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What is Bike Insurance/Two-Wheeler Insurance?

Bike insurance, also known as two-wheeler insurance, provides you with financial protection for your bike against various unforeseen situations such as accidents, theft, fire, strikes, natural disasters, third-party damages, and more. A bike insurance policy covers all kinds of bikes, including motorcycles, electric bikes, mopeds, and scooters.

There are three types of bike insurance plans available: third-party bike insurance, own-damage (OD) insurance, and comprehensive bike insurance. In India, according to the Motor Vehicle Act 1998, all bike owners must have at least third-party bike insurance. While third-party insurance is required by law, it is recommended to get comprehensive bike insurance to cover major expenses.

Therefore, it is highly recommended to buy and renew two-wheeler insurance online to avoid heavy challan fines and adhere to all legal requirements.

Importance of Buying Bike Insurance Policy

Here are some important reasons that explain why you should buy bike insurance policy:

1Legal Requirement

Buying two-wheeler insurance is mandatory by law in India. Without having insurance, you could face huge penalties.

2Financial Protection

Bike insurance helps in covering the costs of repairs or damages to your bike after an accident, theft, or third-party liability, saving you from large expenses.

3Personal Accident Cover

If you get injured in a bike accident, this insurance policy helps you pay for your medical expenses which provides financial support during recovery.

4Third-Party Liability Coverage

Bike insurance also helps pay for damages or injuries you cause to other people or their property while riding your bike. It ensures you don’t have to pay out of pocket for these costs, providing financial protection and peace of mind.

5Coverage of all bike types

With the help of bike insurance, you can cover the damages of all bike types including e-bikes, scooters, motorcycles, or mopeds at an affordable premium rate.

6Cost of spare parts

A two-wheeler insurance policy covers the cost of repairing or replacing spare parts, from simple nuts and bolts to more expensive parts like gears or brake pads.

7No Claim Bonus (NCB)

If you don’t make any claims during the policy year, you get a discount on your insurance premium when you renew. This reward, called a No Claim Bonus (NCB), helps you save money while maintaining your coverage.

Types of Two-Wheeler Covered Under Bike Insurance Policy

The different types of two-wheelers that can usually be insured under a bike insurance policy are:

Motorbikes

Motorbikes, also known as bikes, are available in the market in different sizes, from small (like 100cc) to large (like 1000cc). They are used for both daily travel and fun rides.

Scooty/Scooters

Scooters, sometimes called scooty, have a step-through design and automatic gears. They are quite smaller and lighter than motorbikes, making them perfect for city travel because they are easy to use and save fuel.

Electric Two-wheelers

This type includes all the electric motorcycles and scooters, which run on electric motors and batteries. They are popular these days because they are good for the environment and cheaper to run.

Mopeds

Mopeds are light motorised bikes with small engines, usually between 50cc and 100cc. They usually have pedals that you can use along with the engine. Mopeds are affordable to run and highly suitable for short trips.

Different Types of Bike Insurance Plans

1 : Third-party bike insurance

This is the mandatory type of bike insurance that every bike owner must have as per Indian law. It protects the rider against all legal obligations resulting from harm to other people, such as injury, property loss, or even death, in the event of a collision or accident. 3rd party bike insurance coverage provides adequate compensation for injuries and damages caused to any third-party vehicle, person, or property. It is important to remember that third-party insurance doesn’t cover damages or injuries to the rider or insured bike.

2 : Own-damage bike insurance

Own-damage bike insurance policy covers damages to the insured bike. At the time of accident, if your bike is damaged, you can get financial compensation for the damages. Depending on the contract terms, you can get the bike repaired for free or at a very low cost. The coverage also extends to any damage caused to the bike due to natural or man-made calamities.

If you already have third-party bike insurance, you can buy an additional OD policy to extend the coverage. However, as both of these policies are separate policies, you have to pay two different premiums and track the policy expiration period properly to avoid a lapse in coverage.

3 Comprehensive bike insurance

If you want an all-in-one policy that provides protection against all types of legal liabilities, you should buy comprehensive bike insurance. This policy covers your own damages and third-party liabilities. You can stay calm while riding your bike because you know it is protected. Even if a tragedy happens to your parked bike, you can claim compensation with comprehensive insurance.

