B-1, B-Wing, Heera Panna
Haji Ali, Cumballa Hill
Mumbai, Maharashtra 400026
India
Mon. – Sun:
9:00am - 9:00pm
B-1, B-Wing, Heera Panna
Haji Ali, Cumballa Hill
Mumbai, Maharashtra 400026
India
Mon. – Sun:
9:00am - 9:00pm
Bike Insurance
Financial Protection- Legal Protection
- Cashless Repair Facility
.
What is Bike Insurance?
Bike insurance, often referred to as two-wheeler insurance, is a specialized insurance policy designed to provide comprehensive coverage against various types of damages that may occur to your two-wheeler, whether due to unforeseen accidents, natural disasters, human-induced incidents, fire hazards or even theft. In addition to protecting your own vehicle, motorcycle insurance policies also include essential, legally mandated coverage for third-party liabilities, which encompasses any damages or injuries inflicted on another person’s vehicle, or property or worse, any injuries or fatalities to third parties as a result of incidents involving your insured two-wheeler.
This type of insurance is not limited to motorcycles alone but extends to a wide range of vehicles, ensuring that scooters, mopeds and other similar two-wheelers have adequate protection. Therefore, purchasing two-wheeler insurance is crucial for safeguarding your interests while complying with legal obligations on the road.
Types of Bike Insurance Coverage
Bike insurance is known to render risk cover against several uncertainties, and accidents. So it is better to buy the right risk coverage for your personal or commercial two-wheeler. Bike/two-wheeler/motorcycle insurance plans can be categorized into three distinct types based on their coverage as outlined below:
What is the Difference Between Comprehensive and Third-Party Bike Insurance?
Insurance is known to protect against certain uncertainties but it too has a few exclusions. So it is necessary to have a good understanding of the same. Comprehensive bike insurance offers more protection for riders, covering both their damages and third-party liabilities, whereas third-party insurance meets legal needs but provides less coverage. Below is the comparisons between the two popular insurance coverage:
| Feature | Comprehensive Bike Insurance | Third-Party Bike Insurance |
| Legal Requirement | Coverage is not mandatory and is available as an optional choice | This is a requirement set forth by the Motor Vehicles Act of 1988 in India |
| Coverage Scope | Comprehensive protection that encompasses theft, accidents and natural disasters | Restricted solely to damages or injuries inflicted upon third parties |
| Own Damage Cover | It offers protection against damages to your vehicle | It does not provide coverage for any damages to your own bicycle |
| Add-Ons Available | A variety of options are available, including zero depreciation coverage, roadside assistance and more | Exclusively focused on coverage for personal accidents |
| Premium Cost | Higher because of broad coverage and add-ons | It remains minimal since it only addresses fundamental liabilities |
| Claim Process | Administered by the insurance company as per the terms of the policy | Under the supervision of the Motor Accident Claims Tribunal |
| Recommended For | Bikes that are new or frequently used require thorough protection | Budget-conscious riders often opt for older bikes or models that are seldom used |
| Exclusions | Exclusions include wear and tear, mechanical breakdowns and violations of driving regulations | Excludes any damages to the insured bicycle as well as personal injuries sustained by the owner-driver |
Benefits of Buying Bike Insurance
Keep in mind that Bike insurance in India provides benefits beyond legal compliance. So you should not avoid it. Here are some benefits of purchasing bike insurance cover for your two-wheelers.
Comparison of Different Types of Bike Insurance Plans
Let us have a look at the comparison between the different types of risk coverage. It will help you make the right decision when it comes to buying bike insurance for your personal use or commercial use.
| Comparison Pointer | Comprehensive Insurance | Third-Party Insurance | Standalone Own-Damage Insurance |
|---|---|---|---|
| Coverage Type | Protection against personal damage and liability to third parties | Covers solely liabilities arising from third parties | Covers solely the damages incurred to the insured motorcycle |
| Premium Rates | Increased as a result of comprehensive coverage | Reduced as it provides limited coverage | Balanced between thoroughness and external perspectives |
| Claim Process | Comprehensive but may necessitate additional documentation | Basic and straightforward | Similar to comprehensive coverage but specifically concentrating on self-inflicted damage |
| Add-Ons Available | Offers features such as zero depreciation coverage and roadside assistance | Not applicable | Only a few add-ons are available |
| Policy Inclusions | Comprehensive, encompassing theft and fire-related incidents | Restricted to damages caused by third parties | Protection against losses resulting from accidents, theft, and natural disasters |
| Policy Exclusions | Lower number of exclusions in comparison to others | Numerous exceptions concerning self-inflicted damage | Excludes liabilities from third parties |
| Insured Declared Value (IDV) | Increased IDV for comprehensive coverage options | IDV not applicable | IDV applies to the insured motorcycle |
| Claim Settlement Ratio | Usually increased owing to its thorough nature | Varies by insurer | Varies by insurer |
| Network Garages | Frequently encompasses a broader network for cashless claims | Limited network | Similar to comprehensive |
| Legal Requirement | Not obligatory but highly advisable | Required by the Motor Vehicles Act | Not obligatory but highly recommended to have third-party coverage |
List of Companies Offering Bike Insurance Policies in India
This table presents a comprehensive overview of the top companies selling bike insurance policies in India. It includes essential information such as their year of establishment, headquarters, claim settlement ratios, network garages and notable features of their offerings.
