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Bike insurance is a safety plan that protects bike owners from liability to third parties for using 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 for everyone owning two wheelers under the Motor Vehicle Act 1988. Online two wheeler insurance covers you financially when accidents cause damage to the vehicle by paying for the repairs. It also minimises the blow due to natural calamities or third-party liabilities / personal accidents.
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Get a QuoteDocumentation record is the base of the bike insurance online. List of documents needed are:
Everything is based on the benefits 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 online policy is also very easy nowadays. It is just a few steps and clicks away. Just enter your details.
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 in the details asked and your previous policy information.
4. Set the IDV and add on required.
5. Instantly pay online for the same.
1. Punishable offence : Driving without mandatory third-party bike insurance or any insurance is punishable. 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, your policy can lapse, and the insurance company will not be entitled to anything.
3. No Claim Bonus: The no-claim bonus benefits are terminated if the two wheeler insurance is not renewed within 90 days of the expiration date.
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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;
The government makes the two-wheeler policy compulsory because it protects the victim from potential losses caused by accidents. The vehicle is also protected against any damage caused by theft, fire, accidents, riots, explosions, and damage caused by natural disasters such as landslides, floods, earthquakes, storms, etc.
There are two types of two wheeler insurance plans offered by insurance companies.
Coverage can vary depending on the type of policy chosen by the insured person.
Third-party insurance:
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.
Online mode:
Offline mode:
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.
Online Process
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.
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