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Two Wheeler or Bike Insurance FAQs

What is two wheeler insurance?

The two wheeler insurance or bike insurance is a contract between the insured customer and the insurance company in which the latter agrees to pay the claim to the customer in case of an accident or damage to the bike in return for a nominal amount from the insured customer known as “Premium”.  The premium for two wheeler insurance can be calculated online using the two wheeler or bike insurance premium calculators.

Is two wheeler insurance mandatory?

Two wheeler insurance or bike insurance is mandatory for any two wheeler bike to ply in public places as per the Motor vehicles act, 1938. Third party bike insurance is mandatory for every two wheeler to drive in public places. Without valid insurance you can be fined up to Rs.5000 and/or 3 months imprisonment or both.

What is Compulsory Third party two wheeler insurance?

Compulsory third party two wheeler insurance is also known as Liability insurance in which the death or bodily injury to third party is covered. In addition to this the property damage of third party is also covered in the third party bike insurance policy. It is compulsory to have a third party bike insurance policy to ply in public places as per the Motor vehicles act. The third party bike insurance premium would be constant across all the insurance companies. The third party insurance section also includes the compulsory owner/driver personal accident cover of Rs.15 Lacs. In case of death or permanent disability of the owner/driver due to an accident at the time of driving the bike, the claim is paid under this coverage.

What is Comprehensive Package policy?

Comprehensive bike insurance package policy has two sections namely; Own damage and Third party. Third party section covers the death or bodily injury of third parties in case of an accident in addition to the property damage of third parties while the own damage section covers the loss or damage to the bike due to an insured peril operating at the time of loss or accident. The comprehensive package policy is also known as Full insurance in the market which covers both the bike as well as third party claims.

What is long term two wheeler insurance?

Long term two wheeler insurance is the insurance given for a period of more than 1 year. Most of the insurance companies offer insurance coverage for more than a year in packets of 2 years policy, 3 years policy and 5 years policy. The premium for long term bike insurance is to be paid upfront to the insurance company. In case of long term two wheeler insurance the insured declared value is calculated for each year and the premium is calculated for each year. Long term two wheeler insurance is gaining traction these days as premium can be paid once and there would be no tension of renewal for a longer period of time.

Can I take only first party insurance?

Yes. Only first party bike insurance cover can be taken subject to the customer having valid third party insurance in place. Without valid third party insurance policy most of the insurance companies would not offer first party insurance. This is due to the fact that third party insurance is mandatory without which you can be fined up to Rs.5000 or 3 months imprisonment or both. If you have taken 1+5 insurance policy which means 1 year first party and 5 years third party, then for subsequent renewals you can have only first party as long as your third party policy is valid.

What is the cost of third party bike insurance?

The cost of third party bike insurance depends on the cubic capacity of the two wheeler bike. Higher the cubic capacity, higher would be the premium. The third party premium of your bike is calculated on the basis of the cc and a compulsory owner/driver personal accident cover would be added if the registration is in individual’s name. Below is the cost for third party bike insurance policy:-

Engine Capacity Third party premium
Not more than 75cc Rs.482
More than 75cc but less than 150cc Rs.752
More than 150cc but less than 350cc Rs.1193
More than 350cc Rs.2323

How to renew bike insurance online?

Bike insurance renewal process has been made simple with Policy Bachat online portal Two Wheeler Insurance where the process is quite simple. Below is the process to renew your bike insurance online.

Step 1: The first step in using the two wheeler insurance premium calculator is to click on the online bike insurance premium calculator and proceed to the data entry.

Step 2: The next step in using the bike/two-wheeler insurance premium calculator is to enter the below details clearly and correctly.

  • Make and model of the two wheeler – Bajaj is the Make while Platina is the Model
  • Enter the RTO in which the two wheeler is registered
  • Enter the registration date of your two wheeler bike.

Step 3: The premium from different insurance companies is displayed in this step. Select the best insurance company as per your requirements and proceed to the payment page. Instant policy would be available after the payment is completed.

What is Bumper to bumper in bike insurance?

Bumper to bumper cover is also known as nil depreciation or zero depreciation which covers the cost of depreciation at the time of claim settlement. Depreciation is the reduction in the value of a part over a period of time due to wear and tear. The depreciation is factored at the time of claim settlement without a depreciation cover add-on. To prevent the deduction of depreciation from the total claim amount at the time of claim settlement it is advisable to take a bumper to bumper cover for your bike. The bumper to bumper add-on is available in payment of additional premium to the insurance company.

What is NCB in two wheeler insurance policy?

