Buy Two-wheeler Insurance Policy
- As per the IRDAI Guidelines, all Motor Insurance sectors will have to follow KYC procedures, beginning from 1st January 2023. IRDAI mandates Digital KYC, Aadhaar- based KYC, CKYC and Video KYC as accepted forms of performing this procedure.
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Key Takeaways ✦
Top Two wheeler Insurance Plans
Several good plans are available at a cost that will enhance your day.
Bike Insurance Companies
What is two-wheeler/bike insurance?
Two-wheeler insurance, also known as bike insurance, is a financial safety net specifically designed for motorcycles, scooters, mopeds, and other two-wheeled motorized vehicles. It protects you from financial losses arising from various unforeseen events related to your bike. Here’s a breakdown of what two-wheeler insurance covers.
Protection against Financial Losses
- In case of an accident, your insurance policy covers the repair costs of your bike, whether it's your own fault or caused by a third party
- If your bike is stolen, the insurance company compensates you for the vehicle's market value (depending on policy terms)
- Damage caused by natural calamities like floods, earthquakes, or cyclones is covered under comprehensive bike insurance plans
- Losses due to fire damage to your bike are covered by comprehensive insurance
- This is mandatory coverage in India. It protects you from financial liabilities arising from injuries or property damage caused to a third party while you're riding your bike
- Motor Vehicles Act, 1988 states that any motorized vehicle plying on public roads in India should have third-party liability insurance. Third-party liability insurance cover for your bike is compulsory under the law.
- This covers you against any claim that can be made by third party drivers on you for injuries, damage or death related to your bike. If you ride your bike without it, you will have to face a heavy fine.
Why you choose Fincover?
Quick purchase
Like Car Insurance purchase, buying a two-wheeler insurance online is easy at Fincover. It takes only a few minutes to buy or renew a policy. Fincover helps you study and compare the offers of multiple insurance providers, so you can choose the best policy.
Third-party liability insurance
This is the mandatory minimum coverage required by law in India. It only covers financial liabilities towards a third party in case of an accident, It provides financial compensation to the third party in the event of damage to the bike or bodily harm due to an accident caused by your bike
Comprehensive Two-wheeler policy
This offers more extensive coverage compared to Third-party liability insurance. It includes third-party liability coverage along with protection for your own bike against accidents, theft, natural disasters, and fire
Add-on Covers
Several useful add-on covers are available at extra cost that will enhance your policy’s value.
NCB Protection Cover
The No-Claim Bonus Protection add-on protects the policyholder's no-claim bonus in the event of a claim
Zero Depreciation cover
The Zero Depreciation cover is an add-on that offers coverage for the cost of repairing or replacing parts of the car without taking into account the depreciation value
Roadside Assistance Cover
The Roadside Assistance add-on provides coverage for services such as towing, jump-starting a battery, changing a flat tire, and more
Key Replacement Cover
Key Replacement Cover in car insurance is an optional add-on that provides coverage for the cost of replacing lost or damaged car keys
Personal Accident Cover
The Personal Accident cover provides coverage for personal injuries sustained in a car accident
Engine Protection Cover
The Engine Protector add-on covers the cost of repairing or replacing the engine in the event of damage due to an accident or natural calamities such as floods or earthquakes
Passenger Cover
The Passenger Cover add-on provides coverage for passengers in the car in case of an accident.
Consumables Cover
Standard bike insurance policies typically exclude the cost of consumables like engine oil, lubricants, nuts & bolts, etc., during repairs.
Benefits of Two-Wheeler Insurance
- Financial Security: Two-wheeler insurance safeguards you from hefty repair costs or the financial burden of replacing a stolen bike.
- Peace of Mind: Knowing you’re financially protected allows you to ride with greater peace of mind.
- Legal Compliance: Having at least third-party liability insurance is mandatory in India to avoid penalties.
Documents required for Bike Insurance
Here is a list of documents needed for an individual to buy Bike/Two Wheeler Insurance policy
| Purpose | Document | Description |
|---|---|---|
| New Policy | Proof of Identity (Any One) | Passport, Driving Licence, Aadhaar Card, Voter ID, PAN Card (varies by insurer) |
| Proof of Address (Any One) | Passport, Driving Licence, Aadhaar Card, Voter ID, Bank Statements (latest), Utility Bills (not older than 3 months) | |
| Two-Wheeler Registration Certificate (RC) | Mandatory proof of vehicle ownership | |
| Recent Passport-Sized Photographs | Number may vary depending on the insurer | |
| Manufacturer’s Invoice (for new bikes) | Details vehicle make, model, and purchase price | |
| Renewal | Previous Bike Insurance Policy Document | Simplifies renewal process with existing coverage details |
| Proof of Identity (if details changed) | May be required for verification purposes | |
| Proof of Address (if details changed) | May be required for verification purposes | |
| Two-Wheeler Registration Certificate (RC) (Optional) | May be requested again for verification | |
| Additional Notes | Pollution Under Control Certificate (PUCC) | Required for some cases, especially older vehicles |
| Loaner Bike Authorization (if applicable) | Document from financing institution for insurance coverage |
Why Choose Fincover?
- IVA Insurance is an IRDA Approved Direct Broker (Life & General).
- We are here to assist you 24/7.
- Our unbiased approach ensures you get the best options.
- With over 55 insurance companies and hundreds of health policies, Fincover cuts through the clutter and helps you choose the one that is best for you.
Two-Wheeler/Bike Insurance: Inclusions vs Exclusions
| Coverage | Included | Not Included |
|---|---|---|
| Accidents | Repairs to your bike if damaged in an accident (own damage cover needed for comprehensive insurance) | Wear and tear, depreciation, mechanical or electrical breakdown |
| Theft | Compensation for the market value of your bike if stolen (depending on IDV and policy terms) | Theft due to negligence (e.g., leaving keys in the ignition) |
| Natural Disasters | Damage caused by natural calamities like floods, earthquakes, or cyclones (covered under comprehensive insurance) | Man-made disasters like riots or strikes |
| Fire | Losses due to fire damage to your bike (covered under comprehensive insurance) | Fire caused due to intentional act or electrical/mechanical malfunction (may vary based on policy wording) |
| Third-Party Liability | Covers financial liabilities arising from injuries or property damage caused to a third party while you’re riding your bike (mandatory coverage in India) | Your own injuries or damage to your own bike, damage to property owned by you or co-passengers |
| Personal Accident Cover (Add-on) | Covers medical expenses and financial compensation in case of accidental death or permanent disability to the rider (optional add-on) | Death or disability due to illness, natural causes, or self-inflicted injuries |
| Rider’s Own Damage (OD) Cover (Add-on for Comprehensive) | Covers repairs to your own bike in case of accidents, theft, natural disasters, or fire (may have limitations based on policy wording) | Depreciation according to policy terms |
How to buy two-wheeler/bike insurance?
Fincover gets you the best insurance available in the market,
- Log on to “www.fincover.com”
- Enter your registration number
- Select your bike model
- Choose Buy Insurance or Renew Insurance
- Insurance policies from various insurance companies will be displayed
- Analyze and choose the best policy suited to your needs
- Pay the bike insurance premium using your preferred payment method
FAQ
You can learn more from our asked questions
A. Bike make and model including CC of its engine
B. IDV specified by the insurance company
C.The geographic location of registration
D. Add-on covers
