TWO WHEELER INSURANCE

What Is Two Wheeler Insurance?

Two Wheeler insurance is an insurance policy which protects you, your two wheeler and an affected third party from financial losses arising out of an unforeseen incident.As per the Motor vehicle act , it is mandatory in India to have at least a third party two wheeler insurance to drive vehicle on road. Having this valid mandatory two wheeler insurance prevents you from the hefty fines as well. There are several optional covers to choose from in a two wheeler insurance policy. These are zero depreciation cover.  
Two Wheeler Insurance Policy

How To Buy Two Wheeler Insurance Online With Quickinsure?

Buying a two wheeler insurance policy online with Quickinsure is quite simple and hassle free.
Step 1:- Fill your bike details on Quickinsure website or simply provide your two wheeler number.
Optionally you can provide your two wheeler details such as its make, model, RTO, NCB and manufacturing year.
Step 2:- Compare the best two wheeler insurance quotes from top insurance companies in India.
On the basis of information provided by you, you can choose the best two wheeler insurance plans from top insurance companies in India.
Step 3:- Make payment online

Types Of Two Wheeler Insurance In India

While planning to buy bike insurance online with Quickinsure, you can choose from different types of bike insurance.

1) Comprehensive Two Wheeler Insurance
Comprehensive two wheeler insurance includes the third party liability and damages caused to the two wheeler and the owner of the two wheeler. Comprehensive two wheelr insurance can be opted with various add-ons such as Zero depreciation cover. These add-ons are very popular options as these provide a complete protection from financial losses.
Comprehensive Bike Insurance
2) Third Party two Wheeler insurance
Third Party two Wheeler insurance
Third party two wheeler insurance covers the third party liability which arises in the event of two wheeler accident. In this type of policy only the death, disability and injury liability of third party is covered. Third party cover is mandatory in India while driving the vehicle as per Motor Vehicle Act. In this way, this cover only protects you from the financial liability towards third party.

3) Stand alone Third Party
Standalone Own Damage Two-Wheeler Insurance policy is a type of insurance coverage that specifically protects your bike against damages caused by various perils such as accidents, theft, natural disasters, fire, and vandalism. If any person (rider/driver) gets his/her own vehicle damaged either due to any kind of unforeseen incidents such as fire, theft, or natural calamities, then all the expenditures are borne out by the desired insurance company if and only if the desired person is the policyholder of that specific insurance company or provider. Regular wear and tear damages of the vehicle are also borne out by the desired insurance company or insurance provider.
Buy Third Party Bike Insurance

Difference Between Comprehensive And Third Party Two Wheeler Insurance

Following table summarizes the coverage of Comprehensive and Third party two Wheeler Insurance

Coverage

Third Party

Package Policy

Damages to Third-Party Vehicle

Damages to Third-Party Property

Personal Accident Cover (Optional)

Injuries/Death of a Third-Party Person

Damages/Losses to own bike in case of a natural calamity

Damages/Losses to own bike in case of fire

Damages/Losses to own bike due to an accident

Theft of your bike

IDV Customization

Coverage against depreciation

Extra protection with customized add-ons

 

What Are Two Wheeler Insurance Add-Ons?

Add-ons in the comprehensive Two Wheeler insurance are the extra safeguards for your two wheeler by paying the extra premium.

Following are some of two wheeler insurance add-ons.

Two Wheeler Insurance Add-Ons

Zero Depreciation Cover In Two Wheeler Insurance

Zero depreciation cover also known as Nil Depreciation or bumper to bumper two wheeler insurance policies is a two wheeler insurance policy which protects you from claim on deprecation value basis. It means that in the event of two wheeler accident, the comprehensive two wheeler insurance only covers the depreciated value of the two wheeler but when you opt for zero depreciation cover , it provide the full coverage irrespective of depreciation. Most of the insurance companies provide zero depreciation cover till the three years.

What Is Covered In Two Wheeler Insurance Policies?

As per the standard two wheeler insurance policies, following cause of losses covered.

  • Damages or loss to the two wheeler that arises through accidents.
  • Covers the losses of incurred due to the theft of the two wheeler.
  • Damages or losses due the accidental fire.
  • Damages or losses that arise through the natural calamities such as floods, cyclones etc.
  • Personal accident cover
  • Third party Losses such as damages to the third party vehicle or property.

What’s Not Covered In Two Wheeler Insurance Policy?

As per the standard two wheeler insurance policy, following cause of losses not covered.

