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Bike Insurance is a safety plan that protects bike owners from any liability to third parties, arising due to the usage of two-wheelers. Two wheeler insurance is a contract in which the insurance firm covers financial aspects related to any loss or damage to a bike.
Third party bike insurance is mandatory to everyone owning two-wheelers, under Motor Vehicle Act, 1988. Two wheeler Insurance covers you financially when accidents cause damage to the vehicle by paying for the repairs. It minimises the blow due to natural calamities or third party liabilities / personal accidents as well.
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Driving your bike without Insurance is a punishable offence in the eyes of the law. Two wheeler Insurance is mandatory in India and is proven to be very beneficial as well.
Two wheelers are a vital part of the economy as it is the most convenient mode of transportation. Two wheeler insurance is required to reduce the risk that generates from being on the road in general. These are the following benefits and facts to have a Bike Insurance Policy:
Earthquakes and floods are less frequent; still, it is something that your bike insurance policy covers. If you become a victim to uncertainties, one can always seek a claim for the damages under the bike insurance policy.
A third party is also known as ‘act only’ insurance and is compulsory for everybody under two wheeler insurance. It is a bike insurance cover in which the two-wheeler insurance firm covers damage to the third party, the insured bike and person is protected from the legal obligations towards the third party.
The bike insurance policy also covers the owner and will compensate in case of injuries due to bike accidents. The person can use the money, the amount of bike insurance claim can differ under different circumstances.
Law is the prime leading authority and can abide by the citizens. The bike insurance policy is a mandatory aspect of Indian law. Under the Motor Vehicles Act, every vehicle owner has to have at least a third-party two-wheeler insurance cover.
Any accident that occurs creates havoc and damage to people’s lives and the vehicle as well. The financial coverage accompanying a bike insurance policy is a safety net for the policyholder. Any damage to your vehicle in an accident will not break you financially.
Man-made disasters like theft, robbery, riot, strike, terrorist activity, damage in the transit by road, rail, lift or elevator, is covered under the coverage of bike insurance claims from man-made disasters.
These above are the most common concepts covered under the two wheeler insurance policy. They wrap almost every major factor to make it easy for you.
The two wheeler insurance market is adding new terms and conditions with each passing year. If you want the best bike insurance policy for yourself, here are the 6 things you should know about bike insurance:
6 things basic of every two wheeler insurance:
These above summarises the whole two wheeler insurance policy of bikes, in small yet definable points.
Short term two wheeler insurance was valid in India till 2015. Every year one had to renew their two-wheeler insurance. Still, now with the permission of the Insurance and Regulatory authority of India (IRDA), long term insurance plans can be implemented.
The long term coverage plans include two wheeler insurance policies for a maximum of three years. With the working burden and stress, it's not easy to visit an agent every time you need to renew your policy. Just opt for the two-wheeler insurance facility online.
Benefits of Bajaj Allianz Two Wheeler Insurance are:
These are the main key benefits you can infer from your insurance policy. It keeps you secure on the road financially.
|Key Feature||Benefit Bajaj Allianz Two Wheeler Insurance|
|Hassle-free Renewal||Renewal of the 2 wheeler insurance is a smooth process with no inspection and questions|
|Quick claim settlement||Pan-India and smooth two wheeler insurance claim settlement.|
|Network Garages||Avail priority services with two wheeler insurance from Bajaj Allianz authenticated garages across the country.|
|Add-on Covers||A wide gamut of additional two wheeler insurance add-on covers to provide blanket coverage for your bike and its associated aspects.|
|Own-damage cover||Protection against threats like fire, theft, accidents, etc. within the two wheeler insurance policy.|
|NCB Transfer||Yes, up to 50%|
|Claim Settlement Ratio||98%|
|On-The-Spot Settlement||Using Caringly Yours App|
Insurance is a financial cover to take the blow of loss and damage occurred in an accident. The two wheeler insurance policy is a legal obligation in India. The cover type and the premium amount for the bike insurance policy is dependent upon the coverage plans you select.
There are mainly two types of two wheeler insurance in India. Most of the policies concerning two wheelers revolve around them. With adding certain chargeable benefits in the mix, you are eligible to receive the best offers on your possessions.
In this type of two wheeler insurance plan, the third party is insured as well as the rider/ policyholder/ owner/ vehicle itself. These all are benefited in a single policy, and the additional add ons are also applicable at an extra premium cost.
The comprehensive two wheeler insurance policies are fixed and created by every insurance firm individually. They each have different offers based on the comprehensive policy cover. The premium charge is relatively high under this type of two-wheeler insurance.
A comprehensive policy is not regulated by IRDA at all. It can be modified and changed by insurance companies only.
In this type of two wheeler insurance, only third parties involved in the accidents are covered and compensated. It is beneficial for the rider or the owner in terms of legal obligations as the third party two-wheeler insurance protects them and the other parties involved in the incident. Every two-wheeler must have a third party insurance for bike.
It is a legally regulated and mandatory insurance policy sanctioned by the Insurance Regulatory and Development Authority. The bike insurance premium is cheaper than the comprehensive policy premium, but the coverage is also lesser.
The owner/policyholder or the vehicle is not protected under the third party two wheeler insurance plans. If involved in an accident, they won’t be compensated at all. The rules and conditions regarding this policy are similar across nations.
