In recent years, there is a big rise in the number of accidents in the country. Due to the increasing traffic, worst Road conditions and hurry to reach anywhere, the road accidents are increasing. Mainly, Riders of two wheelers face the situations of the accident. Two wheelers are the best way for local transportation all over the country and it is also very risky due to all such causes. There come various risks including accident, theft or mishaps for the users of two wheelers. In all such kinds of cases, two wheeler insurance comes as a very helpful solution to ensure the protection against all such kinds of mishaps.
What is Two Wheeler Insurance?
Two wheeler insurance is an insurance policy that provides the protection against any kind of damage to your motorcycle or scooter or other two wheeler. It can be due to the accident, natural disaster or theft situations. It also provides the protection to the rider against any kind of liabilities in the cases of an accident on the two wheelers. If you do not want to find the financial loss in the cases of such critical situations, just get the services of insurance companies for bike insurance. In the two wheeler insurance plans, they include all kinds of vehicles like a motorcycle, Moped, scooter and much more.
In the country, it is mandatory for every vehicle owner to have insurance policy. It is possible to get the bike insurance with any company registered under insurance regulatory and Development Authority of India. You can also find the option to get the insurance plan from the dealer of your vehicle. These plans are available to protect the two wheeler used for the private, commercial or mixed purpose. If you do not want to spend your earning in any unwanted expense in the situation of an accident of your vehicle, just go with bike insurance plan for your vehicle. It is very beneficial because of its features of coverage against personal accident, theft, vehicle damage and third-party liabilities.
Types of Two Wheeler Insurance Plans
In India, the vehicle owners will be able to choose from two types of insurance policies including comprehensive and liability only.
- Liability only insurance plans are basic plans providing the protection against any third party action.
- Comprehensive plans are available for the coverage benefits against any kind of damage to the vehicle or rider in an accident or other situations.
If you want to pick the best insurance plan for your bike or scooter, you will be able to make the right choice by comparing the insurance plans with Verified Policy. It is possible to pick the affordable insurance plans starting from Rs 2 /day for your two-wheeler. Here are the details about all the plans available in the country that you can pick for your bike, Moped or scooter:
|Two Wheeler Insurer||Third Party Cover||Network Garages||Personal Accidental Cover||Incurred Claim Ratio||Policy Term||No Claims Bonus|
|Bajaj Allianz Two Wheeler Insurance||Available||4000+||Rs. 1 Lakhs||78.60%||1 year||Available|
|Bharti AXA Two Wheeler Insurance||Available||1600+||Rs. 1 Lakhs||75.61%||1 year||Available|
|HDFC Ergo Two Wheeler Insurance||Available||1600+||Rs. 1 Lakhs||78.60%||1 year||Available|
|IFFCO Tokio Two Wheeler Insurance||Available||2000||Rs. 1 Lakhs||78.46%||1 year||Available|
|Reliance Two Wheeler Insurance||Available||159||Rs. 1 Lakhs||83.76%||1 year||Available|
|Universal Sompo Two Wheeler Insurance||Available||150+||Rs. 1 Lakhs||77.79%||1 year||Available|
|Royal Sundaram Two Wheeler Insurance||Available||3300+||Rs. 1 Lakhs||91.26%||1 year||Available|
|New India Assurance Two Wheeler Insurance||Available||150+||Rs. 1 Lakhs||86.83%||1 year||Available|
Every bike owner loves the vehicle like a baby. If you care for your vehicle and keep it clean and protected, you should always know about the value of insurance policy for your vehicle as a very helpful solution. You do not have to worry about any kind of damage to your vehicle due to any situation of accident or theft if you have a good insurance policy for it. It is a piece of mind that you should always prefer whenever you purchase a new motorbike.
The Reasons to Get Two-Wheeler Insurance Plan
By choosing a perfect two wheeler insurance plan, you will find peace of mind in the following ways:
- Helpful in accident situations:
India is the country full of risks for the vehicle owners. There may be an emergency situation when you face an accident with your bike or scooter on the road. No need to worry about expenses in the cases of any mishap with your bike or scooter including accident or theft. The insurance company will cover all the expenses due to an accident or any other mishap to your vehicle.
- Affordable insurance plans:
Two wheeler insurance plans are very affordable for every owner of the vehicle and it comes with big coverage benefits with higher sum assured. You do not have to spend too much money on high premiums because of affordable plans available for all kinds of two wheelers.
