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Two Wheeler Insurance

Two-wheeler insurance, also known as bike insurance, protects the policyholder from financial liability in case of damage sustained in an accident. A personal accident add-on also covers the owner-driver in the case of injury or death.

The policy is a binding agreement between the policyholder and the insurance company, which offers financial coverage in the event of an accident involving the insured two-wheeler.

Importance Of A Two-Wheeler Insurance Policy

Two-wheeler insurance is a great way to protect yourself from financial ruin in case your two-wheeler is stolen, involved in an accident, or sustains damage due to causes included in the policy. It’s also the best way to stay in compliance with the law of the land.

Getting your bike fixed after sustaining major damage in an accident can put a strain on your finances. But having a two-wheeler insurance policy can cushion that blow. Instead of stressing out on how to pay the mechanic to get your beloved bike up and running again, you can rest easy knowing that you bought your insurance policy for just such a rainy day.

Plus, riding an uninsured bike by itself can attract strict action from the cops. Indian law mandates that all vehicles plying on its roads be covered by insurance, at the very least a third-party liability cover.

Having a two-wheeler insurance policy does the following:

  • Covers financial liability in a claim involving a third party
  • Provides coverage for damage to insured bike due to natural and man-made disasters
  • Protects and finances arising due to theft of the insured two-wheeler
  • Saves policyholder from legal fines
  • Covers owner-driver in case of injury or death arising from an accident involving the insured vehicle.

Key Features And Benefits Of Two-Wheeler Insurance

Having a two-wheeler insurance policy comes with a host of features and benefits.

Key FeaturesBenefits
Different types of coverageThird-party liability only; own-damage cover; comprehensive cover
Personal accident coverPersonal accident cover of up to INR 15 lakh offered to the policyholder
No-claim bonusNo-claim bonus between 20% and 50% for each term you go without filing a claim
Discounts on premiumsDiscounts are offered on premiums for certain conditions, such as having an anti-theft device installed on the vehicle
Add-onsVarious add-ons offered for coverage enhancement like a zero-depreciation cover, roadside assistance, no-claim bonus protect, return to invoice, etc
Network garagesNetwork garages of insurance providers offer a cashless facility
Easy claims processClaims experts are available to guide you through the entire claims process when the need arises
Online purchase and renewalEasy and quick purchase and renewal of two-wheeler policy online; coverage in effect immediately.

Types of Two wheeler Policies In India

Two-wheeler insurance providers offer three major types of insurance policies to two-wheeler owners.

  • Third-party Liability – These policies cover financial liability arising out of an accident that involves a third party – person, property, or vehicle. This type of insurance is mandatory under the Motor Vehicles Act, 1988.
  • Own-damage Cover – This cover provides financial coverage to expenses that may be incurred as a result of damage to or theft of the insured two-wheeler.
  • Comprehensive Cover – This form of coverage gives the best of both – third-party liability and own-damage covers. It’s a type of policy that protects against third-party liability as well as expenses due to damage to or theft of the policyholder’s insured vehicle.

Coverage Offered With Two-Wheeler Insurance

A standard two-wheeler insurance covers the following:

  • Natural calamities – earthquakes, cyclones, floods, inundation, thunderstorms, hailstorms, etc.
  • Man-made calamities – riots, strikes, malicious activities, etc.
  • Damage due to fire, lightning, and self-ignition.
  • Damage due to transit of the insured vehicle via inland waterways, road, rail, or air.
  • Theft of the insured bike.
  • Liability against third parties – property, vehicle, or person.
  • Personal accident cover for owner-driver up to INR 15 lakh
  • Coverage for add-ons as specified in the policy document.

