Bike Insurance - Check Plans, Benefits and Buy Online

With so many options for bike insurance in India, buying the best one can be a little overwhelming. The mandatory third-party insurance will cover your liabilities in case you cause damage or injury to a third party. In case you want coverage for your two-wheeler too, you should buy comprehensive bike insurance. Before you buy bike insurance online you can easily check the coverage benefits, premiums charges and deals available online. Choose a policy that best suits your needs and budget. 

✓No Inspection Policy Issuance ✓24x7 Assistance ✓Quick Claim Processing | Buy a Bike Insurance Plan Starting at ₹457/year*

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

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-

  • Low Premium

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

  • Claim Settled Quickly

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

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

  • Wide Coverage

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

  • Add-Ons

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

  • Go Cashless

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-

  • Avoid Minor Claims

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

  • Claim NCB

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

  • Install Security Devices

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

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

  • Bajaj Allianz General Insurance Co.

    Bajaj Allianz Two Wheeler Insurance

    Bajaj Allianz General Insurance Co., with their expertise in the insurance sector brings to you, extensive Bajaj Allianz Bike Insurance that best fit your needs and diverse requirements. From customization to great value for money with Bajaj Allianz Bike Insurance, you need not look any further!

  • Acko General Insurance Ltd.

    Acko Two Wheeler Insurance

    Acko General Insurance with its unique approach, marries technology with insurance. It brings to you new-age bike insurance plans that are designed to be just the right choice when it comes to bike insurance. From customization to affordability, you always have more.

  • HDFC ERGO Two Wheeler Insurance

    HDFC ERGO General Insurance

    Your two-wheeler is vulnerable to road accidents much more than your car. Hence, having a two-wheeler insurance is of utmost importance. HDFC ERGO Two-wheeler Insurance ensures that you and your bike are financially protected against road accidents, theft or any unfortunate incident. Get yours TODAY!

Types of Bike Insurance in India

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.

  • Third-Party Bike Insurance

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.

  • Comprehensive Bike Insurance

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.

  • Own-Damage 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.

Key Highlights of Bike Insurance Plans on Bajaj Markets

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

Why Choose Bajaj Markets for Your Bike Insurance Policy

Key Benefits of a Two Wheeler Insurance Policy
  • Trusted companion

    With millions of happy customers across India, we are the most trusted financial partner.

  • Round-the-Clock Assistance

    Rain, hail, sun, or storm–we are always there to assist you. All you need to do is get in touch with us and explain the situation.

  • Customised Insurance Plans

    We enable you to tailor your policy by keeping different plans and a plethora of add-on covers in store for you.

  • Quick Claim Settlement

    Insurance plans available on Bajaj Markets ensure quick claim settlement, so you do not have to worry about managing your finances.

  • Hassle-Free Renewal

    We enable you to renew your two-wheeler insurance any time, anywhere! What’s more? No need to go through the vehicle inspection process during renewal.

Calculate Your Bike Insurance Premium

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. 

Factors Affecting Your Bike Insurance Premium

Plan

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.

Engine Capacity

Greater the engine capacity, the higher the premium. Hence, engine capacity is one of the critical determinants of your two-wheeler insurance premium.

Vehicle Age

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.

Modifications

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

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.

Bike Insurance Inclusions

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

Bike Insurance Exclusions

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

Bike Insurance Add-On Covers

Two-wheeler insurance plans available on Bajaj MARKETS come with a range of add-on covers that enhance the financial protection of your bike.

  • Zero-Depreciation Cover

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.

  • Round-the-Clock Spot Assistance

With around-the-clock spot bike assistance cover, you will never be left stranded in case of a sudden breakdown.

  • Personal Accident Cover

It offers coverage for the treatment of the pillion rider in case of injuries due to an accident on your bike.

  • Return-to-Invoice Cover

The return to invoice cover helps you get your bike's complete value, i.e., the amount mentioned on your purchase invoice.

  • Engine Protection Cover

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.

  • Lock and Key Replacement 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.

Third-Party Vs Standalone OD Cover Vs Comprehensive Bike Insurance

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

Bike Insurance Claim Process

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.

How to Claim Bike Insurance Online

Here’s a step-by-step guide to raising a two-wheeler insurance claim:

Process for Filing Cashless Claims

 

 

  • 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.

 

Process for Filing Reimbursement Claims

  • 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.

Documents Required to Make Bike Insurance Claim

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

How to get a bike insurance using Bajaj Markets app

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.

Latest Bike Insurance News

48 lakh compensation for family of pedestrian who died in 2015 accident

As per a new report, a Motor Accident Claim Tribunal has ordered around ₹48 lakh as compensation for the family (wife and children of the deceased) of a 33-year-old victim who lost his life when a speeding motorcycle hit him in 2015. The victim in question, Sanjay Surnar of Dahisar was walking on the road when a speeding motorbike coming from the opposite direction collided with him. The insurance company of the motorcycle owner claimed that the accident was caused due to negligence on Surnar’s part. However, the Claims Tribunal ruled in the favour of the victim’s family and ordered compensation of ₹48 lakh to be jointly paid by the insurance company and the motorcycle owner.

