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A Complete guide to two-wheeler insurance plans

In India, the Motor Vehicles Act, 1988 governs the traffic rules which every vehicle has to follow if it is to run on Indian roads. One such rule specified in the Motor Vehicles Act is the requirement of a valid third party insurance cover on every vehicle, whether private or commercial, which runs on Indian roads. As such, if you are a vehicle owner, you need to buy a vehicle insurance policy on your vehicle to comply with the insurance rules contained in the Motor Vehicles Act, 1988.

Types of two wheeler insurance plans we offer

1. Third-party liability insurance policy
   Third-party liability insurance policy is the mandatory cover which is specified under the Motor Vehicles Act, 1988. This is compulsory to be taken for every bike which is used in India. The policy provides coverage for any damages or injuries caused to other individuals due to the bike.
2. Comprehensive package policy
   This policy provides a wider scope of coverage to the bike. It covers the mandatory third-party liability coverage as well as the damages suffered by the bike itself. Comprehensive plans, therefore, have more inclusive coverage benefits and are priced higher than third party plans.

Why should you compare bike insurance?

Buying a vehicle of your own is both a moment of pride and responsibility. You would then want to protect your vehicle at all times and in all possible ways. One of the best ways of doing so is buying good insurance for your bike or car.

Bike insurance is an agreement between you and your insurer that protects you, the third party, and your bike against any damages caused on the road. As per the Motor Vehicle Act of India, 1988 it is mandatory to have a valid motor insurance policy.

When we are up to buying insurance for our bike we often get confused about which insurer to choose. This is where you should consider comparing bike insurance policies to know which one will stand fit for your bike. By comparing different motor insurance policies available in the market you get to know about their claim processes, features and benefits. Moreover, you can compare the premiums and go for he most affordable plan. Once selected you can go for the plan that is the most compatible with your insurance needs.

How to choose a bike insurance policy?

After you have understood the importance of a bike insurance policy the next step is to know about the type of motor insurance policy. There are two types of bike insurance policies available in the market. A third party bike insurance is a basic insurance policy that covers the damages caused to a third person due to your bike. While on the other hand, a comprehensive bike insurance plan covers both you and the third party.

However, like any other purchase, you should buy a bike insurance policy only after researching well and comparing your requirements with affordability. Here are some tips that can help you choose the best bike insurance plan:

1. Understanding Insurance Declared Value (IDV)
   Before you select a bike insurance plan for yourself do understand your bike’s IDV. Insurance Declared Value is the current market value of the vehicle and this factor regulates the premium of your insurance.
2. Analysing your requirements
   To choose the best policy you should first analyse certain things about your bike and driving. Factors such as if you are a new driver, how often you use your vehicle, your budget and your city of residence should be chalked out carefully.
3. Consider reading online reviews and compare plans online
   Go through trusted websites to read online reviews to know more about the best bike insurance policies. Moreover, try comparing your insurance plans on the basis of more than one factor.

Key highlights of two-wheeler insurance policy

Here are the highlighting features that are offered under a two-wheeler insurance policy:

Comparison between the third party and comprehensive bike insurance plans

Here is how the third party and comprehensive bike insurance policies differ from one another –

Coverage under bike insurance plans

The coverage offered by bike insurance plans depends on the type of policy that you buy. Here are the two types of bike insurance plans and their respective coverage benefits –

1. Third-party liability plans
   Under third party liability plans, coverage is offered only for third party liabilities which you face when another individual is harmed due to the bike. The policy covers the following types of financial liabilities –
   1. Liability faced when an individual is physically hurt due to the bike
   2. Liability faced when an individual is killed due to the bike
   3. Liability faced when an individual’s property is damaged due to the bike
2. Comprehensive plans
   As stated earlier, comprehensive plans allow a wider scope of coverage. They cover third party liabilities and damages suffered by the bike. Here is the scope of cover of comprehensive bike insurance plans –
   1. Liability faced when an individual is physically hurt due to the bike
   2. Liability faced when an individual is killed due to the bike
   3. Liability faced when an individual’s property is damaged due to the bike
   4. Financial loss suffered when the bike is damaged due to natural causes like floods, earthquakes, lightning, landslides, cyclones, etc.
   5. Financial loss suffered when the bike is damaged due to man-made causes like fire, explosion, malicious acts, riots, strikes, etc.
   6. Financial loss suffered when the bike is stolen
   7. Financial loss suffered when the bike is damaged when being moved from one place to another through road, rail or air

