Two Wheeler Insurance

Two wheeler insurance/Bike Insurance refers to an insurance policy, taken to cover against any damages that may occur to your motorcycle / two wheeler due to an accident, theft, or natural disaster. 2 wheeler insurance provides protection against third party liabilities arising from injuries to one or more individuals. Bike insurance is an ideal solution to meet financial costs & losses that may arise due to the damages caused to the motorcycle. The bike insurance cover provides protection to all types of two wheelers like motorcycle, moped, scooty, scooter.

About the Bike Insurance

Bike insurance policy is a contract between the insurer & the bike owner in which the insurance company provides financial coverage to your bike against any loss or damages due to an accident. As per the Motor Vehicle Act 1988, third party bike insurance is mandatory in India. Bike insurance covers you from any accidental injuries caused while driving a two wheeler / motorbike on Indian roads. Buy or renew two wheeler insurance online upto 3 years within 30 seconds to avoid paying a fine of Rs. 2,000.

Types of Bike Insurance Plans

Broadly, two types of two wheel insurance policies are generally offered by insurance companies in India. You can buy third party bike insurance and comprehensive bike insurance. See below for more information:

• ✶ Third Party Bike Insurance

  As the name suggests, a third party bike insurance that protects the rider against all legal obligations arising from causing harm to the third party. The third party, here, may be property or person. third-party bike insurance covers you against any liabilities, That you have landed on yourself to cause accidental damage to someone else's property or vehicle. It also covers your liabilities due to accidental injuries to a third party person, including his death.

  Indian Motor Vehicle Act, 1988 It is mandatory for anyone who owns a two-wheeler to own a motorcycle or scooter, if it is to be introduced on public roads in the country, then there should be valid third party bike insurance. Those not following the rule will have to pay heavy fines.

• ✶ Comprehensive Bike Insurance

  Comprehensive bike insurance that protects riders against any damage to their vehicle in addition to third party legal obligations. It protects your bike from fire, natural disasters, theft, accidents, man-made disasters and related adversities. If you are injured in any accident while riding your bike, it provides you with personal accident cover.

The following table shows the broad and common differences between the two; Third Party Bike Insurance:

Best Two Wheeler Insurance Plans

Two Wheeler Insurance Plans starting at Rs. 2 per day. Buy and compare two wheeler insurance plans online for your motorcycle at servzone. You can now renew your expired bike insurance policy online from foremost insurers with lowest premiums in just 30 seconds.

• Quick Policy Issuance
• No Inspection, No Extra Charges
• Lowest Premium Guarantee on the Insurance Plan

You love your two wheeler like your child. You clean it and polish it every Sunday. You zoom in around the city. Yes, your vehicle is an integral part of your life. Therefore, it is important to keep your vehicle safe and secure. Cover your prized possession and stay calm by buying bike insurance.

Bike insurance provides financial cover against any physical damage, theft and third party accountability. With poor road conditions and no driving ethics in India, bike insurance is your only savior on the roads.

Benefits

Anything can happen while riding a two-wheeler / motorcycle, scooter, or moped. Lack of good roads, morning and evening hours and irregular traffic problems are part of life today. In addition, rain or heat waves can cause many problems on the road, such as slippery surfaces, muesli or mud areas, or sticky tar. These conditions can cause damage to a two wheeler vehicle and even injury to the passengers. To be safe from all such incidents, it is necessary to have valid two wheeler insurance. Motor safety laws in India protect millions of bike owners from expenses that may arise due to third party losses by making third party insurance cover mandatory.

Let's take a detailed look at the various benefits of buying two wheel insurance:

• ✶ Financial Security: Two wheeler insurance provides a financial cover that helps to save a lot of money in case of accident, theft or third party liabilities. Even small losses can cost thousands of rupees. This bike insurance policy helps repair damages without creating a hole in your pocket.
• ✶ Injured in an accident: Not only does the policy cover damage sustained by your vehicle in an accident, but also covers any accidental injuries that could cause you harm.
• ✶ All types of Two Wheeler: This prevents damage caused by scooters, motorcycles or mopeds. Even vehicles have been improved and are available with features such as improved mileage, power and style
• ✶ Cost of spare parts: Due to the increasing demand of motorcycles in India, the cost of their spare parts has increased as well as its cost. This two wheeler policy covers the cost of spare parts, including simple nuts and bolts or parts such as gears or 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. This includes services such as towing, minor repair, flat tires, etc.
• ✶ Peace of mind: Any damage to your vehicle can result in heavy repair charges. If you have two-wheeler insurance, your insurer will take care of unwanted expenses, giving you mental peace so that you can ride without worry.

