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Introduction to Bike Insurance in India
Understanding the essentials of two-wheeler insurance coverage and requirement
Legal Mandate
While comprehensive insurance is optional under law, it is highly recommended for complete protection of your two-wheeler investment against various risks.
Purpose & Protection
Insurance is subject to the terms and conditions of the policy. Please read the policy document carefully before making a purchase.
Why Buy Two-Wheeler Insurance from BTW IMF?
Personalized Assistance
Our experts help you choose the best policy tailored to your specific needs and budget.
Multiple Options in One Place
Compare policies from top insurance providers without navigating multiple websites.
Quick & Easy Process
Our streamlined approach means no complicated steps and no stress throughout the entire process.
Instant Policy Issuance
Get your insurance policy documents instantly after payment, with no waiting period.
Types of Bike Insurance
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.
- Third party liability is the most common and, indeed a most serious compulsory form of bike insurance both in India and most countries in the world.
Coverage:
- This would mainly be coverage for the damages or injuries you may inflict on third parties or their properties as liabilities from the accident. Third parties’ bodily injury or death and damage to properties are covered.
Limitations:
- It fulfills all the legal requirements, but it provides very low cover in case the damage happens to your cycle or you suffer injuries. It has been mentioned while releasing a statistic from IRDAI, and it says more than 80 percent of two-wheelers plying on Indian roads fall under third-party liability insurance.
Premiums:
- This insurance premium is state-regulated and, hence, low or high compared to the comprehensive policy. For example, for FY 2023-24, the premium of a bike having an engine capacity of between 150cc to 350cc is ₹1,366.Â
Accident Statistics:
- As per statistics, two-wheelers accounted for 44.5 percent of all road accidents in India during the calendar year of 2021 with close to 1.5 lakh third-party liability policy claims.
- There are two types, and third party liability comes next, and the other one is the protection of damages to your own bike.
Coverage:
- This type of insurance covers the insured against diverse risk categories, such as accidents, theft, fire, vandalism, and natural calamities. It also includes third party liability cover and damage to the insured bicycle. Third party insurance is costlier than the comprehensive one. Now, for this kind of insurance policy, a range from ₹1,500 per year to ₹3,000 is there for bikes with an engine capacity of 150cc and 350cc, respectively.
Market Penetration:
- It is reported by IRDAI that only 20% of two-wheeler owner has purchased a detailed version of two-wheeler insurance, yet it reveals that people are becoming aware to have better coverages at the risk time.
Claim Settlement:
- There is a claim settlement rate of almost 90% complete settlement ratio, which would point how efficiently the same insurance company would clear the claims.Extra add-on covers which include zero depreciation cover where the complete claim is compounded without considering any sort of depreciation.
- Two-wheeler insurance is that general term usage of which describes different types of policies specifically designed for bikes or scooters.
Coverage:
- It provides third-party liability cover, own damage, and roadside assistance while including personal accident insurance. The coverage is different hence suitable for every rider.
Customization:
- Its length and width can be customized as per what the rider feels he or she is most in need of, which is why this is such a popular variant among bike owners.
Gross Market:
- By end-2021, there are 20 crore two-wheelers. Only 25% of the population has comprehensive insurance for a two-wheeler. For the remaining 75%, it is just third-party liability cover. The sales of electric two-wheelers have increased by 132% in FY 2022-23 with 8.3 lakh units sold in India. According to ET TIMES, it brings riders to a more customized insurance that will cater specifically to the needs of their bike.
Which Bike Insurance Should You Choose?
Factors Influencing Policy Selection
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.
Insured Declared Value (IDV) Calculation
The Insured Declared Value (IDV) represents the current market value of your bike, which directly influences your insurance premium.
How IDV is Calculated:
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.
Impact of IDV on Premium
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:Â Choose an IDV that balances adequate coverage with an affordable premium.
Zero Depreciation Cover
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
Ensures that your NCB discount remains intact even if you file a claim.
Helps reduce premium costs in the long run.
Deductibles in Bike Insurance
Insurance add-ons provide extra protection beyond the standard policy coverage. The most popular add-ons include
Tip:Â While add-ons increase premiums, they provide substantial financial protection. Choose add-ons based on your riding conditions and risk factors.
Deductibles in Bike Insurance
A deductible is the amount a policyholder pays out-of-pocket before the insurance coverage kicks in. There are two types of deductibles
Tip:Â If you’re a safe rider and don’t expect frequent claims, opting for a higher voluntary deductible can lower your premium.
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
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.
What is bike insurance?
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.
Why bike insurance important in India?
In the eye of law, under the provisions held in the Motor Vehicles Act, 1988, a two-wheeler is mandatorily obligated to provide third-party insurance.Vehicles Amendment Act to inflict a first-offense fine of ₹2000 and a penalty of ₹4000 for every subsequent offense against the uncovered riders.
According to the data available at the Ministry of Road Transport and Highways, there were over 20 crores, or 200 million, two-wheelers in India in 2021.Since population in urbanized zones and the disposal incomes per head are increasing trend, there is also scope for two-wheelers to increase positively at the rate of 7-10 % annually.
The cost of repairing an accident damaged bicycle range between ₹10,000 to ₹50,000 and that depends solely on the damage. Comprehensive insurance covers the repair costs, medical costs, and third party liabilities results in significant relief.
Currently, almost all two-wheelers do not have any form of insurance covers. This makes it a serious risk to both the two-wheeler users and road walkers as it throws an unknown darkness about finance for victims of uninsured two-wheeler accidents.
Zero Depreciation pays full compensation without providing depreciation; that too increases premiums by 10-15% but provides more financial security.
Long-term third-party insurance is now compulsorily provided with all newly purchased two-wheelers with a tenure of at least 5 years.
Why Buy Car Insurance Online?
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:
- Home Comfort:Â Such websites online allow a person to read, compare, and buy a bike insurance from the comfort of any home or office.
- Wide Selection:Â With the stroke of a mouse, you can pass through an extensive population of insurance companies along with varied policy options which will save much of your time and energy. According to one of the findings, 60 percent of the policyholders prefer using online channels because it suits them.
- Comparison Tools:Â Comparison tools : Most insurance firms allow online quotation comparison and coverage that affords you a chance to compare various policies, their premium coverage limits, and other benefits.
- Immediate Confirmation:Â The purchase of bicycle insurance usually results in an instant issuance policy following confirmation of payment
- Digital Documentation:Â It reaches your inbox or you can access it from the website of the insurer that saves you from all the bother of traditional paper work.
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.