- Cashless claim benefits:
Now, you do not have to worry about any kind of cash payments while repairing your insured vehicle. With most of the insurance plans in the country, the company is offering cashless facility for the consumers. You just need to visit the network data and get the repair services without any cash payments. Your insurance company will settle all the expenses with garage owner.
- Two types of insurance options:
With these Auto Insurance plans, the consumers will find two types of options. You can go for comprehensive insurance plan or liability only insurance plan as per your choice. With reliability only plan, you will not get the advantages of repair expenses for your vehicle in case of an accident or theft. Still, they will offer the coverage for liability expenses in case of an accident.
- Long-term insurance without renewal:
It is not necessary to remember the renewal date every month or year while choosing bike insurance plans for your vehicle. It is a long time investment where the companies will provide the option of renewal only once in 3 years for the vehicle owner.
- Stress-free use of a vehicle:
You do not have to take any kind of stress while riding your two-wheeler by getting these insurance plans. It is a very beneficial option because you will get the financial help by the insurance company whenever you face any kind of problem or damage in your vehicle and you need repair services. You do not have to worry about any kind of that situation while going anywhere on your bike or scooter.
Because of all these reasons, you should also find the perfect protection solution for your two wheeler by getting the insurance plan for it.
The Coverage Benefits with Bike Insurance Plans
It is very easy to get two-wheeler insurance plan while getting a new bike. It is mandatory to have an insurance policy for every bike and two wheeler owner under motor vehicle act. These insurance plans with various coverage benefits for the vehicle owners. The coverage benefits will depend on the type of bike insurance plan that you are getting for your two wheeler. If you are getting the insurance policy with a good company, you will be able to avail the following coverage benefits with it:
- Third party liability coverage:
The insurance companies provide benefits of coverage for third party liability is under both kinds of two wheeler insurance policies. Whether you have liability only plan or comprehensive insurance plan, it will be possible to find the complete protection against third-party liabilities in the cases of accidents.
- Vehicle damage coverage:
Vehicle damage coverage benefits are not available with liability only insurance plan for two wheelers. On the other hand, if you have a comprehensive insurance policy for your bike or scooter, the company will provide the complete protection against any kind of damage to your vehicle in accident or theft. The vehicle damage coverage terms and conditions may be different according to your insurance company.
- Coverage against natural disasters:
If anything bad happens to your two-wheeler because of any natural disaster including storm, flood, lightning for landslides, the company will provide the protection as per the terms and conditions of your insurance plan.
- Personal accident coverage:
The insurance companies also include the coverage benefits for the damage to the rider in any kind of a case of an accident. You will find the coverage benefits against personal accident with a comprehensive insurance plan for your two-wheeler.
Because of all such advantages, this insurance plan is a real peace of mind that you should do that with all kinds of two wheeler with a good Insurance Company. The insurance companies also offer some of the additional advantages of coverage with add-on plans. If you want to extend the coverage, you will need to pay extra premium amount with your bike insurance policy. There are some of the add-on coverage benefits that you can choose with your insurance policy:
- Zero or nil depreciation cover
- Key replacement cover
- Personal accident cover (few insurers offer this cover with basic policy as well)
- Anti-theft device cover
- Roadside assistance cover
- Return to invoice cover
- No-claim bonus protection cover
All these additional coverage plans come with on terms and conditions of the companies. Therefore, if you have these kinds of additional requirements, you can opt for it and can avail the additional advantages with your bike insurance policy.
Choose From Liability-Only and Comprehensive Insurance Plans
For the vehicle owners, it is always a big topic of confusion to choose from comprehensive and liability only insurance policies. If you want to make the right choice from all these insurance plans, you just need to consider your needs and requirements for it. Both of these plans come with own pros and cons. It is important to consider various factors including the cost, advantages and inclusions and exclusions in both of the plans. While comprehensive plans are quite expensive as compared to availability only plans, it comes with more inclusions and coverage benefits for the policyholders. You will be able to get the coverage for the repairs of your vehicle in case of any damage with these plans. It is not possible to avail these advantages with liability only plans but you will get coverage for any kind of damage to the third party liability with this plan.
