1. Why is Two-wheeler Insurance Mandatory in India?
The poor road condition of our roads along with negligent and rash riding often leads to accidents that can cause injury not only to the rider but also the people, damage to a property, and death. To compensate for the losses or damages done to the victim or its property by the insured vehicle, two-wheeler insurance has been made mandatory.
2. What Are Add-on Covers In Two-wheeler Insurance?
Two-Wheeler Insurance Companies Offer An Array Of Add-On Options To Their Customers. The Most Popular Ones Are:
- Zero Depreciation
- Roadside Assistance
- Ncb Protect
- Accident Cover For Pillion Rider
- Consumables Cover
- Return To Invoice
3. What Is IDV In Two-wheeler Insurance?
Insured Declared Value Or Idv Is The Upper Limit Of The Compensation That You Would Receive In Case Of Repairing Damages, Vehicle Theft Or Total Loss At The Time Of Claim. This Value Is Fixed By The Insurance Company Based On The Condition Of Your Two-Wheeler.
4. How To File A Claim For Two-wheeler Theft Under The Two-wheeler Insurance Policy?
In Case Of Theft Of Your Bike, File An Fir At The Earliest And Inform The Insurance Company About The Same. Along With The Copy Of Your Fir, Submit The Following Documents To Make The Claim:
- Duly Filled Claim Form
- Policy Papers
- Driver’s License
- Rc Of The Bike
- The Id Of The Claimant
4. What Is A Personal Accident (Pa) Cover In Two-wheeler Insurance?
Having A Personal Accident Cover Is Mandatory. The PA Or The Personal Accident Cover Comes With Both Third-Party Two-Wheeler Insurance And Comprehensive Two-Wheeler Insurance. It Covers Any Disability Or Death That Is Caused Because Of The Accident And Comes With A Cover Of Inr 15 Lakhs. In Case The Owner-Rider Of The Two-Wheeler Suffers Permanent Disability Or Death Then 100% Of The Value Will Be Paid And When There Is A Permanent Partial Disability, 25-75% Of The Total Value Is Paid.
5. What Is The Difference Between Tp And Comprehensive Two-wheeler Insurance Policy?
A TP Or A Third Party Two-Wheeler Insurance Covers The Liabilities That Are Suffered By The Other Party Because Of Your Bike. It Is A Formality That Is Mandatory Under The Motor Act. Comprehensive Two-Wheeler Insurance, On The Other Hand, Will Cover Not Only The Damages To Your Bike But Also The Third Party. It Is An Optional Formality.
6. What Is The Difference Between A Single-year And Multi-year Two-wheeler Insurance Plan?
As The Name Suggests, A Single Year Two-Wheeler Insurance Comes With The Policy Tenure Of 1 Year, And Multi-Year Two-Wheeler Insurance Comes With A Policy Tenure Of More Than A Year. If You Purchase A Two-Wheeler Insurance Plan For Your Bike For A Tenure Of 3 Years, You Are Free From The Hassle Of Renewing It Every Year For The Coming 3 Years. As Compared To Single-Year Two-Wheeler Insurance, Multi-Year Two-Wheeler Insurance Is More Advantageous As You Can Save Almost 20-40% On The Premium Apart From The Other Lucrative Discounts. Also, Even When You Opt For Multi-Year Two-Wheeler Insurance, The Idv, I.E The Insured Declared Value Will Remain The Same Which Is Again Beneficial, Otherwise Every Year The Idv Will Reduce. The Table Shows The Rate Of Depreciation:
Age Of The Two-Wheeler | Percentage Of Depreciation |
Up To 6 Months | 5% |
6 Months To 1 Year | 15% |
1 - 2 Years | 20% |
2 - 3 Years | 30% |
3 - 4 Years | 40% |
4 - 5 Years | 50% |
7. What Is A Bundled Two-wheeler Insurance Policy?
When You Buy A Bundled Two-Wheeler Insurance Plan, It Provides You With A Cover For Third Party Claims For A Period Of 3 Years And A Cover For Your Own Damage For A Period Of 1 Year.