| Company Name | Claim Ratio | Key Features |
|---|---|---|
| Royal Sundaram General Insurance Co. Ltd. | 92.23% | Extensive coverage, hassle-free cashless claims and personal accident protection |
| The Oriental Insurance Company | 101.63% | A vast network of branches, a strong international presence and a diverse range of insurance products |
| IFFCO Tokio General Insurance Co. Ltd. | 87.77% | The joint venture with Tokio Marine provides an extensive array of insurance products |
| Tata AIG General Insurance | 80.29% | A diverse selection of insurance products by the robust financial strength of the TATA Group |
| HDFC ERGO General Insurance | 79.21% | A strategic partnership with ERGO International, providing a wide range of products that encompasses health insurance among other offerings. |
| Universal Sompo General Insurance | 89.54% | Provides tailored insurance solutions with a wide range of coverage options. |
| The New India Assurance | 85.35% | As one of India's oldest insurers, they offer a wide range of comprehensive coverage options tailored to meet diverse needs. |
| Cholamandalam MS General Insurance | 82.95% | A wide-ranging network of garages provides a diverse array of insurance products specifically designed to meet the needs of customers. |
| SBI General Insurance | 92.05% | A strategic partnership with SBI, a robust bancassurance framework, and a wide array of product offerings. |
| Future Generali India Insurance Co. Ltd. | 57.67% | Concentrate on pioneering products and delivering exceptional customer service. |
| Edelweiss General Insurance | 116.31% | Provides a diverse range of customizable insurance options along with swift claim settlements. |
| Reliance General Insurance | 84.63% | As a key member of the Reliance Group, we provide a wide range of comprehensive general insurance solutions tailored for both individuals and businesses. |
| Liberty General Insurance | 70.95% | Prioritize customer-oriented solutions and swift claim resolutions across multiple industries. |
| Bajaj Allianz General Insurance | 65.83% | The joint venture with Allianz SE provides a wide range of comprehensive motor insurance plans along with additional coverage options. |
| Kotak Mahindra General Insurance | 75.66% | Provides an extensive array of insurance options, encompassing both motor and health insurance plans. |
| Shriram General Insurance Co. Ltd. | 65.43% | Concentrates on delivering need-based products and exceptional customer service as part of the Shriram Group's financial services division. |
| ICICI Lombard General Insurance | 76.53% | Extensive coverage options combined with a robust digital platform for seamless policy management and efficient claims processing. |
| National Insurance Company | 116.44% | As one of the oldest general insurers in India, it provides an extensive array of insurance products, including motor insurance. |
| Go Digit General Insurance | 74.82% | A digital-first strategy, prompt claim resolutions, and cutting-edge product options designed specifically for millennials. |
| Navi General Insurance | 150.69% | Emphasizing digital solutions and enhancing customer experience, we provide an array of customizable policies to meet diverse needs. |
| Magma HDI General Insurance | 85.13% | A joint venture with HDI Global SE offers a diverse range of general insurance products, prioritizing exceptional customer service. |
How Should You Choose the Right Bike Insurance Policy?
Choosing the right bike insurance policy is vital for safeguarding yourself against the various risks involved in biking. Here are a few factors to consider when selecting the ideal bike insurance coverage:
Understand Your Coverage Needs:
Analyze your unique needs considering your riding patterns and the potential risks you encounter. Decide if you require only basic third-party liability coverage or if a more extensive plan, encompassing your own damage and extra safeguards, is necessary.
Evaluate the Premium Amount:
Examine premium rates from multiple insurance providers. The cost of premiums can fluctuate based on several factors, including the make model and age of your bike, as well as your geographic location. Utilize online premium calculators to obtain precise estimates.
Check the Insured Declared Value (IDV) :
The IDV represents the highest sum your insurer will compensate in the event of theft or total loss of your motorcycle. Select an IDV that accurately represents your bike’s present market value, as it directly impacts your premium.
Review Add-Ons and Riders:
Explore optional add-ons that can amplify your coverage, including zero-depreciation coverage, personal accident protection or roadside assistance. It is crucial to assess that these enhancements align with your genuine needs to prevent incurring unnecessary expenses.
Claim Settlement Ratio:
Investigate the claim settlement ratios of potential insurance providers. A higher ratio signifies a stronger history of effectively handling claims, which is essential in times of crisis.
