Two Wheeler Insurance

What Are The Types Of Two Wheeler Insurance Plans That We Offer?

The Motor Vehicles Act of 1988 governs all two wheeler insurance policies issued in India. The IRDAI or the Insurance Regulatory Development Authority of India is the authoritative body that regulates all general insurance companies that operate within the borders of the country.

As per the Supreme Court of India directive effective 1st September 2018, all general insurance companies are mandated to issue a minimum of a five-year third party (TP) insurance for all new two wheelers purchased post this date. Motorcycles and bikes running on Indian roads without TP insurance will be subject to hefty fines and penalties.

Insurance for two-wheelers can be categorized into two types:
 

The Motor Vehicles Act of 1988 has made it compulsory for all two wheelers that are actively operational on Indian roads to have TP bike insurance. You can opt for the basic third party liability coverage which secures you against third party liabilities such as damage to individuals or property in the event of an accident. It also offers coverage against third party fatalities. This works out well for anyone who is looking for something economical.

Alternatively, you can select a comprehensive insurance cover that offers coverage for damage, injuries or loss of life of any third party involved. Additionally, it also includes personal accident protection too.
Comparison Between Inclusions of Third Party, Comprehensive.

Exclusions in Two Wheeler Insurance Coverage

Not everything is covered under the two wheeler insurance coverage. You will not be able to file a compensation claim with your insurance company under the following circumstances:

• If your two wheeler experiences wear and tear
• In the instance of an electrical or mechanical breakdown
• If the damage to the two wheeler has been the result of intoxicated driving
• If the driver has been driving the two wheeler without the necessary driving licence
• If there is a consequential loss
• If the loss to the two wheeler has been caused outside the geographical boundaries of the country

Two wheeler insurance is a must have for all bikes and motorcycles that are being driven on India roads. While the Government had made third party liability insurance mandatory for all two wheeler owners, many choose to go with the more expensive comprehensive two insurance policies too.

So, be it a third party coverage or a comprehensive insurance cover, what are the factors that determine the premium prices of these two wheeler insurance policies? Let’s take a look.

Factors Affecting the Premium of Bike Insurance

Type of Insurance Policy: The third party liability coverage is a basic policy that has been mandatory by the Government of India for all two wheelers to possess. This type of policy only offers coverage against third party liabilities and is more pocket friendly. Comprehensive policies include third party liabilities along with own damage cover and offer more extensive protection. The premiums are higher and can vary depending on other subsidiary factors.

Two Wheeler Type: Bikes are available in a variety of models, makes, and comes with a host of different features and specifications. The cost of insurance varies depending on all of these sub-factors such as the age of the vehicle, type of bike model and class of the vehicle, place of registration, fuel type, and the number of miles covered also affect the premium price. However, the cubic capacity of the bike’s engine is the main factor in determining the insurance premium. Those two wheelers with a higher cubic capacity will attract a higher premium.

Value of The Vehicle: The cost of insurance also depends on the brand and the functionalities that are offered. For example, the premium of a Honda two wheeler will be much less than that of a luxury brand like Ducati. Typically, the premium cost is around 2% to 3% of the current market value of the two wheeler.

Modifications Done: Bikes that have been modified from their original model and make with the addition of accessories to enhance its aesthetic and performance will incur a higher premium on the two wheeler insurance. As a matter of fact, one may need to purchase add-on covers to protect specific modifications. Standard motorcycles minus any modifications will attract a lower premium in comparison.

Add-on Covers: Opting for add-on covers like Depreciation cover, , medical expenses reimbursement and Hospital cash cover increases the premium of your two wheeler insurance. The higher the number of add-ons, the higher will be the premium. Therefore, only choose ones that are absolutely necessary to avoid paying high premiums.

How to Save on Bike Insurance Premium?

The purchase of bike insurance policies is on the rise as two wheelers are the most popular mode of transport in India. The premium amount fixed by the insurance company depends on a number of factors such as design, mileage, and price, etc. However, if you are still looking for ways to save on your two wheeler insurance premiums, here’s how it can be done:

Have a Clean Driving Record: A good driving record highlights to the insurance company that you are not a risky prospect. With an accident-free, penalty-free and conviction-free track record, the insurance company will be inclined to offer you a lower premium compared to drivers who do not have a clean driving history.

Opt for Higher Deductibles: By increasing the amount that you pay towards your deductibles, you can significantly minimise your bike insurance premium.

Avail Add-ons: Opting for add-ons or riders such as Roadside Assistance, Depreciation Cover can help lower the cost of your two wheeler insurance policy.

Installation of Security Device: Installing security enhancement devices such as an anti-theft alarm improves the protective cover of the two wheeler. This may help you negotiate a lower bike premium rate with your insurance provider.

Shop Around: It makes sense to compare two wheeler insurance plans, features, benefits and quotes from the top insurance companies. You can zero in on the best deal that fulfils your requirements within the premium that you can afford.

How to Buy Two-wheeler Insurance Online?

If you are looking to purchase a new two wheeler insurance policy or looking to renew your existing plan, doing it online only takes a matter of minutes. Simply follow these steps.

Visit Your Insurance Company’s Website: Log onto the website of your existing insurance provider or alternatively, visit third party comparison sites.  

Fill Your Two Wheeler Details: Submit all the required information about your two wheeler such as the model, make, registration number, etc. to receive instant quotes of top two wheeler insurance policies.

Compare Online Two Wheeler Insurance Plans: Your insurance provider will share all available plans that you can compare to get the best policy in your budget. On third party sites, you will be able to compare policies and quotes from the best insurance companies and select the ones that fit in with your expectations and deliverables.

Plan Selection: Simply select the plan that you like depending on your requirements and budget. Fill in any additional information, if required.

Make Payment Online: Make your premium payment online in a hassle-free manner and your two wheeler policy will be emailed to your registered id within minutes.

Access To Support: If you need additional assistance about your two wheeler online policy, you can access the guidance of support teams available 24/7.

Source

How to Renew Two-wheeler Insurance Policy?

It is understandable that two wheelers are the most convenient form of transportation for the general population in India as they are easy to manoeuvre on busy Indian roads. But with millions of two wheelers, accidents are a common sight on Indian roads.

As mandated by the law of the land, it is compulsory to purchase TP two wheeler insurance for any bike or motorcycle that runs on roads within the boundaries of the country. So if your policy is on the verge of expiration, here's the steps that you can follow to renew it.

