Bike Insurance: Buy/Renew Two Wheeler Insurance Policy Online (2024)

The poor road condition of our roads along with negligent and rash riding often leads to accidents that can cause injury not only to the rider but also the people, damage to a property, and death. To compensate for the losses or damages done to the victim or its property by the insured vehicle, two-wheeler insurance has been made mandatory.

Insured Declared Value Or Idv Is The Upper Limit Of The Compensation That You Would Receive In Case Of Repairing Damages, Vehicle Theft Or Total Loss At The Time Of Claim. This Value Is Fixed By The Insurance Company Based On The Condition Of Your Two-Wheeler.

Having A Personal Accident Cover Is Mandatory. The PA Or The Personal Accident Cover Comes With Both Third-Party Two-Wheeler Insurance And Comprehensive Two-Wheeler Insurance. It Covers Any Disability Or Death That Is Caused Because Of The Accident And Comes With A Cover Of Inr 15 Lakhs. In Case The Owner-Rider Of The Two-Wheeler Suffers Permanent Disability Or Death Then 100% Of The Value Will Be Paid And When There Is A Permanent Partial Disability, 25-75% Of The Total Value Is Paid.

A TP Or A Third Party Two-Wheeler Insurance Covers The Liabilities That Are Suffered By The Other Party Because Of Your Bike. It Is A Formality That Is Mandatory Under The Motor Act. Comprehensive Two-Wheeler Insurance, On The Other Hand, Will Cover Not Only The Damages To Your Bike But Also The Third Party. It Is An Optional Formality.

When You Buy A Bundled Two-Wheeler Insurance Plan, It Provides You With A Cover For Third Party Claims For A Period Of 3 Years And A Cover For Your Own Damage For A Period Of 1 Year.

From 1 September 2019, Two-Wheeler Owners With Third-Party Insurance, Have Been Allowed To Buy Standalone Own Damage (Od) Insurance. This Policy Cover Provides Insurance To The Two-Wheeler Against Theft As Well As Own Vehicle Damages. It Is A Yearly Product That The Policyholder Has To Renew Annually And Can Only Be Bought Along With A Valid Third-Party Only Bike Insurance Plan.

You can check bike insurance plans online, compare them and choose the best out of them in terms of coverage, premium and additional benefits. Paytm Insurance.co.in, a premier online marketplace for insurance products, is the one you should visit for picking the best bike insurance plan. We've joined hands with numerous top bike insurance companies that offer you maximum coverage in exchange for affordable premiums. Quite a hassle-free process as opposed to when visiting the website of different insurers individually and choosing a plan out of them.

You can buy a bike without insurance. But if caught without insurance while driving, be ready to pay a penalty of up to INR 1,000 or face a 3-month imprisonment. As per the Motor Vehicles Act, third-party insurance is mandatory to have. In addition, you also get protected against the legal liabilities arising out of your insured bike with this insurance. These liabilities include damages to the third party or property due to your bike. However, it is best to opt for comprehensive bike insurance that covers third-party liabilities as well as the damages incurred to your bike due to accidents.

A two wheeler insurance policy is a plan wherein the insurance company takes stock of the damages incurred to your vehicle. Besides, the policy immunes from legal liabilities that you may face owing to your insured two-wheeler. In an accident, your two-wheeler might end up injuring other individuals and causing damage to properties, besides injuring you. It could even lead to the death of other individuals. So, with a two wheeler policy, you can be saved from all these legal and financial hassles.

Bike insurance premiums can start from INR 500-2,000 per annum, depending on the coverage amount, type of vehicle, its age, model number, engine, the city of purchase, the safety devices installed in it, add-on covers, if any. Comprehensive bike insurance, since it covers the maximum stuff, commands more premium than other bike insurance variants. But given the financial and legal hassles that one may encounter in case of an accident or other frailties, having a comprehensive plan, even at a higher premium, is worth your money.

