Bike insurance policy is a coverage plan formulated to protect your bike against unforeseen perils like accidents, natural calamities, man-made disasters, etc. It is like a financial cushion enabling you to rest easy even during such a crisis, i.e. it offers compensation against damages caused to you and your bike due to the threats mentioned above. Furthermore, insuring your motorcycle with a two-wheeler insurance plan is a legal obligation under the Motor Vehicles Act, 1988. So, if you want to take your two-wheeler out for a spin, you need to buy bike insurance. Let’s further understand the importance, features, and key highlights of the best insurance for bikes in India.
Here are a few reasons why bike insurance is of paramount importance:
With the increasing number of vehicles on Indian roads, the threat of accidents continues to rise. Hence, it is vital to ensure your bike against damages caused during such unanticipated mishaps.
As bike insurance covers third-party liabilities, you need not worry about paying for the damages caused by an accident.
With extensive security for damages caused to your bike due to natural calamities like earthquakes, floods, cyclones, etc., your motorcycle remains fit.
Along with natural calamities, you must also safeguard your vehicle against the acts of vandalism. A bike insurance policy ensures you feel financially secure during such instances.
As mentioned above, insuring your two-wheeler is mandatory under the Motor Vehicles Act, 1988. So, driving an uninsured vehicle will simply keep you worried about being caught by the traffic police. A bike insurance plan helps you satisfy regulatory requirements and drive in accordance with the law.
Bike Insurance Partners |
Incurred Claim Ratio (2020-21) |
Premiums Starting at* |
Buy Plans |
Bajaj Allianz General Insurance |
68.06% |
Rs. 538 |
|
Acko General Insurance |
82.35% |
Rs. 538 |
|
HDFC ERGO General Insurance |
70.02% |
Rs. 538 |
Follow the below steps to buy two-wheeler insurance online seamlessly:
Step 1: Head over to the ‘Bike Insurance Premium Calculator’ page.
Step 2: Fill out the form with the necessary details and proceed.
Step 3: Enter your bike details such as the make, variant, registration year, etc.
Step 4: Select the type of coverage you want to purchase, the NCB bonus from your previous policy and the Insured Declared Value. Moreover, you can opt for additional coverage with add-on covers.
Step 5: Choose a suitable bike insurance plan and go through the policy details before proceeding.
Step 6: Enter your details like your name, date of birth, email ID, address, etc., and proceed.
Step 7: Enter other bike details like engine number and chassis number.
Step 8: Now, enter the details of your previous bike insurance policy.
Step 9: The page shall display all the information you have entered, so go through it once to ensure they are accurate.
Step 10: Now, pay the premium amount using your preferred payment option and protect your vehicle with bike insurance.
Step 11: After successful payment, your bike insurance policy document will be issued soon!
Here’s a complete step by step guide for bike insurance renewal online:
Step 1: Go to the “Bike Insurance” section on the insurer's website
Step 2: Enter the information required on the page and click on ‘Get Quote’.
Step 3: Enter your vehicle details such as make and model, fuel type, etc., and proceed.
Step 4: Now, select the type of coverage, policy expiry date, add-on covers, and No Claim Bonus reward.
Step 5: Go through the policy details and renew your bike insurance plan.
Step 6: You must enter your details, vehicle-related information, and previous policy details next.
Step 7: Finally, make the premium payment online.
Step 8: Voila! You will soon receive your renewed bike insurance policy document.
Now that you know how to buy/renew bike insurance online, let’s move on to explore the types of policies offered by insurers. It will help you gauge your needs and make an informed decision.
The third-party bike insurance plan is a basic and low-cost bike insurance policy that comes to your rescue if your bike causes an accident. It protects you against losses caused to the third party and all legal liabilities related to an accident. The law mandates this type of two-wheeler insurance cover. Thus, riding your bike without this insurance policy will cost you hefty fines or imprisonment. It also includes a basic accident cover to offer coverage against injuries, death, or disability of the insured.
As the name suggests, a comprehensive plan offers extensive coverage. Along with lending a hand in managing legal liabilities and third-party losses (in case of accidents), this type of insurance policy covers you and your vehicle as well. Moreover, a comprehensive bike insurance plan goes beyond accidental losses. It provides financial assistance against damages/losses caused due to man-made disasters, natural calamities, theft, etc. Since comprehensive insurance offers complete protection, it is deemed most lucrative despite being priced higher than a third-party cover.