1. Log on to the website of your insurance provider. Alternatively, you can fill up information on your requirement on third party aggregator sites to get quotes from top bike insurance providers in India.

2. Compare plans, features and quotes and shortlist policies that meet and serve your requirements for two wheeler insurance.

3. Fill up the required details such as name, two wheeler model, registration number, previous policy information, etc. for the policy that you wish to purchase.

4. Make the payment via NEFT, net banking, credit or debit cards, or eWallet.

5. Your policy will be mailed to your registered email account instantly.

How to Buy Two-wheeler Insurance Online?

If you are looking to purchase a new two wheeler insurance policy or looking to renew your existing plan, doing it online only takes a matter of minutes. Simply follow these steps.

Visit Your Insurance Company’s Website: Log onto the website of your existing insurance provider or alternatively, visit third party comparison sites. 

Fill Your Two Wheeler Details: Submit all the required information about your two wheeler such as the model, make, registration number, etc. to receive instant quotes of top two wheeler insurance policies.

Compare Online Two Wheeler Insurance Plans: Your insurance provider will share all available plans that you can compare to get the best policy in your budget. On third party sites, you will be able to compare policies and quotes from the best insurance companies and select the ones that fit in with your expectations and deliverables.

Plan Selection: Simply select the plan that you like depending on your requirements and budget. Fill in any additional information, if required.

Make Payment Online: Make your premium payment online in a hassle-free manner and your two wheeler policy will be emailed to your registered id within minutes.

Access To Support: If you need additional assistance about your two wheeler online policy, you can access the guidance of support teams available 24/7.

How to File a Two-Wheeler Insurance Claim?

With millions of two wheelers running on busy Indian roads, accidents are widespread in India that can lead to significant financial losses and damages. Understandably why the Government of India has made it mandatory for all two wheeler owners to have TP  insurance.

Steps to Filing a Two Wheeler Insurance Claim

Get in Touch With Your Two Wheeler Insurance Company: To register your claim, contact your two wheeler insurance service provider.

Lodge an FIR: In the event of an accident or if your two wheeler has been stolen, you are required to lodge an FIR at the nearest police station from the scene of the crime or accident.

Evaluate the Damage: A professional at the authorised garage should assess the damage suffered by your two wheeler.

Claim Settlement Routes

There are two ways of getting the insurance claim settled – Cashless facility or Reimbursement Claim. 

Cashless Claim

If the policyholder takes the two wheeler to an authorized service center as approved by the insurance company for repair work to be done as a result of damages suffered due to accident or theft, the policyholder is able to avail the Cashless Claim benefit. This means that there is no need for the insured to bear any out of pocket expenses and the bill of the repairs is sent by the garage directly to the insurance company.

Reimbursement Claim

If the insured does not have access to an authorised service center then the repairs for the two wheeler can be carried out at any garage. However, the damage will have to be evaluated by a professional and a report is presented to the insurance company for them to process the policyholder’s claim. As the insured bears the garage expenses as out of pocket which the insurance company then reimburses, the process is called the Reimbursement Claim Process.

Documents Required for filling a Claim for your Two Wheeler

With bikes being the preferred mode of transportation for the general public in India, the cases of two wheeler accidents and thefts are also on the rise. Having said that, armed with the right two wheeler insurance, you can raise a claim to be adequately compensated for the losses and damages incurred.

List Of The Documents Required To File A Claim For Your Two Wheeler

In Case Of An Accident:

• The claim form, duly filled and signed
• Copy of the insurance policy
• Copy of Registration Certificate (RC)
• Copy of Driving License (DL)
• Copy of First Information Report (FIR)
• Original tax receipts for verification
• An estimate of the vehicle repair cost
• Payment receipts and bills, once the repair has been completed
• Claims Discharge cum Satisfaction Voucher signed across a revenue stamp if the claim amount is to be given directly to the repairer

In Case Of Theft:

• The original insurance policy document
• Original Registration Certificate (RC)
• Tax payment receipt
• The theft declaration authenticated from the concerned RTO or Regional Transport Office
•  Policyholder’s name, policy number, policy term, etc. and any other information required from the previous insurance plan
• Warranty cards, duplicate keys, and any other additional informative accessories 
• First Information Report (FIR)
•  Judicial Magistrate First Class (JMFC)
• Final police report
• Official intimation letter to the RTO informing about theft and the discontinued use of the two wheeler
• Claim Discharge Voucher with a signature across a revenue stamp
• The letter of subrogation
•  Forms 28, 29, 30 signed by the policyholder along with Form 35

What is NCB in Bike Insurance?

When you purchase your two wheeler insurance, you are put on a yearly clock by your insurance service provider. For driving your bike safely and for not raising any claims, the insurance company awards you with a discount known as the No Claim Bonus or the NCB that is applicable on your two wheeler or bike insurance policy.

The No Claim Bonus starts at the onset of the second year if you have not filed any claims in the previous 365 days. Your insurance service provider will reward with a 20% No Claim Bonus. The 20% discount can be applied to the bike insurance premium for the third year at the time of policy renewal.

You can get NCB on bike insurance consecutively for up to 5 years of continuing with the same policy. The rate of discount proportionately increases to up to 50% during this period of time.

Benefits of NCB in Two-Wheeler Insurance

NCB is Transferable: If you decide to change insurance providers, remember that the NCB is yours and is a reward for driving safely, plus, not registering any claims. Therefore, the NCB can be easily transferred to your new service provider where you can avail the same benefits at the time of renewal.

Rewarding in Nature: It gives a positive feeling to be recognised and awarded by your life insurance provider for driving safely and not raising a claiming during the active policy period. This also acts as an encouragement to keep driving consciously, following all traffic rules and regulations.

What is IDV in Bike Insurance?

IDV or Insured Declared Value is an automatic inclusion with your bike insurance policy. Simply put, the sum assured which has been pledged by your insurance company at the point of filing a claim is an IDV. The claim amount being offered by the insurance provider is dependent on the market value of the two wheeler.

Instances when you can be claimed IDV is when your bike has been damaged in an accident. The insured receives the sum assured as predefined in the policy by the insurance company.

The IDV is calculated based on the selling price of the two wheeler as determined by the manufacturer. Depreciation value is also a determining factor which you will be able to know more about at the time of renewing your two wheeler insurance. The price is calculated by adjusting the depreciation value of the bike along with the original cost. Any extra insurance expenses and registration is however excluded in this calculation.

