What Is Covered Under Two Wheeler Insurance Policy India?

Motorcycle insurance online has wide-ranging coverage on offer for both the vehicle and its rider. Relevant in this context, before you renew or buy two wheeler insurance online, remember that the cheapest bike insurance plans may not provide you with the type of coverage you are looking for. So it’s always wise to go for an affordable yet the best bike insurance online than opting for the cheapest priced two wheeler insurance for your bike or scooter to cut cost on your premium. Here’s what two wheeler insurance policies cover.

• Third Party LiabilityIn the event where a third party suffers injuries or death, or his/her property is damaged because of your vehicle, your motorcycle insurance will cover the financial liability.

• Natural CalamitiesOnline two wheeler insurance policies provide protection against natural calamities like earthquakes, fire, lightning, floods, rockslides, landslides, typhoons or storms, hurricanes, cyclones, frost, explosions, rain, self-ignitions, inundations etc.

• Manmade Calamities Protection against manmade calamities such as a mishap or accident resulting from external factors like strikes, thefts, riots, vandalism, collision, burglary, malicious acts etc. Two wheeler insurance policies also cover the damages during transit via rail, road, air or water.

• Personal Accident Coverage Riders of two wheelers are at a higher risk than any other vehicle drivers. Personal accident cover for two wheeler insurance provides compensation for damages suffered while riding, mounting or dismounting the bike.

Online Bike Insurance Renewal

Two wheeler insurance renewal must be given the same amount of importance you give when you purchase online two wheeler insurance. Timely two wheeler insurance policy renewal has its perks such as availing attractive discounts and many other benefits. The process for online bike insurance renewal is easy and hassle-free. You can opt for long term bike insurance when you go for two wheeler insurance policy renewal online to get exclusive coverage at a lower premium rates. It’s advisable to compare various two wheeler policies when you opt for Two wheeler insurance renewal online. There are a few steps that you need to follow to complete online bike insurance renewal.

• Log into the official portal of your insurer or visit the site of an insurance aggregator such as GIBL.IN for instant two wheeler insurance policy renewal.

• Enter your previous policy number, your personal details and vehicle details for online bike insurance renewal.

• Once done, you will be asked to make online payment for your two wheeler policy premium amount for the completion of two wheeler insurance policy renewal.

• Pay the premium through net banking, credit or debit card and you will be done with your two wheeler insurance policy renewal online.

• Lastly, save the bike insurance renewal documents for further future use. You’ll be forwarded a copy of your bike insurance policy renewal softcopy in your email id as well.

What Are the Benefits of Two Wheeler Insurance?

Online two wheeler insurance policy ensures maximum protection for your motorcycle. Here are some of the best benefits you can avail against two wheeler insurance renewal online.

• Two wheeler insurance policies cover the damages resulting from various natural and manmade calamities and will also compensate in case of death of the rider-owner.

• When you renew bike insurance online on time you no longer have to worry about the legal liabilities in case of accidents involving your two wheeler.

• You don’t have to pay from your pocket in case of any damage to your two wheeler. Your online two wheeler insurance policy will take care of all such expenses.

• You will be entitled to avail such discounts like No Claim Bonus (NCB) if you have two wheeler policy. This NCB is applicable when you renew bike insurance.

• The objective of an ideal two wheeler insurance plan is to provide you widespread protection through worry-free rides.

• Enjoy the benefits of cashless garage facility under two wheeler insurance policy. In case your two wheeler needs a repairing, visit the cashless garage registered with your insurer so you don’t have to pay upfront for the damages.

How to Renew Two Wheeler Insurance?

You can renew your two wheeler insurance policy in two ways: online and offline.

In order to renew your bike insurance policy online, you may log on to the official website of the insurance company and follow the on-screen steps for two wheeler insurance online renewal. You must make sure that the filled-in data such as policy details and personal details are correct. Also, it’s advisable to keep the existing policy with you at the time of renewal so that you can refer to it in case of any details like policy number and so on.

In addition, don’t forget to keep your debit cards or internet banking details handy so that you can provide the information while making payment. In general, insurance companies generate a digital policy in the PDF format which does not need any person’s signature on confirmation of the online premium payment. Make sure that you save this PDF file in a secured location since you may require it later. Also, take a print out of the same and keep it with you when you ride.

You can also renew your two wheeler insurance policy in the traditionally way by visiting the insurance provider’s nearest office. The offline bike insurance renewal process is actually very simple although you will have to arrange some time to go to the branch. Make sure that you know your vehicle and policy details and fill the same in the application form. You can opt for any additional riders if you want to buy any.

