Two Wheeler (Bike) Insurance

What is Two-wheeler Insurance?

A two-wheeler insurance is a type of insurance policy that covers you against two-wheeler damages that may be caused by accidents, natural or man-made calamities, theft, fire and other such circumstances. Most importantly, bike insurance is legally mandated under the Motor Vehicles Act, 1988.

Key Highlights

Bike Insurance Plans available on Bajaj Markets

Features and Benefits of Two-wheeler Insurance

Here are some of the features and benefits of two-wheeler insurance: 

1. Low Premium

The premiums on two-wheeler insurances are quite affordable and are to be paid only once a year. Insurance premiums are a small price to pay for the peace of mind and security that a good two-wheeler insurance can provide.

2. Claim Settled Quickly

Most insurance companies work hard to ensure that claims are settled as quickly as possible. With many talented employees and the latest technology employed, it’s not a surprise that many insurance companies have incurred claim ratios as high as 80%.

3. No Claim Bonus

When you go without making any claims in a given year, you’ll be awarded a ‘No Claim Bonus.’ With this bonus, you may get extensive discounts and leverages on your policy renewal. 

4. Wide Coverage

Depending on your needs and priorities, you can choose a two-wheeler insurance that offers extensive coverage or one that offers basic coverage. Your premium amount would depend on the comprehensiveness of your premium among other factors.

5. Add-Ons

Oftentimes, not all benefits are covered under a single bike insurance policy. If you feel that you'd like additional coverage that’s not covered under your insurance plan, you can purchase add-ons and tailor your bike insurance policy to your needs. These add-ons can include Zero-Depreciation Cover, Consumable Cover, Return to Invoice Cover and Roadside Assistance. 

6. Go Cashless

When you purchase a two-wheeler insurance that offers network garage benefit, you needn’t make payments for repairs done with network garages. 

Types of Bike Insurance in India

1. Third-Party Bike Insurance

A third-party two wheeler insurance is a legally mandated insurance policy that takes care of the damages caused to a third-party (including person or property). A 3rd party bike insurance is mandatory by law in India under the Motor Vehicles Act, 1988.

2. Comprehensive Bike Insurance

A comprehensive bike insurance policy is essentially a combination of  both third-party liability insurance and own-damage cover. This is ideal for anyone looking for extensive coverage. 

3. Own-Damage Cover

A own damage (OD) cover will cover damage to your vehicle. This means that in the event of an accident, the cost of repair of your two-wheeler will be covered by your insurance provider. 

Third-Party Vs Standalone OD Cover Vs Comprehensive Bike Insurance

Bike Insurance Inclusions

Here are some common inclusions in a Comprehensive Bike Insurance: 

• Loss or damage caused to your two-wheeler due to natural or man-made events.

• Damage caused to your vehicle by third-party will be covered.

• Repair and replacement costs incurred due to an accident will be covered.

• Personal accidents will be covered.

• Damages caused by accidents will be covered.

• Provisions to cover the pillion and the driver will be provided.

Bike Insurance Exclusions

Here are some common exclusions in a Comprehensive Bike Insurance:

• General wear and tear of the bike with the passing of time will not be covered.

• Mechanical breakdowns caused by defective parts will not be covered.

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

• Any loss or damages caused while the rider is driving without a valid driver’s licence will not be covered.

• Any loss or damages caused when the policy is inactive will not be covered.

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

Bike Insurance Add-On Covers

Two-wheeler insurances are not one size fits all. This is why you can purchase a wide variety of add-ons to tailor your Standalone OD Cover or Comprehensive Bike Insurance to suit your needs. Here are some of the most common add-ons to help you understand add-ons a little bit better. 

1. Zero-Depreciation Cover

The monetary value of an asset continues to decrease with time due to use, wear and tear or obsolescence. Generally, the burden of bearing the depreciation costs is borne by the owner of the two-wheeler. However, when you purchase a Zero-Depreciation Cover add-on, the cost of depreciation is lowered for you.

2. Round-the-Clock Spot Assistance

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

3. Personal Accident Cover

A Personal Accident Cover is another common add-on cover. It offers protection against accidental injuries to the owner-driver of an insured two-wheeler. You will be offered applicable compensation in case the owner-driver of the two-wheeler suffers from injuries, permanent disability, or death due to the accident.

4. 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. 

5. Engine Protection Cover

Engine Protection Cover is especially important for those who live in flood-prone areas. When you purchase this add-on, you’ll be financially protected against damage to engine parts. 

6. Lock and Key Replacement Cover

With a Lock and Key Replacement cover, you will be compensated if the key is lost, damaged or stolen. In case the lock or key is damaged, you will be compensated as per the insurance provider’s policies as well. 

