurance Available Available ₹15 Lakh 87% 1 Year
Shriram Two Wheeler Insurance Available Available ₹15 Lakh 69% 1 Year
Tata AIG Two Wheeler Insurance 5000 Available ₹15 Lakh 70% 1 Year
United India Two Wheeler Insurance 500+ Available ₹15 Lakh 120. 79% 1 Year
Universal Sompo Two Wheeler Insurance 3500+ Available at ₹15 Lakh 88% 1 Year
View More Plans
Disclaimer: The claim ratio mentioned above is as per the data mentioned in the IRDA Annual Report 2018-19. Policybazaar does not endorse, rate or recommend any specific insurer or insurance product offered by the insurer.
You love your two wheeler vehicle like your own child. You clean it and polish it every Sunday. You walk around the city with it. Yes, your vehicle is an important part of your life. Therefore, it is important that you keep your vehicle safe. Cover your prized two-wheeler and take a sigh of relief by buying bike insurance.
Bike insurance provides financial cover against any physical damage, theft and third party accountability. Due to the poor road conditions in India and driving without following the rules, two wheeler insurance is your only savior on the roads.
Benefits of two wheeler insurance
Anything can happen while riding a two wheeler/motorcycle, scooter or moped. Problems of lack of good roads, morning and evening rush and erratic traffic are a part of life today. In addition, instances of rain or heat waves can cause many problems on the road, such as slippery surfaces, muddy or muddy areas, or sticky tar. These conditions can damage the two wheeler vehicle and also cause injury to the drivers. To stay safe from all such incidents, it is important to have a valid two wheeler insurance. The Motor Protection Act in India protects lakhs of bike owners from expenses arising due to third party damages by making third party bike insurance cover mandatory.
Let us have a detailed look at the various benefits of buying two wheeler insurance:
Financial Protection: Two wheeler insurance provides financial cover which helps in saving a lot of money in case of accident, theft or third party liabilities. Even a small loss can cost thousands of rupees. This bike insurance policy helps you to repair the damage without making a hole in your pocket.
Accident Injury: Not only covers the damage sustained by your vehicle in an accident, but also covers any accidental injury you may suffer.
All types of two wheelers: It protects against damage to scooters, motorcycles or mopeds. Even the vehicles have been revamped and are available with features like better mileage, power and styling.
Cost of Spare Parts: The increasing demand for motorcycles in India has increased their cost along with the rising cost of their spare parts. This two wheeler policy covers the cost of additional parts, including simple nuts and bolts or parts like gears or brake pads, which have become more important than before.
Roadside Assistance: While purchasing the policy, you can opt for roadside assistance should you require assistance on the road. This includes services like towing, minor repairs, flat tyres, etc.
Peace of mind: Any damage to your vehicle can result in a hefty repair fee. If you have two wheeler insurance, your insurer will take care of the unwanted expenses so that you can ride without any reason for worry.
Key Features of Bike Insurance Policy
Two Wheeler Insurance Buying Guide The two wheeler insurance market has changed dramatically with the emergence of new players. Nowadays two wheeler insurers have come up with various features to engage the customer and continue with them year after year. Today, buying bike insurance online on the internet is a simple and easy process. Let us look at some of the key features of two wheeler insurance plans:
Comprehensive and liability-only coverage: The rider has the option to choose a comprehensive or liability-only policy. A liability-only policy is required under the Indian Motor Vehicle Act and is required by every rider at least. On the other hand, comprehensive two wheeler insurance cover also protects against damage caused to the insured vehicle and provides personal accident cover for co-riders (usually as an add-on cover) in addition to third party bike insurance cover.
Rupee. Compulsory personal accident cover of 15 lakhs: Bike owners can now avail Rs. 15 lakh personal accident cover which can be availed as an inbuilt feature. Earlier it was Rs. 1 lakh, but recently, irda paid Rs. 15 lakh cover has been increased and made it mandatory.
Optional Coverage: Additional coverage is offered at an additional cost but goes to great lengths to make the claim filing process easier by providing additional cover. This includes personal accident cover for pillion rider, enhanced cover for spare parts and accessories, zero depreciation cover etc.
Easy Transfer of No Claim Bonus (NCB): If you buy a new two wheeler vehicle