Key features

The two-wheeler insurance market has changed dramatically since the emergence of new players. Two-wheeler insurers nowadays have brought many facilities to woo customers and ensure that they stay with them year after year. Today, buying bike insurance online on the Internet is a hassle-free and quick easy process. Let us take a look at some of the key features of two wheeler insurance plans:

• ✶ Comprehensive and liability-only coverage: The rider has the option to choose a comprehensive or liability-only policy. An obligation-only policy is required under the Indian Motor Vehicle Law and every rider must have a minimum. On the other hand, a comprehensive two wheeler insurance cover avoids the damage caused by the insured vehicle and provides personal accident cover for co-riders (usually add-on covers) in addition to third party bike insurance cover.
• ✶ Compulsory personal accident cover of Rs. 15 Lakhs: The owner of the bike can now get a personal accident cover of Rs. 15 lakh under their two wheeler insurance policy as an inbuilt feature. First it was Rs. 1 lakh, but recently, IRDA has increased the cover to Rs. 15 lakh and made it mandatory.
• ✶ Optional Coverage: Additional coverage is offered at an additional cost, but goes a long way to making the claims filing process easier by providing additional cover. This includes personal accident cover for pillion riders, enhanced cover for spare parts & amp; Accessories, zero depreciation cover and so on.
• ✶ Easy Transfer of No Claim Bonus (NCB): NCB rebate can be easily transferred if you buy a new two wheeler. NCB is given to the rider / driver / owner and not to the vehicle. The NCB rewards an individual for safe driving practices and for making no claims in the first year (s).
• ✶ Waiver: IRDA approved insurers offer a number of exemptions, such as discounts for membership of a recognized automotive association, discounts for vehicles that have approved anti-theft devices, etc. with an impeccable record Owners also get concessions through NCB.
• ✶ Quick registration for internet purchases: Insurers offer online policy purchases or policy renewals through their website and sometimes even through mobile applications. This makes it easier for the policyholder to meet their needs. Since all prior policy claims or additional details are already in the database, the process is quick and highly convenient for the customer.

Add On Covers

Two wheeler insurance add-on covers refer to the additional covers that enhance the coverage of your two wheeler policy on the payment of an extra amount of premium. Following are the various add-on covers that you can opt for your motorcycle or scooter:

• ✶ Zero Depreciation Cover

  An insurer pays the claim amount after deducting the depreciation value of your bike. Zero depreciation cover eliminates any deduction on the account of depreciation at the time of claim settlement and the full amount will be paid to you.

• ✶ No Claim Bonus

  No claim bonus (NCB) is applicable only if no claims are made within a policy term. NCB Protect allows you to retain your NCB and get a discount during renewals even if you make any claim during your policy tenure.

• ✶ Emergency Assistance Cover

  This cover enables you to avail emergency roadside assistance from your insurer. Most insurers offer a range of services under this cover including tyre changes, minor repairs on-site, battery jump-start, towing charges, lost key assistance, replacement key and fuel arrangement amongst others.

• ✶ Daily Allowance Benefit

  Under this benefit, your insurer will provide you with a daily allowance for your travel when your insured vehicle is under repairs at one of its network garages.

• ✶ Return to Invoice

  At the time of total loss, your insurer will pay the Insured Declared Value (IDV) of your bike. Return to invoice cover bridges the gap between the IDV and the invoice/ on-road price of your vehicle, including registration and taxes, allowing to get the purchase value as the claim amount.

• ✶ Helmet Cover

  This cover enables you to receive an allowance from your insurer to get your helmet repaired or replaced in case it was partially or totally damaged in an accident. In case of replacement, the new helmet should be of the same model and type.

• ✶ EMI Protection

  As part of the EMI protection cover, your insurer will pay the EMIs of your insured vehicle if it is getting repaired at an approved garage following an accident.

Comprison

Two wheeler insurance can be a life saver in times of need. In addition to protecting against accountability due to injuries caused by a third party person or their property or collateral, it also provides an accident cover and protection from damage caused to the vehicle. You can easily buy a policy for your vehicle on the Internet or from agent's offices or directly from companies.

Websites like Servzone are a good place to compare two wheeler insurance premium quotes. It is advisable to compare plans of different companies before an insurance policy. While comparing the plans, you should check the NCB, IDV, claims settlement ratio of all insurance companies. You can bike insurance calculator to find out the premium rates offered by different plans Can also be used. Insurers in India.

However, there are quite a few things to check for apart from premium:

• ✶ Type of 2 wheeler insurance:

  Many motor insurance companies offer both third-party and comprehensive policy. A comprehensive plan is suitable for those seeking full-proof coverage against risk.

