TWO WHEELER INSURANCE

An agreement between an insurance company and a bike owner where the insurance provider is liable to incur all the financial expenses caused due to road accidents, theft, fire, etc. is referred to as a two-wheeler insurance policy. The contract between the insured and the insurer is generally signed for one (1) year that needs to be renewed after every consecutive year.

No matter what bike a person owns, it's crucial to abide by some standard rules and regulations to ride on the road. Therefore, it's mandatory to carry along all the legal documents before hitting the road. At least third-party insurance is mandatory for all the bikes to incur all the financial losses caused due to unforeseen incidents.

There are majorly three types of bike insurance policies. They are Third Party Bike Insurance, Standalone Own Damage Bike Insurance Policy, and Comprehensive Bike Insurance Policy.

The cost of premiums varies depending on the type of various bike insurance plan . The premium is generally set by an IRDA (Insurance Regulatory Development Authority of India) when it comes to a Third-Party Policy Plan depending on the bike's engine capacity. In contrary to this, the premium amount for Own Damage Bike Insurance Plan and Comprehensive Bike Insurance Plan varies from one bike to another depending on various factors such as the bike's making charge, model, engine capacity, fuel type, etc.

Usually every insurance policy comes with an expiry date before which it is mandatory to renew the policy failing which the policyholder might be denied from making any kind of financial claims. However, a grace period of 90 days is still given to the policyholder from the given date of expiry so that the policyholder can renew the same old policy without having the need to buy any new policy.

A bike insurance policy number is generally a unique number that comprises of 8 to 10 digits issued by the insurance company. This unique number is generally printed on the insurance card issued by the insurance provider to the policyholder. One can even find this unique number by entering the registered mobile number on the desired website of the insurer.

There can be several parameters to decide on the best possible motorcycle insurance company for the insurance of motor bikes. The CSR (Claim Settlement Ratio) is one such parameter that is used to determine the efficiency of the desired insurance provider. CSR is the ratio of claims settled by the bike insurance company to the total claims received by the insurer during the financial year of the policy. In the financial year 2019-2020, the companies with the highest claim settlement ratios were IFFCO Tokyo General Insurance .(95.30%), Royal Sundaram General Insurance (92.66%), and Oriental Insurance Company (91.76%) with IFFCO Tokyo having the highest CSR ratio.

Yes, as per Motor Vehicle Act, it's compulsory for every bike owner to carry at least a third-party bike insurance plan before embarking on their journey on the road.

Yes, you can transfer the insurance policy of an old bike to any new owner at the time of selling out the bike. This policy transfer usually takes 14 days from the date of purchase of the bike to complete the entire insurance transfer process.

Generally, the Third-Party Policy premium of any bike is fixed by an IRDA (Insurance Regulatory Development Authority of India) while the Standalone Own Damage and Comprehensive Policy premium rates differ from insurer to insurer based on several factors such as bike-making charge, model, engine capacity, fuel type, etc. Apart from this, there are numerous other factors too that influence the premium rates of the bike insurance policy which include bike modifications, add-on covers, and anti-theft devices. Only in the case of anti-theft devices, the premium rate gets lower down.

Raising a bike insurance claim online can be done in the following steps: Step 1: Raise a claim at the desired insurer’s website or on the downloaded mobile app Step 2: A claim registration number is generated from the insurer's end after the claim has been raised through the insurer's website. Step 3: Soon after the generation of the claim registration number, an insurer sends a surveyor to examine the extent of damage that has occurred to the bike. Step 4: The damaged bike is later taken to a garage for repair service. Step 5: Finally, the claim is settled by the desired insurer based on the chosen garage where the bike has been got repaired.

Yes, old bikes can be also insured even if they have crossed 15 years of their age. The insurance of 15 years older bikes can be usually done through a Third-Party Insurance Policy Plan but when it comes to Own Damage Cover or Comprehensive Policy Plan, it varies from insurer to insurer.