8. What Is A Standalone OD Policy In A Two-Wheeler Insurance?
From 1 September 2019, Two-Wheeler Owners With Third-Party Insurance, Have Been Allowed To Buy Standalone Own Damage (Od) Insurance. This Policy Cover Provides Insurance To The Two-Wheeler Against Theft As Well As Own Vehicle Damages. It Is A Yearly Product That The Policyholder Has To Renew Annually And Can Only Be Bought Along With A Valid Third-Party Only Bike Insurance Plan.
9. What Is A No-Claim Bonus (Ncb) In Two-Wheeler Insurance?
When You Do Not Make A Claim Throughout The Policy Tenure, You Get A Discount On The Own-Damage Component Premium Under A Comprehensive Plan, When You Renew The Policy. This Discount Is Called A No-Claim Bonus (Ncb). The Discount Generally Increases With Claim-Free Years And Can Be Between 20% To 50%.
Claim-Free Period | No Claim Bonus |
After 1 Year | 20% |
After 2 Years | 25% |
After 3 Years | 35% |
After 4 Years | 45% |
After 5 Years | 50% |
10. How to check bike insurance?
You can check bike insurance plans online, compare them and choose the best out of them in terms of coverage, premium and additional benefits. Paytm Insurance.co.in, a premier online marketplace for insurance products, is the one you should visit for picking the best bike insurance plan. We've joined hands with numerous top bike insurance companies that offer you maximum coverage in exchange for affordable premiums. Quite a hassle-free process as opposed to when visiting the website of different insurers individually and choosing a plan out of them.
11. Can I buy a bike without insurance?
You can buy a bike without insurance. But if caught without insurance while driving, be ready to pay a penalty of up to INR 1,000 or face a 3-month imprisonment. As per the Motor Vehicles Act, third-party insurance is mandatory to have. In addition, you also get protected against the legal liabilities arising out of your insured bike with this insurance. These liabilities include damages to the third party or property due to your bike. However, it is best to opt for comprehensive bike insurance that covers third-party liabilities as well as the damages incurred to your bike due to accidents.
12. How to check bike insurance expiry dates online?
There are multiple ways by which one can check the expiry date of bike insurance online. You can do so by visiting the website of your insurer, Insurance Information Bureau (IIB) or VAHAN. The steps to check the bike insurance expiry dates may not be the same across insurance companies. So, follow the steps asked by your insurer to do so.
Things to Do on IIB
- Visit the portal of IIB
- Go to ‘Quick Links’ and then on to V SEVA
- Mention the details sought afterward and submit
- Details regarding your bike insurance, such as policy expiry date, will flash
Things to Do on VAHAN
- Go to VAHAN e-services portal
- Navigate to ‘Know Your Vehicle Details’
- Enter your mobile number, vehicle number as well as verification code
- Go to ‘Search Vehicle & check the expiry date under ‘Insurance Upto’
13. What is a two wheeler insurance policy?
A two wheeler insurance policy is a plan wherein the insurance company takes stock of the damages incurred to your vehicle. Besides, the policy immunes from legal liabilities that you may face owing to your insured two-wheeler. In an accident, your two-wheeler might end up injuring other individuals and causing damage to properties, besides injuring you. It could even lead to the death of other individuals. So, with a two wheeler policy, you can be saved from all these legal and financial hassles.
14. How to get a bike insurance paper online?
You can obtain your bike insurance paper online with these simple steps.
- Go to the official website of your insurance company
- Choose ‘Bike Insurance’ from a list of insurance plans
- Mention your policy number and other bike insurance details
- You may be asked to verify your profile
- If so, do that
- A copy of your bike insurance will flash on the screen
- Download that copy and save it on your desktop or laptop
- You can even take a printout of that policy copy
15. What are the different types of bike insurance plans?
Bike insurance plans are available in three types - Comprehensive Insurance, Standalone/ Own Damage Insurance, and Third-party Liability Insurance.
