Best Policies in India, 2023
Online Two-Wheeler Insurance
Are you looking to compare and purchase the best two-wheeler insurance online? Well, insurejoy.com has all you need and will assist you in each step from decision making to purchasing the best two-wheeler insurance online.
A two-wheeler insurance policy is mandatory in India that helps you to cover financial expenses against any unforeseen circumstances like accidents, thefts or natural disasters. Every bike owner should have two-wheeler insurance according to the law. You can buy the insurance cover for your bike from the two-wheeler dealer who sold you the bike. After a year, you can renew your policy from the same insurance provider or you can purchase a new policy with a different insurance provider.
Advantages of Purchasing
Two-Wheeler Insurance Online
You can purchase your bike insurance directly by visiting the insurance provides or you can purchase online from insurejoy.com and avail several discounts and benefits.
- The process of purchasing is quick and easy
- No extra charges or commission is required
- No paperwork is required for purchasing the insurance online
- The renewal process is also quick and easy
- In case of expired policy, you can easily renew them online
- 24*7 expert assistance from insurejoy.com
- We will guide you through the claim settlement process
Different Types of
Two-Wheeler Insurance Policies in India
Two-wheeler insurance is offered under two categories.
1. Third Party or Liability Cover
- Third-party insurance cover is mandatory according to Motor Vehicles Act and driving without this insurance is punishable in India.
- This insurance policy will help you to cover the damages done to the third party’s vehicle or property that is caused due to an accident by your vehicle.
- It also covers medical bill expenses incurred due to injuries by the third party and thereby reducing your financial liability.
- This policy comes with cheap premium rates.
2. Comprehensive Insurance Policy
- A comprehensive insurance policy provides financial assistance under all kinds of unforeseen events involving your two-wheeler.
- It provides coverage for repair of damages caused to your vehicle as well as the third party’s vehicle and property. It also covers the legal expenses, medical bills expenses to treat injuries, also provides money for disability or death, also covers losses caused due to theft, vandalism and even natural disasters.
- The policy also offers various add-on features like No Claim Bonus (NCB), Zero Depreciation Cover, Accessories cover etc. that gives wholesome insurance coverage for your vehicle.
- When compared to a third-party insurance policy It is expensive, but it helps in providing substantial financial cover to save you from unexpected losses.
- Even though it is not mandatory to have a comprehensive policy, it is advisable to buy it to safeguard your financial interests.
Comparison Between
Comprehensive & Third-Party Two-Wheeler Insurance
The primary difference between third-party and comprehensive type policy is the type of coverage it offers. A third party only covers third-party damages and loss, whereas a comprehensive type covers both third-party and for your damage as well.
You must be confused on which one to choose, so here are few basic differences between third party bike insurance and comprehensive bike insurance.
Here is a quick comparison table to help you understand better, the two types of bike insurance policy:
| Third-Party Two-Wheeler Insurance | Comprehensive Two-Wheeler Insurance | |
|---|---|---|
| Feature | Third-party insurance is a basic insurance plan which is mandatory as per the Indian Motor Tariff. It offers coverage for damages incurred towards the third party with the involvement of the insured person’s vehicle. | The comprehensive insurance plan gives complete coverage to the insured against the financial liabilities towards the third party as well as own damage expenses due to an accident. |
| Coverage | This offers only limited coverage wherein it will protect you only against damage/loss incurred towards the third party. | This policy offers extensive coverage wherein the insured bike will be covered against damage/loss/theft. It provides coverage for all kinds of damages caused to the insured bike as well as third-party vehicles or property. |
| Add-on Coverages | This policy covers only personal accident cover. | This policy offers several add-on benefits like Road Assistance, Daily Allowance, Zero Depreciation, Engine Protection, Return to Invoice and so on. |
