Bike Insurance

What is Bike Insurance?

Bike insurance is a safety plan that protects bike owners from liability to third parties for using two wheelers. Two wheeler insurance is a contract in which the insurance firm covers financial aspects related to any loss or damage to a bike. Third-party bike insurance is mandatory for everyone owning two wheelers under the Motor Vehicle Act 1988. Online two wheeler insurance covers you financially when accidents cause damage to the vehicle by paying for the repairs. It also minimises the blow due to natural calamities or third-party liabilities / personal accidents.

Why do you Need a Bike Insurance Policy?

Driving your bike without Insurance is a punishable offence in the eyes of the law. Two wheeler Insurance is mandatory in India and has proven to be very beneficial as well.

Two wheelers are a vital part of the economy as they are the most convenient mode of transportation. Two wheeler insurance is required to reduce the risk generated by being on the road in general. These are the following benefits and facts to have a Bike Insurance Online Policy:

●       Natural calamity coverage

Earthquakes and floods are less frequent; still, it is something that your bike insurance online policy covers. If you become a victim of uncertainties, you can always seek a claim for the damages under the bike insurance policy.

●       Third-Party coverage

A third party is also known as ‘act only’ insurance and is compulsory for everybody who buy two wheeler insurance. It is an insurance bike cover in which the two wheeler insurance firm covers damage to the third party; the insured bike and person are protected from the legal obligations towards the third party.

●       Personal coverage

The insurance policy for bikes also covers the owner and will compensate in case of injuries due to bike accidents. The person can use the money, but the amount of insurance bike claims can differ under different circumstances.

●       Mandatory by law

Law is the prime leading authority and can be abided by by citizens. An insurance bike policy is a mandatory aspect of Indian law. Under the Motor Vehicles Act, every vehicle owner has to have at least third-party two-wheeler insurance coverage.

●       Financial Cover

Any accident that occurs creates havoc and damage to people’s lives and the vehicle as well. The financial coverage accompanying a bike insurance policy is a safety net for the policyholder. Any damage to your vehicle in an accident will not break you financially.

●       Coverage from man-made disasters

Man-made disasters like theft, robbery, riots, strikes, terrorist activity, and damage in transit by road, rail, lift, or elevator are also covered when you buy two wheeler insurance.

These are the most common concepts covered under the two wheeler insurance online policy. They cover almost every major factor to make it easy for you.

6 Things To Know While Buying Bajaj Allianz Bike Insurance Online

The two wheeler insurance market is adding new terms and conditions with each passing year. If you want the best bike insurance policy for yourself, here are the 6 things you should know about bike insurance:

●       Personal Accident cover:

Every bike owner can claim a personal accident cover of INR 15 lakh under their two wheeler insurance policy. It is an inbuilt feature of the two-wheeler insurance policy, not an add on. IRDA has made it mandatory from INR 1 lakh to INR 15 lakh.

●       Optional coverage:

The add ons offered by the two wheeler insurance firms are the optional coverages. You have to pay extra for these, and the options are pillion rider cover, zero depreciation etc.

●       Discounts and Concessions:

The discounts are approved by the IRDA, for the insured who have vehicles with the anti-theft devices and those who have memberships to the recognised automotive associations. The owners with good driving records can also receive discounts in terms of NCB.

●       Online Savings & Concessions

The savings are approved by the IRDA for the insured who have vehicles with anti-theft devices and those who have memberships to the recognised automotive associations. The owners with good driving records can also receive online savings regarding NCB.

●       Quick registration for online purchase:

The online system has made everything very easy. The insurers have created online two wheeler policies for purchase and renewal at their websites. The registration process is simple and easy to understand while ensuring complete confidentiality and data security.

●       Easy transfer of the No Claim Bonus:

The no claim bonus discounts are easily transferred if you buy a new two wheeler vehicle. It is a bonus reward for the owner/ policyholder not for the vehicle itself. It is a bonus that encourages safe driving skills and not asking for two wheeler insurance claims against the policies.