To make the better choice, you will need to take a look at the positives and negatives of both of these plans. The verified policy is a perfect online platform where you provide help to all the consumers and policyholders to make the right choice by providing the complete information. You will get a better idea to make the right choice among both of these plans by getting the information in the table given below:
|Comprehensive Insurance Policy||Third-Party Liability-Only Insurance Policy|
|Provides extensive insurance coverage benefits||Provides limited insurance coverage benefits|
|High insurance premium||Low insurance premium|
|A large number of optional Add-on riders available||A limited number of optional Add-on riders available|
|Coverage for third-party liabilities and own damage liabilities||Coverage only for third-party liabilities|
|Usually purchased for expensive high-end vehicles||Usually purchased for low-value vehicles|
|Less number of exclusions||More exclusions|
Exclusions in Bike Insurance Plans
With all its benefits and inclusions, it is also essential for every policyholder to know about exclusions in these two wheeler insurance plans. If you have complete information about the exclusions, you do not have to face any kind of inconvenience to avail the benefits of coverage whenever you require it in case of an accident or other situation. Here are some of the exclusion terms and conditions that you should keep in mind while purchasing bike insurance policy:
- Any kind of damage caused due to normal wear and tear of the vehicle
- Any consequential loss from regular use
- Any kind of damage to tyres or tubes in the normal case of running
- The loss in your vehicle from mechanical or electrical breakdowns
- Damages to the vehicle during any war or nuclear attack
- Any kind of damage to the vehicle when used by a person without a valid driving license
- Loss, damage or accident due to the vehicle used by a driver under the influence of alcohol or drugs
There may be some more exclusions as per the terms and conditions of your insurance service provider. Therefore, it is essential for every vehicle owner to read all the terms and conditions very carefully to know about all the exclusions before choosing vehicle insurance plan.
What Is Long-Term Bike Insurance Policy?
With most of the insurance companies, you will find one-year policy tenure with bike insurance plans. On the other hand, there are some companies offering a long-term insurance plan for the vehicle owners. If you choose the insurance plan with 2 to 3 years policy tenure, the company will provide some of the additional benefits with it. It is always a better option to go with long-term bike insurance plan because of some additional advantage is provided by the companies for the policyholders. Here are some of the advantages to prefer long-term two wheeler insurance plans:
- More convenient option: Now, you do not have to worry about the renewal date every year because it is normal for the consumers to forget the renewal date for the bike insurance policies. It is a more convenient option because you will need to renew your insurance plan in every 2 to 3 years.
- No claim bonus advantages: With one-year insurance policies, the companies will not provide any kind of additional benefits with no claim bonus. On the other hand, if you are getting a long-term insurance plan for your bike or scooter, the company will give additional advantages with no claim bonus.
- Fixed third-party premium rates: In the country, insurance regulatory and Development Authority of India decides third party premium rates in the insurance plans. Now, you do not have to worry about it because it will be fixed with long-term If it increases for annual plans, it will be fixed before your long-term policy.
- Discounts for the consumers: With these insurance plans, the companies also provide additional discount offers on premium. When it comes to availing the additional benefits, you can easily save your money by investing in long-term bike insurance plan with the lower premium rate.
- Easy cancellation policies: You do not have to worry about the cancellation process with these long-term insurance plans because it can be canceled easily same as annual plans. If you are facing any kind of issue related to the plan, it is possible to choose the option to cancel it whenever you want it.
- Cashless garage facilities: At the present time, most of the insurance companies are providing the facilities of cashless garages to the consumers. If you are visiting the network garage for any kind of repair work, you do not have to make any kinds of payments because your insurance company will deal with the garage owner and will make the cashless payments.
- Coverage for co-passenger: With the short-term insurance plans, the companies provide coverage for the damages of vehicle and writer. On the other hand, if you are getting long-term vehicle insurance plan, the company may provide the option of additional benefits of coverage for co-passenger also. These terms and conditions may be different according to your Insurance Company.
Because of all these advantages, it will be better if you are able to prefer long-term insurance plan for your bike, motorcycle, scooter or moped. These plans are available with most of the companies at the present time so you should know about it and should go for it.