Under the standalone own damage cover, you will get claim benefits in case of accident, theft, natural or manmade damages. This type of two wheeler insurance cover can be coupled with comprehensive bike insurance or long term two wheeler insurance policy.
However, a standalone insurance policy for bike cannot provide cover against the 3rd-Party liabilities. In addition to this, you cannot expect to get coverage against depreciation, electrical damages, mechanical problems/breakdown, and damages incurred due to DUI, drugs usage and underage driving.
Two wheeler insurance is essential for the safety of the rider and vehicle too. Every insurance firm has something different to offer to the customers. Ergo, always compare two wheeler insurance policies beforehand, never rush in such decisions. Some major two wheeler insurance policy benefits include:
Reducing the financial stress: As discussed earlier, the financial benefit with the two wheeler insurance policy shields the policyholder from unwanted stress. A secure and intelligent 2 wheeler insurance plan can reduce the financial liability as the compensation is handled and carried by the insurance firm.
Gives legal protection: If involved in an accident, the fatal injury to the third person involved can land you in legal hazards and burden. To solve this in general, the IRDA has formulated the rule to have the following two wheeler insurance. It safeguards the rider and the policyholder from legal battles.
Based on the above two types of covers, there are three types of Comprehensive two wheeler insurance with its beneficial features:
|Features||3-year long term plan||2-year term plan||1-year package plan|
|Cover period||Three years||Two years||One year|
|NCB benefit||Additional benefit at term||Additional benefit at term||As per chart tariff fixed|
|Renewal frequency||Every three years||Every two years||Every year|
|NCB benefit after claim||Bonus is reduced but not terminated||Reduced not nil||After claiming for insurance, NCB is terminated|
|Mid-term cancellation fund||Proportional refund even after the policy claim||Proportional refund even after the policy claim||No refund if claimed|
|Premium hikes||No effect on third party premium during the policy period||No impact on third party premium during the policy period||Third-party premium increases every year|
Every two wheeler insurance policy covers different aspects. Some benefit others only like third party cover and some benefit everyone like a comprehensive plan.
WEF August 1, 2020 the new two wheeler insurance policy covers will be implemented. The core guidelines stated in the new rules ask the general insurance companies to withdraw the long-term insurance packaged (3 to 5 years) on 3rd Party and Own-Damage Covers.
Here are the key changes as per the new policy;
|Insurance Cover||IRDAI Regulation - 2018||IRDAI Regulation - 2020|
|Long-Term Insurance cover||Applicable on 3-year plans for 3rd-Party and Own Damage covers.||This rule has been scrapped in the new policy.|
|Bundled Package||3rd Party cover - 3 years Own Damage Cover - 1 year||Unchanged|
|Basic Insurance Cover||3rd-Party - 3 years cover||Unchanged|
Know the difference between third party and comprehensive two wheeler insurance
|Basis of Difference||Comprehensive Two Wheeler Insurance Policy||Third-party Two Wheeler Insurance cover policy|
|Coverage||It covers the complete settlement of third parties and damages occurred to the policyholder and two-wheeler.||It covers only the third party legal liabilities. They only compensate for the affected third party only.|
|Premium rates||The insurance firm itself fixes the premium rates under the comprehensive policy. These are higher and differ for each Insurance Firm.||The premium rates are fixed by the Insurance Regulatory and Development Authority of India. They are the same across nations and all firms.|
|Add ons||Based on your requirement, along with the bike insurance, the two wheeler insurance add ons can be selected and paid for.||No add ons are available in the third party two wheeler insurance policy.|
|Coverage limit||Coverage is limited to the Insured Declared Value of the two wheeler insurance policy opted for bike insurance.||The policyholder and insured vehicles are not covered under this. Only the third party cover is compensated.|
|Discounts||Discounts are provided depending upon the two wheeler insurance policy chosen by the policyholder.||Not Applicable here.|
|Premium Calculation||Premium calculation is dependent on various components like the model of the bike, cubic capacity of the engine, Insured declared value and many more.||The premium calculation in the third party two wheeler insurance policy is based on the engine capacity only.|
|Coverage duration||It can be yearly, for 2 years or 3 years. Long term two wheeler insurance policy is not necessary for new bikes bought after 2018.||It can be on an annual basis or for a long term of 2 to 3 years and for bikes after September 2018 - 5 years|
|No Claim Bonus||NCB are applicable if no claim is generated in a policy year||Not applicable|
|Requirement||It is not a compulsion and can be bought if required.||It is mandatory by IRDA.|
|Get a Quote||Get a Quote|
The right type of bike insurance cover for any vehicle and the owner depends on the condition of the vehicle.
|Two-Wheeler Type||Ideal Insurance Cover|
|Old Two-Wheeler (>5 years)||3rd Party Cover|
|Pre-owned Vehicle||Comprehensive cover|
|The vehicle is driven in an area of recurrent floods||Comprehensive cover with Engine Protection add-on.|
|Two-wheeler which is habitual of long-distance driving||Comprehensive cover with 24x7 road assistance add-on.|
|Luxury or Imported bikes||Comprehensive insurance with 3 add-ons;
1. Depreciation Shield
2. Engine Protection
3. Consumable Expenses
|New two-wheeler||Comprehensive cover and depreciation shield add on coverage.|
No Claim Bonus applies when an insured person has a claim-free policy term, NCB is a discount on the premium offered or given to the policyholder.
