What Is a Bike Insurance (Motorcycle Insurance)?

Bike Insurance or Motorcycle Insurance is a legal contract between a bike owner and an insurance company. In this contract, the insurer takes the responsibility of covering the repair costs incurred due to various unforeseen events such as theft, accidents, or damage. It provides financial protection by offering reimbursement or replacement for your bike in case of loss.

Best Bike Insurance Plans In India

Buying a reliable two-wheeler insurance plan is now more accessible than ever. Starting at just ?1.5 per day, Okbima offers affordable insurance options for your two-wheeler.

Bike Insurance Companies Cashless Garages Personal Accidental Cover Claim Settlement Ratio (CSR) Compare & Buy Insurance
Bajaj-Allianz-Health 4500+ 15 Lakh 96.5% Get A Quote
Cholamandalam MS General Insurance 6900+ 15 Lakh 98.0% Get A Quote
Future Generali General Insurance 3500+ 15 Lakh 87.4% Get A Quote
DIGIT General General Insurance 1400++ 15 Lakh 97.0% Get A Quote
HDFC ERGO General Insurance 2000+ 15 Lakh 97.0% Get A Quote
IFFCO Tokio General Insurance 4300+ 15 Lakh 95.8% Get A Quote
Kotak Mahindra General Insurance 3000+ 15 Lakh 98.0% Get A Quote
Liberty General Insurance 4300+ 15 Lakh 98.0% Get A Quote
National Insurance General Insurance 900+ 15 Lakh 93.0% Get A Quote
The New India Assurance General Insurance 1100+ 15 Lakh 91.0% Get A Quote

Benefits to Buy the Bike Insurance Online

There are many benefits to buying bike insurance online or motorcycle insurance online in India that we have mentioned below which you can look to make an informed buying decision.

Liability Coverage

Provides coverage for permanent/temporary injuries, death, and property damages incurred by third parties.

Own Damage Coverage

Protects against damages or loss to the insured vehicle resulting from natural disasters, man-made calamities, theft, fire, accidents, etc.

No Claim Bonus (NCB)

Offers policyholders a bonus for claim-free years up to 50% on premium payments upon policy renewal.

Add-On Covers

Enhanced Protection: Offers a variety of add-ons with a comprehensive policy, including NCB protection, zero depreciation, engine protection, roadside assistance, and more.

Buying/Renewal Process

Provides a user-friendly online process for the purchase and renewal of insurance policies.

Cashless Network Garages

Allows policyholders to get their vehicles repaired at network garages without making upfront payments.

Personal Accident (PA) Cover

Offers coverage for personal accidents, providing compensation of up to Rs.15 lakhs.

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What is Covered in the Bike Insurance Policy?

Bike Insurance policy provides comprehensive coverage, to cover various events and scenarios to ensure financial protection for policyholders. Below is an overview of the events covered under the two-wheeler insurance policy.

  • Third-Party Losses/Liabilities

    Damages to another person's vehicle or property and Injuries or death of a third party caused by your two-wheeler.

  • Accidental Damages

    Damages caused to your vehicle due to accidents.

  • Fire Disasters

    Damages to your two-wheeler resulting from fire-related incidents such as fire explosion, self-ignition, lightning, etc.

  • Natural Disasters

    Damages from natural calamities such as floods, cyclones, earthquakes, etc.

  • Man-Made Disasters

    Damages to the insured vehicle due to human-induced incidents such as riots, protests, terrorist activities, etc.

  • Vehicle Theft/Total Loss

    Financial loss due to vehicle theft or total loss. For example, If your bike/scooter is stolen, and authorities are unable to trace it.

What is Not Covered in the Bike Insurance Policy?

While the Bike insurance plan aims to offer extensive coverage, there are specific exclusions to be aware of. The following scenarios are not covered under the policy, and policyholders are advised to refer to the respective bike insurance policy for detailed information.

  • Damages Due to Electrical or Mechanical Issues

    Damages to the insured vehicle resulting from electrical or mechanical failures.

  • Driving Under the Influence

    Damages incurred while operating the two-wheeler under the influence of drugs, alcohol, or other intoxicating substances.

  • Wear and Tear

    Repair or replacement of vehicle components due to regular wear and tear.

  • Inactive Policy Period

    Damages suffered by the bike or scooter when the insurance policy was not active.

