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Choose the right motor insurance policy by asking these quick questions.
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Under comprehensive bike insurance plans, there are different types of add-ons which are available. These add-ons are additional coverage benefits which can be selected voluntarily by the policyholder by paying an additional premium. Some of the most popular and common add-ons found in bike insurance plans are as follows –
Now that you know the exact coverage options under bike insurance policies, both inbuilt and optional, it is time to know what is not covered by the plan. There are instances which are not covered under bike insurance policies and they are called policy exclusions. These exclusions include the following –
Under comprehensive bike insurance policies, different types of premium discounts are allowed. These discounts include the following –
Claim –free years | No claim bonus rate |
---|---|
One claim-free year | 20% |
Two successive claim-free years | 25% |
Three successive claim-free years | 35% |
Four successive claim-free years | 45% |
Five successive claim-free years | 50% |
A bike insurance policy is a technical cover which includes various jargons which you might not understand. So, here are some important terms related to bike insurance plans which you should know –
Age of the bike | Depreciation rate |
---|---|
Up to 6 months | 5% |
More than 6 months but less than 1 year | 15% |
More than a year but less than 2 years | 20% |
More than 2 years but less than 3 years | 30% |
More than 3 years but less than 4 years | 40% |
More than 4 years but less than 5 years | 50% |
A bike insurance policy offers the following benefits –
Here is a table showing some of the best bike insurance policies in India –
Name of the plan | Salient features | Cashless garage network | Motor Incurred Claims Ratio for FY 2020-21 |
---|---|---|---|
Magma HDI Two-wheeler Insurance Package Policy | · There is a personal accident add-on which allows personal accident cover for pillion rider · Attractive premium discounts make the premiums affordable | Major garages across India | 78.91% |
ICICI Lombard Two-wheeler Insurance Policy | · A range of add-ons make the plan customisable · You can take the plan for various tenures | 5600+ | 68.77% |
New India Two Wheeler Insurance | · There are different types of plans which suit the coverage requirements of all · The policies are competitively priced | Major garages across India | 78.20% |
Bajaj Allianz Two Wheeler Insurance | · The company promises to settle its claims at the earliest · There are different types of policies available with the company | 4000+ | 68.06% |
Go Digit Two Wheeler Insurance | · You can get up to 50R% discount by not making claims under the plan · There are five optional covers for a wider scope of coverage | 2900+ | 74.91% |
*Claim Settlement Ratio is CSR is the total claims paid by the insurance company as against the total number of claims received in any given year.
**Incurred Claim Ratio or ICR is the total claims paid by the insurance company as against the total premium collected across all policies in any given year.
***Motor Incurred Claim Ratio is the total motor claims paid by the insurance company as against the total premium collected across all motor policies in any given year.
Calculation of bike insurance premiums is done based on a lot of factors which are as follows –
A claim in a bike insurance policy occurs in case of third party liabilities, if your bike is damaged or if the bike is stolen. In case of any of these claims, the following steps should be followed –
If you have bought your bike insurance policy from Turtlemint, you can simply inform Turtlemint for the settlement of your claim. Turtlemint would take the above-mentioned steps to ensure that your bike insurance claims are settled at the earliest. You can inform Turtlemint by calling at 1800 266 0101 or by sending an email at claims@turtlemint.com.
Once you read about all the features of a bike insurance plan you get closer to choosing the best-suited plan for yourself. However, it is very important that the insurance plan you choose fits in your budget, and for this, you must understand the premiums you are going to be charged.
Your bike insurance premium is calculated on a number of factors. Some of them include your residence city, add-on coverages, your bike’s brand, your bike’s model, cubic capacity of the bike, IDV, owner’s age, no claim bonus, and other factors. Apart from this your driving history also plays an important role in deciding your bike insurance premium.
Many websites have bike insurance premium calculators that are very easy to use and come free of cost. This is how you can use an online bike insurance premium calculator to estimate your premiums:
Here are the documents which should be submitted to get the settlement of your bike insurance claim –
You can buy the best bike insurance plan from Turtlemint. Turtlemint is an online platform which is tied up with some of the leading bike insurance providers in India. When you choose Turtlemint you can compare the different bike insurance policies available in the market in terms of their coverage and premiums. You can, then, select the best bike insurance policy, pay the premium and the policy would be issued instantly. Turtlemint also offers you personalised assistance in buying the best bike insurance policy for your bike.
