What Is Two Wheeler Insurance in India?
A two-wheel insurance protects you financially from damage to your motorcycle or scooter and injuries sustained by you due to unforeseen events such as accidents, theft or natural disasters. Bicycle insurance also covers financial liabilities resulting from personal injury or third party damage in the event of an accident. The associated costs can mean a big loss to your finances. Two-wheel insurance offers financial protection against such setbacks.
The concept of two-wheeler insurance in India was introduced with the 1988 Motor Vehicle Act. All two wheeler insurance products in India are regulated by the Insurance Regulatory Development Authority (IRDAI).
According to a recent directive adopted by the Supreme Court in India, IRDAI imposed on all two-wheeler vehicles in India a legally valid third-party insurance policy at the time of purchase of the vehicle. , will be liable to heavy penalties. Therefore, every vehicle owner must purchase at least one mandatory third party two wheeler insurance, the minimum insurance for car insurance, including two wheeler insurance.
Importance of Two wheeler Insurance in India:
The 1988 Motor Vehicle Law stipulated that all vehicles on Indian roads must be insured by a valid insurance policy. Riding bike without valid two wheeler insurance is considered illegal. Two-wheel insurance offers financial protection against accidents and accidents that could damage the two-wheeler and injure the driver, passengers, pedestrians or others. With a corresponding insurance policy:
You are free from financial stress: If the vehicle is damaged or stolen, you do not have to worry about any repair or replacement costs as the insurance company looks after you or you.
You have legal protection: Since compulsory bike insurance for driving on Indian roads is compulsory, bring a copy of the bike insurance policy that provides legal protection against paying fines or penalties to the police.
You will receive a personal accident insurance: If you are insured, the two wheeler insurance company covers a maximum of 1 Rs lakh in case of permanent disability. In the event of premature death, your family will receive the sum insured.
Main Advantages of the Two-wheeler Insurance:
A policy is accompanied by a number of benefits and features that make it an ideal plan for your two wheeler:
Buy and renew online: With just a few clicks you can buy online two wheeler insurance for two wheeler. Simple and practical. The same applies to the renew of the bike insurance. You can buy two wheeler insurance online without inspection.
NCB (No Claim Bonus): You can transfer up to 50% of your no claim bonus (NCB) to any bike insurer. The NCB is a reward from an insurer who has not used his insurance policy. It’s a two wheeler insurance discount for your bike
Immediate help (Claim Support): continuous support in the case of claim and quick updating of claims by SMS via our call center.
Quick claim settlement: Enjoy quick, easy and hassle-free processing via our preferred garage network in India.
Online Bike Insurance without problems: even if your contract has expired, renew two wheeler insurance online without inspection
There are two types of two wheeler insurance to your bike:
- Third Party Liability Insurance For Two Wheeler
- Comprehensive Policy For Two Wheeler
Third Party Liability Insurance for Two Wheeler:
A third party liability insurance is required by law in India. This insurance covers only damage or loss caused by the insured bike to third parties or property. It also provides protection for personal accidents for the bike owner. However, none of the insurers will assume any damage, damage or theft of the insured bicycle. You can buy online third party two wheeler insurance with policy planner
Comprehensive Policy for Two Wheeler:
To fully protect your two wheeler, you need to opt for comprehensive two-wheeler insurance. Because it offers complete financial protection against damage caused by the bicycle as well as for damage caused by the insured vehicle to third parties. Do not worry if your two wheeler are stolen, a complete guideline also covers bicycle theft. You can buy online comprehensive two wheeler insurance with policy planner.
How do I check bike insurance online?
It's very easy to get quote for two-wheel insurance. Thanks to online portals such as Policy planner, this is also a fast process that allows you to compare premiums according to your insurance needs. Once you have received a quote, you can visit BankBazaar.com and view the amount of the calculated premium and the IDV (Insured declared value) of your bike. How to get premium two wheeler insurance online:
- Visit the website of the insurer.
