In India, the Motor Vehicles Act, 1988 governs the traffic rules which every vehicle has to follow on Indian roads. A valid third party insurance cover on every vehicle is one such rule specified in the Motor Vehicles Act. It specified that every which runs on the Indian road must have the requirement of a valid third party insurance cover. Here is a complete Bike insurance guide that provides everything to know about two-wheeler insurance terms, top best bike insurance companies, bike insurance types, claiming procedure, insurance benefits, offline dealers, and their contact details.
What is Bike Insurance Policy?
The two-wheeler insurance policy covers you against damages that your bike or scooter may incur due to any unforeseen events. You also do not have to worry about the exceptionally high costs that may arise due to damages caused to your bike by the occurrence of an accident, natural disaster, and so on.
Why Bike Insurance Policy is important?
Two-wheelers have become a part of our lives nowadays in India. Even though there is an increased number of new two-wheelers are bought every year in India, the development of roads and transport infrastructures are still insufficient. Due to bad road conditions, it is also susceptible to unprecedented mishaps like a road accident, theft of the vehicle, or damage to third-party property.
In that case, paying for heavy repair costs and deal with accidental damages can hamper peace of mind and finance. To steer clear of such a scenario, it is advisable to opt for a bike insurance policy. In such a case, two-wheeler insurance will help you to cover the costs.
Types of Bike Insurance in India
There are two types of Bike Insurance Policies in India. One is a comprehensive policy that covers loss or damage to the two-wheeler by natural or man-made causes and theft.
Second is a third-party policy that covers the death, bodily injury, and damage to property caused to a third-party.
Factors affect the two-wheeler insurance premium
- Insured’s Declared Value (IDV)
- Cubic Capacity
- Geography
- Vehicle age
- Discounts
Top 3 Bike Insurance Companies in India
There are a bunch of bike insurance company offers amazing deals and discounts of two-wheel insurance policies. You can check the list of all the bike insurance dealers here
We have short-listed the most affordable top 3 Bike Insurance Companies in India for out today’s discussion. For those who are new to the bike insurance concept, this article highlights the key elements related to it. Check and read all the information about the top 3 Bike Insurance Companies in detail below.
1) Bajaj Allianz Bike Insurance
Bajaj Allianz General Insurance Company has been formed as a joint venture between Allianz SE and Bajaj Finserv Limited.
Bajaj Allianz offers a range of general insurance products including different types of two-wheeler insurance plans designed for everyone. Bajaj Allianz bike insurance policy is designed for those who like to enjoy a sense of freedom and security with their two-wheelers. The policy offers complete protection against third-party liabilities, physical damage, and theft.
You can search Bajaj Allianz Bike Insurance Dealers and contact numbers anywhere in India.
You can search Bajaj Allianz Bike Insurance Dealers and contact numbers anywhere in India.
Bajaj Allianz Bike Insurance Plans
- Two-wheeler insurance policy
- Long term two wheeler insurance policy
- Two-wheeler insurance third party policy
- Liability only policy for two-wheelers – 5 years
- Two-wheeler policy – Bundled
- Two-wheeler policy – five-year cover
Benefits of Bajaj Allianz Bike Insurance Plans
Bajaj Allianz gives the following benefits to their customers–
- Easy Online Purchase
- Transfer of No Claim Bonus (NCB)
- Instant Support
- Quick Claim Settlement
- Hassle-free Renewal
- File two-wheeler claims right from your phone through the company’s Motor-On-The-Spot feature.