Features of Bike Insurance Policy

Categories	Key Features
Bike Insurance Premium	Plan starts @₹390/month*
Compare & Save	Compare bike insurance online from 17+ trusted insurers
Claim Settlement	24*7 claim support for instant settlements available
Third-party Liabilities Coverage	Mandatory coverage
Own Damage Coverage	Available with comprehensive or standalone own damage bike policy.
Add-ons or Riders	Zero depreciation cover, roadside assistance cover, personal accident cover, etc are available.
Cashless Repair Services	Only available at authorised garages
Buying & Renewal Process	Zero paper issuance or renewal of bike insurance online
No Claim Bonus (NCB)	Get up to 50% discount on policy renewal for 5 consecutive claim free years.

Bike Insurance Policy Inclusions

Before choosing a bike insurance policy, you have to pay attention to the inclusions. This refers to the coverage included as a part of the purchased insurance policy. The common inclusions are:

Damage and loss due to natural disasters like thunder, lightning, storms, earthquakes, etc.
Loss and damage due to strikes, riots, terrorist activities, etc.
Loss of bike due to burglary, housebreaking, theft, or total loss of the bike.
Liability protection against injuries and damages to third parties or property during a road accident involving the insured bike.
Damage or loss due to any explosion, self-ignition, or fire.
Damage or loss to the insured bike while it is in transit
Personal accident cover (as per contract) for injuries to bike owners resulting in permanent or temporary disabilities.

Bike Insurance Policy Exclusions

Similar to inclusions, you should also pay attention to exclusions. The insurance company will not provide coverage for the mentioned exclusions. Every policy will have a detailed list of exclusions, which you must read before purchasing. Some of the standard exclusions for 2 wheeler insurance online are:

Damage to the bike caused by regular wear and tear.
Loss or damages caused due to electrical or mechanical breakdowns.
Loss or damages caused when the bike was driven outside of the geographical boundaries as per the policy contract.
Any damage or loss due to driving under the influence of alcohol or other prohibited drugs.
Any damage or loss while riding the motorcycle without valid documents.
Any loss or damage due to mutiny, nuclear risk, or war.

Add-Ons For Bike Insurance Policy

Add-ons are optional covers that you can buy with a comprehensive or standalone own-damage policy by paying an additional premium. Here are the most popular two-wheeler insurance add-ons:

1Zero Depreciation Cover

This cover protects against vehicle depreciation. Generally, when you make a bike insurance claim, the insurance provider will pay the claim amount after reducing the depreciation value of the insured bike. The zero depreciation cover helps you eliminate this deduction. This coverage is applicable on a case-by-case basis based on the policy period and the number of claims made. However, it is important to note that there will also be voluntary and compulsory deductibles whenever you make a claim.

2Consumables Cover

If you use your bike on a day-to-day basis, consumables such as brake fluid, engine oil, nuts and bolts, coolant, etc. can add to bike maintenance costs. The consumables cover add-on reimburses the cost of such consumables to ensure your bike runs smoothly. However, the coverage is limited in terms of the cost threshold, and you should check with your insurance provider.

3Engine Protection Cover

You can get this add-on along with comprehensive bike insurance. It provides compensation for engine damage due to water intrusion, oil or lubricant leakage, hydrostatic issues, etc. Apart from the main engine, this add-on protects against damage to engine parts such as pistons, cylinders, crankshafts, connecting rods, etc. This add-on is essential if you live in flood-prone areas where water logging can cause severe damage to the engine.

4Return To Invoice

You can get the purchase value of the bike as the claim amount with this return to invoice add-on in case of theft or total loss of the bike. Generally, in such cases, the insurance provider pays only the Insured Declared Value (IDV) of the vehicle. The return to invoice add-on covers the gap between IDV and the on-road price of the insured bike (including taxes and registration) so that you can get the purchase value back as an insurance claim.

