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Bike Insurance or two-wheeler insurance is an insurance policy that covers you against damages to your two-wheeler due to accidents, natural/man-made disasters, fire, and theft. The policy also provides law-mandated coverage against third-party liabilities such as damage to another person’s vehicle/property or injuries/death of a third party caused due to the insured two-wheeler. You can buy insurance for 2 wheelers to cover motorcycles, scooters, mopeds, etc.
Benefits Of Buying Bike Insurance Online
Personal Accident Cover
Buying bike insurance online also enables you to avail the compulsory Personal Accident cover. You must purchase this cover separately, and it provides coverage of up to Rs. 15 lakhs against accidental injury/death of the owner of the insured two-wheeler.
Easy NCB Transfer
NCB or No Claim Bonus is the discount offered by the insurers to the policyholders (own damage cover) who do not raise a claim during the policy period. If you buy a new two-wheeler, you can easily transfer the NCB while buying a new bike insurance policy online.
Financial Coverage
A Comprehensive Bike Insurance Policy offers financial coverage if your insured two-wheeler suffers damages due to accidents, fire damages, damages due to natural or man-made disasters or theft. The two wheeler insurance policy also covers third-party liabilities.
Types Of Bike Insurance
Third-Party Bike Insurance Plan
Third Party Bike Insurance Policy (TP insurance) is mandated by law in India. It provides coverage against third-party liabilities. In other words, a Third-party two wheeler insurance policy provides financial protection if your vehicle damages another person’s vehicle/property or causes injury/death to a third party in an accident, but it does not cover loss or damage to your own two-wheeler.
Comprehensive Bike Insurance Plan
Comprehensive Bike Policy provides all the coverage offered by the Third-party Two Wheeler Insurance Plan and also covers damages/losses incurred by your two-wheeler. This type of insurance for bikes covers events such as accidental damages, fire damages, natural disasters (floods, earthquakes, etc.), man-made calamities (riots) and theft of the insured bike.
Standalone Own Damage Insurance
Own Damage or OD insurance is a type of bike insurance plan that provides coverage against damages to your two-wheeler. Note that this policy will not cover third-party liabilities. It is an ideal policy to buy if you already have a third-party policy for your bike.
Add-Ons For Bike Insurance
Zero Depreciation Cover
This add-on provides coverage against the depreciation of bike parts. In other words, Zero Depreciation bike insurance ensures that you get the full claim amount without any deductions related to the depreciation of vehicle components. It is an essential add-on if you are insuring a new bike.
Personal Accident Cover
This may not qualify as a type of two-wheeler insurance plan, but it is an essential add-on cover. Similar to third-party bike insurance, Personal Accident cover is mandatory as per law. While the insurance for the bike provides coverage against your vehicle, the PA cover offers financial protection against events such as disability/death due to an accident while riding your bike or scooter.
Third-Party Bike Insurance vs Comprehensive Bike Insurance
| Coverage | Third Party Bike Insurance | Comprehensive Bike Insurance |
|---|---|---|
| Damage/Loss to your bike | ||
| Theft of your two-wheeler | ||
| Damages to third-party vehicle/property | ||
| Third-party injury/death | ||
| NCB discount up to 50% | ||
| Insured Declared Value (IDV) customisation | ||
| PA Cover | ||
| Cashless Claims | ||
| Instant Claim Settlement (within 2 hours) | ||
| Online Transactions |
Key features of Bike insurance by CarInfo
Low-Cost Plans
We eliminate the need for middlemen commissions and other operational costs through our digital infrastructure. It enables us to offer you low-cost two wheeler insurance plans with zero paperwork.
Instant Claim Settlement
With our online bike insurance process, you receive instant claim settlement. Login to your ACKO account, answer a few questions and upload the pictures showing bike damage. You will receive the claim settlement amount within 2 hours for minor damages.
Paperless Experience
There’s no need to fill out forms or submit documents to buy our two wheeler insurance online. It applies to bike insurance renewal online as well. Just share bike-related information and previous policy details to buy or renew two wheeler insurance.
Top reasons to buy bike insurance online
24x7 Access
By buying two-wheeler insurance online, you can access insurance-related services 24x7. Whether it's raising a claim or buying a new policy, you can do it from anywhere, anytime. You need not wait for the insurer’s office to open. You can go online and access the services.