●       Liability coverages:

It depends upon the rider’s choice to select from types of coverages available, either comprehensive or liability only two wheeler insurance plan, which is also known as third party plan or policy. The 3rd party insurance plan has a lesser premium as compared to the comprehensive online 2 wheeler insurance.

These above summarises the whole two wheeler insurance policy of bikes, in small yet definable points.

Types of Bike Insurance in India

Insurance is a financial cover to take the blow of loss and damage occurred in an accident. The two wheeler insurance policy is a legal obligation in India. The cover type and the premium amount for the bike insurance policy is dependent upon the coverage plans you select.

There are mainly two types of two wheeler insurance in India. Most of the policies concerning two wheelers revolve around them. With adding certain chargeable benefits in the mix, you are eligible to receive the best offers on your possessions.

●       Comprehensive Two Wheeler Insurance Policy

In this type of two wheeler insurance plan, the third party is insured as well as the rider/ policyholder/ owner/ vehicle itself. These all are benefited in a single policy, and the additional add ons are also applicable at an extra premium cost.

The comprehensive two wheeler insurance policies are fixed and created by every insurance firm individually. They each have different offers based on the comprehensive policy cover. The premium charge is relatively high under this type of two-wheeler insurance.

A comprehensive policy is not regulated by IRDA at all. It can be modified and changed by insurance companies only.

●       Third-Party Two Wheeler Insurance Policy

In this type of two wheeler insurance, only third parties involved in the accidents are covered and compensated. It is beneficial for the rider or the owner in terms of legal obligations as the third party two-wheeler insurance protects them and the other parties involved in the incident. Every two-wheeler must have a third party insurance for bike.

It is a legally regulated and mandatory insurance policy sanctioned by the Insurance Regulatory and Development Authority. The bike insurance premium is cheaper than the comprehensive policy premium, but the coverage is also lesser.

The owner/policyholder or the vehicle is not protected under the third party two wheeler insurance plans. If involved in an accident, they won’t be compensated at all. The rules and conditions regarding this policy are similar across nations.

●       Standalone Two Wheeler Insurance Policy

Under the standalone own damage cover, you can claim benefits for accidents, theft, and natural or man-made damages. This cover can be combined with comprehensive bike insurance or a long term two wheeler insurance policy.

However, it does not cover third-party liabilities, depreciation, electrical or mechanical breakdowns, or damages caused by DUI, drug use, or underage driving.

Having two-wheeler insurance ensures both rider and vehicle safety. Since insurers offer different benefits, always compare policies before buying. Key advantages include:

●      Financial Protection – Covers repair or replacement costs, reducing financial stress.

●      Legal Security – Helps avoid legal trouble in case of third-party injuries, as required by the IRDA.

What is NCB in Bike Insurance?

No Claim Bonus (NCB) is a discount on your bike insurance premium for not making any claims during the policy term. It ranges from 20-50% and applies at renewal.If you sell your bike or get a new one, the NCB stays with you, not the bike. When buying a new policy, your previous NCB is carried forward. The maximum discount you can earn is 50%.

What is IDV in Bike Insurance?

IDV (Insured Declared Value) is the highest amount you can claim if your bike is stolen or completely damaged. A higher IDV means a higher premium, while depreciation reduces both over time.

As your bike ages, its IDV decreases, lowering the claim amount. While buying insurance, don’t just focus on the premium—check the IDV offered. Some reduce IDV to lower premiums, but this can lead to financial loss if the bike is stolen or totaled, as compensation is based on IDV, not market value.

Choosing the right IDV ensures you receive fair compensation in case of a major loss. Always balance your premium and IDV to get the best protection for your bike.

Zero Depreciation in Bike Insurance policy

Zero depreciation in the bike insurance policy is the add-on cover which has to be purchased at an extra premium cost. This policy is applicable for 1 year, and it covers your two wheelers without considering the depreciation factor.