As per Motor Vehicle Act, it's important for all bike owners to legally ride their vehicles on Indian roads to avoid any penalties or fines. Hence, it's advisable to keep renewing the bike insurance policy from time to time.

It is in the best interest of someone/somebody to renew the bike insurance plan at least 45 days prior to its expiry date policy. One shouldn't wait for the insurance plan to get lapsed as this would only hinder the execution of all the possible financial claims that have been accumulated in the respective policyholder's account so far.

Renewing the bike insurance plan from the same insurance provider is no doubt a hassle-free task for the customer but it's an even more suitable option to opt for as the person need not worry to look out for any other new insurance provider for the renewal process. Moreover, getting the bike insurance renewed from the same existing insurance provider even lowers down the premium rate.

Generally, a sum of rupees 2000/- is fined to the person who is riding the bike without having any bike insurance as per the Motor Vehicle Act. An imprisonment of maximum 3 months is imposed on the rider in case the person fails to pay the charged fine.

The term depreciation generally refers to 'reduction'. Depreciation in bike insurance means a reduction in the value of the bike due to regular wear and tear damages caused to the bike and its components.

The insurance premium rate of different insurance companies varies due to several factors depending on either the type of vehicle or the demographics as per the Motor Vehicle Act. The type of vehicle helps in determining the efficiency of the bike in the market while the demographics i.e., income and age of the people determine the premium rate of the insurance. People with higher income groups will generally have higher insurance premium rates.

Yes, of course. A companion passenger can also avail of medical cover. A passenger add-on cover is designed specifically to provide medical coverage to the companion passenger sitting on the insured bike from any kind of bodily injuries caused to the companion passenger or even by the sudden demise of the co-passenger. Although this add-on cover is not mandatory to buy since the life of the co-passenger is equally important, it becomes necessary to buy this add-on cover.

In case of rejection of bike insurance policy application, a person needs to recheck all the previously filled out necessary details in the application form if there are any erroneous or redundant data. Moreover, one can even rectify the application form details with the assistance of any third-party representative of the desired insurance company.

Yes, the insurance premium of the vehicle (bike) surely depends on the geographical location where the bike is being driven. The areas which are more prone to thefts, accidents, and vandalism are usually charged with higher premium rates compared to urban areas due to the higher risk of vulnerable customers.

A temporary insurance certificate issued by the insurance company prior to the issuance of original insurance documents to the policyholder after he/she has submitted the duly filled proposal form and made the necessary payment of premium successfully.

It is just a matter of a few minutes to buy or renew any bike insurance plan online. The digital platform has led customers to get rid of the queues and huge piles of paper works.

To transfer the two-wheeler insurance plan under one's own name, we need to follow the following steps: Step 3: Once all the documents get submitted, thereafter a thorough verification process is done by the registered authority and if everything turns out as per the order, the bike ownership gets transferred to the desired person's name.

No, it is not worth filing a claim for minor dents and scratches on the insured bike as the person may lose out on the accumulated NCB (No Claim Bonus) points which may result in loss of NCB discounts while paying out premiums in buying new insurance or renewing the old insurance.

Yes, a bike insurance plan does offer coverage for scratches, dents, and cosmetic damages provided the damages shouldn't be caused due to any accidents or vandalism acts but should be instead caused naturally through regular use of the vehicle such as normal wear and tear damages.

Usually, there's no such restriction on the total number of claims being made by a policyholder within a year. However, it is advisable not to make many claims in a year as it may affect the value of NCB. Moreover, making repeated claims might lead to an increase in the premium amount of insurance at the time of the renewal process.

A zero depreciation means that there would be no reduction in the coverage plan while making claiming any amount due to normal wear and tear damages caused to the bike. It means that no amount would be deducted from the coverage plan due to any s due to regular wear and tear damages or ageing of the bike.