Why Choose Bajaj Markets for Your Bike Insurance Policy

1. Trusted Partner

With millions of satisfied customers and a responsive customer service team, Bajaj Markets is one of India’s leading and most trusted financial partners.  

2. 24/7 Assistance

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

3. 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. 

4. Quick Claim Settlement

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

5. Simple Renewal Process

Renewing your insurance with Bajaj Markets is very simple and takes only a couple of minutes. 

How to Get a Bike Insurance on Bajaj Markets 

Getting bike insurance is now easier than ever on Bajaj Markets. Here’s how you can get started: 

• Step 1: Go to the ‘Bike Insurance Premium Calculator’ page on Bajaj Markets

• Step 2: Choose the type of coverage you need

• Step 3: Enter in the required details and upload necessary documents

• Step 4: Make the payment through your preferred payment method

Why Buying/Renewing Bike Insurance is Important

1. Increasing Number of Road Accidents

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

2.Third-party Liability Cover

Not only is a Third-party Liability Cover necessary to stay on the right side of the legal system, it will also ensure that you’re protected against third-party liabilities. 

3. Protection Against Natural Calamities

Natural disasters and calamities 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. 

4. Protection Against Man-made Disasters

Sometimes, we might run into man-made disasters that can damage our vehicles. This can be expensive and stressful to deal with. Purchasing bike insurance can help you manage these expenses with ease. 

5. Helps Meet the Legal Obligation

Having a bike insurance is legally mandated under the Motor Vehicles Act, 1988. This will ensure that you won’t have to pay hefty fines in case you’re caught by a traffic police. 

You will be sent policy details on your registered email ID soon after you make the payment. 

How to Calculate Bike Insurance Premium?

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

1. Type of coverage

2. Insured Declared Value (IDV)

3. Engine’s Cubic Capacity

4. Make and model

5. Add-on covers

You can calculate your insurance premium using this formula: 

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

Manually calculating your insurance premium can be quite confusing and is not always very accurate. A great alternative to this is using a bike insurance premium calculator. With a bike insurance premium calculator, all you need to do is fill in a few basic details about your bike and that’s all! You’ll receive your bike insurance quote instantly.

How To Reduce Bike Insurance Premium?

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

1. Avoid Minor Claims: Avoid making claims for minor and inconsequential damages, this will ensure that you’re able to take advantage of your No Claim Bonus.

2. High Deductibles, Low Premium: The insurance company is liable to pay the claim amount only when it exceeds the deductible.

3. Claim NCB: When you’re renewing your insurance policy, make sure that you’re taking advantage of any NCB that you’ve accumulated.

4. Install Security Devices: Installing security devices brings down the probability of your vehicle being stolen or vandalised.

5. Avoid Unnecessary Add-Ons: While it might be tempting to purchase all available add-ons, it’s important to note that this will increase your insurance premium significantly. 

6. Keep Minimal Modifications: When you make excessive modifications to your two-wheeler, you will have to purchase add-ons to cover the modifications. 

Know more on how you can reduce your two-wheeler insurance premium. 

Bike Insurance Claim Process

Broadly, there are two types of Bike Insurance Claims - cashless claims and reimbursement claims. When you go the cashless claims route, you can get your two-wheeler repaired at your nearest network garage without having to shell out any money. This is the quickest and easiest way to settle claims, provided that your policy supports cashless claims. Alternatively, you may also opt for the reimbursement claims, wherein you can get your repairs done at your preferred garage and submit your bills. The reimbursement amount will be credited to your bank account post verification. 

How to Claim Bike Insurance Online

There are two methods for raising claims - cashless claims and reimbursement claims. Here’s how you can go about with making claims: 

1. Process for Filing Cashless Claims    

• Step 1: Register the claim online by connecting with your insurer via their toll-free number or by visiting their website 

• Step 2: Get your two-wheeler repaired at a network garage

• Step 3: Submit all the required bills and documents

• Step 4: Upon evaluation, your insurer will settle the claim with the network garage

2. Process for Filing Reimbursement Claims

• Step 1: Get in touch with your insurer and register your claim

• Step 2: Get your two-wheeler repaired at your preferred garage at your own expenses

• Step 3: Submit the original bills, payment receipt and other required documents to your insurer

• Step 4: Once your claim and the relevant documents are verified, your claim amount will be credited to your account.

3. Documents Required to Make Bike Insurance Claim

Here are some documents that you need to keep handy when you’re making a bike insurance claim:

• Two-wheeler insurance policy document

• Vehicle details

• Details of the Incident

• Insurer details

• Original bills, receipts and documents relevant to the vehicle repair in case of reimbursement claim

• FIR copy in case you’re vehicle has been stolen

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