With the strict ruling of the Motor Vehicles Act in India, every two-wheeler owner has to buy two-wheeler insurance to protect against third-party and personal financial liabilities in case of an accident. That’s why the insurance market is filled with different types of two-wheeler insurance policies with varied benefits and facilities to cater to the different needs of the customers. In that case, it is very normal to get confused about which company or which plan you should go for. But no more worries; your search ends here. Today, we are going to talk about every detail regarding the best two wheeler insurance policies available in India.
Why Is The Importance To Have a Two Wheeler Insurance Policy?
If you have purchased a two wheeler, the next important thing is to find a suitable bike insurance policy for your two wheeler to safeguard it and yourself. To know more about its importance, have a look at the following mentions.
Overall Protection – Two-wheeler insurance policies can be of different types. If you have opted for a comprehensive bike plan, it is the most beneficial one as it safeguards you and your bike from almost all the possible road risks, and thus makes your journey safe and sound.
Mandatory By Law – According to the Motor Vehicles Act of India, it is mandatory to have a third party insurance policy, if you are a two-wheeler owner. So, having this policy or a comprehensive policy protects you from third party legal liabilities. This also makes you eligible to drive your bike legally on the road, otherwise, you may have to pay a hefty amount as fines.
To Avoid Financial Burden – If your car meets an accident, you need to repair the damaged car, or you may even require medical attention, as well. In that case, the expenses can arise, and it may put a financial burden on your shoulder. But if you have a two wheeler insurance policy, the insurer will take care of these expenses, and offer you a worry-free ride.
Personal Accident Facility – This is one of the most important features of a bike insurance plan. The individual owner/driver of the vehicle will be covered when he/she suffers an injury while traveling, mounting, or dismounting from the vehicle. So, with a two-wheeler policy, you are securing yourself from a huge financial burden.
To Safeguard Your Loved Ones – If you pay a little extra premium, you can also get cover for co-passengers. This feature usually comes as an add-on cover, and almost every insurer offers this additional benefit. So, with this, you are also protecting your loved ones.
Peace of mind – Once you know that you have a two wheeler insurance policy that can provide you with so benefit benefits and offer you comprehensive coverage, automatically you feel confident and can drive your bile without any tension.
What Are The Best Two Wheeler Plans In India?
In India, there are a bunch of insurance companies that offer a sack of full two wheeler insurance policies. Among these, a handful of insurance policies have been selected that can offer you the maximum benefits and facilities and will be suitable for your every need. Have a look at the following details.
1. Bajaj Allianz Long Term Two Wheeler Insurance
This policy can satisfy your need for speed without any worries. This policy offers coverage to the customers for up to 3 years. This implies that with this policy you are going to have the protection and coverage for 3 continued years, and, additionally, you do not have to worry about the renewals as well.
Key Highlights Of The Policy:
- Bajaj Allianz allows a 50% transfer of your NCB from another insurer when you opt for a Bajaj Allianz two wheeler insurance policy.
- In the case of online policy renewal, you do not require any bike inspection.
- As it is a long term policy, it helps you to save money by combating the increasing third party premium rates and service taxes. Over the 3 years, you can save a substantial amount of money and can invest otherwise.
- Along with the basic covers like protection against the damages incurred due to natural calamities, human activities, and third party liability cover, this plan also offers two add-on covers, namely, 24×7 Spot Assistance and Zero Depreciation Cover.
2. Kotak Long Term Two Wheeler Secure
This plan is designed keeping in mind your needs while you are out there on the roads so that your bike ride would be a joy ride. This policy has a special feature of no increase in the third party premium if the policy has 2 or 3 years policy tenures.
Key highlights of the policy:
- This policy comes with an inbuilt personal accident cover of Rs. 15 lakhs to secure your finances in the face of any injury incurred due to an accident.
- If you’re an active member of a recognized Automobile Association of India (AAI), you are also eligible for availing of an additional discount on your insurance premiums.
- If you pay a little extra premium, you can also buy the accident cover for the co-passengers. It is an additional cover that you need to opt for separately.
- The policy provides the basic covers as well such as loss or damage cover against man-made hazards, natural calamities, and also third party liability cover.
3. ICICI Lombard Two Wheeler Package Insurance Policy
This plan focuses on the protection and coverage for bikes as it covers the cost of repairs in the case of accidental damages to your bike. Apart from accidents, it also provides financial security from incidents like thefts, natural disasters, vandalism, etc., and third party liabilities.
Key highlights of the policy:
- For claims, the insurer usually does the digital inspection. So with this policy, you do not have to bear the hassles of physical inspection of your two wheeler.
- This policy offers you the service guarantee on repairs done at one of the network garages of the company.
- You can get the policy instantly if you buy it online, without the hassles of the paperwork.
- Along with all the basic covers, the policy offers the inbuilt personal accident cover of Rs. 15 lakhs, and also has come up with different discounts, and addon covers.
4. HDFC ERGO Comprehensive Two Wheeler Insurance Policy
This is an all-around two wheeler insurance plan that has come up with all the basic covers of a standard comprehensive two wheeler insurance policy. It is a flexible plan as you can include multiple add-on covers available with the insurer to customize the plan according to your needs in the most cost-effective way.
Key highlights of the plan:
- The policy gives you the protection against natural calamities like earthquakes, landslides, lightning, etc. man-made hazards like theft, burglary, etc., and also against fire, explosion, accident, and third party liabilities.
- The insurer also offers multiple discounts on this policy as per the terms and conditions of the company.
- The insured person under this policy is eligible to file unlimited claims.
- The plan offers you the facility to avail of the overnight repair services available in the 13 cities across the country.
