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What Is Two-wheeler Insurance?
Two wheeler Insurance also known as motorbike or motorcycle insurance is a form of financial agreement between insurance provider and a motorcycle owner . It helps you in Safeguarding your finances by providing you with prompt financial protection in case your vehicle is stolen or if it suffers damages due to accidents or natural disasters . This insurance is essential for individuals who have motorcycle, scooter or any other types of two wheelers.
Types of Two Wheeler Insurance
This category of bike insurance is a hot pick among the bike owners. As the name suggests it offers comprehensive coverage to the owner as it not only offers financial support to you in case anything happens to your two wheeler, but it also assists you to settle finances with third parties . It provides you with 360 degree protection and covers almost every disaster be it man - made or natural. Anything ranging from fire, explosion, accident or theft shall be covered. In this form of insurance you can pay some extra amount to get multiple Add-ons like zero depreciation cover, roadside assistance cover, engine cover.
This type of insurance is not an option but a necessity, at least in India . In case of third party bike insurance you shall be liable to provide for the damages you have caused to the vehicle and life of the third party. In this insurance you need to pay for the vehicle and for the injuries ( permanent or temporary) or death you might have caused to a third party. An assistance if upto Rs 1 lakh is provided in this motorcycle insurance if your property is damaged by the third party.
A standalone own-damage insurance policy offers protection for your two-wheeler in the event of accidents, theft, fire, natural disasters, and man-made mishaps. This type of policy provides you with the flexibility to select the insurance company that suits your preferences. You have the option to purchase both third-party and own-damage policies from the same insurer or different ones, giving you more choices and control over your coverage. Furthermore, you can enhance the coverage of your own-damage insurance policy by adding extra features through optional add-on covers.
How to choose a Two wheeler Insurance policy online?
With a huge number of Two wheeler insurance companies in the market offering relatively similar service it might be a challenging task to choose the one best for you . While every insurance company is trying its best to trap you into taking their plans . We are going to share with you some steps that will help you in choosing the best insurance plan for you:
1. Check the Various Bike insurance types: There are three types of bike insurance available currently in India . So, before choosing any insurance it is important to understand which type of insurance suits the best for you. If you want to be safe from legal complications it's advisable to choose third party insurance . If you want to protect your vehicle only then go for owner damage car insurance . However if all round protection is your goal then go for comprehensive bike insurance.
2. Always Check bike Insurance premium: The premium that you might have to deposit depends on multiple factors, some of them are, vehicle freshness , fuel type etc. The premiums may vary from one insurance company to another insurance company ,So it's recommended to choose only that premium plan which completely aligns with your budget and requirement.
3. Check Reviews online: Many customers might have opted for the same insurance policy that you are thinking online. Check their experiences with the companies they had opted for, look for their reviews and choose the one with the most positive reviews.
4. Compare the different two wheeler Insurance Plans online: A comparison of the various available two wheeler insurance plans online shall help you in making a rational decision about the plan that suits best for you .
5. Add ons: Add-ons are like bonus points. They enhance your bike insurance plan with extras like zero depreciation, no claim bonus, key loss, engine loss cover, and more. These additions provide additional protection, so it's preferred to choose that insurance provider who has a lot of add- ons.
6. Cashless Garages: While you are in the process of choosing a bike insurance provider, always Opt for the ones who have an extensive network of cashless garages. This ensures hassle-free, cashless repairs when needed.
7. Claim Settlement Ratio (CSR: CSR should be a prime factor while choosing an insurance provider. Always choose the one who has a high CSR. CSR, represents how efficiently claims of insurance holders are settled by an insurance provider. Higher CSR indicates a smoother claim process. Prioritize insurers with a high CSR.
8. Services: Besides CSR, assess the services offered by the bike insurance company. Look for quick claim settlement, 24/7 customer support, and other valuable services. Select a company that provides hassle-free customer service for added convenience.
Benefits of buying two wheeler insurance:
Two wheeler insurance has many benefits. It is definitely a ticket to your peace of mind and well-being . Bikes are expensive and we often spend our life savings on our dream ride thus Safeguarding and securing them becomes completely important. Let's learn other benefits of buying bike insurance apart from this:
Helps you stay legally Complaint
If you are a vehicle owner you need to have at least third party bike insurance. This insurance will secure you legally as according to Indian Motor Tariff act it is mandatory for every vehicle owner in India to have a third party insurance. Failing to obey is considered a punishable offence and you shall be punished with a fine of 3, 000 and a prison term of 3 months.
Safeguards you against third party liabilities
Third party bike insurance is mandatory in India . It benefits you as it provides comprehensive coverage against third party liabilities like injuries, disability ( Temporary or permanent) . Thus helping you to evade major financial trouble easily.
Protects your bike
In the event Your bike is your most valued asset and insurance will help you to be at peace that even if anything happens to your dream vehicle you are in secure hands. As your own vehicle insurance plan guarantees to safeguard your vehicle in case of accident, fire, theft etc.
No claim Bonus benefits
A bike has thousands of memories associated with it from the first drive to the first scratch . However, if you are perfect at your craft and luck favours you , and you are making no claim then an NCB discount is given if you make no claim in a given year . In this case you are given a maximum discount of 50%.