PA Cover or Personal Accident Cover in bike insurance could come as a separate plan or with an existing bike insurance plan. This cover protects you financially in case you get injured due to an accident involving your insured vehicle. The medical expenses for the treatment of injuries owing to accidents will be covered under this. Personal accident cover, which can be provided for up to INR 15 lakh, when added to the existing plan leads to additional premiums. However, the premium for both bike insurance and personal accident cover will need to be paid on the same date. The insurance company consolidates the premium that you need to pay on the due date.

In that case, you lose the privilege of bike insurance cover against unfortunate incidents such as accidents, theft, damages due to man-made and natural calamities, etc. But you can get all that covered again by renewing your bike insurance policy. The insurance company would most likely inspect your vehicle in case you wish to renew it offline. Whereas online renewals will not lead to vehicle inspection. Regardless of the mode of bike insurance renewal, you will lose no claim bonus (NCB) benefits in case you renew 90 days after the expiry date. NCB means a premium discount you get on renewal for not filing a claim in a year.

You can find your bike insurance policy number on the official website of the Regional Transport Office, State Transport Department, Ministry of Road Transport and Highways, or Insurance Information Bureau (IIB). Whichever website you may go to, you need to type the vehicle registration number to get your policy number. In case of no registration number, you need to apply for the registration certificate first by giving some vehicle-related details. The registration certificate, when issued to you, will have the registration number. So, type that on any of the websites mentioned above to get your policy number.

It is calculated based on the age of the vehicle, its engine capacity, the brand name, insured declared value (IDV), year and place of registration, the type of insurance plan chosen, etc. You can calculate your bike insurance premium by mentioning these details on paytminsurance premium calculator. The premium amount you see online is an estimated one, the actual might differ. So, no harm in being prepared for a small rise in the premium amount.

Singling out from a list of top insurers is not fair; the one that works for others may not work for you and vice versa. As a customer, you need to deal with the bike insurance company that covers you holistically for the premium you can afford. Additional benefits offered by the chosen insurance company will only make your bike insurance experience better. So, don’t go by names alone, go by their features too besides checking your needs before picking a bike insurance company in India.

You can renew two wheeler insurance by paying the premium on the due date online or offline. For online premium payments, you can choose from UPI, Wallets, Net Banking, Debit Card, Credit Card, etc. Offline modes include the payment made through cheque, demand draft, etc. Given the hectic schedule, one can miss paying the premium on the due date. So, there’s no harm in getting the auto payment instruction activated for you. The insurance company will intimate you about the premium and its due date of payment in advance. Just have that amount in your bank account for a smooth payment experience.

Third-party bike insurance is mandatory as per the Motor Vehicles Act. This insurance not only helps you prevent challans or imprisonment but also saves you from the legal cases the third party might file against you for any damage caused to it by your vehicle. But only third-party liability cover eludes you from the financial immunity others get for their vehicle damage. So, choosing a comprehensive policy makes sense.

A bike owner cannot purchase two bike insurance for the same bike from the same insurance company. But the insurance laws do allow you to buy third-party insurance and own damage cover separately from two insurance companies. But before doing so, check the worth of buying them separately. More so when you can buy a comprehensive plan that covers everything. The premium of two different plans together will most likely equal or exceed the one with a comprehensive plan. Maybe choose the best comprehensive plan for all-round protection and cost-efficiency.

Yes, it’s mandatory to have personal accident cover for your bike insurance. It’s a rider that one could add to their insurance policies for coverage against medical expenses for the treatment of injuries caused due to an accident involving their vehicles. However, you don’t need to buy it again for a new vehicle. The personal accident cover for the old vehicle will help suffice the legal requirements. You can get a maximum cover of INR 15 lakh.

Yes, you can transfer your bike insurance to the new owner while selling the vehicle to the concerned person. The insurance transfer should happen within 14 days of selling the vehicle. Else the new owner may have to buy an altogether new insurance policy for protection against financial and legal hassles in case of unfortunate incidents such as accidents, vehicle thefts, etc.

