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.
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.
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 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.
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 |
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. |
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.
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.
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.
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. |
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:
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
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.
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.
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:
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.
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.
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!
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.
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 |
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
Greater the engine capacity, higher is the premium. Hence, engine capacity is one of the key determinants of your bike insurance premium
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
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 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
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.
Bike Insurance plans available on Finserv MARKETS come with bespoke add-on covers that enhance the financial protection for your bike.
With a zero depreciation cover, you are covered against depreciation value of your bike, thereby minimizing your out-of-pocket expenses during a claim
With round-the-clock spot assistance cover, you are never left stranded in case of a sudden breakdown during your ride
This cover offers coverage for the treatment cost of injuries due to an accident on your insured bike for the pillion rider
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
Things that are included under the Bike Insurance policy include–
Loss or damage incurred to your bike due to natural or man-made calamities
Damage caused to third-party due to your insured bike is covered
Repair and replacement arising due to an accident are covered
Cover for personal accident and other riders
Damages incurred due to accidents
Things that are excluded from the Bike Insurance policy include–
Regular wear and tear of the bike is not covered
Any mechanical breakdown of your bike due to defect in bike parts is not covered
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 license
Damage caused when the policy is inactive
With a 100 million+ happy customers across India, Finserv MARKETS is sure to be your trusted financial partner!
Rain, hail, sun or storm – We're always there to assist you. Get in touch with us, and we will guide you
From different plans to tailor-made add-on covers available, Finserv MARKETS lets you pick the plan of your choice
Insurance plans available on Finserv MARKETS ensure quick claim settlement, so you need not worry about those unwanted damages
Renew your policy online from anywhere in minutes! What’s more? No vehicle inspection needed during renewal
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!
Just enter your two-wheeler registration number & mobile number
Fill the application form with some details of your bike
Pick the Bike Insurance plan that suits your needs
Make and instant online payment
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.
All you have to do for getting your bike insurance renewed online is follow these quick steps
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.
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:
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
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.
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!
Although bike insurance renewal process requires no or minimal documentation process, it is better to keep some important details handy
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.
Make sure you keep the following documents handy, when comes to claim registration
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.
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 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 are that portion of the claim amount which is to be taken care of by the insured.
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.
The government of Odisha recently urged the transport commissioner and the state police to implement suspension of driver's license if they are caught driving without a helmet anywhere in the state. This step is taken to reduce the number of helmetless two-wheelers running on the road in order to reduce the number of road accidents. This becomes even more crucial considering 60% of two-wheelers are recorded to not be insured with bike insurance.
Over 4,688 two-wheelers and around 11,064 accidents were recorded in the state last year. Officials were also asked to submit a report for each district regarding the suspension of DL (Driving License) for the violation of the law of wearing a helmet, in 2019.
The Amma Two-Wheeler Scheme was launched by Prime Minister Narendra Modi in February 2018 to commemorate the 70th birth anniversary of former Tamil Nadu chief minister Jayalalithaa, who was affectionately referred to as Amma. The scheme promises a subsidy of 50% of up to Rs 25,000/- for working w.....
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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.
Yes, you can surely transfer your your NCB from your current insurance company to the new provider.
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.
You can enjoy NCB benefit up to 50% during policy renewal, if you have made no claims in the previous policy year.
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
7 reviews
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.
Posted on 20 Dec 19
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.
Posted on 20 Jan 20
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.
Posted on 03 April 20