What is Bike Insurance

Two-wheeler insurance is a policy that provides financial protection against damage or loss arising from accidents, theft, fire, natural calamities, or human-caused incidents. Third-party liability insurance is mandatory under the Motor Vehicles Act, 1988.

Secure your two-wheeler with affordable bike insurance. Enjoy high claim settlement ratios of above 95%, 24*7 support, and efficient service support.

Several factors influence the premium of your two-wheeler insurance. Understanding these factors can help you choose coverage that aligns with both your protection needs and budget.

• Type of Insurance Policy

A third-party policy covers liabilities towards third parties only and does not protect against own damage, hence it has a lower premium. A comprehensive policy, though more expensive, offers broader protection including theft, fire, and damage to your own vehicle.

• Age of the Vehicle

Newer bikes attract higher premiums due to their market value. As they age and depreciate, the premium usually decreases.

• Vehicle Modifications

Performance-related modifications, such as engine tuning, often lead to higher premiums due to increased risk. Some insurers may also consider cosmetic changes, like custom paint jobs or body kits, when calculating premiums.

• Add-On Covers

Optional add-ons like Zero Depreciation Cover, Roadside Assistance, and Engine Protection enhance coverage but also lead to a higher premium. Choose add-ons that match your usage and requirements to avoid unnecessary costs.

• Driving History

A good driving record with no prior claims or traffic violations may result in lower premiums. Insurers may offer lower premiums to safe and low-risk riders with a clean record.

Here are some simple ways to reduce your bike insurance premium: 

• Avoid Minor Claims

Avoid making claims for minor damages. This will ensure that you can take advantage of your No Claim Bonus.

• Choose Higher Deductibles to Lower Premiums

The insurance company is liable to pay the claim amount only when it exceeds the deductible.

• Claim NCB

When you are renewing your insurance policy, ensure you claim any NCB that you have accumulated.

• Install Security Devices

Installing security devices reduces the probability of your vehicle being stolen or vandalised.

• Avoid Unnecessary Add-On

Select only essential add-ons, as unnecessary ones can increase your insurance premium.

• Keep Minimal Modifications

Excessive modifications can lead to higher premiums, and in some cases, may require additional coverage depending on the insurer’s terms. 

There are mainly three types of bike insurance in India, each offering different levels of coverage to suit your needs and budget.

• Third-Party Bike Insurance

A third-party two-wheeler insurance is a legally mandated policy that covers damages caused to another person or their property. It is mandatory under the Motor Vehicles Act, 1988.

• Comprehensive Bike Insurance

A comprehensive bike insurance policy combines third-party liability cover with own-damage protection, offering extensive coverage for the policyholder.

• Own-Damage Cover

Own damage (OD) cover in bike insurance provides protection against damage to your vehicle. In case of an accident, the insurer covers the cost of repairs to the two-wheeler. 

Here are some common inclusions in a comprehensive bike insurance: 

• Loss or damage caused to your two-wheeler due to natural disasters (like floods or earthquakes) or man-made events (such as theft, riots, or fire)

• Third-party liability cover for injury, death, or property damage caused to a third party

• Own-damage cover for repair and replacement due to accidents

• Personal Accident Cover for the owner-driver

• Optional add-on cover available for pillion rider protection

Here are some common exclusions in a comprehensive bike insurance:

• Regular wear and tear of the bike is not covered

• Mechanical or electrical breakdowns are not covered unless included as an add-on

• Damages caused to the bike while the rider is under the influence of alcohol or other substances will not be covered

• Loss or damage while riding without a valid driver’s licence is not covered

• Claims made when the policy is or expired are not covered

• Damages and losses that occur due to war or similar circumstances will not be covered

Two-wheeler insurance is not a one-size-fits-all solution. You can choose from a variety of add-ons to customise your standalone OD cover or comprehensive bike insurance. Here are some of the most commonly available add-ons to help you understand add-ons a little bit better. 

• Zero-Depreciation Cover

Vehicles lose value over time due to usage and wear and tear.  Generally, the policyholder bears the burden of the depreciation costs. With a Zero-Depreciation Cover, the insurer waives the depreciation deduction, allowing you to receive the full cost of replaced parts.

• Round-the-Clock Spot Assistance

With a Round-the-Clock Spot Assistance add-on, you can get access to roadside assistance like fuel, flat tyre assistance through tyre cover, on-the-spot repair, etc., in case of accidents or emergencies.

• Return-to-Invoice Cover

The Return-to-Invoice add-on allows the policyholder to get the full invoice price of the two-wheeler in case the insured’s vehicle is stolen, suffers from total loss or constructive total loss. 

• Engine Protection Cover

Engine Protection Cover is especially useful in flood-prone areas. It covers the cost of repairing or replacing engine components damaged due to water ingress or leakage of lubricants. 

• Lock and Key Replacement Cover

Lock and Key Replacement cover provides reimbursement for the cost of replacing lost, stolen, or damaged keys and locks, subject to the insurer’s terms and conditions. 