• ✶ Add-ons or optional cover:

  By paying an additional premium, the add-on cover can be purchased. Add-on covers include zero depreciation cover, personal accident cover, emergency roadside assistance, pillar rider cover, medical cover, and accessories cover. The insured only has to pay the premium for service charges and taxes in case of cashless claim settlement. The insurer bears the remaining costs.

• ✶ Features and features available:

  Understanding the cut throat competition in the market, insurance companies provide many features and benefits to help consumers in the claims process. For example, a call center that works round the clock, specialists who can help and guide you in choosing the right policy, and assist in policy renewal and transfer of NCB (No Claim Bonus). Most insurers offer concessions to members of recognized vehicle associations or to install theft-proof equipment. Some motor companies also take that extra mile and ensure that the customer does not have to follow the repair workshop in case of cashless repairs.

• ✶ Claim Procedure:

  Nowadays, most policy providers follow a customer-friendly claim-settlement approach. They provide assistance to the insured to take his motorcycle to the nearest authorized service center. Essentially, the insurer bears all expenses, the owner only has to bear those expenses which are not covered under his policy along with service charges and taxes.

• ✶ Renewal Process:

  Most insurers offer two wheeler insurance renewal facility on the Internet. Buying two wheeler insurance online is an easy option for everyone. In addition, companies offering electronically signed policies are much better, as you can recharge the bus (if necessary) and print it from the website and have RC and other essentials with you while riding the vehicle Can keep documents.

• ✶ Available discounts:

  When comparing, it makes sense to select companies that offer discounts, such as no claim bonus (NCB), discounts to members of a recognized motor vehicle association, anti-theft devices Installation and so on. In addition, some companies may offer online policy renewals, purchases made through certain apps, or an additional discount to NCB for each claim-free year. Most companies also make significant concessions on additional cover. But before purchasing the policy, it is important to check the website for details.

Some Reasons

Below are the mentioned important facts which you can consider before buying two wheeler insurance online from servzone.in and avail certain additional benefits:

• ✶ Quick Two Wheeler Policy Issuance: You can buy two wheeler insurance at servzone quickly as it issues online policy within a seconds
• ✶ Pay No Extra Charges: You will not be required to pay any extra charges
• ✶ No Previous Two Wheeler Policy Details Needed: You don't have to provide details of your previous bike insurance policy in case it has been 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 policy on the website
• ✶ Quick Claim Settlement: servzone team helps you while filing a claim for your vehicle
• ✶ Online Support: Our team is always with you whenever you need. You do not need to worry about anything if you’ll stuck anywhere anytime

How to Buy

In order to buy a two wheeler insurance plan online, follow the procedure given below:

• Scroll to the top of the page
• Enter the detail required or click to proceed
• Select your city and your RTO zone
• Choose the 2 wheeler manufacturer, model & variant of your bike
• Enter the year of manufacturer
• The premium quotes from different insurers will be displayed
• Select the plan that you want to purchase
• Choose any add-ons that you want to buy
• Enter the required details
• Pay the premium amount through debit/ credit cards or internet banking
• The policy will be issued and you will receive the document on your registered email id

Some Factors

Several factors determine the premium of your bike insurance policy. Check out the list of top 10 factors that affect your two wheeler insurance premium:

• ✶ Coverage: The level of coverage of your policy largely affects your premium amount. You will pay a lower amount for a third party liability plan than a comprehensive plan that will provide comprehensive coverage and, therefore, a higher premium.
• ✶ Declared Sum Assured: The insured declared value (IDV) is estimated by looking at the market value of your vehicle. If the market price is low, you will have an IDV set by your insurer. As a result, you will pay a lesser amount of premium.
• ✶ Age of vehicle: The age of your bike is inversely proportional to its market value or IDV due to depreciation. Therefore, the higher the age of your vehicle, the premium amount you will have to pay.
• ✶ Make & Bike model: Basic models attract low levels of coverage leading to lower premiums. On the other hand, a high-end bike will require a wider range of coverage, thereby attracting a greater amount of premium.
• ✶ Installed Safety Equipment: If you have installed safety equipment to increase the safety of your vehicle, your insurer will offer you a lower premium amount.
• ✶ No Claim Bonus: No Claim Bonus or NCB enables you to receive a discount on your premium at the time of renewal if you have not made any claims. Thus, NCB reduces the premium you need to pay.
• ✶ Geographic location: The place where you will be riding your bike greatly affects your premium in the risk of certain locations, such as metropolitan cities. The premium amount will increase as the level of risk exposure increases.
• ✶ Age of the insured: The age of the insured also determines the premium rate. Younger riders are believed to have a higher risk than middle-aged riders. Therefore, the higher the age of the insured, the higher the premium amount you will have to pay.
• ✶ Deductible: If you opt for the voluntary deduction, your insurer will offer you a discount on your premium reducing the overall amount you pay.
• ✶ Engine cubic capacity (CC): Engine CC is directly proportional to your premium rates. This means that higher engine CC will pay you a higher amount of premium.

