Bike Insurance 2024 According to the Motor Vehicle Act 1988, a third-party bike insurance policy is mandatory in India. In the case of a brand new two-wheeler, it is mandatory to buy a 5-year insurance policy, which means a 5 year third-party plan + 1 year own damage cover. The insured vehicle is financially covered against several unforeseen risks in first-party insurance. That’s why it is also known as its own damage cover. In contrast, 3rd party insurance policy covers the losses or damages caused to the third party, property, or person in a road accident. It is advised to purchase a comprehensive bike insurance policy as it covers both first-party and third party simultaneously. Since comprehensive bike insurance offers both third-party coverage and damage cover, you should consider this policy. However, if you have an old bike, buying a third-party policy will be the most convenient & affordable option.
Bike Insurance
Bike insurance provides protection for the insured bike against losses resulting from accidents, theft, natural disasters, or human-made disasters. Additionally, it offers coverage for the bike owner in case of third-party liabilities arising from a road accident. Thus, bike insurance caters to expenses related to motorcycles, mopeds, and scooters resulting from various unexpected situations.
WhatsApp Channel Join Button
What is Bike Insurance?
Bike insurance offers financial security for bikes in cases of accidents, theft, and other events. As per the Motor Vehicle Act 1988, third-party bike insurance is mandatory for all two-wheelers. A third-party policy safeguards the bike owner in case of road accidents resulting in harm to another party. It is recommended to purchase or renew bike insurance online to meet legal obligations and prevent penalties. Remember, this insurance not only gives financial protection but also guarantees compliance with regulations.
Bike Insurance Price in India 2024
In India, the cost of bike insurance for a comprehensive policy is influenced by various factors like engine capacity, bike age, and location. Conversely, the price for third-party bike insurance is set by IRDA. The table below illustrates the annual and five-year bike insurance costs corresponding to your bike’s cubic capacity (CC):
Engine Capacity (in CC)
1 Year Bike Insurance Price
5 Year Bike Insurance Price
Up to 75 CC
₹538
₹2,901
75-150 CC
₹714
₹3,851
150-350 CC
₹1.366
₹7,365
Above 350 CC
₹2,804
₹15,117
Disclaimer: The price of the annual and long-term third-party bike insurance mentioned above adheres to the IRDA guidelines.
E-Bike Insurance Price in India 2024
Motor Capacity (in KiloWatt)
1 Year e-Bike Insurance Price
5 Year e-Bike Insurance Price
Up to 3kW
₹457
₹2,466
3-7kW
₹607
₹3,273
7-16kW
₹1,161
₹6,260
More than 16kW
₹2,383
₹12,849
Disclaimer: The e-bike insurance price mentioned above is in accordance with the IRDA for both annual and long-term coverage.
7 Reasons to Buy Bike Insurance Online
Quick Policy Issuance: You can buy two-wheeler insurance at Here in just 60 seconds
Pay No Extra Charges: No need to pay any extra charges or hidden fee.
No Previous Year Policy Details Needed: You don’t have to provide details of your previous bike insurance policy in case it has expired for more than 90 days.
No Inspection or Documentation: You can get your policy renewed without any inspection and documentation.
Easy Renewal of Expired Policy: You can easily renew your expired or lapsed policy on the website.
Quick Claim Settlement: Our team helps you while filing and settling your bike insurance claims without any hassles.
Online Support: Our online support team is available 24×7 for your support.
Types of Bike Insurance Policy in India
In India, insurance companies offer three main types of bike insurance policies: third-party, comprehensive, and own-damage. Choose based on your requirements and financial plan. Details below:
Third Party Bike Insurance
Third-party bike insurance provides coverage to the policyholder for legal responsibilities resulting from causing harm to a third party in a road accident, whether it be a person or their property. According to the Indian Motor Vehicle Act of 1988, all owners of two-wheelers are required to have valid third-party insurance when using public roads.
Own Damage Bike Insurance
The standalone own-damage (OD) cover, commonly referred to as own damage bike insurance, offers financial protection for theft, accidents, fire, and other damages to the insured bike. It is recommended to complement the mandatory third-party insurance with this policy for comprehensive coverage.
Comprehensive Bike Insurance
Comprehensive bike insurance provides coverage for both own vehicle damage and third-party legal responsibilities, safeguarding the bike from various risks such as fire, natural disasters, theft, accidents, and other related incidents.
Third Party (TP) vs. Own-Damage (OD) vs. Comprehensive Bike Insurance
Points of Basis
Third-Party Bike Insurance
Own-Damage Bike Insurance
Comprehensive Bike Insurance
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
What are the Benefits of a Bike Insurance Policy?