| Which Plan has Cheap Two-Wheeler Insurance | The insurance policy is less expensive. | The premium of comprehensive bike insurance is higher due to the extensive coverage offered. |
| Which one is a better plan? | This plan is good for people who rarely ride their bikes. | This is the most preferred insurance plan since it offers extensive coverage with additional benefits. |
15 Top Pick of
Two-Wheeler Insurance Plan of the Year 2023
| Insurance Company | Claim Settled | Network Garages | 3rd Party Cover (Rs.) | Personal Accident Cover (Rs.) | Feature |
|---|---|---|---|---|---|
| IFFCO TOKIO | 95.3% | 4,300+ | Upto 1 Lac | Upto 15 Lac |
|
| Bharti AXA | 87.99% | 5,200+ | Max- 1 Lac | Upto 15 Lac |
|
| HDFC ERGO | 91.23% | 6,800+ | Upto 1 Lac | Upto 15 Lac |
|
| ICICI LOMBARD | 87.71% | 8,800+ | Upto 1 Lac | Upto 15 Lac |
|
| Reliance | 84.26% | 6,200+ | Up to 1 Lac | Up to 15 Lac |
|
| Bajaj Allianz | 88.83% | 4000+ | Up to 1 Lac | Up to 15 Lac |
|
| SBI Bike Insurance | 89.51% | 16,000 | Up to 1 Lac | Up to 15 Lac |
|
| TATA AIG | 90.49% | 5,000+ | Up to 1 Lac | Up to 15 Lac |
|
| Royal Sundaram | 92.66% | 3,300+ | Up to 1 Lac | Up to 15 Lac |
|
| Cholamandalam | 85.89% | 7,100+ | Up to 1 Lac | Up to 15 Lac |
|
| New India Bike Insurance | 89.60% | 3,000+ | Up to 1 Lac | Up to 15 Lac |
|
| Kotak | 82.81% | 1,300+ | Up to 1 Lac | Up to 15 Lac |
|
| Edelweiss | 84.52% | 1,500+ | Up to 1 Lac | Up to 15 Lac |
|
| Oriental | 91.76% | 3,100+ | Up to 1 Lac | Up to 15 Lac |
|
| National Bike Insurance | 85.71% | 3,100+ | Up to 1 Lac | Up to 15 Lac |
|
Benefits of
Having a Bike Insurance
We cannot imagine our lives without a vehicle and we spend a lot to purchase the best model. In the same way, it is also important to safeguard your vehicle bought from your hard-earned money. Although purchasing two-wheeler insurance is mandatory it has many benefits that you may want to know.
Benefits of Renewing Two-Wheeler Insurance
Be a Law Respecting Citizen
Renewing your two-wheeler insurance policy on time will ensure that you follow the rules. Thus you will avoid getting penalties, fined, or even imprisoned for riding without valid insurance. This cover will continue to protect as per your insurance cover. The two-wheeler policy becomes inactive as soon as it expires so timely online renewal before the expiry is very important.
Staying Insured & Protected
Failing to renew your two-wheeler insurance policy will result in financial losses in case of any unforeseen events like an accident. Taking a Comprehensive policy provides full coverage for your bike in case of damage/loss due to an accident, natural calamities or theft. Renewing your two-wheeler insurance will ensure you stay insured and protected in all situations.
Renew On-Time
Renewing your two-wheeler insurance before the expiry date is most important. If you fail to renew before the expiration date, your policy will be considered a break-in policy. The process becomes tedious as the insurance company will inspect your bike in such cases. This could result in a wastage of time and effort and will also increase your bike’s insurance premium.
Keep Your NCB Active
Having a No Claim Bonus (NCB) pave way for a discount in insurance premium. But if you renew your policy after the grace period is over you will lose all the previous NCB from your policy. NCB is a reward you receive for driving safe and not raising a claim.
Consider Add-ons
At the time of renewal, it is good to review your Comprehensive Two-wheeler Insurance policy. Consider taking Add-ons such as Roadside Assistance, Pillion Rider Cover, etc. as per your requirements. The add-ons might increase your insurance premium slightly but it will strengthen your insurance cover by giving extensive coverage. Through the online renewal process, it becomes easy to switch your insurance provider while renewing your policy. insurejoy.com has compared several bike insurance policies to help you choose the best-suited plan.
Online Renewal
Benefits of Online Two-wheeler Insurance Renewal
Digitalization has made purchasing and renewing of insurance processes entirely hassle-free. All you have to do is visit the insurejoy.com website and choose the policy you want and then purchase the insurance via online transaction just like any other e-commerce platform. The policy terms and conditions are explained simply. However, if you have any doubts just contact us and our insurejoy.com experts will get them clarified on call or through email before purchasing the policy.
