Two-Wheeler Insurance – Things to Know
Bike rides are a delightful experience. We agree. But the experience only gets safer with a power-packed two-wheeler insurance plan.
- Covers financial losses due to damaged/stolen bike
- Hassle-free claim settlement with 2500+ Cashless garages
- Discounts on Premiums with No-Claim Bonus
- 24/7 Claim Assistance & strong customer support
But, Why Bike Insurance?
Unforeseen events can bring hiccups in your bike riding journey. More importantly it leaves financial, legal, and emotional set-backs. That’s why, be it natural/man-made disasters, theft, or road accidents – bike insurance is what you really need. It ensures a smooth ride and complete peace-of-mind.
Types of Two-Wheeler Insurance Plans
The coverage you opt for does impact your quotes. Moreover, choosing a suitable coverage helps you to make the most of your financial protection.
Third-Party Liability Coverage
This compensates only third-party injuries and their property damages. It’s the type of insurance that people opt for just because it’s mandatory. (However, we wouldn’t recommend it because it doesn’t protect you or your bike, which is dearer to you).
The base premium for third-party liability insurance depends on the cubic capacity of your two-wheeler engine. IRDA (Insurance Regulatory & Development Authority of India) revises the rates for this each year. As on 1st April, 2017, the revised third-party rates are as mentioned in the table.
| Engine Capacity | Premium Rate |
|---|---|
|
Less than 75 cc |
Rs. 569 |
|
Above 75 cc but less than 150 cc |
Rs. 720 |
|
More than 150 cc but less than 350 cc |
Rs. 970 |
|
More than 350 cc |
Rs. 1,114 |
Note: Third-party property damage for two-wheeler is compensated up to Rs. 1 lakh. In case of injuries/death, it will be taken into the court tribunal.
Comprehensive Insurance
This one covers losses/damages to you and your bike as well as protects you against third-party liabilities. It’s the type of insurance that people opt for if they want financial protection from losses caused due to accidents, theft and natural disasters.
For all-round financial protection, the comprehensive plan is any day recommended by the experts. It consists of both third-party premium and own-damage (OD) premium.
The OD premium would vary depending on the bike’s make-model, year of manufacture, engine capacity, and geographical locations.
Note: Both the third-party liability and comprehensive plans also comprise of the compulsory personal accident cover for owner-driver. In this, for a premium of Rs. 50, you receive a sum assured of Rs. 1 lakh in case of:
| Type of Injury | Compensation Level |
|---|---|
|
Death |
100% |
|
Loss of two limbs or sight of two eyes or one limb and sight of one eye. |
100% |
|
Loss of one limb or sight of one eye |
50% |
|
Permanent total disablement from injuries other than named above. |
100% |
Love at First Try with Bharti AXA Bike Insurance
Your bike has been your buddy through all your journeys. Similarly, we’ll be your bike’s ideal insurance companion in protecting it all times. Here’s how we do it.
4.2 Million Policies issued
Yes, that’s right. We have delivered that many policies at the snap of a finger. Our instant and simple policy issuance process makes buying insurance online, a breeze.
79 Branches across India
When we make you a promise to have you covered, we work to live up to it. That’s why we have spread our presence all across the nation so that you can easily find your nearest branch. We just want to be there for you at all times.
2500+ Cashless garages in India
You don’t have to wait for reimbursement by us. Get your vehicle repaired at any of our cashless garages. We will directly pay the repair expenses to the garage while you only have to pay the excess towards depreciation of replaced vehicle parts.
24/7 Claim Assistance
We understand that you’re already stressed when the need for filing a claim arises. But you can still stay calm as we’ve made our claim process a cake-walk. Our team of dedicated claim handlers work round-the-clock to ensure your claim is settled.
Add-On Covers in Two-Wheeler Insurance
Customize your two-wheeler plan by opting for add-ons that suit you best.
Personal Accident Cover for Occupants
You may love zooming away on your two-wheeler. But bike accidents are dangerous to both the rider and the person sitting pillion. Since the risk of injuries/death is high for both, having a personal accident cover is essential. It insures against full or partial disability of the co-passenger as well.
Zero Depreciation cover
In your regular policy, during claim, you have to bear depreciation on repair/replacement expenses of plastic, fibre, rubber and glass parts. However, with this add-on, you profit by not having to pay depreciation on expenses of repaired/replaced parts.
What Bike Insurance Includes and Excludes?
