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Understanding the essentials of two-wheeler insurance coverage and requirements
According to the Motor Vehicles Act of 1988, third-party bike insurance is legally required for all two-wheeler owners across India.
Riding without valid third-party insurance can result in penalties including fines of ₹2,000 and/or imprisonment up to 3 months.
While comprehensive insurance is optional under law, it is highly recommended for complete protection of your two-wheeler investment against various risks.
Bike insurance serves as a financial safety net, protecting you against unexpected expenses related to your two-wheeler.
Accident Protection: Covers repairs or replacement costs due to accidents.
Theft Coverage: Financial compensation if your bike is stolen.
Natural Disasters: Protection against damage from floods, earthquakes, and other natural calamities.
Third-Party Liability: Covers damages or injuries caused to others by your vehicle.
Insurance is subject to the terms and conditions of the policy. Please read the policy document carefully before making a purchase.
Simple Steps to Secure Your Ride with BTW IMF
Buying bike insurance online should be simple and stress-free. At BTW IMF, we make it even easier by helping you choose the best policy before you buy. Our experts will guide you through every step, ensuring you get the right coverage at the best price.
Before selecting a policy, talk to our experts through one of these convenient channels:
Our team will understand your specific needs and budget, ensuring you get the most suitable options.
Once we assess your requirements, we will provide handpicked insurance plans from leading providers. Each plan will include:
You don't need to search multiple websites—we do the hard work for you!
We'll present you with a tailored list of options. Compare them based on these important factors:
Once you've compared all options, select the plan that best fits your needs and budget.
Once you've made your choice, you'll need to submit the following documents:
Provides essential details about your bike
Required for policy issuance and claim processing
Our team will guide you through this process, making document submission quick and hassle-free.
The final step to securing your bike insurance is quick and simple:
Our payment gateway is completely secure, and your policy documentation will be instantly delivered to your email.
Our experts help you choose the best policy tailored to your specific needs and budget.
Compare policies from top insurance providers without navigating multiple websites.
Our streamlined approach means no complicated steps and no stress throughout the entire process.
Get your insurance policy documents instantly after payment, with no waiting period.
Ready to insure your bike? Contact us today at BTW IMF and let us find the best plan for you!
Contact Us NowExplore the different types of bike insurance available in India and choose the one that best suits your needs
Legal requirement by Motor Vehicles Act, 1988
Covers damages caused to a third party (person, vehicle, or property) but does not cover the insured bike. This is the minimum legal requirement for all bike owners in India.
Bodily injury or death of a third party
Damage to third-party property
No coverage for own vehicle damage
No protection against theft
Complete protection for your bike
Provides extensive coverage, including both third-party liability and own damage, offering complete protection for your two-wheeler against multiple risks.
All third-party liability coverage
Accidental damage to own bike
Theft of the bike
Natural disasters (floods, earthquakes, etc.)
Man-made disasters (riots, vandalism, fire, etc.)
Protection for your vehicle only
Covers damages to the insured bike but does not cover third-party liabilities. Ideal for those who already have a separate third-party policy.
Accidental damage to your bike
Theft protection
Natural and man-made disasters
No third-party liability coverage
Who Needs It? People who already have third-party insurance but want extra coverage for their own bike.
Basic legal compliance
A basic policy that only provides third-party coverage. It fulfills the legal requirement but offers no protection for the insured bike itself.
Meets minimum legal requirements
Covers third-party injuries and property damage
No protection for the insured bike itself
Extended coverage period (3-5 years)
Available for two-wheelers with a registration period of 3 to 5 years. Reduces the hassle of annual renewal and is often cheaper in the long run.
No annual renewal hassles
Protection from premium rate increases
Often cheaper in the long run
Usage-based premium
A new type of policy where the premium is based on the kilometers driven. Suitable for occasional riders who don't use their bikes frequently.
Premium based on actual usage
Cost-effective for infrequent riders
Suitable for occasional riders
Enhanced protection riders
Customize your policy with additional riders to enhance your protection based on your specific needs and usage patterns.
Zero Depreciation Cover – Full claim without considering depreciation
Personal Accident Cover – Covers injuries or death of the owner-driver
Roadside Assistance – Help during breakdowns
Engine Protection Cover – Covers engine damage due to waterlogging or oil leakage
Return to Invoice (RTI) Cover – Reimburses the full invoice value in case of theft or total loss
For new or expensive bikes: Comprehensive insurance with add-ons like zero depreciation and engine protection.
For old bikes: Third-party insurance may be sufficient, though a basic comprehensive plan still offers better protection.