Here are few benefits of purchasing bike insurance online:
Save your precious time
The tedious process of visiting the insurance office or agent directly and filling ling forms is cut short due to the online renewal process. Just visit our website, make your research and choose the best suitable policy from a range of insurance products.
Compare Two-Wheeler Insurance
You can quickly compare different policies in just one platform and make a quick and informed decision.
Avail Discounts
You will be eligible to get exciting discounts and offers for purchasing the two-wheeler insurance online.
Choose the Best coverage
With a plethora of options available you can easily browse at ease through different bike insurance plans and go for the one that is offering the best coverage. Thus you will land in the best plan at an affordable rate.
Important Points
Features of Bike Insurance!
One should purchase two-wheeler insurance not because it is mandatory under the law, but because it provides a lot of benefits and features that come in handy in case of any unforeseen events like accidents, theft or any natural disaster.
Let’s have a look at the key features of two-wheeler insurance:
Accidental Coverage
A comprehensive bike insurance policy will cover all your financial expenses incurred on repairing your vehicle caused due to an accident. Even small repairs and minor damages are covered at a fraction of a cost, thanks to the insurance.
Coverage Against Theft/vandalism
If your bike gets damaged due to theft or robbery or due to a riot, a two-wheeler insurance policy will take care of such disasters and will save you from losing your hard-earned money owing to factors out of your control.
Third-Party Liability
In case your vehicle meets with an accident and damages the third party vehicle or property, the insurance policy will reimburse damages to the third party’s vehicle. It also covers medical or hospitalisation expenses incurred for treatment. It provides coverage for damage to a third party’s property so that you don’t have to pay anything from your pocket!
Add-on Covers
The comprehensive policy has the feature to have various add-on covers to provide a wholesome shield against unforeseen expenses. The add-ons might cost an extra premium amount but they will strengthen your insurance coverage. The add-ons can include coverage for cashless garage facility, free towing and the likes
No Claim Bonus
You will be rewarded by the insurance company in the form of (NCB) for safe driving and not making any claims throughout the year. Your next two-wheeler insurance premium comes cheaper to you.
Coverage Against Natural Disasters
If you are in a zone that is prone to natural calamities like floods, earthquakes, storms, etc, your comprehensive policy will provide coverage for any damage caused due to these calamities.
It is very important to buy a comprehensive bike policy at the earliest and if you already have coverage, get it renewed within time by easily comparing various policies at insurejoy.com and remain tension free!
Add-On Covers For
Your Two-Wheeler Insurance!
While the standard two-wheeler insurance policy will cover all the basic expenses incurred on your two-wheeler due to an accident or other unforeseen circumstances, there might be some sudden expenses that are not covered under the basic coverage and will make a big hole in your pocket. To safeguard from such events, add-on covers are available as per your needs.
Add-on covers are also called riders benefit, which provides additional coverage on your existing two-wheeler insurance policy that you can purchase by paying an extra premium. Your insurance provider offers different add-ons wherein you can select the ones that meet your requirements.
Here are the popular add-ons offered by the insurance provider:
Zero Depreciation Cover
As the age of the vehicle increases, depreciation causes the value of the vehicle to go down. In case of an accident, the insurance provider will cover the repairs and damages based on the depreciation value that can be extremely less if it’s an old vehicle. This is where the zero dep add-on cover comes in handy, which ensures the vehicle is calculated as a new vehicle.
Road Assistance
This add-on will help in case your vehicle breaks down in the middle of the road in a secluded place, by providing towing facility, cashless garage facility, accommodation benefits for any other emergencies and the likes.
Accident Cover for Pillion
This add-on is important as it provides coverage for medical expenses incurred in case a pillion rider is injured in an accident. It covers hospitalisation expenses for the pillion rider in the event of partial/permanent disability and some cases even death.
Accessories Coverage
Sometimes you may have to change or add electrical/non-electrical accessories to your vehicle. The cost for the accessories will be borne by the insurance providers.
Daily Allowance Coverage
Under this allowance, your insurer will supply daily allowance cash for your travel expense until your insured vehicle is repaired at one of the network garages.
Return to Invoice Cover
In case your vehicle encounters total loss the insurance provider will pay the Insured Declared Value (IDV) of the vehicle. But with this add-on, you will be paid the purchase price of the vehicle including the registration and taxes without the IDV value.
