In India, two-wheeler insurance is obligatory for all vehicles registered with the government. This means that you must purchase a valid policy before you can legally ride your bike or scooter. The Motor Vehicles Act 1988 mandates every motorised vehicle to have at least third-party liability coverage in order to protect other road users from any damage caused by the insured vehicle while being driven on public roads. The third-party liability coverage offers you financial protection if you accidentally cause damage or injury to someone or their property.
However, under this type of coverage, you cannot get any compensation for the losses that you or your bike has to bear. To get wider coverage for your beloved bike, you need a comprehensive two-wheeler insurance policy that not only protects you from liabilities but also protects you in case of your own damage.
For any individual who owns a bike or scooter, investing in comprehensive two-wheeler insurance is a wise decision. The comprehensive policy, thus, not just fulfils the legal obligations but also provides financial protection against potential losses from theft, accidents, natural disasters, and other unforeseen events. Let us delve deeper into what comprehensive two-wheeler insurance is, and how it helps safeguard your two-wheeler as well as your finances.
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
Comprehensive two-wheeler insurance is a complete package that provides coverage for the insured's two-wheeler's loss and damage and various third-party liabilities. This all-inclusive plan offers policyholders the flexibility to customise and enhance their coverage with a range of add-ons. However, you must carefully pick the add-on covers and pay only for the ones that you really need.
A comprehensive bike insurance plan gives you the option of single or multi-year policy tenure. With a multi-year, you do not have to go for yearly renewal, and the lumpsum premium may also fetch you a long-term policy discount. In case you are purchasing a new/luxury bike or planning a long road trip on your bike, a comprehensive plan can be quite ideal for you.
While you are planning to get your bike a comprehensive bike insurance plan, you must know what all coverage your two-wheeler is going to enjoy. These include:
Understanding the coverages of a comprehensive bike insurance plan is not sufficient in itself. There are certain conditions where your insurer may not be able to extend you a helping hand. These are termed as the exclusions of the plan:
Are you planning to buy insurance for your bike but are confused between comprehensive bike insurance plans and third-party liability insurance? If so, refer to the table given below and have a look at the differences between both the plans:
| Comprehensive Bike Insurance Plan | Third-Party Bike Insurance Plan |
|---|---|
| Covers own damages and third-party liability, as well | Covers only third-party liability |
| It is not a mandatory insurance plan for bikes | The Motor Vehicle Act of India makes it mandatory to have a minimum of third-party cover |
| Provides the option for riders | The option of riders is not available |
| The premium is higher than a third-party liability cover | The premium is lower than a comprehensive bike insurance plan |
| Coverage of your bike against accidents, fire, explosion, and calamities | Own damages are not covered |
Generally, a comprehensive bike insurance plan is suitable for people who are ready to pay a slightly higher premium and want complete coverage in return. For new bikes, frequent travellers, daily commuters, expensive bike owners, and people riding in hilly or dangerous regions are advised to go for a comprehensive bike insurance plan. However, if you feel you are hardly going to use a bike that is quite old, you do not need these benefits and just want to cover the legalities, a third-party liability cover can do the justice.
With a comprehensive bike insurance plan comes baggage full of benefits for both the bike and the bike owner. Here is a list of benefits that a comprehensive bike insurance plan offers you:
With a comprehensive bike insurance plan, you are actually making investments and saving for future expenses. Serious damage to your bike either due to thievery, calamities, fire, explosion, or accident, may cost you heavy repair charges. In such a situation, you either have to bear the expenses or compromise on repairing your bike at a good garage. However, with a comprehensive two-wheeler insurance policy, your insurer is there to cover the repair expenses.
During an accident, if the rider/bike owner suffers physical injuries, the medical expenses are also covered by your insurer. Not only this, in case of death, or partial or complete disability of the insured, the insurer offers financial assistance.
Almost all bike insurance companies let their customers enjoy cashless claim benefits. To avail of cashless benefits, you need to take your bike to one of the network garages as enlisted by your insurer in the policy wording. Here, the admissible costs are settled directly between the garage and the insurance company without you having to pay from your end.
The option of enhancing the coverage through riders is available with a comprehensive bike insurance plan. So, if you wish you extend the coverage of your comprehensive two-wheeler insurance policy, you can purchase your preferred add-ons.
Accidents and damages to property/persons can be mentally exhausting. Not only the injury/damage but the upcoming hefty expenses further cause stress. All you need, in such times, is financial support. This is exactly what policies like comprehensive bike insurance plans do to you.