- Select "Buy / Renew Bike Insurance".
- Choose the right option when asked if you need insurance for a new two-wheeler vehicle or if you want to renew your current bike insurance.
- Include the required information such as name, email ID, phone number, and bike details such as model, make, chassis number, engine number, fuel type, location of registration, engine capacity, year of manufacture, etc.
- Your reward will be calculated based on the information entered. You can set up your IDV and set the plan to run for one, two, or three years to determine your premium rate.
How to compare the two-wheeler insurance online?
Policy Planner makes comparing online two-wheeler insurance easy
With so many Indian insurance companies offering the best of their services and two-wheeler insurance policies, it is difficult to buy the right insurance policy. This is where policy planner comes in, we help you make the right decision.
Policy planner offers a simple and easy-to-use comparison platform. All you have to do is enter the details of your two wheeler. Brand, model, variant, RTO location and year of manufacture. Once you have entered all these details and click on offers, you can see the insurance policies offered by the best insurers. You can easily compare all features, details and premium prices. With Policy Planner, the comparison of two-wheeled insurance is quick and easy.Steps for Online Comparison of Two Wheeler Insurance Policies:
Step to Get Free Two Wheeler Insurance Quotes:
- Enter the details of your two-wheeled vehicle: vehicle number, if you do not know, enter the model, brand and variant of its two wheels
- Enter the registration data of your two wheeler - Location RTO
- Explain if your previous two-wheeled insurance has expired or not
- Finally, click Get Quote.
Renew Bike Insurance Online
The renewal of your 2-wheel insurance can be done relatively easily online. The websites of the country's insurance companies provide access to and renew your bike insurance. In fact, many insurers have interconnected mobile payment providers to make it easier for customers to extend the contract. In addition, modern companies have their own mobile apps that make it easy for bike owners to buy and renew their online policies. Just visit policy planner & renew online bike insurance
Benefits of renewing bike insurance online:
With a bike insurance you can cover the costs that could be incurred in the event of a bicycle damage that you would otherwise have paid in your pocket.
Renew your two wheeler insurance online and enjoy the following benefits:
- Renewal of the policy does not require a review of your bike.
- There are no documents required
- Never lose your insurance policy. An electronic copy of the insurance policy is still in your mailbox.
- Get full support for inquiries
- Get easy access to the nearest garage by instantly knowing the list of networks. Cash Cash Claim Garage of your insurance company
How to Renew Bike Insurance Online?
IF YOUR POLICY IS ACTIVE OR EXPIRED
Check the insured declared value of the given offer: When entering the details of both wheels, the prices of the various insurers are displayed. Before renewal bike insurance, compare the declared declared value (IDV) of the various insurers.
Evaluate Your Coverage: When online bike insurance renewal, you can also evaluate the coverage of other market regimes. Browse and choose the right one for you!
Know your add-ons: Select the additional components that best fit your needs and include them in your policy. They can appear as additional costs, but increase the benefits of the policy!
Check All Information: Before paying the premium, make sure that all details about the vehicle and the owner of the vehicle are inserted correctly.
How to Renew Expired Bike Insurance Policy?
Forgetting the renewal date is only human! Having so many things in mind, it is easy to slip into the mind, the expiration date of renewal.
Do not worry. Or better. With the support of Policy planner, you can simply renew online two wheeler insurance.
Here's what you get when you renew expired two wheeler policy with Policy Planner:
No Inspection: No Inspection or Documentation. Policy planner helps you to renew your expired motorcycles policy.
No additional or hidden costs: no additional or hidden costs. The renewal of a two-wheeled regular insurance has the same cost.
Snapshot: She will receive the policy in a few minutes. Immediately.
The best part: as mentioned, no documentation, it is not necessary to provide details about the previous strategy, if it has expired more than 90 days.
Documents for renew two-wheeler insurance:
The detailed list of documents that will be presented with the renewal form of the insurance policy is detailed below:
- Information about the insured, such as name, date of birth, address, sex, occupation.