If you are a bike insurance holder and haven’t claimed any type of claim against your bike, then a no claims bonus ranging from a discount of 20-50%, can be earned at the end of the policy term.
If the bike is sold or there is a new bike in its place, then even the NCB will stand by the policyholder itself and is not transferred to the bike. If purchasing a new bike and a new policy, the no claim bonus from your previous two wheeler insurance policy will be accumulated with the new one.
The maximum amount accumulated in the no claim bonus is up to 50%.
Figures may vary with terms or conditions:
|NCB Rate Grid||Percentage|
|After one claim-free year||20%|
|After two claim-free years||25%|
|After three claim-free years||35%|
|After four claim-free years||45%|
|After five claim-free years||50%|
In the cases where the bike is totalled or stolen, IDV is the maximum amount an insured person can receive from the bike insurance policy.
IDV stands for Insured Declared Value; this means that if the IDV of your two-wheeler insurance is higher, your premium amount will be higher as well. With the ageing of the vehicle and depreciation in the IDV lessens the premium paying amount of your bike insurance.
While choosing for the best two wheeler insurance policy for your bike, also keep an eye on IDV being given in the policy, not just the payable amount.
IDV is a concept based on the depreciation of your vehicle and value that keeps on changing with the age of the vehicle. In other words, the IDV of the two wheeler is inversely proportional to the age.
Those who do not have adequate knowledge try to reduce the premium of bike insurance, and they reduce the IDV of the vehicle. In case the vehicle is stolen, the IDV value is considered as compensation and not the market one. If your IDV is lesser, you are going to be at a loss on the theft or total loss of your two wheelers.
Zero depreciation in the bike insurance policy is the add-on cover which has to be purchased at an extra premium cost. This policy is applicable for 1 year, and it covers your two wheelers without considering the depreciation factor.
When a new vehicle comes out of the showroom, the value of the same starts to depreciate. Over the time of usage of the vehicle, the wear and tear can depreciate its amount. A zero depreciation in bike insurance cover helps in getting such expenses. With the zero depreciation add on the cover, if involved in an accident, you will get the entire cost of the losses incurred.
|Age of the Two Wheeler||Depreciation for IDV|
|Not exceeding 6 months||5%|
|Exceeding 6 months but not exceeding 1 year||15%|
|Exceeding 1 year but not exceeding 2 years||20%|
|Exceeding 2 years but not exceeding 3 years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|
|Inclusions of zero depreciation||Exclusions of zero depreciation|
|Valid for the 1 claim annually or up to two claims in a two wheeler insurance policy term.||Damages from normal wear and tear are not claimed via the two wheeler insurance.|
|Zero depreciation cover is for both new and renewed two wheeler insurance policies.||Uninsured items such as tyres, gas kits and fuel kits are not included.|
|Zero depreciation is most suitable for luxury, bikes, vehicles.||Mechanical breakdown is not a part of the scheme.|
Zero depreciation is not a part of a policy, to get the add on benefits! Renew it soon after expiration of the two wheeler insurance policy.
Deductibles are the out of the pocket costs that are charged and paid by the insured person and then the two wheeler insurance coverage kicks in. The deductibles are like the helping costs for the insurance companies.
|Compulsory Deductible||Voluntary Deductible|
|Mandatory to all the insured parties.||It is optional|
|Does not conclude any discounts for it||Amount deducted is discounted in the policy.|
|The amount is minimal and does not affect the pocket.||It is the amount decided by the insured himself. It is according to the financial position.|
Bikes may be the easiest, but they are one of the most dangerous modes of transportation. They are convenient yet prone to road accidents and damages. Thus bike insurance which protects you completely is required.
For complete coverage, comprehensive bike insurance is most suitable. The third-party cover is mandatory by the IRDA, and the premium for it is fixed by the IRDA as well. But the comprehensive cover is planned and fixed by the insurance firms themselves.
The components involved in the calculation of two wheeler insurance premium are:
Steps to calculate the bike insurance premium online, before buying or renewing a policy are:
Head on to our two wheeler insurance premium calculator
From the Menu, enter your two-wheeler make and model.
Choose the location of the vehicle and insurance registration.
Fill in the information pertaining to the No Claim Bonus in the previous year.
After filling in the details, you will get the exact amount of the Insurance premium amount.
Buying a maximum coverage bike insurance with minimum premium is everyone's preference. Several elements are a part of the bike insurance policy. Before buying or renewing a policy, one should have complete knowledge of all the components in a two wheeler insurance policy and how they affect you directly or indirectly, to help you choose wisely.
Tips to lower two wheeler insurance premium are:
Two wheeler insurance is a basic requirement when purchasing a bike or other two-wheelers. It was a lengthy and detailed procedure earlier. But now it is a quick and hassle-free process of just sitting at your device and fulfilling the essential details asked online.