We know how important it is to have a valid bike insurance policy to stay away from legal allegations. However, it’s not just the matter of staying true to the law. Valid bike insurance will keep you protected at all times provided you meet with an accident or any other dangerous incident. Moreover, driving a two-wheeler is riskier than other vehicles and therefore chances of accidents are high. In such cases an active two-wheeler insurance policy will provide financial support and therefore renewing your policy from time to time is important to keep your vehicle away from risk.
Tips to keep in mind while renewing your bike insurance policy:
Since a bike insurance policy is mandatory by law, you have to renew the policy regularly to ensure uninterrupted coverage. Renewals of bike insurance policies can also be done online. You just have to visit the website of the insurance company from which you bought the policy, provide the policy number of your existing policy, pay the renewal premium and the policy would be renewed instantly.
If, on the other hand, you have bought the policy from Turtlemint, you can log into your online Turtlemint account and renew the policy directly by paying the renewal premium. Moreover, if you have a bike insurance policy of another company and you want to switch, you can compare the available policies on Turtlemint’s website, compare and then buy a new policy at the time of renewals
There are a lot of reasons why you could miss out on the timely renewal of your bike insurance policy. However, some people intentionally miss out on the timely renewal of their insurance to avoid hectic procedures, payment of premiums, or any other reason. But while they easily miss out on their renewal dates, they do not think of the consequences that may occur afterwards.
Today online renewal of bike insurance can be done in minutes and this is a boon for people who are super busy with their lives. Here are the following benefits of online renewal of insurance:
Comprehensive two-wheeler insurance is an all-in-one policy that offers full coverage against any damages caused to you, your bike, or a third party. A comprehensive plan covers third-party liabilities in case you hurt them or damage their property. Apart from this, you get covered against fire, theft, natural disasters, or any such incidents. With a comprehensive plan, you also get covered in case of a medical emergency caused due to accidents.
Though a comprehensive two-wheeler insurance plan includes a lot of benefits, you can add extra features to your plan by choosing relevant add-on covers. Zero depreciation cover, emergency roadside assistance, no claim bonus protection, and engine protection are some of the popular add-on covers available under a bike insurance policy. One should consider buying comprehensive two-wheeler insurance over a basic third-party liability plan as it gives you the extended protection required for your bike. Although the cost of a comprehensive plan is a bit higher than that of a third-party liability plan, it proves to be worth it when anything goes wrong.
The best part about buying bike insurance online is that you can compare different types of plans from all the companies to find a perfect one for yourself. Turtlemint is a website that is linked with the best insurance-providing companies available in the market and thus brings you plans that suit you the best.
Comparing bike insurance plans at Turtlemint is the easiest thing you can do online. You can start by visiting the website of Turtlemint and entering all the details you are asked for. Once you do so, Turtlemint will automatically show all the best bike insurance plans as per your preferences, if any. The website compares plans on a number of factors that help you understand the plan in a better way. There are tables, charts, and reviews about which company is good at claim settlement or which is the best with discounts.
This way you can analyse plans as per your requirements and budget and choose what suits you. Once you make up your mind, you can apply for your bike insurance quickly and avail of it in no time.
All you need to know about two-wheeler insurance in India
Basics of two-wheeler insurance in India
Bike Insurance not only provides financial protection to the bike but also provides cover for injuries to driver, passengers or pedestrians, and their property. It pays for damages to your bike due to accidents, vandalism, theft, fire, man-made/natural disasters, and third party liability. Considering the exorbitant repair costs these days even a minor damage can cost a fortune. The Motor Vehicles Act also requires every vehicle on the road to at least have a valid third party liability cover, i.e. cover that pays for bodily injury, loss of life and damage to property of a third person that was caused by an accident with your bike..