5No Claim Bonus (NCB) Protection Cover

When you have made no claims for your own damage to the bike, you can claim the No Claim Bonus (NCB) discount for every claim-free year. Depending on the policy, you can get 20% to 50% NCB at the time of renewal from the same insurer. The NCB protection cover protects your NCB discount at the time of renewals, even if you raise any claim during the policy period.

To Remember: Even if you take roadside assistance, it will not reduce your NCB because asking for assistance is not considered an insurance claim.

624×7 Roadside Assistance Cover (RSA)

When you are abandoned on the road with a faulty bike, this add-on will allow you to get roadside assistance from your insurance provider. However, when and where you can get roadside assistance depends on the policy terms and conditions. You can get different types of assistance for breakdowns, emergency fuel, flat tires, lost keys, minor bike repairs, etc.

7Compulsory Personal Accident Cover (PA)

When you have a valid driving licence and own a bike, Indian law requires you to purchase mandatory personal accident insurance (PA). According to IRDAI, you can get coverage for up to Rs. 15 lakh. This personal accident coverage provides compensation in the event of a severe injury, permanent disability, or death of the policyholder. The amount of PA you get varies based on policy customization.

8PA Cover For Co-Passenger

Many bike owners use their bikes for regular commutes with a pillion rider. The personal accident cover add-on provides financial protection for injuries and damages to the co-passenger or pillion rider in a road accident.

9Hospicash Cover

If you’re hospitalised due to an accident, Hospicash cover provides daily cash benefits. It helps cover extra expenses like food and transportation while you’re in the hospital. This add-on ensures you have financial support during your recovery period.

How to Buy Bike Insurance Online?

Buying two-wheeler bike insurance online with Square Insurance is a quick process. Here are the steps to follow:

Step 1: Go to the official Insurance Kara Lo site on your web browser.
Step 2: Click on the “Bike Insurance” option in the “Insurance Products” menu.
Step 3: If you’re insuring a new bike, click the “Got a New Two-Wheeler” button.
Step 4: If not, then enter your bike registration number and click on the “View Plans” option
Step 5: Now, choose the RTO, make, model, variant, and registration year of your bike from the list.
Step 6: Review and select from the insurance plans offered by top companies in India.
Step 7: Pick any extra covers you need and adjust the IDV (make sure it’s 10% less than last year’s policy).
Step 8: Complete the payment using your preferred online method (debit/credit card, UPI, or internet banking).
Step 9: After payment, your policy will be emailed to you within a minute.

How To Choose The Right Bike Insurance?

Making the right decision while buying bike insurance online is crucial to saving money and getting satisfactory protection. If you try to lower the premium by choosing the bare minimum policy, you will lose out on protection. However, if you buy all the add-ons, you have to pay a higher premium.

The ideal insurance policy depends on what you need and what coverage your insurance provider offers. You must go online and calculate bike insurance premiums before choosing a policy. Some of the factors to consider while choosing a policy are:

1Insurance coverage scope

Third-party liability coverage is mandatory for all bike insurance policies. You can get an optional comprehensive policy and customise it to your needs. Before signing the policy document, ensure that you understand the scope of coverage completely.

2Choosing optional coverage

The add-ons provide excellent protection, but you should only buy those that you need. The needs of a bike owner who rides their bike daily for commuting and who rides their bike for fun are different. Also, if you go on long bike journeys crossing state borders, make sure that you understand the extension of coverage and legal requirements in other states.

3Ease of claim settlement

You will realise the value of your bike insurance policy only when you try to make a claim. An attractive, low-cost bike insurance policy will be useless if the claim settlement process is complex and time-consuming. You have to choose the insurance provider after checking their Incurred Claim Ratio (ICR). It refers to the number of claims settled successfully by the insurer against the total number of claims they received. It is better to go with an insurance provider with a higher ICR.

4Garage network

When any mishappening happens with your bike, you have to take it to the authorised garage network as per your insurance provider. So, you have to ensure that your insurer has repair garages in your location so that you can easily take your bike there when needed. Also, an insurance provider with an extensive garage network can provide you with road assistance even in remote areas. This allows you to get cashless repairs for certain damages.