Besides this coverage available under the respective types of policies, there is also a mandatory personal accident cover which should be taken in either of the bike insurance plans. This personal accident cover has coverage of INR 15 lakhs and it covers accidental deaths and disablements. In the case of disablements, both total and partial permanent disablements are covered. If the owner/driver of the bike suffers accidental death or permanent total disablement, 100% of the coverage value, i.e. INR 15 lakhs is paid as claim. In the `case of permanent partial disablement, however, 25% to 75% of the coverage value is paid depending on the severity of the disability suffered.

Add-ons under bike insurance plans

Under comprehensive bike insurance plans, there are different types of add-ons which are available. These add-ons are additional coverage benefits which can be selected voluntarily by the policyholder by paying an additional premium. Some of the most popular and common add-ons found in bike insurance plans are as follows –

1. Zero depreciation add-on
   Bikes undergo depreciation as they are used and they age. This depreciation is not covered under bike insurance plans. When a claim occurs, the insurance company deducts the relevant depreciation on different parts of the bike before paying the claim. However, in repairs, you incur the actual cost of the parts being repaired. When the depreciation is deducted, you get a lower claim amount and face out-of-pocket expenses. A zero depreciation add-on, therefore, proves useful. Under this add-on, the depreciation on the parts of the bike is not considered at the time of claim. The insurance company pays the actual costs of repairs irrespective of the depreciation suffered. Thus, your out-of-pocket expenses are reduced.
2. Roadside assistance add-on
   If your bike faces a breakdown in the middle of the road and it cannot be taken to the nearest garage, a roadside assistance add-on proves useful. This add-on provides you 24*7 support in case of breakdowns. You just have to inform the insurance company and the company sends assistance wherever you are. Assistance is provided for flat tyres, loss of fuel, electrical breakdowns, jump-starting the bike, etc.
3. NCB protect add-on
   In a bike insurance policy, if you do not make any claim in a policy year, you earn a no claim bonus. This bonus allows you a discount on the renewal premium. Moreover, the bonus increases after every subsequent claim-free year. However, when a claim occurs, the entire no claim bonus is lost. This add-on protects this loss of no claim bonus. It keeps the NCB intact even after you make a claim on your bike insurance policy.
4. Lost key replacement
   If you lose the keys of your bike, this add-on would cover the cost of replacing the lost key with a new one.
5. Medical expenses add-on
   Under this add-on, the medical expenses which you face if you are hospitalised following a bike accident are covered.
6. Personal accident cover for the pillion rider
   A bike insurance policy mandates a personal accident cover only for the owner/driver of the bike. The cover is not available for the pillion rider. However, with this add-on, a personal accident cover can also be taken for the pillion rider.
7. Consumables cover
   In case of repairs of the bike, the costs incurred on consumables are not covered under the bike insurance policy. These consumables include engine oil, nuts, bolts, screws, lubricants, etc. which are used by the garage in repairing the bike. However, the consumables cover add-ons ensures that the cost of consumables is also covered by the bike insurance policy.
8. Return to invoice
   When the bike is damaged beyond repairs or if it is stolen, the bike insurance policy pays the Insured Declared Value of the bike which is the market value of the bike after depreciation. However, if this add-on is selected, the claim paid would be equal to the invoice value of the bike.
   