It’s better to know what your two-wheeler insurance covers and doesn’t cover. After all, you don’t want to face hassles at the time of claim, right?
| Inclusions | Exclusions |
|---|---|
|
Natural Disasters: For naturally-occurring circumstances that are not in your hands, bike insurance covers it all. For: e.g. floods, earthquakes, cyclones, etc. Manmade Disasters: Losses caused Fire, terrorism, riot, strike, etc. are included. Don’t worry about the thieves in your neighbourhood as theft too is covered. Accidents on Road: People tend to jump traffic signals causing increase in road accidents. Though you may be a skilled rider, not everyone on the road is. Personal Accident Cover for owner-driver: If the owner-driver of the insured bike sustains injury or death, the insurer provides compensation. Third-Party liability: Losses/damages to properties or bodily injuries caused to third-party are covered if the accident occurs due to your bike. |
Driving under intoxication: Damages caused to the bike if you or anyone else was caught driving under the influence of drugs or alcohol at the time of accident. Regular wear and tear: After a period of time, the vehicle is bound to face regular wear and tear as well as losses to due depreciation of vehicle. They aren’t covered. Malicious Activity: Losses/Damages won’t be covered if you’re found riding your bike without a valid license, or if the bike’s driven by an underage person Commercial Activity: Driving your private vehicle for commercial purpose and vice versa doesn’t make any sense. Your claim is bound to be rejected. Other reasons: An expired policy, consequential damages, electrical and mechanical failure, staged accidents, and driving outside geographical limits are other reasons for claim rejection. |
Saving-Up on Bike Insurance Premiums
Who doesn’t love discounts? A few things can actually help you lower your premiums.
- No-Claim Bonus (NCB)
This is a reward for your fabulous driving skills. For every claim-free year, you can accumulate up to 50% NCB discount on premium at renewal. This is valid up to 5 years.
- AAI Membership
You can secure a concession of own-damage premium by being a member of the Automobile Association of India (AAI). This organization is registered with IRDA.
- Installation of Security Devices
If you install anti-theft devices that are approved by the Automotive Research Association of India (ARAI), you can get up to 2.5% discount on your own-damage premium.
- Choosing the correct IDV
Insured Declared Value (IDV) is the current market value of your vehicle. Make sure you choose an appropriate IDV as that impacts your premium amount. Do remember that it’s the maximum sum assured amount that is compensated to you at the time of claim.
Long-Term Two-Wheeler Insurance
You can now secure your bike for longer than usual. That’s great news, isn’t it? Our long-term two-wheeler insurance package insures your bike for two or three years consecutively.
- Enjoy more savings
The policy protects you against hikes of third-party premiums by IRDA. Get a discount of 10% and 20% for 2-year and 3-year policies respectively built in their premium*
- Long-Term Protection
Enjoy riding safely knowing that you are protected for two or three years continuously. You also receive a single policy document that stays valid for 2-3 years.
- Reap better NCB discounts
You can reap benefits of your hard-earned NCB. In a single year policy, your NCB reduces to 0% for a single claim. But with long-term, during claim, the NCB value reduces to the previous percentage slab and not nil*
- No more yearly renewals
Imagine the risk of taking your bike out on the road if your policy is lapsed by even a day. Instead of stressing on annual renewals, renew it once for two-three continuous years.
What Do Our Customers Say?
Every single day, we find joy in serving millions of happy customers. And their response has been overwhelming. See what they have to say about us.
Shop Online - The Easy way
Hey! Our online bike insurance shopping process is easy as pie. Has anyone told you that before? If not, see it to believe it.
Step
01
Choose to renew or buy bike insurance.
Step
02
Enter vehicle details and personal details.
Step
03
Select add-ons and discounts to get final premium.
Step
04
Add complete details and check the summary. Make payment.
Step
05
Policy is sent in PDF to your mailbox.
Note:Before issuance of policy, vehicle inspection may or may not be conducted depending on the credibility of your vehicle and your driving records.
Buy Two-Wheeler Insurance by Manufacturer
At Bharti AXA, we offer insurance for bike models across various top manufacturers. You can choose the two-wheeler manufacturer that you want and look up for their details along with details about their bike models. Find out how Bharti AXA provides comprehensive bike insurance to your vehicle by the respective manufacturer.
Policy Renewal Remainder
You have so many things to remember. Birthdays, anniversaries, collecting clothes from the laundry, paying electricity bills, etc. In the midst of all this, it’s hard to remember the bike insurance policy renewal date. We at Bharti AXA understand this, and that’s why we have created a unique facility called, policy renewal reminder for you.
All you need to do is fill in your details. We’ll remind you when your policy renewal date is near. Sounds cool?
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Frequently Asked Questions (FAQs)
We know you’d have some questions related to two-wheeler insurance. But you can breathe easy as we’re right here to help you with your queries. We’ve picked commonly-asked questions specially for you. Take a look at our answers for better understanding. If you need more information, you can always contact us here. Our executives will be glad to assist you.
- Can I pay two-wheeler insurance premium in instalments?
As per section VB64 of Insurance Act, 1938 no risk can be resumed unless premium is received in advance. Hence, full vehicle insurance premium needs to be collected before the start of policy.
- Is my No Claim Bonus (NCB) transferable?
Yes, in case you are changing from any other insurance company to Bharti AXA GIC Ltd. and have accrued some NCB from them, you can get the same transferred in case your two-wheeler is insured within 90 days of your renewal due date.