IDV calculation is absolutely necessary in order to assess the insurance status of the two wheeler. There are four main parameters that constitute the calculation of the IDV that you should be aware of as a policyholder.

• The selling price of the manufacturer
• Depreciation and the adjustment value of the two-wheeler
• This does not include the insurance and the registration expenses
• There are accessories fitted outside the factory area
• The quality of the vehicle along with its respective parts

What is Depreciation in Bike Insurance?

Your two wheeler depreciates in value over a specified period of time due to multiple factors such as the ageing of the bike or motorcycle, wear and tear, etc. Therefore, when the policyholder raises a claim, the insurance company only pays the reduced compensation or the depreciated value to the insured.

To get extra protection to your two wheeler, you need a Zero Depreciation Add-on cover that can be purchased along with a third party liability coverage or even a comprehensive two wheeler insurance policy. In the event of filing a claim, the insurance company does not take the depreciated value of your two wheeler into account and settles the claim on the invoiced value instead.

Inclusions of A Depreciation Cover

• You can apply the Depreciation Cover at the time of renewal or when buying a new two insurance policy
• Includes all rubber, nylon and plastic parts and also on all fiberglass components in the coverage
• You can get the full value of your two wheeler as part of the claim amount where standard depreciation rates for two wheelers vary between 0% to 40%.

Exclusions of A Depreciation Cover

• Depreciation CoverDamages as a result of normal wear and tear and also due to uninsured peril is not covered
• Damages caused as a result of mechanical breakdown or uninsured items such as bi-fuel kit, tyres and gas kits are excluded from the zero depreciation policy

Why is a Two Wheeler Insurance Mandatory in India?

According to the Motor Vehicle Act, 1998, all active and operational two wheelers in India are required to have at least the basic third party liability coverage at the time of purchasing the bike. This has been made mandatory by the Government of India for the following reasons:

Legal Liabilities: Having a basic third party liabilities insurance protects the driver of the two wheeler from legal liabilities that may arise out of a road accident where a third party individual/s or property/ies or both may have suffered damages and losses. The insurance company takes care of these liabilities on behalf of the insured.

Personal Accident Cover: A third party insurance cover comes with a Personal Accident Coverage that secures the two wheeler owner if he or she experiences permanent disability or death due to a bike accident. However, this is bound by specific terms and conditions.

Financial Expenses: Road accidents, theft of your two wheeler or damages caused due to man-made or natural calamities may lead to heavy financial losses. With two wheeler insurance, many of these financial expenses are taken care of by the insurance company. 

Promotes Safe Driving: Even though you may be a cautious and safe driver, a two wheeler insurance is your security blanket because accidents do not happen with prior warning.

Buy Or Renew Second-hand Bike Insurance Online

India has a robust market for second-hand bikes. Irrespective of the status of the two wheeler, the owner of the bike will still have to invest in a two wheeler insurance as mandated by the law of the land. The most convenient way to buy or renew insurance for your second-hand two wheeler is to do it online. Simply follow the steps given below.

Buying A Second-hand Bike Insurance Online

• Log onto the website of your preferred insurance provider.
• Submit a scanned copy bike documents such as the registration certificate and your ID proof or you can enter the bike registration number, owner details and get a bike insurance quote
• The insurance company on receipt of this information sends a surveyor to carry out an inspection of the two wheeler
• Simply pay the premium online once the above steps have been completed.
• The new policy will be mailed to your registered email id.

Renewing A Second-hand Bike Insurance Online

• Visit your insurance provider’s website
• Go to the policy renewal section
• Simply fill in your policy number to extract your existing policy details
• Click on the renew bike insurance to initiate the renewal process prior to the expiry date of your current policy
• Pay the premium online
• The renewed policy will be emailed to you instantly

Buy Or Renew Old Bike Insurance Policy in India

It is mandatory to renew your old bike insurance policy in India if your two wheeler is still being actively driven around. Alternatively, you can also purchase a new policy from a new insurance service provider for your old bike.

There are two ways of renewing your insurance plan or buying a new one for your two wheeler – online and offline.

Let’s explore both the routes.

Online Renewal of Two Wheeler Insurance Policy

• Visit the website of your insurance provider and go to the Renewal section
•  Fill in your policy number to check information on the existing plan
•  Click on renew if you are happy with the same policy
•  Pay the premium online

Online Buying of Two Wheeler Insurance Policy

• Visit the website of your preferred insurance provider or check out the best two wheeler insurance policies on third party aggregator sites
•  Compare plans, features and quotes by filling in some basic information about yourself and your two wheeler
• You may have to submit a scanned copy bike documents such as the registration certificate and your ID proof or you can enter the bike registration number, owner details and get a bike insurance quote
• To change providers, there will be an inspection of your old bike by a designated surveyor of your shortlisted insurance company
•  Simply pay the premium online once the above steps have been completed.
• The new policy will be mailed to your registered email id

Alternatively, you may physically visit the office of your preferred insurance provider to either buy or renew your old bike insurance policy in India.

Buy Or Renew Expired Two-Wheeler Insurance Policy

It is against the law to drive your two wheeler in India with an expired insurance policy. Offenders may be subjected to heavy fines and penalties by traffic authorities. Even if your policy has lapsed or expired, you can still renew or buy a new plan online. Just follow these steps as given below.

Buying a Two Wheeler Policy

You have the option of purchasing a new two wheeler insurance policy from a new insurance provider once your existing one has expired. This can be done by:

• Visiting the office of your preferred insurance provider
• Fill up an application form
• Submit the required documentation
• Get an inspection done of your two wheeler by an insurance company appointed surveyor
• Pay the premium and get the policy document emailed to your instantly

Alternatively, you can carry out this entire process online.