- Claims up to INR 10,000 get settled within 20 minutes when filed through the application of the company
- More than 4000 Cashless garages all over India to offer easy cashless claim settlement services
- 24*7 assistance from the company’s customer care helpline
- Up to 50% of the existing No Claim Bonus can be transferred from any two-wheeler insurer
Key Features of Bajaj Allianz Bike insurance policies
Here are some important features of Bajaj Allianz bike insurance –
- Purchase bike insurance policy online with ease
- Online policy renewal
- Cashless claim facility
- Coverage for accidents
- Premium discounts
- The easy and hassle-free claim settlement process
- Round-the-clock customer care support
- Flexibility to choose between 1 year, 2 years, or 3 years package policy
- Multi-year insurance for 3 years
- Multiple add-on covers including Zero Depreciation Cover
Coverage under Baja Allianz Bike Insurance
- Damage or Loss to the Two-Wheeler Due to Natural Disaster
- Damage or Loss to the Two Wheeler Due to Man-Made Calamities
- Personal Accident Cover
- Third-Party Liability
Bajaj Allianz Bike Insurance Add-on covers
Bajaj Allianz offers certain add-on covers to enhance the scope of a bike insurance policy. The Add-On Covers with Bike Insurance Policy offer an extra layer of protection for your bike. The list of add-on covers are as below:
- 24X7 Spot Assistance
- Zero Depreciation Cover
- Personal Accident Cover for Pillion Rider
- Engine Protector
- Consumable Cover
Bajaj Allianz Bike Insurance Claim process
In case of a vehicle breakdown, accident, or theft of the vehicle, policyholders can make insurance claims. It is advisable to make the insurance claim as soon as possible after any incident of loss or damage to the vehicle. The steps are below:
- Visit the official website of Bajaj Allianz.
- Register your bike insurance claim online.
- Or Call Bajaj Allianz customer care executive.
- If the vehicle gets damaged due to a collision or any other reason, the same should be carried to the garage to avoid further damage.
- Submit the necessary documents to the insurer to settle the claim.
- While registering the claim, keep the following information handy:
- Date and time of the accident
- Location and description of the accident
- Engine and Chassis Number of the vehicle
- Kilometer reading of the vehicle
- Address for the inspection of the vehicle
- Police FIR(in case of vehicle theft)
Documents required to claim Bajaj Allianz Bike Insurance
1) For Accident Claims
- The valid registration copy of the two-wheeler
- A copy of the owner’s Driving License
- The insured will have to sign the claim form
- Copy of the policy’s first 2 pages
- The FIR at the local police station or Motor Collision Report
- Original Estimate
2) For Theft Claims
- Driving License Copy
- Claim Form duly signed by the insured
- RC Copy of the Vehicle with all original keys
- The original insurance plan photocopy
- The FIR report
- Police final report
3) For Third Party Claims
- Copy of Driving License
- Claim Form duly signed by the insured
- Copy of the Original Policy
- Copy of Vehicle’s Registration Certificate
- Copy of Police FIR
- Stamp required for company registered vehicle’s original documents
2) HDFC ERGO Bike Insurance
HDFC ERGO Two Wheeler Insurance policy covers against damage, theft, accident, or third party liability. Apart from the services offered, HDFC ERGO bike insurance also offers 24x7 claim assistance, easy claim settlement process, effective add-on covers, and many more benefits. You can also calculate insurance premium and buy HDFC ERGO plans online, and choose from the most comprehensive coverage cost-effectively.
You can search HDFC ERGO Bike Insurance Dealers or contact numbers anywhere in India.
HDFC ERGO Bike insurance plans
- Single Year Comprehensive Insurance
- Long Term Comprehensive Insurance
- Third-Party Liability Only Insurance
Key Features of HDFC ERGO Bike Insurance Policy
HDFC ERGO insurance offers a host of unique benefits and features for two-wheeler insurance policies. Some of the best advantages of the HDFC ERGO bike Insurance policy are below.- You can instantly buy or renew bike insurance from the HDFC ERGO website or the company’s mobile app.
- Different types of two-wheeler insurance policies
- A premium discount of up to 70 percent on bike insurance policies
- The estimated approval period for HDFC ERGO Bike Insurance is 24 hours, (from the time, the vehicle reach the garage)
- Avail attractive discounts in the form of No Claim Bonus (NCB) on the premium at the time of renewal for each claim-free year.
- Easy Claim Procedure
- No Inspection Renewal
- Limitless Claims and Paperless Claims
- Round the clock support for a hassle-free experience and more convenience
- Instantly download the HDFC ERGO Bike Insurance policy document after the successful payment of premiums.
Benefits of HDFC ERGO Bike Insurance Plans
HDFC ERGO bike insurance plan offers insurance coverage for bike against damage from uncertain risks. Get emergency 24x7 roadside assistance service, No Claim Bonus up to 50%, cashless garage network, and many more. Other benefits are as below.