5Customer support

If you have to make an insurance claim, you have to interact with the customer support team of the insurance provider. Before choosing an insurer, check their customer support team and ensure they have multiple communication channels. Also, you have to check their response time and ticket resolution rates so that you get the help you need immediately.

KYC Documents Required To Buy/Renew Bike Insurance Online?

When you buy or renew your bike insurance, you have to provide the following documents as proof of identity and proof of address:

Aadhar card
Passport
Driving license
PAN card
Voter ID
GST Certificate

How To Calculate Bike Insurance Premium Online?

The bike insurance premium calculator is a simple and free online tool useful for understanding the premium you have to pay. When you customise your policy, your premium will vary. The premium calculator will help you determine exactly how much you have to pay for your insurance and determine whether it is suitable for you. You must provide the following details to calculate premiums:

Manufacturer
Sum insured
Make, model, and variant of the bike
Date of registration
Add-on cover

Online vs. Offline Bike Insurance: Which is Better?

Buying insurance for your bike is a simple process and you can buy it both online and offline. In this section, we are going to compare these two modes that will help you understand why it is beneficial to buy insurance online:

Factors	Online Mode	Offline Mode
Purchase mode	Compare and buy insurance from your home using your computer, laptop, or mobile phone	Go to the insurance office or get in touch with an agent
Premium	Affordable premiums without third party involvement	Agent may quote a higher premium policy
Customer Support	24 x 7 availability	Available only during working days and office hours
Paperwork	Zero to minimal paperwork	Huge paperwork
Transparency	Rates are instantly available from the insurer’s website	Agents may hide essential details and quote higher rates
Comparison	Easy to compare multiple plans using a single website and find the best details	Limited exposure to plan availability and it is based on agent’s preference
Renewal	Auto-saved policy details make renewal a breeze	Renewal takes time and again, you must visit the insurance office or contact the agent

Common Terms Used in Bike Insurance

1Premium

Premium is the amount that you pay for your bike insurance policy, usually on a yearly basis.

2Policyholder

It is the person whose name is mentioned on the insurance policy.

3Insured Declared Value (IDV)

IDV is the maximum amount that the insurance company will pay if your bike is totally lost or stolen.

4No Claim Bonus (NCB)

It is a discount on your insurance premium if you don’t make any claims during the policy period.

5Third-Party Liability

3rd party liability is coverage for damages or injuries you cause to someone else or their property.

6Comprehensive Coverage

Insurance that covers both damages you cause to others and damage to your own bike (including theft, accidents, and natural disasters).

7Add-Ons

Extra coverage options that you can add to your policy for an additional cost (like zero depreciation cover or roadside assistance).

8Deductible

This is the amount that you agree to pay out of your pocket before the insurance company covers the rest of a claim.

9Claim

A request you make to the insurance company to get compensation for a loss covered by your policy.

10Endorsement

A change or addition to your existing insurance policy.

11Exclusions

Specific conditions or circumstances which are not covered by the insurance policy.

12Inclusions

Specific conditions or circumstances which are covered by the insurance policy.

13Own-Damage Cover

It is a protection against damage to your own bike from accidents, theft, or natural disasters.

14Cashless Claim

A claim where the insurance company directly pays the repair costs to a network garage, so you don’t have to pay upfront.

15Second Party

The policyholder or the person buying the insurance.

16Insurer

The insurance company that provides the insurance policy and pays for the covered losses.

Different Factors Affecting Bike Insurance Premium

Now, it’s time to discuss some important factors that affects your premium of bike insurance:

Bike Make and Model

The brand and type of your bike affect the insurance cost. Generally, high-end or sports bikes usually have higher premiums because they are costly to repair or replace. For example, insuring a premium sports bike will cost more than a standard commuter bike.

Age of the Bike

Older bikes usually have lower insurance costs because their value goes down over time. This means it’s cheaper to repair or replace an older bike if it gets damaged compared to a new bike.

Engine Capacity

Bikes with bigger engines (measured in cc) usually have higher insurance costs. This is because they are faster and more powerful, which can lead to more accidents. For example, a 1000cc bike will cost more to insure than a 150cc bike.