There are many choices when it comes to a two wheeler insurance policy, but a third party cover is mandatory in India. Buying a bike insurance policy is rewarding because it gives you peace of mind. These are the benefits of buying two-wheeler insurance online:
Every time one goes out to buy something, considering the cost and benefits of the same is the essential. Same goes for the buying process of two wheeler insurance. Buying bike insurance online policy is the easiest procedure, and one can secure their motorcycle within quickly and safely.
Factors considered when buying two wheeler insurance policy are:
When you buy a new two wheeler, you want it to be safe and work for a long time without costing you too much in maintenance and repair costs. But the safety on the road is just as unpredictable as your next meal.
Two wheeler insurance is mandatory, but it should not be purchased under pressure but as a responsibility towards others and your safety as well.
Getting bike insurance online is the easiest process without the hassle of visiting firms and dealing with agents. In the COVID pandemic, the online system has proven its worth in every field. Consider these steps while buying insurance online:
Steps to buying two wheeler insurance online are:
Two options to choose from are:
1. Comprehensive cover policy: This bike insurance policy covers the overall settlement, which includes third party, policyholder, rider and damage repair of the vehicle.
2. Third-party cover policy: Here, the bike insurance company only covers the liability arising from the third party and is compulsory in India by IRDA.
After the selection, set the Insured Declared Value of the two-wheelers, which will get you closer to a payable premium amount.
Made your decision? Buy your policy here
Just like buying a new policy is easy, renewing the old one is much easier. Try to go for long term policies to save the hassle of renewal every year.
Bajaj Allianz offers many bike insurance policies and covers with add on benefits along with the easiest method for claims. When it comes to claiming a policy, the situation always seems a bit tricky, and one without complete knowledge can feel helpless. To make the two-wheeler insurance claim procedure simple, these following are the steps you can follow:
Bajaj Allianz is providing its customers with three ways to register the claim.
Once registered, a reference claim number will be received, and the insured person will be updated via SMS. You can always check your claim status by providing your claim reference number with customer care.
Because of the connected garages, the consumers will not have to pay at the partner garages. You can go to the listed garage, get the work done, and do not pay for the items covered under the policy. The insurance provider will pay directly to the garage.
Reimbursement claims work in the same fashion as the majority of insurance claims do. You will have to pay at the moment and collect all the bills, which can then be used to claim the money spent earlier.
Second-hand bikes are readily available in the market at much lesser prices and without hassle as well. Just like the other two-wheeler insurances, the second-hand bike insurance is a basic and mandatory requirement as well. It is just like other policies that protect you and your bike from damage and losses caused to the third parties and self.
Before getting a bike insurance policy for a second-hand bike, check whether the previous owner has an insurance policy or not. If yes, make sure that you get the insurance transferred in your name within the 14-days of purchase.
When a two-wheeler is purchased, the extent of depreciation increments. Buying coverage for a bike which has been used over the years and is depreciated is considered as Old Two Wheeler Insurance. Choosing third-party insurance or comprehensive bike insurance is your decision entirely.
Factors to consider before Insuring an old bike are:
Documentation record is the base of the bike insurance online. List of documents needed are:
Zero Depreciation Add On
With age and usage, the two wheelers depreciate. Then the depreciation is deducted when a claim is generated, and the insured person gets a lesser amount of the claim settlement and has to go through the pocket expenses as well. Read more
With age and usage, the two wheelers depreciate. Then the depreciation is deducted when a claim is generated, and the insured person gets a lesser amount of the claim settlement and has to go through the pocket expenses as well.
A zero depreciation cover under the two wheeler insurance policy has proven to be useful when it comes to a claim settlement. Under this additional cover, the depreciation is not calculated, and the full amount due for the claim is compensated. The bike insurance company pays for all the expenses incurred without suffering any loss from depreciation.
NCB Protect Add On
As maximum policyholders are aware of the no claim bonus, where the bonus is given after two wheeler insurance. This bonus under the ambit of a two wheeler insurance policy gives you a discount on the premium at the renewal of the bike insurance. Read more
As maximum policyholders are aware of the no claim bonus, where the bonus is given after two wheeler insurance. This bonus under the ambit of a two wheeler insurance policy gives you a discount on the premium at the renewal of the bike insurance.
If a policyholder does not seek a claim on the two wheeler insurance policy, the percentage of the bonus is increased with each passing year. But if once a claim occurs, the NCB is lost. This add-on protects your no claim bonus and your bonus is safe even after generating a claim.
24x7 Roadside Assistance Add On
The roadside assistance two wheeler insurance cover add on has been beneficial to those riders who travel long distances much more frequently than the others. If your bike breaks down in the middle of the road and you have no source to take it to the garage, contact us. Read more
The roadside assistance two wheeler insurance cover add on has been beneficial to those riders who travel long distances much more frequently than the others. If your bike breaks down in the middle of the road and you have no source to take it to the garage, contact us.
The add on provides you 24*7 support in any roadside assistance situations. The roadside assistance two wheeler insurance add-on compensates for flat tyres, jump-starting the bike, breakdowns and other electrical problems, fuel assistance, electrical or mechanical breakdown, towing, delivery of repaired two-wheeler, urgent relay of the message, etc.
