What is Bike 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.

Bike Insurance Plans available on Bajaj Markets

Bike Insurance Partners

Incurred Claim Ratio (2022-23)

Premiums Starting at*

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SBI General Bike Insurance

98%

₹538

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Bajaj Allianz General Insurance

98.54%

₹538

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HDFC ERGO General Insurance

99%

₹538

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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!

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!

The SBI General Insurance Co. Ltd. offers you three bike insurance plans, starting at a price of ₹538 p.a. Holding a CSR of 98%, this insurance company can give you access to top-notch cashless services at 1000+ network garages, along with industry-grade online claim services.

Key Highlights

Key Highlights

Details and Specifications

Low Premium 

Starts at just ₹538

Efficient Claim Settlements

Claim settlement ratios of up to 99%

Tailor-made Policies

Choose an insurance policy that suits your needs the best from numerous options

No Claim Bonus

Take advantage of No Claim Bonus and get exclusive discounts and leverage on policy renewal 

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. 

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Factors Affecting Your Bike Insurance Premium

Plan

Premium amount is determined by the type of insurance plan you choose.

Engine Capacity

When you’re looking to purchase insurance for a two-wheeler with higher engine capacity, your insurance premium will be higher. 

Vehicle Age

Your two wheeler’s manufacturing date is an important factor in determining the premium amount.

Modifications

 If you’ve made any modifications to your two-wheeler, it’s likely that you might want to get the modifications insured as well which will increase your insurance premium. 

Add-on Covers

While add-ons are a great way to tailor your insurance plan to your needs, it’s important to remember that each add-on comes with a price. Know more about the factors affecting your two-wheeler insuran Read Morece premium. Read Less

How To Reduce Bike Insurance Premium?

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

  • 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.
  • High Deductibles, Low Premium: The insurance company is liable to pay the claim amount only when it exceeds the deductible.
  • Claim NCB: When you’re renewing your insurance policy, make sure that you’re taking advantage of any NCB that you’ve accumulated.
  • Install Security Devices: Installing security devices brings down the probability of your vehicle being stolen or vandalised.
  • 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. 
  • 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.

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 in bike insurance 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

Parameters

Third-Party Bike Insurance

Standalone OD Cover

Comprehensive Bike Insurance

Overview

Third-party bike insurance is a mandatory policy that covers damages caused to third-party. A third-party bike insurance is legally mandated in India under  the Motor Vehicles Act, 1988.

A standalone OD cover will cover for any damages caused to your vehicle in the event of an accident. 

A comprehensive bike insurance is essentially a combination of both third-party two-wheeler insurance and own-damage cover. 

Coverage 

A Third-party Bike Insurance offers coverage against third-party damages only. 

A Standalone OD Cover will only cover damages against your insured two-wheeler. 

A Comprehensive Bike Insurance will cover both third-party liabilities as well as damages caused to your vehicle. 

Benefits

Not only is a Third-party Cover a legally mandated insurance plan, it will also protect you against traffic fines and other third-party liabilities. 

A Standalone OD Cover will provide you with extensive coverage against damages caused by natural disasters as well as man-made accidents. You can also choose to purchase add-ons if you need to. Additionally, you can also benefit from a ‘No Claim Bonus.’

A Third-party Cover will cover both third-party damages and damages caused to your own two-wheeler. You can also purchase add-ons to make your insurance even more extensive. In case you don’t make any claims, you will also be rewarded with a ‘No Claim Bonus.’

Cost

As a Third-party Cover offers limited coverage, the insurance premium is relatively lower. 

A Standalone OD Cover may be slightly higher than other covers in the beginning but it will continue to decrease as your two-wheeler gets older. 

Since a Comprehensive Cover is quite extensive, the insurance premiums will be relatively higher in the beginning. However, it will continue to decrease with time. 

Rate of Depreciation 

The insurance premium is not affected by the rate of depreciation. 

The insurance premium will be affected by the rate of depreciation.

The premium amount will be affected in proportion to the Standalone OD Cover part of the insurance premium amount. 

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. 

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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. 

Why Buying or 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 Buy Bike Insurance Plans Online?

