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What is Two-Wheeler Insurance?
Two-wheeler insurance is like a contract between you, the bike owner, and the insurance company. What happens is, the insurer steps in to cover the repair costs if something unexpected, like accidents or damages, messes up your bike. It’s like having a safety net for your two-wheeler!
Why Buy Bike Insurance from MyPolicyExpress?
Renew your two-wheeler insurance effortlessly in just 60 seconds through MyPolicyExpress. We offer the lowest guaranteed premiums, ensuring convenience and savings while avoiding unnecessary hassle and costs. Choose us for an easy and cost-effective way to buy or renew your motorcycle insurance policy.
- Take a look at various two-wheeler insurance plans offered by top insurers in India and compare them side by side.
- Reduce your expenses by comparing options side by side and choosing the plan that best suits your budget.
- Get assistance from our 24×7-customer support.
Key Features of Bike Insurance Policy
The bike insurance market has changed dramatically since the emergence of new players. In India, these companies that insure bikes have created many special things to get everyone interested and make sure they get what they want.
| Categories | Key Features |
|---|---|
| Liability Coverage | Coverage for injuries, death, and property damages to third parties, whether permanent or temporary, is provided. |
| Own damage Coverage | Insurance protects your vehicle against a range of risks like natural disasters, theft, accidents, fires, and other unforeseen events that can cause damage or loss. |
| No Claim Bonus (NCB) | Avail up to 50% |
| Add-on Covers | You can enhance your comprehensive policy with over 10 add-ons, including options like No Claim Bonus (NCB) protection, zero depreciation, engine coverage, roadside assistance, and more. |
| Cashless network garages or cashless repairs | Available |
| Personal Accident (PA) Cover | Up to ₹ 15 lakhs |
Benefits of Buying Bike Insurance Online
Buying bike insurance online is quite an easy process and offers a cost-effective deal. Here’s a table comparing why buying bike insurance online is preferable to offline methods:
| Point of Basis | Bike Insurance Online | Bike Insurance Offline |
|---|---|---|
| Premium rates | Because there are no agents or intermediaries involved, the bike insurance premium becomes more affordable. | The premium automatically increases due to higher operational costs and the significant involvement of agents in the process. |
| Customer support services | You can reach out to the customer support team 24/7 via calls or emails for any assistance or queries. | You can get in touch with the dedicated agent or customer support team during their office hours for assistance. |
| Paperwork | Minimal to zero paperwork | It includes a lot of paperwork |
| Convenience | All you need is a stable internet connection and a smartphone to complete the process. | Because customers are required to visit the insurance agent during office hours, the process can be quite complex. |
| Transparent | Since everything is accessible and published on the insurer's website, it's much clearer and easier to understand. | Because insurance agents play a significant role, transparency tends to be lower in the process. |
| Comparison | Comparing various plans online based on your needs and budget is simple and convenient. | The agents only offer those bike insurance plans that they want to sell. |
| Renewal Process | The policyholder’s details are auto-saved with the insurer, making renewal easy. | Here, the renewal process is lengthy as gathering information takes longer. |
Types of Bike Insurance Plans
In India, general insurance companies usually offer three main types of two-wheeler insurance policies. You can choose between third-party bike insurance, standalone own-damage bike insurance, or comprehensive bike insurance, depending on your needs and budget.
Third-party Bike Insurance
Third-party bike insurance, as the name implies, protects the rider from legal liabilities arising from damage caused to a third party during an accident or collision. This policy provides compensation for damages or injuries caused to a third party, including their vehicle, person, or property, up to ₹ 7.5 Lakhs.
According to the Indian Motor Vehicle Act of 1988, it's mandatory for anyone owning a two-wheeler and using it on public roads to have valid third-party bike insurance.
Stand-alone Own Damage Bike Insurance
As the name implies, a standalone Own-Damage (OD) policy covers the damages caused only to the insured bike. If you have mandatory third-party bike insurance, it is advisable to get a standalone OD bike policy to protect against damage to your bike.
Comprehensive Bike Insurance
A comprehensive bike insurance policy offers coverage for both third-party liabilities and damages to your own vehicle within a single policy. This policy protects the insured bike against various unexpected situations, including damage from fire, natural disasters, theft, accidents, man-made incidents, and related adversities.
