What Is Two Wheeler Insurance?

A two-wheeler insurance policy is essentially an agreement between an insurance company and a person in which the insurer covers any damage sustained by the two-wheeler in the event of an accident, natural disaster, or theft.

Why Should You Buy Two-Wheeler Insurance Online From Okbima?

You can buy two-wheeler insurance online from okbima.com as it is a one-stop insurance portal where you can evaluate numerous bike insurance packages and choose the best insurance for your bike.

okbima.com is where you can evaluate numerous bike insurance packages and choose the best insurance for your bike. There are a variety of reasons to buy term insurance from okbima.com, including:

1 Lac+ Satisfied Customers- Understand & We are a dependable and trustworthy company with over 100,000 delighted customers. Join our expanding group to benefit from our excellent services, amazing value, and commitment to client happiness.

30+ Life Insurance Choices- Understand & It is easy and fast for people to get access to more than 30 insurance firms that specialize in life insurance.

24 hours a day (dedicated relationship manager)- Understand & We are available to you 24 hours a day, seven days a week through our online platform, which also makes the investment process more transparent and faster overall.

Empathy- Understand & At okbima.com, empathy is our guiding principle as we believe insurance should prioritize the needs and well-being of individuals over mere statistical figures.

What Are The Types Of Two Wheeler Insurance In India?

There are three different types of bike insurance plans, which are described below:

Third-Party Bike Insurance Plan

A Third-Party Bike Insurance policy is the most basic sort of two-wheeler policy, providing coverage for any damages and losses caused by your two-wheeler to a third party's person or property.
According to the Motor Vehicle Act of 1988, any bike owner is required to carry third-party bike insurance. This provides coverage for third-party liabilities such as injuries, fatalities, and property damage. Only personal damages are covered under this policy.

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Comprehensive Bike Insurance Plan

A comprehensive bike insurance policy covers all of the flaws of a third-party bike insurance policy. A comprehensive bike insurance policy, also known as a package bike insurance policy, covers all forms of damages to the insured's bike in the event of an accident.
Also, it offers protection against both third-party liabilities and own losses sustained by the insured's bike.

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Standalone Own Damage (OD) Bike Insurance Plan

In a standalone own-damage bike insurance policy, the policyholder is covered for losses or damages to their own insured bike due to an accident or unexpected event.
If you buy a solo own-damage policy, you must also buy a third-party policy to meet the legal criteria specified by the Indian Motor Tariff, 2002.

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Why Do You Need Motorcycle Insurance?

Bike insurance is essential to shield you, your car, and any potential financial damage from accident-related losses and third-party responsibilities. Here are some of the reasons why do need motorcycle insurance:

Protection Against Third-Party Liabilities

If you damage someone else's property or injure someone while riding your bike, you may be held accountable for the cost of repairs or medical fees.

You can avoid this by purchasing 3rd Party Insurance for your two-wheeler. This will help cover any financial expenditures incurred as a result of third-party liability.

Medical Payments And Personal Injury Insurance

For even more security, insurance can help cover your own medical costs and offer personal injury protection in the event of a collision.

Your medical insurance coverage will assist you in paying your bills regardless of who caused the accident, allowing you to remain financially stable regardless of what happened.

Optional personal injury protection coverage can also assist pay for child care, lost earnings, and other related expenses incurred while recovering from your injuries.

Cover Against Bike Theft

If your bike is stolen and not located, your financial loss will be reimbursed if you have Comprehensive Bike Insurance. With okbima.com, you can rest assured that your bike theft claim will be resolved quickly and without difficulty.

Breakdown Protection

Motorcycle repair insurance, often known as mechanical breakdown insurance, is an optional type of coverage that pays for certain motorcycle repairs.

In this sense, it is similar to an extended warranty that can assist you in repairing the engine, gearbox, and other routine maintenance repairs performed at your local repair shop.