A basic comprehensive bike insurance includes damage to your bike, loss and theft of vehicle as well as third party cover. However, at additional cost in the insurance premium, the bike owners can avail some extraordinary coverage options. The popular add-ons are:
The depreciation rates which are applicable on the different parts of the bike include the following –
Nylon parts, plastic parts, rubber parts and battery of the bike | 50% |
For all the components made of fiberglass | 30% |
Parts made of glass like windshield, etc. | NIL |
For the rest of the bike’s parts depreciation is based on age of the bike. It is as follows
Age of Vehicle | % of Depreciation |
---|---|
Age below 6 months | NIL |
Age more than 6 months but less than a year | 5% |
Age more than a year but less than 2 years | 10% |
Age more than 2 years but less than 3 years | 15% |
Age more than 3 years but less than 4 years | 25% |
Age more than 4 years but less than 5 years | 35% |
Age more than 5 years but less than 10 years | 40% |
Age more than 10 years | 50% |
Also, for the depreciation in the Insured Declared Value of the vehicle, the following rates are applicable
Age of The Vehicle | % Of Depreciation For Fixing IDV of The Vehicle |
---|---|
Age below 6 months | 5% |
Age more than 6 months but less than a year | 15% |
Age more than a year but less than 2 years | 20% |
Age more than 2 years but less than 3 years | 30% |
Age more than 3 years but less than 4 years | 40% |
Age more than 4 years but less than 5 years | 50% |
No claim bonus is the discount in the premium charged to the policy holder when no claim has been made during the policy term. It keeps increasing from 20% up to 50%, for every claim free year. Your NCB is applicable even if you change your insurer, or buy a new bike. It’s a great incentive to reward safe rider. If you make a claim, you will lose your entire NCB in next policy term. Your NCB will be mentioned on your policy.
If you miss out on your renewals every year and find it difficult to keep a track, multi- year policy can solve this problem. Now you can buy insurance policy not just for one year, but for a period of two to three years. Not only you will get saved from missing the renewals unknowingly, but also you can save on premium. The premium amount of a multi- year policy is lower as compared to an individual policy because you get saved from the hike of third- party premium which happens every year as well service tax.
In-case your policy gets lapsed, the process is quite troublesome. A new IDV is declared, a new premium is fixed, and then two wheeler inspection is done which is time consuming. So, multi- year policy also removes the risk of lapsed policy.
The NCB rewarded to the policyholder is in the form of discount on the premium for a claim free year. Even a minor claim in a year can snatch away your benefits of NCB. The NCB discount given in a multi-year insurance policy is higher than the regular 1 year policy which allows you to have more discounts on your premium amount, thereby saving you money.
As stated earlier, a two-wheeler insurance policy is mandatory by law. This mandate necessitates a two-wheeler plan. Other reasons why two-wheeler insurance plans are needed are as follows –
First and foremost, never look at just one or two bike insurance companies; always get and compare at least three quotes. Look for companies that offer discounts and good-driver rewards programs.
Choose a company that has a good and fast claim settlement ratio and record. Talk with family members and friends about their bike insurance providers and experience. Check their social media accounts.
Pick the right Insured Declared Value (IDV) of your bike. Seek additional covers based on your risk profile. Multi-year policies, if available, are good way to ensure long term cover.
Ideally pick company that has a cashless tie-up with the widest network of service stations that you may visit in case of an accident.
Turtlemint helps you with all of the above decisions. In addition, we offer free claims support all our customers. So, give us a try right now!
Our insurance partners have provided us the best possible insurance rates. We pass on the highest possible discounts to you always! It unlikely you will find a better rate elsewhere. If you find let us know. We are ready for the challenge!
How to save money on two-wheeler insurance
Avoid making claims for small expenses because this will cause you to lose your no claim bonus benefit
Employ safety features like anti- theft devices. You may get a discount of minimum 5% on your premium, if you inform the insurance company that you have installed an anti-theft device.
Choose higher deductibles. (Note: this increases your expense on each claim)
The policyholder can avail discounts based on various categories which are declared by the insurance company like the policyholder’s age, profession, driving history, AAI membership, etc. See if you qualify for these.
Most important compare premiums before buy. With Turtlemint you can compare premiums across all the top insurers and get the best rates. Our customers have saved up to 60% doing this.
Calculation of premiums of two-wheeler insurance plans depends on a lot of factors. These factors and their impact on the premium are discussed below –
How to make claim under two wheeler insurance plans
In the event of an own damage claim, that is, where your own vehicle is damaged due to an accident, vandalism or natural calamity, you must immediately inform insurance company and police, wherever required.