• Visit the website of your preferred insurance provider
• Submit a scanned copy bike documents such as the registration certificate and your ID proof or you can enter the bike registration number, owner details
• Check out the policies, compare quotes
• Arrange an inspection done of your two wheeler by a surveyor appointed by the insurance company
• Pay the premium online
• The policy will be mailed to your registered email id

Renewing an Expired Two Wheeler Policy

• Visit the website of your current insurance provider
• Check out the premium quotes before you renew your expired two wheeler insurance
• Select the type of policy you want
• Select the right add-ons for your two-wheeler
• Make the payment
• Get a digital policy in the form of a PDF sent to your email id
• Your expired insurance policy will be immediately be activated

Comprehensive Two Wheeler Insurance

If you are looking for 360 degree coverage, then you should opt for a comprehensive insurance policy that provides security not just for your two wheeler but also the owner. Comprehensive insurance policies automatically cover all third party liabilities as well as own damage, injuries and or theft too. Incidents under own damage can be natural calamities, burglary, theft, riots or terrorist activity or damage caused during travel. The policyholder has the option to add more riders such as Roadside Assistance Cover, Depreciation or Cover  to make the policy coverage stronger.

Note: Both the third-party liability and comprehensive cover plans also include the compulsory personal accident cover for owner-driver with a premium of particular amount, for which the owner-driver is liable to receive a sum assured amount of Rs. 15 lacs in case of:

Third-Party Liability Coverage

The third party insurance is the minimum coverage that every two wheeler owner must possess as mandated by the law of the land. It derives its name from that fact that this basic bike insurance policy only benefits not the insured, but any third party who may have been injured, suffered damages or even disability or death as a result of an accident, natural disaster or theft involving the insured’s two wheeler. The third party insurance also covers the insured against all legal and financial liabilities caused by the insured vehicle to the property of the third-party.

In 2020, two wheelers sales in India reached an all time high recording the purchase of approximately 18 million units. With millions of two wheelers traversing on busy and bustling Indian roads, accidents are bound to happen. This is understandably why the government has made Third Party mandatory for two wheeler owners to have a bike or two wheeler insurance at the point of purchase.

Bike or two wheeler insurance policy provides you with financial protection, much like what a helmet offers to your physical well-being. The two wheeler insurance offers you with financial coverage from the financial losses suffered as a result of accidents, natural disasters, theft or any serious incidents.

Additionally, the bike insurance secures you against incurring financial losses arising due to injuries or damages suffered by a third party as a result of your two wheeler. By helping reduce the financial burden, the two wheeler insurance is your dependable companion on your journeys, protecting an asset that is precious to you.

Why Buy Two Wheeler Insurance Online?

Two wheeler insurance policy is your security blanket against any injuries or damages incurred to you or to a third party that involves your bike or motorcycle as a result of an accident, natural disaster or even theft. Even though there are several ways to buy your two wheeler insurance, the most convenient route is to do it online.

Here are the reasons why:

• Compare Policies Online: Check a wide range of two wheeler policies online, compare prices and features and calculate yearly premiums.
   
• Quick, Easy and Convenient Issuance of Policy: Your bike insurance policy can be generated online by sharing basic details such as your name, address, date of birth, two wheeler model and its registration number.
   
• No Additional Charges: Pay via several payment options for the policy that you purchase. There are no hidden costs, fees or agent commission involved in the online transaction.
   
• Information on Previous Two Wheeler Policy Not Required: When purchasing your two wheeler policy online, there is no need to share previous policy details if it has expired for over 90 days.
   
• No Documentation or Inspection Needed: Buying your bike insurance online does not require you to go through a vehicle inspection or to upload any documents.
   
• Easy Renewal of Expired Policy: You can conveniently renew your expired two wheeler policy online and the policy document is instantly sent to your registered email account.

Two Wheeler Frequently Asked Questions

Why Choose ICICI Lombard General Insurance (Bharti AXA General Insurance*) Two Wheeler Insurance?

Standalone Own Damage Cover

The Standalone Own Damage cover includes financial losses or damages caused to your two wheeler during a collision or an accident. The Standalone Own Damage cover is your one stop shop for damage control if your two wheeler has suffered damages as a result of a natural calamity such as floods, etc. Under the circumstances that your two wheeler gets stolen, the Standalone Own Damage Coverage will help you seek compensation for the same. Own Damage Cover was previously a bundled offering with Third Party Liability coverage. However, effective 1st September 2019, this is no longer the case anymore. 

This type of insurance does not cover you against:

1. Depreciation
2. Electrical and mechanical breakdown
3. Any damages arising when the driver is under the influence of alcohol/ drugs, is underage, or does not have a legal driving license

Like with comprehensive insurance, you can also get add-ons with standalone own damage insurance to customize the cover as per your particular requirements. All the add-ons available with comprehensive cover are available with own damage cover as well.

Long-term policy for old bike is for a period of one year, whereas for a new car the owner has to mandatory buy 3 years compulsory TP with an option of 1 year OD or a 3 years OD This policy covers the damages that your vehicle has incurred because of some accident.
You may wonder what is NCB? Well, NCB or No Claim Bonus in Bike Insurance is the additional benefit that the insurer gets in case he does not make any claim. NCB in two wheeler insurance policy gets reduced, but it does not become nil after one claim whereas in other policies No Claim Bonus becomes nil after the first claim. The slab for No Claim Bonus differs from other short-term policies. There are some insurance providers who offer the same NCB discount to their first-time customer as they have earned at the previous policy company. 

Within one working day from claim intimated to our call centre, except cases reported at remote locations. The necessary documents for two wheeler insurance claim need to be submitted to the surveyor/local insurance office.

Place the vehicle in any of our cashless tie-up garage or at authorized garage of your own choice (here cashless payment would get reimbursed to the insured). 

You can visit to our website (www.bharti-axagi.co.in) to download the two wheeler insurance claim form and also get policy wordings. You can also see the list of our network garages in your area. 

• Policy Number
• Vehicle Registration Number & Chassis / Engine number
• Caller details/relation with insured / Contact no. of the insured
• Date / Time & Place of the incident/ accident
• Detail description of the incident/ accident. 
• Loss type whether Own damage/Theft/TP/TPPD/PA Claim
• Whether any injury involved into this accident
• If the incident been reported to police then GD / Case No or FIR No 
• Driver Name (As per the details mentioned in the driving license) & Driving Licence number 
• The call centre will then provide with a unique number as Claim No. which will be used for all future correspondence    
   

• Bike Insurance claim should be reported on immediate basis after the incident/accident. However priority must be given for self-safety & medical assistance (if required).
• For Total Theft Claims, the intimation to Police & Insurance Company should be given within 24hrs. 

For any delay in claim registration beyond 48 hours of incident/ accident the insured should furnish the two wheeler insurance company with detail clarification in writing. Insurance company will not stand responsible to cover any kind of aggravation of loss happened due to delay in claim registration or vehicle is not produced for survey.
 