Obey The Law

Third-party insurance is required for all motor vehicles, including electric bikes and scooters, under the Motor Vehicles Act of 1988. If you violate this legislation, you could face a fine of up to Rs. 4,000 and/or jail. To avoid issues with the law, it is critical that you purchase/renew bike insurance.

Benefits Of Buying A Bike Insurance Policy Online / Scooter Insurance

There are many benefits of buying an insurance policy online such as:

Premium Rates- Purchasing bike insurance online will result in lower premiums because there are no agents or intermediaries involved.

Transparent- As everything will be displayed on the firm website, it will be more transparent.

Purchasing Procedure- We have our own website, okbima.com, where you can easily buy bike insurance using your laptop or mobile phone.

Customer Service Assistance- You can now quickly interact with our team, which is available 24/7 to assist you with purchasing bike insurance or answering any other questions you may have.

Paperwork- You no longer need to fill out any papers because you can easily acquire your bike insurance online with a few mouse clicks.

Comparison-Agents only sell the bike insurance that they want to sell, but through the online purchasing process, you can simply evaluate all of the plans based on your budget and needs.

How To Choose The Best Bike Insurance Policy?

You can choose the best bike insurance policy through the following points:

Scope Coverage
Scope Coverage

Scope Of Coverage

The primary goal of insurance is to reduce financial losses in the event of unforeseen circumstances covered by the policy. Therefore, the coverage aspect of your two-wheeler insurance should be given the most importance. Always check the inclusions and exclusions of a two-wheeler insurance coverage before purchasing it.


Choose A Reputed Insurer

Always go with an insurer that has a reputation for swift, effortless, and simple claim settlement methods. Before buying two-wheeler insurance, it's crucial to take the insurer's claim response time and claim settlement ratio into account.



Most motorcycle insurance companies usually offer discounts and bonuses on their policies. Discover any discounts you could be entitled to you never know, a simple inquiry might lead to the best bike insurance plan at the lowest cost.


Understand The Add-On Covers

Increase coverage with bike add-ons. Compare plans, required coverage, and premiums and make informed decisions to avoid disappointments. To get lower prices and greater coverage, compare insurance.

Documents Required To Avail Of Bike Insurance Online

Insurance, particularly motorbike insurance, is a vital step towards financial security. It will assist you in filing a claim in the event that your bike is damaged or stolen. You are entitled to compensation under the insurance policy for both man-made and natural disaster damage.

Let's have a look at the documentation needed for two-wheeler insurance.

  • Identity Proof
    Identity proof is a necessary document when applying for two-wheeler insurance. It could be a passport, Aadhaar card, driving license, voter card, or ration card.
  • Registration Certificate
    The Motor Vehicles (MV) Act of 1988 requires every vehicle owner in India to have a valid registration certificate in order to operate a motor vehicle on Indian roads. The MV Act makes it illegal to drive a vehicle on Indian highways without a valid registration certificate.
  • Photographs In Passport Size
    A current passport-size image of the owner of the motorbike is required so that the owner can be easily identified.
  • Address Verification
    Another obligatory document required for two-wheeler insurance is address proof of the owner, which shows the owner's residential address and is required at the time of insurance. Valid address proof includes a passport, Aadhaar card, driving license, and voter card.
  • The Old Insurance Policy Number
    If you already purchased insurance, the old policy number is required. The policy number is located right underneath the insurance card that is supplied by the insurer when you sign up for a policy.

What Factors Affect Two-Wheeler Insurance Premiums?