A standalone own-damage two-wheeler insurance plan offers financial protection to cover expenses incurred in repairing the damages caused to your vehicle due to accidents, natural/man-made calamities, and theft. This type of two-wheeler insurance is purchased by individuals who already have third-party cover and are now willing to protect their vehicle as well.
Highlights |
Benefits Offered |
Third-Party Cover |
Offers coverage against damages to third-party property & accidental injuries |
Own Damage Cover |
Provided in a comprehensive plan or as a standalone cover |
Personal Accident Cover |
Available up to ₹15 Lakh |
Insurance Add-ons |
Lucrative add-on covers are available to maximise insurance coverage |
No Claim Bonus |
Up to 50% |
Cashless Claim Facility |
Available at authorised network garages |
The insurance premium of your bike depends on multiple factors, and they are:
Type of coverage
Insured Declared Value (IDV)
Engine’s Cubic Capacity
Type, and age of the bike
Add-on covers
Here’s the formula to calculate your bike insurance premium,
= Own Damage Premium - (No Claim Bonus + Discounts) + TP Liability Premium
Calculating your two-wheeler insurance premium manually can be daunting and time-consuming. However, getting an estimated cost of your insurance policy for a bike will enable you to plan your finances better. So, use our bike insurance premium calculator to get a premium quote instantly.
The premium amount of your two-wheeler insurance policy depends on the type of plan you choose. A comprehensive two-wheeler insurance premium is relatively higher than a third-party bike insurance cost.
Greater the engine capacity, the higher the premium. Hence, engine capacity is one of the critical determinants of your two- wheeler insurance premium.
Your bike’s manufacturing date is crucial in determining the Insured Declared Value (IDV), and IDV is the maximum claim amount your insurer will pay. Hence, this value plays a huge role in deciding the cost of your motor insurance. So, in the case of a lower IDV, the premium amount will also be lower, whereas a higher IDV means a higher premium amount.
Modified bikes certainly offer jaw-dropping performance and aesthetics. However, you could experience huge losses if the modified components get damaged due to unforeseen perils. Hence, it becomes imperative to insure these parts of your vehicle separately with the 'Accessories Cover'.
Add-on covers are essential to enhance the benefits of your insurance plan. However, every add-on cover comes with a separate price tag! Hence, it is advised to choose only the essential ones.
Here’s a list of things included in your comprehensive bike insurance policy:
Loss or damage incurred to your bike due to natural or man-made calamities
Damage caused to the third party due to your insured bike is covered
Repair and replacement arising due to an accident are covered
Cover for personal accidents and other riders
Damages incurred due to accidents
Things that are excluded from your two-wheeler insurance plan are as follows:
Regular wear and tear of the bike
Any mechanical breakdown of your bike due to defects in bike parts
Damage caused to your bike while riding under the influence of alcohol or other intoxicants
Loss or damage incurred while driving without a valid driver's licence
Damage caused when the policy is inactive
Damage or loss incurred during a war-like situation
Two-wheeler insurance plans available on Bajaj MARKETS come with a range of add-on covers that enhance the financial protection of your bike.
With a zero-depreciation cover in bike insurance, you are covered against the depreciation value of your bike, thereby minimising your out-of-pocket expenses during a claim.
With around-the-clock spot bike assistance cover, you will never be left stranded in case of a sudden breakdown.
It offers coverage for the treatment of the pillion rider in case of injuries due to an accident on your bike.
The return to invoice cover helps you get your bike's complete value, i.e., the amount mentioned on your purchase invoice.
The repair and replacement price of the engine is generally not covered under comprehensive bike insurance. However, you can add a safety net for your bike’s engine as well with an engine protection cover.
It is quite common to lose your bike keys. Yet, the key and lock replacement cost is not covered under a comprehensive bike insurance policy. With the lock and key replacement cover, you now receive compensation during such instances as well.