The insurance officer on your service at the branch will hand you over the new policy instantly after paying the premium by debit card, demand draft or cash. Note that cheque payments require time to clear and your policy document is generally emailed on your official email address subject to cheque clearance.

Renew Your Expired Two Wheeler Insurance Policy with GIBL.IN

In case you forget your two-wheeler insurance renewal date, the policy is considered as break-in policy. Therefore, it is important to remember the expiry date and renew the policy accordingly prior to the due date so that the policy doesn’t expire or lapse. With GIBL.IN, you can easily renew your bike insurance policy online after expiry. And the best part this is that there will be no vehicle inspection if you renew your expired two wheeler insurance online.

Check out some of the special benefits that you can get when you renew an expired bike insurance policy through GIBL.IN:

• You will not require to pay any additional charges

• Instant issuance of policy

• Get assistance from our call centre

• Renew the insurance policy for your bike or scooty without any inspection or documentation

• You will not require providing any previous policy details for cases where the policy has expired for more than 90 days.

• Save money through a side-by-side comparison and opt for the one that fits your pocket best

• With GIBL, the online renewal of expired two wheeler insurance policy is easy and quick.

Two Wheeler Third-Party Insurance Rates

The Insurance Regulatory and Development Authority of India (IRDA) has revised the third party premium rates for two wheeler insurance policy. In the below table, check out the increased premium rates of third party party 2-wheeler insurance in India:

Why to Consider Online Two Wheeler Insurance Comparison?

Choosing the right and perfect two wheeler insurance policy is not as easy as choosing and buying your favorite bike. Given that there are a bunch of insurance companies in India providing you with two wheeler insurance; it becomes complicated and confusing to unearth the best among them. However, GIBL.IN makes it simple, easy and straightforward for you. Regardless the type of two wheeler vehicle you have be it a scooter or scooty or bike or cruiser or sports bike etc., you can easily compare and choose the best two wheeler insurance policy online without any hassle. The best way is to compare bike insurance policies online prior to buying one.

• Compare the type of Coverage (Third Party Legal Liability and Comprehensive cover)

• Compare Insured Declared Value (IDV)

• Compare Premium

• Compare different Add-on Covers

• Compare cashless network garage list

• Best Plan: Easily compare different policies on offer to avail the best plan for your two wheeler vehicle

• Save More Money: Compare two wheeler insurance from top insurance companies in India to save money

• Add-on Covers: Compare add-on covers that are on offer by a range of insurers

• Insured Declared Value (IDV): You can compare the Insured Declared Value (IDV) offered online by different insurance companies in India

How to Compare Two Wheeler Insurance Online?

GIBL.IN is here to make the comparison of Two Wheeler Insurance Policy easy and effortless. We understand that there are a bunch of insurance companies nowadays selling these policies and therefore, it becomes quite difficult and confusing to choose the best one. This is exactly where GIBL comes into the big picture. We basically help you in making the right choice when it comes to buying renewing or comparing different policies online.

GIBL basically provides you with an easy and smooth platform for online insurance comparison. All you will have to do is simply enter the details regarding your two wheeler vehicle like the make, model, variant, the year of purchase and RTO location. After entering all these details you can click on Get Quotes. Thereafter, you can see the different insurance policies offered by the top insurance companies in India. You can effortlessly compare all the details, features and the premium quoted. With GIBL, the comparison of two wheeler insurance policy is instant and simple.

You can also renew your two wheeler insurance policy in the traditionally way by visiting the insurance provider’s nearest office. The offline bike insurance renewal process is actually very simple although you will have to arrange some time to go to the branch. Make sure that you know your vehicle and policy details and fill the same in the application form. You can opt for any additional riders if you want to buy any.

• Choose the Renewal menu

• Choose or enter the registration (RTO) and registration year of your two wheeler vehicle.

• Enter the RTO Location - the registration details of your two wheeler.

• Enter your mobile number, email id and policy expiry date.

• State whether your have taken any claim during the previous policy term.

• Finally, click on “Continue to View Quotes” option

• Calculate Your Bike Insurance Quotes Online

Insurance premium is basically the amount of money you pay to get the financial security against the risk of any unforeseen damages or loss caused by or to your vehicle. The insurance company will pay up to the Insured Declared Value (IDV) of your vehicle if a claim is lodged due to theft, an accident, or third party damages or loss.