NCB is the no claim bonus given to the owner/driver at the time of renewal of bike insurance policy. The no claim bonus is given to those with nil claims reported in the previous years. The no claim bonus increases each claim free year and reaches a maximum of 50% from 0%. The no claim bonus is an extra discount given to the customer on the own damage section of the policy if there are no reported claims in the previous year. The NCB cannot be transferred from one person to another person if the bike is sold.

How can I find my NCB?

NCB can be found in the own damage premium calculation section of your bike insurance policy copy. Each claim free year you will be eligible for a higher NCB and then you will be shifted to the next higher slab. The NCB will be mentioned as percentage in your policy copy.

Will I lose my NCB if I change my insurance company?

You can transfer your NCB from one insurance company to another insurance company without losing out your NCB benefit. NCB will be valid if the insurance company is changed and the benefit of NCB can be used in your new insurance company.

What will happen if I don’t renew my bike insurance on time?

If you don’t renew your bike insurance before the expiry date, then your bike insurance policy will lapse. If the bike insurance policy is lapsed, your bike would be vulnerable to the accidents and claims. It is of utmost importance to renew your bike insurance policy before the expiry to prevent it from getting lapsed. If the bike insurance is not renewed within 90 days of expiry the existing NCB will also lapse. To prevent the loss of NCB it is advisable to renew your bike insurance policy online.

How can I get claim if my bike is stolen?

There are many instances where bikes get stolen and the insurance claim is to be made. Below is the process to be followed to get the claim of your two wheeler bike insurance:-

  • Intimate your insurance company immediately regarding the stolen bike. It is advisable to note the claim intimation number given by the insurance company.
  • Then file bike missing complaint with the local police station and get a FIR copy of the same.
  • If the bike is not traced, then you can get non traceable certificate from the police and submit to the insurance company for further processing the claim.

What are the documents required for making a claim?

There are certain documents which are to be submitted to the insurance company to process your claim. These include:-

  • Original RC copy in case of Theft claim
  • Driving licence of the driver at the time of accident
  • Original policy copy
  • Duly filled and signed claim form
  • Description of the accident
  • Cancelled cheque to process the payment
  • FIR in case of theft claim
  • Details of other vehicles involved or any third party claims which can arise in future.
  • An estimate of the vehicle repair cost
  • Repair bills and payment receipts.

How is my bike premium calculated?

The bike insurance premium is calculated on the basis of the below factors:-

  • Cubic capacity – The major factor deciding the third party premium of your bike is the cubic capacity of the bike. Higher the cubic capacity, higher would be the premium.
  • Make & Model – The premium of your bike depends on the make and model of the bike. Few makes of bikes have higher premium compared to the other makes. For instance Yamaha bikes have higher premium when compared to Bajaj bikes for the same cubic capacity. This is due to the cost of replacement of parts being high at the time of claim for few make and models.
  • Date of registration – The date of registration is used to calculate the age of the bike. The premium depends on the age of the vehicle.
  • Insured Declared Value - IDV is the sum insured of the bike which is agreed between the insured and the insurance company. Higher the IDV, higher would be the premium.
  • RTO – The place of registration of bike also plays an important role in deciding the premium. For the purpose of premium calculation cities are divided in two zones; Zone A- which covers all the capitals of states, Zone –B which includes all other cities other than that of Zone-A.

How does Policy Bachat help me in my two wheeler insurance purchase?

PolicyBachat is the leading insurance web aggregator in the Indian insurance market space. We strive to help our customers reduce the amount of money they spend on insurance purchases with maximum coverage. We have a dedicated team of agents working round the day to ensure that our clients get the best two wheeler deals from insurance companies and also that the after sales service is maintained to satisfy the customers. PolicyBachat had tied up with all the major general insurance company to offer bike insurance to its customers at affordable premiums.

How to cancel my bike insurance policy?

Bike insurance policy needs to be cancelled in the below scenarios:

  • The coverage mentioned in the quote or explained to the customer is different from that reflecting in the bike insurance policy copy.
  • Customer is not satisfied with the after sales provided by the insurance company.

For cancellation of bike insurance policy, customer needs to send a written mail to the insurance company requesting cancellation of the insurance policy. If the policy is within the free look period there would be not deduction in premium paid. If the policy is outside the pre look period, pro-rata premium would be paid to the customer by the insurance company.

When can I cancel my bike insurance policy?

There are few situations in which you can cancel your bike insurance policy:

  • If you are not satisfied with the service provided by the insurance company after taking the insurance policy.
  • If you have taken a double policy for the same two wheeler bike. Two policies are active at the same time for a single bike.
  • If you have taken Comprehensive policy but wanted to take only Third party bike insurance.

