Two-wheeler insurance, also known as bike insurance, protects the policyholder from financial liability in case of damage sustained in an accident. A personal accident add-on also covers the owner-driver in the case of injury or death.

The policy is a binding agreement between the policyholder and the insurance company, which offers financial coverage in the event of an accident involving the insured two-wheeler.
Importance Of A Two-Wheeler Insurance Policy
Two-wheeler insurance is a great way to protect yourself from financial ruin in case your two-wheeler is stolen, involved in an accident, or sustains damage due to causes included in the policy. It's also the best way to stay in compliance with the law of the land.

Getting your bike fixed after sustaining major damage in an accident can put a strain on your finances. But having a two-wheeler insurance policy can cushion that blow. Instead of stressing out on how to pay the mechanic to get your beloved bike up and running again, you can rest easy knowing that you bought your insurance policy for just such a rainy day.

Plus, riding an uninsured bike by itself can attract strict action from the cops. Indian law mandates that all vehicles plying on its roads be covered by insurance, at the very least a third-party liability cover.

Having a two-wheeler insurance policy does the following:

Having a two-wheeler insurance policy comes with a host of features and benefits.

Different types of coverage: Third-party liability only; own-damage cover; comprehensive cover

Personal accident cover: Personal accident cover of up to INR 15 lakh offered to the policyholder

No-claim bonus: No-claim bonus between 20% and 50% for each term you go without filing a claim

Discounts on premiums: Discounts are offered on premiums for certain conditions, such as having an anti-theft device installed on the vehicle

Add-ons: Various add-ons offered for coverage enhancement like a zero-depreciation cover, roadside assistance, no-claim bonus protect, return to invoice, etc

Network garages: Network garages of insurance providers offer a cashless facility

Easy claims process: Claims experts are available to guide you through the entire claims process when the need arises

Online purchase and renewal: Easy and quick purchase and renewal of two-wheeler policy online; coverage in effect immediately.

Two-wheeler insurance providers offer three major types of insurance policies to two-wheeler owners.

Third-party Liability: These policies cover financial liability arising out of an accident that involves a third party – person, property, or vehicle. This type of insurance is mandatory under the Motor Vehicles Act, 1988.

Own-damage Cover: This cover provides financial coverage to expenses that may be incurred as a result of damage to or theft of the insured two-wheeler.

Comprehensive Cover: This form of coverage gives the best of both – third-party liability and own-damage covers. It's a type of policy that protects against third-party liability as well as expenses due to damage to or theft of the policyholder's insured vehicle.

A standard two-wheeler insurance covers the following:

• Natural calamities – earthquakes, cyclones, floods, inundation, thunderstorms, hailstorms, etc.
• Man-made calamities – riots, strikes, malicious activities, etc.
• Damage due to fire, lightning, and self-ignition.
• Damage due to transit of the insured vehicle via inland waterways, road, rail, or air.
• Theft of the insured bike.
• Liability against third parties – property, vehicle, or person.
• Personal accident cover for owner-driver up to INR 15 lakh.
• Coverage for add-ons as specified in the policy document.

Add-ons offer additional protection for your vehicle and can be a great way to avoid financial hassles in certain circumstances. Some of the standard add-ons offered by insurance companies are:

Zero Depreciation Cover : A zero or nil-depreciation cover add-on closes the gap between the invoice and depreciated value of the spare parts that are replaced during a claim. Without this add-on, the insurance provider would pay for the depreciated value of the part and the remaining would be covered by the policyholder.

No Claim Bonus : A no-claim bonus is a discount offered on the premium at the time of renewal if the policyholder hasn't filed a claim in the previous term. The higher the number of terms for which a claim isn't filed, the higher the discount offered. However, if a claim is filed, the discount is revoked, and you will have to pay the difference. A no-claim bonus protection add-on safeguards your no-claim bonus discount in case a claim is filed.

Return to Invoice : The insured declared value of your bike takes into account the depreciation. With the return to invoice add-on, the claim amount in case of a total loss of the two-wheeler will be the invoice value as opposed to the insured declared value.

Personal Accident Cover for Pillion : One of the standard add-ons offered by numerous insurance providers is a personal accident cover for the pillion rider. In case of injury to or death of the pillion in an accident, this add-on covers up to the agreed-upon amount.

Consumables Cover : Two-wheeler insurance policies don't cover the cost of replacing consumables like nuts and bolts, engine oil, gearbox oil, brake oil, washers, bearings, lubricants, etc. With a consumables add-on, these expenses will be easily covered under the policy.

Roadside Assistance : With this add-on, you can rest easy knowing that help is just a call away if you ever face a breakdown mid-journey. The add-on covers issues like a dead battery, flat, tire, fuel replacement, electrical and mechanical repairs, etc.

All two-wheeler policies come with a set of standard exclusions that are not covered.

• General wear and tear
• Consequential loss
• War and war-like situations
• Damage due to racing, speed tests, reliability trials
• Damage caused due to breach of contract
• Nuclear perils
• Mutiny
• Own-damage expenses and personal accident cover if only third-party liability cover purchased
• Riding without a helmet
• Riding without a valid driver's license
• Riding while under the influence of alcohol or other intoxicants
• Rising under restricted-use conditions – e.g., damage sustained while riding during a flood of which you are already aware
• Using a personal bike for commercial purpose.

Each person's requirement, when it comes to buying a two-wheeler insurance policy, will vary according to their usage and needs. So, based on your needs and usage, here's how to choose the best two-wheeler policy online.

• Browse through the policy offerings from different insurance providers and compare the inclusions and exclusions.
• Consider whether you require a third-party only policy or a comprehensive cover. If your usage is minimal, you can consider going for a third-party liability only cover. But if you use the vehicle every day, you may want to think about getting a comprehensive cover with a personal accident for the owner-driver.
• In case the vehicle is in your name but is being used by someone else in your family, you may want to consider not purchasing a personal accident cover for the owner-driver.
• Check the add-ons on offer and carefully consider which ones you require.
• Get premium quotes from multiple insurance providers and compare the amounts along with the policy offerings to ensure you pick the best policy for you.

With the world going digital, calculating two-wheeler premiums online has become super easy. With a few details of you and your two-wheeler, you can easily get a premium quote from insurance providers.

• Provide your details – name, age, area of residence, contact information
• Provide details of your two-wheeler – make, model, year of registration, place of registration
• Choose your insurance type – third-party liability only, own-damage cover, or comprehensive insurance
• Select any add-ons you may want to purchase
• Choose the tenure of the policy – some insurance companies provide short-term policies. Annual and long-term policies are also available.
• Add details of your previous policy if you're renewing.
• Get your premium quote in an instant!

Premiums will vary from person to person and vehicle to vehicle are affected by a range of factors, including :

• Make and model of the bike
• Engine type and capacity
• Year of registration
• Place of registration
• Area of residence
• Owner's age and driving record
• Coverage and type of policy
• Number of add-ons
• No-claim bonus
• Installation of safety devices
• Modifications done to the bike
• Membership of approved automotive associations