Bike Insurance FAQs

How can I renew my bike insurance?

You can renew Bike Insurance online by logging into the Customer Portal on Finserv Markets. You must enter your policy details including the policy number, date of policy as well as the expiry date. Once the details are entered, you will be shown the details of your bike insurance policy to review which you must carefully read. Once you have reviewed the policy details, agree to the terms and conditions mentioned and then renew your bike insurance online!

How do I get insurance for my bike?

You can buy bike insurance online, which will provide you coverage against natural disasters, man-made disasters, accidents, thefts, etc. Bike Insurance can be applied for in only 5 steps. Choose your coverage and fill in your vehicle details. Once your insurer has assessed the details provided, you can complete your payment and your policy will be issued to you.

How much does it cost to insure a bike?

A Bike Insurance can cost you premiums starting from Rs. 1,389 a year. The amount to be paid to an insurance company called the bike insurance premium, depends on factors like the two-wheeler’s make and model, its age and the city in which it is being driven.

Is it mandatory to have two-wheeler insurance?

As per Indian law, it is mandatory to buy third party liability cover. The Third Party Bike Insurance will provide financial coverage only to the third party against any damages arising due to your two-wheeler.

Can we renew bike insurance online?

Renew bike insurance online in only 3 steps. Log into your Customer Portal on Finserv Markets and enter the details of your policy including policy number, date of policy and expiry date. Once you have entered these details, your policy will be presented to you for review. Any changes made within the Bike Insurance within the last six months or so will be displayed to you here. Review the policy carefully, agree to the stated terms and conditions and renew your policy.

How can I buy two-wheeler insurance online?

You can buy two-wheeler insurance online in simply 5 steps on Finserv Markets. Choose the coverage plan, enter your vehicle details, get them assessed by the insurer and complete payment. Your Two- Wheeler Insurance policy will be issued to you instantly.

How do I claim my bike insurance for Bike Allianz?

You can claim bike insurance for your Bike Insurance policy online in as little as 4 steps. Log into your Customer Portal and 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.

How is two-wheeler insurance calculated?

Insured Declared Value (IDV) for two wheeler insurance is calculated on the basis of the bike’s selling price as determined by the manufacturer, minus the depreciation. IDV is the maximum sum assured that is payable by the insurer in case of total loss or theft of the bike.

How many types of two-wheeler insurance are there?

There are two major types of two-wheeler insurance. These include the third-party liability which covers damages caused to third parties because of your vehicle; and the comprehensive cover. The Bike Insurance comprehensive policy would cover damages caused to you and your bike, as well as the third-party liability cover mandated by Indian law.

What is third party bike insurance?

Third party bike insurance is mandated by Indian law for every vehicle being ridden on roads. It financially covers any damage caused to any third party due to your two-wheeler. It is different from a comprehensive two-wheeler insurance policy which provides coverage to you and your bike as well.

How does two-wheeler insurance work?

Two-wheeler insurance provides financial coverage to you and your bike against damages caused due to situations including natural disasters, man-made disasters, accidents, thefts, etc. Two-Wheeler Insurance also provides coverage for any costs arising due to replacement or repair of parts on your two wheeler.