Several people choose to supplement the basic bike insurance package with the engine protection two wheeler insurance cover. However, the additional coverage may depend on the area of operation. Read more
Several people choose to supplement the basic bike insurance package with the engine protection two wheeler insurance cover. However, the additional coverage may depend on the area of operation. Our engine protection two wheeler insurance policy cover protects you in case of water ingression, gearbox damage, and lubricant leakage, among others.
In addition to this, you will get protection for replacing or repairing the pivotal engine parts. Things like pistons, cylinder head, crankshaft are covered under this bike insurance package.
In case of damage to the motor vehicle, the add-on two wheeler insurance cover including consumable expenses will provide coverage for all types of motor vehicle oil, refrigerants, coolants, Read more
In case of damage to the motor vehicle, the add-on two wheeler insurance cover including consumable expenses will provide coverage for all types of motor vehicle oil, refrigerants, coolants, electrolytes, fluids, nut, bolt, screw, filters, bearings, washers, clips and other similar items that are a part of the vehicle.
Personal Accident Cover for Pillion Rider
The safety of a pillion rider is on you just like your safety itself. This pillion rider cover under the bike insurance policy is beneficial when the secondary rider is injured in an accident riding with you. Read more
The safety of a pillion rider is on you just like your safety itself. This pillion rider cover under the bike insurance policy is beneficial when the secondary rider is injured in an accident riding with you. The two wheeler insurance policy add-on covers the treatment cost for the co-passenger or the pillion rider.
Everything is based on the benefits being accumulated and the lack thereof. Getting your two-wheeler insurance to renew an expired bike immediately is for your safety and peace of mind. Renewing an expired bike insurance policy is also very easy nowadays and is just a few steps and clicks away. Just enter your details.
The steps for renewal of the bike insurance policy;
1. Check the two wheeler insurance online quote for the renewal premium for expired bike insurance.
2. Modify your bike insurance according to your necessity.
3. Fill the details asked and your previous policy information.
4. Set the IDV and add on required.
5. Instantly pay online for the same.
Reasons to Renew expired bike insurance are ;
1. Punishable offence: Driving without the mandatory third-party bike insurance or any insurance is a punishable offence. If the policy is expired, even with the benefit of NCB accumulated, insurance firms are not liable in case of any accidents to the expired insured vehicles.
2. Policy lapse: If your bike insurance is expired and hasn't been renewed yet, your policy can lapse, and the insurance company will not be entitled to anything.
3. No Claim Bonus: The benefits of no claim bonus are terminated if the 2 wheeler insurance is not renewed within 90 days of the date of expiration.
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Not only has the government made it mandatory to get insurance for every two wheeler running on the road. The insurance also provides the following benefits;
Two wheeler insurance is made compulsory by the government because it protects the victim from potential losses caused due to accidents. The vehicle is also protected against any damage caused by theft, fire, accidents, riot, explosions, and damage caused due to natural disasters such as landslides, floods, earthquakes, storms, etc.
There are two types of two wheeler insurance plans offered by insurance companies.
Depending on the type of policy chosen by the insured person, coverage can vary.
Comprehensive insurance: in addition to the above following are also covered.
One can include several add-on riders to these policies in order to enhance the risk cover.
As compared to third-party bike insurance, the comprehensive insurance policy for bikes provides extensive coverage to the insurer, often the following are covered under comprehensive policies.
The penalty of driving without two wheeler insurance is now fixed at INR 2000 and/or imprisonment for up to 3 months. Not only penalty but the Government also provides strict punishment in case of death (5 Lakhs) or grievous injuries (2.5 Lakh); hence it is advisable to at least hold third party insurance to drive legally and avoid the inconvenience of litigation.
The cashless reimbursement claims mean the insurance company will get your vehicle repaired after the accident itself and won't pay you for the damage. The non-cashless reimbursement claim means the insured will pay first for the entire repair for the vehicle and submit the documents and bills to the insurance company. The company then pays the amount to the insured.
Third-Party Liability Cover, as the name suggests, covers the legal liability one has to pay to the third-party to whom damage is being caused- injury or damage to their property. While opting for 2 wheeler insurance, one has to choose between the comprehensive and third-party policy. Comprehensive policy not only covers the third-party liability but also covers the damage to your vehicle.
PA cover is a Personal Accident cover. Under the Bike insurance policy, compensation will be paid under the condition of accidents leading to injuries, permanent disability of any body part, or death. Yes, to have a Personal Accident cover by a two wheeler driver and owner is mandatory.
In 2019, the Insurance Regulatory and Development Authority of India, also known as IRDA, permitted long-term 2 wheeler insurance policies to have a time window of about three years. There are several benefits, including over 30% discount, no need for annual renewals, no annual checking of the vehicle, and many more.
Add-On cover means the additional coverage one buys to secure against various payments. These add-ons are optional to one's standard policy but are very beneficial and provide extra security. One creates the extended version of the policy; moreover, these can be bought with the policy plans like standalone own-damage bike insurance as well as comprehensive bike insurance.
Add-on covers the impact of the premium of your bike insurance policy by giving you the possibility of getting the maximum amount of claim in any situation of the damage. The benefits and the level of security add-on lend to the policyholder negates the amount of extra premium is seen as minimal in comparison.
A bumper to bumper insurance cover is a vital add-on cover for the owner of a two wheeler. It provides the claim of the normal wear and tear of the vehicle, which causes the depreciation in its value. Without this add-on coverage, the claim is not provided to the insured.