Exclusions under bike insurance plans

Now that you know the exact coverage options under bike insurance policies, both inbuilt and optional, it is time to know what is not covered by the plan. There are instances which are not covered under bike insurance policies and they are called policy exclusions. These exclusions include the following –

1. Accidents suffered when the bike is being used without a valid driving license
2. Accidents suffered when the bike is being used outside the boundaries of India
3. Accidents suffered when the bike is being used under the influence of drugs and/or alcohol
4. Accidents suffered when the bike is being used against the limitations of its use
5. Accidents suffered when the bike is being used for criminal activities
6. Accidents suffered when the bike insurance policy has lapsed
7. Depreciation of the bike
8. Normal wear and tear of the parts of the bike
9. Electrical or mechanical breakdowns
10. Damages suffered due to war, mutiny, rebellion, nuclear threats, etc.
11. Consequential losses
    

Discounts available under bike insurance plans

Under comprehensive bike insurance policies, different types of premium discounts are allowed. These discounts include the following –

1. No claim bonus discount
   As mentioned earlier, if no claims are made in a policy year, a discount is allowed in the renewal premium and the discount also increases after every subsequent claim-free years. The rate of no claim discount is as follows –

1. There is a discount of 5% or 10% if you buy long term comprehensive policies
2. A discount is allowed if you are a member of a reputed automobiles association
3. You also get a discount for buying the policy online
4. A discount is allowed if the bike is modified for the use of a disabled rider
5. If you opt for a voluntary deductible, you can earn a premium discount
   

Important terms related to bike insurance

A bike insurance policy is a technical cover which includes various jargons which you might not understand. So, here are some important terms related to bike insurance plans which you should know –

1. Own damage cover and/or premium
   Own damage refers to the damages suffered by the bike. This cover is included under comprehensive policies. Moreover, a separate premium is charged for own damage cover which is called own damage premium.
2. Compulsory deductible
   Under all bike insurance policies, there is a component of the compulsory deductible. This is the amount of claim which is not paid by the insurance company. You have to pay the compulsory deductible from your pockets and the insurance company would settle any excess claims.
3. Voluntary deductible
   The concept of voluntary deductible is similar to a compulsory deductible. In case of a claim, the amount of the deductible is to be paid by the policyholder and the insurance company pays the remaining. The only difference is that voluntary deductible is voluntary in nature. You might choose to opt for it and if you do, you get a premium discount. A voluntary deductible would be over and above the compulsory deductible that you have selected.
4. IDV
   IDV stands for Insured Declared Value. It represents the maximum coverage offered by a comprehensive policy. The value is arrived at by deducting the market value of the bike with depreciation based on the age of the bike. The depreciation rates which are used to calculate IDV are as follows –
   

Key benefits of bike insurance plans

A bike insurance policy offers the following benefits –

1. It covers the legal necessity which is prescribed under the Motor Vehicles Act, 1988. Thus, the policy helps you avoid legal complications and fines
2. Since the policy covers third party liabilities, you are freed from the financial burden that you face if you cause any type of harm to any individual
3. Comprehensive policies also cover the damages suffered by the bike freeing you from the financial expenses of repairs
4. If your bike is stolen, a comprehensive policy compensates you for the loss that you suffer so that you can buy another bike
5. The add-ons available under comprehensive bike insurance plans help you avail an inclusive scope of coverage and come to your rescue in emergencies
   

Top bike insurance policies in India

Here is a table showing some of the best bike insurance policies in India –

*Claim Settlement Ratio is CSR is the total claims paid by the insurance company as against the total number of claims received in any given year.

**Incurred Claim Ratio or ICR is the total claims paid by the insurance company as against the total premium collected across all policies in any given year.

***Motor Incurred Claim Ratio is the total motor claims paid by the insurance company as against the total premium collected across all motor policies in any given year.

How are bike insurance premiums calculated?

