Third party bike insurance policies are mandatory by law. They are insurance policies on your bike which cover you against financial liabilities if you harm any third party or damage a third party property. Moreover, comprehensive bike insurance plans also cover damages suffered by your bike.
Two-wheelers are very popular in India. People prefer a two-wheeler because of its convenience and economy. In fact, two-wheeler sale in the Indian market is booming. According to reports, the total two-wheeler sales in April – July 2017 increased by 9.23% against the sales in April-July 2016. During the same period, the scooter market posted a growth of 19.10%.
However, despite the popularity of two-wheelers, safety is ignored by many riders. According to reports published by National Crime Records Bureau, two-wheelers accounted for 29.3% accidental deaths in 2015.). Two-wheeler riders also forsake the compulsory bike insurance plans. In a data compiled by the Ministry of Road Transport and Highways, out of 19 crore vehicles registered in the country, only 8.26 crore vehicles are insured. Is it wise?
Two-wheeler insurance plans are compulsory by law. Yet, many individuals still ignore it as is evident from the figures. The main reason for this ignorance is a lack of knowledge. If you also don’t know about bike insurance plans, here is a detailed guide.
In India, you get two different types of bike insurance plans. One is the mandatory third party liability policy while the other is a more inclusive comprehensive package policy. Let’s understand these two in brief –
A comprehensive bike insurance plan provides coverage also provided by a third party policy. So, here are the coverage features offered by a comprehensive plan –
The two-wheeler insurance does not follow certain expenses. The following are not covered-
The two-wheeler insurance does not follow certain expenses. The following are not covered-
Basis |
Comprehensive Two-wheeler Insurance |
Third Party Two-wheeler Insurance |
Coverage |
A comprehensive two-wheeler insurance covers own damage along with third-party liabilities like- bodily injuries/death and any property damage caused by the insured vehicle. |
The third-party two-wheeler insurance covers only third-party liabilities, i.e., bodily injuries/death and property damage caused by the insured vehicle. |
Add-Ons Availability |
Add-ons like Zero Depreciation, Consumable Cover, etc can be included with a comprehensive insurance plan. |
Add-on covers that are not available for this policy. |
Nature of Requirement |
It is an optional but more preferred insurance policy. |
It is a mandatory policy that every car should have as per Indian Motor Tariff. |
Cost |
It is comparatively on the expensive side however the coverage is extensive too. |
It is comparatively lower on cost but the coverage is much less as well. |
IRDA has made recent changes in the context of bike insurance plans wherein the plans can be offered for longer tenures. In keeping with these changes, there are bike insurance plans which come with policy tenure of up to 3 years. You pay the premium once and you get coverage for 2 or 3 years as you choose. Both third party and comprehensive bike insurance plans are being offered as long-term plans. These long-term policies give you the benefit of lower premiums and cut down on the hassles of annual renewals.
A bike insurance calculator helps you in calculating the premium that you will pay monthly, quarterly, or annually depending on the city your bike is registered, the year of bike purchase, the policy you choose, and the add-on covers. Having a clear idea about the premium will help you in planning your budget accordingly and also choosing the right plan. Make sure you use the Turtlemint Bike Insurance Calculator before finalising the insurance company and plan.
Buying an all-encompassing, comprehensive bike insurance plan can keep your mind at peace. If you meet with an accident, the insurance will protect the bike, the rider’s safety, and any kind of third-party liabilities. Some of the benefits of buying a comprehensive bike insurance plan are-
IDV represents Insured Declared Value. It is the maximum amount that you would receive from your insurance company in the event of total damage or theft of the vehicle. When choosing an insurance policy, the premium sum is an important factor, but you should also remember to check out the insured declared value of your bike. It is recommended to invest in a policy with higher IDV because, in the event of complete loss of your two-wheeler, a higher IDV value would mean a higher reimbursement amount.
A comprehensive bike insurance policy is important because –
The No Claim Bonus or NCB is a reward that is provided to the policyholder by the insurance companies for a claim-free year. NCB benefit is offered only under own-damage cover which is covered by the comprehensive bike insurance. Due to the wider coverage of the comprehensive policy, the premiums of the comprehensive insurance plans are higher than that of third-party bike insurance.
The NCB benefit is cumulative and it could go up to 50% with successful claim-free years. The chart given below explains the calculation of No Claim Bonus(NCB)-
Claim Year |
Percentage of NCB |
1st Year |
20% |
2nd Year |
25% |
3rd Year |
35% |
4th Year |
45% |
5th Year |
50% |
As mentioned above, a comprehensive bike insurance policy provides attractive add-ons. Some popular ones are as follows –
Add-ons increase the scope of coverage and provide you comprehensive benefits. Though they involve an additional premium, the premium outgo is very minimal compared to the benefits provided by the add-ons.
There are multiple comprehensive bike insurance plans available in the market. You should buy a plan only after comparing it with others. Here are the factors which you should consider before buying a comprehensive bike insurance policy –
Buying a third-party bike insurance policy is a must under the Motor Vehicle Act, 1988. When it comes to purchasing a policy you can either invest in a third-party policy which is a must and protects against any kind of third-party liabilities or you can purchase a comprehensive plan which covers third-party policy along with own damage and damage caused due to natural calamity or man-made events like burglary. You can purchase the policy either online or offline but buying a policy online is more beneficial these days due to which every company is shifting towards making the plans available online. Some of the benefits of purchasing two-wheeler insurance online are-
To buy bike insurance online from Turtlemint, please follow the steps given below:-
Turtlemint is an online platform which lists various bike insurance policies under one roof. You can shop for bike insurance online through Turtlemint. Since we are partnered with various insurers you can find different plans on our website along with their bike insurance price list. You can compare these plans before you buy. This comparison would let you buy the best plan at the best premium rate. Furthermore, Turtlemint helps you with the buying process if you are confused. We provide you with personalized one-on-one services at the time you buy the plan and also at the time of claims and renewals.
Bike Insurance Company |
Motor Incurred Claim Ratio (2020-21) |
Network Garages |
Royal Sundaram General Insurance |
87.89% |
3300+ network garages |
Magma HDI Two-wheeler Insurance Package Policy |
78.91% |
3300+ network garages |
Tata AIG General Insurance |
75.41% |
7500+ network garages |
Go Digit Two Wheeler Insurance |
74.91% |
2900+ network garages |
IFFCO Tokio General Insurance |
84.04% |
4300+ network garages |
Reliance General Insurance |
76.89% |
6200+ network garages |
New India Two Wheeler Insurance |
78.20% |
216 network garages |
ICICI Lombard Two-wheeler Insurance Policy |
65.77% |
4800+ network garages |
HDFC ERGO General Insurance Company Limited |
70.02% |
7600+ network garages |
Cholamandalam MS General Insurance Company |
74.30% |
6912+ network garages |
Universal Sompo General Insurance Company Limited |
87.96% |
3500+ network garage |
No, add-ons are available only with comprehensive bike insurance plans.
Yes, comprehensive bike insurance plans cover damages faced due to lightning.
You can buy add-ons either when buying a new policy or at the time of renewals.