Different insurance companies can have different online claim processes. While some would ask you to quote your policy number, others would tell you to mention your mobile number for filing a claim. You may also be asked to mention the reason for filing a claim. So, furnish the details accordingly on the company’s official website or mobile app. Afterward, the insurance company will send a surveyor to check the extent of the damage. You can thus go to either a cashless network garage or some other of your choice for reimbursem*nt claim settlement.

Yes, you can insure a bike after 15 years with any of these insurances - comprehensive plan, own damage plan, third-party liability plan only. As per India’s laws, one must have a third-party liability cover to keep riding a bike without any legal hassles such as fines or court cases. A comprehensive plan covers both own damage and third-party liabilities. This sums up the option you should choose from the given alternatives.

Renewal of bike insurance policy is important to continue riding the vehicle without any fine or legal complications. It also offers financial protection that one seeks in case of damage to the vehicle due to an accident, natural calamities, man-made destructions, etc. So, get your bike insurance renewed without any delay.

It’s important to renew bike insurance by paying the applicable premium on or before the due date. Failing to do so will result in losing bike insurance cover and the benefits you may have accumulated till the time of renewal. If your routine is such that you can forget to pay manually, activate automatic premium payments. So, on the due date, the premium amount will be deducted automatically from your bank account.

Renewing from the same insurer will help keep intact the benefits you accumulate over the policy period. Like the premium discount that you get on not filing a claim in a policy year. The discount would, inevitably, add to your savings. Non-renewal would lead to the seizure of the insurance policy as well as the accumulated benefits. Moreover, renewing with the same insurer adds to your reputation of a disciplined customer, creating scope for more benefits in the future.

In the absence of bike insurance, you will be made to pay a fine up to INR 2,000. The fine will also apply if you are running a bike with an expired insurance. You could even face an imprisonment of three months. So, renew your bike insurance policy on time to avoid fines and imprisonment.

Depreciation in bike insurance means a reduction in the value of items due to the wear and tear the two-wheeler can have with time. The insurance company would thus deduct the depreciation amount from the claim you file to it. For instance, a spare part costing INR 5,000 could reduce to INR 3,000 over two years. So, the insurer would release INR 3,000 and not INR 5,000 towards spare replacement.

It is because of the different cost structures companies may have regarding bike insurance. Besides, the variation in the type of bikes, their age, engines and place of registration also leads to different premiums. For a better understanding, you can check the premium of different companies basis these factors on paytminsurance.co.in, a leading financial marketplace for insurance products.

IDV or Insured Declared Value is the amount up to which the insurance company covers your bike against accidents, total loss, theft and natural or man-made disasters. The insurance company calculates the IDV by deducting depreciation from the current value of the bike. While calculating the IDV, insurers ignore the road tax, insurance and registration costs. So, calculate the IDV of your bike basis these to get an idea beforehand the cover you will get while claiming.

NCB in bike insurance means the discount you get on the two-wheeler premium when you don’t claim in the policy year. The discounts could range between 20% and 50%, depending on the insurer’s terms and conditions. So, if you don’t claim in a policy year, the insurer will credit you the NCB on renewal, reducing your premium and adding to your savings.

You can download a bike insurance copy on the official website of the insurance company whose policy you have bought. You just need to fill in personal as well as bike-related details to download the policy copy. Besides, you could visit the website of the IIB or VAHAN to get the copy. You could even visit the nearest branch of your insurer to get the bike insurance copy.

Third-party insurance means the cover you get for damages caused by your bike to other people and properties. Importantly, this insurance is mandatory to have as per the Motor Vehicle Act. In its absence, you could be fined or imprisoned as per the law. While the traffic police could fine you up to INR 2,000, the imprisonment can extend to as long as three months. Why then take a chance when you can have third-party insurance for your bike?

The best insurance for a bike will anyway be a comprehensive plan covering third-party liabilities as well as own damage. Now that you know the type of bike insurance plan you purchase, let’s figure out the EXACT plan you should buy. The plan should have maximum coverage, least premiums, additional features, etc. We, at paytminsurance.co.in, have made it easy for you to select the best by putting out the details of top bike insurance plans on our website. You can compare them and choose the one that meets your requirements the best way.