- Information about the driver's license.
- RC Number and RC Copy.
- Two wheeler insurance policy number.
- Credit / debit / net bank account (for online payments).
Documents needed to apply for two wheeler insurance
You need to provide below mentations documents to apply for an two wheeler insurance
Calculate your insurance premiums for two-wheelers online.
The insurance premium is the amount you pay to obtain financial security against the risk of loss or damage to your vehicle. The insurance company pays the insured value of your vehicle in case of damage resulting from an accident, theft, loss of a third party or damages.
To get the bonus, you must enter the basic details of the two-wheeled vehicles, such as: B. The bicycle number or the make, model and registration center. Once the details are completed, the details of the policy and the premiums of several insurers are displayed. Then you can compare the sources, the premium pauses and the amount calculated for each function.
If you only want to buy liability insurance, select only "Liability insurance" from the drop-down menu. The amount of the premium is restored. The liability premium is the same for each company as defined by the IRDA each year and changes every year. To calculate the two-wheel drive surcharge for a complete source, select "Complete" from the drop-down menu. The total premium for two wheels varies from one insurer to another.
Use the Policy Planner calculator for two-wheeler insurance online:
Third party premium: the civil liability insurance premium is established by the Indian Regulatory Authority (IRDAI). The premium is based on cubic capacity (cc). IRDAI changes the price every year.
Third party policy: covers the loss or damage of the third party by the insured vehicle.
Comprehensive premium: the premium for a comprehensive insurance or a package varies from one insurer to another. Since the comprehensive insurance covers the damages of your own bicycle, the calculation of the premium takes into account several variables. The own damage premium is based on the insured declared value (IDV). The factors considered are the price outside the showroom, the age of the vehicle and the place of registration.
Two wheeler Insurance Premium Amount:
The two wheeler insurance premium calculator helps to calculate two wheeler insurance premium amount. Policy planner provide you best two wheeler premium amount with 2 min.The premium amount is depend upon bike age, IDV, and Add-on cover.
This will save you the insurance premium for your bike.
- Compare the insurance with two wheeler.
- Opt for long-term or multi-year two-wheeler insurance.
- Opt for voluntary franchise companies.
- Discounts for the unclaimed bonus.
- Install an anti-theft device.
- Buy only the add-on covers
Best Two Wheeler Insurance Plan in India:
Top 5 Best two wheeler insurance plan:
- Bharti AXA Two Wheeler Insurance
- New India Assurance Two Wheeler
- Bajaj Allianz Two Wheeler Insurance
- United India Two Wheeler Insurance
- HDFC Ergo Two Wheeler Insurance
Two Wheeler Insurance 3 years:
Now two-wheelers can also opt for third party insurance for three years. This initiative by the Insurance Regulatory Authority (IRDA) allows homeowners to insure their vehicle for 3 years instead of solving annual renewal problems. IRDA is open to similar plans with a damage elimination option.
According to an IRDA circular, insurance premiums for two-wheeler vehicles must be multiplied by three each year. In all circumstances, the premium will not be adjusted during the insurance period. The premium is paid in installments, subject to the application of section 64VB of the Insurance Act of 1938.
Except in the case that the vehicle is considered a total loss, the insurer cannot cancel the independent civil liability insurance. In the case of a total loss, the insurer must reimburse the client for the premiums of all previous years.
You can buy online two wheeler policy for 3 years
Also you can buy 5 year insurance policy for your two-wheeler.
Top 10 two wheeler insurance company list:
- Bharti AXA Bike insurance
- HDFC Ergo Bike insurance
- Bajaj Allianz Bike insurance
- TATA AIG General Insurance
- New India Assurance
- SBI General Insurance
- Reliance General Insurance
- ICICI Lombard
- United India Insurance Company Ltd.
Two-Wheeler Insurance Claim Processes:
Two-Wheeler Insurance Claim Processes:
Step: 1. Contact your two-wheeled insurance company
Contact your insurance company as soon as possible to register the claim. Otherwise, there may be complications in the claims process!