Best Two Wheeler Insurance Plans in India
Every vehicle owner wants to make the right choice to choose the perfect insurance plan for the complete protection and extensive coverage benefits for the vehicle. If you are looking to get information about the best plans available for the insurance of your bike or scooter, you will find all such information at verified policy. At this platform, we are able to understand the needs and requirements of every consumer and we provide the complete help about all available plans for your two wheelers. Just know about the best plans below and make the right choice as per the special features, limitations, and cost:
|Insurer||Third Party Cover||Add-On Covers||Special Features||Limitations|
|Bajaj Allianz Two Wheeler Insurance||Up to 1 L for third party property damage||No Add-ons available for Two Wheelers||Expired policies/ Owner Transfer cases can be renewed, WITHOUT Inspection and Documentation|
Instant Policy Issuance
Swift claim settlement process
|Available for vehicles up to 15 years old|
|Bharti AXA Two Wheeler Insurance||Up to 1 L for third party property damage||No Add-ons available for Two Wheelers||Expired policies can be renewed, WITHOUT Inspection and Documentation|
Instant Policy Issuance
Swift claim settlement process
|Available for vehicles up to 10 years old|
|HDFC Ergo Two Wheeler Insurance||Up to 1 L for third party property damage||Zero Depreciation (ZD)||Expired policies can be renewed, WITHOUT Inspection and Documentation|
Instant Policy Issuance
Swift claim settlement process
|Renew expired policies- WITHOUT Inspection and Documentation|
ZD plan available for vehicles up to 24 months old
Available for vehicles up to 15 years old
|IFFCO Tokio Two Wheeler Insurance||Up to 1 L for third party property damage||No Add-ons available for Two Wheelers||Instant Policy Issuance|
Comprehensive support through our dedicated customer support team
|Available for vehicles up to 10 years old|
|New India Assurance Two Wheeler Insurance||Up to 1 L for third party property damage||Zero Depreciation (ZD)||Instant Policy Issuance|
Quick and hassle-free settlement for your two wheeler insurance claims
|ZD plan available for vehicles up to 58 months old|
Available for vehicles up to 10 years old
|Reliance Two Wheeler Insurance||Up to 1 L for third party property damage||No Add-ons available for Two Wheelers||Instant Policy Issuance|
Swift claim settlement process
|Available for vehicles up to 10 years old|
|Universal Sompo Two Wheeler Insurance||Up to 1 L for third party property damage||Zero Depreciation (ZD)||Instant Policy Issuance|
Quick and hassle-free settlement for your two wheeler insurance claims
|ZD plan available for vehicles up to 60 months old|
Available for vehicles up to 10 years old
Things to Consider Before Getting Bike Insurance Plan
Because of so many options available in the Indian market, it is normal for the consumers to get confused to make the right choice for vehicle insurance. We are here to help you to make the right choice for the perfect bike insurance plan from all these options. If you want to make it easy, you just need to consider the following factors before buying vehicle insurance plan for your bike or scooter:
- The features and coverage benefit of the plan:
First of all, it is very important that you can consider the features and advantages of all the plans available in the market. All of these plans come with on advantages and disadvantages. You will need to know about the premium, coverage, policy tenure and the type of plan. If you want to save money and only need coverage for the third party liabilities, you can go with liability only plan at a very low premium and Limited coverage options. Just compare the features and coverage benefits of all plans with us and make the right choice for complete protection of your two-wheeler against any kind of problem.
- Bonus and discount offers:
Everyone likes to save money while purchasing anything. The same goes with your insurance plan. Due to so many companies and plans in the market, the competition level is a high point to attract the customers, the insurance companies provide various kinds of offers and discount deals for you. In such cases, it will be easy to get the additional discount to save money on the plan. With the bonus offers, you can minimize the premium amount for your plan.
- The requirement of add-on covers:
With your two wheeler insurance plans, various kinds of atoms are also available where you can make the choice as per your needs and requirements. These additional plans are very effective when you want the advantages including personal accident cover, zero depreciation cover and much more. If you really need this add-on benefits comma you will need to pay an extra premium on in your plan.
- Claim settlement ratio:
It is always an important factor that you should keep in your mind while purchasing any two wheeler insurance policy. If you are considering claim settlement ratio of the insurance companies, you will probably get a better assurance of protection against any kind of damage to your vehicles. If you want to know about claim settlement ratio of all insurance service providers in the country, you can easily search it at our website before purchasing the insurance policy.
- Network garages:
Every insurance company has own network of garages where the customers can find the benefits of the cashless facility for any kind of repair of the vehicle. It is important to check the network of gases before making the choice for two wheeler insurance with any company. With this information, you will probably get better quality services without any kind of inconvenience for the repair of your damaged vehicle.
- Service quality for customers:
You never want to face any kind of inconvenience to get the help of company regarding any query or concern. In such cases, they should offer good customer care solutions to all the policyholders. Always check the reviews of insurance companies so that you can get a better idea of the customer care service quality and reliability before making the choice for two wheeler insurance.
- Terms and conditions:
Never skip the information on terms and conditions of an insurance company before buying the insurance plan for your two-wheeler. If you are getting services of an insurance agent, he may hide some of the terms and conditions to sell the insurance plan. It will be better to check the terms and conditions of every insurance plan online before making the final choice to purchase it for the protection of your vehicle.
Every insurance policy comes with lots of exclusions for the consumers. It is important that you can get the complete information about all the exclusions before making the choice for bike insurance plan with any company.
- The premiums and sum assured value:
With every insurance plan, you will find the different premium amount and sum assured amount. Therefore, it is very important that you can keep these factors in your mind while making the choice for an insurance plan. It is possible for every consumer to compare the premium amount and sum assured amount at our website before purchasing any insurance policy.
If you are considering all these factors before purchasing bike insurance policy for your vehicle, it will be very beneficial for you. You will not only find advantages of better coverage but you will be able to save your money on premium. These factors are also very beneficial if you want to get the better assurance of protection by getting services of the company having high claim settlement ratio and better customer care services for the consumers.
The Factors Affecting Premiums of Bike Insurance
Every consumer wants to get complete information about the premium of vehicle and bike insurance before getting the policy. However, you should understand that there is no fix premium amount for these plans. It will depend on various factors related to your bike, requirements, conditions and much more. When it comes to getting information about the premium of any plan, it will depend on the factors given below:
- Model of your vehicle:
The amount of premium will highly depend on the model and type of your vehicle. For the high-end bikes, you will find the insurance plan having higher premium amount as compared to the cost-effective and low-cost vehicles. The amount of premium may also differ according to the cost of your vehicle. You will find different premium terms and conditions for bikes, scooters, mopeds, and motorcycles.
- The condition of your vehicle:
The insurance company provides the insurance plan based on the condition of your two-wheeler. In the condition, there will be an inspection of body, engine, tires and overall condition of the bike before approval of the insurance policy. The manufacturing year of the vehicle will also affect the amount of Premium for your insurance plan.
- The coverage type:
With insurance companies, the consumers will find different kinds of coverage benefits for the protection of two wheeler. You will be able to make choice from third party liability only and comprehensive coverage benefits with different plans available in the market. The type of coverage you are choosing will affect the amount of Premium for your insurance plan.
- Add on advantages:
With insurance companies, it is possible to find various kinds of additional advantages by choosing add-on covers. If you are getting these additional advantages by choosing the additional covers, it will increase the amount of Premium for your plan.
- The living environment:
The amount of Premium for any insurance plan will also depend on your Living environment. For example, the residents of big cities will need to make more premium payments as compared to the residents of small towns and rural areas. There will be a large risk of accidents in the crowd reasons. Apart from that, it will also depend on the gender, age and riding experience of policy buyer. If you have 5 to 10 years riding experience at a younger age, you will find the premiums more affordable as compared to people who do not have experience at older ages.
- Previous claim history:
When you go to renew your bike insurance policy, the premium amount may change at that time. All these changes will be according to your previous claim history. If you do not claim the advantages of your insurance policy during the year, the company will provide no claim benefits and it will be very effective to find the additional discount offer on the premium amount for the next renewal period.
The premium amounts me also change according to you are selected Insurance Company. Therefore, many factors are considered before the final premium amount for any vehicle insurance policy for your two-wheeler. It is very important that you can consider all these factors and can calculate the premium before choosing the plan with any company. With verified policy, every customer will find the options to calculate the premium of plans with our premium calculator tool.
Buying Guide for Two Wheeler Insurance
If you want to buy bike insurance plan for your two wheeler, it is important to get complete details about the plan as well as insurance company so that you can make the right choice. For the consumers, it will be possible to get a new bike insurance policy with offline as well as online method. If you want to know about the difference of both of these methods, there are some points to clear your doubt about it:
Offline two wheeler insurance:
To purchase two-wheeler insurance policy with the offline method, either you can visit a branch of the insurance company or you can contact an insurance agent. It is possible for every vehicle owner to get offline insurance plan without any kind of a headache or inconvenience. You can use the methods given below to buy offline bike insurance plan:
- Visit the branch of an insurance company
- Contact the insurance agent
- Buy at two wheeler showroom with a new vehicle
With all these methods, you do not have to take any kind of a headache about the manual way to apply for insurance. However, there are some of the disadvantages of these methods. You will not be able to get complete information about all the plans of other companies. You will not get the solution to compare all the plans to choose the perfect one. The agent may also hide some terms and conditions to sell any insurance plan. Therefore, you should always keep these factors and mind while going for offline two wheeler insurance plan.