For minimal usage: Pay-as-you-ride insurance can be cost-effective if you don't ride your bike frequently.
Understanding the key elements that affect your bike insurance choices
When selecting a bike insurance policy, several key factors play a role in determining the coverage, premium, and overall benefits. Understanding these factors ensures that you choose the most suitable policy for your needs.
The Insured Declared Value (IDV) represents the current market value of your bike, which directly influences your insurance premium.
IDV is calculated based on the current market value of the bike, minus depreciation. For instance, if your bike's market value is ₹510, the IDV is set accordingly.
Higher IDV → Higher Premium:
A higher IDV means the insurance provider will offer a larger sum in case of total loss or theft. However, it also leads to a higher premium.
Lower IDV → Lower Premium:
While reducing the IDV can lower your premium, it also decreases the compensation amount in case of a claim.
Tip: Choose an IDV that balances adequate coverage with an affordable premium.
Insurance add-ons provide extra protection beyond the standard policy coverage. The most popular add-ons include:
Zero Depreciation Cover ₹46
Ensures full claim amount without deductions for depreciation on bike parts.
Particularly useful for new or expensive bikes.
Engine Protection Cover
Covers engine damages due to water ingress, oil leakage, or mechanical breakdown.
Essential if you live in flood-prone areas.
Consumables Cover
Covers costs for engine oil, brake oil, lubricants, and other consumables during repairs.
Reduces out-of-pocket expenses.
NCB (No Claim Bonus) Protector ₹610
Ensures that your NCB discount remains intact even if you file a claim.
Helps reduce premium costs in the long run.
Tip: While add-ons increase premiums, they provide substantial financial protection. Choose add-ons based on your riding conditions and risk factors.
A deductible is the amount a policyholder pays out-of-pocket before the insurance coverage kicks in. There are two types of deductibles:
Compulsory Deductible
A fixed amount set by the IRDAI (Insurance Regulatory and Development Authority of India).
Applicable to all policyholders.
Voluntary Deductible
Chosen by the policyholder to reduce the premium.
Higher voluntary deductibles mean lower premiums, but they also increase out-of-pocket expenses during claims.
Tip: If you're a safe rider and don't expect frequent claims, opting for a higher voluntary deductible can lower your premium.
Indian two wheeler insurance can be one of the most crucial financial safety nets for millions of owners of two-wheelers. Such is the time when the number of registered two-wheelers in the country has shot up sharply to more than 20 crore (200 million)-when proper protection has never been as much in demand as it is now.
The two wheelers and four wheelers and above stand at more than 21 crore and over 7 crore, respectively according to the report by Economic Times. From the crammed urban roads to wide open countryside rural highways, Indian riders face a whole gamut of risks-from accidents and thefts, making having bike insurance not only a legal necessity but economical as well.
In India, law mandates that two-wheelers have to possess third-party liability insurance under the Motor Vehicles Act of 1988 before it could legally be allowed to occupy the roads. It would then be able to get liability coverage in the event of a rider causing harm or damage to any other person or property or his property.
According to the Ministry of Road Transport and Highways, in 2022, the total casualties due to road transport accidents in India were caused by two-wheelers, making bike insurance a very critical mitigative step against third party liabilities, damages, and personal injuries.
There are thousands of types of bike insurance. However, all of them differ in various ways as far as the cover is concerned. The rider can go in for easy liability to a much more comprehensive insurance cover-it depends on the requirement and wallet of the rider. There are many types of bike insurance, and so one needs to know what each type is all about and what it covers before going for the right cover.
Coverage:
Limitations:
Premiums:
Accident Statistics:
Coverage:
Market Penetration:
Claim Settlement:
Coverage:
Customization:
Gross Market:
There are numerous benefits of online bike insurance, and hence the majority of the riders today want to buy online in this world of digitalization. And here’s the reason why you should opt for online purchasing of bike insurance with perfect statistics as support for it:
Safety First: All the portals of online insurance employ secure payment gateways and encryption technologies so that all your personal and financial information would be well-guarded. This also gives flexible payment options, credit/debit cards, net banking, digital wallets, and gives peace to the transaction .
Anywhere, Anytime: The online platforms make the purchase of policies or renewals available at any time without the constraints of office hours and locations. Buying bike insurance online gives riders ease and liberty but will ensure that they receive something much more informed, secure, and also accessible experience as a rider.
In summary, buying bike insurance online not only provides convenience and flexibility but also ensures a more informed, secure, and accessible experience for riders.