The factors affecting two-wheeler insurance premiums are-

A standard scooter or geared two-wheeler would have a lower insurance price than a high-end bike or a sports bike. The theory is simple: the higher the value of a motorcycle's multiple parts, the higher the insurance price for such a bike.
Installing anti-theft gadgets not only protects your bike from theft but also lowers the risk for the insurance provider. The insurer compensates you for lowering their risk or liability by offering savings on premiums and bike insurance renewal pricing.
Add-on covers are extra insurance coverage that you can add to your existing bike insurance policy. Examples include zero depreciation, engine protection, roadside support, and so on. These add-ons provide you with greater coverage than your normal insurance policy. With these add-ons, the price of bike insurance rises.
As time passes, the value of your bike depreciates. Depreciation also has an effect on the motorcycle's insured reported value, which decreases with each passing year. However, you can raise the IDV of the bike by paying a greater premium on the two-wheeler insurance cost when it is renewed.
A no-claim bonus, or NCB, is a discount paid by insurance companies to customers who do not file a claim in a given year. Your NCB discount grows with each consecutive claim-free year and is a fantastic way to save money on two-wheeler insurance.

How to Compare Online Two-Wheeler Insurance Plans?

If you are still confused about whether you should examine and compare bike insurance policies online. So, you can easily buy and compare the finest two-wheeler insurance online at okbima.com.

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How To Calculate A New Insurance Policy For A Bike Premium?

A bike insurance calculator is a straightforward online tool for calculating the insurance cost for a motorcycle, scooter, or electric bike.

A bike insurance calculator is a simple online application that allows you to determine the insurance cost for a motorcycle, scooter, or electric bike.

To give you a free quote, the two-wheeler insurance premium calculator takes into account the vehicle's make, model, Insured Declared Value (IDV), year of production, and Regional Transport Office (RTO) details.

The premium for bike insurance is calculated by the following elements:

  • 1Type of policy
  • 2Bike make and model
  • 3Year of manufacture
  • 4RTO information
  • 5No Claim Bonus (NCB)
  • 6Engine capacity

How Can I Pay For A New Bike Insurance Policy Online?

You can pay for a new bike insurance policy online because-

  • Step 1: Decide if you need third-party or comprehensive coverage by consulting others who have identical two-wheeler insurance. Keep in mind that their plan might not work for you. This step will assist you in getting started in your search for the best insurance.
  • Step 2: Browse online insurance plans from various providers and compare them. Decide whether you require basic protection or full protection. Understand the services provided by each provider, the premium price, any extra features, and the claim and documentation requirements. This will enable you to pick the best insurance strategy for your requirements.
  • Step 3: Confirm that your car's insured declared value (IDV) is provided by the insurance provider. If a two-wheeler is stolen or totally lost, IDV can be helpful. In exchange for the damage that cannot be repaired, the insurance provider makes a payment. IDV essentially represents the value created by the discrepancy between the manufacturer's suggested retail price and depreciation value.
  • Step 4: The company must have a high Claim Settlement Ratio (CSR). Reviews from clients are available on the business's official website. A plan should only be chosen if the insurance provider meets all the requirements.
  • Step 5: Add-ons are optional and only available with comprehensive insurance. Riders are another name for add-ons. If you have used insurance services, you will notice that insurance firms offer optional benefits in addition to the features listed in the initial policy. If riders are something you would want, you can have them by paying a larger price.
  • Step 6: Carefully study the legal agreements before purchasing two-wheeler insurance online. Ask an insurance professional for advice or get in touch with the business to get the advantages, features, and conditions explained. Making an informed choice regarding your insurance coverage will be made easier if you understand the policy document.
  • Step 7: Speak with an insurance company representative before completing the online insurance policy form. In order to avoid any discrepancies throughout the claim procedure, enter the information precisely and without making any mistakes.
  • Step 8: Making the payment for your online two-wheeler insurance purchase is the last step. After making your payment, you'll get an email with a copy of your insurance documentation. You can quickly download and print your policy documentation after making an online purchase for your convenience.

