Compare and renew bike insurance
The Motor Vehicles Act, 1988, states that every two-wheeler on Indian roads should have an insurance
policy attached to it. That is why two-wheeler insurance plans are bought by all bike owners. This
mandatory cover protects the financial liability which arises if your bike injures someone or damages
Types of two-wheeler plans in India
In India, there are three types of bike insurance plans available in the market. These are as follows:
Third party liability policy - this policy is mandated by law. It covers your financial
liability if any third party dies or is injured due to your bike. It also covers your liability
for damaging any third party property.
Comprehensive bike insurance - this insurance policy provides a wider coverage. Besides
covering the mandatory third party liability you also get coverage for the damages suffered by
Long-term two-wheeler plans - this is a new addition to the types of bike insurance
plans. This plan covers your bike for a continuous period of either 2 or 3 years. Thus, you don’t
have to renew your bike insurance policy every year. Both comprehensive and third party liability
plans are available as long-term bike insurance plans.
Which policy should you buy?
Though a third party policy fulfils the legal requirement, a comprehensive bike insurance policy is always
recommended. It has a wider scope of coverage and covers the expenses incurred when your bike is
damaged. You should choose long-term comprehensive bike insurance plans. You can forget about annual
renewals, your premiums would be lower and you can also enjoy a no claim discount even if you make
How to buy two-wheeler insurance?
Two-wheeler insurance plans can be bought online or offline. Here’s how:
Offline - you can buy a two-wheeler insurance plan by visiting the insurance company’s
branches or through an insurance agent.
Online - you can also buy two-wheeler insurance online through online insurance aggregators
and brokers. For instance, Turtlemint is an online platform from where you can buy an insurance
policy for your bike. Moreover, you can also choose the insurance company’s website for buying
a plan directly.
Which is better?
Buying two-wheeler insurance online is always better because it is convenient and hassle-free. You can
buy a policy easily from your home or office. Moreover, the online medium allows you to research
a policy before buying. You can compare the different bike insurance plans and then buy the best
Comparing and buying two-wheeler insurance online
When buying two-wheeler insurance online, comparison is always recommended. There are dozens of bike
insurance plans available in the market. Each plan offers different benefits and is priced differently.
To be able to buy the best policy you should compare bike insurance plans online before buying. Along
with the features, the bike insurance price list should also be compared across various plans.
Why and how to compare bike insurance plans?
Comparing is advantageous if you want to have the best bike insurance plan for your two-wheeler. Who
doesn’t want the best, right? So, let’s understand the whys and how’s of comparing two-wheeler insurance
- When you compare you can find a plan which gives you the best coverage features. Since different
bike insurance plans have different coverage features comparing makes you able to choose a plan
which has the most comprehensive coverage features.
- Comparing also lets you choose a policy with the highest Insured Declared Value (IDV). IDV is the
maximum liability taken by the insurance company to compensate you in case of theft of your bike
or total loss. A higher IDV is always advised which you can choose when you compare.
- You can also save on premium costs when you compare bike insurance plans online. Different insurers
price their policies differently. You can find the lowest premium without compromising the coverage
How to compare bike insurance
IDV – Look at the Insured Declared Value (IDV) promised by the different plans. Choose
a plan which promises the highest IDV so that you can enjoy the highest possible coverage for
Coverage – look at the coverage features promised. While majority of the coverage would
be similar across plans, there are additional inbuilt coverage features which make the plans
different. Compare the coverage features and choose a plan with the most exhaustive list.
Premium – the next thing to see is the premium rate charged. Always compare the premium
along with the coverage features. The best plan would be the one which has the maximum coverage
benefits at the lowest possible rate.
Add-ons available – add-ons are additional coverage benefits which enhance the scope
of coverage. Compare the different add-ons available with different plans and choose a plan which
promises the add-ons you require.
Discounts – there are different types of premium discounts available with two-wheeler
insurance plans. Compare the plans with respect to the discounts offered. Higher the discounts
the better the deal you can get.
Two-wheeler insurance renewal
Every two-wheeler insurance policy comes with a specified tenure of 1/2/3 years. Once the tenure is over
you have to renew your bike insurance policy. This renewal is done by paying the premium within the
due date. Renewing bike insurance on time is very important. Here’s why -
There is no need of inspections – If a two-wheeler insurance policy lapses, renewal
is allowed only after the vehicle is inspected by the insurer’s executive. This inspection involves
two major inconveniences. One, it creates unnecessary hassles and takes time. Two, renewal after
inspection reduces the IDV. If you do timely renewals you can avoid inspections and the associated
You can avoid legal hassles – Driving without a valid two-wheeler insurance policy is
a legal offence. If caught you face penalty and even imprisonment. That is why renewing bike
insurance on time is important. You can avoid any legal complications which arise if you are
caught without an active insurance policy on your bike.
You can save your accumulated No Claim Bonus (NCB) – Every year when no claim is made
in a two-wheeler insurance policy, a No Claim Bonus (NCB) is promised. This bonus is a discount
in the next year’s premium. This discount also increases every subsequent claim-free year. However,
if the policy lapses, the accumulated NCB is lost. If you renew bike insurance on time you can,
therefore, protect your NCB from being lost.
You enjoy continuous coverage – Lastly, with timely renewals you can enjoy a continuous
coverage under your two-wheeler insurance policy. This gives you financial security against contingencies
which might arise any time when using your bike.
How to renew bike insurance online
You can easily renew bike insurance policies online through different portals available for the purpose.
You can visit your insurer’s website and renew your existing plan. Alternatively, you can visit an
online aggregator, compare bike insurance plans available, choose the best plan and renew online.
The online medium of renewing bike insurance is simple, safe, convenient and fast. You just have
to provide the details of your bike and existing insurance policy and you policy would be renewed
in an instant. Moreover, you can also renew lapsed bike insurance policy online.
How Turtlemint helps in comparing and renewing bike insurance policies?
Turtlemint is an online platform where you can find the two-wheeler insurance plans of all leading general
insurance companies. You just have to enter your bike details and the plans would be displayed with
their coverage features and premium rates. You can even modify the coverage by choosing the required
add-ons. Your bike insurance renewal process becomes very easy with Turtlemint’s interface. Once
you select the plan you want to buy you can pay premiums online and your bike insurance policy is
renewed. If you face any queries or difficulties you can get in touch with Turtlemint’s representative
who would guide you with the renewal process. Thus, Turtlemint gives you personalized services for
renewing your bike insurance policy.
Apart from bike insurance renewals you also get assistance at the time of claim. Turtlemint has a dedicated
claim management team which helps in getting your bike insurance claims settled quickly and smoothly.
Lastly, Turtlemint also provides you with a bike insurance premium calculator. You can calculate the
premium of your two-wheeler insurance policy using Turtlemint’s online premium calculator. The calculation
is easy and is done using the details entered by you.
Thus, at Turtlemint you get a complete solution to compare and renew bike insurance plans.
Are add-ons available in all bike insurance plans?
No, add-ons are available only with comprehensive bike insurance plans.
What is the No Claim Bonus I can earn?
You can earn a maximum bonus of 50% if you don’t make a claim in 5 successive policy
Yes, online renewals are safe and secured if you choose reputed websites.
Is IDV important when comparing two-wheeler insurance?
Yes, IDV is important when comparing bike insurance plans as it represents the maximum
coverage liability of the insurance company.
Do premiums differ for third party policies?
No, premiums for third party liability policies are fixed by IRDA and remain fixed across