A comprehensive insurance policy covers you financially against the damages incurred to your bike as well as the legal liabilities arising out of the insured vehicle.
Whereas Standalone/Own Damage Insurance covers the damage caused to your vehicle by man-made and natural calamities. It also covers bike theft and damages beyond repair. But it does not immune you from third-party liabilities.
Third-party Liability Insurance covers only the damage caused to persons or properties with your insured vehicle.
16. What is the premium of different bike insurance plans?
Bike insurance premiums can start from INR 500-2,000 per annum, depending on the coverage amount, type of vehicle, its age, model number, engine, the city of purchase, the safety devices installed in it, add-on covers, if any. Comprehensive bike insurance, since it covers the maximum stuff, commands more premium than other bike insurance variants. But given the financial and legal hassles that one may encounter in case of an accident or other frailties, having a comprehensive plan, even at a higher premium, is worth your money.
17. What is pa cover in bike insurance?
PA Cover or Personal Accident Cover in bike insurance could come as a separate plan or with an existing bike insurance plan. This cover protects you financially in case you get injured due to an accident involving your insured vehicle. The medical expenses for the treatment of injuries owing to accidents will be covered under this. Personal accident cover, which can be provided for up to INR 15 lakh, when added to the existing plan leads to additional premiums. However, the premium for both bike insurance and personal accident cover will need to be paid on the same date. The insurance company consolidates the premium that you need to pay on the due date.
18. What if my bike insurance policy expires?
In that case, you lose the privilege of bike insurance cover against unfortunate incidents such as accidents, theft, damages due to man-made and natural calamities, etc. But you can get all that covered again by renewing your bike insurance policy. The insurance company would most likely inspect your vehicle in case you wish to renew it offline. Whereas online renewals will not lead to vehicle inspection. Regardless of the mode of bike insurance renewal, you will lose no claim bonus (NCB) benefits in case you renew 90 days after the expiry date. NCB means a premium discount you get on renewal for not filing a claim in a year.
19. How to find my bike insurance policy number?
You can find your bike insurance policy number on the official website of the Regional Transport Office, State Transport Department, Ministry of Road Transport and Highways, or Insurance Information Bureau (IIB). Whichever website you may go to, you need to type the vehicle registration number to get your policy number. In case of no registration number, you need to apply for the registration certificate first by giving some vehicle-related details. The registration certificate, when issued to you, will have the registration number. So, type that on any of the websites mentioned above to get your policy number.
20. How is the bike insurance premium calculated?
It is calculated based on the age of the vehicle, its engine capacity, the brand name, insured declared value (IDV), year and place of registration, the type of insurance plan chosen, etc. You can calculate your bike insurance premium by mentioning these details on paytminsurance premium calculator. The premium amount you see online is an estimated one, the actual might differ. So, no harm in being prepared for a small rise in the premium amount.
21. Which is the best bike insurance company in India?
Singling out from a list of top insurers is not fair; the one that works for others may not work for you and vice versa. As a customer, you need to deal with the bike insurance company that covers you holistically for the premium you can afford. Additional benefits offered by the chosen insurance company will only make your bike insurance experience better. So, don’t go by names alone, go by their features too besides checking your needs before picking a bike insurance company in India.
22. How to renew two wheeler insurance?
You can renew two wheeler insurance by paying the premium on the due date online or offline. For online premium payments, you can choose from UPI, Wallets, Net Banking, Debit Card, Credit Card, etc. Offline modes include the payment made through cheque, demand draft, etc. Given the hectic schedule, one can miss paying the premium on the due date. So, there’s no harm in getting the auto payment instruction activated for you. The insurance company will intimate you about the premium and its due date of payment in advance. Just have that amount in your bank account for a smooth payment experience.
23. Is it compulsory to own a bike insurance in India?
Third-party bike insurance is mandatory as per the Motor Vehicles Act. This insurance not only helps you prevent challans or imprisonment but also saves you from the legal cases the third party might file against you for any damage caused to it by your vehicle. But only third-party liability cover eludes you from the financial immunity others get for their vehicle damage. So, choosing a comprehensive policy makes sense.
