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Two Wheeler Insurance: A Comprehensive Guide

Given one specified rule administered by the Motor Vehicle Act 1988, every vehicle that goes strolling on Indian roads has to be insured. Whether the vehicle is commercial or private, it has to carry valid insurance. Vehicle insurance has it all covered at times when your vehicle suffers an accident or if - it causes an accident. Yes and besides that, it also reduces the extreme medical bills if the driver/owner of the vehicle gets injured in that accident. Whether you own a car or you recently have bought that bike of your dreams, your vehicle deserves this kind of concern. Put on your dapper jacket as you are going to have a ride to everything you need to know about the two-wheeler insurance and explore what is in it for you.

What is Two Wheeler Insurance Policy

Two wheeler insurance is a policy which offers the coverage to the two wheeler vehicles against road accidents, damages caused/suffered by the vehicle, medical expenses etc. This type of insurance is mandated by law in India which means that you need to have a valid insurance plan for your two wheeler or you will be made to suffer penalties or cancellation of your driving licence- temporarily or permanently.

What are the Benefits of Bike or Two Wheeler Insurance 

Even though the concept of vehicle insurance has become common and people have more awareness about its significance, the number of vehicle owners still end up in a dilemma whether it is a good idea to have their two wheelers insured. We say, let that not impact your decision. Getting your bike wheeler insured will help you through uninvited expenses which includes the treatment cost if you ever happen to be injured in an accident. 

Let’s get to the points and count the benefits of bike wheeler insurance:

1. It prevents Legal Penalties 

Since getting your two wheeler is a rule governed by the Motor Vehicle Act 1988, not adhering to it can cost your legal penalties. Thus, this insurance is a wise decision in order to prevent yourself from the violation of rules and punishment.

2. It Safeguards You Against Third-Party Liabilties

Unfortunately, getting your two wheeler into a road accident stands an evil chance to take a third-party like driver, pedestrian or property into the mishap. It is like a nightmare come true, given that it doubles the piles of receipts and not to say, legal strolls.

When you have your two wheeler insured, you become eligible to rejoice in some relief during this whole scenario. If your insured vehicle causes any damage to the third party property or person, your insurer will provide you coverage against the vehicle repair, medical and legal expenses.

3. It relieves the Financial Headache

Financial aid is one major benefit of bike insurance. If your insured two wheeler vehicle bumps into an accident and gets its parts damaged/broken then your insurer will provide you the repair/replacements for it, saving your wallet.

Apart from that, if your insured vehicle gets victimized by any natural calamity like landslides, earthquakes, lightning etc. or it has got lost to theft/fire or explosions, you can easily claim the insurance from your insurer, asking for compensation.

4. It helps with Medical Expenses

Getting your two wheeler insured will save from the burden of medical expenses. If your or any third-party person gets injured in an accident, the two wheeler insurance will cover the payments of medical bills. 

5. It Offers Additional Benefits

Add-ons make for yet another benefit of two wheeler insurance. These are additional covers that provide more coverage perks other than the ones that are included in the policy which basically is an enhancement of your entire plan.

Add-on Covers for Two Wheeler Insurance Policy

The add-ons are additional coverage benefits that offer you different types of additional perks which enhance the scope of your coverage. These add-ons are offered in the all-in-one comprehensive insurance plan. 

You can pay an extra amount of premium and opt for any additional benefit which looks useful to fulfil your requirements. These additional benefits offer benefits designed for zero depreciation, personal damage cover, consumables.

Here are some of the add-ons offered in two wheeler insurance plan:

1. Roadside Assistance Cover

If your two wheeler breaks down on your way to the destination, you can inform your insurer and ask them to send assistance to help fix this issue using this cover. The roadside assistance includes cover for loss of fuel, engine breakdown, flat tyres etc. and it is a 24*7 service.

2. Zero Depreciation

Your two wheeler is to undergo a depreciated value as it gets used and old. This value is deducted from the insurance settlement amount by your insurer. However, if your vehicle is covered with the zero depreciation add-on then the depreciation on it will not be considered by the insurer at the time of claim settlement. This add-on proves to be a lot useful in terms of preventing the deductibles and low claim amount.

