What Is Bike/Two wheeler Insurance ?
A two wheeler insurance policy is one that helps you to cover financial expenses against any unforeseen circumstances including accidents, thefts
or natural disasters, if you are an owner of a two wheeler/bike. It is not optional, but mandatory under the Motor Vehicles Act to have your two wheeler covered under an insurance policy. When you buy a
new vehicle, the seller adds the cost of an insurance cover in the total cost as a premium, which is valid for one year. After one year, you can get your policy renewed with the same insurance provider or
you can buy a new policy with a different insurance provider.
Depending upon the kind of insurance policy you choose and add-ons you select, the two wheeler insurance policy works for the following:
- Liability Cover
- Comprehensive Coverage
- Discount For Having Anti-Theft Devices
- Damages Due To Accident
- No Claim Bonus
- Personal Accident Cover For Pillion Rider
- Zero Depreciation Cover
Eligibility, Documents And Process To Buy Online Two-wheeler Insurance
If you’re eligible to buy a two-wheeler, you’re eligible to buy an insurance policy. That is, if you’re an adult with a valid driving license, you can buy a policy. In fact, it is a must to have your vehicle covered under an insurance policy as per the laws and regulations.
The first bike/two wheeler insurance policy will come with your new vehicle as part of the package valid for one year. After that, either you can renew the policy with the same insurance provider or select a new company and directly buy from them. You can buy a policy from an insurance agent or you can opt to buy a new policy online after doing thorough research and comparing various plans. Buying online does give you a better deal as you can select a plan based on your needs and requirements at a lower cost.
At darshadvisory.com, we help with all your queries regarding two wheeler insurance and strive to provide fair comparison between different plans so that you can select the best bike/two wheeler insurance policy for your vehicle.
All you need to do is submit basic details including your name, contact details, bike/two wheeler model and make, registration number of the vehicle, your city and darshadvisory.com will provide you with all possible insurance plans and options to choose from.
The documents that you will need if you are buying online bike/two-wheeler insurance are:
- Your current policy document, in case of renewal or switch
- Your driving license copy
- Your vehicle registration documents with the copy of RC (Registration Certificate)
- Your address proof
- A voided check in case you want to set up EFT (Electronic Funds Transfer) for premium payment.
Key Advantages And Features of Bike Insurance!
One should buy a bike insurance not only because it is mandatory under the law, but also because it provides a lot of benefits that can come handy in case of an accident, theft or any natural disaster.
Accidental Coverage
With a comprehensive bike insurance policy, you can cover your financial expenses incurred on repairing your vehicle due to an accident. Even small repair and minor damages can be taken care of at a fraction of a cost, thanks to insurance.
Coverage Against Theft/vandalism
You can be a victim of theft or robbery or probably get your vehicle damaged due to a riot. A bike insurance policy will take care of such disasters as well so that you don’t lose your hard-earned money owing to factors out of your control.
Third Party Liability
In case of an accident, the insurance policy will provide cover to reimburse damages to the third party’s vehicle. Not only that, medical expenses incurred for treatment or hospitalisation expenses are also taken care of. It even covers damage to third party’s property so that you don’t have to pay anything from your pocket!
Add-on Covers
Apart from basic insurance coverage, such insurance policies also provide various add-on covers to provide a wholesome shield against unforeseen expenses by paying an extra amount. These can include coverage for cashless garage facility, free towing and the likes
No Claim Bonus
Even if you do not face any such situation throughout the year, you get a handsome no claim bonus (NCB) for not filing any two wheeler insurance claim. Your next bike insurance comes cheaper to you.
Coverage Against Natural Disasters
Any damage caused due to floods, storms earthquake etc. is also covered by a comprehensive bike insurance policy.
It is very important to buy a comprehensive bike policy at the earliest and if you already have coverage, get it renewed within time by easily comparing various policies at darshadvisory.com and remain tension free!
Exclusions: What Is Not Covered In A Two wheeler Insurance Policy!