Two-wheeler insurance claim covers the Cashless Claim and Reimbursement Claim. It is the same as the claim in car insurance. The cashless claim is where the insurance provider pays for the damage caused to the two-wheeler in an accident. The insurer needs to repair his/her two-wheeler at the network garage of the insurance provider, whereas Reimbursement-Claim or Non-Cashless is where the insurer pays for the damage caused to the two-wheeler in an accident. After the payment is made, the policyholder is required to submit the receipt or bill to the insurer. If the policyholder is entitled, the provider makes a reimbursement claim. In reimbursement claim, the policyholder can get his two-wheeler repaired in any garage. Reimbursement Claim is usually made at the time of the accident; it is made only after the policyholder has already paid for the expenses. The insurer checks the costs incurred for the repair. The policyholder needs to provide valid documents. Otherwise, the insurer may reject the claim. 

It is important to understand that claims are not the only factors that affect premiums. However, it is one of the factors, but there are other factors such as nature of policy, model of the vehicle, etc. Therefore, it is not a surety that your premium will or will not change after you file a claim. 

The first two-wheeler insurance claim process includes a few steps. The policyholder needs to contact your insurer within the 24 hours of the accident. The insurer will ask you to submit the documents that are required to make a claim valid. Only after verifying the documents and considering the eligibility for claim; your 2-wheeler will be sent to the network garage to evaluate the expenses. If it is found that oversight was made on your part, then the insurer may ask you to pay the excess amount. The insurer will not disburse the amount for your bike or two-wheeler if the repairing expense exceeds the actual value. Please note that you cannot claim for the insurance if you go to the local garage that is not approved by the insurer. The insurance is valid for the vehicles that are damaged because of an accident or natural disasters. The insurance is not for the damage that is caused intentionally.

1. Original Claim form duly filled and signed by the insured (CO’s seal need to be affixed in case the insured is a Firm/Company)

2. Registration Certificate & Driving License of the person driving at the material time of accident duly attested by the insured only. However surveyor may wish to verify the originals even based on merit of the said case.

•            In case where the smart card or Rc certificate is yet not been issued by the MV Dept, then the RTA receipt for new registration, Purchase invoice & Delivery Challan required.

•            b. For few odd cases where the Registration Certificate issuance been delayed for more than the stipulated time period there the Rc particular may require.

3. True copy of Police report / FIR, in case of any Injury to Occupants or TP ; Total or Partial Theft ; Property Damage & Malicious activity.

4. If, in case there is an involvement of injury / death / property damage, there relevant docs. are also to be submitted.

5. Satisfaction voucher (in case vehicle repaired at cash less garage).

6. Bill / Money Receipt ; NEFT Details (Cancelled Chq. / Bank Mandate) & Discharge Voucher for reimbursement cases infavour of the insured.

7. For total theft cases, all the original vehicular documents along with both the original keys. Additional documents required for commercial vehicle:

8. Self-Attested copy by insured of Fitness Certificate / Permit / Load Challan (if vehicle been loaded)

9. For All Commercial Vehicle Claims, original documents need to be produced for verification & return. Document Required for Theft Claims (Partial / Total)

1) Partial Theft:

a. All documents as mentioned above except Driving License , Refer point: 3.

b. For theft recovery vehicle the theft recovery memo issued by police need to be furnished. 2) Total Theft:

a. All documents as mentioned above except Driving licence / Bill & Money Receipt, Refer point: 3.

b. All original vehicular documents along with both the original keys (original cabin key for commercial)

c. Original letter issued to RTO intimating Theft & request for waiver of tax.

d. Certified copy of Police Final Report & FIR.

e. If vehicle is under hypothecation, the current loan ac statement.

f. Form 28 (4 copies) & Form 29 & 30 (2 copies each) duly signed by insured.

g. Subrogation & Indemnity Bond from insured.

h. In case of Payment to (If Vehicle is under Hypothecation):

i. Insured: Original NOC & Form 35 issued by the financer (duly singed by insured).

ii. Financer: Request Letter from the Financer mentioning the loan Ac details / Written consent from the insured to release payment in favour of Financer/ Original NOC & Form 35. iii. Acknowledged copy of letter to MV Dept. & Police Station intimating full & final settlement by the insurer (Format may to be availed from the Local Br.).

Refer our website to download the Claim Form and also get the Policy Wordings. Please visit to our website (www.bharti-axagi.co.in) for our tied-up garages.

Follow are the documents that need to be kept handy while registering bike insurance claim

• Policy Number. 
• Vehicle Registration Number & Chassis / Engine number. 
• Caller details/relation with insured / Contact no. of the insured. 
• Date / Time & Place of the incident/ accident. 
• Detail description of the incident/ accident. 
• Loss type whether Own damage/Theft/TP/TPPD/PA Claim. 
• Whether any injury involved into this accident. 
• If the incident been reported to police then GD / Case No or FIR No. 
• Driver Name (As per the details mentioned in the driving license) & Driving Licence number  
• Current Vehicle Location & if yet not placed with any garage then enquire about garage preference. 

The call centre will then provide with a unique number as Claim No. which will be used for all future correspondence.

• Bike Insurance claim should be reported on immediate basis after the incident/accident. However priority must be given for self-safety & medical assistance (if required).
• For Total Theft Claims, the intimation to Police & Insurance Company should be given within 24hrs. 
• For any delay in claim registration beyond 48 hours of incident/ accident the insured should furnish the two wheeler insurance company with detail clarification in writing.
• Insurance Company will not stand responsible to cover any kind of aggravation of loss happened due to delay in claim registration or vehicle. is not produced for survey.
   

Claim should be intimated to our call centre (Toll Free: 1800-103-2292) OR E-Mail us at claims@bhartiaxa.com

Your bike insurance policy is incomplete minus a personal accident coverage. This is essential as it provides the owner of the vehicle, any dependents to seek compensation in the event of accidental injury or fatality. Moreover, the policyholder can insure the pillion rider by purchasing additional personal accident coverage. Generally, the maximum compensation amount sanctioned is around Rs. 1 lakh, if the individuals are below 65 years in age.

Usually, insurance companies offer personal accident coverage as a rider on the two-wheeler insurance policy. The policyholder can ensure optimal protection by paying a little more on the premium of the policy.