3. Consumables Cover

Consumables cover is used in order to claim coverage for the repair and replacements that are not included in your selected policy plan. Consumables like nuts and bolts, engine oil, screws etc. that are used to repair your bike are covered in this type of add-on. 

4. No Claim Bonus Cover

In your bike insurance policy, you stand a chance of earning a no claim bonus if you do not make any claim for your policy tenure. You can earn good discounts with no claim bonus while renewing your plan. 

This bonus is lost in case you make even a single claim during the entire tenure. The NCB cover proves to be a savior. With this add-on, you become eligible for earning a no claim bonus even if you have claimed insurance during your tenure.

5. Pillion Rider Accident Cover

Since the bike insurance policy provides accident cover for the owner/rider only, this add-on can be used to cover the accident of a pillion rider. 

6. Return to Invoice

Watching your bike getting dumped into an irreparable damage is like a nightmare and the event of theft is not any less painful. But the return to invoice appears like a Santa here. With this cover, you can claim full amount as a compensation for your lost/damaged bike.

7. Lost Key Cover

This add-on cover is designed to provide coverage for the replacement of a lost or stolen key of your vehicle. This add-on also offers a cover for the cost of repair for lock in your vehicle.

These are some of the most-useful add-ons that you can consider while planning to level up your bike insurance coverage. Note that additional covers come with terms and conditions which vary across different insurance companies.

Types of Two Wheeler Insurance Policy

While planning to buy a bike insurance policy, you can consider choosing options based on your needs and ability to pay the premium, avoiding superfluous coverage. Know that you are offered two types of two wheeler insurance policies in order to protect specific scope of unforeseen events.

Here are two types of two wheeler insurance policy:

1. Third-party two wheeler insurance policy

As per the Motor Vehicle Act 1988, third-party two wheeler insurance policy is mandatory in India. This policy is to protect any liability occurring to the third-party person or property. Besides the repair and medical coverage, this policy also offers legal repercussions.

2. Comprehensive two wheeler insurance policy

This one is an all-in-one two wheeler insurance policy which offers all sorts of coverage in one big fat plan. The comprehensive two wheeler insurance offers insured vehicles and its owner/rider the accidental damage cover (man-made and natural calamities), personal damage cover, third-party coverage and additional covers.

Top Two Wheeler Insurance Companies and Their Claim Ratio

Insurers Name Claim Ratio (%)
Bharti AXA Insurance 75.61%
Future Generali Insurance 81.77%
HDFC ERGO 78.60%
IFFCO Tokio Insurance 78.46%
Liberty Car Insurance 102.56%
National Insurance 84.16%
New India Assurance 86.83%
Reliance General Insurance 83.76%
Royal Sundaram 91.26%
SBI General Insurance 80.37%
Shriram Insurance 70.91%
Tata AIG Insurance 75.63%
United Car Insurance 89.77%
Universal Sampo General Insurance 77.79%

Two Wheeler Insurance Claim Process

You can claim for your two wheeler insurance if your bike has been damaged, stolen or in occurrence of third-party liability. In any of these scenarios, you have to follow this procedure for bike insurance claim:

  1. Inform your insurer about the accident.

  2. While claiming for bike insurance, you need to make sure you have all the necessary documents to be presented when asked. 

  3. If you want, you can take the vehicle to the nearest garage for repair. In this case, the claim will be settled with reimbursement.

  4. The insurer will assign you a surveyor who will assess the damage closely. He will submit the report to the insurer.

  5. Once approved by the insurer, the repair of your vehicle will be proceeded.

  6. Once the repairs have been completed, the insurer will settle the claim with the garage directly in case of cashless settlement.

Points to remember:

  • In case of any third-party involvement in an accident, you must reach the nearest police station and lodge an FIR. This document is a must during the documentation process.

Documents Required for Two Wheeler Insurance Claims 

Here are the necessary documents which you need to provide with your claim form in order to raise a successful insurance claim for your two wheeler:

  • RC book of your bike

  • Driving licence

  • ID proof

  • Policy bond

  • PUC certificate 

  • FIR copy (in case of theft/third-party involvement)

Know More About

Two Wheeler Insurance

You're eligible for a Two Wheeler Insurance if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Two Wheeler Insurance is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account