Coverage |
Third-Party Bike Insurance |
Standalone Own Damage Cover |
Comprehensive Bike Insurance |
Premium Amount |
₹887 |
₹283 |
₹1,063 |
Third-Party Property Damage |
✓ |
X |
✓ |
Third-Party Bodily Injuries or Death |
✓ |
X |
✓ |
Loss Caused Due to Fire |
X |
✓ |
✓ |
Loss Caused Due to Natural Calamity |
X |
✓ |
✓ |
Personal Accident (PA) Cover |
✓ |
✓ |
✓ |
Own Damage |
X |
✓ |
✓ |
Vehicle Theft |
X |
✓ |
✓ |
Calamities & Disasters |
X |
✓ |
✓ |
There are two types of bike insurance claims: Cashless claim & Reimbursement claim. The cashless claims feature allows you to get your bike repaired without spending a single penny out of your pockets. You can get your bike repaired at the nearest network garage for quick and easy claim settlements. The garage representative gets in touch with your insurer to settle the bills. With the reimbursement claims feature, you can get your bike repaired at your desired garage and then claim reimbursement based on original bills. The claim amount is sent to you post verification.
Here’s a step-by-step guide to raising a two-wheeler insurance claim:
Step 1: Register the claim online by calling their toll-free number or by visiting the website.
Step 2: Get your bike repaired at a network garage.
Step 3: Submit all the required documents.
Step 4: On evaluation, your insurer will settle the claim with the network garage.
Step 1: Informing the insurer & register the claim.
Step 2: Get your bike repaired at any nearest garage at your own expenses.
Step 3: Submit the original bills and payment receipt to the insurer.
Step 4: Once the documents are successfully verified, your claim amount is sent to your account.
Make sure you keep the following documents handy, when it comes to claim registration:
Two-wheeler insurance policy document
Vehicle details
Insurer details
Details of the Incident
FIR copy in case of theft
Original bills and receipts of the vehicle repair in case of reimbursement claim
The Bajaj MARKETS app provides bike insurances that ensures that your riding partner is protected against unexpected damages. The following steps will help you start the process:
Step 1: Enter the details of the bike you would like to insure including make, model, vehicle number, etc. along with your personal information
Step 2: Get a quote from the representative about the various options available
Step 3: Choose a coverage that suits your requirement and budget. Enhance the coverage by selecting add-on covers
Step 4: Choose the suitable policy cover and read the policy details carefully
Step 5: Upload the necessary documents and pay the car insurance premium online
The email regarding the policy will be sent to you, soon after you pay the premium.
Personalized choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Bajaj MARKETS App.
A third-party two-wheeler insurance policy covers these risks:
1. Injury or death of the third party
2. Any damage caused to the third party
Yes, you can transfer your NCB from your current insurance company to the new provider.
Claim your two-wheeler insurance policy online in as little as 3 steps.
Register your claim online.
Upload the documents stating and proving your claim online.
The insurance company will connect with you post verification.
You can enjoy NCB benefits up to 50% during policy renewal if you have made no claims in the previous policy year.
Through Bajaj MARKETS, you can buy new bike insurance online, and the process is much faster and more time-saving than the offline one.
Yes, the Motor Vehicles Act 1988 makes it mandatory for all vehicle owners to buy third-party insurance. You cannot drive a bike without third-party insurance on Indian roads.
You can visit the Ministry of Road Transport and Highways website. Just enter your bike's registration number to check your insurance details on the website.
Yes, a bike insurance policy that you have bought online is just as valid as an insurance policy purchased in person. You might even find cheaper plans online with the same benefits since no commission fee is involved.
Yes, the pillion rider or the passenger sitting in the backseat is considered to be a third party.
No, Section 80C of the Income Tax Act, 1961, does not include premiums paid towards two-wheeler insurance.
No, a third-party liability insurance plan is the most basic and mandatory policy. It offers limited coverage, hence it comes at a lower cost.
The bike insurance price primarily depends on the type of plan and add-on covers chosen by you. Moreover, the make, model, age, etc. decide your premium amount. Hence, the cost of bike insurance differs from person to person. Check out our bike insurance calculator to get an estimated price of the best two-wheeler insurance online.
No, you do not need an individual insurance plan to ride someone else’s bike. However, you must ensure that the motorcycle is insured with third-party coverage at least before you take it out for a long ride.
Yes, you can repair your bike from the garage of your choice and raise a reimbursement claim once you have paid the bill.
Yes, you can make bike insurance claims online by visiting your insurer’s official website.
Yes, you can buy bike insurance using the Bajaj EMI card.
Explore all the bike insurance FAQs to find more answers