The Insured Declared Value, better known as the IDV, is the value of the insured bike. Basically, it is the topmost value that you may receive in case your vehicle gets damaged beyond repair or is stolen.
IDV = Present Market value of the bike - The depreciation
To understand how depreciation can affect the value of your vehicle, take a look at the table given below:
| Age of the Bike | Less than 6 months | 6 months to 1 year | 1 year to 2 years | 2 years to 3 years | 3 years to 4 years | 4 years to 5 years |
|---|---|---|---|---|---|---|
| Depreciation | 5% | 15% | 20% | 30% | 40% | 50% |
The IDV of your bike determines the insurance premium that you have to pay, the higher the IDV, the higher the premium would be. At the time of buying comprehensive insurance for your bike, you need to select the IDV. most insurance companies allow you to choose the most appropriate IDV from a given range. If you choose a lower IDV, you will see that the premium will decrease. While this may seem lucrative, you should be careful while selecting the IDV. You need to remember that in case of an unfortunate event, the insurer will compensate you only according to the IDV. Choosing a lower IDV means that the claim amount would also be lower.
However, you should also keep in mind that choosing a higher IDV will not just lead to a higher premium payment, but in case the insurance company finds that the IDV is much higher than the actual value, the claim may not be paid. It is, therefore, important to understand that you neither overstate nor understate the value of your bike. Use the bike insurance premium calculator, as it would make an informed decision.
With an exponential increase in the number of bikes on Indian roads, it is only prudent to opt for a comprehensive bike insurance policy that allows you wider coverage. However, if you are someone who is quite fond of their bike, or has recently purchased a super expensive sports or luxury bike, then you may be looking for some extra protection for your prized possession.
For bike lovers, add-ons can be an ideal way to go the extra mile to ensure more safety. By paying an additional premium, you can opt for any of the add-ons that best suits your coverage needs.
Also called the pillion cover, this is a crucial add-on that you must surely consider if someone often accompanies you on your bike. In case of an unfortunate accident, the passenger would also receive accidental coverage.
When you make a claim, the cost of consumables, such as lubricants, sealants, nuts and bolts, etc., are not covered. The consumables cover your recover from these expenses.
Despite the engine being the heart of your bike, it is not covered under regular insurance. With the Engine Protector cover, the damages to your engine would be covered.
In case your bike suffers irreparable damage or is stolen, the highest compensation that you can expect from your insurance company is the present IDV. however, when you have the RTI add-on, you can get the original invoice price, including the charges on road tax and registration
When you raise a claim, you need to suffer a loss of value due to the depreciation of your bike. A zero-dep covers the depreciation cost, considerably reducing your out-of-pocket expenses.
Whether you ride your bike on unknown roads for leisure or use it for everyday commuting, a roadside assistance cover can come to your rescue in case of a breakdown. Tyre change, tow facility, replacement keys, and refuelling are some of the facilities you can enjoy, no matter where you are
As the name suggests, the NCB Protect, protects your NCB. when you purchase this add-on, the insurer allows you to make a certain number of claims (normally up to 2 claims) during this policy year. Wevne if you make a claim, the NCB that you have accumulated does not get affected
The NCB, or the No Claim Bonus, is the benefit that you, as a policyholder, can accrue if you do not make any claims during a policy year. The best part of an NCB is that you can keep accumulating the bonus for each year that you do not make a claim. Starting from 20%, the NCB can go up to 50% of the upcoming premium.
| No Claim made for | 1st year | 2 years in a row | 3 years in a row | 4 years in a row | 5 years in a row | Over 5 years in a row |
|---|---|---|---|---|---|---|
| NCB | 20% | 25% | 35% | 40% | 50% | 50% |
Here are some of the key aspects about NCB that you should keep in mind when you renew your bike insurance:
1. You can claim an NCB only when you have comprehensive bike insurance. It does not apply in third-party insurance
2. Your NCB will begin only with the first renewal, where no claim has been made in the previous year
3. After 5 successive years of making no claim, you will keep receiving a 50% discount till the time no claim is raised
4. The NCB belongs to you, not the bike. So in case you plan to sell your bike, the NCB does not go to the buyer. When you purchase new insurance for your new bike, the NCB can be used, even if you go for a new insurer. Just make sure to submit a ‘Retention Certificate’ with the insurer
5. After claiming an NCB if you make a claim in the upcoming policy year, your NCB will be reset to zero. To avoid this, you can opt for an add-on, called NCB Protect. Under this add-on, the insurer would allow you to make a specific number of claims (generally up to 2 claims), without impacting the NCB
6. If you do not renew your bike insurance within 90 days of the expiry date, you will lose your NCB.
In the year 2021, there were over 4 lakh road accidents in the country. About 69,240 people lost their lives due to two-wheeler road accidents, which make up 44.5% of the total road accidents1. While poor roads, faulty riding, poor-quality helmets, and lax traffic rules make the roads unsafe, improper training is also a major cause of such hurtful numbers.
