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Two Wheeler/Bike Insurance
Two wheeler insurance provides protection from the financial aftermath of accidents, natural calamities & other untoward event that could harm you as well as your two wheeler. It also protect you against liabilities that arises as a result of damages to any third party vehicle , property or person. This means that your Insurance company will compensate for the damages and/or injuries caused to others on your behalf.
Also, as per the Motor Vehicles Act of 1988, you need to have at least a third party insurance plan for your vehicle in India. A two-wheeler insurance include different types of two-wheelers, like motorcycles,mopeds,scooters Etc.
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Two-wheeler Insurance Benefits
Providing Coverage against natural Calamities like flood, storm, lightning, earthquake, landslide, etc
Inclusions
Two-wheeler Insurance provide coverage against
Collisions
Damages/Losses due to collision and accidents.
Theft
Coverage against losses caused when your two-wheeler is stolen.
Fire
Damages/Losses caused by an accidental fire.
Natural disaster
Damages/Losses caused to your two wheeler due to the Act of Nature such as Flood, cyclone, earthquake Etc
Personal Accident
Get Compensation up to Rs. 15 Lakhs in case of accident leading to death or disability of the owner.
Third Party Losses
Pays for Property Damages and Injury caused by your two-wheeler.
What’s Not Covered
Standard Exclusions of Two-wheeler Insurance Policy
Own Damages for Third-Party Policy holder
In the case of a Third-Party or Liability Only two-wheeler policy, damages to own vehicle won’t be covered.
Drunk Driving or without a Licence
Your two-wheeler insurance will not provide coverage for you where you were riding drunk or without a valid two-wheeler licence.
Driving without a valid Driving Licence holder
You hold a learner’s licence and were driving without a valid driving licence-holder on the pillion seat. Then your claim in those situations will not be covered.
Contributory Negligences
Any contributory negligence (e.g. damage due to driving a two wheeler in a flood, which is not recommended as per the manufacturer’s driving manual, will not be covered)
Add-ons not Bought
Some situations are covered in add-ons. If you haven’t bought those add-ons, the corresponding situations will not be covered.
Add-Ons
Two-wheeler Insurance Add-ons which you can buy with your two-wheeler insurance policy
Factors affecting the cost of your two-wheeler Insurance
Cost of the two-wheeler
Your two-wheeler insurance premium directly depends upon the cost of your vehicle. Higher the cost of your vehicle, the higher will be the insurance premium i.e higher the IDV is , the higher will be the insurance premium. (IDV stands for Insurer Declared Value. It is the maximum compensation the insurer will provide in the condition of total loss. The IDV of a car is its selling price after deducting the annual depreciation.)
Age of your two wheeler
Whenever there is a claim or total loss of your vehicle, compensation is offered by the insurance company depending on the the market value of your two-wheeler and its part. Therefore, whenever you purchase a new vehicle , the insurance company are liable for higher compensation and thus charges you a comparatively higher premium for your two-wheeler policy. However, gradually when your two-wheeler starts getting older, its market value goes down and so does its insurer’s liability in case of a claim. Generally, once your vehicle turns over 5, its IDV is decided upon the mutual consensus between the policyholder and the insurance company. You can even choose lower IDV and thus enjoy lower premium.
Location
Metro cities in India generally suffers from massive traffic Jam. This results in massive road congestion and a higher risk of road accident. Thus, in case you live in metro cities like Delhi or Mumbai, you could end up paying higher premium that you would have paid if you lived in a tie-3 town like Jodhpur, Ajmer.
Type of Policy
The premium of a third party insurance is economical and affordable as compared to a comprehensive car insurance.
Add-ons
Every add-ons attribute to different amount in the insurance policy. Thus, your choice and number of add-ons you select determine your car insurance premium.
Type of two-wheeler Insurance we provide
Third Party Insurance
Third party insurance provides the basic coverage which is mandatory as per the law of our country. Third party insurance does not cover the own damage. It only cover the losses and damages caused to the third party person in a two-wheeler accident in which your vehicle is involved. Personal accident cover that pays up to 15 lakhs to the insured or his/her family member in case of any serious injuries or death as a result of an accident. Also there is no add-on option in the third party insurance.
Comprehensive Insurance
Comprehensive Insurance has 2 parts : Own Damage and Third party Cover. This implies that apart from the third party cover, comprehensive Insurance also provide protection from the total loss and damages caused to your vehicle due to collision, theft, natural and man-made calamities. Also, the best part is you can also select add-ones in comprehensive Insurance in order to increase your coverage.
Standalone Insurance
Since September 2019, Own Damages was not just considered a part of the comprehensive two-wheeler insurance, but was also bought as a separate policy in itself which came to be known as Standalone Policy. However , it was possible only if you already have a third party Insurance in place. The main concept of bringing a standalone policy in effect was that some of the insured may already have a third party policy but wanted to protect the two-wheeler itself from damages too. That’s where the standalone policy turns out to be useful and provide protection to your two-wheeler itself. Thus, instead of upgrading the renewal to comprehensive two-wheeler Insurance, we can just buy a standalone own damage cover.