Even though a two wheeler insurance policy is designed to shield you from unforeseen financial expenses caused due to an accident or any natural/man-made disaster, there are certain situations, which your policy may not cover!
It is important to study various insurance plans before buying them and your policy document in detail to understand such exceptions.
- Any damage caused to the vehicle due to regular wear and tear
- Any damage caused to the vehicle when driven by a person without valid driver’s license
- Damages or loss caused due to electrical or mechanical breakdowns
- Regular depreciation of the vehicle
- Loss to tyres and tyre tubes
- If the person is found to be driving under the influence of liquor/alcohol/drugs
- Occurrence of loss or damage when the policy has expired or not active.
- Loss or damage as a result of war /mutiny /nuclear risks.
- If the Two-wheeler is used for any other purpose other than its intended use.
Add-on Covers With Your Bike Insurance!
While the basic two wheeler insurance policy will cover the basic expenses incurred on your vehicle due to an accident or other unforeseen circumstances, there might be some sudden expenses that can also make a big hole in your pocket. To safeguard from such shocks, there is an option of selecting add-on covers.
Add-on, also called riders, are additional coverage on your existing bike insurance policy that you can purchase by paying extra premium. Different add-ons are offered by various insurance providers and you can select the ones that meet your requirements.
Zero Depreciation Cover
As a vehicle ages, depreciation causes the value of the vehicle to go down. Now, in case of an accident, the insurance provider will only pay for repairs or changing parts based on the depreciated value that can be extremely less if it’s an old vehicle. By buying zero dep cover, one can ensure to have the value of vehicle calculated as a new vehicle and save money on repair by claiming actual charges from the insurer.
Road Assistance
Purchasing this cover means you will get help in case your vehicle breaks down in the middle of the road, anywhere. Insurers provide towing facility, cashless garage facility, accommodation benefits in case vehicle breaks down in a secluded place, any other emergencies and the likes. It’s like having a friend in need!Accident Cover for Pillion
It is an important add-on as it provides for medical expenses incurred in case a pillion rider is injured in an accident. It covers the pillion rider in the event of partial/permanent disability and in some cases even death.
Accessories Coverage
In situations where you have to change or add electrical/non-electrical accessories to your vehicle, the cost for the same will be borne by the insurance providers.
All of the above add-ons are optional but they are very useful in certain situations. Keeping in view your actual requirements, you may opt for some or all of them.
Importance of Having Bike Insurance
A bike that you own is a prized possession that you have bought with hard-earned money. It is an asset that needs to be taken care of so that it doesn’t become a liability for you. With two wheeler insurance, you can be rest assured that you only enjoy driving your vehicle and don’t feel stressed because of it.
Medical Coverage
An accident can lead to physical injuries for everyone involved. A comprehensive insurance policy pays for the medical treatment, legal expenses and even provides financial assistance in case of loss of limbs or even death of not only the owner of the vehicle, but also of the third party involved in accident.
Coverage Against Accidents
Precaution is better than cure! An accident can happen anywhere with anyone and it can lead to massive expenses to get your vehicle back in shape. two wheeler insurance policy covers such unforeseen expenses and pays for all kinds of damages so that your vehicle can be repaired without making a big hole in your pocket.
Man-made Disasters
With increasing instances of theft, vandalism or rioting, it is better to have a comprehensive bike insurance policy so that you’re not penalised for something that’s not your mistake. The insurance cover reimburses the cost of the vehicle damaged or stolen under such circumstances.
Protection From Natural Disasters
A flood, earthquake, fire or any such natural calamity can also result in you losing your vehicle or it getting badly damaged. Having a bike insurance cover ensures your financial losses are reduced or totally eliminated without you having to spend a single rupee.
Follow The Law
Driving a bike without adequate insurance cover is illegal in the country as per the Motor Vehicles Act that can lead to fines and penalties.