Voluntary excess is the extra amount over and above the compulsory excess. Voluntary excess is your option to opt for bearing a certain amount of loss from every claim. For this option, you are eligible for a discount on Own Damage Premium (ODP) as listed in the table below:

It is the amount which insured has to bear for each and every claim. It is levied as mentioned in the table below:-

The Insured will be covered for any liability arising from any accident caused by or arising out of the use of the private two wheeler in respect of:

• Death or bodily injury to third parties (unlimited liability)
• Damage to the third party property (minimum of Rs.6000/- and max of Rs.7,50,000)
   

Can other accessories be insured?

Accessories can be insured under a two wheeler insurance policy with an additional premium. In case these are factory fitted they are automatically insured under the policy however insured needs to insure them separately if those are installed later. Insured will have to pay additional premium to cover the accessories in two wheeler insurance policy.

The following events or losses are not covered in two wheeler insurance policy:

• Mechanical/ Electrical breakdown
• Wear and tear, ageing of vehicle
• Consequential loss*
• Depreciation
• Deliberate accidental loss
• Intoxicated driving
• Any contractual liability
• Damage to/ by a person driving any vehicle without a valid license

*Consequential loss is an indirect loss, which is not directly resulting out of a loss event, but arising as a consequence of loss event. For example, Mr. Singh was on his way to office for an important meeting with client. Unfortunately, his vehicle met with a road accident resulting in damages to the vehicle and it consumed lot of his time. Due to this, he could not attend the meeting resulting in loss of approx 15 Lakhs. Damages to two wheeler due to the accident are covered, but the loss of 15 Lakhs is consequential and hence not covered.

Your two wheeler can be used for social, domestic and pleasure purposes and also
for business purposes excluding the carriage of goods other than samples by you
or your employees. ICICI Lombard General Insurance (Bharti AXA General Insurance*) two wheeler insurance policy will protect you against any loss or damage to the two wheeler and its accessories during the following events:

• Fire, explosion, self-ignition or lightning
• Burglary, housebreaking or theft
• Riot or strike
• Earthquake (fire and shock damage)
• Flood typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost
• Accidental external means
• Malicious act
• Terrorist activity
• Whilst in transit by road, rail, inland, waterway, lift, elevator or air
• Land slide, rock slide
   

This is what you need to do if your motorcycle is lost or stolen:

File an FIR

If your motorcycle is stolen, you must immediately file an FIR (First Information Report) with the nearest police station. It is mandatory to submit the same to your insurer to initiate the claim filing process.

Contact the insurer

After the FIR is filed, contact and inform your insurer that you wish to file a claim. Submit important details such as policy number, time & date of the incident, registration details of the stolen/lost motorcycle and a thorough description of the incident. You could also highlight if there were any CCTV cameras in the vicinity.

Submit required documents

You would have to submit the following documents to the insurer. So it is recommended that you arrange for them quickly after contacting the insurer:

Signed claim assessment form

Copy of policy documents

Copy of the motorcycle’s registration certificate (RC)

Original FIR copy

Copy of your driver’s licence

Signed transfer papers from RTO

Original keys of the motorcycle

No trace certificate

This is a critical document to share with your insurer. Without a no trace certificate, your claim wouldn’t be processed. It is possible to acquire this document from the police after one month from the date of the incident. Remember to be patient and co-operative with the police department. The insurer may choose a private investigator to scrutinize the theft. This activity might take around 60-90 days. Post this, your claim would be released.

It is important to note that only a comprehensive two-wheeler insurance policy would cover the theft of your motorcycle. A third party insurance policy would only protect you from losses arising due to third party liabilities. If you don’t have a comprehensive two wheeler insurance policy, then you would not be able to seek any compensation.

There are two types of bike insurance plans in India.

1. Third-party liability insurance: Having basic two-wheeler insurance is mandatory as per the law of the land. In this case, third-party liability insurance does the job. It secures the policyholder against and covers all financial losses for bodily injuries and vehicle damage of the third party involved in the accident.

2. Comprehensive insurance: Covering the third-party liabilities of basic insurance coverage, a comprehensive two-wheeler policy protects the policyholder from own damage incidents. This includes a variety of circumstances such as be natural calamities, burglary, theft, riots or terrorist activity or damage caused during travel. However, loss of personal belongings or damage to the vehicle caused as a result of being under the influence of drugs or alcohol is not covered in this type of bike insurance policy.

Long Term Two Wheeler Comprehensive Insurance

A two wheeler comprehensive insurance plan which is taken out once for a validity of 3 years at a stretch is called long term two wheeler comprehensive insurance. You can easily purchase such insurance online.

Benefits of going in for a Long Term Two Wheeler Comprehensive Insurance Plan:

• No hassle of remembering to renew your policy every year. You get peace of mind for 2-3 years by making a one-time premium payment.
• You are insulated from a yearly hike in premium amount since IRDAI increases third party insurance premiums every year.
• You also save by getting discounts ranging from 10% - 20% that are offered by insurance companies on 2 and 3 year plans.
• Unlike in a 1-year policy, if you make a claim during the policy tenure the NCB or no claim bonus does not become nil in a long term insurance policy. It just reduces to the previous percentage slab so you still get the benefit of NCB.

The cashless claim is a facility offered to the policyholders by the insurance company for easy and quick claim settlement process. If your vehicle needs repairs due to damages caused by an accident, you can take it to any network garage of the insurance provider. The garage will repair your vehicle and charge the bills directly to the insurance company without you requiring paying the cash up front. 

No-Claim Bonus (NCB) is the discount that an insurance company offers to the policyholders if they do notraise a single claim during the policy period. The policyholder can accumulate up to 50% NCB discount on renewal premium for every claim-free year till 5 years.

Third-party insurance provides financial coverage to the rider-owner against any legal liability that arises out of bodily injury, death, or permanent disability to a third-party or any damage to their property. This is compulsory and minimum insurance that every two wheeler owner has to purchase as per the Motor Vehicles Act, 1988.

The Insured Declared Value (IDV) in Bike Insurance refers to the maximum sum assured determined by the insurance company. This is the amount that you would get in case your scooter/bike is stolen or damaged. 