When a new vehicle comes out of the showroom, the value of the same starts to depreciate. Over the time of usage of the vehicle, the wear and tear can depreciate its amount. A zero depreciation in bike insurance cover helps in getting such expenses. With the zero depreciation add on the cover, if involved in an accident, you will get the entire cost of the losses incurred.

Compulsory & Voluntary Deductibles in Bike Insurance

Deductibles are the out of the pocket costs that are charged and paid by the insured person and then the two wheeler insurance coverage kicks in. The deductibles are like the helping costs for the insurance companies.

●       Compulsory Deductible:

It is the amount of the loss or damage you have to pay out of your pocket. After that, the insurance company comes into action and pays the balance. The compulsory deductible amount is settled in the settlement amount.

●       Voluntary Deductible:

It is the amount you decide to pay from the two wheeler insurance claim amount. You contribute to the repairs of your two-wheelers in advance and the amount paid is compensated with the lower premium amount.

10 Components Of Your Bike Insurance Premium

Bikes may be the easiest, but they are one of the most dangerous modes of transportation. They are convenient yet prone to road accidents and damages. Thus bike insurance which protects you completely is required.

For complete coverage, comprehensive bike insurance is most suitable. The third-party cover is mandatory by the IRDA, and the premium for it is fixed by the IRDA as well. But the comprehensive cover is planned and fixed by the insurance firms themselves.

The components involved in the calculation of two wheeler insurance premium are:

●       Add-ons:

The add-on option is available with the comprehensive Bajaj Allianz General Insurance Company two wheeler insurance policy. Add-ons are the additional benefits which tend to increase the cost of the premium as they are not a part of the policy itself.

●       IDV:

The current market value of the vehicle after the depreciation and all. IDV stands for insured declared value. It is calculated by using the IDV calculator or formula: IDV = (Listing price stated by manufacturer - Depreciation) + (Additional accessories - Depreciation)

●       NCB:

No Claim Bonus is a bonus or terms of a discount given by the bike insurance company to the policyholder for not seeking a claim during the two-wheeler insurance policy period. The NCB is given when the two-wheeler insurance policy is renewed.

●       Deductible:

Compulsory deductibles are required and are mandatory but do not affect the premium of the two wheeler insurance policy majorly. Whereas, voluntary deductibles can facilitate a considerable difference when it comes to bike insurance premium calculation as it lowers the cost amount.

●       Anti-Theft Features:

A vehicle with in-built anti-theft features will invite a lower two wheeler insurance premium because the risk factor of getting the vehicle stolen is less here. In comparison, a two-wheeler with no anti-theft features will invite a higher premium.

●       Make and model:

A brand and model are the deciding components of the bike insurance premium. Similar to the cubic capacity, the insurer requires the bike’s registration year for the two wheeler insurance policy premium calculation too. A sports bike will have a higher insurance premium than economic bikes.

●       Age:

It depends upon the two wheeler insurance firm whether they consider the vehicle owner’s age as a factor for the insurance premium or not.

●       Location:

The location component is situated based on the traffic density of a region. The higher the density of traffic, the more chances of road accidents and vice versa. Bike insurance policies in the metro cities have higher premium amounts compared to other less dense and less populated cities.

●       Cubic Capacity:

The cubic capacity is an important factor to raise and decrease the premium amount in bike insurance. The more the cubic capacity, the higher the premium amount goes for the two wheeler insurance. The smaller the cubic capacity, the lesser the premium amount.

Additional Concessions/ Special Bajaj Allianz Concessions:

To enhance the customer journey, Bajaj Allianz provides optional concessions periodically to its customers.

How to Calculate Bajaj Allianz General Insurance Company Bike Insurance Premium Online?

Steps to calculate the bike insurance premium online, before buying or renewing a policy are:

Step 1: Head on to our two wheeler insurance premium calculator.

Step 2: From the Menu, enter your two-wheeler make and model.

