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What is Two Wheeler Insurance?


Two wheelers or bikes are the most convenient modes of transport these days. But, due to road conditions, traffic and the hastiness in people, makes the ride unpleasant and unenjoyable sometimes. Also, there has been a significant increase of number of road accidents in past few years. Out of which, mostly the ones suffering the loss or injury are two-wheeler riders.

So, it is recommended to have a two wheeler insurance as it covers the rider or the owner against any damage that may occur during a mishap like an accident, natural disaster or due to theft. A two-wheeler insurance policy also protects the financial liability which arises when the two-wheeler injures or kills any individual other than the owner or driver of the vehicle. Moreover, if the two-wheeler damages any third party property, the policy also covers the financial loss incurred and payable by the policyholder. A two-wheeler insurance policy is mandatory as required by the Motor Vehicles Act, 1988. It is taken against private and commercial two-wheelers like bikes, scooters, mopeds, etc. The plan can be taken for one to three years through long-term two-wheeler insurance plans allowed by the IRDAI.

There are various types of two-wheeler insurance plans. These include the following :

Third party liability plans

These plans, as necessitated by the Motor Vehicles Act, cover only third party financial liabilities which you face. These liabilities arise if you cause injury or death of any third party in an accident involving your two-wheeler. Moreover, any financial liability faced because your two-wheeler damages any third party property is also covered under this plan. The premiums for these plans are fixed by IRDA and they depend on the engine capacity of the two-wheeler.

Comprehensive insurance plans

These plans provide a combination of two types of coverage benefits. The first part of the plan covers third party legal liabilities which arises when a third party is hurt or killed or his property is damaged because of your two-wheeler. The second part of the coverage is called the own damage coverage. This covers damages suffered by the two-wheeler itself and pays for the applicable cost of repairs. Premiums also comprise of two parts. One is the third party premium fixed by IRDA and the other is the own damage premium fixed as per the Insured Declared Value of the bike.

Long term two-wheeler insurance plans

IRDA recently allowed two-wheeler insurance plans to be offered for a longer tenure of 2 or 3 years. Thus, long term two-wheeler insurance plans come with a higher coverage period. They cover the two-wheeler for a continuous period of two years or three years as chosen by the policyholder. Premium is paid at once and is lower than the premiums paid for separate one-year two-wheeler insurance policies.

Commercial two-wheeler insurance plans

Two-wheeler are also being used for commercial purposes and commercial two-wheeler insurance plans covers such two-wheelers against third party liabilities and also damages suffered by the bike.

Some of the best two wheeler insurance plans available in the market include the following :

HDFC Ergo Long term Comprehensive Two wheeler Insurance Plan

The plan can be taken for a continuous period of 3 years at attractive premium discounts.

HDFC Ergo Multiyear Two wheeler insurance Third Party Liability

This is a multiyear liability only policy which can be taken for up to 3 years.

Bharti AXA Third Party Liability Coverage policy

The policy covers the mandatory third party liability at the lowest premium rates.

Bharti AXA Comprehensive Insurance Policy

A comprehensive insurance policy with two add-on covers for better coverage.

Royal Sundaram Two wheeler Long Term Insurance

A comprehensive long term two wheeler insurance policy which settles claims within 10 days.

New India Two wheeler Insurance Plan

A comprehensive two wheeler plan which offers NCB discounts of up to 50%.

Future Generali Two wheeler Insurance Plan

A comprehensive policy which offers attractive add-ons at affordable premium rates.

Liberty Videocon Two wheeler Package Policy

A comprehensive two wheeler plan with quick telephonic support and hassle-free inspections at the time of claims and renewals.

Tata AIG Auto Secure Two wheeler Package Policy

A comprehensive policy with five additional add-ons for a more inclusive cover.

Tata AIG Long term Two wheeler Package Policy

A long term comprehensive plan where you get coverage for two years or three years as you like.

Features of two wheeler insurance plans

  • The policy is taken on the value of the two wheeler
  • The owner of the two wheeler is the policyholder of the plan
  • Coverage under the plan is available for one, two or three years
  • There is no limit to the amount of claim paid in case of death of a third party
  • Third party property damage claims are, however, limited
  • There is also a personal accident cover for up to Rs.1 lakh in most two wheeler insurance plans
  • The amount of coverage is determined by the IDV (Insured Declared Value) of the two-wheeler. The IDV is the market value of the two wheeler net of the applicable depreciation based on the age of the vehicle
  • Coverage depends on the type of policy taken – third party or comprehensive
  • There are some exclusions too which are not covered in the two wheeler insurance plan

Advantages of two wheeler insurance plans

Two wheeler insurance plans have various benefits which are listed below :