Insurance company will depute a surveyor to assess the loss, and bike will be towed, if required, to a workshop.
If your policy provides for cashless service, which means you do not have to pay out of your pocket for covered damages, the insurance company will pay the workshop directly. You will need to pay your share of the claim – deductibles, etc – as informed by the insurer. As a Turtlemint customer, you can simply call us to report a claim or any issue with payment, and we will take care of the rest!
Once your claim is accepted, you will be paid the approved claim amount minus certain deductions which you will have to pay out from your pocket:
Standard or Voluntary Deductible: this is a fixed amount that you have to bear before the policy comes into force.
Depreciation: Standard insurance pays for the actual cash value of your damaged or destroyed vehicle part. However, since the part was already in use, its value will be less than or depreciated in comparison to a new replacement part. This will be 30% for fibre components and 50% for plastics and rubber. If you do not want to bear the depreciation cost, you can buy zero depreciation add-on which is available typically for bikes not older than 3 years.
If your vehicle is stolen, police and the insurance company must be informed immediately. In addition you must keep the transport department also informed. To make a claim, the vehicle needs to be covered under the comprehensive insurance policy.
You will need to submit the police First Information Report (FIR), letter intimating RTO along with requisite claim form duly filled in, to the insurance company. Your claim will be paid after police give the final “non-traceable” report.
The amount you will receive for a theft claim is the Insured Declared Value (IDV) mentioned in the policy. You will need to sign the RC in favour of the insurance company and complete other handover formalities.
A third party claim, is where your vehicle was involved, in causing bodily injury, death or damage to property. It is important to ensure that the accident is reported immediately to the police as well as to the insurance company. On the other hand, if you are a victim, that is, if somebody else’s vehicle was involved, you must obtain the insurance details of that vehicle and make an intimation to the insurer of that vehicle.
The limit for property damage liability is capped at Rs. 7.5 lakhs. Any amount above this will have to be borne by the policyholder. There is no limit for bodily injury or death claim. The amount of liability is decided by a special court, the Motor Accident Claims Tribunal, based on factors such expenses for medical treatment of the injured, and loss of income in case of death.
It’s simple, just call us on our toll-free number about a claim you want to report, dispute or discuss. Our expert claims team will help you through the entire process. Our team will also work with the insurance companies directly to advance your case, and proactively inform you about the progress.
With our experience of having processed thousands of cases successfully, you can rest assured that you will get the best service and outcome.
You can also visit the link https://www.turtlemint.com/raise-claim and raise a claim with Turtlemint easily.
Other FAQs
There is no limit to the number of Two wheeler insurance plans are also offered for longer durations. These policies are called long term policies. In fact, IRDAI, i.e. the Insurance Regulatory and Development Authority India has made long term two-wheeler insurance plans compulsory for new bikes which have been bought on or after 1st September, 2018.
As per the latest Supreme Court ruling,
So, for bike owners who buy a new motor insurance policy on or after 1st September 2018, there are two options -
The benefit of long term policies is that there is no hassle of annual renewals and the premium rates are also cheaper
Two-wheeler insurance plans come with tenure of one, two or three years. After the term of the policy is over the policy should be renewed for continued coverage.
A two wheeler insurance policy can be renewed online or offline. If you want to renew the policy offline you have to get in touch with an insurance agent selling two wheeler insurance plans or buy the plan by visiting the company’s office. Online mode is simpler as you can buy the policy from the comfort of your home. Online renewals can be done either from the insurance company’s website or from the website of insurance aggregators and online brokers. The latter is a better choice as you can compare the available plans before buying one.
When renewing online, comparison is a must. When comparing, you should check the following points –
If the policy is not renewed before the current plan expires, coverage would lapse. In a lapsed policy, no claim is admissible. On renewing the plan after a lapse, inspection of the bike would be required which would be time-consuming. Premiums might also increase for renewals of a lapsed policy. Moreover, if the policy is not renewed within 90 days of lapse, the accumulated no claim bonus is lost.
Claims in a bike insurance policy can be made in three circumstances –
To make a successful claim you should submit your driving license, RC book of the bike, insurance document and claim form. In case of third party claim or if the bike is stolen, police FIR is also required.