Helmet Cover
This add-on will enable you to receive a new helmet in case your helmet was damaged due to the accident.
EMI Protection
Your insurance provider will pay for the EMI of your bike in case the vehicle is getting repaired in one of the network garages.
The add-ons are just optional but they are very useful and strengthen your insurance profile. You may opt for some or all of them as per your requirements.
What is Covered?
Inclusions
If you are planning to purchase two-wheeler insurance then it is important to know the inclusions of the policy
The policy covers any damage /loss caused by your vehicle to the third-party property/vehicle or even demise. It offers coverage for legal expenses, hospital expenses and repair expenses of the third-party vehicle.
The comprehensive type of policy covers the damage or loss caused to the insured vehicle due to natural calamities like earthquakes, floods, storms, cyclones, hailstorms, hurricanes, landslides and the like.
The comprehensive type of policy covers the damage or loss caused to the insured vehicle due to man-made calamities like riots, terrorist attacks, strikes, etc.
The insurance company will cover for the loss or damage caused to the insured vehicle due to theft or burglary.
The comprehensive type of policy covers the damage caused due to fire or explosion.
The comprehensive type of policy covers the rider or owner of the vehicle when injured due to an accident. The policy pays up to Rs. 15 Lac to the driver or owner of the insured vehicle if the accident results in permanent disability or partial disability or even death.
What is not Covered?
Exclusions
There are certain circumstances where your policy may not cover the expenses. The exclusions and clauses of the insurance plan have to be read thoroughly before buying the policy.
Here are a few situations where the insurance company will not cover:
- Any damage/ loss caused due to regular wear and tear to the vehicle
- Any damage/ loss caused when driven by a person without a valid driver’s license
- Any damages/loss caused due to electrical or mechanical breakdowns
- Depreciation of the vehicle
- Damage to tyres and tyre tubes
- Any damages/loss caused if the person is found to be driving under the influence of liquor/alcohol/drugs
- Any damages/loss occurred to the vehicle when the policy has expired or is not active.
- Damage/Loss caused due to war /mutiny /nuclear risks.
In case of claim
Claim Process For Bike Insurance!
The most important feature of an insurance company is the claim settlement ratio. An individual should purchase a plan based on a high claim settlement ratio. The claim process should be hassle-free. Every insured person expects the claim process to pass through and get all the reimbursement without any rejections.
Let us discuss the process involved to settle your claim without any issues.
- Take a note of the vehicle number involved in the accident and their registration numbers.
- Take a quick snap of the accident spot and damaged vehicle with your camera. (These proofs are necessary)
- Immediately inform your insurance agent or provider about the accident.
- Now lodge a complaint and make an FIR at the nearest police station, if there is an utmost need, like physical injury to a third party, property damage to a third party, or death of a third party involved in the accident.
- FIR complaint is required even if your bike is stolen.
- Visit the insurer's website and fill the online claim form available.
- The concerned representative will contact you within 24 hours to have your claim registered. They will provide a claim registration number to keep track.
- A surveyor from the insurance company will be sent to inspect the vehicle before repair.
- Repair at the nearest network garage.
In Case of Cashless claim settled
Following additional documents will be needed
- Registration Certificate Copy
- Tax Receipt Copy of your bike
- Valid two-wheeler insurance Documents
- Valid Driving License Copy
- FIR copy is required in case of theft, third-party injury, death or property damage.
In Case Vehicle Repaired on Your Own
Additional documents will be needed in case you get your vehicle repaired on your own and file for a reimbursement claim
- Bills and receipts of repaired and replacement parts
In Case of Bike Theft
Following additional documents will be needed
- Duly verified R.T.O. Paper
- NOC letter in case of pledged bike
- Letter of Subrogation and Indemnity issued by a notary
In Case of Third-Party Claims
Following additional documents will be needed
- Copy of the legal notice sent by the third party.
- Original documents for verification.
Once the filing of the claim is done with all the needed documents, forms duly filled, and a green signal is given by the vehicle surveyor, then your insurance provider will approve your claim.
The claims made and approved will be settled through NEFT or Cheque.
What is Renewal
Renew Two-Wheeler Insurance Online Easily!