What is Covered Under Two Wheeler Insurance Policy?

If you are planning to buy or renew two wheeler insurance policy for your bike, you must look into the inclusions offered by two wheeler insurance companies. If you are a bike lover, then you might be met with road accident at any time. Our bike insurance policy covers owner of the bike & third party damages as well. See below detailed list of inclusions:

• ✶ Losses & Damages Suffered Due to Natural Calamities

  Any loss or damage caused to the insured vehicle due to natural calamities, such as lightning, earthquake, flood, hurricane, cyclone, typhoon, storm, tempest, inundation, hailstorm, and landslide and rockslides among others will be covered.

• ✶ Losses & Damages Suffered Due to Manmade Calamities

  It offers coverage against various manmade calamities, such as riot, a strike by outside means, malicious act, terrorist activity and any damages caused in transit by road, rail, inland waterway, lift, elevator or air, among others.

• ✶ Own Damage Cover

  This cover safeguards the insured vehicle against any loss or damage caused by the means of natural calamities, fire & explosion, manmade calamities or theft.

• ✶ Personal Accident Coverage

  A personal accident cover of up to Rs. 15 lakh is available for injuries to the rider/ owner that may result in temporary or permanent disabilities or loss of limb- that causes partial or total disability. The cover applies when the person is travelling, mounting or dismounting from the vehicle. The insurers offer optional personal accident cover for the co-passengers.

• ✶ Theft or Burglary

  Two wheeler insurance will provide compensation to the owner in case the insured motorcycle or scooter gets stolen.

• ✶ Legal Third-Party Liability

  It offers coverage for against any legal loss of money that may occur due to injuries to a third party in the surroundings, which may have even lead to his demise. Similarly, it also protects against any damage caused to any third party property.

• ✶ Fire & Explosion

  It also covers any losses or damages caused due to fire, self-ignition or any explosion.

What is Not Covered Under Two Wheeler Insurance Policy?

Below are the incidents or situations which are excluded under bike insurance policy:

• Damage due to normal wear and tear of the vehicle
• Damage from mechanical / electrical breakdown
• Depreciation or any consequential loss from regular use
• Any damage to tires and tubes in the normal course of running
• any damage caused while moving the bike beyond the scope of coverage
• Loss / harm if someone rides a bike without a valid driving license
• Any loss / damage caused by the driver driving under the influence of alcohol or drugs
• Any damage / loss due to war or rebellion or nuclear risk

How to Claim?

There are two ways of filing a two wheeler insurance claim online with your two wheeler insurer online. You can either lodge a cashless claim or a reimbursement claim with your insurer. Let us discuss both types of claims in detail.

• ✶ Cashless Claim: In case of cashless claims, the claim amount will be directly paid to the network garage where the repairs were done. Cashless claim facility can be availed only if you get your insured vehicle repaired at one of the network garages of your insurer.
• ✶ Reimbursement Claim: Reimbursement claims can be registered if you get the repairs done at a garage which is not a part of your insurer’s list of approved garages. In this case, you will be required to pay the repair expenses and will later have to file for reimbursement with your insurer.

Process of Claim Settlement

Following are the steps involved in the claim settlement process for cashless and reimbursement claims for your bike:

Cashless Claim Settlement Procedure:

• Inform your insurer about an accident or accident
• Survey will be carried out to estimate the damage
• Fill the claim form and submit it along with all other required documents
• The insurer will approve the repair
• Your vehicle will be repaired in a network garage
• Post repair, your insurer will pay the repair fee directly to the garage
• You have to pay deductibles or non-covered expenses (if any)

Reimbursement Claim Settlement Process:

• Register the claim with your insurer
• Fill up the claim form and submit it with your insurer along with other documents required
• A survey will be conducted to estimate the repair cost and you will be informed about the assessment
• Give your insured vehicle for repair at a non-approved garage
• After the repair is done, the insurer conducts another inspection
• Pay all the charges and clear the bill at the garage
• Submit all the bills, payment receipts as well as ‘proof of release’ to the insurer
• After the claim is approved, the claim amount will be paid to you

Required Documents

Here is a list of documents that you need to submit at the time of filing a claim with your insurer:

• Duly signed claim form
• Valid copy of Registration Certificate or RC of your bike
• Valid copy of your driving license
• Copy of your policy
• Police FIR (in case of accidents, theft and third-party liabilities)
• Repair bill and payment of receipt in original
• Proof of release

How to Renew

servzone gives you an option to instantly renew your two wheeler insurance online in just 30 seconds with the lowest guaranteed premium and save unnecessary hassle and costs. Buy & renew motorcycle insurance policy & save up to 85% on two wheeler.

