About Bike insurance

Its cost-effectiveness and convenience have made a bike one of the most used vehicles in our country. Today, every household has at least one two wheeler, that how much popularity it has procured. Having said that, the convenience and swiftness that a bike brings to you, also exposes to risks on the road. From increasing number of accidents, to damage due to other factors like calamities, your favourite ride may not be as safe as it seems. Here’s when you need a bike insurance policy. This policy not just takes care of the unfortunate accidental damages, but also ensures that you are not penalized. Yes, you read it right! A third-party bike insurance policy is made mandatory by law. However, it is always recommended that we opt for a comprehensive bike insurance policy that offers all-round protection.  

Why Do You Need Bike Insurance

We all are aware that riding on Indian roads, means having a third-party bike insurance policy is mandatory by law. Not riding an insured two-wheeler could cost you a penalty of Rs. 2000 and even imprisonment. Having said that, this is not the only reason to get yourself a bike insurance policy. With other factors at par, it remains a necessity. Let’s understand why you need bike insurance.

Increasing number of road accidents: With increasing number vehicle on Indian roads, the threat of accidents continues to rise. Hence, a bike insurance coverage for damages caused to your vehicle during such mishaps is vital.

Third-Party Liability Cover: As bike insurance covers third-party liabilities, you need not worry about the unfortunate damages due to collisions.

Protection against Natural Calamities: With an extensive security for damages caused to your bike due to natural calamities like earthquakes, floods, cyclones and other such natural disasters, a bike insurance helps get your life back on track

Protection against Man-made Disasters: Not just natural calamities but protecting your vehicle against acts of vandalism is also very important. A bike insurance policy lets you do just that.

Our Two Wheeler Insurance Partners

  • Bajaj Allianz General Insurance Co.

    Bajaj Allianz General Insurance Co.

    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 General Insurance Ltd.

    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.

Best Two Wheeler Insurance Plans in 2020

Bajaj Allianz Two Wheeler Insurance

Parameter

Highlight

Claim Settlement Ratio (CSR)

With a CSR greater that 95%, Bajaj Allianz is one of our trusted insurance partners

Network Garages

Bajaj Allianz Bike Insurance offers cashless claim facility at preferred garages, so you need not worry about bike repairs

Claim Settlement

Bajaj Allianz is known for its quick & seamless claim settlement process and instant claim settlement

Add-on covers

The plan offers customized add-on covers to help you enhance your plan

24X7 Assistance

With complete round-the-clock claim assistance, you can get your all your bike insurance policy-related or claim-related queries resolved

Acko Two Wheeler Insurance

Parameter

Highlight

Claim Settlement Ratio (CSR)

Acko Bike Insurance has an impressive claim settlement ratio, making it a trusted choice of many customers

Network Garages

With its PAN India services, Acko bike insurance is at your assistance, anywhere across the country

Claim Settlement

Acko believes in quick and hassle-free claim settlement for their customers in an easy and cashless manner

Add-on covers

Acko Bike Insurance comes with an option to add add-on covers, so you can enhance your coverage

Claim Assistance

The Acko team is dedicated to serve you better, offering complete claim assistance through Acko customer care.

Different types of Bike insurance

There are 2 types of Bike Insurance plans available in India.

Two-wheeler insurance is categorised into Third-Party and Comprehensive insurance plans. You can go ahead and pick the plan that best suits your needs and budget.

Third-Party Bike Insurance

This type of bike insurance covers only third party liability arising due to an accident or collision by your insured bike. This is the most basic plan and is made mandatory as per the New Motor Vehicle Act,2019. Driving an uninsured vehicle can attract a fine of Rs. 2000 and can also result in imprisonment. Hence, getting a two-wheeler insurance plan ensures that you are in compliance with the traffic rules while it also offers financial coverage against third-party damages.

Comprehensive Bike Insurance

A comprehensive cover on the other hand, covers damages to your bike apart from third party liabilities. Such damages include accidental loss or damage, theft, damage due to natural calamities and man-made calamities, and even fire. Although this plan is not mandatory and also comes with a higher premium, it is popular amongst customers due to its all-round protection and complete coverage.

Difference Between Third Party And Comprehensive Bike Insurance

Read on to understand the difference between third party insurance and comprehensive insurance

 

Third Party Bike Insurance

Comprehensive Bike Insurance

What does it mean?

A third-party bike insurance plan is the most basic plan that covers the damages caused by your bike to any third-party vehicle or property during an accident.

A comprehensive bike insurance plan offers 360-degree coverage for your insured vehicle. It covers your third-party liabilities along with the damage caused to you and your car.

Inclusions

This plan covers third-party damages caused due to an accident with your insured bike. It also includes a personal accident cover to take care of the treatment expenses of personal injuries caused during the accident.