What to do in case of an accident of my bike?

This is one of the most important things to know before taking an insurance policy and driving the bike. If you have met with an accident while driving the bike it is important to understand how to proceed further. Here is the process to be followed if you are met with an accident:-

  • For accidents involving third party vehicles, register FIR with the police if there is any causality in the accident.
  • Next inform the insurance company about the accident and provide a brief description of the accident and confirm if any third party bodily injury or property damage is there.
  • Take the bike to the nearest garage for repair or request for towing assistance from the insurance company.
  • Do not try to repair the bike yourself as it may further escalate the damage caused to the bike.
  • In the next stage the insurance company will appoint a surveyor to get an estimate of the repair expenses and the claim would be settled.

Is my insurance valid if I drive my vehicle in another state?

Yes, insurance copy of your bike is valid throughout India and can be carried with your bike anywhere in India. If you are driving your vehicle in a state other than from which you took the insurance, it is important to abide by the local laws to make sure the insurance claim is valid.  In case of claim you can utilise the network garage all over India to avail the cashless claim of your bike.

What is IDV in two wheeler insurance?

IDV in bike insurance policy copy is the insured declared value which is the maximum value of the bike considered for the purpose of insurance. It is also the maximum liability of the insurance company in case of any loss or accident. The insured declared value is arrived based on the age of the vehicle, as the depreciation is accounted for each passing year. Higher the IDV, higher would be the liability of the insurance company and higher the premium to be paid by the customer. It is important to ensure that your bike is insured with sufficient IDV which comes handy at the time of loss.

Insured declared value for new vehicle is calculated as 95% of the vehicle ex-showroom price and thereafter the IDV decreases at 10% each year to account for the depreciation of the vehicle.

My bike insurance is expired, how to renew it?

Bike insurance renewal has never been easy with the introduction of online insurance portals. PolicyBachat helps to renew your bike insurance policy as you can have many options from different insurance companies. The process of renewing bike insurance is simple, you can renew your bike insurance by following the below steps:

Step 1: Visit our online portal online portal and proceed to the data entry section or call our toll free number for assistance.

Step 2: The next step in using the bike/two wheeler insurance premium calculator is to enter the below details clearly and correctly.

  • Make and model of the two wheeler – Bajaj is the Make while Platina is the Model
  • Enter the RTO in which the two wheeler is registered
  • Enter the registration date of your two wheeler bike.

Step 3: The premium from different insurance companies is displayed in this step. Select the best insurance company as per your requirements and proceed to the payment page. Instant policy would be available after the payment is completed.

How to get the cheap bike insurance premium?

The cheap and best bike insurance premium quotes can be found online on our portal . Bike premium can be reduced in the following ways and the cheap bike insurance quotes can be generated online:-

  • Only third party insurance can reduce the premium drastically and cheap quotation can be generated.
  • Opting for higher voluntary deductible reduces the overall premium to be paid thereby making the bike insurance cheap.
  • Purchasing bike insurance online where you can have many options and the cheap option can be selected from the list of available companies.
  • Fitting of anti theft devices and having AAA membership can also reduce the bike insurance premium to be paid to the insurance companies.

What is covered under bike insurance?

Bike insurance has two sections and the coverage under each section is mentioned below:-

  • Third party section: This section covers the bodily injury or death of third parties involved in an accident with the insured bike. In addition to this third-party property damage is also covered. Personal accident cover of up to Rs.15 Lacs  is provided to the insured customer in case of death or disability due to an accident involving the insured vehicle.
  • Own damage section: This section covers the loss or damage to the bike due to an insured peril. Insured perils under bike insurance include Fire, Natural calamities, riots, strikes, and Malicious damage, accidental damages, etc. These perils are covered under the own damage section of the bike insurance policy. Any damages which are intentional in nature are not covered under the bike insurance policy. This section also includes the add-on covers which can increase the coverage available with the bike insurance policy.

Is it safe to purchase bike insurance online?

It is 100% Safe, Secure, and Reliable to purchase bike insurance online from Policy Bachat. We ensure that the transactions are done smoothly between the insured customer and the insurance company. The payment is done directly to the insurance company without any middlemen involvement which reduces the chance of siphoning off your money. The money is directly paid to the insurance company and the policy is generated instantly which makes bike insurance purchase online with Policy Bachat highly safe.

For best online two-wheeler bike insurance quotes, please visit Two Wheeler-Insurance and get the best insurance quotes from our portal.

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