Step 3: Choose the location of the vehicle and insurance registration.

Step 4: Fill in the information pertaining to the No Claim Bonus in the previous year.

Step 5: After filling in the details, you will get the exact amount of the Insurance premium amount.

Tips to lower your Two Wheeler Insurance Premium

Buying a maximum coverage bike insurance with minimum premium is everyone's preference. Several elements are a part of the bike insurance policy. Before buying or renewing a policy, one should have complete knowledge of all the components in a two wheeler insurance policy and how they affect you directly or indirectly, to help you choose wisely.

●       Set the Correct IDV:

IDV helps decide the two wheeler insurance policy premium. Before setting the premium, the insurance provider checks the market value of the vehicle with the corresponding IDV. If the former is lower than the latter, the bike insurance premium will be less.

●       Opt for Higher Voluntary Deductible:

If you choose to include deductibles to the package, the two wheeler insurance premium will be higher. In opposition, going for a high voluntary deductible will benefit the insurer, and they will respond with a lower premium amount

●       Install Safety Devices:

A two-wheeler with effective safety devices installation can get a discounted premium.

●       Avoid Small Claims to Avail NCB:

Leaving out a small claim in the previous years can add up to the NCB, which will reduce the two wheeler insurance premium for the succeeding years.

Benefits of Buying/Renewing of Two Wheeler Insurance Online

Two wheeler insurance is a basic requirement when purchasing a bike or other two-wheelers. It was a lengthy and detailed procedure earlier. But now it is a quick and hassle-free process of just sitting at your device and fulfilling the essential details asked online.

There are many choices when it comes to a two wheeler insurance policy, but a third party cover is mandatory in India. Buying a bike insurance policy is rewarding because it gives you peace of mind. These are the benefits of buying two-wheeler insurance online:

●        Easily compare bike insurance online with respect to the prices and features of a policy to avail the right policy. All this at your own convenience while shopping for two wheeler insurance online

●        Registering for the two wheeler insurance claims becomes very easy and without passing through the process manually.

●        Paying for the premium of bike insurance online is through most reliable sites and trusted modes as well.

●        Bike insurance policy documents are directly mailed to the email address entered.

●        Self-calculation of your two wheeler insurance policy premium can be done and compared on a mobile device or desktop.

Why Renew Your Bike Insurance Online?

Time-saving:

No need to visit and book appointments with insurance agents. Bike insurance online working has been a boon to the community at large. While sitting at the office and on a break, one can easily renew the two wheeler insurance policy and save time and money as well.

Already Customised:

The renewal policyholders do not have to customise the whole plan but just to add a few add-ons benefiting them the most. The new additions are displayed on the screen, and you only have to pay the newly adjusted amount.

Transparent Process:

Working with bike insurance online is a straightforward and stress-free process. It is transparent without any miscommunication or misinformation. Here, the customer is presented with the entire gamut of information on the website. What you see is what you get.

Paperless Work:

There is no paperwork involved in bike insurance online. Just a few clicks and steps and you can get your two wheeler insurance renewed.

Safe Process:

 Renewing your bike insurance online is the safest process. With no agent in the middle, you can decide, select and finalise it. No commissions, no explanations. However, if you require, the Bajaj Allianz General Insurance Company customer service is always on standby to help you navigate through the process.

Key Factors When Buying Bajaj Allianz Bike Insurance

Every time one goes out to buy something, considering the cost and benefits of the same is essential. Same goes for the buying process of two wheeler insurance. Buying a bike insurance online policy is the easiest procedure, and one can secure their motorcycle quickly and safely.

Adequate Coverage / Correct Policy Type:

In the present scenario, there are two types of two wheeler or bike insurance policies. Third-Party, which is a mandatory plan authorised by the government and Comprehensive Insurance, which covers all areas when it comes to insurance.