The plan covers damage and losses caused to any third-party as well as damages to you and your own bike. Alongside, it offers coverage against others risks like natural and man-made calamities, fire, and more. 

Benefits

It protects you in case of any accidental injuries to a third-party vehicle/property due to your vehicle. 

It ensures you are in compliance with the law.

It protects you against damages to your own vehicle as well as third-party damages.
Limitations It does not cover the damages caused to your own vehicle. A comprehensive bike insurance plan comes with a relatively higher premium
Customization No customizations are available with this bike insurance plan. You can customize your comprehensive bike insurance plan by adding additional covers such as the accident cover, Return to Invoice, etc.

Why Compare Bike Insurance Policies Online

Comparing bike insurance plans online before making the actual purchase is a very important part of getting your bike insurer. This way, you don’t just make the right choice, but you also understand the product details before getting your plan.

Here’s why you need to compare plans online:

  • Hassle-free Process

Comparing bike insurance plans online is very convenient and hassle-free! You can go through the product details, see which plan offers the benefits you need and make a well-informed decision

  • Cost-Effective

With no middle-men involved in the process, comparing and choosing your suitable bike insurance plan online, is not just easy, but cost-effective too.

  • Customer Reviews

Understanding what customers have to say about a bike insurance plan gives a real insight into the product offering. It is easy to understand the reliability of the bike insurance plan and the insurer by going through the customer reviews available on the website, so you can pick the product that has proven beneficial for others too.

How to Compare Bike Insurance Plans Online

Online bike insurance calculation has eased the process of getting a quick quote for your bike insurance, within minutes.  All you have to do is enter a few details and the calculator displays the premium amount payable by you.

Here’s how you can compare bike insurance quotes to get the right plan:

  • Type of plan - Choose the type of plan you wish to buy
  • Plan details - Don’t forget to go through the features and benefits of the plan. This would help in making the right choice
  • Check the premium payable – Pick the plan that fits your budget as premium payment is a regular transaction, and hence, should not become a financial burden
  • Add-on covers - Check for the add-on covers available with the bike insurance plan, so you can enhance your protection against damages.

Key Benefits of a Two Wheeler Insurance Policy

Key Benefits of a Two Wheeler Insurance Policy
  • Cashless Claim Settlement

    With bike insurance plans available on Finserv MARKETS, you can benefit from hassle-free claim settlement at any of the network garages across India. Here, the insurer settles the repair cost directly with the garage.

  • Premium Discounts

    If you are a responsible driver, you are in for a additional benefits! Yes, you read it right. In case you do not make a claim during the previous policy period, you can avail the No Claim Bonus (NCB) under which, you can seek discounts on premiums up to 50% while renewing your policy.

  • Quick Renewal

    With a complete online process, you do not have to worry about the renewing your policy. Just follow the online process and get your policy issued in no time!

  • 24*7 Customer Support

    With Finserv MARKETS’ 24x7 on-call assistance, you need can reach out to the team for any bike insurance related queries and get them resolved instantly.

Benefits of Long Term Bike Insurance Plan

Bike insurance plans come with different variants and choices for you to have flexible options when it comes to your bike’s financial security. Insurance companies in India offer 2 types of bike insurance policies: Long term insurance policy and single year insurance policy.

Below mentioned table highlights the benefits of a long term policy over a single year short-term policy.

Parameters

3 Year Long Term Insurance Policy

Single Year Insurance Policy

Renewal

With renewal after 3 years there is no hassle of policy renewal annually.

This plan needs to be renewed on an annual basis

Cover Period

Offers an extensive coverage for a span of three years

Benefits are extended for a single policy year

Rise in Premium

Rise in TP premium rates has no effect on third-party (TP) premium during the policy period

TP premium increases annually, as a result of which, you may have to pay a higher premium during policy renewal

No Claim Bonus benefit

Get additional NCB benefit at the time of renewal

NCB benefit is offered as per tariff

NCB benefit

In case a claim is made, your NCB is reduced, but doesn’t become nil

NCB becomes nil after a claim

Mid-term cancellation refund

You may choose to get a proportional refund even after filing a claim during the 3-year policy term

There is no refund available,  in case any claim is made

Factors Affecting Bike Insurance Policy Premium

Plan

The premium amount of your bike insurance policy differs with the type of plan you select. A comprehensive two-wheeler insurance premium is relatively higher than third-party bike insurance

Engine Capacity

Greater the engine capacity, higher is the premium. Hence, engine capacity is one of the key determinants of your bike insurance premium

Vehicle Age

Your bike’s manufacturing date is a crucial factor used to determine the Insured Declared Value which is set by the insurer, making it a key factor in deciding the bike insurance premium

Geography

Your location plays a vital role in determining the two-wheeler insurance premium as the customers living in risky areas are likely to face damages due to theft and damage for which a higher premium is charged

Add-on Covers

Add-on covers are an essential enhancement for your financial coverage, but also come with an addition premium amount. Hence, your total bike insurance premium is affected by the additional cover options you select

How to Calculate Your Two Wheeler Insurance Premium Online

With the online bike insurance premium calculator, Finserv MARKETS has made is very easy for you to calculate your Two-wheeler Insurance premium. All you need to do go through a quick process, and your premium amount is displayed on your screen.