As motorbikes are one of the most preferred modes of transport for a large section of Indians, ensuring safety should be a priority for all bikers. A comprehensive bike insurance policy saves you from a lot of expenses in case of any mishap on the road. Know why you must look for a comprehensive bike insurance policy online:
The online process of purchasing a comprehensive bike insurance policy is quick. Within a few clicks, you can purchase the plan. Apart from this, the renewal process of the policy as well as raising a claim, is also a matter of a few clicks.
One of the striking benefits of online policy buying is, you need not involve any agent for this work. You can compare plans online on your own and take your time to pick the most suitable one. Hence, you do not have to pay any extra charges to the agents or a middleman. Rather, you can enjoy the best deals on Coverfox.
Purchasing a bike insurance policy online is quite a straightforward process. Every step is well illustrated, which ensures that you save not only on money but also on time and effort. You can get all the information and guidance to help you navigate through the website and purchase the most suitable plan.
In an online procedure for purchasing a comprehensive bike insurance plan, hardly any paperwork is required. Also, insurers try to keep the least formalities involved, so you get your policy quickly. If you renew your policy before its expiry, things become easier
Renewing a bike insurance policy online is just a few clicks away. While you can go to your insurance company’s website, things are rather simpler and easier with Coverfox. Choose the option or renew the plan and make the payment to update your policy within minutes.
Raising a claim has become very easy with online insurance. You can raise a claim online within minutes and enjoy a hassle-free experience
Thanks to online chatbots, seeking online support for quick and easy guidance is always available. Reach out to us for any policy-related help.
Here is how you can quickly purchase your preferred comprehensive bike insurance plan online via Coverfox:
Upon verification and approval, the policy details and updates will be sent to you via email and SMS.
As explained earlier, third-party liability is the most basic kind of motor coverage that is compulsory for all two and four-wheelers. While third-party is quite affordable as compared to comprehensive insurance, it is often seen as a more lucrative option. However, trying to save a little extra on the premium can turn out to be quite expensive in the long run. In case of an accident, if there is any damage to your bike, the repair expenses will not be covered by your insurer. So, unless you are planning to buy insurance for a bike that is very old or you are hardly ever going to take it out on the road, you should surely consider investing in a comprehensive two-wheeler insurance policy.
There is no one-size fits all approach when it comes to picking comprehensive bike insurance as the best. Different individuals can have varied approaches to the best bike insurance plan. It depends on the features offered and your expectations from the insurance policy and the affordability of the plan
Most comprehensive bike insurance plans are valid for a year. You may go for a 2-year or 3-year tenure of your comprehensive bike insurance policy. Though paying a premium for 3 years may be heavy on your pocket, you may also get some discounts for long-tenure insurance. Also, a plan with longer tenure saves you from the task of annual renewal of the policy.
Comprehensive bike insurance covers both third-party liability and the own damages of the bike. A zero depreciation, on the other hand, is basically an add-on cover that you can purchase along with comprehensive bike insurance. At the time of raising claim, the depreciation value of your bike will not be calculated, in the presence of zero depreciation cover.
Both comprehensive and third-party bike insurance policies have different roles and coverage. So, it depends on the bike owner and their needs. For old bikes or those that are rarely taken out, third-party insurance can be enough. However, if you use your bike daily or if it is an expensive model, you may want to choose a comprehensive plan.
As the name suggests, a comprehensive bike insurance plan provides you with comprehensive coverage for your two-wheeler. It includes third-party liability and the expense for own damages as well. Apart from these, you also get the option of attractive and useful add-on options to increase the coverage of the policy.
A comprehensive bike insurance plan can be extremely useful in the following cases:
No. As per the Motors Vehicle Act 1988, a third-party liability cover is mandatory for every motor vehicle. A comprehensive bike insurance plan is a voluntary preference.
Most insurance companies offer cashless features not just for comprehensive bike insurance but for standalone own damage and third-party liability plans as well. To avail of cashless benefits, you need to take your damaged bike to one of the network garages (as illustrated in your policy documents). The admissible bills, at network garages, will be directly settled between the garage and your insurer.
The cost of the comprehensive bike insurance plan differs from one insurer to another. It is mostly calculated on the basis of:
