Best Online Bike Insurance Policy In India [2018]

Bike insurance refers to an insurance policy taken to cover the risk against any unforeseen event like accident, theft and natural calamity. The policy covers the damage occur due to any of the mentioned reason for the bike or the rider. The bike insurance cover provides protection to all two-wheelers like a motorcycle, bike, and moped no matter the purpose of the vehicle is personal or commercial. Like the personal insurance policy, the vehicle insurance policy is also must to have.

Don’t miss the Bike Insurance Tips at the end of the article

In this article, we will discuss the best online bike insurance providers in India. You love you two wheeler like your baby. you wash it every Sunday and make it shine like a star. You go zooming around on the bike every day and it becomes an integral part of your life. You care about your bike more than you care about your self. If this is you, then this article is for you.

In this Article, we will compare below insurance company.

  • Bajaj Allianz Two Wheeler Insurance
  • Royal Sundaram Two Wheeler Insurance
  • IFFCO Tokio Two Wheeler Insurance
  • New India Assurance Two Wheeler Insurance
  • Reliance Two Wheeler Insurance
  • HDFC ERGO Two Wheeler Insurance

Key features of online bike insurance policy

  • Easy and fast policy
  • Transfer of no claim bonus
  • Optional coverage
  • Quick and easy registration for online purchase
  • Online discount offers
  • Personal accident cover for pillion rider
  • Zero depreciation cover
  • Damages due to an accident
  • Additional discount for having an anti-theft device

What is not covered under the policy

  • Damages of loss due to electrical or mechanical failure
  • Routine wear and tear
  • Regular depreciation of the vehicle
  • Tyre and tubes of the two-wheeler
  • Drunk and drive condition
  • Loss or damage due to war
  • If the vehicle is used for any other purpose then its intended to

Points to consider before choosing an online bike insurance policy in India

Before finalizing the insurance policy providers for your bike, please check below points which will help you to choose the best insurance policy for your bike.

  • Policy Premium

This is the first and foremost points you should check and compare before choosing the policy. The premium will be calculated based on the certain factors like your location, your past claim history, your bike condition etc. Choose the one which provides the policy at the best affordable and competitive rate.

  • Policy Features

Check the policy features thoroughly and compare it with other insurance company. Read the policy document in detail and understand the benefits and features of the policy. There are some features which sound good but you really don’t need them. So you can ignore that particular feature while comparing the policy. Check for add-ons and discounts these companies are offering. Choose the best suitable for you.

  • Claim Settlement Ratio

Claim settlement ratio is the yardstick for the measurement of the insurance company. With the help of the claim settlement ratio, you can find out how fairly the company is passing the insurance claim. There might be the case that the company is offering a coverage at the cheapest rates but its claim settlement ratio is very poor. Don’t go for such cheap plans as it may cost you heavily in the future when actually you need to use the policy. Don’t compromise on the claim settlement ratio for few bucks.

  • Do your research before purchase

For choosing the best insurance company you need to do some homework. Talk to the people around you, take their opinion. Check online and compare the features and price of the different companies. There are several online portals like PolicyBazar.com where you can check and compare the features and rates of the insurance policy.

Don’t choose the cheap insurance plan which may not suit your need. Instead look for the plan which covers all your requirements at the best competitive rates in the market.

Why you should have bike insurance

Any insurance is, of course, to protect us against any financial loss. The bike is an asset which you are going to use for at least 10 years. During this period, there are chances of any damage or loss due to external factors. At that time if you have taken the insurance policy, you rest assured and can enjoy the bike ride without worrying about the expenses.

Here is why you must have a bike insurance policy.

Abide by the law of the land

As per the motor vehicle act, driving a bike without insurance policy is illegal in the country. So to abide by the law, you must have an insurance policy. If the accident occurs and you don’t have an insurance policy you will be in trouble.

Protection against financial loss

The policy will help you to protect against any financial expenses due to an accident or theft of the bike. All the expenses will be taken care of by the insurance company so that you don’t have to worry about it.