Step: 2. Organize an FIR
If your two wheels were stolen or you had a serious accident, you must present a RIP at the nearest police station. Accelerates the approval of your application and is a mandatory document to start the application process!
Step 3. Damage evaluation
In the case of an accident or accident, you should immediately have the damage determined by a specialist in a garage, preferably an authorized workshop of your insurance company. This entitles you to services without cash in the garage.
Step: 4. Payment of the request by return
Pay the service center to start the application process. Complete the relevant forms and send the necessary documents to guarantee a fast, easy and simplified application!
Which insurance is best for two wheeler?
Ans: There has two types of two-wheeler insurance third-party insurance & Comprehensive Insurance. The best is comprehensive policy covers your hole bike. Third-party Own insurance.
What is IDV in 2 wheeler insurance?
Ans: The insured value IDV or the insured declared value corresponds to the maximum sum guaranteed by the insurer in the event of theft or total loss of two vehicles in the event of an accident. In simple terms, IDV is the current market value of two-wheeled vehicles. If your two-wheeled vehicle suffers a total loss or is stolen due to an accident, IDV is the compensation that the insurer pays to the insured.
How two wheeler is insurance calculated?
Ans: First, visit the official website (www.policyplanner.com) of a two-wheeler insurer and select the two-wheeler insurance premium calculator. You can choose the calculation based on the new payment or the extension of the premium. Then enter the required information and click "Calculate".
- KYC - name, mobile phone number and email ID
- Additional cover
- Bike model, type, class and manufacturer.
- Fuel type
- Place and date of registration.
What is covered under two wheeler insurance?
Ans: The comprehensive two-wheeler insurance protects your vehicle against theft, loss and damage. This cover also provides accidental personal protection of the owner or driver in case of an accident. In addition, this type of insurance covers the two-wheeled vehicle even in the case of civil liability.
What is IDV and NCB in insurance?
Ans: Definition of the insured declared value (IDV): The declared insured value is the maximum amount insured by the insurer and is indicated in case of theft or total loss of the vehicle. Basically, IDV is the current market value of the vehicle.
What is the cost of two wheeler insurance?
|Two Wheeler Insurer||Third Party Cover||Comprehensive Cover|
|Bajaj Allianz Two Wheeler Insurance||Yes||Yes|
|Bharti AXA Two Wheeler Insurance||Yes||Yes|
|HDFC Ergo Two Wheeler Insurance||Yes||Yes|
|IFFCO Tokio Two Wheeler Insurance||Yes||Yes|
What is NCB in 2 wheeler insurance?
Ans: A non-claim bonus (NCB) is a discount that an insurer gives an insured for not claiming during the term of the contract. The NCB can accumulate over the years and the reimbursement varies between 20% and 50% of its own premium.
Is two wheeler insurance mandatory?
Ans: Bike insurance is mandatory because it protects the driver and the victim from possible losses due to an accident. In India, the motor vehicle law is also mandatory under the Motor Vehicles Act of 1988.
Can IDV be increased?
Ans: In the best case, IDV is the maximum sum insured, which compensates the insurance company for the loss. It is always the best option to have an IDV close to the market value of your car. Reducing the value of IDV results in a lower premium, but also has less coverage than required.
What is meant by zero depreciation two wheeler insurance?
Ans: Coverage excluded Advantages of zero depreciation. No or zero insurance for bike insurance. Unlike land and property, a two-wheeler vehicle or a bike is a loss of value, which means that its value decreases over time. All owners of two-wheeled vehicles know that normal vehicle wear over time is inevitable.
Is engine damage covered by bike insurance?
Ans: In most cases, your insurance covers the cost of minor damage to your engine as a result of an accident. The insurance is not intended to repair the damages caused by the normal wear of your car. Does not include mechanical defects or damages caused by lack of maintenance.
How do you pay for bike insurance?
- Log in at www.policyplanner.com.