Top Two-Wheeler Insurers In India

Okbima.com researched and compared the following 8 major two-wheeler insurance providers to assist you in making your decision:

  1. Reliance General Two-Wheeler Package Policy
  2. ICICI Lombard Two-Wheeler Comprehensive Insurance
  3. TATA AIG Comprehensive Bike Insurance Policy
  4. Bajaj Allianz- Long-term Two-Wheeler Package Insurance
  5. HDFC Ergo- Comprehensive Two-Wheeler Insurance
  6. IFFCO Tokio- Comprehensive Two-Wheeler insurance with Zero Depreciation Cover
  7. SBI General Comprehensive Bike Insurance
  8. Digit Own Damage Two-Wheeler Insurance

Key Features Of Bike Insurance Policy

Key features of a bike insurance policy are:

It is a part of bike insurance policies that provide financial protection in the event that you are legally held liable for injuring, death, or inflicting property damage to others while riding your bike. According to the policy provisions, it covers legal expenses and reimbursement to the harmed party.
A policy for own damage bike insurance covers damages or losses to the covered vehicle. This covers damage caused by accidents or natural disasters such as earthquakes, floods, and so on. It also covers losses caused by man-made actions such as rioting, strikes, or theft.
A personal accident cover is a two-wheeler insurance policy that compensates the vehicle's owner or dependents in the event of an accident. A personal accident insurance policy is also available for the pillion rider.
Add-on coverage refers to additional coverage that can be acquired to supplement the coverage of a regular plan for an additional price. These add-ons are available with both comprehensive bike insurance policies and independent own-damage bike insurance plans.
A No Claim Bonus (NCB) is a means for the insurance company to reward the policyholder for safe driving. The bonus is granted as a reduction in the premium paid for the comprehensive bike insurance coverage.

How to renew two wheeler insurance policy online

If your policy expires, you lose financial and legal protection against third-party claims, as well as damage to your bike or theft of the vehicle.

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How To Claim Bike Insurance?

When you ride your bike, there's always a risk of accidents, natural disasters, riots, fire, or theft causing damages or losses. These unexpected incidents can be costly and burden your finances. It's important to have insurance coverage to protect yourself from these potential expenses and avoid financial strain.

Bike insurance coverage protects your bike from unforeseen events. If you suffer any losses or damages, you should notify your insurance carrier by filing a claim. A claim is similar to a request for compensation under your insurance policy. The insurance provider will assess the case and compensate you in accordance with the policy terms.

It is important to select an insurer who handles claims quickly and efficiently.

There are two types of two-wheeler insurance claims

1. Cashless Claims

When you make a cashless claim for your bike insurance, you can take your bike to a garage that is part of the insurance company's network. This means the insurance company has a partnership with that garage. They will handle the payment directly with the garage, and you only need to pay the deductible amount. The remaining expenses will be taken care of by the insurance company.

2. Reimbursement Claims

In Reimbursement Claims, you need to pay the repairs bill from your pocket and then submit the original bills, payment receipts, etc. to any insurance company. The insurer shall subtract the deductible amount as per the terms and conditions and reimburse the repair amount to you. In this case, you can get your two-wheeler repaired at your preferred garage.

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FAQs About Two wheeler Insurance

If a policy is purchased, the insurance provider will cover all of the repair costs. As a result, you won't have to worry about unexpected costs.

Your insurer will not pay for your loss or damage. Electrical and mechanical breakdowns are not covered by your motorbike insurance. You might hold a valid license. However, your friend who borrowed your bike for a ride may not have one.

According to the Motor Vehicles Act of 1988. If you have recently purchased a brand new scooter or bike and have opted to go with basic third-party bike insurance, you must purchase a 5-year coverage.

After completing the necessary verification process and adhering to the policy's terms and conditions, the refund amount will be determined on a pro-rata basis. You might not be eligible for a refund of the premium if you filed a claim for bike insurance during the policy's validity period.

Bike insurance prices in India can range from Rs. 2000 to Rs. 20000, depending on the brand and model of your bike, your age, and other considerations.

Your bike insurance policy number can be found on the Certificate of Insurance that you receive when you buy the policy. Your insurer will also send you letters and emails with your bike policy number on a regular basis.

No, a bike insurance policy cannot be canceled unless there is an actual case that is reported within a month of the policy's purchase date.