  • First and foremost, these plans are legally compulsory. So, one benefit of a two wheeler insurance plan is that it protects you from committing legal violations when you drive your two-wheeler or bike on Indian roads. You can, thus, avoid legal fines and penalties.
  • Two-wheeler accidents are quite common and many times these accidents involve other individuals or their property. If you hurt any individual physically when using your two-wheeler, you are legally bound to compensate the injured party for the injury caused. This compensation becomes substantial in case of death. Similarly, when you harm any third party property, you are legally bound to compensate for the damages caused. A two wheeler insurance policy takes care of these financial compensations which are imposed on you in case of any contingency.
  • Your two-wheeler also faces the risk of damages which incur money when repaired. If you buy a comprehensive two wheeler insurance plan, these damage costs are also covered by the policy sparing you the financial hassles.
  • Two wheeler insurance plans also offer add-on covers which help in extending the scope of coverage of the plan. At very minimal premium amounts you can get these add-ons on your policy and enjoy greater benefits. These benefits help in saving a lot of your money.
  • Lastly, two wheeler insurance plans are being offered for longer tenures. By buying these plans you can eliminate the hassle of annual renewals and also save on the premium cost.

Renewing two wheeler insurance has become an easy task thanks to the various platforms available for the same. Here are the benefits which you can enjoy when you renew your two wheeler insurance plan online :

  • You get a choice of different two wheeler insurance plans to select from. You, therefore, get the facility of comparing different two wheeler insurance plans before finalising one. You can select the required IDV, opt for the coverage features you like and get the best rate of premium. Once you are satisfied with the plan you want to buy, you can also purchase it online.
  • The online renewal process is very easy. You just have to fill an online proposal form and pay the premiums using any digital payment mode (credit cards, debit cards, mobile wallets, net banking, etc.). Once the premium is paid, the policy is renewed instantly. Thus, you are spared the hassles of physically visiting the insurance company's offices for renewing your two-wheeler insurance policy.

A two wheeler insurance policy covers the following

  • Third party financial liability faced when an individual, other than the bike owner, is injured or killed because of the two-wheeler. While there is unlimited coverage for death of the third party, injuries and other wounds have limited coverage.
  • Third party financial liability faced when the property of an individual, who is not the owner of the two wheeler, is damaged by the two-wheeler.
  • If a comprehensive two wheeler insurance policy is bought, damages suffered by the two-wheeler because of the following contingencies are also covered :
    • Natural calamities like earthquake, floods, landslides, etc.
    • Man-made calamities like fire, explosion, theft, etc.
    • When the two-wheeler is in transit through rail, water, road or air
  • Cover for personal accident for the owner or driver of the two-wheeler. This feature provides coverage against accidental deaths and disablements and the cover is allowed for up to Rs. 1 lakh.

There are different types of add-ons available with two wheeler insurance plans. These come at an additional premium. Some popular add-ons include the following :

Zero deprecation cover

This add-on removes the effect of depreciation of the two-wheeler's parts from claim settlement. As such, the insurance company pays a higher claim.

NCB protect

This add-on protects the earned no claim bonus discount even if you make a claim in your two wheeler insurance plan in any year.

Personal accident cover for the pillion rider

Under this add-on, the pillion rider is also covered against accidental deaths and disablements when riding the two-wheeler.

Consumables cover

This cover pays for the cost of consumables incurred in two-wheeler repairs.

Return to invoice

Under this add-on, the invoice value of the two wheeler is returned if the two-wheeler faces a total loss or is stolen.

Roadside assistance

This add-on cover provides assistance in case of mechanical break-down of the two-wheeler in the middle of the road.

Also Read: Bike Insurance Add-On Covers Must to have When Buying Insurance

Two wheeler insurance is required firstly because it is legally mandatory. You cannot drive your two-wheeler on Indian roads if you don't have a valid insurance policy. If caught without insurance you face heavy fines and also imprisonment for violating the legal norms. Secondly, besides the legal requirements, a two-wheeler insurance policy is also financially worthy. It protects your finances against third party legal liabilities and also against the repair costs of your own vehicle. It pays the claims and spares you the financial burden. Thus, it is necessary both from the legal and the financial point of view.

A bike insurance policy does not cover the following instances of claims :

  • Claims made for consequential losses
  • Claims made in a lapsed two-wheeler insurance policy
  • Normal wear and tear of the two-wheeler and depreciation
  • Claims made when the two wheeler is being driven under the influence of alcohol or drugs
  • Claims made when the two-wheeler is being driven outside the geographical boundaries of India
  • Claims made when the two-wheeler is being used against its intended limitations of use
  • Claims made when the two-wheeler is being driven without a valid driving license
  • Claims made for intentional accidents
  • Claims incurred due to war, mutiny, rebellion, riots or other related perils
  • Damages sustained due to electrical or mechanical break-down of the two-wheeler

Before buying or renewing your two-wheeler insurance policy, you should always compare between the available plans. Comparison of two wheeler insurance is necessary because of the following reasons :

To get the best Insured Declared Value of your two-wheeler

Every two wheeler insurance policy fixes a different IDV of the same vehicle. You should try and choose the highest IDV so that the value of your two-wheeler doesn't depreciate quickly. This high IDV can be found if you compare the different plans.

