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Two Wheeler Insurance

Two-wheeler insurance is a type of insurance policy that provides financial protection for motorcycles, scooters, and other two-wheeled vehicles. It offers coverage against damages, theft, accidents, and liabilities that may arise while operating the insured two-wheeler.

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Two-wheeler insurance typically offers two types of coverage:

  • Third-Party Liability Coverage: This coverage is mandatory by law in most countries and covers the policyholder's legal liabilities for causing injury, death, or property damage to a third party in an accident involving the insured two-wheeler.
  • Comprehensive Coverage: This coverage goes beyond third-party liability and provides protection for damages or loss to the insured two-wheeler. It includes coverage for accidents, theft, fire, vandalism, natural disasters, and personal accidents for the policyholder.

To obtain two-wheeler insurance, the policyholder pays a premium to the insurance company, which can be paid annually, semi-annually, or in installments. The premium amount is based on factors such as the make and model of the vehicle, the age of the rider, the location, and the coverage options selected.

In the event of an accident or loss, the policyholder can file a claim with the insurance company. The insurer will assess the damages and provide compensation based on the terms and conditions of the policy. Repairs, replacements, and other covered expenses are typically reimbursed by the insurer, reducing the financial burden on the policyholder.

Having two-wheeler insurance is not only a legal requirement but also provides financial protection and peace of mind. It safeguards against unexpected expenses and liabilities that may arise from accidents, theft, or other incidents involving the insured two-wheeler. It is important to carefully review the policy terms, coverage limits, deductibles, and exclusions to ensure the insurance policy meets individual needs and offers comprehensive protection.

Frequently Asked Questions
1. How to check two wheeler insurance status?
You can check the two wheeler insurance status in a number of ways:

1. Get in touch with your insurance provider via email or customer care and inquire

2. On the website of IIB, which is the Insurance Information Bureau or the VAHAN website, you can enter your vehicle details and check the status

3. You can visit your nearest RTO for the same.

2. Why is a two wheeler insurance policy mandatory in India?
Every motorised two-wheeler has to have a minimum of third-party liability insurance. This has been done so that if a rider causes injury/ harm to some other person, compensation should be payable to recompense their loss.
3. How to get a copy of my two-wheeler insurance policy online?
For a copy of your two-wheeler insurance policy, you would have to visit the insurer either online or offline. The online procedure is simple and quick, as you can log in with your details and download a copy of your insurance policy and print it.
4. How to find my two wheeler insurance policy number?
Your two wheeler insurance policy number is mentioned on your insurance policy. In case you do not have the policy, you can visit the registered RTO website, enter your bike details and check the insurance number and its status.
5. What is a personal accident cover in a two wheeler insurance policy?
A personal accident cover in a two wheeler insurance policy is compensation that is paid out in case the owner/ rider gets severely injured or dies in a motor accident. In case of an unfortunate incident, the cover offers financial support to the injured/nominee.
6. How to buy two wheeler insurance for a second hand bike?
When you purchase a second-hand bike, you need to transfer the ownership to your name. You would have to apply for a NOC from the registered RTO. Along with this if the insurance policy still exists, and you want it transferred the previous owner will have to request the insurance company to transfer it to your name. The following documents will be needed:

1. Policy papers

2. Proof of identity, both parties

3. RC

4. Form 20 and Form 30.

7. What is full coverage insurance?
Full coverage is a term used by many, and it refers to car insurance coverage that includes third-party liability and own damage coverage. It is a term often used interchangeably with comprehensive insurance.
8. Is there any grace period for bike insurance?
A two wheeler insurance company generally offers a grace period of 30 days to renew the insurance. However, remember that if an accident occurs during the grace period, a claim cannot be raised. Also, if you do not renew your expired policy within 90 days, you will lose the acquired NCB, and no claim bonus.
9. What is the right time to Renew Bike Insurance?
It is suggested that you renew your two-wheeler insurance before it expires. For example, if your policy expires on 24th February at midnight, you should get it renewed a few days before the 24th or definitely on the 24th so that there is no break in the coverage.
10. What is the premium of different bike insurance plans?
The premium that you have to pay for your bike insurance depends on a number of factors such as age, price, make, model and variant of your bike. Factors like the registration city, your riding history etc. can also influence the premium.
11. Why should I purchase a bike insurance policy?
Having a bike insurance policy is mandatory for every motorised vehicle as per Motor Vehicle Act, of 1988. If caught without valid insurance, you can land in legal trouble, which can include a penalty and/ or imprisonment. Apart from this, your bike insurance can help you with financial relief in case of third-party liabilities. If you opt for a comprehensive policy or a standalone own-damage coverage, the own damage would be covered too.
12. What are the different types of bike insurance plans?
Broadly, there are three types of bike insurance policies available in India:

1. Third party liability insurance that takes care of the liabilities that you accidentally cause to a third-party person or property

2. Comprehensive policy is a combination of third party coverage as well as own damage. One can further enhance the coverage by including add-ons

3. Own-Damage can be purchased as a standalone cover that covers own-damage only when you have third-party cover.

13. What if my bike insurance policy expires?
It is highly recommended that you renew your bike insurance before it expires. This helps your bike stay safe from the risk of being without insurance. In case your insurance has expired, you would have to get an inspection done by your insurer before your policy can be renewed. In case you do not get your policy renewed within 90 days of the expiry, you would lose all NCB acquired so far.
14. Can a bike owner purchase two bike insurance for the same bike?
While you can buy third-party insurance and own damage cover from two different insurers, buying 2 insurance plans for the same two wheeler is not allowed.
15. Can bike insurance be transferred to a new owner of the bike?
Yes. If you wish to sell your bike or plan to buy a used bike, the insurance is still valid, it is transferable. The transfer must be done within 14 days of the sale/ purchase.
16. What factors determine the premium of a bike insurance policy?
The following factors play a major role in the bike insurance premium:

1. The age of the two-wheeler

2. The MMV- make, model, variant

3. The deductible that you have opted for

4. The two-wheeler’s IDV

5. The type of policy that you opt for.

17. Can we insure bikes after 15 years?
It is compulsory for every motorised bike to have an insurance policy. It is the bike owner’s choice if she/ he wishes to buy third-party or comprehensive insurance.
18. What is depreciation in bike insurance?
Every object decreases its value as time passes. Similarly, an asset like a bike also decreases in value due to everyday wear and tear. When a claim is raised, the insurer does not pay for the loss due to depreciation unless a zero depreciation add-on cover is opted for.
19. Why is the premium for bike insurance plans different for different companies?
The premiums of the mandatory third-party insurance are fixed by the IRDAI. The vehicles are charged a premium on the basis of their cubic capacity. However, the own damage cover is decided by the insurance companies, which depends on a number of factors. The city/ registration city, the coverage opted for, and the benefits and features of every policy may differ from one another.
20. What are the rules for bike insurance?
There are some basic rules that you need to remember about bike insurance:

1. Third-party liability insurance is mandatory for all motorised bikes

2. Comprehensive insurance though recommended is optional

3. Policy coverage expires once the expiry date arrives

4. No claim can be raised if the policy is invalid

5. NCB can go up to 50% of the premium.

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