  • Start by providing details like your bike’s registration number & your mobile number. Provide the details of your previous policy
  • Enter other details of your bike such as registration number, its make & model, fuel type, registration details, and more
  • Pick the plan of your choice: Third-party Plan or Comprehensive Plan
  • Provide your personal details and proceed
  • And, your Bike Insurance premium will be visible on screen

List Of Different Ad-On Covers In Bike Insurance

Bike Insurance plans available on Finserv MARKETS come with bespoke add-on covers that enhance the financial protection for your bike.

  • Zero Depreciation Cover

With a zero depreciation cover, you are covered against depreciation value of your bike, thereby minimizing your out-of-pocket expenses during a claim

  • Round-the-clock Spot Assistance

With round-the-clock spot assistance cover, you are never left stranded in case of a sudden breakdown during your ride

  • Personal Accident Cover 

This cover offers coverage for the treatment cost of injuries due to an accident on your insured bike for the pillion rider

  • Return To Invoice

The Return To Invoice cover helps you get the complete value of your bike which is about the same as the one mentioned on your bike’s purchase invoice

Inclusions In Bike Insurance

Things that are included under the Bike Insurance policy include–

  • Damage due to Calamities

    Loss or damage incurred to your bike due to natural or man-made calamities

  • Third party liability coverage

    Damage caused to third-party due to your insured bike is covered

  • Repair and replacement expenses

    Repair and replacement arising due to an accident are covered

  • Personal injuries

    Cover for personal accident and other riders

  • Accidental Damage

    Damages incurred due to accidents

Exclusions In Bike Insurance

Things that are excluded from the Bike Insurance policy include–

  • Non-accidental damage

    Regular wear and tear of the bike is not covered

  • Mechanical or electrical breakdown

    Any mechanical breakdown of your bike due to defect in bike parts is not covered

  • Illegal driving

    Damage caused to your bike while riding under the influence of alcohol or other intoxicants

  • Driving without valid documents

    Loss or damage incurred while driving without a valid driver's license

  • In-active policy

    Damage caused when the policy is inactive

  • Damage or loss incurred during a war-like situation

Reasons To Buy Two Wheeler Insurance From Finserv MARKETS

  • Trusted companion

    With a 100 million+ happy customers across India, Finserv MARKETS is sure to be your trusted financial partner!

  • Round-the-clock Assistance

    Rain, hail, sun or storm – We're always there to assist you. Get in touch with us, and we will guide you

  • Customized Insurance Plans

    From different plans to tailor-made add-on covers available, Finserv MARKETS lets you pick the plan of your choice

  • Quick Claim Settlement

    Insurance plans available on Finserv MARKETS ensure quick claim settlement, so you need not worry about those unwanted damages

  • Hassle-free Renewal

    Renew your policy online from anywhere in minutes! What’s more? No vehicle inspection needed during renewal

How to Buy Two Wheeler Insurance Online at Finserv MARKETS

Purchasing two wheeler insurance at Finserv MARKETS is simple and convenient. With no time-consuming paperwork or hassle of visiting the branch office, you can buy the plan online, instantly!

  • Fill up the details

    Just enter your two-wheeler registration number & mobile number

  • Provide necessary information

    Fill the application form with some details of your bike

  • Make a choice

    Pick the Bike Insurance plan that suits your needs

  • Pay your premium

    Make and instant online payment

  • Your policy will reach you within no time

Bike Insurance Renewal

Getting your bike insurance after buying a new bike is like half the battle. Real significance lies in ensuring that you continue to get the benefits on a bike insurance policy. And, this can be done be timely bike insurance policy renewal online. It is important to renew the security of your bike and ensure that you are not stranded in case of any bike damages due to an in-active or lapsed bike insurance plan. Moreover, getting a bike insurance policy renewed has its own perks too. On Finserv MARKETS, the renewal process is not just easy, but very quick and time saving.

Steps To Renew Bike Insurance Online

All you have to do for getting your bike insurance renewed online is follow these quick steps

  • 1

    Visit us on Finserv MARKETS online

  • 2

    Enter your previous policy details

  • 3

    Enter your personal details and the details of your bike

  • 4

    Any updates to the premiums shall reflect on screen

  • 5

    Make an online payment and you’re done!

  • 6

    Your bike insurance will be active in no time!