January 9, 2022

Chennai: Insurance company to pay ₹46 lakh to accident victim’s family 

In a Chennai city motor accident case, the Motor Accidents Claim Tribunal has directed a private insurance company to pay ₹46 lakh as compensation to the family of a man who passed away after the bike mishap. The victim was riding his bike on the service road along Minjur Vandalur when he was struck by a rashly driven bike from behind on April 2, 2018. He died of his injuries on April 8, 2018. The insurance claim case dragged on for years, but the Claim Tribunal, after reviewing all evidence, stated that the accident happened due to rash driving and the victim’s family deserved compensation.

- November 14. 2021

General insurance industry hoping for increase in third-party motor insurance premium for FY22

The Insurance Regulatory and Development Authority of India (IRDAI) is yet to notify insurers about the new rates for third-party car and bike insurance plans for 2021-22. However, the general insurance industry is hoping for the IRDAI to revise premium rates to make the segment more sustainable.

- April 21, 2021

Fake number plates: Motorists’ new means of escaping fines

As the crackdown on traffic and road safety violations escalated after the New Year, a new threat of using fake vehicle registration as well as bike insurance numbers to evade punishment, appears to have been tackled by the enforcement authorities.

In certain parts of Odisha, checking of traffic violations while maintaining social distancing continues. The counterfeit number will, however, be sent with the traffic headquarters and attempts will be made to track the people involved in the offense.

- January 17, 2021

Nearly 60% vehicle owners drive without insurance, two-wheeler owners top the chart

India is among the countries that encounter most of the road accidents and one of the key reasons being the multiplication of vehicles on the road. According to the report made by the Insurance Information Bureau, in all 57% of vehicles that run on the Indian roads have no insurance against them and out of which 60% of them are two-wheelers. Even though third-party motor insurance is compulsory as per the Motor Vehicle Act 1988, a large number of these two-wheelers continually remain uninsured. There are chances that bike insurance may be purchased for these initially but is not renewed on time, thus becoming inactive after the completion of the tenure.

Bajaj Finserv MARKETS iOS App Download

Buy Bike Insurance on Bajaj Markets App

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.

FAQs on Bike Insurance

  • ✔️What are some of the risks that your third-party bike insurance policies cover?

    A third-party two-wheeler insurance policy covers these risks:

    • Injury or death of the third party

    • Any damage caused to the third party

  • ✔️I plan to transfer my two-wheeler insurance to a new provider. Can my ‘No Claim Bonus’ (NCB) be transferred from my current insurance provider to the new company?

    Yes, you can transfer your NCB from your current insurance company to the new provider. 

  • ✔️How do I claim my bike insurance policy?

    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.

  • ✔️Are there any discounts available on bike insurance premiums?

    You can enjoy NCB benefits up to 50% during policy renewal if you have made no claims in the previous policy year.

  • ✔️Can I buy bike insurance online in India?

    Through Bajaj Markets, you can buy new bike insurance online, and the process is much faster and more time-saving than the offline one.

  • ✔️Is two-wheeler insurance compulsory in India?

    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.

  • ✔️How to check bike insurance details?

    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. 

  • ✔️Is online bike insurance valid?

    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.

  • ✔️Is the pillion rider a third party?

    Yes, the pillion rider or the passenger sitting in the backseat is considered to be a third party.

  • ✔️Is bike insurance premium covered under Section 80C of the Income Tax Act?

    No, Section 80C of the Income Tax Act, 1961, does not include premiums paid towards two-wheeler insurance.

  • ✔️Is third-party bike insurance more expensive than other insurance plans?

    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.

  • ✔️What is the premium amount of bike insurance?

    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.

  • ✔️Do I need a motor insurance policy if I am riding someone else’s bike?

    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.

  • ✔️Can I opt for the garage of my choice to repair my bike?

    Yes, you can repair your bike from the garage of your choice and raise a reimbursement claim once you have paid the bill.

  • ✔️Can I make bike insurance claims online?

    Yes, you can make bike insurance claims online by visiting your insurer’s official website.

  • ✔️Can I purchase bike insurance using the Bajaj EMI card?

    Yes, you can buy bike insurance using the Bajaj EMI card.

Explore all the bike insurance FAQs to find more answers

Bajaj Markets - User Reviews & Testimonials

Bajaj Markets - User Reviews & Testimonials

4.8out of 5

7 reviews

Bike Insurance

Bajaj MARKETS made my bike insurance buying journey easy. I could compare different plans and buy 2 wheeler insurance for my Dio all at one place.

Bike Insurance

Bajaj MARKETS has made my life easy. Renewing my bike insurance doesn’t feel like a task anymore. The online bike insurance renewal process is the easiest on this website.

Bike Insurance

I have always hated the idea of renewing my bike insurance. Visiting my insurance provider’s branch office during weekdays seems impossible. And I have always been sceptical about online processes. However, Bajaj MARKETS has made the whole process simple. I can now renew my two-wheeler insurance any time, anywhere.