- Enter the required information on your bike in the renewal form to make the payment online.
- Get the premium offer and make your payment. Keep your credit / debit card or NFT details.
How can I get cheap bike insurance?
Ans:Choose a bicycle that is smaller, older or cheaper....
- Avoid modified and unusual motorcycles.
- Limit your kilometers.
- Pay annually.
- Improve the safety of your motorcycle.
- Park your motorcycle in a safe place.
- Think about who rides a bicycle.
- Follow a motorcycle course.
How insurance IDV bike is calculated?
Ans:Definition of the insured declared value (IDV): The declared insured value is the maximum amount insured by the insurer and is indicated in case of theft or total loss of the vehicle. Basically, IDV is the current market value of the vehicle. To calculate bike insurance IDV visit policy planner website.
How do I find the best insurance?
Ans: Here are eight things you can do to get the best coverage possible.
- Do not assume that a company is the least expensive.
- Do not neglect local and regional insurers.
- Check the discounts.
- Pay your bills on time.
- Consider insurance costs when buying a bike.
How can I claim two wheeler insurance?
Ans: Steps to submit a two-wheel insurance application process
- Contact your two-wheeled insurance company. Contact your insurance company as soon as possible to register the claim.
- Lodge an FIR.
- Damage evaluation.
- Liquidation of the claim for return.
Is driving license required for claiming insurance?
Ans: The two wheeler insurance procedure requires you to present a valid bike insurance policy, a vehicle document and the driver's records that drove the vehicle at the time of the accident. You must present a driver's license if you claim accidental damage. If it is a flight, no license is required.
Is PUC required for insurance claim?
Ans: Following last year's Supreme Court ruling, India granted all vehicles a valid driver's license on the renewal date of the bike insurance policy. Experts believe that PUC's insurance duty would help control pollution because the law requires two-wheeler liability insurance.
What is comprehensive bike insurance?
Ans: Comprehensive two-wheel insurance is a combination of liability insurance and property and casualty insurance. Provides financial assistance for all types of damages to you and your bicycle, as well as to another person, vehicle or other property.
How to check insurance of bike?
Ans: If you want to check the expiration date or range of your bike, you can simply check your police document. You will receive information about your premium, coverage, information about your candidate, start date and due date.
How to transfer bike insurance from one person to another?
Ans: Transfer process of your bike insurance.
- When transferring your two-wheeler insurance policy, it must be transferred to the name of the recipient of the transfer.
- The buyer must request in writing the documents in proof of delivery of the vehicle within a certain period of time.
- The documents and information required for the process are the CR of the vehicle, the date on which the insurance was transferred and the information on the previous insurance policy.
- The name of the previous insured and the owner of the previous vehicle, the contract number and the insurance date must also be provided to the insurer so that he can make the necessary changes to the registers and issue a new certificate.
How to apply bike insurance online?
Ans: Visit www.policyplanner.com & apply for bike insurance online.
How to download bike insurance copy?
Ans: Request an insurance document in duplicate The next step would be to request a duplicate of the two-wheeled insurance document.
- You must send a written request to your insurer stating that you want to request a duplicate of the two-wheeled insurance policy and state the reason.
- You must send the copy of the FIR with your request.
For joint insurance contracts, both owners must sign and submit the application.
How to claim insurance for bike theft?
Ans: Procedure to make an intelligent claim.1) Sort a FIR
2) Inform your insurer
3) Inform the RTO
4) Collect all the documents from this list
- The original of the FIR,
- Copy of policy documents.
- The application form duly signed.
- A copy of the driver's license,
- The original keys of the vehicle,
- Copy of the RC of the vehicle and
- The signed RTO transfer documents and the required forms (forms 28, 29, 30 and 35).
Bike insurance expired what to do?
Ans: Step to renew your expired policy:1)Visit www.policyplanner.com
2)Fill details of your bike like mobile number, policy expired date, bike model & previous company.
3)Get quote and renew your expired policy.
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