Steps To Renew Bike Insurance Offline

Although getting your bike insurance policy renewed is simple and convenient online, you may choose to go for the traditional way. For renewing your bike insurance policy offline you can simply visit the branch office of the insurer of your choice, fill up the details, submit the necessary documents for renewal, make payment and renew your plan.

Why Renew Your Two Wheeler Insurance Before Expiry

Accidents and risks come uninvited and an in-active bike insurance policy could be a bad idea! Here’s why it is important to renew your bike insurance policy in time:

  • No claims settled in grace period

One of the key reasons why you should renew your bike insurance on time is that any claims made during your policy’s grace period are not settled by the insurer. To be constantly protected you need to ensure timely renewal

  • No Claim Bonus benefit

To keep your No Claim Bonus benefit intact, you must ensure that your bike insurance policy is renewed within the required time span and before expiry, as the NCB benefit may get forfeited after.

  • Out-of-pocket spends

With a lapsed policy, you are liable to take care of expenses incurred for any bike damages, drilling a hole in your pocket. Hence, timely bike insurance renewal is not a option, but a priority!

Documents Required To Renew Your Two Wheeler Insurance

Although bike insurance renewal process requires no or minimal documentation process, it is better to keep some important details handy

  • Previous policy details
  • Proof of identity
  • Proof of address
  • A recent passport size photograph
  • Bank account information
  • Driving license & RC

Bike Insurance Claims

A bike insurance policy not just holds significance for being on the right side of law for riding an insured vehicle, but also covers all the damages incurred to your vehicle due to theft or accident. In this process, another important thing that people often forget, is understanding the claim process. Understanding the claim process ensures that you can make the most of your bike insurance policy.

There are two types of bike insurance claims: Cashless claim & Reimbursement claim. Cashless claims are a very unique feature that allows you to get your bike repairs done in a cashless manner.  You can get your bike repaired at the nearest network garage, where the bills are settled by the insurer. On the other hand, when it comes to reimbursement claims, you can get your bike repaired at your desired garage and then claim for reimbursement of the costs on the basis of original bills, where the claim amount is sent to you, subtracting the deductibles.

How to Claim Bike Insurance Online

Process for Filing Cashless Claims 

  • Register the claim online by calling their toll-free number or by visiting the website
  • Get your bike repaired at a network garage
  • Submit all the required documents
  • On evaluation, your insurer will settle the claim with the network garage

Process for Filing Reimbursement Claims

  • Informing the insurer & register the claim
  • Get your bike repaired at any nearest garage at your own expenses
  • Submit the original bills and payment receipt to the insurer
  • Once the documents are verified, your claim amount is sent to your account

Documents Required for Claiming your Two Wheeler Insurance

Make sure you keep the following documents handy, when comes to claim registration

  • Bike 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

Glossary

  • Policy Number

A policy number is a number that is used as a reference for the administrative and claim- related purposes and is present on the policy document.

  • IDV

If you are confused about what is IDV in insurance, it is nothing but IDV stands for Insured Declared Value. This means the value of your bike fixed by the insurance company and is the maximum amount you get paid in case of a claim.

  • NCB

NCB or No Claim Bonus is a reward or a discount that is offered to customers that do not raise any claims during the policy period. This benefit is available on policy renewal and lets you enjoy up to 50% discount on the renewal premium after five consecutive claim-free years.

  • Deductibles

Deductibles are that portion of the claim amount which is to be taken care of by the insured.

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Manage All Your Queries About 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:

    1. Injury or death of the third-party

    2. Any damage caused to the third-party

    3. Any liability in the case of the death of the third-party or if any injury stated is unlimited.

  • ✔️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 surely transfer your your NCB from your current insurance company to the new provider. 

  • ✔️How do I claim my bike insurance policy?

    You can claim your Bike Insurance policy online in as little as 4 steps. Register your claim online. Upload the documents stating and proving your claim online and allow for assessment. The decision will be informed to you at the earliest.

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

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

  • ✔️Can I buy bike insurance offline?

    Through Finserv MARKETS, you can buy the policy online and the process is much faster and timesaving than the offline one.

Explore all the bike insurance FAQs to find more answers

Finserv MARKETS - User Reviews & Testimonials

Finserv MARKETS - User Reviews & Testimonials

3.8out of 5

7 reviews

Bike Insurance

I purchased the bike insurance for my new Activa. On Finserv MARKETS, the online application process for two-wheeler insurance was fast and convenient. I shall definitely recommend it to my friends.

Bike Insurance

When I applied for the two wheeler insurance on Finserv MARKETS, the customer service executive explained the entire process. This made the application process very simple and I got my policy issued in no time.

Bike Insurance

I availed the two wheeler insurance available on Finserv MARKETS on my bike and I must say, the whole process was so smooth that it really eased off my stress. The services provided by two wheeler insurance company was excellent.