If you already have an insurance cover, do remember to renew it on time. Getting your bike covered under a third party or a comprehensive insurance policy is a must, not only to save money, but also for peace of mind!
Types of Bike Insurance
Bike
insurance is broadly offered under two major categories.
1. Third Party or Liability Cover
- This insurance cover is mandatory under the Motor Vehicles Act and driving without this insurance is illegal in the country.
- The insurance policy helps you in covering damages to the third party’s vehicle or property involved in an accident with your vehicle.
- It also pays for any medical bills incurred due to injuries by the third party, thereby reducing your financial liability arising out an accident.
2. Comprehensive Insurance Policy
- This type of insurance policy provides financial assistance under all kinds of unforeseen tragedies involving your vehicle.
- It provides for repair of damages caused to your vehicle/property and the third party’s vehicle and property as well. It also takes care of legal expenses, medical costs to treat injuries, provide money for loss of limbs or death, covers losses caused due to theft, vandalism and even natural disasters.
- The policy also offers to provide add-on features like No Claim Bonus (NCB), Zero Depreciation Cover, Accessories cover etc. to provide a wholesome insurance coverage for your vehicle.
- It is expensive compared to a third-party insurance policy, but in the long run it helps in providing adequate financial cover to save you from unexpected losses.
- Even though it is not compulsory under law to have such a two wheeler insurance policy, it is advisable to buy it to safeguard your financial interests.
| Third Party Coverage | Comprehensive Policy | |
|---|---|---|
| Damage ToThird Party's Vehicle | Yes | Yes |
| Damage to Own Bike | No | Yes |
| Low Premium | Yes | No |
| Coverage Other Than Collisions | No | Yes |
| Personal Accident Cover | No | Yes |
| Medical Expenses For Self | No | Yes |
| Medical Expenses For Third Party | Yes | Yes |
| Loss Due To Natural Calamities | No | Yes |
| Bike Theft | No | Yes |
Tips To Buy Online Bike Insurance
There are certain considerations to be kept in mind while buying a bike/twowheeler insurance policy.
- Depending on Vehicle –It is important to get your vehicle inspected before selecting a policy. The premium will be dependent on the age, brand, make and model of your bike. compare two wheeler insurance policy available for your vehicle that meet your requirements and choose the one that offers best benefits at the lowest possible cost.
- Depending on Claims History–Insurance providers offer No Claim Bonus (NCB) for not filing for claims in a given year. This can reduce the premium amount and makes it advisable not to file claims for petty repair work and damages.
The documents that you will need if you are buying online bike/two-wheeler insurance are:
- Ensure the vehicle is driven by a single driver and who is a safe driver
- Remember to install an Automotive Research Association of India (ARAI) approved security feature in your vehicle to avoid burglary and theft. This can help in reducing the premium
- Don’t file claims for every little damage or repair to enjoy No Claim Bonus in the following year at the time of renewal
- Some insurers offer you to pay premium in instalments in a given year, but making a one-time payment makes it economical
Just logon to darshadvisory.com and buy the best two wheeler insurance policy now!
Bike Insurance - Online Vs. Offline Comparison!
The bike insurance policy can be bought either from an insurance agent or by going online and buying it directly. The trend of more and more people buying it online is increasing and there are valid reasons for the same.
on following factors:
convenience
Instead of going to an insurance agent or calling one at your home, you can look at various insurance plans online, do your research, compare various plans and buy a policy from anywhere, anytime as per your convenience.
Cost
Every insurance company is able to offer you reduced and discounted premiums if you buy a policy online as they don’t have to worry about the agents’ commissions and other overhead costs. Hence, buying online means extremely low premiums!
Better Information
Buying a bike insurance cover online also offers you the chance to gather detailed information about the product so you can make an informed choice compared to checking with an agent, who might not share complete details.
Easy Payments
Instead of writing a cheque and having to wait for payments to clear, you can make online payments with various options at your disposal including net banking, credit cards, debit cards etc.