Calculation of bike insurance premiums is done based on a lot of factors which are as follows –

• Age of the bike – the older the bike is, the lower would be the premium
• Make, model and variant – this determines the value of the bike and the higher the value the higher would be the premium
• Registration location – premiums are higher for bikes registered in metro cities than non-metro ones
• Add-ons selected – if add-ons are selected, the premium would increase as each add-on comes with an additional premium
• Type of policy – third party plans would have lower premiums compared to comprehensive policies
• Discounts available – if there are discounts applied to the bike, such discounts would be considered to reduce the premium
• Term of the policy – long term bike insurance plans have higher premiums than annual policies
• IDV selected – the higher the IDV, the higher would be the premium

How to make a claim in bike insurance plans?

A claim in a bike insurance policy occurs in case of third party liabilities, if your bike is damaged or if the bike is stolen. In case of any of these claims, the following steps should be followed –

1. Inform the insurance company immediately of your claim
2. The insurance company would then advise you to take your bike to the nearest preferred garage for cashless repairs. If you get your bike repaired at a non-networked garage, claims would be settled on a reimbursement basis
3. At the garage, the insurance company’s surveyor would come and check the extent of damages suffered by the bike
4. The surveyor would prepare a claim report and submit it to the insurance company
5. The company would assess the report and approve cashless repairs
6. Once the approval is received, the garage starts repairing the bike
7. When the repairs are completed, the insurance company settles the claims directly with the garage and you can take delivery of your bike
8. In the case of third party claims, a police FIR should be filed. The claim would then be taken to the motor accidents tribunal where the liability would be judged. Based on the judgement of the tribunal, the insurance company would pay the claim to the third party
9. If the bike is stolen, a police FIR should be filed. If the police are unable to locate your bike, they would issue a certificate stating the same. The certificate should be submitted to the insurance company based on which the company would pay the claim
   

If you have bought your bike insurance policy from Turtlemint, you can simply inform Turtlemint for the settlement of your claim. Turtlemint would take the above-mentioned steps to ensure that your bike insurance claims are settled at the earliest. You can inform Turtlemint by calling at 1800 266 0101 or by sending an email at claims@turtlemint.com.

How to calculate bike insurance premium?

Once you read about all the features of a bike insurance plan you get closer to choosing the best-suited plan for yourself. However, it is very important that the insurance plan you choose fits in your budget, and for this, you must understand the premiums you are going to be charged.

Your bike insurance premium is calculated on a number of factors. Some of them include your residence city, add-on coverages, your bike’s brand, your bike’s model, cubic capacity of the bike, IDV, owner’s age, no claim bonus, and other factors. Apart from this your driving history also plays an important role in deciding your bike insurance premium.

Many websites have bike insurance premium calculators that are very easy to use and come free of cost. This is how you can use an online bike insurance premium calculator to estimate your premiums:

1. Fill in the details of your two-wheeler such as model, variant, etc
2. Enter the city of registration, registration details, and purchase year of the bike
3. Submit these details and on the next page, you will find your bike’s Insurance Declared Value and premium quotes displayed.
   

Documents required for bike insurance claims

Here are the documents which should be submitted to get the settlement of your bike insurance claim –

• Claim form
• Policy bond
• Driving license
• RC Book of the bike
• Identity proof of the claimant
• PUC certificate of the bike
• Police FIR for theft and third party claims
  

How to buy bike insurance plans?

You can buy the best bike insurance plan from Turtlemint. Turtlemint is an online platform which is tied up with some of the leading bike insurance providers in India. When you choose Turtlemint you can compare the different bike insurance policies available in the market in terms of their coverage and premiums. You can, then, select the best bike insurance policy, pay the premium and the policy would be issued instantly. Turtlemint also offers you personalised assistance in buying the best bike insurance policy for your bike.

Why should you renew an expired two-wheeler insurance policy now?

We know how important it is to have a valid bike insurance policy to stay away from legal allegations. However, it’s not just the matter of staying true to the law. Valid bike insurance will keep you protected at all times provided you meet with an accident or any other dangerous incident. Moreover, driving a two-wheeler is riskier than other vehicles and therefore chances of accidents are high. In such cases an active two-wheeler insurance policy will provide financial support and therefore renewing your policy from time to time is important to keep your vehicle away from risk.