Zero depreciation bike insurance is an additional cover that helps you get a claim amount without any deduction of depreciation. However, it doesn’t come under the base plan; you need to buy it separately and pay an extra premium for that too. But given the massive rate of depreciation in bikes, it only covers you adequately. The value of bike parts can depreciate 5-10% on average, based on the usage of the two-wheeler.

You can check your bike insurance policy status by visiting the official website of your insurer or by dialing the 24x7 toll-free customer care number. All you need to do is type your bike registration number. So, do that and check the status of your bike insurance. If the details submitted by you when applying for bike insurance are correct, the insurer would have approved your policy. The status could appear as pending too, which means the insurer is checking the details and will soon decide on your application. In case of incorrect information, the insurer could reject your policy.

You can check the NCB for your bike insurance while reading the policy document before buying bike insurance. In case you don’t check the same before buying insurance, you will get an email about NCB from the insurance company a few days before renewal. In this email, you’ll get to know the exact NCB amount you will get on renewal. All that is subject to no claim filing though.

You can check your bike insurance validity on the policy copy wherein the expiry date will be mentioned. You will get the policy copy both online and offline. The insurance company sends you your policy copy by email or courier. So, check the policy validity using any of these modes and renew it on time for hassle-free bike insurance coverage.

A comprehensive bike insurance is a plan by which you can claim for your own damages as well as third-party liabilities caused by your bike. These could be due to accidents, natural disasters, thefts, etc. Given its wide coverage, financial advisors recommend buying a comprehensive plan, even though it will come at a comparatively greater premium than what’s the case with a standalone third-party and own damage plan. You just need to buy the best comprehensive bike insurance plan in terms of coverage, premiums, additional benefits, etc.

No, it’s not! It can only save you from the legal and financial problems caused by your bike to the third person or properties. It does not cover the damage done to your bike. Without insurance, you will need to pay for all these. It could result in a hefty payment based on the extent of the damage. So, buy comprehensive insurance for maximum coverage.

You can easily find the insurance details online using your bike registration number. Go to the website of your insurer, IIB or VAHAN to check details such as policy number, IDV, premium amount, additional features, deductibles (if any), policy validity date, etc, by typing the registration number. All these are important details which you should know beforehand for hassle-free bike insurance.

Electric bikes that run with a power of less than 250W and at a maximum of 25 km per hour won’t require any insurance, beyond which a third-party insurance plan is mandatory. Repairing e-bikes can be very expensive. For instance, the replacement cost for batteries of Bosch e-bike could be around INR 50,000-70,000. So, a comprehensive plan covering such tall expenses is needed for e-bikes.

You can switch to a new two-wheeler insurance company a few days before the date of renewal. Benefits such as NCB will be intact if you switch that way. But if you want to switch during the policy period, you can do that too. You will need to follow a certain process as outlined by your insurance company. Most likely, you will need to submit a no-objection certificate (NOC), issued by the existing insurer, to the new insurer.

First party in bike insurance means the policyholder who buys the policy to get coverage against incidents such as damages, thefts, third-party liabilities.

As per the Motor Vehicles Act, it is mandatory to have a 5-year insurance cover for two-wheelers such as bikes. The Supreme Court, in 2018, decided to enforce this regulation to minimize cases of lapsed and expired policies besides insuring a maximum number of vehicles. But do note that a 5-year cover is necessary for third-party bike insurance, which is further needed to drive the vehicle without any penalty.

CPA tenure in bike insurance is one year. Compulsory Primary Accident (CPA) cover, which is mandatory as per insurance laws, allows all vehicle owners or drivers to get insurance benefits. So, if the insured person dies or gets permanently disabled while travelling in an insured vehicle, the insurance company will compensate up to INR 15 lakh.. Even if the co-driver faces these, the cover will be provided.