5. TATA AIG Comprehensive Bike Insurance Policy
This insurer offers you up to 75% savings on bike insurance premiums on online purchases with the addition of a 3-step process to purchase and renew. This insurer has an extensive network of more than 7500 cashless garages. This plan is made in such a way that it can offer you complete peace of mind.
Key highlights of the plan:
- This plan offers you the highest level of protection including protection against an accident, natural and man-made hazards, third party liabilities, etc.
- With this plan, you can choose an add-on cover as per your needs to make your policy more customized just by paying a little extra premium. There are 8 add-on covers available with this insurer.
- The No Claim Bonus (NCB) facility of this policy makes you eligible to avail of a discount on your bike insurance renewal in the event of no claims in the preceding years.
- The personal accident cover for the owner-driver is an inbuilt cover that comes with this policy automatically.
6. Reliance Long Term Two Wheeler Insurance Plan
With the promise of a worry-free claim settlement process Reliance General Insurance Company has come up with this plan which promises to save you from the hassles of renewing the policy every year as with this policy you have the freedom to insure your two wheeler for 2, 3, or 5 years as per your convenience.
Key highlights of the plan:
- This offers numerous discounts such as a discount for higher voluntary deductible value, for installation of anti-theft devices, for being a member of a recognized automobile association, etc.
- This policy offers protection against natural calamities and man-made hazards.
- Third party liability cover comes inherently with this policy.
- Damages incurred due to terrorism, self-ignition, transit by rail, road, air, and elevator are also covered by this policy.
7. SBI General Long Term Two Wheeler Insurance Policy (Package)
This plan gives you relief from the hassles of annual renewals. You can get the policy for 2 or 3 years for a discounted premium. This plan is everything that you need for your bike to offer it maximum protection and security.
Key highlights of the policy:
- If you opt for this policy, there will be no effect of change in third party liability premium and service tax during the policy period.
- In case of a total loss, combined total loss, or theft claim of your two wheeler in the policy, during the first or second year, you are eligible to avail of a refund on a pro-rate basis on the unexpired period.
- Along with the basic covers of a standard comprehensive bike insurance policy, this plan also offers an in-built personal accident cover.
- With this plan, you are also eligible to choose add-on covers according to your convenience. The available add-on covers are Return to Invoice and Protection of NCB.
Factors To Keep In Mind While Choosing a Two Wheeler Insurance Policy?
While choosing suitable two wheeler insurance, you need to keep in mind certain factors or parameters that can put affect the premium of your bike insurance plan. Here are the mentions.
Type Of Coverage – Be sure that what type of plan you want. Understand your needs at first. A bike insurance policy can be of different types, such as a third party liability policy, standalone own damage cover, long term comprehensive two wheeler policy, etc. Among these, the third party policy is the mandatory one. But if you go for the comprehensive policy, it will include every possible cover that you and your bike need. So, generally, the premium for this comprehensive policy remains higher than the other policies. But, when it comes to safety, it would be advisable to go for the best one, the comprehensive policy.
Type of bike and its price – Depending on the model of the bike, the price for it changes. So does the premium amount for it. The cubic capacity (cc) of the vehicle is one of the factors that insurance companies consider for calculating insurance premiums. The higher the engine capacity, the higher will be the insurance premium. The fancy or high-end bikes tend to have a higher premium amount than the standard ones.
Background Of The Policy Seeker – The premium for your bike insurance also depends on the owner driver’s age, gender, riding history, etc. If you are a middle-aged person with more riding experience, your premium will be lower than a person who is just 20 years old with lesser experience since the risk factors are high in the case of the latter.
Bike Modifications – Many riders prefer to do some modifications to their bikes to enhance the looks and performance. In that case, your premium amount will exponentially rise if you want to cover your modifications and accessories as well.
Installation Of Anti-Theft Devices – If you install the security features like anti-theft devices on your bike, it will reduce the chances of risks. So, many insurers offer a discounted premium for the installation of security devices.
Add-on covers – Almost all two wheeler companies offer additional covers for their two wheeler insurance plans so that the customers can customize the plan according to their needs. There are several types of add-on covers, such as zero depreciation cover, NCB protection, roadside assistance, etc. While add-on covers are highly recommended, you also have to keep in mind that these do not come free of cost. You need to pay a little extra premium t include these in your basic bike insurance plan.
No Claim Bonus (NCB) – If you are renewing your two wheeler insurance plan, and you have filed no claim in the preceding year, you are entitled to receive the No Claim Bonus. This means you are going to have a discounted premium. The usual valuation of NCB is 20% for the first claim-free year, and the maximum limit is up to 50%. So, with the help of NCB, you can actually reduce your premium amount.
Insured Declared Value (IDV) – The Insured Declared Value (IDV) is the current market value of your bike. The valuation of IDV decreases every year as your two wheeler gets old with the time. the insurer is only responsible to pay you the compensation up to the IDV value against your claims. For that reason, the IDV is factored into the premium calculation.
Voluntary Excess – There are two types of excesses, compulsory excess, and voluntary excess. This means that the excess amount has to be paid by you, whereas the rest of the amount will be taken care of by the company, in case of the claims. While the compulsory excess is fixed, and cannot be changed, the voluntary excess depends on the customer. If you choose to pay a higher voluntary excess, your premium will be lowered. However, in case of higher excess, you will need to pay more money out of your own pocket at the time of claim, to repair your two wheeler.
After the above discussion, it can be easily said that a two wheeler insurance policy is very much required for a bike owner. It would be always advisable to go for a comprehensive and long term policy to avoid the risks and renewal hassles. However, if you are going through any financial problems, you can go for the third party liability only policy as well, as it is the mandatory one. So, always choose your policy keeping in mind the factors, your needs, and financial condition. But do not neglect to have a policy.