Get Bike Insurance Plan Online
If you want to make the perfect choice for bike insurance plan with a good Insurance Company for complete protection, it will be better if you can get it online. You do not have to worry about any kind of information because it is easily available on our website. If you are choosing the online method to get any insurance policy, it will be beneficial in the following ways:
- Much easy and convenient method:
You do not have to make a visit to a branch of an insurance company or you do not have to contact agent to find an insurance policy for your vehicle now. Just use your computer or smartphone to open the website of the insurance company and fill all the required information with easy steps. It will help to save your time as well as efforts to get an insurance policy. It is not the easy and convenient way that you can choose at your home or office easily.
- Compare all plans easily:
To make the best choice from so many plans, it is very important to compare the plans available in the market. Now, you do not have to waste your time to get the separate information of all the plans from different websites of the companies. We are able to help you in the best way because you can check the complete information regarding all the plans at our website and can compare it without any kind of inconvenience.
- Read all terms and conditions easily:
By checking the insurance plans online for your two-wheeler, you do not have to worry about any kind of hidden term and condition. It will be easy to get complete information regarding the terms and conditions about all the insurance plans at the official website of the company easily. It will help to get a better plan with more benefits without hidden terms and conditions.
- Premium calculator tool:
Before making the choice for any insurance plan, you always want to know about its premium amount. Now, it will be pretty easy and convenient to know about the premium amount of your plan by getting in the information at our website. We have premium calculator tool that will be very beneficial for every consumer who wants to know about the amount of premium for the insurance of bike or scooter.
- No commission of intermediaries:
Now, it is possible to save your money because there will not be any agent or intermediate for Commission. If you choose to buy the insurance policy online for your vehicle, it will be very beneficial to skip the commission amount of the agents or other intermediaries.
- Minimise the cost:
With the time and efforts, it will also be very helpful to save your money because you will be able to find the perfect insurance policy with the minimum premium amount as per your needs and requirements. To attract the customers, the companies also provide lots of additional discount offers and deals where you can save lots of money on a premium of your insurance policy. Therefore, it will be better to save your money while buying an insurance plan for your vehicle.
- Minimum paperwork:
You do not have to go through lots of paperwork to buy the insurance policy with online method. If you do not want to get the headache of lots of paperwork to purchase the policy, just go with an online method for it. By visiting the official website, you just need to fill the application form and submit some of the documents in soft copies as per the terms and conditions of the insurance company. After that, they will approve your application quickly and will finalize your insurance plan.
- No inspection on renewal:
If you are going to renew your insurance plan with online method, you do not have to go through an inspection of your vehicle again. It will be very beneficial for some of the customers who do not want to face the headache of vehicle inspection repeatedly on the renewal time of two wheeler policy.
- Beneficial for quick renewal of plan:
The online services are not only helpful for the customers who want to buy the insurance plan but it is a very effective solution when you want to renew your policy. You just need to visit the website of your company and click option buy login your details. Just a few clicks will be enough to renew your insurance plan anytime anywhere without a headache.
- Get a free quote from the company:
At the present time, most of the companies provide the option of a free quote for the customers who want to get an insurance plan for two wheeler. Now, just visit the website of the insurance company and fill a simple form with your requirements as per your situation. After that, you will get the quote of the premium amount from the insurance company and you will be able to make the perfect choice for the policy.
Because of all these advantages, you should also visit the official website of the company and get the insurance plan with an online method for your bike or scooter. It will always provide the advantages of cost-effectiveness, transparency, and reliability for the insurance policy for your vehicle.
How Can Verified Policy Help To Choose the Bike Insurance Policy?
Are you searching for help to make the perfect choice for bike insurance policy? Now, you do not have to waste your time and efforts by visiting various websites to get any kind of information on the insurance plans available for two wheeler. We are here to understand your needs and requirements in the perfect way and we can help you in the best way to make the right choice for an insurance policy. There are some of the top reasons to get services Verified Policy before choosing bike insurance plan:
- Verified Policy is the perfect online platform to provide complete information regarding all two wheeler plans available in the market.