  • Damages or losses arising due to war and similar conditions.
  • Damages that arise when driving under the influence of alcohol.
  • Damages that arise when driving without a valid license.
  • Damages that arise when two wheeler insurance policy is not active.
  • Regular wear and tear. 

Benefits Of Buying Two Wheeler Insurance With Quickinsure

  • Wide range of bike insurance plans – Select from the wide range of two wheeler insurance plans from top insurance companies in India.
  • Instant Policy – Get two wheeler insurance policy instantly within the few minutes in your mailbox.
  • Claim Support – Get claim support from our expert team.
  • Easy and Quick Process.

How To Select The Best Bike Insurance For Your Two Wheeler?

Factors that must be considered during buying the two wheeler insurance policy.

Online Two Wheeler Insurance Premium

Type of Policy:- If you choose third party insurance, your premiums will be quite affordable. Whereas comprehensive plans can be little costly.

IDV of Vehicle:- IDV of the two wheeler directly affects the premium of two wheeler insurance. This also affects the claim amount.

Add-ons:- Every add-ons have their own prices and coverage therefore, the number of add-ons significantly affect the cost of two wheeler insurance policy.



What Are Some Important Tips To Choose The Best Two-Wheeler Insurance Policy?

While buying a two-wheeler insurance policy, a number of factors are being considered pertaining to the desired vehicle such as its look, mileage, fuel capacity, engine power/speed, etc. Apart from all these, there are a number of other factors as well that helps in determining the best possible Two-Wheeler Insurance Policy.

Let’s take a glance into some of these influencing factors that can help in choosing the best Two-Wheeler Insurance Policy.
Best Bike insurance Plan

Getting Acquainted With The Policy Coverage

Before making a final decision on any kind of two wheeler insurance policy, it’s crucial to gauge all the necessary requirements and if it fits into one’s budget. The person who is willing to take a two wheeler insurance policy should be also aware of all the in-built features provided under that specific insurance policy such as roadside assistance, tear and wear damage cover, etc.

The more any policy plan provides different types of coverage, the more suitable a policy plan becomes for the policyholder. Therefore, it’s advisable to know everything about the two wheeler insurance policy before availing for it.

Knowing the Insured Declared Value (IDV)

The IDV (Insured Declared Value) parameter is often used to determine the market value of the vehicle. Greater the value of IDV, greater will be claim amounts that can be made under any two wheeler insurance policy. Usually with an advancing time, IDV of any vehicle decreases and so does its premium amount.

In order to maintain the IDV of any two wheeler, it’s important to take a “Zero Depreciation Cover” under the two wheeler insurance policy as all the regular wear and tear damages including scratches and dents will be borne out by the insurance company or provider that would help maintain the vehicle (two wheeler) in a good condition for a long time.

Finding Out The Best Premium Rate

It’s very important to compare the premium rates of different two wheeler insurance policy plans offered by different insurance companies or insurance providers. A person should search for a desirable two wheeler insurance policy plan at an affordable premium rate

However, a person should not completely rely on premium rate to choose any best two wheeler insurance policy as the IDV value too matters a lot in taking up any insurance policy because it’s the main factor under which huge amount of claims can be made at the time of any contingencies related to the two wheeler vehicle.

Higher the IDV value of any two wheeler, greater the amount of claims that can be made.

Getting Familiarized With The Various Add-On Covers

Any kind of add-on covers actually enhances the quality of the desired two wheeler insurance policy. They not only lures the prospective customers to buy that specific insurance policy, but even assures them for better facilities than it used to be before.
Some add-on covers may require an additional charge. So it’s better to know about all these before making payment for the premium of the desired two wheeler insurance policy.

Estimating Out The Discount Based On NCB(No Claim Bonus)

The No Claim Bonus (NCB) gets accumulated under any policyholder’s account if and only if there had been not a single claim being made during the tenure of the policy. The higher the number of years without NCB, higher the amount of discount being offered under that specific policy to the desired policy holder at the time of paying the renewal premium amount.

The discounted reward amount can be also used while taking up any other new two-wheeler insurance policy from a different insurance company or insurance provider.

Abiding By The Rules Of The Claim Settlement Process

The claim settlement process has become more convenient to the policyholders due to its swift process through image and video uploads. These kind of features have made all the claim settlements a hassle–free process. A person (policyholder) can check out TAT and CSR while making any kind of claim.

TAT refers to “Turn Around Time” which denotes the average time taken by an insurance company or provider to settle down a claim while CSR refers to “Claim Settlement Ratio” which denotes the total number of claims that have been already settled down by the insurance company or provider out of total number of claim requests that have been made under that insurance policy or provider.