IDV or Insured Declared Value in a bike insurance policy is a parameter based on which the maximum amount of claims can be made due to any sort of accident or loss of the bike. Higher the IDV of the bike, higher the amount of claims that can be made.

A comprehensive bike insurance plan provides protection to the insured bike against both Own Damage Risks and Third Party Liabilities that are caused due to any sort of accident or mishaps.

A cashless bike insurance claim helps the policyholder in getting the bike repaired at any of the listed network of garages without the need of paying any repair cost. All the expenses are borne out by the desired insurance company.

The IDV (Insured Declared Value) of any bike insurance is calculated by the following mathematical formula: Insured Declared Value (IDV) = Listed Selling Price of the Manufacturer – Depreciation Please make a note that the 'Insured Declared Value' of the accessories which are not manufactured by the factory are calculated separately at an additional price only if there's a need for insurance for those items or accessories.

NCB or No Claim Bonus is a discount or reward offered by the insurance provider to an insured individual for not raising any claim requests during the plan tenure. Generally, this discount ranges between 20%-50% of the primary insurance amount and is given to the insured individual at the time of insurance plan renewal.

The NCB discount that has been accumulated over the years for the desired bike insurance plan would ultimately get lost in case the insurance plan is allowed to lapse for more than 90 days without any attempt of reactivation or renewal activity.

In case someone plans to sell his/her bike, then firstly that person needs to write an application to the RTO (Road/Regional Transport officer) from where his/her two-wheeler got registered. This step is very crucial as it is helpful during the transfer of ownership of the vehicle under a new person's name to whom it is being sold out. Along with the application form, a person is also required to submit a valid insurance, PUC (Pollution Under Control) certificate, Registration certificate of the vehicle or any other certificates if and only if required as mentioned in the 'terms and policy' section of the application form or on personal demand.

To get the duplicate bike insurance policy copy online, one simply needs to visit the desired insurance company’s website and enter the policy number details or one can even contact via toll-free number of the customer care service to get the duplicate copy of the bike insurance.

Following steps are needed to be followed to download the bike insurance policy document or certificate: Step 1: It's firstly recommended to visit the official website of the desired insurance company. Step 2: In the second step, the person is required to choose the kind of policy from all the available options. Step 3: Enter the insurance policy details like name, policy number, etc. in the required given slots in the application form. Step 4: Once the form is duly filled, it can be easily downloaded or printed from the website for one's own record or as a reference.

In case of any erroneous or redundant data and information, one can simply call on the toll-free number of the respective insurance company and get all the rectifications done accordingly in all the documents.

Yes definitely, an online-issued bike insurance plan is valid. It's completely safe and relevant to be presented to any authority on demand.

Once a person has realized that he/she has lost his/her bike insurance policy copy, then immediately an FIR should be filed making sure to keep a copy of an FIR handy as it may be required to be submitted to the desired insurance provider on any sort of demand.

It usually takes around 14-28 days for bike insurance claim settlement. There are certain insurance providers who settle down insurance claims faster than others.

A person can check the bike insurance policy status online through 3 different ways which are: through the regional transport office, VAHAN website and the respective insurance company website.

A person can follow the below-mentioned steps in order to renew the expired bike insurance:Step 1: Visit the desired insurance company's website and enter the bike's registration number.Step 2: Thereafter, select ‘Get Your Quotes Option’ and enter the various information of the bike such as its model number, brand, etc. including the personal information to get the insurance quotes.Step 3: Compare the insurance plans among the different insurance providers and choose the best plan based on the factors of coverage, premium, etc. Finally, make the necessary payment to renew the insurance plan instantly.

Yes. It's completely safe to renew the bike insurance policy online being a more convenient and hassle-free process.

The cost of renewing a bike insurance plan varies from one insurance company to another insurance company.

No, a comprehensive bike insurance plan does not offer any protection to the passenger. A separate passenger add-on cover is to be taken along with the bike insurance plan to bear out all the medical expenses incurred by the injured passenger.