In order to get the right premium you are required to enter the basic details regarding your two wheeler vehicle like the bike number, bike’s make, model, registration zone etc. After you have entered all these details, policy details etc., you will be able to see premiums from different insurers on display. After that, you can compare the policies, the premium price for each feature and premium breakups as per your convenience.

If you want to purchase only liability cover, choose “TP Only” menu from the bike insurance page. It will give you the premium amount for the same only. Keep in mind that the third party liability premium is same for every company since it is decided by the IRDA every year and is liable to change every year. To calculate the two-wheeler insurance premium for a comprehensive cover select “Comprehensive” cover. Keep in mind that the two wheeler comprehensive premium differs from one insurance company to another.

Two Wheeler Insurance Claim Process

These days most of the insurance companies go after a customer-friendly claim settlement approach. These insurance companies provide you with assistance in terms of taking the motorcycle to the nearest authorized service centre. The motor insurance claim procedure comprises of a few simple steps:

Notify the insurance company and register the claim

• File an FIR with the police station in case of property damage/accidental injuries/or theft

• Take the motorcycle to the garage

• Submitting the necessary documents along with the duly filled claim form.

• According to the applicable terms and conditions, the insurance company bears all the covered expenses and you as a policyholder have to bear only the expenses that are not covered under the policy. The policy holds information on the expenses that are excluded.

• You can also fill in the motor insurance claim form and put together related documents required, for instance, a copy of driving license, original bills (if required), and submit it to the insurance company by visiting the nearest branch; and get your bike repaired at the network garages.

• What’s Not Covered under Two Wheeler Insurance?

Your two wheeler insurance policy will not offer any coverage under the below-mentioned conditions:

You will not require to pay any additional charges

• Depreciation or any consequential loss from regular use, if it is not covered by an add-on

• Any loss or damage from electrical or mechanical breakdowns

• Any loss or damage caused due to normal wear and tear of the vehicle

• Any damage to tyres/tubes in the normal course of the running of the vehicle

• Any damage or loss incurred while the vehicle is being used outside the scope of coverage

• Loss or damages occurred while the driver was driving under the influence of drugs or alcohol

• Doesn’t cover any damage or loss to the vehicle due to mutiny or war or from nuclear risk

• The policy will not cover any damage to loss the vehicle while driven by a person without a valid driving license

What documentation do I need to provide to qualify for a two-wheeler insurance discount based on my age and occupation?

You will need to present a Pan Card as well as an employment or education certificate to receive discounts based on your age and occupation.

Is it possible to add a new vehicle to my existing two-wheeler insurance policy?

Yes, you can use your existing insurance coverage to cover your new vehicle. To make the modifications take effect, call the insurance company.

Is it possible to terminate the policy throughout its term?

Yes, you can cancel your insurance during its term if you produce proof that your car/two wheeler has been insured elsewhere or that your vehicle`s registration certificate has been revoked by the Regional Transport Office (RTO). After subtracting the premium for the period during which coverage was provided, the insurer will reimburse the remaining money after the policy is cancelled. Only if there has been no claim during the policy`s term is a refund possible.

What is the definition of a two-wheeler insurance policy?

A two-wheeler insurance policy is an agreement between an insurance company and a bike owner in which the insurer agrees to pay for any damage or loss sustained by the covered bike as a consequence of an accident, theft, fire, or other incidents, depending on the policy selected. In most situations, the insured and the insurer have a one-year contract that must be renewed each year.

What are the benefits of having a bike insurance policy?

No matter what kind of bike you have, you must follow certain rules in order to ride it. The most crucial rule to follow when riding a bike is to have a bike insurance policy, since you must comply with the legal requirement of having at least third-party coverage. A bike insurance policy also covers any financial obligations you may have to a third party, as well as any damages your bike may sustain as a result of an accident or other unforeseen event.

What are the different types of bike insurance policies?

Third-party bike insurance, standalone own-damage bike insurance, and comprehensive bike insurance are the three types of bike insurance plans available.

What is the cost of different bike insurance policies?

The price of a premium for different bike insurance policies varies. When it comes to third-party insurance, the IRDAI determines the rate, which varies depending on the engine capacity of the motorcycle. However, due to different aspects such as the bike`s make, model, and version, engine capacity, fuel type, and so on, the premium for own-damage and comprehensive insurance differs from bike to bike.

What happens if my bike insurance policy expires?