While taking the two wheeler policy, one has to specify the region or location where the vehicle will be driven to estimate the premium. But the insurance policy is liable to pay for the claim even if the accident or damage occurs in a different region as the insurance coverage is valid in pan India. One must read this under any policy before taking it.
The two wheeler Insurance Premium is the amount that the insured has to pay to the insurance company for their vehicle to secure them from liability coverage in the future. This amount is calculated on several bases like the model, city one rides it in, add-on covers, electrical/ non-electrical accessories, registration date, etc.
Yes, the model of the two wheeler will affect the cost of two wheeler insurance. Generally, the premium charged for the basic two wheeler models is lower than the latest models of several status bikes. It is so because the company will pass the claim for the insured two wheeler and not for the repair.
While buying two wheeler Insurance Online, the factors that will affect/reduce the bike insurance premium are the mode of payment. Digital payments will reduce premium as a discount, and if the limit of the third party policy is increased, the premium is reduced. Rest are all the basic factors that affect bike insurance in general.
There several different types of payment options a customer can opt for purchasing bike insurance. Usually, the insurance company offers both physical and digital payment options. Physical payment modes such as cash, credit card, debit card, and cheque deposits and Digital payment such as Google pay, online credit/debit card transaction, etc.
The benefit of purchasing a two wheeler insurance online is that it requires minimum documentation and simple process. The proposer needs to provide basic personal details and details of the two wheeler (engine number, chassis number, registration number, vehicle manufacturing details etc.) that needs to be insured.
Personal hospital expenses can be reimbursed by adding two wheeler insurance cover, namely; Compulsory Personal Accident (CPA) for the owner-driver. The medical expenses can be claimed for anybody's injury, partial disability, permanent total disability, or even death. It is also mandatory under law.
In case the insured suffers injuries as a result of the accident and requires hospitalisation, the insured will be provided with a cash allowance to meet the expenses. The cash allowance can be availed up to 50 days from the date of admission to the hospital.
A comprehensive two wheeler insurance policy is the most suitable plan riders should purchase as it provides comprehensive protection against damages to your vehicle as well as damages to the vehicle or property of the third party. It also protects the policyholder against the theft, loss of the two wheeler, and cover on your vehicle against several calamities.
Insurance companies approved by the Insurance Regulatory And Development (IRDA) provide several discounts such as lower premiums for vehicles fitted with approved systems like anti-theft devices, having membership of reputed automotive associations. The documents proving the membership and installing the anti-theft devices in vehicles need to be submitted for availing of the discounts.
Some bike insurance companies also offer concessions on purchasing the policy online using credit cards or certain apps.
Yes, the insurance policy for the bike can be easily transferred to the new owner. The new owner of the bike should submit an application to the insurance company within 14 days of the registration transfer. The documents required are:
Once these documents and the transfer charges are submitted, the insurance company will start the transfer process.
A pillion is a person who sits behind you in a two wheeler/bike. The pillion rider is considered a third party and will be covered under the terms and conditions of the insurance policy pertaining to an accident.
In the event of the death of the policyholder, the insurance policy is transferred either to the legal heir or to the Nominee of the policyholder.
In case no Nominee is listed in the policy, the policy will be transferred to the legal heir. To do so, the policyholder's family will need to inform the insurance company to take the appropriate action.
Several risks which are not covered under a two wheeler insurance policy such as damage of the vehicle under an extreme condition like war, damage due to depreciation, normal wear or tear, damage due to driving under the influence of alcohol or substances, damage done by a non-licensed driver, etc.
Electrical accessories such as fog light, which is not factory fitted, and non-electrical accessories, include a leather seat. The amount for the premium is calculated based on the amount of the accessories and the percentage margin. The insurance company usually sets differently based on the price of these accessories.
After calculating the premium, GST is the tax applied on it @18%, due to which the amount of premium to be paid by the customer increases. After calculating the premium, the GST is applied at the end, including add-ons and all electrical and non-electrical accessories.
No, you cannot pay the two wheeler insurance premiums in installments. The reason behind this is the possibility of claiming in case of any damage while the insured has not paid the full premium amount. In this condition, the insurance company will be liable to pay for the loss of the insured even though he has not paid the full premiums.
At first, one has to fill the form either online or get the Claim Intimation form from the insurance company office. Fill in all the columns and details regarding the accident, vehicle number, driver's license, RC copy, copy of Insurance policy, etc. This is the first step to proceed with the insurance claim.
The details/documents that need to be kept handy while registering the bike insurance claim are a photocopy of RC, photocopy of Insurance policy, affidavit, FIR if any, Driver's license, medical reports, damage vehicle photographs, etc. All these documents are very necessary to proceed with the claim.
In case of a stolen or lost motorcycle, register an FIR immediately with the nearest police station and then contact the insurer. While seeking a claim, the following documents must be submitted;
Lastly, it is imperative to get a No Trace Certificate, which can be acquired from the police after a month of the theft.
For benefits, only a comprehensive insurance policy can cover the insured against theft.