Two Wheeler Insurance Add-Ons

Add-ons offer additional protection for your vehicle and can be a great way to avoid financial hassles in certain circumstances. Some of the standard add-ons offered by insurance companies are:

  • Zero Depreciation Cover – A zero or nil-depreciation cover add-on closes the gap between the invoice and depreciated value of the spare parts that are replaced during a claim. Without this add-on, the insurance provider would pay for the depreciated value of the part and the remaining would be covered by the policyholder.
  • No Claim Bonus – A no-claim bonus is a discount offered on the premium at the time of renewal if the policyholder hasn’t filed a claim in the previous term. The higher the number of terms for which a claim isn’t filed, the higher the discount offered. However, if a claim is filed, the discount is revoked, and you will have to pay the difference. A no-claim bonus protection add-on safeguards your no-claim bonus discount in case a claim is filed.
  • Return to Invoice – The insured declared value of your bike takes into account the depreciation. With the return to invoice add-on, the claim amount in case of a total loss of the two-wheeler will be the invoice value as opposed to the insured declared value.
  • Personal Accident Cover for Pillion – One of the standard add-ons offered by numerous insurance providers is a personal accident cover for the pillion rider. In case of injury to or death of the pillion in an accident, this add-on covers up to the agreed-upon amount.
  • Consumables Cover – Two-wheeler insurance policies don’t cover the cost of replacing consumables like nuts and bolts, engine oil, gearbox oil, brake oil, washers, bearings, lubricants, etc. With a consumables add-on, these expenses will be easily covered under the policy.
  • Roadside Assistance – With this add-on, you can rest easy knowing that help is just a call away if you ever face a breakdown mid-journey. The add-on covers issues like a dead battery, flat, tire, fuel replacement, electrical and mechanical repairs, etc.

General Exclusions Of Two-Wheeler Insurance Policies

All two-wheeler policies come with a set of standard exclusions that are not covered.

  • General wear and tear
  • Consequential loss
  • War and war-like situations
  • Damage due to racing, speed tests, reliability trials
  • Damage caused due to breach of contract
  • Nuclear perils
  • Mutiny
  • Own-damage expenses and personal accident cover if only third-party liability cover purchased
  • Riding without a helmet
  • Riding without a valid driver’s license
  • Riding while under the influence of alcohol or other intoxicants
  • Rising under restricted-use conditions – e.g., damage sustained while riding during a flood of which you are already aware
  • Using a personal bike for commercial purpose.

How To Choose The Best Two-Wheeler Policy Online?

Each person’s requirement, when it comes to buying a two-wheeler insurance policy, will vary according to their usage and needs. So, based on your needs and usage, here’s how to choose the best two-wheeler policy online.

  • Browse through the policy offerings from different insurance providers and compare the inclusions and exclusions.
  • Consider whether you require a third-party only policy or a comprehensive cover. If your usage is minimal, you can consider going for a third-party liability only cover. But if you use the vehicle every day, you may want to think about getting a comprehensive cover with a personal accident for the owner-driver.
  • In case the vehicle is in your name but is being used by someone else in your family, you may want to consider not purchasing a personal accident cover for the owner-driver.
  • Check the add-ons on offer and carefully consider which ones you require.
  • Get premium quotes from multiple insurance providers and compare the amounts along with the policy offerings to ensure you pick the best policy for you.

Calculating Your Premium Online

With the world going digital, calculating two-wheeler premiums online has become super easy. With a few details of you and your two-wheeler, you can easily get a premium quote from insurance providers.

  • Provide your details – name, age, area of residence, contact information
  • Provide details of your two-wheeler – make, model, year of registration, place of registration
  • Choose your insurance type – third-party liability only, own-damage cover, or comprehensive insurance
  • Select any add-ons you may want to purchase
  • Choose the tenure of the policy – some insurance companies provide short-term policies. Annual and long-term policies are also available.
  • Add details of your previous policy if you’re renewing.
  • Get your premium quote in an instant!

Factors Affecting Two-Wheeler Insurance Premiums

Premiums will vary from person to person and vehicle to vehicle are affected by a range of factors, including –

  • Make and model of the bike
  • Engine type and capacity
  • Year of registration
  • Place of registration
  • Area of residence
  • Owner’s age and driving record
  • Coverage and type of policy
  • Number of add-ons
  • No-claim bonus
  • Installation of safety devices
  • Modifications done to the bike
  • Membership of approved automotive associations

Benefits Of Comparing Two-Wheeler Insurance Online

One of the best ways to get affordable quotes on your bike insurance premium is to compare policies online before purchasing.