Every two-wheeler insurance policy has an expiration date before which it must be renewed in order to continue to be effective/valid. If you fail to renew your insurance on time, you may do it within the 90-day grace period following the expiration date, but it will not be renewed after that and you will have to purchase a new policy.

Which of India`s bike insurance companies is the best?

There are several factors to consider when choosing an insurance provider to insure your bike. The Claim Settlement Ratio (CSR) is one of the most important indicators of an insurance company`s efficiency. The CSR is a percentage of claims resolved by a bike insurance company as a percentage of total claims received throughout the financial year. IFFCO Tokio General Insurance (95.30 percent), Royal Sundaram General Insurance (92.66 percent), and Oriental Insurance Firm (91.76 percent) – had the greatest claim settlement ratio in the financial year 2019-20, making IFFCO Tokio the top company in India for the year 2021.

What factors go into determining the cost of a bike insurance policy?

The IRDAI sets the third-party insurance rate for your bike, however, the standalone own-damage and comprehensive insurance premium varies from insurer to insurer based on the following factors:

• Type of Coverage:Varying plans, such as third-party, own-damage, and comprehensive, have different premium levels.

• Bike Make, Model, and Version:The premium is determined by the bike`s brand, model, and variant. When compared to regular motorcycles, high-end bikes have higher premiums.

• Bike Modifications:While modifications to a bike might improve its appearance and performance, your insurance rate will rise to cover such modifications and accessories.

• Add-on Covers:Different add-on covers are available from different insurers for bike insurance plans. You will have to pay an extra premium to include them in your insurance, which will raise the policy cost.

• Anti-Theft Devices:Anti-theft devices minimize the likelihood of bike theft, which reduces the risk for insurers, resulting in cheaper premiums for the insured.

How can I file an online bike insurance claim?

You may file a bike insurance claim online by following the procedures below:

• Step 1:Go to your insurer`s website or download their mobile app and file a claim.

• Step 2:Your insurer will provide you with a claim registration number.

• Step 3:The insurer will dispatch a surveyor to assess the extent of the damage.

• Step 4:Take your broken bike to a garage of your choice to be fixed.

• Step 5:Your insurance provider will settle the claim based on the garage you selected.

Is it possible for a bike owner to have two policies for the same bike?

No, a bike owner cannot get two insurance policies for the same motorcycle. You may, however, purchase a third-party policy and an own-damage plan from various insurance providers independently.

Is it possible to transfer bike insurance to a new owner?

If a bike insurance policy is sold out, it can be transferred from the previous bike owner to the new bike owner. Within 14 days after the bike`s purchase, the insurance transfer must be completed.

What is a two-wheeler insurance endorsement?

An endorsement in the context of two-wheeler insurance refers to a written agreement that documents any changes to the policy conditions. This paper serves as documentation of the policy modifications. There are two sorts of endorsements: Premium Bearing and Non-Premium Bearing.

What should I do if my motorcycle is stolen or lost?

In this situation, you must go to the nearest police station to file a report about the stolen or lost bike. In order to file a claim, you must also notify your insurer about the occurrence, which requires you to present specific papers, including a copy of the FIR.

How does the cost of two-wheeler insurance change?

The cost of your two-wheeler insurance coverage is determined by its age and a number of other variables. This implies that as your vehicle becomes older, its IDV (Insured Declared Value) lowers, and the premium you pay for it decreases as well.

Does our bike insurance policy include personal accident coverage?

Yes, if you have a comprehensive two-wheeler insurance coverage, you get a personal accident protection of Rs. 15 lakhs with your bike insurance policy.

What is long-term two wheeler insurance policy?

A long-term two-wheeler insurance coverage is a policy that covers your vehicle for a period of two to three years. The main advantage of a long-term two-wheeler insurance policy is that you don`t have to renew it every year (i.e. after 12 months), and the vehicle`s IDV and third-party liability stay intact throughout the policy term.

What are the options for long-term two-wheeler insurance?

Various top-notch general insurance firms currently provide the long-term two-wheeler insurance policies issued by the IRDA of India. You may get one for your vehicle from your current or new insurer and pay the premium with a Credit Card, Debit Card, or Internet Banking.

Is it possible to purchase and renew two-wheeler insurance plans online?

Yes, you may purchase and renew your two-wheeler insurance coverage online using your credit/debit card or bank account information. We, at GIBL.IN, provide a simple and effective system for purchasing and renewing insurance via the internet with only a few mouse clicks.