Customer Service
Every insurer has a customer care centre where you can speak with a representative over the phone to solve any query or doubt while buying the policy rather than having to personally visit their office in case you decide to buy offline!
Secure
The entire process of selecting, comparing, buying and paying for the policy is absolutely secure online and your personal information is also kept confidential
darshadvisory.com can make the process of buying bike policy a cake-walk for you!
Expert Tips On Cutting Down Your Bike Insurance Cost!
Just a bit of smartness can help you cut down your two wheeler insurance cost!
Purchase The Policy Online
- Not only it saves your time and effort, but also you don’t have to pay commission to insurance agents. Buying your two wheeler insurance policy online turns out to be an easy and cost-effective way
- For the insurance providers, it helps them to cut costs of maintaining infrastructure, giving commission to their sales agents and other overheads. These savings are passed on to you in the form of lower premiums.
Don’t Make Small Claims
- Filing the claims with insurance providers for every little repair or damage may save you a bit of money, but when the time comes for renewal of policy, the premium goes up. This is because the insurers consider you a high-risk customer and charge you hefty premium. Ensure you file claims only for expensive damages or repairs.
- Also, the moment you file for a claim, the discount on premium in the form of No Claim Bonus (NCB) at the time of renewal of the policy goes out of the window. Do remember that NCB starts at 20% at the end of first claim-free year and can go up to a maximum 50%
Timely Renewal
Renewing the insurance cover on time can help you in saving money in many ways
- If you don’t renew the policy on time, there are fines and penalties that you have to pay when you finally get it renewed based on the lapse time between the policies.
- If the policy remains expired for a considerable amount of time, you might have to buy an entirely new policy that will attract a higher premium. Better to buy within the time frame as advised by the insurer.
- Driving on road without a valid insurance policy is illegal and there are fines to be paid to the government for the same. Save money by renewing on time.
- Another major risk is if your vehicle meets with an accident after your policy gets expired, there will be no financial assistance from the insurer. The entire cost will have to be borne by you!
Ensure Safe Driving
If the vehicle is old, buy a third-party insurance cover instead of comprehensive policy to save costs
Invest in an economical bike as higher the cost of the vehicle, higher the premium for insurance cover
Get your bike fitted with ARAI approved anti-theft device and cut further cost on bike insurance
Pay one time premium instead of paying in instalments
With these handy cost cutting tips, it is time to pick your bike insurance policy form darshadvisory.com NOW!
Factors That Affect Your Bike Insurance Premium
A high end expensive bike with a higher cubic capacity (cc) will attract a higher premium compared to an economical bike with lesser cc. There are three categories for bikes when it comes to their cc: 0-150cc, 150-350cc and above 350cc. The premium goes up as cc goes higher.
New bikes attract higher premiums as the cost of repair and damages for the newer parts is going to be expensive. Also, newer bikes have higher Insured Declared Value (IDV), hence the insurers have to reimburse a higher amount in case of accident or theft. Older bikes have lesser IDV as per market values and thereby attract lower premiums.
Not filing for claims in a single year make you eligible for No Claim Bonus (NCB) in the following year that starts from 10% and goes up to 50% discount on the premium. There is also a provision of transferring your NCB from one policy to another!
Living in an urban and densely populated area will attract a higher premium since the chances of an accident are higher. Also, the areas where cases of theft or vandalism are rampant will lead to higher premium being charged by the insurers.
A third-party insurance cover is much economical than a comprehensive bike insurance policy. Since comprehensive insurance provides a wholesome financial coverage, the insurers charge a higher premium for the same.
The number of claims filed, records of accidents, rash driving etc. are considered when calculating premium at the time of renewal. Higher of such instances will result in higher premiums.
If your Bike is fitted with an ARAI (Automotive Research Association of India) approved anti-theft device, you enjoy further discounts on premium.
At Darsh Advisory, you can key in all the factors and reach the best premium value as per your needs, in just a few clicks!