Third Party (TP) vs. Standalone Own-Damage (OD) vs. Comprehensive
Here’s a table showcasing various features for comparison across third-party (TP), comprehensive, and standalone bike insurance policies:
| Points of Basis | Third-party Bike Insurance Coverage | Standalone Own-damage Bike Insurance Coverage | Comprehensive Bike Insurance Coverage |
|---|---|---|---|
| Scope of Coverage | Narrow | Wider | Very High |
| Third-party Liabilities | ✓ | X | ✓ |
| Own-damage coverage | X | ✓ | ✓ |
| Personal Accident (PA) cover | ✓ | ✓ | ✓ |
| Availability of add-on covers | X | ✓ | ✓ |
| Mandated by Law | ✓ | X | X |
Coverage Under Bike Insurance Policy
- Inclusion
- Damages resulting from natural calamities like lightning, storms, earthquakes, and man-made disasters such as riots, terrorist activities, or strikes are covered.
- Coverage includes losses resulting from theft, burglary, housebreaking, or the complete loss of the insured two-wheeler.
- The policy provides coverage for the damages or injuries caused to a third party or their property in a road accident.
- The policy covers losses or damages to the insured bike resulting from fire, self-ignition, or explosions.
- Coverage includes losses or damages suffered by the insured bike while in transit via roads, railways, waterways, and similar modes of transportation.
- Exclusion
- The policy typically doesn’t cover damages resulting from the normal wear and tear of the vehicle.
- Damages resulting from mechanical or electrical breakdowns are typically not covered by the policy.
- The policy might not cover losses that occur when the insured bike is driven beyond the geographical boundaries specified in the policy.
- Losses or damages resulting from drunk driving or driving without mandatory documents like a driver’s license (DL), vehicle registration certificate (RC), or a valid bike insurance policy may not be covered.
- The policy typically excludes coverage for damages or losses resulting from war, mutiny, or nuclear risks.
Add-On Covers in Bike Insurance Policy
Bike insurance add-ons are additional covers that you can purchase with a comprehensive policy or standalone own-damage policy by paying an extra premium amount. These add-ons serve to expand the coverage provided by the basic insurance plan.
Here are the various add-on covers available for your two-wheeler:
Mandatory Personal Accident (PA) Cover
The Compulsory Personal Accident (PA) cover is an add-on available exclusively to the owner of the insured vehicle, provided they hold a valid Driving License (DL). As per IRDAI regulations, the coverage limit is ₹ 15 Lakh, ensuring full compensation to the policyholder's nominee in the event of the policyholder's sudden death due to a road accident. It also provides compensation in the event of injury or permanent disability suffered by the policyholder.
Daily Expenses Cover
The insurance provider offers daily expense reimbursement, as specified in the policy documents, to cover the cost of hired transportation while the insured two-wheeler is undergoing repairs due to damage. Please ensure that the insured two-wheeler is taken to an authorized network garage for repairing any accidental damages.
NCB Protection Cover
Each claim-free year entitles the policyholder to a discount on the renewal premium for damages, commonly referred to as the No Claim Bonus (NCB). This No-claim Bonus ranges from 10% to 50%. The NCB protection cover allows policyholders to maintain their No Claim Bonus (NCB) and secure a discount during renewals, even if they make a claim during their policy period.
Return to Invoice
In cases of total loss or theft, the insurer compensates the Insured Declared Value (IDV) of the insured bike. The Return to Invoice cover for bikes closes the difference between the Insured Declared Value (IDV) and the invoice/on-road price of the insured vehicle. This ensures that the policyholder receives the purchase value as the claim amount, inclusive of registration and taxes.
Zero Depreciation Cover
Usually, insurers pay the claim amount after factoring in the depreciation value of the insured vehicle. The zero-depreciation cover, often called the bumper-to-bumper cover, eliminates the depreciation factor when settling the claim amount. This particular add-on cover applies to private bikes and is subject to a specified limit on the number of claims allowed during the policy period.
Even with the purchase of zero depreciation cover, both compulsory and voluntary deductibles remain applicable.
Engine Protection Cover
The engine protection cover for bikes is an additional benefit within the comprehensive bike insurance policy. It provides compensation if the insured two-wheeler's engine experiences partial or total damage due to issues like lubricant oil leakage, water ingression, damage from a hydrostatic lock, and similar factors.
Furthermore, the engine protection cover safeguards crucial engine parts of the insured bike, such as cylinders, pistons, connecting rods, and crankshafts. It's highly recommended for those residing in flood-prone areas or regions susceptible to waterlogging, making it an essential add-on.
24x7 Roadside Assistance Cover
This coverage allows policyholders to access emergency roadside assistance for their bike from the insurer within the distance specified in the policy documents.
Roadside assistance provides support in cases like breakdowns, emergency fuel supply, flat tire assistance, lost key replacement, minor repairs, and similar situations. Moreover, services utilized under this cover do not affect the NCB discount, ensuring it remains unchanged.