Claim procedure:

Adequate bike insurance comes with the efficiency to easily claim the settlement amount. The claim procedure should be simple, without adding further to the situations where insured one has drained already. Before buying a two-wheeler policy, check the claim settlement ratio online.

Bike Insurance Quotes:

Premium rates are generally high in comprehensive plans and less in the third party cover. The concept and rate of premium are affected by the two wheeler’s engine capacity. The higher the engine range, the more will be the premium. The premium category is further affected by the zones you are in. Zone A is a higher premium than Zone B, which is town and cities with less premium.

Bike Insurance Claim Procedure At Bajaj Allianz General Insurance Company

Bajaj Allianz General Insurance Company offers many bike insurance policies and covers with add-on benefits along with the easiest method for claims. When claiming a policy, the situation always seems tricky, and one without complete knowledge can feel helpless. To make the two-wheeler insurance claim procedure simple, these following are the steps you can follow:

Step 1: Register your claim

Bajaj Allianz General Insurance Company is providing its customers with three ways to register the claim.

●        Option 1: You can register for a two wheeler insurance online by visiting the site > motor insurance claim > register your claim.

●        Option 2: Register the claim by talking to their representative. Call on toll-free number 1800-209-5858 and executives will attend you.

●        Option 3: It is the Motor OTS (On-the-spot) feature via Insurance Wallet app. This is for damages less than INR 10,000.

Step 2: Documents and details to be handy when filing for a claim:

●        Your contact information

●        Vehicle inspection address

●        Reading of kilometres travelled by the vehicle.

●        Description and location of the accident

●        Accident date and time

●        Policy and two-wheelers registration number

Step 3: Do’s and Don'ts

Do’s:

●        Click the accidental pictures of the vehicle and situation of the accident. Surroundings should be included as well as the exact position of the vehicle.

●        If you are providing treatment to injured people/ make a note of the Hospital and doctor attending.

Don’ts:

●        Do not move the vehicle in the accidental case if it can enhance the damage to your two-wheelers. Check with our network garages for getting benefits of cashless claims.

●        In case of a third party liability: file a police report immediately and forward it to the mail address and call us on the toll-free number. Do not take action or run from the situation.

Once registered, a reference claim number will be received, and the insured person will be updated via SMS. You can always check your claim status by providing your claim reference number with customer care.

Cashless Bike Insurance Claims

Because of the connected garages, the consumers will not have to pay at the partner garages. You can go to the listed garage, get the work done, and do not pay for the items covered under the policy. The insurance provider will pay directly to the garage.

Reimbursement Bike Insurance Claims

Reimbursement claims work in the same fashion as the majority of insurance claims do. You will have to pay at the moment and collect all the bills, which can then be used to claim the money spent earlier.

Second-hand Bike Insurance Online

Second-hand bikes are readily available in the market at much lesser prices and without hassle as well. Just like the other two-wheeler insurances, the second-hand bike insurance is a basic and mandatory requirement as well. It is just like other policies that protect you and your bike from damage and losses caused to the third parties and self.

Before getting a bike insurance policy for a second-hand bike, check whether the previous owner has an insurance policy or not. If yes, make sure that you get the insurance transferred in your name within the 14-days of purchase.

Also, make yourself familiar with the previous insurance history of the vehicle.

In some cases, if you have had a bike insurance policy for another bike in your name, you can also transfer the NCB to the existing insurance policy.

Avail Old Two Wheeler Insurance Policy in India

When a two-wheeler is purchased, the extent of depreciation increments. Buying coverage for a bike which has been used over the years and is depreciated is considered as Old Two Wheeler Insurance. Choosing third-party insurance or comprehensive bike insurance is your decision entirely.

Factors to consider before Insuring an old bike are:

Depreciation:

With the increase in the age of the old bike, the depreciation amount also goes higher. Before buying any bike insurance policy, check the depreciation amount applicable to the value. In case of an accident, the compensation will be based on the depreciation itself.