Two wheeler Insurance Renewal online - Instant e policy
Here we are going to share with you some simple steps through which you renew your bike insurance online through the PURE BIMA portal. This process is going to be hassle free and easy.
Step 1: Visit the PURE BIMA website and click on the ‘Bike' tab.
Step 2: Enter the Registration Number of your bike
Step 3: Once you have added the number click on the ‘Proceed’ button. Then choose your bike's variant and vehicle fuel type to continue.
Step 4: In this step you need to share the expiry date of your previous policy . Along with this share the credentials of your bike insurer. Apart from this information you also need to specify whether or not you have raised a claim in the previous company . Once done proceed further and press continue
Step 5: Fill your credentials which include your full name and working mobile number and the duration for which you want to insure your bike and click on the ‘Submit and Get Quotes’.
Step 6: In this step you shall encounter different premium quotes by different insurance providers. Choose wisely the one that suits you.
Step 7: Click on the ‘Buy Now’ button, verify your details, and make the payment.
Once you are done with your payment a bike insurance policy will be issued and its document will be sent to your registered email ID.
Why Should You Renew an Expired Bike Insurance Policy Now?
Renewing your Expired Bike insurance policy is the best gift you can give to yourself. It can save you from a lot of troubles and untoward incidents. Here are some reasons why you should Renew your Expired bike insurance policy now.
Legal Quandaries: Taking out your bike with an expired insurance policy can land you in hot water, racking up penalties and potentially even a stint behind bars as it is mandatory to have at least a third party bike insurance in India so to avoid trouble it's better to renew your insurance policy now.
Coverage Void: An expired bike insurance policy is like a safety net with holes – it offers no coverage. If your two wheeler faces any damage, you'll be left holding the bill. No claim can be made, leaving you to foot the entire expense.
No NCB Benefit: Letting your bike insurance lapse past 90 days can mean saying goodbye to your No Claim Bonus (NCB). Even if it was a hefty 50%, losing NCB could hike your next year's premium significantly.
Inspection Intrusion: An expired policy might trigger a mandatory inspection by your insurance company. This can increase costs for two reasons: the inspection process itself and potential premium hikes if your bike is deemed risky or not in top shape.
How to file a two wheeler Insurance claim?
You have two options while making a two wheeler insurance claim . You can either go for a cashless claim or a reimbursement claim. Cashless claim works best for Network garage and reimbursement claim works best for non network garage. You can follow these steps to file a bike insurance claim.
Register your bike insurance claim: In case of any mis-happening you need to notify your insurance providers asap. Once you are done with that you need to fill the bike insurance claim form on their website. Enter your policy number, name etc. Always add additional details as to whether a third party was injured during the accident or not. Once you have filled the form, submit it.
Claim Intimation Number: Once you have successfully submitted your claim . You will now receive a claim Intimation number you need to keep it secure as it will be helpful in future.
Inspection: A person from the company will access the damages and check whether your claims or true or not and then he shall submit his report to the company.
Take your bike to a garage: Depending upon the type of claim you have opted you can take your bike to any nearest garage or a cashless garage . The former garage means that you can mend your vehicle in any garage while the latter implies you can mend your vehicle only in selected places that are within the network.
Claim settlement: In case of the cashless garage the company will settle the matters manually without the policy holder's intervention while in case of reimbursement garage policy holder has to bear expenses at first until they are settled by the company.
Documents required to File two-Wheeler Insurance Claim after an Accident.
To file a bike insurance claim successfully, you require a few documents which are as follow:
1. Bike insurance policy & RC
2. A copy Driving license
3. Proof of Address
4. Original repair invoice
5. Keys of your Two-wheeler
6. Cash Receipt and proof of bikes servicing
7. In case of theft, injury or damage to third-party, or accidents a FIR copy is mandatory
8. Any identification proof of the insurance holder like aadhaar or PAN Card
How to Download your bike insurance policy online?
To download a copy of your bike insurance policy, follow these simple steps:
Visit the Insurance Company's Website: Head to the official website of your insurance provider.
Log In: Sign in to your account using your credentials. Typically, you'll need to enter your policy number, name, and a few other essential details.
Access Your Policy: Once logged in, you'll be directed to a page displaying your policy details. Look for a visible download option on the screen.
Download Your Policy: Click on the download option, and your bike insurance policy documents will be saved to your device.
If you encounter any issues while trying to download your two - wheeler insurance copy, don't hesitate to reach out directly to your insurance company for assistance.
Frequently Asked Questions About four wheeler Insurance
Is two wheeler insurance mandatory in India?
Yes , it's mandatory in India.
Can I claim my stolen vehicle through insurance?
Depending on your insurance policy you can claim your stolen vehicle.
What is a Cashless claim?
In cashless claims you will be able to get your vehicle repaired only in network garages.
How many types of two wheeler insurance claims are there in India?
At present there are only three types.
What is the name of insurance mandatory in India?
Third party insurance.
What is zero depreciation?
Zero depreciation is a add on that waives off that covers the insurance provider by waiving off the depreciation on certain parts of a vehicle.
What is the premium of different insurance plans?
Premium totally depends upon the plan you choose . In case of third party insurance the premium is decided by IRDAI which depends on engine type.