  • No Valid Driving License

    Damages to the vehicle when driven without a valid driving license.

  • Illegal Activities

    Incidents resulting from illegal activities such as racing.

  • Geographical Limitations

    Incidents occurring outside the geographical boundaries of the country.

  • Coverage for Injuries or Death of Policyholder

    Exclusion of coverage for injuries or death of the policyholder while riding the two-wheeler.

  • Damages Due to War

    Damages caused to the insured vehicle due to war-related events.

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Add-On Covers in Bike Insurance Plans

Bike insurance or motorcycle insurance add-ons, also known as riders, provide additional coverage beyond the basic insurance plan. These optional covers can be purchased by paying an extra premium, enhancing the overall protection for the insured two-wheeler.

Mandatory Personal Accident (PA) Cover

Compulsory for the owner with a valid Driving License (DL). With a limit of Rs. 15 Lakh coverage for death or permanent disability due to a road accident.

NCB (No-claim Bonus) Protection Cover

Retain No Claim Bonus (NCB) even after raising a claim during the policy tenure to ensure a discount on your damage premium during renewals for every claim-free year.

Zero Depreciation Cover

Eliminates the depreciation factor in claim settlements and is applicable on private bikes with a specific limit on claims during the policy tenure.

24x7 Roadside Assistance Cover

Emergency roadside assistance for breakdown, fuel assistance, flat tire aid, lost key support, and minor repairs and this service usage doesn't affect the no-claim bonus discount.

Engine Protection Cover

Compensation for partial or total damage to the engine due to specified reasons and protected engine parts like cylinders, pistons, connecting rods, crankshafts, etc.

Consumables Cover

This covers the cost of essential bike consumables (engine oil, brake fluids, chain lubricants, etc.) and is reimbursed up to a specified limit.

Passenger Cover

Additional coverage for co-passenger or rider in case of bodily injuries or death due to accidents or insured perils.

Types of Bike Insurance (Two-Wheeler Insurance) In India

Generally, there are 3 types of two-wheeler insurance policies offered by the general insurance companies in India which you can buy such as third-party bike insurance, standalone own-damage bike insurance, and comprehensive bike insurance as per your needs & budget.

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Third-Party Bike Insurance

Third-party Bike Insurance protects against legal obligations from damage to a third party in an accident. It provides compensation for damages, injuries, or death of a third party or their property. It is mandated by the Indian Motor Vehicle Act 1988 for all two-wheeler owners and offers compensation of up to ?7.5 Lakhs for damages/injuries to third parties.

Standalone Own Damage Bike Insurance

Standalone Own Damage Bike

The Standalone Own Damage Bike Insurance covers the damages caused to the insured bike or focuses solely on its damage or it covers the bike from accident, theft, fire, natural calamities, and damage in transit. It is recommended as an additional policy alongside mandatory third-party coverage that protects against damages to the insured bike from various incidents.

Comprehensive Bike Insurance

Comprehensive Bike Insurance

The Comprehensive Bike Insurance covers the damage including third-party liabilities and own damages such as due to accidents, fire, theft, natural calamities, and more. It offers the combination of third-party insurance and own-damage coverage into a single policy and offers extensive protection against a wide range of unforeseen circumstances.

Difference Between Third-Party vs Standalone Own-Damage vs Comprehensive

We have given the table that shows the difference between third-party bike insurance, standalone own-damage bike insurance, and comprehensive bike insurance that will help you to make an informed decision.

Points of Basis Third-party Bike Insurance Coverage Standalone Own-damage Bike Insurance Coverage Comprehensive Bike Insurance Coverage
Scope of Coverage Narrow Wider Very high
Third-party liabilities
Own-damage coverage
Personal Accident (PA) cover
Availability of add-on covers
Mandated by law

Bike Insurance Premium Prices in India

The premium or policy price of comprehensive two-wheeler insurance is influenced by various external factors, including engine capacity, the age of the vehicle, and its geographical location. However, the pricing of third-party policies is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).