- Compare all the plans with us and make the right choice as per your needs and requirements.
- We help the consumers to go with the best insurance company and by providing the information regarding plans, claim settlement ratio and customer care service.
- With premium calculator tool, you will be able to know about the amount of Premium for the selected plan. It will be helpful if you want a better option according to your financial situation.
- We provide information regarding various types of two wheeler insurance plans where you can make the right choice according to your
- We help to avail additional discount offers and deals to save your money while getting bike insurance policy for your vehicle.
- Now, every customer can get information regarding the inclusions and exclusions so it will be beneficial while going to make the right choice for these plans.
- If you want to purchase an insurance policy, just visit Verified Policy and buy it in the easiest way without any kind of a headache.
With all these advantages and benefits, Verified Policy is the trusted platform where every consumer can get help to make the right decision and save money on any kind of insurance plan for two wheelers. So, pick the right plan and keep your vehicle protected for a stress free ride anywhere.
How to Claim Bike Insurance Policy?
In the cases of theft or accident, you will need to file the claim for your insurance policy. If you want to get complete information regarding the claim process, you can follow the steps given below for it:
- First of all, register the claim request with your Insurance Company quickly. In the cases of theft, you will need to file FIR to the police.
- After that, you will choose one of the network garages and will complete the repair work for your vehicle in case of damage or accident.
- If your company is providing cashless benefits, you do not have to pay anything to garage owner because your insurance will pay it for you.
- After completing the repair work, you will raise the claim and will submit all the required documents for claim settlement.
- It is possible to track the process of claim settlement by visiting the website of the company.
Documents Required To Claim Your Insurance Policy
If you are going to file the claim for your two wheeler insurance policy, you will require the documents given below for it:
Documents required for Accident Claims:
- Copy of your insurance policy
- Driving license of the individual driving the vehicle
- FIR report or Police Panchnama
- Signed claims discharge and satisfaction voucher
- Estimate cost for repairs from the garage
- Registration book copy
- Original paid bill/invoice and payment receipt
- Tax paid receipt
Documents to be submitted for Third-Party Claims:
- Claim form signed by the insured individual
- Copy of insurance policy
- Copy of the vehicle’s registration certificate
- Copy of police FIR report
- Driving license copy of the driver
Documents required for Theft Claims:
- Tax paid receipt
- Acknowledgment copy of the letter to RTO
- Consent of agreement of claim settlement value
- Service booklet and warranty card
- Registration book or registration certificate
- Blank, updated ‘Vakalatnama’
- NOC from the Financier
- The original insurance policy document
- Previous insurance policy details
- FIR copy in original
- Signed Form 28, Form 29, and Form 30
- Form 35 (signed by Financier)
- Letter of subrogation
- Signed claim discharge voucher
Two Wheeler Insurance FAQ’s
Is it mandatory to get two wheeler insurance policies?
Yes, it is mandatory for every two wheeler owner in the country to have bike insurance policy. It is also very important to stay stress-free from any kind of expenses or repairs for the damages during the accident or other disasters.
In case of stolen or lost vehicle, how much will Insurance Company pay me?
In the cases of lost or stolen two wheelers, the owner will be able to get the claim as per the Insured declared value of the vehicle. It will depend on various kinds of factors. Premium and sum assured amount is also considered according to IDV value of the vehicle.
What is IDV (insured declared value)?
IDV is considered as the current market value of your vehicle according to its model, condition and manufacture year. In your insurance plan, the premium amount sum assured value and benefits are considered as per the insured declared value of your vehicle. If you want to know about the complete details about IDV value, you can check it below:
IDV = (Manufacturer’s listing price – Depreciation) + (Accessories and extra fittings if any – depreciation)
IDV rate percentage based on Ex-showroom price and vehicle’s age:
|Insured Declared Value||Age of the bike|
|95% of ex-showroom value.||Between 0 to 6 months.|
|85% of ex-showroom value.||Between 6 months to 1 year.|
|80% of ex-showroom value.||Between 1 to 2 years.|
|70% of ex-showroom value.||Between 2 to 3 years.|
|60% of ex-showroom value.||Between 3 to 4 years.|
|50% of ex-showroom value.||Between 4 to 5 years.|
Depreciation Percentage Based on Vehicle’s Age:
|Percentage of Depreciation||Age of the vehicle|
|5%||Between 0 to 6 months.|
|15%||Between 6 months to 1 year.|
|20%||Between 1 to 2 years.|
|30%||Between 2 to 3 years.|
|40%||Between 3 to 4 years.|
|50%||Between 4 to 5 years.|
Can I switch to any other insurance company during my policy term?