Comparison:

Before buying any bike insurance, make sure to go through the different options available. You can check different quotes for two wheeler insurance online or offline through agents present. The terms and conditions specified should be clear and thorough to avoid miscommunication. Compare all the options and decide the one which suits you the best.

Utility:

The utilisation of anything is best known by its owner. When it comes to an old bike, insurance might get costlier to you unless chosen wisely. When the vehicle is old, the IDV is lesser as well as the premium. Match the IDV with the utility to select an insurance plan.

Policies:

The list of bike insurance insurance companies in India is extensive. Each one has different terms and conditions with bike insurance policies differing at certain points. Before opting for a specific plan, analyse your options and match them with your requirements to benefit with the best. Never rush with the first option that comes across.

Documents Required For Bike Insurance At Bajaj Allianz

Documentation records are the base of the bike insurance online. List of documents needed are:

●        Proof of Identity (Ration Card/Voter ID, Driving License/Passport)

●        Registration certificate of the bike

●        Old policy number for NCB, if have.

●        Proof of address ( voter’s ID card/passport/Aadhaar)

Add-On Covers for Bajaj Allianz General Insurance Company Bike Insurance

Add-ons are the additional but chargeable benefits covered when you buy two wheeler insurance policy. The policyholder's choice can be to select these and the policyholder's requirements. These are charged to the premium amount of the insurance bike. The special add-ons are for those willing to pay extra charges to have better facilities. Some of the most frequently used add-ons are:

Zero Depreciation Add On

With age and usage, the two wheelers depreciate. Then, the depreciation is deducted when a claim is generated, and the insured person gets a lesser amount of the claim settlement and has to go through the pocket expenses as well.

A zero depreciation cover under the bike insurance online policy has proven to be useful when it comes to a claim settlement. Under this additional cover, the depreciation is not calculated, and the full amount due for the claim is compensated. The bike insurance company pays for all the expenses incurred without suffering any loss from depreciation.

NCB Protect Add On

As maximum policyholders are aware of the no claim bonus, where the bonus is given after two wheeler insurance. This bonus under the ambit of a two wheeler insurance policy gives you a discount on the premium at the renewal of the bike insurance.

If a policyholder does not seek a claim on the two wheeler insurance policy, the percentage of the bonus is increased with each passing year. But if once a claim occurs, the NCB is lost. This add-on protects your no claim bonus and your bonus is safe even after generating a claim.

24x7 Roadside Assistance Add On

The roadside assistance add-on on the best two-wheeler insurance cover add-on has benefited riders who travel long distances much more frequently than others. If your bike breaks down in the middle of the road and you have no source to take it to the garage, contact us.

The add-on provides you with 24/7 support in any roadside assistance situation. The roadside assistance two wheeler insurance add-on compensates for flat tyres, jump-starting the bike, breakdowns and other electrical problems, fuel assistance, electrical or mechanical breakdown, towing, delivery of the repaired two wheeler, urgent message relay, etc.

Engine Protection

Several people choose to supplement the basic bike insurance online package with engine protection two-wheeler insurance cover. However, the additional coverage may depend on the area of operation. Our engine protection two wheeler insurance policy protects you in case of water ingression, gearbox damage, and lubricant leakage, among other things. In addition, you will get protection for replacing or repairing pivotal engine parts. This insurance bike package covers pistons, cylinder heads, and crankshafts.

Consumable Expenses

In case of damage to the motor vehicle, the add-on online bike insurance cover, including consumable expenses, will provide coverage for all types of motor vehicle oil, refrigerants, coolants, electrolytes, fluids, nuts, bolts, screws, filters, bearings, washers, clips and other similar items that are a part of the vehicle. Personal Accident Cover for Pillion Rider

The safety of a pillion rider is on you, just like your safety itself. This pillion rider cover under the insurance policy for bikes is beneficial when the secondary rider is injured in an accident riding with you. The two wheeler insurance online policy add-on covers the treatment cost for the co-passenger or the pillion rider.