  • Browsing through various policies gives you an idea of the inclusions and exclusions. Not all providers will have the same set of inclusions and exclusions. These will vary from company to company.
  • Some insurance providers may not offer the add-ons that you’re looking for. Browsing through different policies online will help you find relevant offers.
  • Comparing premium quotes online can also help you choose the most affordable rates.
  • Browsing through two-wheeler insurance offers online also lets you find quotes for a policy term of your choice.
  • The best part is that you can do all this from the comfort of your home! No need to step out and wander from office to office in search of the best deals.

How to Purchase Two-Wheeler Insurance Online?

Buy on Official Site

To purchase a two-wheeler insurance policy through the company’s official site:

  1. Visit the official website of the insurance provider.
  2. Enter the requisite details of the bike and the owner.
  3. Select the policy type, tenure, and add-ons to get the premium quote.
  4. Pay the premium online and receive the policy document in your mailbox.

Purchase Through Probus

To purchase a policy on the Probus website:

  1. Log on to the company’s website and click on Motor Insurance
  2. Type out basic details such as your city, vehicle make, model, variant, registration year, previous insurer, and policy expiry date.
  3. Fill in a few more details for an accurate quote such as manufacture month & year, purchase date, customer type, license validity, etc.
  4. Compare the pros and cons of a few plans and choose one that fits your requirements.
  5. Select the most relevant policy and pay the premium online. Get your policy document in your email inbox in a jiffy.

Quick And Easy Renewal Of Two Wheeler Insurance Policy

Renewing your two-wheeler insurance policy is of utmost importance. If found without a valid policy, you may be subjected to legal action under the Motor Vehicles Act of 1988.

To renew your policy on Probus website:

  1. Log in to the website and head to the “Renew Policy” option.
  2. Select ‘Motor Insurance’ and pick the insurer of your choice.
  3. Clicking on the insurance provider will direct you to their website to complete the process. Enter the details as the fields on the page require including your current policy and registration number.
  4. Double-check your amount eligibility for the no claim bonus
  5. Select the desired add-ons and the value of your vehicle to proceed
  6. Ensure you have inserted the correct details cross check, if required
  7. Proceed for payment and complete with your preferred payment options such as net banking or UPI.
  8. It’s done! Now, wait for the policy to arrive in your inbox in a few seconds

To renew your policy on the official website:

  1. Visit the official website of the insurance provider.
  2. Furnish the details of your previous policy along with your name and contact information.
  3. Select the policy type, tenure, and add-ons from the list offered and receive the quote.
  4. Pay the premium online to generate the policy document that will be emailed to you.

Two Wheeler Insurance Claim Filing Process

The thought of filing a claim when the need arises can seem daunting, but the process is easy and simple. You can reach out to a claims expert who will guide you through the entire process.

To File a Claim

  • Intimate the insurance provider of an impending claim. If a third party is involved, let your provider know.
  • Take pictures of the vehicle at the spot of the accident and gather any information that you can about the witnesses.
  • Take your vehicle to the nearest garage approved by your insurance provider.
  • File an FIR if the situation calls for it. In case of theft, after an investigation, the police will issue a no-trace certificate if the vehicle cannot be found. Keep this safe.
  • Provide the requisite documents to your insurance provider along with a duly filled claims form.
  • A representative of the company may be assigned to assess the damage. They will file a report with the insurance company after an inspection.
  • If the claim is deemed valid, the insurance company will release the funds. The process will be cashless if your vehicle is at a network garage. The insurance company will directly settle the claim with the garage. In case your vehicle is at a garage that is not part of the insurance provider’s network, you will need to settle the amount with the garage and the claim cost will be disbursed to the account number that you provide to the company.

Documents To Be Submitted For A Claim

While filing a claim, you will need to submit the following documents.

  • Duly filled claims form
  • A copy of the FIR
  • No-trace certificate in the event of a theft
  • A copy of the policy document
  • A copy of and the original two-wheeler registration certificate
  • The original and a copy of your driving license

Frequently Asked Questions

1. Is purchasing a bike online safe?

Purchasing anything online does come with risks. You need to be on the lookout for fraudulent websites and individuals. With Probus, you can rest assured knowing that your policy needs are in trustworthy hands. What you can do to ensure a safe and secure process is –

  • Be wary of fraudulent offers and deals.
  • Purchase policy only from trusted brands and companies.
  • Go through customer testimonials to get an idea of the company’s service record.
  • Carefully go through the policy wordings. If something seems off, don’t proceed with the transaction.
  • Verify whether the payment is being made through a secure payment gateway. Also, verify the name of the merchant to whom you’re making the payment. It should reflect the name of the insurance provider instead of an individual.
  • Ensure you get a receipt of the transaction.