To get the best coverage features

The coverage features in different two-wheeler insurance plans are different. If you want an all-inclusive plan you have to compare other available plans to find the one which offers the most coverage benefits.

For the lowest premium rates

When you compare the available two-wheeler insurance plans you can also save on your premium outgo. Since different plans have different premiums, you can compare and find the plan which has the lowest premium rate.

To select the required add-ons

Different two-wheeler insurance plans offer different add-ons. By comparing you can find the plan which has the add-ons whch you require.

For getting the best discounts

Two-wheeler insurance plans offer various types of discounts which help in lowering the premium. You can find the highest available discount rates when you compare.

So, before buying a two-wheeler insurance policy you should compare.

If you are buying a new bike insurance policy for your brand new bike, you need to submit the following documents :

  • The proposal form of the two-wheeler insurance policy which you want to buy. The form should be filled in and signed by the owner of the bike.
  • KYC documents of the policyholder which include his address proof, identity proof and recent coloured photographs.
  • The invoice of the new two-wheeler for determining the Insured Declared Value.
  • The Registration Certificate of the two-wheeler.
  • Driving license of the policyholder.
  • Aadhar details of the policyholder so that the two-wheeler insurance policy can be linked to the Aadhar number of the policyholder.

Your two-wheeler insurance policy can be easily renewed online through the following process :

  • First you should choose whether you want to renew your existing plan or buy a new plan from a different insurer.
  • For making this choice, you should go online and compare the available two-wheeler insurance plans. The comparison parameters should be the IDV, the coverage features, premiums, networked garages, etc.
  • Choose one plan after comparing the others.
  • After selecting the plan, fill up the proposal form providing the details of your two-wheeler and also the details of the existing insurance policy.
  • Use the accumulated NCB to claim a premium discount.
  • Pay the premium online and your policy would be renewed.
  • If you renew your policy after the expiry of the existing plan, there would be an inspection of your vehicle before renewal is allowed. You would have to arrange for such inspection after informing the insurance company whose plan you want to buy.

For making a valid two-wheeler insurance claim, follow these steps :

  • Inform your insurance company immediately whether it is damaged faced by your two-wheeler or third party liability claim.
  • In case of third party claims, a FIR would have to be submitted. So, you should inform the police and get a FIR.
  • When you inform the insurance company about your two-wheeler's damages, the company would ask you to take your bike to a nearby workshop.
  • The surveyor would visit the workshop to assess the damage.
  • The surveyor prepares a report on the expected cost of repairs after which repairs begin.
  • Repairs are done and your two-wheeler is delivered to you. The company pays the costs incurred directly to the workshop if it is tied-up with the garage. If not, you have to foot the bills and then get them reimbursed.

In case of a two-wheeler accident claim, the following documents would have to be submitted

  • A duly filled in and signed claim form
  • Valid driving license of the owner or driver of the two-wheeler
  • FIR from police authorities if third parties are also involved in the claim
  • RC Book of the two-wheeler
  • The original bills and reports associated with the repairs of the two-wheeler
  • Any other document which the insurance company deems necessary

After all these documents are submitted would the claim for the two-wheeler insurance policy be processed and paid by the two-wheeler insurance company.

A two-wheeler insurance policy should be normally renewed on time or before the expiry date. The bonus can be transferred to a new policy if the insurance is renewed within 90 days after the expiry of the old policy.

Still, if you have forgot to renew your two-wheeler insurance on time or your two-wheeler insurance policy has expired, no need to worry. Just follow the following steps and you will be able to renew it online, without any hassles.

Finalize the Insurance Provider

Choose an insurance company with the best premium being offered for your vehicle. You can do this easily by contacting Paybima. We will give you the estimated premium offered by various providers along with the benefits and then you can you go with the provider you find the best.

Get Survey Done of Your Vehicle

Generally, a survey is required if your policy has expired, to check the condition of the vehicle and inspect pre-existing damages. You might also be charged a basic nominal fee by your insurer for the inspection irrespective of if there is a damage or not.

Buy and Pay Premium

Once the survey is done, buy the policy by paying the premium. As the inspection is valid only for 24 hours, so the policy need to be bought within that period.

No Claim Bonus (NCB)

If the policy is not renewed on time or the policy has expired, then the No Claim Bonus on the policy will not be apply. This happens generally if your policy has lapsed for more than 90 days. NCB is the discount on yearly premium and go up to 50% if there are no claims made to the policy for 5 years. So, you can loose out on discount of 50% if your policy has expired and you have not renewed it till 90 days, of expiry.