There are several cases of damage claims of the bike. In the case of fixable damage, the company either opts for cashless/non-cashless reimbursement. In both cases, approximately all the damage is covered by the company. In the case of the total loss of the bike, the company pays 60% of the amount, but it is different under different insurance policies.
The policy will remain unaffected despite movement. However, address change and contact details would need to be updated, which can be done online or at the nearest branch. Also, the two wheeler insurance premiums can change depending on the registration zone as metropolitans have a higher premium rate than the rest of the country.
No, a person can have only 1 two wheeler insurance policy for a bike at a time. In case a person has 2 policies, they have to cancel 1 of them from either of the insurance companies.
Yes, you can replace a new vehicle in your current two wheeler insurance policy. For this, the policyholder should contact the insurance company coordinators to make significant changes in the current two wheeler insurance policy.
Yes, the bike insurance policy can be cancelled during the policy year under the following circumstances:
NCB, referred to as No Claim bonus, is received by the insured in case they do not seek a claim during the bike insurance policy period. NCB or No Claim Bonus can be carried forward provided the policy is renewed within 90 days of the expiry date of the previous policy
If your two wheeler insurance has expired, you can renew the policy by making payment online, and the policy period will start after 3 days of receiving the payment. The policy will lapse when you do not pay the premium to renew the policy on time. There is a grace period of 90 days to renew the policy. Benefits like No Claim Bonus (NCB) will be lost if the policy has lapsed for more than 90 days.
The time gap between the policy expiration and the renewal of the policy is known as the Break-in period. Your policy will remain inactive during this period, and in case if your vehicle faces any issues, it will not be covered in the policy. No Claim Bonus (NCB) gets fortified, and the insurance company can also increase your premium for the next cycle if the policy is not renewed within the grace period of 90 days.
In the case of a break-in, you can renew your break-in policy easily online, and it gets instantly activated. A soft copy of the policy will be sent to your registered email address, and the policy will be completely active after a few days from the date of payment.
There are two ways to renew the expired policy in case of a break-in period, i.e., online and offline.
The policy can be renewed by visiting the branch of the insurance company and submitting the required documents. In this case, an inspection of the bike will be done along with the document verifications.
The NCB or No Claim Bonus is awarded to the policyholder. It can be transferred from one insurer to another at the same rate that you are entitled to get from the previous insurance company on policy renewal. The NCB can be availed, provided you show evidence that you are entitled to NCB from your previous insurance company.
No, there is no such option provided to the customer to get his/her money/unused premium refunded. Although the insured has not made any claim in the policy period, they are awarded the NCB discount in the premiums when renewing the policy.
The bike insurance premium changes during renewals due to several factors like depreciation, add-on covers, the model, the additional accessories, etc. Due to these factors, the premium can increase as well as decrease every year.
The No Claim Bonus is computed at the time of renewal depending upon the consecutive years where the insured has not applied for any claim. The No Claim Bonus discount can reduce the premium to a maximum limit of about 50%. Its discount percentage increases every year.
The instances of vandalism, damages due to an accident, or natural calamity come under the purview of the own-damage claim. In this case, the insured has to immediately inform the insurance company, and the latter will ask a surveyor to review the situation.
Based on the findings and observations of the surveyor, the claim can be processed. However, in Bajaj Allianz cashless service, the insured can take the bike to the garage and get the repairs done without paying anything. The company will compensate the partner garages for the work done.
Either you can contact the insurance agent through whom you have filed the claim. But, in some cases, the claim once filed will reflect in your insurance policy, and the score is susceptible to go down nonetheless.
As add-on covers are purchased with the sole aim of extended coverage to any liability, there are as many add-ons available with Bajaj Allianz two wheeler insurance. There is no limit to the amount of several add-ons covered one wants to purchase with one's insurance policy.
In the case of bike insurances, rarely, the accessories added later on are again getting inspected. Still, in case of getting a claim, generally, the liability to them is covered under specific add-on covers. The company is not liable to give the claim of the non-insured expensive accessories.
No Claim Bonus (NCB) is a reward given to the bike owner by the insurance company if they do not register any claim during the policy tenure. The range of the NCB is from 20% on the own damage premium and increases to 50%, with an increase at every consecutive claim-free year.
The NCB will be transferred at the same rate that you are getting from the previous insurance provider at the time of the policy renewal. You need to provide the following documents:
The inspection process is carried out at the time of buying a new two wheeler insurance policy or at the time of renewal. Other factors leading to inspection are:
Once the inspection request is raised online, the inspection will occur within 24 to 48 hours, followed by an online recommendation made by the surveyor to the owner.
Within 48 hours, you will have to log-in to the website and convert your policy. In case of failure in converting the two wheeler insurance policy within the time frame, you have to go through the entire process again.
Various portals offer users to download a copy of the two wheeler insurance online. You just have to log in to the insurance website and click on your profile. A soft copy will be available for download, and a printout of this document will serve as the original policy document.
A bike insurance premium bearing endorsement is the proof of the agreed change in the two wheeler insurance policy, which will attract an additional premium for alterations that you make to your insurance policy document like transfer of ownership, change of RTO, etc.
A non-premium bearing endorsement is a type of endorsement where you do not have to pay for the alterations or changes you want to make to your insurance policy document. Like the correction in contact details, name correction, rectification in the engine or chassis number, the addition of hypothecation, etc.