Geographical Location

Your live location affects your bike insurance cost. Places with a lot of traffic, accidents, or thefts usually have higher premiums. For example, living in a busy city may cost more than in a quiet rural area.

Type of Coverage

The type of insurance you choose also impacts the premium. Comprehensive coverage, which includes third-party liability and your own bike’s damage, costs more than third-party-only insurance because it offers more protection.

Add-Ons and Riders

Adding extra coverage to your policy, like roadside assistance or zero depreciation cover, increases your insurance cost. These add-ons give you extra benefits but at a higher price.

No Claim Bonus (NCB)

If you don’t make any claims during the policy year, you get a discount on your premium for the next year. This discount, called the No Claim Bonus (NCB), can greatly reduce your insurance costs over time.

Usage of the Bike (Personal or Commercial)

The usage of your bike also affects the premium. Bikes used for work, like delivery services, usually have higher premiums than those used for personal commuting because they are used more and have a higher risk of accidents.

Anti-Theft Devices and Safety Features

Installing anti-theft devices or safety features on your bike can lower your insurance cost. These devices reduce the chance of theft and increase safety, making it less likely that you’ll need to make a claim.

How to Save on Bike Insurance Premium?

If you don’t make any insurance claims during the year, you can get a discount on your premium for the next year. Make sure to claim it to save money.
Knowing your bike’s age can help you understand why your premium is lower and can also help you buy for the best rate.
Adding anti-theft devices to your bike can reduce your insurance premium. These devices make your bike safer from theft, and insurance companies often offer discounts for having them.
Bikes with larger engines (higher CC) usually cost more to insure. If you want to save on insurance, choose a bike with a smaller engine that meets your needs.
Choosing a higher deductible can lower your premium because you are agreeing to pay more in case of a claim.

How to Raise Bike Insurance Cashless Claims Online?

Step 1: Tell your insurance company about the accident or damage.
Step 2: A surveyor will check your bike to estimate the damage.
Step 3: Fill out the claim form and submit it with the required documents.
Step 4: The insurance company will approve the repair request.
Step 5: Take your damaged bike to a network garage for repairs.
Step 6: After repairs, the insurance company will pay the garage directly.
Step 7: You may need to pay any deductibles and costs not covered by the insurance.

Documents required for filing a two-wheeler insurance claim

To file your two-wheeler insurance claim, you need to have these documents for smooth process:

Duly signed claim form
A valid copy of your bike’s Registration Certificate (RC)
A valid copy of your driving licence (DL)
Active bike insurance policy
Police FIR (for accidents, theft, and third-party liabilities)
Original repair bill and payment receipts
Proof of release

How to Renew Bike Insurance Policy Online?

You have to renew bike insurance policy before it lapses to continue getting the same coverage. If you want to change your insurance plan or provider, you can make a different choice at the time of renewal. or offline. Here is the process that you follow for bike insurance renewal:

Step 1: First, go to the Insurance Kara Lo website.
Step 2: Find and select the renewal option for your existing insurance policy.
Step 3: Provide the information related to your current policy, such as policy number and personal details.
Step 4: Review your current coverage and make any changes or updates to match your needs.
Step 5: After registering your number and detail wait for some time our team will contact you.
Step 6: you will be provided with the best 3-5 Quotation select any one you needed .
Step 7: Confirm and pay for your policy renewal to finalise the process.

FAQ’s on Bike Insurance Policy

There are three types of bike insurance plans: comprehensive bike insurance, third-party bike insurance, and Stand alone own-damage bike insurance

No, you cannot legally ride a bike without insurance in most places, especially in India. It is required by law to protect you and others.
Why Choose Insurance Kara Lo ?
1India is becoming familiar with Insurance Kara Lo :- Our transparent and quick process, a dedicated support team, and the availability of several insurance carriers have helped us provide a delightful experience to more than 1,000 + customers so far.
2Dedicated Support Team:- We have a dedicated support team available to assist you every day. Whether you need assistance with the purchase of an insurance policy or service during the settlement of a claim, our team of experts is at your disposal all day long.