Bike Insurance Renewal Process
Renewing bike insurance policy is one of the most important steps you can take to follow the law as well as keep it financially safe.
If your policy
has expired or about to expire, you can get it renewed either at your insurer’s website or at darshadvisory.com The process for doing the same is extremely easy and hassle-free.
Let us examine various scenarios about renewing the policy to have a better understanding:
- Contact your insurer and discuss the premium amount, documents required and arrange for an agent to meet and collect the information from you
- Alternatively, you can log on to the insurer’s website to check information that’ll save your time, money and efforts
- Furnish the details as required and can also select any add-ons you may prefer with your renewed policy
- If doing offline, write a cheque for premium payment. If buying it online, simply swipe your credit/debit card or use net banking to make the payment instantly and get the policy renewed immediately
Even after the policy has expired, you still have a small window, called grace period, to get it renewed. This can vary between 3 and 30 days after the expiry date and not every insurer offers this period. Also, certain insurers may offer free renewal during this period and some may levy charges. Follow these steps if your policy lies within grace period:
- Check the late fee, if any, and make that payment
- Clear all past dues and pending premiums
- Choose the policy you want to buy, select any additional benefits or add-ons you want to add to your renewed policy
- Submit the required details to the insurer, make the payment either online or through an agent and the renewed policy will be delivered to you
If you failed to renew the policy within the grace period, your two wheeler insurance policy dies. If there is a significant loss of time after the expiry, you may not be eligible for a renewal with the same insurer. You may have to buy a new policy altogether.
Downsides Of Not Renewing Policy On Time:
- Higher Premiums
- Loss of Previous Benefits
- Fines Levied
- Fresh Inspection of The Vehicle
- Loss of NCB (No Claim Bonus)
- Lot of Legal Trouble With Police And Authorities Driving Without Insurance
- Huge Expenses In Case You Meet An Accident Without An Insurance Policy
- Your Name (As on official documents)
- Your Contact Number and E-mail id
- Your Vehicle Registration Number And Copy of The RC
- The Existing Insurance Policy Number
Claim Process For Bike Insurance!
When
you pay extra and buy a comprehensive two wheeler insurance, you expect to stay financially secured of all the unwanted expenses you may incur when you face an accident, theft or natural disaster.
Thus,
you will always want your claim to pass through and you get all the reimbursement without any rejections.
- Note down the number of vehicles involved in the accident and their registration numbers.
- Take pictures of the accident spot and damaged vehicle. (such proofs will be needed)
- Inform your insurance provider about the accident.
- Lodge an FIR at the nearest police station, if there is an utmost need, like physical injury to a third-party, property damage to a third-party, or death of third-party involved in the accident.
- In case your bike is stolen, and you are filing a claim, then also a FIR is of utmost importance.
- Fill the online claim form available at insurer's website.
- The assigned insurer's representative will contact you within 24 hours to have your claim registered with the company and will also provide you with a claim registration number to keep the track.
- An insurance surveyor will be sent to inspect the vehicle before repair.
- You will also be informed about the network repair shops or garages where you can get your bike/two-wheeler repaired.
- Registration Certificate Copy
- Tax Receipt Copy of your bike
- Valid Bike Insurance Documents
- Valid Driving License Copy
- FIR copy in the event of theft, third-party injury, death or property damage.
- Bills and receipts of repair and replacement of parts
In case of bike theft, you may need these additional documents: - Duly verified R.T.O. Paper
- NOC letter in case of hypothecated bike
- Letter of Subrogation and Indemnity issued by notary
- Copy of the legal notice sent by the affected third party.
- All original documents that you furnished for verification.
Once the filing of claim is done with all the needed documents, forms duly filled, and a green signal is given by the vehicle surveyor, then your insurance provider will approve your claim. The insurer will pay the cost of repair to the network repair shop, in case you filed for a cashless claim.
Rest claims made and approved (reimbursement/compensation) will be settled through NEFT or Check.