It is important to renew two-wheeler insurance as per the law and to keep yourself financially safe. If your policy has expired or is about to expire renewing your insurance is an easy process, you can get renew either at your insurer’s website or insurejoy.com.
Things to do Before the Policy Expires
- If your policy is about to expire contact your insurer and learn about the premium amount. The premium amount differs every year. Also, discuss the required documents needed for renewal and arrange for an agent to meet and collect the information from you
- Alternatively, you can save your time by logging in to the insurer’s website to check the information
- If you wish to select any add-ons you can prefer to add them to your portfolio while renewing the policy
- The premium amount payment can be made through cash or cheque while opting for offline mode. But, if you are buying it online, just make instant payment through net banking and get the policy renewed immediately
Things to do After the Policy Expires
You need not worry even after the policy has expired as you still have a small time frame, called a grace period, to get it renewed. The grace period is usually from 15 to 30 days after the expiry date but, not every insurer offers this period. Some insurers may offer renewal for free during this period and but, some may incur levy charges. The following steps have to be followed if your policy lies within grace period:
- Check if there is any late fee incurred and if any, make that payment
- Try to clear all past dues and pending premiums
- Choose the policy you want to buy and select any add-ons you want to add to your renewed policy
- Furnish the details and submit the required documents to the insurer. You can make the payment either through an online transaction or through an agent and the renewed policy will be delivered to you
Renewal Outside Grace Period
If you fail to renew the policy within the grace period you will lose your two-wheeler insurance policy. You might not be eligible for renewal with the same insurer. You will lose all the previous benefits and may have to buy a new insurance policy altogether.
Drawbacks of Not Renewing Policy On Time:
- Will be charged with higher premiums
- Complete loss of previous benefits
- Heavy fines levied
- Fresh Inspection of The Vehicle from the insurance company
- No NCB (No Claim Bonus)
- Driving without insurance is punishable by the law and will lead to a lot of legal trouble with police authorities
- Huge expenses will be incurred in case you meet an accident without an insurance policy
Details Required for Two-Wheeler Insurance Policy Renewal:
- Your Name (As on official documents)
- Your Contact Number and E-mail id
- Vehicle Registration Number And RC copy
- The Existing Insurance Policy Number
Tips To Buy
The Best Two-Wheeler Insurance Online
If you have decided to purchase two-wheeler insurance there are few considerations to be kept in mind while purchasing two-wheeler insurance online.
Here are few important points to follow while researching the best policy:
- There are two types of policy available third-party policy and comprehensive type of policy. It is better to choose the comprehensive type as it provides extensive coverage for the vehicle and yourself
- If you do not ride your bike much you can go for third-party insurance
- You can opt for add-ons if necessary. Certain add-ons like the zero-depreciation cover, personal accident cover, emergency roadside assistance, medical cover, accessories cover, etc.
- Make sure the customer support is good
- The claim settlement ratio should be more than 80%
- Look for discount offers from certain companies
- Look for companies that provide digitally enable insurance policies for an easy and hassle-free process
Tips to Reduce
Two-Wheeler Insurance Premium
With a little bit of smartness, you can cut down your two-wheeler insurance cost!
insurejoy.com has some important tips to share with you:
Purchase Insurance Policy Online
- This saves your time and effort. You don’t have to pay commission to insurance agents. It is a simple and cost-effective way to reduce the bike insurance premium
- The advantage of the online process is that the insurance provider does not have to pay for maintaining infrastructure, giving commission to their sales agents and other overheads. Thus these savings are passed on to you in the form of lower premiums.
Avoid Making Small Claims
- Filing claims for every little damage may save your money, but at the time of renewal, the premium goes up. The reason is the insurers will start considering you a high-risk customer and will charge you a high premium.
- If you file a claim the discount on premium in the form of No Claim Bonus (NCB) will be lost at the time of renewal of the policy. The NCB starts at 20% for the first claim-free year and will go up to a maximum of 50%.
Renew on Time
Renewing the insurance cover on time can help you save money
- You may be charged with fines and penalties if you don’t renew the policy on time.
- If the policy has expired and hasn’t been renewed even during the grace period you might have to buy an entirely new policy that will attract a higher premium.