Yes, it is possible for the customers to Port the insurance company anytime. However, when you want to switch to any other insurance company, you will need to make a request in writing before 45 days of the expiry date of your policy. If you are going to Port your policy to any other company, all the benefits will also be transferred.
I have an anti-theft alarm system on my bike. Will I get an additional discount on premium?
Yes, if you are adding some of the security features to your bike, your insurance company will provide additional discount offers on your policy. If you are making the modifications in your two-wheeler to make it more secure and reducing the risk, it will be very beneficial to save money on premiums.
Is it possible to pay the insurance premium online for two-wheeler policy?
In this era of technology, you do not need to waste your time by visiting anywhere to pay the premium for your bike insurance plan. Now, you will find the option to make online payments for premium or renewal of your insurance policy with the online process with most of the companies. Just visit the official website of the company and make the direct payment for premium by using a debit card, credit card, Net banking, NEFT and mobile wallets. You should choose Insurance Company offering the options of online premium payments.
How many times can I get the coverage benefits with my bike insurance policy?
There is no limit how to get the coverage benefits for your two wheeler insurance plan. However, it’s should be according to the terms and conditions of your sum assured value in the plan. If anything is getting above the sum assured value, you will need to pay it from your pocket.
Can I choose to cancel the plan during policy tenure?
Yes, it is possible for consumers to cancel the insurance policy anytime. Generally, the company will provide some of the amountsfrom premium based on your coverage history and your premium history. With some of the companies, you may need to pay the nominal cancellation fee for it.
What will be policy tenure with two wheeler insurance plans?
The policy tenure terms and conditions will depend on your insurance company and selected plan. However, some of the companies provide policy tenure of one year and others provide it for 2 to 3 years for the different plans.
Can I make the premium amount payments in installments?
No, it will not be possible to make the premium payments in installments for your two wheeler insurance policy. You will need to make an advance payment to the company for your selected policy. If you have not paid the premium amount successfully, the risk coverage benefits will not start for your plan.
What are the main factors of rejection of my bike Insurance claim?
There may be many causes when the insurance company may reject your claim:
- If you are driving the vehicle with invalid or expired driving license, in such cases the company will not approve your claim application for any kind of repair to the vehicle.
- If there is any kind of Pre-existing damage to the vehicle, in such cases, the company will not include it in your insurance policy coverage.
- In the cases of delayed intimation, the insurance company may reject the claim request for the consumer.
- If the customer provided any kind of wrong or invalid information while purchasing the insurance plan, it may be a cause of rejection for the claim for your insurance policy.
- In the cases of the unregistered vehicle as per the guidelines of motor vehicle act the company may reject the claim request for the customer.
- The overloading of the vehicle may also cause the rejection of claim request for the policyholder. There will be a big risk of accident and out of balance because of overloading of your two-wheeler:
- It is important for every consumer to get complete information regarding the terms and conditions of exclusions in the insurance policy. In the cases of exclusion criteria, the company may reject the request of claim settlement for the insurance policy.
What documents should I carry while driving my bike to avoid the penalty?
For every bike or scooter rider, it is very important to carry the following documents to avoid any kind of penalty:
- Valid driving license
- Policy document/certificate of insurance
- Two-wheeler’s registration certificate
- Emission test certificate
I am going to shift anywhere else. Is it important to change my address in an insurance policy?
Yes, it is important to inform your insurance company to change your address if you are going to shift anywhere else. There may be some changes to the terms and conditions of your plan according to your new location or region.
Is it mandatory to go through an inspection of the vehicle to get insurance plan?
Yes, it is mandatory because the insurance company will estimate the value of your vehicle according to its current condition. Even if you are going to renew your insurance policy for your two wheeler, the company may require inspection process for estimation of cost.
Is it better to go online to purchase an insurance policy?
Yes, it is always a better option for the customers. It will be much easier, convenient and affordable way to get an insurance policy for your vehicle. The customer will be able to compare all the available plans with different companies and will be able to make a better choice as per the needs and requirements. It is also very helpful when you want to get an additional discount on the plan. Therefore, stay with verified policy and pick the best insurance plan for your vehicle.