24. Can a bike owner purchase two bike insurance for the same bike?
A bike owner cannot purchase two bike insurance for the same bike from the same insurance company. But the insurance laws do allow you to buy third-party insurance and own damage cover separately from two insurance companies. But before doing so, check the worth of buying them separately. More so when you can buy a comprehensive plan that covers everything. The premium of two different plans together will most likely equal or exceed the one with a comprehensive plan. Maybe choose the best comprehensive plan for all-round protection and cost-efficiency.
25. Is pa cover mandatory for bike insurance?
Yes, it’s mandatory to have personal accident cover for your bike insurance. It’s a rider that one could add to their insurance policies for coverage against medical expenses for the treatment of injuries caused due to an accident involving their vehicles. However, you don’t need to buy it again for a new vehicle. The personal accident cover for the old vehicle will help suffice the legal requirements. You can get a maximum cover of INR 15 lakh.
26. Can bike insurance be transferred to a new owner of the bike?
Yes, you can transfer your bike insurance to the new owner while selling the vehicle to the concerned person. The insurance transfer should happen within 14 days of selling the vehicle. Else the new owner may have to buy an altogether new insurance policy for protection against financial and legal hassles in case of unfortunate incidents such as accidents, vehicle thefts, etc.
27. How to raise a bike insurance claim online?
Different insurance companies can have different online claim processes. While some would ask you to quote your policy number, others would tell you to mention your mobile number for filing a claim. You may also be asked to mention the reason for filing a claim. So, furnish the details accordingly on the company’s official website or mobile app. Afterward, the insurance company will send a surveyor to check the extent of the damage. You can thus go to either a cashless network garage or some other of your choice for reimbursem*nt claim settlement.
28. Can we insure bikes after 15 years?
Yes, you can insure a bike after 15 years with any of these insurances - comprehensive plan, own damage plan, third-party liability plan only. As per India’s laws, one must have a third-party liability cover to keep riding a bike without any legal hassles such as fines or court cases. A comprehensive plan covers both own damage and third-party liabilities. This sums up the option you should choose from the given alternatives.
29. Why Is It Important To Renew Bike Insurance Policy?
Renewal of bike insurance policy is important to continue riding the vehicle without any fine or legal complications. It also offers financial protection that one seeks in case of damage to the vehicle due to an accident, natural calamities, man-made destructions, etc. So, get your bike insurance renewed without any delay.
30. What is the right time To Renew Bike Insurance?
It’s important to renew bike insurance by paying the applicable premium on or before the due date. Failing to do so will result in losing bike insurance cover and the benefits you may have accumulated till the time of renewal. If your routine is such that you can forget to pay manually, activate automatic premium payments. So, on the due date, the premium amount will be deducted automatically from your bank account.
31. What are the benefits of renewing from the same insurer?
Renewing from the same insurer will help keep intact the benefits you accumulate over the policy period. Like the premium discount that you get on not filing a claim in a policy year. The discount would, inevitably, add to your savings. Non-renewal would lead to the seizure of the insurance policy as well as the accumulated benefits. Moreover, renewing with the same insurer adds to your reputation of a disciplined customer, creating scope for more benefits in the future.
32. How much fine do I have to pay in case I do not have bike insurance?
In the absence of bike insurance, you will be made to pay a fine up to INR 2,000. The fine will also apply if you are running a bike with an expired insurance. You could even face an imprisonment of three months. So, renew your bike insurance policy on time to avoid fines and imprisonment.
33. What is depreciation in bike insurance?
Depreciation in bike insurance means a reduction in the value of items due to the wear and tear the two-wheeler can have with time. The insurance company would thus deduct the depreciation amount from the claim you file to it. For instance, a spare part costing INR 5,000 could reduce to INR 3,000 over two years. So, the insurer would release INR 3,000 and not INR 5,000 towards spare replacement.