Read Inclusions and Exclusions:
Carefully examine the inclusions and exclusions section of the policy document. Understanding what is covered and what is not will help you prevent any surprises during the claims process and ensure that you have sufficient protection for specific situations.
Customer Reviews and Reputation:
Examine customer feedback on different insurance providers. Reviews offer valuable insights into service quality, claim handling procedures and overall customer satisfaction.
Renewal Process and Discounts :
Familiarize yourself with the renewal process for your policy, including potential discounts for prompt renewals or for maintaining a claims-free record (No Claim Bonus). Taking the time to assess your coverage requirements during the renewal period guarantees ongoing and sufficient protection.
Compare Multiple Providers:
Take advantage of online comparison tools to assess multiple policies side by side, focusing on coverage benefits, exclusions and premium costs. This approach will enable you to identify a policy that delivers the greatest value for your specific requirements.
Frequently Asked Questions (FAQs)
Q: Which is the best bike insurance online?
A: The best online bike insurance depends on individual requirements, but comprehensive policies from providers such as Digit and Policybazaar stand out for their excellent affordability, diverse coverage options and user-friendly purchasing processes. These companies offer customizable plans and streamlined claim procedures, making them preferred choices for many users.
Q: Is online bike insurance valid?
A: Yes, online bike insurance is legitimate as long as it meets regulatory standards. Policies acquired from licensed insurers offer legal protection for third-party liabilities and damages, guaranteeing your safety while riding on the road.
Q: Is Nandafincap good for 2-wheeler insurance?
A: Nandafincap is widely seen as a dependable choice for 2-wheeler insurance, providing attractive premiums and diverse coverage options. Nevertheless, it is crucial to compare it with other insurers to ensure it aligns with your unique needs and preferences.
Q: What is the cost of bike insurance?
A: In India, the cost of bike insurance usually begins at approximately 1.5 rupees per day for basic coverage. Premiums are influenced by several factors, including the bike’s make, model, engine capacity and the type of coverage selected.
Q: Is online vehicle insurance safe?
Yes, purchasing vehicle insurance online is safe when done through reputable insurers. These platforms utilize secure payment methods and adhere to regulatory standards, guaranteeing the protection of customer data and the reliable issuance of policies.
Q: Can we skip bike insurance?
A: Skipping bike insurance is illegal in numerous jurisdictions, including India. The Motor Vehicles Act requires insurance to cover third-party liabilities and riding it could lead to fines and legal consequences.
Q:Is 2-wheeler insurance mandatory?
A: Yes, two-wheeler insurance is a legal requirement under the Motor Vehicles Act of 1988 in India. This legislation mandates that all motorcycle owners must secure at least third-party insurance to safeguard against liabilities arising from accidents.
Q: Can I ride a bike without insurance?
A: Riding a bike without insurance is not only illegal but it can also lead to severe penalties that can impact a rider’s finances and future. If a rider is caught operating their bike without the necessary insurance coverage, they may face hefty fines and possible legal actions, which could include court appearances or additional sanctions. Moreover, in the unfortunate event of an accident, the uninsured rider would be held personally liable for any damages or injuries, potentially resulting in costly out-of-pocket expenses and long-lasting repercussions.
Q: What is the IDV value?
A: The Insured Declared Value (IDV) represents the highest sum guaranteed by the insurer in the event of a total loss or theft of the vehicle. It reflects the current market value of the bike, taking depreciation into account.
Q: What is zero dep insurance?
You can easily find out the status of your car insurance claim by reaching out to your insurance provider through their customer service number or website. Additionally, many insurers provide online tracking tools that allow you to enter the claim number and receive instant updates on the progress of your claim.
Q: Which type of bike insurance is best?
A: A comprehensive bike insurance policy is regarded as the top choice because it offers coverage for both third-party liabilities and damages to your own bike. This ensures robust protection against accidents, theft and natural disasters. Additionally, it provides the option to include add-ons for even greater coverage.
Q: Why is online insurance the cheapest?
A: Online insurance can be more affordable as it cuts out middlemen, thereby lowering commission expenses. Insurers can offer reduced premiums by optimizing their operations and delivering services directly through digital platforms, which also significantly improves the customer experience.
Q: Should I buy insurance online or offline?
A: Buying insurance online is frequently advised for its convenience, reduced costs and faster claims processes. Online platforms enable seamless comparisons of policies, empowering consumers to select the most suitable coverage directly, without the need for intermediaries.
Q: What if 2-wheeler insurance expires?
A: When your 2-wheeler insurance policy expires, you have the option to renew it with your existing insurer or transition to a new provider. It is essential to act quickly to renew your policy to prevent legal penalties and maintain uninterrupted coverage against any potential liabilities.
Q: Can I refund my bike insurance?
A: Bike insurance refund policies differ among insurers. Typically, if you cancel within a designated timeframe after your purchase, you might be eligible for a partial refund. It is crucial to review the terms and conditions of your policy to understand the specific details related to cancellations and refunds.