To cover any sort of damages or losses to the bike’s tyre, one can purchase a tyre protection add-on cover under the bike insurance policy that provides coverage for repair or replacement cost of a two-wheeler tyre.

Once a person files an FIR, he or she is required to contact the desired helpline number of the respective insurance company and follow the desired instructions to make a claim against the theft of the two-wheeler. In the next step, duly fill in the claim form with all the required information like registration number, policy details, etc. At last, one needs to inform the RTO about the theft and complete all the necessary formalities.

In case, the bike insurance plan remains in the lapsed state for more than 90 days then the accumulated No Claim Bonus (NCB) also gets lost.

The penalty to ride your bike without a valid bike insurance plan is A sum of Rs. 2000 is charged or jail of up to maximum of 3 months is imposed as a penalty in case a person is found riding a bike without any valid bike insurance plan.

It is recommended to raise a claim only in case of heavy damage or loss caused to the bike as small damage would only hinder the accumulated NCB discounts.

Since the bike insurance policy differs from one city to another city, the premium amounts may change depending on the rules and policies of that specific city.

The act of making any public statement approval in terms of any changes in the product or item is referred to as endorsement. In case of any sort of changes in personal information of the desired policyholder's document, the policyholder is required to give written evidence on the same and this written evidence is treated as an endorsement.

A cashless claim in bike insurance is a service that allows the policyholder to get their bike repaired without having to pay the repair bill out of their own money. On the other hand, under a reimbursement claim, a policyholder is required to bear the expenses of repair from their own pocket which they can get reimbursed later from the insurance company after producing the repair bill and claim form.

A voluntary deductible is an amount that an insured individual agrees to bear voluntarily at the time of a claim settlement. The insured can choose the amount of voluntary deductible based on their risk tolerance and affordability, as specified in the policy document.

Yes. Any policyholder is entitled to cancel his or her policy at any time prior to the policy tenure. The refunded amount is credited to the policyholder's account after some deductions within 14 days of cancellation.

Yes. Any policyholder is entitled to cancel his or her policy at any time prior to the policy tenure. The refunded amount is credited to the policyholder's account after some deductions within 14 days of cancellation.

Yes, you have the freedom to choose the garage or repair shop of your preference for repairing your bike in the event of an insurance claim. While your insurance provider may recommend or suggest a network of preferred workshops, you are not obligated to use those specific repair shops. You have the right to select a garage that you trust or are comfortable with.

Yes, one can transfer the accumulated NCB in case of changing an old bike to a new bike or changing the previous insurer to another insurer. It is advisable to consult with the desired new insurance provider to know what kind of document proofs are needed for this transferable process.

Yes, the model of the bike impacts a lot in determining the cost of the bike.

The extent of damage or loss that's done to the vehicle that it's difficult to bear because it would either be equal to or exceed the coverage limit of the vehicle insurance is known as 'Constructive Total Loss'

Usually, there is a set deadline date for a policyholder to make any claims for the damage or loss of the bike. However, the deadline date may vary from one insurance provider to another.

Comprehensive bike insurance is the best option to opt for as it covers both third-party insurance coverage as well as own damage cover provided the bike is newly purchased. In the case of an old bike, it is more affordable and convenient to buy a Third party insurance policy.

Following documents are needed to be submitted before buying any bike insurance policy:1) A document pertaining to the proof of purchased year. 2) A document pertaining to the proof of the location of the vehicle. 3) document pertaining to the proof of existing and previous policy details.

The bike insurance policy remains unaffected even after relocation to any other city or region across the country. However, the person (policyholder) is required to update his or her new address in the policy details through the website of the desired insurance provider. Please make a note that there will be no changes in the insurance premium even after changing the city.

It is quite beneficial to buy a multi-year bike policy compared to a single-year insurance plan due to the many additional discounts offered by the former one. The discounts are applicable only if the policyholder goes with the 'Comprehensive Bike Policy'.