You can find your bike insurance policy number in the following ways:
Checking the status of the two wheeler insurance policy has become a lot easier these days. It can be done by following methods.
In an accident, a Third party is referred to as a person who is not you, the first party is the insured, the second party is the insurer, and the third party is the person involved in an accident.
The two wheeler insurance company will cover only you for your bike, which is registered under your name. The bike insurance company will not settle the claim if someone else was riding your bike and damaged it in the process.
Yes, two wheeler insurance is needed to ride someone else’s bike because while riding the bike, if by chance you get into an accident, you won’t be eligible for an accident claim as you are not the registered user of the bike. It is best to have the bike insurance in your name as it can protect you from all financial liabilities.
Once you get the bike insurance, you can avail all the policy benefits and can apply for the claim easily in case of theft and accident if you have a valid driving license.
Changes to bike insurance policy document can be made in the following circumstances,
These changes can be carried out by providing a written request to the insurer, e.g., request at Branch, request through customer service or customer service portal.
A total constructive loss is also referred to as TCL. This would mean the cost of repairs in case of damage would exceed the cost of the vehicle or the insured limits.
In case your two wheeler insurance is misplaced, you can get it reissued from the insurer. You can request a duplicate copy offline.
Yes, Bike insurance can be renewed online, one can avail this feature by directly logging into the insurance company portal or various portals / mobile apps which provide online insurance facilities.
Documents required for two wheeler insurance renewal are:
All these documents are to be submitted along with the insurance renewal form.
In case your two wheeler insurance policy needs to be renewed during the coronavirus lockdown, you should immediately get in touch with your insurance company and complete the renewal process. Renewing the policy online is the best renewal method during the lockdown as this process will be completed safely online, hassle-free and in a touch-free manner.
No, even if there is a third-party premium revision during the currency of the policy, the additional premium will not be collected from the customer. However, at the time of the next insurance policy renewal, the premium will be charged according to the revision in the third-party insurance policy.
No, the premium calculation logic is not the same for commercial and private vehicles. Commercial vehicles are put into use more often and have a higher risk quota. Hence the premium calculation logic charged for these is different and slightly higher than the premium calculation logic charged for the private vehicles.
ARAI stands for the Automotive Research Association of India. All different types of engines or the vehicles which are used in any sort of automotive and non-automotive purposes are certified and tested authentically by this agency. It is India’s authorized agency to carry on such affairs and more.
No, there is no such concession offered to the members of the Automobile Association of India in the insurance premiums. No doubt they get many incentives and concessions on loans but not in the insurance policies.
The premium for a two wheeler is discounted under the NCB discount rate every year. If one has taken the claim, then this discount account will be cleared, and the insured at the time of policy renewal will have to pay the premium at original rates. Yes, the premium will increase without applying the discount.
Immediately after the accident, the insured is accountable for reporting to the police as soon as possible. In case of severe injuries incurred by the insured, the person or their known has to report within 24 hours of the accident.
The list of the garages where the insurance companies have their tie-ups to precede the cashless reimbursement is usually available at their websites in case of online bike insurance or their office one can enquire about them.
Yes, there is a time window for filing a two wheeler insurance claim. The time window to register and submit the claim intimation is 24 hours. In only severe conditions of medication, the period may be extended, but basically, it is 24 hours.
The surveyor enquires about the entire incident. He/she will take the photographs of the damaged vehicle, check the driver's license, RC copy, Insurance copy, Affidavit in case no damage is caused to the third-party, FIR if any. Lastly, the surveyor will form the case report and later submit to the company to proceed with the claim.
The minimum amount of claims starts from 1000-1200 rupees to process the claim intimation, but it rarely happens. This is so because of the advantages of not taking the claim, that is, the No Claim Bonus discount, which the insured will receive at the time of the renewal of the policy.
The number of claims that one can reimburse in a policy period depends upon the policy period. In an annual policy, the number of claims one can avail of is 3. In long-term policy, the total number is 9, 3 per year. If the number of claims exceeds 3 a year, the insured will not get any security amount.
Time taken in the process of claim settlement varies due to several components. If all the documents are submitted, and there is no delay in the court process, then the maximum time for the settlement is 10-15 days. Otherwise, the settlement can take as long as 30-45 days.
PA stands for the personal accident insurance claim. In different scenarios under the period of the insurance policy, if the insured went through the accident and got some injury, any permanent disability is incurred, or he died, then one can raise the PA claim.
No, you cannot ask for any amount as advance even in case of high repair charges, as under non-cashless reimbursement, you have to pay the bills of the repair on your own at first and submit the necessary documents and bills, then you get the claim.
Yes, you can choose not to claim if the damage is minimal. This is to avail of the discount from No Claim Bonus. The No Claim Bonus discount is awarded at the time of renewal of the policy. The discount at the premium is more beneficial than availing the claim for the bare minimum.
Yes, you can raise a claim if your two wheeler is involved in a mishap during the grace period. Grace period refers to the period of your policy extended by the insurance company for you to pay the premium without the lapse of the policy. This period can be as long as 30 days or as short as 24 hours depending upon the insurance company policy.
Written By : Bajaj Allianz - Updated : 3rd April 2023
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