Key Features and benefits of Two-wheeler Insurance
With a bike insurance policy, the insured gets huge coverage and a wide range of benefits. Check out these striking features and benefits of a bike insurance policy below-
The premiums payable are standard and not too hefty on the owner's pocket. Also, availing of the plans during times of discounts and offers further lowers the premium to a great extent
All the claims raised are tried to settle as earliest as possible. With several trained employees in this segment, companies ensure that the claims are quickly resolved. These are the reasons why many companies shows a high claim settlement ratio
No claim bonus is one of the basic benefits that one gets to enjoy with responsible driving. Under no claim bonus, if the owner makes no claim in a policy year, he/she gets several discounts and leverage on policy renewal
A bike insurance policy has a wide range of coverage, including both own-damage cover and that for the third party. However, it depends on the type of plan you choose
Not all the benefits are covered under one policy, and you may wish for that extra inch of coverage. For this, you can purchase add-ons. Depending on your need, you can buy from a range of options available
The cashless repair facility has allowed the bike owners to get their bike repaired without any hassle. At any of the network garages of the insurance company, you need not make the payment for the repairing task done. The company settles the bills directly with the garage and pays all the admissible charges
Why Buying/Renewing Bike Insurance is Important
Here are a few reasons why bike insurance is of paramount importance:
Increasing Number of Road Accidents
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.
Third-Party Liability Cover
As bike insurance covers third-party liabilities, you need not worry about paying for the damages caused by an accident.
Protection Against Natural Calamities
With extensive security for damages caused to your bike due to natural calamities like earthquakes, floods, cyclones, etc., your motorcycle remains fit.
Protection Against Man-made Disasters
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.
Helps Meet the Legal Obligation
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.
Best Bike Insurance Plans of 2022 on Bajaj Markets
Bike Insurance Partners |
Incurred Claim Ratio (2020-21) |
Premiums Starting at* |
Buy Plans |
Bajaj Allianz General Insurance |
68.06% |
Rs. 457 |
 |
Acko General Insurance |
82.35% |
Rs. 457 |
 |
HDFC ERGO General Insurance |
70.02% |
Rs. 457 |
 |
How To Reduce Bike Insurance Premium?
One of the most frequently asked questions is how one can reduce their bike insurance premium. Well, there are some easy ways in which you can do so, like-
No claim bonus helps avail discounts on premiums, and in order to avail of NCB, it is essential that you make no claim in a policy year. It is only possible when you try to avoid minor damages and claims
High Deductibles, Low Premium
Deductibles are part of the claim amount that the owner of the bike has to pay. It is decided between both parties at the time of purchasing the policy. The higher the deductibles will be, the lower will be the premium. So, choose deductibles accordingly
When you are renewing your policy, do not forget to avail the NCB if you have accumulated. It provides you huge discounts on the renewal of further premiums
There are several basic security devices that all bike owners must install. These include sirens, CCTV cameras, etc. It helps you avoid thievery and also catch it immediately in case of any mishap
Your bike's age and cubic capacity also impact the premium that you have to pay. In simple terms, the older your bike is, the lower the premium. This is because the older bike may not get a wide range of coverage. And the high CC bike will attract high premium
Avoid Unnecessary Add-Ons
A wide range of add-ons are available for your bike, and each one is unique and useful in its own way. However, you need to analyse if or not you need those add-ons. The more add-ons you purchase, the higher will be your premium
Keep Minimal Modifications
Do not over-modify your bike, as this can attract a higher premium. Try to make minimal modifications because the more you do it, your bike's value surges and the premium is increased.
How to Renew Two-Wheeler Insurance Online in India
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.
About Two Wheeler Insurance Partners