It is always advisable to purchase or renew scooter/two wheeler insurance only from established insurance providers. ICICI Lombard General Insurance (Bharti AXA General Insurance*) provides two wheeler insurance that meets up to your requirement. No matter what your two wheeler brand, model or make is, you can rest assured that ICICI Lombard General Insurance (Bharti AXA General Insurance*) will meet all your insurance needs. When you buy scooter/bike insurance online from ICICI Lombard General Insurance (Bharti AXA General Insurance*), you can avail the following benefits:

• Financial protection against losses due to damaged or stolen  two wheeler vehicle 
• Hassle –free claim settlement process with a network of 3800+ cashless repairers
• 24/7 claim support excellent customer service
   

If you sell your bike to another person, the two wheeler insurance policy can be transferred in the name of the buyer. The buyer (transferee) has to apply for transfer of bike Insurance with us, within 14 days from the date of transfer of the vehicle in his name. If you want to substitute another two wheeler of your in this policy, the policy will not be transferred to the buyer. The buyer (transferee) has to buy fresh bike insurance.

The IDV of two wheeler is to be fixed based on the manufacturer's listed selling
price of the brand and model, as the vehicle proposed for insurance at the commencement  of insurance/ renewal and adjusted for depreciation. The schedule of depreciation for arriving at IDV is a below::

The discounts are on No Claim Bonus offered on two wheeler insurance.

The online advantage enables you to buy the policy through web instantly, save time
and save money. You can calculate your two wheeler insurance premium online and buy with the same quote within seven days. You can enjoy hassle free buying without
any paperwork. You can buy ICICI Lombard General Insurance (Bharti AXA General Insurance*) two wheeler insurance policy online using
credit/debit card or net banking.
 

The law in the country makes it compulsory to insure your two-wheeler. The compulsory nature of the law protects you against third party liability. Two wheeler insurance protects this asset and helps you in coping with the financial loss caused by accidents, damage, or theft. Another reason is that while driving, you are responsible for the safety of:

• Your passengers
• Your fellow drivers
• Other people's property
• Pedestrians
• Yourself

Two wheeler insurance helps cover the costs of potential damages or injuries in case of an unforeseen accident or theft.

You can cancel your bike insurance policy during the tenure of the plan. This is possible only if certain conditions are satisfied by the policyholder. They are as follows:

1. You may get the policy annulled if you have not raised any claims during the term of the policy on the insured vehicle.

2. You must be able to produce valid documentary evidence that an alternative bike insurance coverage is in place for the two-wheeler question prior to the cancellation of the current policy.

3. If it is a case of ownership transfer, the existing policy can only be cancelled only if an alternative arrangement of an insurance policy has been made by the new owner. Documentary evidence must be produced towards the same that the two-wheeler is secure against third-party liabilities.

There is minimal documentation involved to purchase your two-wheeler insurance online. The majority of insurance companies only need you to share your basic personal details along with information of the two-wheeler that you want to get insured.

You will need to share the following details:

• Personal information
• Driving license information
• Bike engine number
• Chassis number
• Registration number
• Vehicle manufacturing date at the time of purchase
• RC book for your two-wheeler

Yes. There are certain factors to be kept in mind and checked at the time of two wheeler insurance policy cancellation, but it is possible for a customer to cancel his policy during the tenure of the policy.  

• First the customer needs to contact his insurance provider and place a request for cancellation of his insurance policy.
• Before going ahead with cancelling the policy, the customer should enquire and get clarity about the dues settlement and premium refund procedure with his insurance company.  
• The premium is typically refunded on a pro-rata basis and in compliance with other terms and conditions as mentioned in the policy document.
• Typically insurance companies allow an existing policy to be cancelled if the customer has not made a claim during the policy tenure.
• Some insurance companies may charge a cancellation fee. 
• Once the customer’s cancellation request has been processed and the necessary documents are submitted to the insurance company, the cancellation is usually done within a week or so.
• Along with the premium refund as applicable, the customer will also receive a policy cancellation certificate. 

Finally, while it is the decision of the customer to cancel an existing insurance policy, it should always be a well thought through decision. Two wheeler insurance is mandatory by law. Buying a new two wheeler insurance policy and insurance renewal should be done timely.

Most people tend to forget the renewal dates of their two wheeler insurance policies. In spite of reminder emails and alerts from the insurance company, they may still fail to renew it on time. The good news is that you can now buy two wheeler insurance for 2 and 3 years at a stretch. You can also do two wheeler insurance renewal online for these many years. Also, according to the latest announcement from IRDAI following a Supreme Court order, it is mandatory for scooter/bike owner to buy long-term third party insurance. The benefits of buying a long-term policy are:

•            More Savings

IRDAI revises third-party premiums every year. The hike in premiums can cost you more. However, a long-term policy saves you from this hike. What is more, you even get a discount of 10% and 20% on 2 &3-year policies.

•            Long-Term Protection

You can have a peace of mind on-road and off-road knowing that you and your vehicle are protected for 2-3 years. The insurance company gives you a single policy document with a straight validity of 2-3 years.

•            Avail Better NCB discounts

Even if you make a single claim, NCB becomes zero percent in a single-year policy. However, in a long-term policy, NCB reduces to the previous percentage slab and does not become nil in spite of making a claim.

•            No More Yearly Renewals

There is a huge risk to your life and vehicle if you drive it during the policy lapse period. 2 &3-year policy ensure that you don't have to worry about annual scooter/bike insurance renewals.

To obtain a duplicate two wheeler insurance policy, reach us at 1800-103-2292 (Toll free) and get assistance from customer service representative. The charges to obtain duplicate two wheeler insurance policy is Rs. 50.

An endorsement is a written evidence of an agreed change in the policy. It is a document that incorporates changes in the terms of the policy.
 

As per section VB64 of Insurance Act, 1938 no risk can be resumed unless premium
is received in advance. Hence, full two wheeler insurance premium needs to be collected before the start of policy.
 

Refund is possible only when the two wheeler insurance policy is cancelled. The refund essentially depends upon the company and would be on short rate period. You must check the short rate calculations before cancelling his policy. You need to provide alternate copy of policy covering TP risks to cancel the policy.

For a new Bike: It is 5 year TP , 1year OD+5year TP, and 5year OD +5year TP. 
For Old Bike: 1 year TP, 1 year OD +TP, 2year OD, 2 ysar OD+2year TP, and 3 year TP + 3year OD
 

Two-wheeler insurance premium can be impacted by a number of factors. These include:

1. Type of Insurance Policy: Third-party liability insurance offers basic protection against third party damages. The comprehensive insurance plan providers a 360 degree security, hence making the premium more expensive.