2. I own a scooter with a gearless engine. Do I still need to get it insured?

The Indian motor Vehicles Act enforced in 1988 states that all motor vehicles plying on Indian roads must be insured with at least a third-party liability cover. So, if you’re using your scooter without an insurance policy, you will face legal action. It’s best to purchase an insurance policy for your scooter.

3. Is there a limit to how many add-ons I can purchase?

While purchasing an insurance policy for your bike, you can select as many add-ons as you want. But be aware that indiscriminate purchases of add-ons can drive up your premium amount. So, carefully choose the add-ons that are most relevant and useful to you.

4. My policy expired a couple of days ago. Can I still renew it online?

You can renew an expired policy online. Simply furnish the details of your previous policy along with your details and contact information. Choose your term, type, and add-ons to get your premium quote. Pay online and get your renewed policy document in a heartbeat in your mailbox.

5. I met with an accident but the damage to my bike is minimal and won't cost too much. Is it fine if I don't file a claim?

It’s best to not file a claim for an amount that is minimal and affordable. This gives you a chance to avail of a no-claim bonus during your policy renewal.

6. In what situations will I need to file an FIR for a claim?

If the accident involves damage to third-party property or vehicle, injury to or death of a third-party person, malicious damage, partial or complete theft of your insured vehicle, you will need to file an FIR with the nearest police station that has jurisdiction over the area of the incident.

7. Is it possible to cancel my two-wheeler insurance policy mid-tenure?

Most insurance companies do allow the cancellation of two-wheeler policies before the term is completed. You will need to get in touch with your insurance provider to have your policy canceled.

8. My insurance policy has expired. Am I still eligible for a no-claim bonus?

If your policy expired less than 90 days ago, it’s still possible to avail of the no-claim bonus while renewing.

9. What documents do I need to file a claim with my two-wheeler insurance provider?

While filing a claim with your two-wheeler insurance provider, you will need the following documents:

  • Claims form – properly filled
  • A copy of the FIR
  • No-trace certificate (if your bike was stolen)
  • A copy of your insurance policy document
  • The original and a copy of your two-wheeler’s RC
  • The original as well as a copy of your DL

10. I am a member of the Automobile Association of Upper India. Am I eligible for a discount on my premium?

Most insurance providers offer a discount on the premium if the policyholder is a member of an accredited automotive association. The Automobile Association of Upper India is one of the associations whose members can avail of a discount on their two-wheeler insurance premium.

11. Is two-wheeler insurance compulsory?

As per the Indian Motor Vehicles Act that was enforced in 1988, a third-party liability cover is mandatory for all vehicles plying on Indian roads. Driving without a policy is punishable under law. So, if your insurance has expired or you have just bought a new bike, make sure your insurance policy is in effect before you take your two-wheeler out for a spin.

12. What is a no-claim bonus?

When your insurance policy is about to expire and you are renewing it, if you haven’t filed a claim in the previous term, you are entitled to a discount on your premium for the renewed policy. Based on the number of back-to-back terms for which a claim hasn’t been filed, this discount could range from 20% to 50%.

13. What add-ons can I select while getting my two-wheeler insurance?

Each insurance provider will offer a combination of different add-ons. Some of the popular ones include nil depreciation, return to invoice, cover for consumables, roadside assistance, and personal accident cover for the pillion rider.

14. What are the different types of two-wheeler policies offered by companies?

Insurance providers primarily offer three types of policies – third-party liability only, standalone own damage cover, and comprehensive coverage.

15. What are the major deciding factors for the premium amount?

While calculating your two-wheeler insurance premium, the company takes into account details of the bike like year, date, and place of registration, and your details like area of residence, age, and occupation.

16. Do I need to file an FIR with the police to file a claim with my insurance provider?

Depending on the reason for the claim, you may need to file an FIR with the police. For instance, if your two-wheeler was stolen, you’d need to submit a no-trace certificate with your insurance provider. You’ll get this certificate once the police have finished their investigation and were unable to trace the two-wheeler.

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