- Without a proper insurance policy driving on road is illegal and you will have to pay a fine to the government. Save money by renewing on time.
- The major risk you have to face is if your vehicle meets with an accident after your policy gets expired. The insurer will not provide financial assistance. The entire expense will have to be paid by you!
Drive Safely!
- If the vehicle is old or you do not ride the bike very often, you can buy a third-party insurance cover instead of a comprehensive policy to save costs
- The high-end bike will cost high premiums so try to invest in an economical bike
- It is better to get your bike fitted with ARAI approved anti-theft device. This will cut the premium cost of bike insurance
- Pay for long term insurance or one-time premium instead of paying in instalments
We are sure that these handy cost-cutting tips will help you save money. So, it is time to pick your two-wheeler insurance policy from insurejoy.com NOW!
Factors That Affect
Your Bike Insurance Premium
Certain factors affect the premium of your two-wheeler insurance policy which is discussed below:
-
Bike Model
A high-end expensive bike will attract a higher premium compared to an economical bike. The premiums are based on three categories for bikes when it comes to their cc: 0-150cc, 150-350cc and above 350cc. The premium amount rises as the cc goes up.
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Manufacture Year of the Bike
The cost of repair and damages for the new bikes is higher as the parts is going to be expensive. So the newer bike has a high premium. New bikes have higher Insured Declared Value (IDV), so at the time of reimbursement, a higher amount has to be settled in case of accident or theft. However, older bikes have lesser IDV and thereby attract lower premiums.
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No Claim Bonus
If you do not file for any claims in a single year you are eligible for a No Claim Bonus (NCB) in the following year. The NCB discounts start from 10% and go up to 50% on the premium. You can also transfer your NCB from one policy to another!
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Your Township
If you live in an urban and densely populated area you will attract a higher premium since the chances of any mishap/accident are higher.
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Insurance Type
A third-party insurance cover is cheap compared to a comprehensive bike insurance policy. This is because comprehensive insurance provides extensive financial coverage with additional benefits.
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Anti-theft Safety Discount
If an ARAI (Automotive Research Association of India) approved an anti-theft device fitted in your bike, then you can enjoy discounts on premium.
At insurejoy.com, you can key in all the factors and reach the best premium value as per your needs, in just a few clicks!
Save big Online
Bike Insurance - Online Vs. Offline Comparison!
The bike insurance policy can be bought either offline i.e. from an insurance agent or through online mode. But recently more and more people prefer buying it online and there are valid reasons for the same.
Let us show you the comparison between the two modes based on the following factors:
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Convenience
Instead of going to an insurance office directly or calling an insurance agent home, you can look at various insurance plans easily online. Just do some research, compare various plans and purchase a policy at your convenience.
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Cost
You can notice that every insurance company can offer you attractive deals and offers for a discounted premium. The reason behind this is if you buy a policy online they don’t have to worry about the agent’s commissions and other overhead costs. Hence, buying insurance online means extremely lower premiums!
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Better Information
Purchasing a bike insurance cover online allows you a chance to gather detailed information about each product so you can make an informed decision as compared to check with an agent, who might not share complete details.
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Simple Payments
The online payment transaction is much faster and easy when compared to an offline mode where a cheque has to be written and wait for payments to clear.
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Customer Service
Every insurance company has a 24*7 customer care center where you can speak with a representative over the phone to solve any query or doubt while purchasing the policy rather than personally visiting their office in case you decide to buy offline!
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Secure
The online mode is completely safe as the entire process of selecting, comparing, buying and paying for the policy is secure and your personal information is kept confidential
Frequently Asked Questions
Yes. You can transfer your new vehicle to the existing policy by calling the concerned insurance company to make the changes.
Yes, you can avail of the discount provided you submit the documents like PAN card and employment certificate.
No, documents are required while buying the two-wheeler insurance online just furnish the required details about the vehicle and provide the previous policy documents and RC at the time of purchasing the policy.
You need to contact your insurance provider about the incident and they will issue a duplicate copy of the policy. You may have to pay some charges for issuing the duplicate copy. If the policy is purchased online, then a soft copy of the policy is sent via email.
The inspection of the vehicle is mandatory when a new policy is bought through offline mode. But in case of renewal or purchasing a policy online, the vehicle inspection is not necessary.