Yes, bike insurance claims can be rejected in the following instances –
When the policy is bought online, you get the following benefits –
The premium for third party liability plans are fixed by Insurance Regulatory and Development Authority of India (IRDAI) which is the insurance regulator. In case of comprehensive two wheeler insurance plans, the premium is fixed by the insurance company after taking into consideration the coverage provided and the bike details.
A comprehensive policy would be suitable as the lender would insist on complete coverage of the bike. Even if the bike is stolen or completely damaged the comprehensive policy would pay a lump sum benefit which can be used to settle the loan taken for buying the bike.
The policy should be transferred when you are selling your bike to someone else. In such cases the policy should be transferred in the name of the buyer of the bike.
To transfer the policy, you should, first get the vehicle registered under the name of the new buyer. This registration is done by the RTO and the RC book of the bike is transferred in the buyer’s name. Once the RC book is transferred, the insurance company should be sent a copy of the same with a written request to transfer the two wheeler insurance policy.
No, the no claim bonus belongs to the original owner of the bike. Even if the bike is sold to another individual, the no claim bonus would remain with the previous owner.
If you have sold your old vehicle and want to transfer your no claim bonus to another policy, you should make a written request to the insurance company. The company would require the proof of sale and then allow you a no claim bonus certificate. This certificate can then be submitted with the new insurance company to transfer the no claim bonus to the new insurance policy.
If you are caught by traffic authorities and you fail to produce the proof of a valid insurance cover you face legal consequences. You would be penalised heavily and lack of insurance might also result in imprisonment in case of third party deaths.
If you have sold your old vehicle and want to transfer your no claim bonus to another policy, you should make a written request to the insurance company. The company would require the proof of sale and then allow you a no claim bonus certificate. This certificate can then be submitted with the new insurance company to transfer the no claim bonus to the new insurance policy.
If you are caught by traffic authorities and you fail to produce the proof of a valid insurance cover you face legal consequences. You would be penalised heavily and lack of insurance might also result in imprisonment in case of third party deaths.
Two wheeler insurance claims are settled in two ways – either through cashless or through reimbursement.
A cashless claim is one where the insurance company pays the repair costs directly to the garage without you being involved in paying for the expenses yourself.
In case of reimbursement claims, you get your bike repaired and settle the costs yourself. Thereafter, the repair bills would be submitted to the insurance company with the claim form. The company would assess the bills and reimburse you for the costs you have incurred.
Your choice of garage decides the type of claim the company would settle. If you get your bike repaired at a networked garage, you cab avail cashless claim settlement facility. However, if your bike is repaired at any other garage, the claim would be settled on a reimbursement basis.
With the application of GST, the premiums for two wheeler insurance plans are increased by 18%.
Total Constructive Loss of the bike is considered when the bike is damaged so badly that the repair costs would exceed the IDV of the policy. In case of TCL, the insurance company pays the IDV as claim.
IDV is short for Insured Declared Value. It represents the market value of the bike less depreciation based on the bike’s age. IDV is maximum sum insured offered by the policy which represents the maximum liability undertaken by the insurance company to compensate you in case of TCL or theft of the bike.
If the policy is lost, a duplicate policy can be arranged by requesting the insurance company.
No, if a new bike is bought a new insurance policy must also be affected on the new bike because the details of the new bike would be different from the details of the old bike. As such, new coverage with a new premium would have to be made.
Voluntary deductible represents the amount of claim which the policyholder chooses to pay from his own pockets before the insurance company pays the rest. Voluntary deductible, when chosen, allows a premium discount.
A compulsory deductible is the portion of claim which the policyholder is supposed to pay himself. Unlike in case of voluntary deductible, in case of compulsory deductible the policyholder has no choice. He/she has to pay the portion of compulsory deductible for bike insurance claims.
When you compare two wheeler insurance plans you can –
For third party physical injury or death, the coverage allowed is unlimited. The company would pay the financial compensation directed by the claims tribunal. In case of third party property damage, the claim amount is limited to INR 7.5 lakhs.
The network of cashless garages can be checked online on the insurance company’s website. Moreover, in case of claim when you call the insurance company, the company would itself inform you of the nearest cashless garages in your vicinity.
*Prices will vary on the basis of your individual profile