34. Why do bike insurance premiums differ from company to company?
It is because of the different cost structures companies may have regarding bike insurance. Besides, the variation in the type of bikes, their age, engines and place of registration also leads to different premiums. For a better understanding, you can check the premium of different companies basis these factors on paytminsurance.co.in, a leading financial marketplace for insurance products.
35. What is IDV in bike insurance?
IDV or Insured Declared Value is the amount up to which the insurance company covers your bike against accidents, total loss, theft and natural or man-made disasters. The insurance company calculates the IDV by deducting depreciation from the current value of the bike. While calculating the IDV, insurers ignore the road tax, insurance and registration costs. So, calculate the IDV of your bike basis these to get an idea beforehand the cover you will get while claiming.
36. What is ncb in bike insurance?
NCB in bike insurance means the discount you get on the two-wheeler premium when you don’t claim in the policy year. The discounts could range between 20% and 50%, depending on the insurer’s terms and conditions. So, if you don’t claim in a policy year, the insurer will credit you the NCB on renewal, reducing your premium and adding to your savings.
37. How to download a bike insurance copy?
You can download a bike insurance copy on the official website of the insurance company whose policy you have bought. You just need to fill in personal as well as bike-related details to download the policy copy. Besides, you could visit the website of the IIB or VAHAN to get the copy. You could even visit the nearest branch of your insurer to get the bike insurance copy.
38. What is third party insurance for bikes?
Third-party insurance means the cover you get for damages caused by your bike to other people and properties. Importantly, this insurance is mandatory to have as per the Motor Vehicle Act. In its absence, you could be fined or imprisoned as per the law. While the traffic police could fine you up to INR 2,000, the imprisonment can extend to as long as three months. Why then take a chance when you can have third-party insurance for your bike?
39. Which insurance is best for a bike?
The best insurance for a bike will anyway be a comprehensive plan covering third-party liabilities as well as own damage. Now that you know the type of bike insurance plan you purchase, let’s figure out the EXACT plan you should buy. The plan should have maximum coverage, least premiums, additional features, etc. We, at paytminsurance.co.in, have made it easy for you to select the best by putting out the details of top bike insurance plans on our website. You can compare them and choose the one that meets your requirements the best way.
40. What is zero depreciation bike insurance?
Zero depreciation bike insurance is an additional cover that helps you get a claim amount without any deduction of depreciation. However, it doesn’t come under the base plan; you need to buy it separately and pay an extra premium for that too. But given the massive rate of depreciation in bikes, it only covers you adequately. The value of bike parts can depreciate 5-10% on average, based on the usage of the two-wheeler.
41. How to check bike insurance policy status?
You can check your bike insurance policy status by visiting the official website of your insurer or by dialing the 24x7 toll-free customer care number. All you need to do is type your bike registration number. So, do that and check the status of your bike insurance. If the details submitted by you when applying for bike insurance are correct, the insurer would have approved your policy. The status could appear as pending too, which means the insurer is checking the details and will soon decide on your application. In case of incorrect information, the insurer could reject your policy.
42. How to check ncb in bike insurance?
You can check the NCB for your bike insurance while reading the policy document before buying bike insurance. In case you don’t check the same before buying insurance, you will get an email about NCB from the insurance company a few days before renewal. In this email, you’ll get to know the exact NCB amount you will get on renewal. All that is subject to no claim filing though.
43. How to check bike insurance validity?
You can check your bike insurance validity on the policy copy wherein the expiry date will be mentioned. You will get the policy copy both online and offline. The insurance company sends you your policy copy by email or courier. So, check the policy validity using any of these modes and renew it on time for hassle-free bike insurance coverage.
44. What is comprehensive bike insurance?
A comprehensive bike insurance is a plan by which you can claim for your own damages as well as third-party liabilities caused by your bike. These could be due to accidents, natural disasters, thefts, etc. Given its wide coverage, financial advisors recommend buying a comprehensive plan, even though it will come at a comparatively greater premium than what’s the case with a standalone third-party and own damage plan. You just need to buy the best comprehensive bike insurance plan in terms of coverage, premiums, additional benefits, etc.