Consumables Cover
Consumables are vital components necessary for the smooth operation of a bike. They encompass items like engine oil, brake fluids, chain lubricants, coolant, nuts, bolts, and other essential parts needed to maintain the bike's functionality. The consumables cover for bikes enables the insurer to reimburse the cost of consumables up to a specified limit.
Passenger Cover
A Passenger Cover for bikes provides extra financial coverage to either the co-passenger or rider in the event of a road accident. This add-on extends coverage to the pillion rider for bodily injuries or death resulting from accidents or perils mentioned in the policy documents.
Cover for Loss of DL and RC
This add-on cover provides protection if the policyholder loses either their Driving License, Registration Certificate, or both. The insurer either compensates up to a specified limit or the actual costs, whichever is lower, for issuing a duplicate DL/RC.
Emergency Medical Expenses
If the owner-rider or pillion rider suffers injuries in a road accident, this beneficial add-on cover reimburses emergency medical expenses up to a specified limit. It doesn't restrict the choice of hospital or doctor for treatment.
Two Wheeler Insurance that is right for you
Our comprehensive two-wheeler insurance is designed to deliver enough coverage to you and to your two-wheeler when an unexpected accident occurs. As a result of this, the liability caused due to such an event will be taken care of by your insurance company. Keeping that in mind, you choose your best two-wheeler insurance cover from our handpicked policies list. Request a quote and decide which one suits your requirements.
My Policy Express offers swift and easy-to-buy comprehensive, standalone own damage, and third-party two-wheeler insurance policies to keep your bike safer and make your ride safe and sound.
Comprehensive Bike Insurance
- Offers own-damage cover, coverage against any legal/financial liabilities etc
- Get targeted coverage by including a list of unique add-ons with your policy
- Add-ons are Zero Depreciation Cover, Roadside Assistance Cover and so on
Standalone Own Damage
- This category covers the damages caused to the insured two-wheeler
- Covers damages caused by natural disasters like earthquake, flood, cyclone, etc.
- Only be bought together with the legally mandatory third-party liability cover
Third-Party Liability
- Any damage to the third-party vehicle and injury/loss of life shall be reimbursed.
- This type of cover does not include the loss or damage happened to the insured bike.
- This policy covers you against any legal liabilities arising out of an accident
Key benefits of having a Bike Insurance
Bike theft is one of the most rampant theft category happening in the recent years. Therefore having a two-wheeler insurance policy has been a MUST for every riders. Let’s check out the benefits that two-wheeler insurance offered by My Policy Express.
- Coverage from unforeseen financial losses due to unexpected accidental injuries or related
- Coverage for spare parts required in replacements and repairs of your vehicle or related
- Professional roadside assistance for unexpected roadblocks
Frequently Asked Questions
- General wear and tear, consequential loss and mechanical/electrical breakdown of the bike due to age
- If the bike is used outside the determined geographical borders, i.e., outside the boundaries of India
- Damage caused due to war, war-like operations, mutiny and nuclear perils
- Damage caused to the bike when used for racing, reliability trials, speed tests, etc.
- Own damage cover for the bike in case of a third-party liability-only cover
- Riding a bike without a helmet or valid driving license
- Driving a bike under the influence of intoxicants and narcotics
- If you use the bike under restricted usage conditions, such as driving in a flood-prone area
- If a private bike is used for commercial purposes.
As your bike ages, the parts of the bike undergo depreciation caused by wear and tear. As a result, the value of the bike also depreciates. While filing a claim for damages to your bike, your insurer deducts the depreciation of the parts from the sum assured before settling the two wheeler insurance claim.
However, when you add the Zero Depreciation or Bumper-to-Bumper add-on cover from My Policy Express to your comprehensive bike insurance policy, you can receive the entire claim amount for damages caused to your bike without considering and deducting the depreciated value of your bike. Without this NIL depreciation add-on, you will receive the depreciated value of your bike, and the two-wheeler insurance might not suffice to cover the damages. To ensure that you get the entire two-wheeler insurance amount, minus the depreciation deductions, after filing a claim, you can add a NIL depreciation cover to your comprehensive two-wheeler insurance policy.
The No Claim Bonus is a discount on premium offered by vehicle insurance companies to policyholders who have completed the previous policy year without filing a claim. The discount that is offered on the Own Damage premium during the policy renewal starts at 20% after the first claim-free year and then increases with every claim-free year if the vehicle owner continues safe driving and avoids filing claims.