- Accredited with ‘AAAA’ rating by ICRA
- Approval within 24 hours of the damaged vehicle submission
- Paperless documentation
- No Limits on Claim
- Discount on premium up to 70 percent
- Transparency in claim settlement procedure and policies
- Round the clock customer support available over a call and email
HDFC Ergo BikeInsurance Add-ons
Add-ons are additional coverage benefits that can be chosen voluntarily by paying an extra premium. Add-ons help increase the scope of coverage of the bike insurance policy. The add-ons offered by HDFC Ergo include the following –
- Zero Depreciation Cover
- Emergency Assistance Cover
How to buy HDFC Ergo Bike Insurance Policy?
Buying a bike insurance policy is easy. Visit the company’s official website and buy the policy online.
HDFC ERGO Bike Insurance Claim Process
- There are three conditions when claims under HDFC ERGO’s bike insurance policy arise–
- The Bike is damaged in an accident
- The Bike is stolen
- Third-party is hurt or third party property is damaged
- The claim process for each of these conditions can be done in ways as follows-
- Cashless settlement of Bike Insurance Claim
- Reimbursement settlement of Bike Insurance Claim
- Third-party liability claims
- Required documents are to be submitted in a required way.
Documents required for HDFC ERGO Bike Insurance Claim
The below set of documents would be required to be submitted in case of a claim-
- Copy of the driving license of the driver
- Claim form which should be duly filled and signed
- RC Book of the bike
- PUC certificate of the bike
- The policy bond
- Copy of police FIR in case of third party claims or loss of bike
- Any other documents as required by the insurance company
- Estimate of repair
3) TATA AIG Bike Insurance
TATA AIG has designed Bike Insurance policies to protect the two-wheelers from the risk of accidents, third party damage, loss, etc. Every vehicle owner’s prime accountability is to avail of a good two-wheeler insurance policy which will help and protect oneself not only from the danger of the accident but also from the third party risks as well. Amongst all the other two-wheeler insurance plans, the TATA AIG two-wheeler plan is a comprehensive plan which provides the all-round protection from any unforeseen incidents.
Moreover, the TATA AIG two-wheeler insurance plan will also take care of the financial liability that arises due to burglary, theft, housebreak, natural calamities like lightning, storms, etc. and third party property damage and death of the third party.
You can search TATA AIG Bike Insurance Dealers or contact numbers anywhere in India.
Coverage under In TATA AIG Bike Insurance
- Comprehensive Cover
- Loss of or damage to the vehicle Insured
- Liability to Third Parties
Key Features of TATA AIG Bike Insurance Policy
TATA AIG bike insurance has distinctive features and benefits that provide all-around coverage from any unforeseen loss or damage to the two-wheelers. TATA AIG two-wheeler plans are cost-efficient, user-friendly, and most importantly transparent. Check below the key features of the plan.
- Online buy/renewal of TATA AIG bike insurance plan through official website
- Third-Party Liability coverage in terms of bodily injury and third party property damage under this plan
- The partial or total loss caused to the vehicle due to accident, fire, and associated perils
- Personal accident cover up to 15 lakhs
- Special discount (No Claim Bonus) for a claim-free experience
- No deduction on the count of the Salvage Value
- Depreciation calculation at a prefixed rate in case of accidents
- The speedy and hassle-free claim settlement process
- 24x7 customer support
- Direct Payment Facility to selected garages
Benefits of TATA AIG Bike Insurance Policy
- 1451+ cashless network garage service
- 24X7 customer assistance
- Rebates on premium
- Speedy settlement of the claim
Add-on Covers for TATA AIG Bike Insurance
- Certain Add-On Covers are available if one wants to opt for the same
- Depreciation Reimbursement
- Cost of consumables
- Loss of Accessories
- Emergency Medical Expenses
- Personal Accident Cover
- Additional personal accident cover to the pillion rider or third party
- Additional third-party property damage cover
Documents required for TATA AIG Bike Insurance Claim
The below set of documents would be required to be submitted in case of a claim-
- Duly filled claim form
- Driving License
- ID Proof
- Policy Documents
- Registration certificate of your vehicle
- Repair invoice or payment receipts
- FIR copy (in the case of theft)
Conclusion
If you own a bike or are planning to buy one, getting Bike insurance is one of the smartest ways to deal with the unpleasant situation. Above mentioned insurance plans grants you protection against some of the most common problems that riders face. Post your queries or comment here if you want to know more about bike insurance policies.