45. Is third party insurance enough for a bike?
No, it’s not! It can only save you from the legal and financial problems caused by your bike to the third person or properties. It does not cover the damage done to your bike. Without insurance, you will need to pay for all these. It could result in a hefty payment based on the extent of the damage. So, buy comprehensive insurance for maximum coverage.
46. How to find bike insurance details by registration number?
You can easily find the insurance details online using your bike registration number. Go to the website of your insurer, IIB or VAHAN to check details such as policy number, IDV, premium amount, additional features, deductibles (if any), policy validity date, etc, by typing the registration number. All these are important details which you should know beforehand for hassle-free bike insurance.
47. How to claim insurance for bike theft?
You can claim for a stolen bike by following these steps.
- File First Information Report (FIR) about the stolen bike at the policy station. In the FIR, mention RTO details, chassis number, serial number
- After filing an FIR, intimate bike insurance claim online by mentioning details such as policy number, bike registration number, etc.
- Intimate the Road Transport Office (RTO) about the stolen vehicle as it is mandatory to do according to rules. Get RTO transfer papers as well as other documents from the concerned office.
- Submit various policy documents such as insurance paper, duly filled claim settlement form, original FIR copy, copy of vehicle registration certificate, driving licence, RTO transfer papers, intimation request made to the RTO, etc.
- Once the police submits a non-traceable report mentioning that it could not find a stolen bike, the insurer will approve your claim. Very soon, you will get the claim amount in your bank account.
48. Do electric bikes need insurance in India?
Electric bikes that run with a power of less than 250W and at a maximum of 25 km per hour won’t require any insurance, beyond which a third-party insurance plan is mandatory. Repairing e-bikes can be very expensive. For instance, the replacement cost for batteries of Bosch e-bike could be around INR 50,000-70,000. So, a comprehensive plan covering such tall expenses is needed for e-bikes.
49. How to change to a two-wheeler insurance company?
You can switch to a new two-wheeler insurance company a few days before the date of renewal. Benefits such as NCB will be intact if you switch that way. But if you want to switch during the policy period, you can do that too. You will need to follow a certain process as outlined by your insurance company. Most likely, you will need to submit a no-objection certificate (NOC), issued by the existing insurer, to the new insurer.
50. What is the first party in bike insurance?
First party in bike insurance means the policyholder who buys the policy to get coverage against incidents such as damages, thefts, third-party liabilities.
51. What is the period of liability in bike insurance?
As per the Motor Vehicles Act, it is mandatory to have a 5-year insurance cover for two-wheelers such as bikes. The Supreme Court, in 2018, decided to enforce this regulation to minimize cases of lapsed and expired policies besides insuring a maximum number of vehicles. But do note that a 5-year cover is necessary for third-party bike insurance, which is further needed to drive the vehicle without any penalty.
52. How to change the owner's name in bike insurance?
You can change the owner’s name in bike insurance after transferring it to a new individual. The following documents are required in a bike insurance transfer deal.
- Original Insurance Policy
- Vehicle details such as registration number, chassis number, serial number
- Registration Certificate
- A no-objection certificate from the existing policyholder
- Ownership Transfer Date
- PAN Card, Aadhaar Card and contact details of both existing and new policyholder
- Form 29/30 sale deed
- Transfer fee receipt from the existing policyholder
- Inspection report from the insurance company-appointed investigator
53. What is cpa tenure in bike insurance?
CPA tenure in bike insurance is one year. Compulsory Primary Accident (CPA) cover, which is mandatory as per insurance laws, allows all vehicle owners or drivers to get insurance benefits. So, if the insured person dies or gets permanently disabled while travelling in an insured vehicle, the insurance company will compensate up to INR 15 lakh.. Even if the co-driver faces these, the cover will be provided.