Medical coverage

An accident can lead to physical injuries to you if you took a comprehensive policy which will help you to pay your medical bills in case of any injuries, legal expenses. The policy can take care of all your medical expenses along with the bike repair expenses.

Best BIke Insurance Policy in India

If you are looking for bike insurance policy, here is the comprehensive analysis of the top policy providers in India. I have done a detailed analysis and comparison of these plans so that you can choose the best plan for your bike.

Bajaj Allianz two wheeler insurance∗∗∗

Claim Settlement Ratio: 78.60%

Customer Support No: 1800-209-0144

Policy Features:

  • Easy purchase and renewal online
  • An ISO 27001:2005 Certified Company
  • 24 X 7 customer support for claim settlement queries
  • SMS alert on claim status
  • Add on feature – Depreciation shield
  • 24 X 7 roadside assistance
  • Engine protector for oil leakage, damage to gearbox and water irrigation
  • Covers consumable expenses
  • Digitally enable process
  • Third party cover available
  • 4000+ network garages for cashless repair
  • A personal accident of Rs. 1 lakh covered
  • No claim bonus available

Royal Sundaram Two Wheeler Insurance∗∗∗

Claim Settlement Ratio: 91.26%

Customer Support No: 1860-425-0000

Policy Features:

  • Third party cover available
  • Buy insurance for 2-3 years at one go
  • More than 3300 garages for cashless repair
  • A personal accident of Rs. 1 lakh covered
  • No claim bonus available
  • The easy online policy process
  • One time premium policy for 2-3 years
  • Comprehensive coverage available
  • Protection against inflation
  • Claim settlement process within 10 days
  • Covers theft of the two-wheeler
  • Single policy document for 2-3 years

IFFCO Tokio Two Wheeler Insurance

Claim Settlement Ratio: 78.46%

Customer Support No: 1800-103-5499

Policy Features:

  • Easy and fast online process
  • Covers zero depreciation
  • Coverage for damage from a natural calamity like flood, storm, earthquake
  • Coverage of man-made calamity like burglary, theft, external damage
  • More than 3400+ cashless garage tie-ups for
  • No claim bonus available
  • Coverage of personal accident
  • Third party coverage

New India Assurance Two Wheeler Policy

Claim Settlement Ratio: 86.83%

Customer Support No: 1800-209-1415

Policy Features:

  • Vehicle age up to 15 years can be insure
  • Easy and fast online process
  • Vehicle on a mortgage can also be insured
  • Third party claim available
  • Around 150 garages network
  • A personal accident of Rs. 1 lakh covered
  • Zero depreciation cover

Reliance Two Wheeler Insurance

Claim Settlement Ratio: 83.76%

Customer Support No: 1800-3009

Policy Features:

  • Quick online insurance policy
  • Cashless facility for 430+ garages
  • Customized add-on covers
  • Option for 3 years policy
  • Competitive rates
  • Hassle free claim process
  • A personal accident of Rs. 1 lakh covered
  • Nil depreciation option available
  • No claim bonus available

HDFC ERGO Two Wheeler Insurance

Claim Settlement Ratio: 78.60%

Customer Support No: 1800-2700-700

Policy Features:

  • Easy an fast online process
  • 24 X 7 customer support helpline
  • Zero documentation registration process
  • Estimated approval within 24 hours from intimation
  • Cashless claim service at 4300+ garages
  • No claim bonus available
  • Instant policy registration and approval
  • Loss or damage due to theft is included
  • Loss or damage due to natural calamity in included

Types of bike insurance policy

There are typically two types of bike insurance policy.

1. Comprehensive bike insurance policy  2. Liability only policy

The comprehensive policy covers all types of damages to the bike. While liability only policy covers only injuries arising due to third-party actions.

  • Comprehensive Insurance Policy

This type of insurance policy provides cover under all kinds of situations. It provides repair for damage caused to your vehicle as well as third party’s vehicle. It also covers legal expenses, medical expenses etc. It also provides money against loss of limb or death of the person.