Below is the table that shows the third-party bike insurance premium prices in India that are applicable from 1st June 2022:

Engine Capacity (in CC) Annual third-party bike insurance price 5-year third-party bike insurance price
Up to 75 CC 538 2,901
75 – 150 CC 714 3,851
150 – 350 CC 1366 7, 365
Above 350 CC 2804 15,117

Factors Affecting Bike Insurance Premiums In India

The premium for your bike insurance policy is determined by various factors that reflect the level of risk associated with insuring your two-wheeler. Knowing these factors can help you make the best choices when it comes to your insurance.

Coverage

The level of coverage significantly affects the premium amount. For example, a comprehensive plan, offering broader coverage, generally has a higher premium compared to a mandatory third-party policy.

Insured Declared Value (IDV)

IDV is the estimated current market value of your bike. A lower IDV results in a lower premium since it represents the maximum amount the insurer will pay in the event of a total loss.

Age of the Vehicle

Inversely proportional to the market value or IDV due to depreciation. Older vehicles have a lower market value, leading to lower premiums.

Make & Model of the Vehicle

The type of bike model affects the coverage required and, consequently, the premium. For example, high-end models may need broader coverage, resulting in higher premiums.

Engine Cubic Capacity (CC)

Directly proportional to premium rates. Bikes with higher engine CC have higher premiums due to increased risk.

No Claim Bonus (NCB)

NCB offers a discount on the premium at renewal for claim-free periods. A higher NCB reduces the premium amount, incentivizing safe riding practices.

How to Compare Bike Insurance Online In India?

Bike insurance is an essential aspect of owning a bike in India. It provides financial protection in case of accidents, theft, or any other damage to the bike. With multiple insurance providers in the market, it is crucial to compare bike insurance plans before making a decision.

Here are some points to check if you want to compare two-wheeler insurance online:

  • Research and gather information

    Start by researching different insurance providers and their offerings. Look for their reputation, claim settlement ratio, customer reviews, and financial stability.

  • Identify your coverage needs

    Identify your requirements and determine the coverage you need. Consider factors such as the type of coverage you require, the CC of your bike, and any specific add-ons you might need.

  • Compare premium rates

    Premium rates for bike insurance can vary across different providers. Use online comparison websites or visit individual insurance company websites to get premium quotes for your bike.

  • Identify coverage options

    Compare the coverage offered by different insurance plans. Check if the plan covers damages to your bike in case of accidents, natural calamities, theft, or fire.

  • Check add-ons

    Add-ons are additional benefits that you can include in your bike insurance plan at an extra cost. Identify the add-ons offered by different insurance providers, such as zero depreciation cover, and engine protection, and determine if they align with your requirements.

  • Consider the claim settlement process

    The claim settlement process is crucial when choosing an insurance provider. Look for reviews or feedback from existing policyholders to understand the ease and efficiency of the claim settlement process offered by various insurers.

Why Buy Bike Insurance Plans From Okbima?

There are several reasons to buy bike insurance plans from Okbima such as a wide range of options, transparent comparison, and many more.

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Wide Range of Options

Okbima offers a comprehensive range of bike insurance plans from various insurance providers.

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Transparent Comparison

Okbima provides a user-friendly platform that allows you to compare bike insurance plans on multiple parameters such as coverage, premium, policy features, add-ons, and customer reviews.

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Best Price Guarantee

Okbima offers the best price guarantee, ensuring that you get the most competitive rates for your bike insurance plan.

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24x7 Customer Support

Okbima offers 24x7 customer support via chat, email, and phone. If you have any queries or concerns regarding your two-wheeler insurance, a team of experts is available to assist you at any time.

add-on

Claim Assistance

Okbima assists in the claim process. We will guide you on how to file a claim, and what documents are required, and help you with all the necessary information.

Documents Required to Buy Bike Insurance Plans Online

When buying motorcycle insurance in India, there are certain types of documents that you will need.

Here is the list of all the documents that you will require:

  • Proof of identity

    A valid identity proof, such as an Aadhar card, passport, voter ID, or any government-issued photo ID, is typically required. This establishes your identity as the policyholder.

  • Proof of address

    An address proof document, like an Aadhar card, passport, utility bills, or any other document issued by a government authority, is needed to verify your residential address.

  • Registration Certificate (RC) of the bike

    A copy of the bike's Registration Certificate is essential. It contains information about the vehicle, including its make, model, engine number, chassis number, and registration details.

  • Driving License

    A copy of your valid Driving License is required as it serves as proof of your eligibility to ride and own a two-wheeler.