Saves Time
Purchasing bike insurance online saves you a lot of time and effort as you need not visit the insurer’s office. You can make the purchase online within a few minutes from the comfort of your home or office. It not only saves you a lot of time but also avoids the hassle of visiting the offices of different insurers.
Compare and Buy
One of the main reasons to buy bike insurance online is the convenience of comparing different two wheeler insurance policies before making the purchase decision. You can compare two-wheeler insurance online and make an informed choice depending on the merits and demerits of the plans.
Factors Affecting Bike Insurance Premium
Type of Coverage
You may have noticed that the policy premium varies from one vehicle to another. Ever wondered why? That’s because of the factors that affect bike insurance premium calculation. Let’s have a look at the same. Note that only the vehicle’s make/model and engine capacity impact the Third-party Policy premium. The rest of the factors are only applicable to the Comprehensive Bike Insurance premium..
Two-Wheeler Make/Model and Variant
The next significant factor that may alter the bike insurance premium is your two-wheeler's make/model and variant. For instance, if you own a basic commuter bike, you pay less premium. On the other hand, a high-end motorcycle will attract a higher premium. That's because the higher the value of the insured bike, the higher the risk for the insurer. Hence, the premium goes up to cover the higher risk factor.
IDV
Insured Declared Value or IDV plays a critical role in deciding the bike insurance policy's premium. It is the approximate market value of a vehicle and the sum insured amount of the insurance policy. IDV in bike insurance is calculated after determining the value of your two-wheeler. So, if you own a premium vehicle, the IDV will be high, and the bike insurance premium will increase. Note that it’s not your bike’s resale value.
Age of The Two-Wheeler
The vehicle's age dictates its market value, and the market value is nothing but the IDV. Hence, a new two-wheeler has a higher IDV, and in turn, the bike insurance premium is also on the higher side. Whereas an old bike/scooter's (classic bike) IDV is lower, the same applies to the premium. That's the reason why insuring a new vehicle costs more than insuring an old vehicle.
NCB
No Claim Bonus or NCB is the discount you can avail of for not raising any claim in a policy year. The discount applies during the bike insurance renewal, and the premium reduces depending on the percentage of discount you are eligible for. You can get up to a 50% discount on the premium (Own Damage component) for not raising any claims for five consecutive years. You can also transfer the NCB benefits if you switch to a new insurer.
Vehicle's Location
The geographical location where you ride the vehicle also plays a role in bike insurance premium calculation. For instance, if you reside in a metro city, the risk of an accident is high. Hence, the premium will be on the higher side. On the other hand, the bike insurance premium will be lesser in a tier-1 or tier-2 city where the risk factor decreases. Hence, your location also impacts the insurance premium.
How to buy/ renew Insurance
With CarInfo, purchasing car insurance online is quick, easy, and hassle-free. All you need to do is adhere to the guidelines listed below.
Go to Renew or Buy Insurance
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Enter Vehicle Number and valid Phone Number
Choose the Policy and Add-ons
Choose the Payment Methodand Pay Online
Documents Required for filing a bike insurance
There is no physical paperwork involved while raising a claim against your ACKO Two-wheeler Insurance. All you need to do is upload the soft copies of the documents mentioned below, depending on the type of claim.
- Driving License (DL)
- Bike’s Registration Certificate (RC)
- Proof Of Identification Of The Policyholder
- Bike Insurance Policy
- Original Two-Wheeler Keys
- First Information Report (FIR). If Required
- Fire Brigade Report (If Lodged)
- Original Repair Bills
- Original Payment/Cash Receipts
FAQs
Why is bike insurance necessary?
Bike insurance or two-wheeler insurance is crucial for financial protection against accidents and damages to your motorcycle.
How can I renew my bike insurance policy online?
Easily renew your bike insurance policy through CarInfo. Just enter your vehicle number, choose car insurance policy and pay the amount.
What does third-party bike insurance cover?
Third-party bike insurance provides coverage for damages to others' property or injuries caused by your bike.
Is having bike insurance required?
Yes, bike owners are required by the Motor Vehicle Act of 1988 to have bike insurance coverage. The mandatory policy will protect you against the burden of paying for injuries or damages related to third parties during an accident.
What documents do you need to buy bike insurance?
You need to submit the following documents:
- Vehicle details
- Identification proof
- Previous policy detail
- Location of the vehicle
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