Follow these steps to purchase your bike insurance policy today:

 

  • Step 1: Navigate to the ‘Bike Insurance Premium Calculator’ page.
  • Step 2: Enter the required details such as your mobile number, your vehicle’s type, make and model of your insured bike, bike number, date of registration of your bike,  etc. 
  • Step 3: Choose the type of insurance policy you want to purchase. You can also choose the add-on covers. 
  • Step 4: Fill in your details like your name, email ID, date of birth, residential address, etc. to proceed.
  • Step 5: Enter your bike engine and chassis number.
  • Step 6: Enter the details of your previous bike insurance policy.
  • Step 7: Cross-check all the details you have entered.
  • Step 8: Choose a suitable payment facility to safeguard your vehicle with bike insurance.

 

Your policy document will be issued to you shortly!

Required documents for raising a claim request

To ensure a smooth and efficient claim filing process with your insurer, it is important to gather the following documents:

 

  • 1. A fully completed and signed claim form.
  • 2. A valid copy of the Registration Certificate (RC).
  • 3. A valid Driving License (DL).
  • 4. A valid two-wheeler insurance policy.
  • 5. A Police First Information Report (FIR), particularly in cases of accidents, theft, and third-party liabilities.
  • 6. The original repair bill and payment receipt.
  • 7. Proof of release in cases involving the reimbursement claim settlement process.

 

By having these documents readily available, you can expedite the claim procedure and increase the likelihood of a successful claim outcome.  

How to raise cashless claim for two wheeler insurance policy?

When it comes to filing a two-wheeler insurance claim online, there are two methods available: cashless claims and reimbursement claims. Let's understand both types in detail:

 

Cashless Claim: Under this method, the insurer directly pays the claim amount to the network garage. However, it is important to note that this facility is only available if you choose to repair your insured vehicle at one of the network garages approved by your insurer.

 

Cashless Claim Settlement Process:

 

1. Inform your insurer about the accident or mishap.

 

2. The insurer will arrange for a surveyor to assess and evaluate the loss of your insured vehicle.

 

3. Fill out the claim form and submit it, along with all other required documents, through the insurer's website.

 

4. Once the insurer approves the claim, take your insured vehicle to the network garage for repairs.

 

5. After the repairs are completed, the insurer will directly pay the repair charges to the network garage.

 

6. You may be responsible for paying any deductibles or non-covered expenses, if applicable.

 

Reimbursement Claim: When you choose to get the repairs done at a garage that is not approved by your insurer, it is referred to as a reimbursement claim. In this case, you need to initially pay the repair expenses out of your own pocket and later seek reimbursement from your insurer.

 

Reimbursement Claim Settlement Process:

 

1. Register the claim with your insurer.

 

2. Fill out the claim form and submit it, along with the required documents, to your insurer.

 

3. A surveyor appointed by the insurer will estimate the repair cost and prepare an assessment report.

 

4. Once the insurer approves the claim based on the surveyor's assessment report, you can proceed with getting your insured vehicle repaired at a non-approved garage.

 

5. Pay for all the repair charges directly at the garage from your own pocket.

 

6. Submit all the bills, payment receipts, and proof of release to your insurer.

 

7. Once the claim is approved, the claim amount will be disbursed to your registered bank account.

FAQs

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

Third-party Insurance covers injuries or death caused to a third-party as well as damage caused to third party property. 

I plan on transferring 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 ‘No Claim Bonus’ to your new insurer. 

How do I raise a claim?

  • You may raise a claim by following these simple steps: 

    • Register your claim

    • Upload relevant documents 

    • Your insurer will contact you post verification of your claim

 

Are there any discounts available on bike insurance premiums?

Yes, there are discounts available on bike insurance premiums. You can get up to 50% discount with a ‘No Claim Bonus.’

Can I buy two-wheeler insurance online in India?

Yes, you can buy bike insurance online on Bajaj Markets. 

Is two-wheeler insurance compulsory in India?

Yes, Third-party Insurance is legally mandated under the Motor Vehicles Act 1988. It’s illegal to drive a two-wheeler in India without Third-party Insurance. 

How can I check my bike insurance details?

You can check your bike insurance details by visiting the Ministry of Road Transport and Highways website and entering in your bike’s registration number.

Is online bike insurance valid?

Yes, your online insurance policy for bikes is just as valid as a bike insurance that you purchase in-person. In fact, when you purchase your bike insurance online, you’re likely to get a better deal. 

Is the pillion rider considered as a third party?

Yes, the pillion rider is considered as a third-party. 

✓No Inspection Policy Issuance ✓24x7 Assistance ✓Quick Claim Processing | Buy a Bike Insurance Plan Starting at ₹538/year* Check Plans
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