The motor protection regulations in India safeguard you from costs that could result from third-party damages or damage to your own vehicle. Therefore, ensure your valuable asset is covered and find peace of mind by investing in the correct bike insurance policy. Now, let’s explore the numerous advantages of purchasing a bike insurance policy.
Financial Protection: Two-wheeler insurance provides financial cover that helps save a lot of money in case of an accident, theft or third-party liabilities. Hence, a right bike insurance policy helps you get the damages repaired without creating a hole in your pocket.
Accidental Injuries: The policy covers damages sustained by your vehicle in an accident and any accidental injuries you may have suffered.
Coverage for all Types of Two-wheelers: It protects against the damages caused to the scooter, motorcycle, or moped. Even the vehicles have been improvised and are available with features like better mileage, power, and style.
Cost of Spare Parts: This two-wheeler insurance policy covers the cost of spare parts, including simple nuts & bolts or parts such as the gears or the brake pads, which have become costlier than before.
Roadside Assistance: At the time of policy purchase, you can opt for roadside assistance that will come to your aid if you need assistance on the road, such as towing, minor repairs, flat tyres, etc.
Compulsory Personal Accident Cover: Bike owners now can avail of personal accident cover of ₹ 15 lakh under their two-wheeler insurance policy as a mandatory add-on cover available with both third-party and comprehensive bike insurance policy.
Add-on Covers: The additional coverage is offered at an extra cost but goes a long way to ease the process of filing claims by providing extra cover. It includes personal accident cover for pillion riders, zero depreciation cover, NCB protection cover, etc.
Easy Transfer of No Claim Bonus (NCB): The NCB discount can be easily transferred if you buy a new two-wheeler. Remember, the NCB is given to the two-wheeler owner or the policyholder, not the vehicle. The NCB rewards a person for safe driving practices and for not making any claims in the earlier year(s).
Discounts: IRDA-approved insurers provide several discounts, such as a discount for having membership in a recognized automotive association, a discount for vehicles that have approved anti-theft devices, etc. Owners with an unblemished record also receive concessions via NCB.
How to Save on Bike Insurance Premium?
Claim your NCB: No Claim Bonus is given for each year without claims. You can use your NCB to receive discounts on your premium without decreasing your coverage.
Know Your Vehicle’s Age: It is essential to be aware of the year of manufacture of your bike. Older motorcycles attract lower premium rates due to lower Insured Declared Value (IDV).
Install Safety Devices: Safety devices that improve your bike’s safety should be taken into consideration as they can lead to a discount on your insurance premium.
Choose the CC of Your Bike Wisely: Selecting the engine cubic capacity or CC of your vehicle is crucial as a greater CC results in a higher premium. Therefore, it is essential to make a wise decision when selecting the engine CC.
Opt for a Higher Voluntary Deductible:Opting for a higher voluntary deductible results in the insurer reducing their liability towards the claim amount, leading to lower premium rates being offered to you.
How to Claim Two Wheeler Insurance Online?
Cashless Claim Settlement Process:
Follow these steps for a seamless bike insurance cashless claim settlement process where the claim amount will be settled directly with the network garage where the repairs are done.
Report the Incident: Inform your insurer about the accident or mishap.
Damage Assessment: A surveyor will conduct an assessment to estimate the damage.
Claim Form Submission: Fill in the claim form and submit it along with the necessary documents.
Repair Approval: The insurer approves the repair request.
Garage Repairs: Send your damaged two-wheeler to the network garage for repairs.
Direct Payment: After repairs, the insurer pays the repair charges directly to the garage.
Deductibles Payment: You may be required to pay deductibles or non-covered expenses.
Reimbursement Claim Settlement Process
Here is a detailed guide on how to claim reimbursement for bike insurance when opting for repairs at a non-network garage.
Claim Registration: Register the claim with your insurer.
Documentation: Fill out the claim form and submit it along with the required documents.
Cost Estimate: A surveyor estimates the repair cost, and you’ll be informed about the assessment.
Non-Authorized Garage Repairs: Get your two-wheeler repaired at a non-authorized or non-cashless garage.
Post-Repair Inspection: After repairs, the insurer conducts another inspection.
Bill Settlement: Pay all charges and clear the bill at the garage.
Document Submission: Submit all bill payment receipts and ‘proof of release’‘ to the insurer.
Claim Approval: Once the claim is approved, you will be reimbursed for the amount.
Documents Required for Filing Bike Insurance Claims
Make sure you possess the subsequent documents when submitting claims for bike insurance:
Duly signed claim form
Valid copy of your bike’s Registration Certificate (RC)
Valid copy of your Driving License (DL)
Bike Insurance Policy
Police FIR (for accidents, theft, and third-party liabilities)
