Did you know that two-wheeler insurance is a mandatory requirement before you take your vehicle on road? Your two-wheelers such as your bike/scooter etc should also be insured properly to keep you safe from any huge penalties in the event of an accident. Let’s discuss more about this right here so that you have a proper understanding.
What Is Two Wheeler Insurance?
Two-wheeler insurance is a contract between the two-wheeler owner and the insurance company in which the insured gets financial help against any damages or losses due to an accident. Just like you get insurance for yourself and your family, you would always get your vehicles too insured. Your assets include your vehicles too. As we already are aware there is a mandatory insurance cover for four-wheelers as per the Motor Vehicles Act.
Why you need a Two Wheeler Insurance Policy
You may not know what will happen while riding your two-wheeler due to the lack of proper good roads in India. There are problems arising during the rush hours in morning and evening due to which there will be no proper traffic regulations and so many problems arise due to the same in daily life.
It is not only the accidents that might happen to you while riding your bike /scooter but the slippery or muddy roads due to nature changes may also get your two-wheeler damaged and you might even fall and get injured even if it is not hitting or getting hit by another vehicle. To stay safe from all these types of events you will certainly need an insurance policy to cover your vehicle.
As mentioned earlier, the Motor Vehicle Protection law in India had made it mandatory to get minimum third-party insurance cover for a person’s two-wheeler to protect the owners from any expenses arising out of any third-party damages.
Benefits Of Buying Two Wheeler Insurance
The benefits of buying Two wheeler insurance are so many.
Let’s look at some of them:
- Financial protection: even a small accident or damage to your two-wheeler may cause big expenses. Having an insurance cover will protect your two-wheeler from any financial liabilities.
- Any type of two-wheeler: Insurance cover is available for all types of two-wheelers.
- Injuries occurred to you: the two Wheeler insurance not only covers damages to your bike but also provides Cover for any accidental injuries caused to you at that event.
- Spare parts expenses: as the vehicles in India are improvised now, and the demand for two-wheelers is also rising day by day, spare parts are also becoming very expensive. The two-wheeler insurance coverage provides coverage for the spare parts including nuts or bolts, Brake pads or gears, etc.
- Roadside services: when travelling in your two-wheeler you might face issues like minor repairs, flat tires or even the Bike would need towing to the garage. You may opt for roadside assistance while purchasing your two-wheeler insurance policy. This will be a great choice to drive your vehicle at peace.
Why To Buy Two-wheeler Insurance Online
Online two-wheeler insurance is easier to purchase and it involves no other people other than yourself. It can be bought easily online and has many benefits. Some of them are:
- Instant policy issuance soon after entering your details and paying the premium.
- No additional charges for buying online
- You don’t need previous details of any previous two-wheeler insurance
- The policy can be obtained without any inspection of documents
- Renewals are easier online
- Claim settlement is easy through the company websites; you don’t need to meet additional people and wait long periods.
- Customer care is available online anytime depending on your insurer
Types Of Two-Wheeler Insurance Plans In India
There are generally two types of bike insurance policies in India. One is mandatory Third Party bike insurance and another is Comprehensive cover.
- Third-Party cover – this protects the insured against any liability against damages or injuries caused to third parties. The term third party could be a vehicle or a person or it could be even the property or asset of that person. It is strictly implied in India as per the law of the Indian motor vehicle act that the third party cover for a bike owner is required. Any people who are found without one are liable to pay enormous amounts of penalties.
- Comprehensive cover – this type of two-wheeler insurance protects the third-party liabilities in the event of an accident and also the policyholders’ liabilities. It safeguards your bike as well as you against accidental damages, theft, and loss. Natural calamities, fire, etc.
What exactly is covered under Two wheeler insurance policy
When you decide to buy the insurance cover for your bike you can look for what exactly is covered according to your needs and this might vary from insurer to insurer.
So here is a general idea of what to look for before purchasing the policy for your bike/scooter:
- Cover for Loss or damage occurring due to natural calamities like earthquakes, floods, and storms. Rockslides, etc.
- Protection against Loss or damage made by the man himself like strikes, riots, malicious acts, terrorist activity, and so on.
- The cover is offered for its damage due to any reasons as per the insurance company terms.
- Personal accident cover usually is given by most of the insurance companies in India. This amount goes up to Rs. 15 Lakhs for injuries or permanent disabilities after an unfortunate event while riding the two-wheeler.
- Cover against loss or damage occurring due to theft
- Legal third party loss or liability may have led to any loss or even the death of the third party during an unfortunate event.
- Coverage provided for losses and damages during a fire or explosion
How To Get Two-wheeler insurance renewal online
Two-wheeler insurance renewal is mandatory, at the specific renewal date mentioned by the insurance company, because you cannot drive your bike/scooter without an insurance policy in place as per the Motor Vehicle Law in India.
So just like you can purchase a two-wheeler insurance policy online, the two-wheeler insurance renewal also can be done online through very easy and simple steps. Renewing the policy offline will take away your time and a lot of processes involved.
You can renew your two-wheeler insurance online easily within a minute. All you need to do is to keep all the documents handy with you.
For example, Bajaj Allianz two wheeler insurance policy renewal is done using the steps mentioned below:
- Login to your Bajaj Allianz insurance company website
- Go to your bike insurance renewal form
- Choose the plan you need to purchase if you are looking for a different one at renewal according to your new needs
- You may select the add-on covers too.
- Once this process is completed your Bajaj Allianz policy premium will show up
- Choose the mode of payment as per your convenience and do the payment.
- Once payment is done your two-wheeler gets instantly renewed.
- The renewal documents will be emailed to your registered email address which you should download or take a printout and keep safe with you and replace the old one with the renewed policy details.
Best Two Wheeler Insurance Plans in India
India has the most reliable and trusted insurance that offers two-wheeler insurance. The policies can be compared easily online and check coverage and exclusions. Add-on covers also can be opted for if required. The best insurance companies offering two-wheeler insurance plans are mentioned below. This is based on both Third party cover and Personal accident cover given by these companies.
| Two Wheeler Insurance Company | Cashless Garages | Claim Settlement Ratio |
| Bajaj Allianz two-wheeler insurance | 4500 plus | 62% |
| ICICI Lombard two-wheeler insurance | 3042 plus | 87% |
| ACKO two-wheeler insurance | Numbers are available only with the insurance company | 95.45% |
| Reliance two-wheeler insurance | 430 plus | 85% |
| HDFC Ergo two-wheeler insurance | 3000 plus | 99.8% |
| Tata AIG two-wheeler insurance | 5000 plus | 121% |
| SBI two-wheeler insurance | Numbers available only with the Insurance company | 87% |
While buying and renewing your two-wheeler insurance policies you must always be aware of the details of your vehicle like any additional parts added to the vehicle, age of the vehicle, safety devices installed in any, etc. by comparing different policies available online you may choose the best that suits you.
Common FAQs
- Why is it mandatory to have bike insurance for up to 5 years when you buy a new bike?
As per the insurance regulator directives, it is now mandatory that you get a 5year third part cover or 5-year third part plus 1-year own damage cover package. This is because the bike owners don’t take insurance even when the law says so, hence to make the rule more effective this change has come into place.
2. Should I transfer my two-wheeler insurance when I sell my bike/ scooter?
Yes, it is very important to transfer your insurance cover to the buyer of your two-wheeler and it can be done with the help of the insurance company.
3. Is it ok if I only take my insurance papers with me while I ride my bike?
Now you need to take additional documents like a Bike registration certificate book (RC Book), a photocopy of your insurance policy(as originals might get damaged or lost), a valid driving licence and most importantly the PUC (Pollution under control) certificate.