2. Type and Condition of the Two-Wheeler: The bike engine’s cubic capacity differs from model to model. Those two-wheelers with higher cubic capacity will draw a greater insurance premium.

3. Risk Evaluation: Parameters like the driver’s age, gender, driving experience and record helps insurance companies to assess the risk factor involved at the time of issuing the policy.

4. Two-Wheeler’s Market Value: The brand, age, the bike’s functionality and resale value are contributing factors that impact two-wheeler insurance premium.

5. Add-on Covers: Adding extras such as zero depreciation cover, personal accident cover, medical cover and cashless hospitalization cover attracts a higher premium.

6. Modifications Done on Bike: Adding modifications to enhance the bike’s aesthetics and performance will require the policyholder to solicit another rider, plus the premium to secure coverage.

A number of factors influence the insurance premium rating for your two wheeler. Knowing what these are can be useful to make an informed choice when choosing a two wheeler insurance policy.

Type and Details of Two Wheeler

All the technical details of the bike such as the make, model, fuel type, engine capacity, showroom cost, age of the bike and its usage, accessories and modifications added if any, are taken into consideration when deciding the premium.   

In general, certain makes and models, higher engine capacity, and the more expensive sports bikes and super bikes, lots of modifications done, tend to attract a higher rate of premium.  

RTO location

Place of registration of the two-wheeler also impacts the premium rating.

Type of Insurance Cover

The two wheeler insurance policy premium will also depend upon the type of cover you choose, the Insured Declared Value or IDV of the two wheeler, your claims history and any policy add-ons that you may have opted for.

In general, more comprehensive the coverage, the number and type of add-ons selected and higher the vehicle’s IDV, the premium could also increase accordingly.

You can use ICICI Lombard General Insurance (Bharti AXA General Insurance*) two-wheeler insurance premium calculator to get the value. Still, you should know which particular aspects affect your premium the most and how, they are:

• Insured Declared Value: Insured Declared Value (IDV) is the present value of your vehicle. 
• Type of Cover: The coverage of your insurance policy such as comprehensive coverage or third-party insurance. 
• Type of Model: The model of your two-wheeler. 
• No Claim Bonus (NCB): If your claims history suggests that you have had NCB then your premium will be lower compared to someone who has not had NCB. 
• Registration Zone: Registration Zone is the area under which the two-wheeler is registered, for example premium could differ for a metropolitan city compared to a Tier 2 city. 
• Manufacturing year of the two-wheeler: The old version of two-wheelers has low IDV. 
• Cubic Capacity of the Two Wheeler
   

The following factors affect your two-wheeler premium: 
Manufacturing company of the two-wheeler,

• Class of the two-wheeler (bike, scooter, etc.)
• Fuel type of the two-wheeler (petrol)
• Place of registration of the two-wheeler, 
• Current showroom price of the two-wheeler,
• Age of the two-wheeler,
• Usage of the two-wheeler,
• Modifications, if any, done in a two-wheeler,
• Coverage of the insurance,
• Type of two-wheeler insurance policy,
• Model of the two-wheeler,
• Insured Declared Value,
• Cubic capacity of the engine, 
• Claims history,
• Insurance policy add-ons,
• Claim history
   

Yes, in case you are changing from any other insurance company to Bharti AXA GI 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.

Premium is the fixed amount of sum paid for a policy period by the insured to the insurance company for the benefits or covers availed to take insurance policy and to complete the contract of insurance. For buying and renewal of two- wheeler insurance online you can pay with credit card or net banking.

As per the Indian Motor Tariff, it is mandatory for all vehicles to have at least a third-party insurance in place. So, the same rule applies even if your bike’s insurance policy is up for renewal during the Coronavirus lockdown.

The best to renew your policy is online. You can visit your insurance provider’s website to renew the policy directly on its platform. Alternatively, there are many credible third-party aggregator sites where you can renew your bike insurance conveniently.

Remember that scooter/bike insurance renewal needs to be done a few days before it expires. If there is a time lag between the expiry and scooter/bike insurance renewal, you won't be able to get insurance benefits in the interim. 
You can do scooter/bike insurance renewal online by following the online process as mentioned on the ICICI Lombard General Insurance (Bharti AXA General Insurance*) website. Just make sure you keep your personal, vehicle details and old policy details handy. You would be required to fill this information in the online form. Since you are making an electronic payment, also keep the credit card or net banking details ready so that you can pay timely before the login session expires. After you receive the insurance policy in the PDF form in your mailbox, save it. It is also advisable to take a printout and file it with your other important documents.
 

Break-in-insurance is when the policy lapses due to non-renewal on time. Indian Motor Traffic law makes it compulsory to have two wheeler insurance with third party insurance at all times. In case of break in your two wheeler insurance, you can get in touch with our customer support at 1800-103-2292 (Toll free) to renew policy if it has been less than 90 days so that you may be able to retain your No Claim Bonus. You have to get your two wheeler inspected before purchasing the policy. 

If your bike insurance policy has already expired, you have to obtain a fresh insurance. Due to the break in insurance the vehicle will be physically inspected by a company official or an authorized representative/agency. You can get the NCB transferred in case your two wheeler is insured within 90 days of your renewal due date.

You should renew your two wheeler insurance before expiry of the existing insurance. This keeps your vehicle insured against the risks without any break and retains the No Claim Bonus, which is the discount in premium for claim free year/s.

Yes. You can renew your expiring two wheeler insurance policy online from www.bharti-axagi.co.in providing minimum details. Also enjoy the benefit of transferring up to 50% of No Claim Bonus earned by you.

I wanted to learn about the difference between third party and comprehensive bike insurance plan. I contacted the call center of Bharti AXA for details and was assisted very well. I finally bought the comprehensive policy, thanks to the guidance of the support executive.

The process of buying bike insurance online at Bharti AXA was so easy and comfortable. Completed the entire process on their website

The process of buying bike insurance online at Bharti AXA was so easy and comfortable. Completed the entire process on the website.

I  wanted to buy a comprehensive two wheeler insurance policy for my Avenger. Got the best deal with maximum IDV and lowest premium with Bharti AXA. So, I went for it!

13th Jul,2020

24th Sep,2020

14th Aug,2020

14th Jul,2020