  • Recent passport-size photographs

    Two recent photographs of you are required to buy the bike insurance plan.

How to Renew Bike Insurance Policy?

Renewing a bike insurance policy in India online from Okbima is an easy process and requires less documentation. To renew your bike insurance, contact our "Team of Experts" to buy the best plan at an affordable price.

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Documents Required to Renew Bike Insurance Policy

Renewing your bike insurance policy is a crucial aspect of maintaining continuous coverage for your two-wheeler. The documentation required for renewing your motorcycle insurance policy is generally straightforward.

Here's a list of common documents you might need:

 
registration_certificate

Registration Certificate (RC) Copy of Your Bike: A valid copy of your bike's Registration Certificate is required to renew your bike insurance policy.

 
driving-license

Driving License: A copy of your valid driving license is often necessary for the renewal process. It serves as proof that you are legally allowed to ride the bike.

 
ncb_certificate

No Claim Bonus (NCB) Certificate: If you are eligible for a No Claim Bonus discount, provide a certificate confirming your NCB status from your previous insurer.

 
inspection

Vehicle Inspection Certificate (if required): Some insurers may require a vehicle inspection before renewing the policy if there have been modifications to the bike.

 
personal_identification

Personal Identification Proof: A copy of your identification proof, such as an Aadhar card, passport, or any other government-issued ID, may be required.

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How to Claim Bike Insurance Policy Online?

Claiming bike insurance online can be an easy process, offering flexibility through two easy methods: cashless claims and reimbursement claims. Here's a step-by-step process for both types of two-wheeler insurance claims.

Cashless Claim

If the claim is cashless, the insurer pays the claim amount directly to the network garage, but you can only use this facility if you have your insured vehicle serviced at one of your insurer’s network garages.

Step 1: Inform your insurer about the accident or mishap involving your insured vehicle.

Step 2: The insurer will dispatch a surveyor to identify and evaluate the loss or damage to your insured vehicle.

Step 3: Fill out the claim form and submit it, along with all necessary documents such as a copy of the bike insurance policy, FIR copy, driver's license, bike RC, and policyholder's ID proof.

Step 4: Upon approval of the claim, send your insured vehicle to one of the network garages for repairs.

Step 5: Your insurer will directly settle the repair charges with the network garage. If applicable, pay any deductibles or non-covered expenses.

Reimbursement Claim

Reimbursement claims services are when you have the repairs done in a garage that isn’t on your insurer’s approved garage list.

Step 1: Register the claim with your insurer, indicating that you opted for repairs at a non-approved garage.

Step 2: Complete the claim form and submit it, along with mandatory documents such as a copy of the bike insurance policy, FIR copy, driver's license, bike RC, policyholder's ID proof, original repair bills, and receipts.

Step 3: A surveyor appointed by the insurer will estimate the repair cost and prepare an assessment report.

Step 4: Once the insurer approves the claim based on the surveyor's report, proceed with getting your vehicle repaired at the non-approved garage.

Step 5: Pay all repair charges directly to the garage from your pocket, and submit all relevant bills, payment receipts, and proof of release to your insurer.

Step 6: After approval, the insurer will disburse the claim amount to your registered bank account.

Documents Required to Claim a Bike Insurance Policy

When claiming a motorcycle insurance policy in India, there are certain types of documents that you will need.

Here is the list of the essential documents required:

  • Duly filled and signed claim form: This form contains crucial details about the incident, damages, and your personal information.

  • A valid copy of the Registration Certificate (RC): The RC is necessary to validate ownership and provide details about the insured two-wheeler.

  • Valid Driving License (DL): Your valid driving license establishes your eligibility to operate the insured vehicle and is a standard requirement for filing a claim.

  • Valid two-wheeler insurance policy Showing a copy of your active insurance policy that provides coverage and policy details.

  • Police FIR (in case of accidents, theft, and third-party liabilities): The First Information Report (FIR) is crucial for incidents involving accidents, theft, or third-party liabilities.

  • Repair bill and payment receipt in original: Original repair bills and payment receipts from the garage where repairs were conducted provide evidence of the incurred expenses.

  • Proof of release (in case of reimbursement claim settlement process): The proof of release, often in the form of a discharge voucher, signifies that you have received the reimbursement amount and are satisfied with the settlement.

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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.