Why you should buy two-wheeler Insurance from RohiniCLS
Over 20+ Leading General Insurers to choose from
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FAQ
Two-wheeler Insurance
How many types of two wheeler insurance are there? What are they?
There are generally two types of two wheeler insurance in india.
The first type of plan is known as third party insurance. Third party insurance is the simplest and most basic insurance . It is the simplest and most basic coverage for your two-wheeler and is also mandatory as per the Indian law. Without a third party insurance of your two wheeler, heavy fines and jail upto 6 months could be faced.
Third party insurance is made up of two components- third party liability cover and personal accident cover . Third party liability provides assurance that no compensation needs to be paid for injuries or damages that you may inadvertently cause to others in an accident. The second component – personal accident cover , provides compensation when such accident/misfortunes leads to disability of death of the policyholder. However, no coverage is provided for your own vehicle under third party insurance.
The second type of insurance for your two wheeler is called comprehensive insurance. Comprehensive insurance offers third party insurance as well as coverage for your own vehicle. Such insurance will compensate in case of damage or total loss of your vehicle due to accidents, theft and various other natural and man-made disasters. Add-ons are also offered along with comprehensive two-wheeler insurance policy. Add-ons are generally extra options provided for widening your two-wheeler coverage of comprehensive insurance policy.
Why two wheeler insurance is necessary?
In india, it is mandatory by law in India to have at least third party insurance of your two wheeler/bike. Without third party insurance, heavy fines and even jail upto 6 months are the consequences. However apart from legal consequences, it is always essential to have a two-wheeler insurance policy. It will save you from financial impacts of accidents and other unforeseen events that can cause damage or result in complete loss of your vehicle.
What are advantages of having two-wheeler insurance?
Your two-wheeler insurance provide benefits in the following ways:
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Protection from the third party damages.
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Permission to legally ride your vehicle on Indian roads.
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Coverage against natural calamities such as earthquake, storms, floods etc.
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Protection provided to the insured/policyholder against man-made calamities like fire, theft, riot, etc.
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Compensation upto 15 lakhs in cases where accident leads to permanent disability/ death.
What coverages are provided in two-wheeler insurance?
The coverage of your two-wheeler insurance policy depends upon the type of policy you carry. If you carry a comprehensive policy, it will offer all-round protection against risks on and off the road. It provides protection against various unforeseen events such as accidents, theft, earthquakes, floods, vandalism and many more natural and man-made calamities. However, in case you take only third party Insurance , then only protection from third party liabilities will be provided to you in case you inadvertently injure or cause damages to others in an accident.
How NCB will be calculated at the time of renewal?
NCB (No Claim Bonus) is a discount or reward offered to the policyholder/insured for maintaining a claim-free record against their two wheeler insurance policy. It starts at 20% for the first claim free year and then keeps on increasing for every subsequent claim-free year until it reaches the maximum value of 50%. The below table will guide you hope does NCB work on two-wheeler vehicle
No Claim Bonus Rate
After one claim-free year 20% discount on the premium amount
After 2 consecutive claim-free years 25% discount on the premium amount
After 3 consecutive claim-free years 35% discount on the premium amount
After 4 consecutive claim-free years 45% discount on the premium amount
After 5 consecutive claim-free years 50% discount on the premium amount
What do you mean by long-term two-wheeler comprehensive insurance?
A long term two-wheeler comprehensive insurance is a policy which provide coverage to the policyholder for a duration of more than one year. Thus, you don’t need to worry about renewing your insurance policy every year if you opt for long-term two wheeler comprehensive insurance. This will also protect from annual price hikes that IRDAI impose on third party insurance premiums.
Is it mandatory to have a third party insurance?
Yes, as per the laws in India, every vehicle owner must have a third party motor insurance policy. Driving without a valid third party motor insurance is a legal offence
What will happen to the No Claim Bonus if I renew my vehicle after 90 days of expiry?
If your bike insurance policy has been expired for over 90 days, then no NCB benefits shall be available to you. No claim Bonus is a type of benefit that is given by the insurance company/insurer in case you have not claimed your policy in the preceding year. The range of NCB discount varies from 20% to 50% on the premium payable. Thus, it is an effort made by the insurer/insurance companies to prevent the policyholder from making too many claims.
What do you mean by constructive total loss?
A constructive total loss, for a two wheeler , means that the damage or loss occurred to the two-wheeler is so much that the repair cost would equal or exceed the cost of the vehicle, or it’s insurance coverage limit. Policyholder can also be paid full coverage for his asset by the insurer under constructive total loss.
What is the procedure to file a claim if my vehicle is lost/stolen?
One should first file an FIR and then contact the insurance company in case of theft. Insurer generally ask for police report/FIR copy for instils processing. There are some other documents too that are needed to be submitted in such cases. These documents include the basic details of the policyholder, insurance certificate, police reports and so on.
What is a non-depreciation /zero depreciation/ bumper to bumper coverage ?
Zero depreciation cover/ non-depreciation /bumper to bumper coverage, is an add-on coverage that is provided along with two motor insurance policies. It provide coverage for the damage without taking into consideration the depreciation cost of the vehicle i.e full coverage is provided for all the parts of the vehicle including rubber, fibre and other metal parts without considering the deprecation cost of the vehicle.