The policy also offers add-ons features like no claim bonus, zero depreciation and accessories cover etc. In a nutshell, the policy provides end to end cover for all the events and assets. As it is comprehensive policy it tends to be costly as compared to the third party insurance policy. But in the end, it will be beneficial as it provides adequate coverage to save your money. It is advisable to buy this type of the policy to safeguard your financial interests.

  • Liability Cover Policy

This is a very basic insurance policy and is mandatory under motor vehicle act so any vehicle running on the public road needs to have this cover. Running a vehicle without this policy is illegal in the country.

This policy covers the damages to the third party’s vehicle or property involved in the accident along with your vehicle. The policy also covers the medical expenses due to injuries by the third party. So it will help you to reduce the financial burden arising out of the accident.

Here is a quick comparison table to help you understand your need for Bike insurance:
Third Party CoverageComprehensive Policy
Damage to third Party’s VehicleYesYes
Damage to Own BikeNoYes
Low PremiumYesNo
Coverage Other Than CollisionsNoYes
Personal Accident CoverNoYes
Medical Expenses For Self NoYes
Medical Expenses For Third PartyYesYes
Loss Due To Natural Calamities NoYes
Bike Theft NoYes

Eligibility and process for buying online Bike Insurance policy

For purchasing the insurance policy you must be an adult and must have a valid driving license. As per the motor vehicle act, it is compulsory to have an insurance policy for your bike running on the road.

The insurance policy will be issued as soon as you purchase the vehicle from the showroom. After that every year you need to renew the policy either with the same insurance company or select the one on your own.

You need to provide a below-mentioned set of documents for buying a policy

  • Copy of your driving license
  • Vehicle registration document
  • Your address proof

Buying the policy online is very easy nowadays. Go on the portal of the insurance company, enter the details of your vehicle and in a few clicks you will get the quotation of the premium for the policy.

Few companies are offering 2-3 years policy at one go to make it easy for you. You can buy the policy for 3 years at a time and get the cover for 3 years by paying a premium.

Benefits of buying an online policy

You can buy the policy from the insurance agent or buy it directly from the company through an online portal. More and more people are buying the policy online as it is very easy and convenient for you to buy.

Let’s check the benefits of buying an online policy.

  • Convenience

Buying the policy online is way easy as compared to buying one from the insurance agent. You don’t have to provide any physical papers to buy the online policy. Also, the main benefit is you can do your research and comparison before finalizing the policy which suits your need.

  • Transparency

Buying a policy online offers you all the details you need to know to make your decision. There are no hidden clauses or charges that are not known to you. There are many insurance aggregators who can provide you the details so that you can easily compare them before buying the policy.

  • Cost-effective

As you are buying the policy online, there is no middle man and thus reduces the cost or premium for you. You can directly save on the commission paid to the agents while buying the policy online.

  • Easy renewal

Policy renewal will be damn easy if you are renewing your policy with the same company. You just have to provide your existing policy number and after making the payment your policy gets renew in minutes.

  • 24 x 7 Customer Support

You may need to contact your insurance company at midnight. These online portals are providing customer support round the clock. So you can contact them as and when needed.

Tips on your bike insurance policy

  • Don’t make small claims. This way you can save big on your next premium. You will be eligible for no claim bonus if you don’t claim anything throughout the year. So for small accidents, it is advisable not to submit a claim in order to get the no claim bonus.
  • Always go for an online policy. It will save you a good amount of money. There is no middle man so online policy will be cheaper as compared to buying one from the agent.
  • For an old vehicle, it is advisable to buy third-party insurance instead of a comprehensive policy. As your vehicle is already depreciated so there is no point in purchasing a comprehensive policy and giving a high premium.
  • If you install an anti-theft device on your bike, you are eligible for an extra discount from the company. So if your bike is new and you think there are chances of theft, you should go for this device and save money on policy premium.
  • Pay early premium instead of paying it in installment. This will help you to ensure that your premium is paid on time and avoid any policy lapses.

Conclusion

So friends here is the comprehensive details of the bike insurance policy you need. Buying an online policy will definitely save your money as compared to buying the same through an agent. Bookmark this page and I am sure it will help you in future when you are in need of buying a bike insurance policy for your self.

Hope this helps!

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