Below are some of the common steps that you must follow while renewing online two wheeler insurance policy:

• Compare various 2 wheeler insurance plans from leading insurers
• Save money through a side-by-side comparison and choose a plan that fits your pocket well
• Get assistance from our call centre

Online Renewal Process

Renew your two wheeler insurance policy online by filling up the form available on the website. Though the process is very simple for renewing your bike insurance policy in just 30 seconds. You just need to keep your policy handy with you. Follow the below mentioned steps to renew your two wheeler insurance policy online:

• Go to bike insurance renewal form
• Enter your bike registration number & other relevant information
• Choose the two wheeler insurance plan that you want to purchase
• Select the riders or update IDV. You can update IDV as per your requirement. "Your IDV should be 10% less than Previous Year Policy
• After completing the process, you will see the premium amount that you need to pay
• You can choose any mode of online payment to pay the premium amount
• Once the payment is done, your two wheeler insurance policy will be renewed

Your bike insurance policy renewal documents will be emailed on your registered email address. You can also download your policy document & get a printout. This is the valid document & you can show the document to traffic police if he wants & save yourself to pay the heavy traffic fines.

Steps to Renew

Traditionally two wheeler insurance can be renewed by going to the nearest office of the insurer. The process is very simple, although you need to find the time to visit the branch. You have to know your policy and vehicle details and fill the same in the application form. If you pay the premium by cash, demand draft or debit card, the branch usually hands over the new policy.

Check payments require time to clear and in such cases, your policy will mostly be emailed to your official email address. If you want to buy new alternative riders or add-on covers, you may have to visit the nearest branch office. This stage can vary from one insurer to another and thus, it is better to confirm it before contacting your insurer for additional cover.

How to Renew?

You cannot insure a expired two-wheeler while riding. Apart from attracting punishment, it can also cause major losses in emergencies. A passive policy means that you do not cover any more by the insurer for any losses, legal liabilities and beyond. The rule of thumb is to renew the policy before its expiration date. You can recharge your policy with the service. Another reason to avoid renewal at the last moment or before the policy expiration date is to avoid inspection fees.

Here's how you can renew your expired two wheeler insurance policy online:

• ✶ You Can Switch the Insurer Even:

  If you were not satisfied with your last insurer, which may lead to the delay in renewal (just we guess), you can switch it now. Renewal is the finest time to review your policy coverage as well as the insurer. Go shop around, compare and buy the right deal.

• ✶ Go Online:

  Buying a policy over the internet is convenient, fast and safe. Go to the renewal section and provide the details of your motorcycle or scooter, such as make and model, CC, manufacturing year, etc. Select the type of two-wheeler insurance plan from the available options. Choose the add-ons to boost the policy coverage.

• ✶ Buy Policy and Stay Insured:

  If they offered premium is suitable to your budget, make the payment over the internet. Every insurer offers a safe payment option through an online payment gateway, where your confidential details are kept safe. Pay the premiums either using credit/debit card or net banking. The insurer will send the soft copy of your policy document to your registered mail ID.

By following this process, you can easily renew your bike insurance policy over the internet. However, it is recommended to recharge your bike insurance policy before it expires. As a 2 wheeler insurance saves you from expending a huge amount in case of damage or loss, it's your responsibility to keep track of your policy expiration date.

Two Wheeler Third Party Insurance Rate

A two-wheeler third-party insurance premium cost is determined based on the engine capacity of the motor vehicle. Based on the same, a detailed list of third-party insurance premium value / rate is mentioned below:

How to Calculate

servzone provides you with a calculator that will assist you in assessing your requirements and providing appropriate premium options. On our website when you fill in the basic details about your motor vehicle, such as IDV and more, the servzone bike insurance calculator tool gets the best two wheeler insurance options for you. Thereafter, you can compare two wheeler insurance plans and instantly pay via internet banking, debit or credit card for the plan that suits your interest and fulfils your needs. Whether you want motorcycle insurance or scooter insurance, you can check out the two wheeler insurance policies offered by various insurers in India.

The premium amount for your two-wheeler insurance policy is calculated based on the following factors:

• Insured Declared Value (IDV) of the vehicle
• Engine Cubic Capacity (CC) of the vehicle
• Zone of registration
• Age of the vehicle