What Are The Benefits Of Two-Wheeler Insurance?

Due to the sudden upsurge of two-wheeler on Indian roads, it has become quintessential to protect such vehicles through a two-wheeler insurance policy to combat with extravagant expenditures on their repairs.

The increased usage of two-wheelers in the country has also made Indian roads prone to accidents. Therefore, it’s crucial to cover these vehicles under desired insurance policy plans to avoid spending money through one’s own pocket money in case of any damage or loss caused to these two-wheeler vehicles.

Apart from the above, Two-Wheeler Insurance has numerous other benefits too which are helpful to policyholders in many ways. Let’s have a look at some of these benefits of two wheeler insurance.

Getting Protection Against Any Third-Party Liabilities

In case, while riding a two-wheeler, the rider hits any other person on the road, then he or she is entitled to bear all the medical expenses of that injured person which is carried on by the desired insurance company of which the rider is a policyholder.

Getting Protection Against Any Theft

In case any person has lost his or her two-wheeler anyhow while being parked on any interior location or somewhere at wrong parking zones, then the person can request for the desired claim amount from the respective insurance company or provider by filling out a separate claim form attached with an FIR (First Information Report) copy of the lost vehicle.

Getting Protection Against Any Fire

There might be many such scenarios when due to the high speeding of a two-wheeler, it would spark a fire in the vehicle and it would burn out into ashes in no time. Therefore, under such situations, the insurance company or provider provides an insurance policy plan to the rider. Under this policy plan, the rider (policyholder) can make a claim of his or her burnt-out two-wheeler which can no longer be used.

Getting Protection Against Any Natural Calamities

In case any person’s two-wheeler gets washed away by any extreme jet of floods or gets destroyed by any severe earthquake; and the insurance company or provider offers to bear out all such financial expenses, then a person is entitled to make a claim of this specified amount either to buy a new two-wheeler again or to spend the desired amount for any personal needs or requirements.

5 Reasons Why Two-Wheeler Insurance Is Important

Though there are numerous reasons for having two-wheeler insurance we rarely get a chance to find the main reasons behind its necessity. Let’s look at some of these reasons to understand why it’s important to have two-wheeler insurance.

1) The foremost reason for getting a two-wheeler insurance is that it has been made mandatory to have at least third-party insurance for any vehicle before hitting on the road as per Motor Vehicle Act, 1988.

2) The chances of road accidents have increased due to bad conditions roads and rash driving. Therefore it becomes necessary for vehicles to get insured properly in order to avoid any kind of unnecessary expenses incurred on their damage or loss including any medical contingency.

3) In case a two-wheeler is affected by any natural calamities such as flood, earthquake, fire, etc. and the person is having an insurance policy cover then he or she can easily make financial claims under these critical circumstances.

4) On having third-party insurance, the policyholder can make a claim for any medical contingency with respect to the third person who has been hit or injured by the vehicle of the rider (policyholder) while driving on the road.

5) Taking prior protection of a two–wheeler through an insurance policy avoids the policyholder from carrying out any kind of financial burden as all the extravagant expenditures are borne out by the desired

Frequently Asked Questions

An agreement between an insurance company and a bike owner where the insurance provider is liable to incur all the financial expenses caused due to road accidents, theft, fire, etc. is referred to as a two-wheeler insurance policy. The contract between the insured and the insurer is generally signed for one (1) year that needs to be renewed after every consecutive year.
No matter what bike a person owns, it's crucial to abide by some standard rules and regulations to ride on the road. Therefore, it's mandatory to carry along all the legal documents before hitting the road. At least third-party insurance is mandatory for all the bikes to incur all the financial losses caused due to unforeseen incidents.
There are majorly three types of bike insurance policies. They are Third Party Bike Insurance, Standalone Own Damage Bike Insurance Policy, and Comprehensive Bike Insurance Policy.
The cost of premiums varies depending on the type of various bike insurance plan. The premium is generally set by an IRDA (Insurance Regulatory Development Authority of India) when it comes to a Third-Party Policy Plan depending on the bike's engine capacity. In contrary to this, the premium amount for Own Damage Bike Insurance Plan and Comprehensive Bike Insurance Plan varies from one bike to another depending on various factors such as the bike's making charge, model, engine capacity, fuel type, etc.
Usually every insurance policy comes with an expiry date before which it is mandatory to renew the policy failing which the policyholder might be denied from making any kind of financial claims. However, a grace period of 90 days is still given to the policyholder from the given date of expiry so that the policyholder can renew the same old policy without having the need to buy any new policy.
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