Tips to keep in mind while renewing your bike insurance policy:

1. Avoid renewing your bike insurance at the end time as it may cost you a higher amount than usual. Renewing your policy at the right time will help you avail of discounts and offers.
2. If you were good with your prevailing policy and have made fewer claims then you may have accumulated No claim bonus points. You can use these bonus points to get an extra discount over your renewal premium. Moreover, if you are switching your insurer then you can get your NCB transferred to the new company.
3. Do not forget to compare bike insurance policies on Turtlemint to find the best plan as per your requirements and budget.
4. You can go for a policy with higher coverage at the time of renewal.
   

How to renew bike insurance plans?

Since a bike insurance policy is mandatory by law, you have to renew the policy regularly to ensure uninterrupted coverage. Renewals of bike insurance policies can also be done online. You just have to visit the website of the insurance company from which you bought the policy, provide the policy number of your existing policy, pay the renewal premium and the policy would be renewed instantly.
If, on the other hand, you have bought the policy from Turtlemint, you can log into your online Turtlemint account and renew the policy directly by paying the renewal premium. Moreover, if you have a bike insurance policy of another company and you want to switch, you can compare the available policies on Turtlemint’s website, compare and then buy a new policy at the time of renewals

Benefits of two-wheeler insurance renewal online

There are a lot of reasons why you could miss out on the timely renewal of your bike insurance policy. However, some people intentionally miss out on the timely renewal of their insurance to avoid hectic procedures, payment of premiums, or any other reason. But while they easily miss out on their renewal dates, they do not think of the consequences that may occur afterwards.

Today online renewal of bike insurance can be done in minutes and this is a boon for people who are super busy with their lives. Here are the following benefits of online renewal of insurance:

1. You can compare different bike insurance plans that are offered by various insurance companies and find out the best one for yourself and all this can be done in a few clicks.
2. You surpass the hassles of dealing with the middlemen as you interact directly with the company’s official website.
3. You save time and energy when you renew your bike insurance online.
4. Premium payment is done over secured channels and you get instant notification of the transaction.
5. Less paperwork and documentation are needed when you go for the online renewal of your insurance policy.
   

Why should you buy comprehensive two-wheeler insurance?

Comprehensive two-wheeler insurance is an all-in-one policy that offers full coverage against any damages caused to you, your bike, or a third party. A comprehensive plan covers third-party liabilities in case you hurt them or damage their property. Apart from this, you get covered against fire, theft, natural disasters, or any such incidents. With a comprehensive plan, you also get covered in case of a medical emergency caused due to accidents.

Though a comprehensive two-wheeler insurance plan includes a lot of benefits, you can add extra features to your plan by choosing relevant add-on covers. Zero depreciation cover, emergency roadside assistance, no claim bonus protection, and engine protection are some of the popular add-on covers available under a bike insurance policy. One should consider buying comprehensive two-wheeler insurance over a basic third-party liability plan as it gives you the extended protection required for your bike. Although the cost of a comprehensive plan is a bit higher than that of a third-party liability plan, it proves to be worth it when anything goes wrong.

How to compare bike insurance quotes online at turtlemint?

The best part about buying bike insurance online is that you can compare different types of plans from all the companies to find a perfect one for yourself. Turtlemint is a website that is linked with the best insurance-providing companies available in the market and thus brings you plans that suit you the best.

Comparing bike insurance plans at Turtlemint is the easiest thing you can do online. You can start by visiting the website of Turtlemint and entering all the details you are asked for. Once you do so, Turtlemint will automatically show all the best bike insurance plans as per your preferences, if any. The website compares plans on a number of factors that help you understand the plan in a better way. There are tables, charts, and reviews about which company is good at claim settlement or which is the best with discounts.

This way you can analyse plans as per your requirements and budget and choose what suits you. Once you make up your mind, you can apply for your bike insurance quickly and avail of it in no time.

All you need to know about two-wheeler insurance in India