Choose Bajaj Markets for your bike insurance and enjoy trusted service, 24/7 support, flexible plans, quick claims, and easy renewals from several partners.

• Trusted Partner

With millions of satisfied customers and a responsive customer service team, Bajaj Markets is a leading, trusted financial platform.  

• 24*7 Assistance

With Bajaj Markets, you can rest assured that your queries and issues will be taken care of.

• Tailor-made Insurance Plans

You choose an insurance plan from the wide array of options available to you. Additionally, you can also choose to purchase add-ons to further customise your insurance plans.

• Quick Claim Settlement

All our partners have a customer-first policy, which ensures that claims settlements are dealt with quickly and efficiently.

• Simple Renewal Process

Renewing your two-wheeler insurance on Bajaj Markets is very simple and takes only a couple of minutes. 

Buying or renewing helps you protect yourself from financial losses due to accidents or natural disasters. Here are a few other reasons why buying or renewing bike insurance is important:

• Increasing Number of Road Accidents

As road accidents continue to rise in India, bike insurance becomes crucial to safeguard yourself and your vehicle against such unpredictable events. 

• Third-party Liability Cover

Not only is a Third-party Liability Cover mandatory under law, it also ensures that you are protected against financial liabilities arising from injury or damage to a third-party. 

• Protection Against Natural Calamities

Natural disasters are often unpredictable. They can adversely affect your two-wheeler. Having a good insurance policy can help you deal with the damages caused by natural calamities. 

• Protection Against Man-made Disasters

Man-made events such as theft, vandalism, or riots can lead to significant financial loss. Comprehensive bike insurance helps cover these risks effectively. 

• Helps Meet the Legal Obligation

Having third-party insurance is legally mandated under the Motor Vehicles Act, 1988. It ensures legal compliance and protects you from fines during routine traffic checks. 

There are a number of factors that affect your insurance premium amount. Here are some of them: 

• Type of coverage

• Insured Declared Value (IDV)

• Engine’s Cubic Capacity

• Make and model

• Add-on covers

You can calculate your insurance premium using this formula: 

Own Damage Premium - (No Claim Bonus + Discounts) + TP Liability Premium + Applicable taxes

Manually calculating your insurance premium can be complex and time-consuming. A great alternative to this is using a bike insurance premium calculator. 

A Bike Insurance Premium Calculator is simple and efficient. You only need to enter a few basic details about your two-wheeler, and the tool will instantly generate an insurance quote for you.

Follow these steps to purchase your bike insurance policy today:

1. Navigate to the ‘Bike Insurance Premium Calculator’ page

2. Enter the required details such as your mobile number, your vehicle’s type, make and model of your insured bike, bike number, date of registration of your bike, etc

3. Choose the type of insurance policy you want to purchase. You can also choose the add-on covers

4. Fill in your details like your name, email ID, date of birth, residential address, etc., to proceed

5. Enter your bike engine and chassis number

6. Enter the details of your previous bike insurance policy

7. Cross-check all the details you have entered

8. Choose a suitable payment facility to safeguard your vehicle with bike insurance

To ensure a smooth and efficient claim-filing process with your insurer, it is important to gather the following documents:

• A fully completed and signed claim form

• A valid copy of the Registration Certificate (RC)

• A valid Driving License (DL)

• A valid two-wheeler insurance policy

• A Police First Information Report (FIR), particularly in cases of accidents, theft, and third-party liabilities

• The original repair bill and payment receipt

• Proof of release in cases involving the reimbursement claim settlement process

When it comes to filing a two-wheeler insurance claim online, there are two methods available: cashless claims and reimbursement claims. Let's understand both types in detail:

Cashless Claim: Under this method, the insurer directly pays the claim amount to the network garage. However, it is important to note that this facility is only available if you choose to repair your insured vehicle at one of the network garages approved by your insurer.

Cashless Claim Settlement Process:

1. Inform your insurer about the accident or mishap
2. The insurer will arrange for a surveyor to assess and evaluate the loss of your insured vehicle
3. Fill out the claim form and submit it, along with all other required documents, through the insurer's website
4. Once the insurer approves the claim, take your insured vehicle to the network garage for repairs
5. After the repairs are completed, the insurer will directly pay the repair charges to the network garage
6. You may be responsible for paying any deductibles or non-covered expenses, if applicable

Reimbursement Claim: When you choose to get the repairs done at a garage that is not approved by your insurer, it is referred to as a reimbursement claim. In this case, you need to initially pay the repair expenses out of your own pocket and later seek reimbursement from your insurer.

Reimbursement Claim Settlement Process: 

1. Register the claim with your insurer
2. Fill out the claim form and submit it, along with the required documents, to your insurer
3. A surveyor appointed by the insurer will estimate the repair cost and prepare an assessment report
4. Once the insurer approves the claim based on the surveyor's assessment report, you can proceed with getting your insured vehicle repaired at a non-approved garage
5. Pay for all the repair charges directly at the garage from your own pocket
6. Submit all the bills, payment receipts, and proof of release to your insurer
7. Once the claim is approved, the claim amount will be disbursed to your registered bank account