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Types of Two-Wheeler Insurance Plans Offered by Different Insurers 

• Third-Party Liability/Bike-insurance
  Third-Party insurance is mandatory for all motorised vehicles as per the Motor Vehicle Act, 1988. Under this policy, in case the insured bike is the cause behind an accident, any damage incurred to the third-party vehicle/injury/loss of life of the 3rd party will be reimbursed. Note that the third-party liability cover excludes damage/loss caused to the insured bike. In case of accidents, the insured bike can suffer considerable damage and the owner of the injured bike can undergo several injuries as well. Hence, to avail each of these expenses of the insured bike, you must either buy a standalone own damage or go for a comprehensive bike insurance policy. 
• Comprehensive Two-wheeler Insurance
  As the name suggests, the comprehensive plan is 360-degree protection for your bike. The plan offers security not just to your bike but against all third-party liabilities as well. This insurance provides an own-damage cover for the insurer against all financial and personal accident cover to the owner. In addition, insurers achieve a particular coverage against certain circumstances by adding extra add-ons in their policy. These add-ons include Roadside Assistance Cover, Zero-Depreciation cover, etc. 
• Standalone Own Damage Cover
  This is two-wheeler insurance that covers all damages incurred on the bike. It encompasses all damages caused due to man-made calamities, natural calamities, total damage(beyond repair), or theft. However, note that this policy does not accept any third-party liabilities. Eventually, you can only buy this policy with legal and mandated third-party liability cover. 
• Bundled Motor Policy
  This policy provides mandatory third-party insurance for an extended period. Insurers can pay a one-year premium for their own damage (OD) coverage following an annual renewal. 

Documents required for filling Bike Insurance Claim

While making a claim request, individuals need to present a set of essential documents. Below is a checklist of documents required to fill a bike insurance claim. 

In Terms Of An Accident 

• Copy/proof of the insurance policy 
• Copy of Driving Licence (DL) 
• Copy of Registration Certificate (RC) 
• Duly filled and signed form (claim form) 
• Original tax record/receipt (for verification) 
• Copy of First Information Report (FIR) 
• An estimate of Damage repair 
• Payment bills and receipts after the vehicle is repaired 
• Satisfaction Voucher plus claim discharge (to be signed across a revenue stamp) in case the claim amount is provided by the repairer. 

In Terms Of Theft 

• Tax payment receipt 
• Original insurance policy document 
• Original Registration Certificate (RC) 
• Prior insurance plan details such as policy number, policy term, insurer’s name, etc.
• Extra informative accessories such as duplicate keys, warranty cards, etc. 
• Letter of subrogation 
• Theft endorsement declaration from the RTO (Regional Transport Office) 
• FIR (First Information Report), JMFC (Judicial Magistrate First Class), and a final police report 
• Intimation letter to the RTO regarding theft and discontinuation of the vehicle 
• Claim Discharge Voucher 
• Form 35 signed by the finance
• Form 28, 29, 30 signed by the policyholder

Add-On Cover for Two-Wheeler Insurance

Generally, insurance companies provide a wide range of add-ons for policyholders to select an ideal insurance cover that best suits their needs. That said, below is a list of 5 scrumptious add-ons that come along with a two-wheeler insurance policy. Note that these add-ons are available at a negligible premium above the primary insurance policy. 

Two Wheeler Insurance Add-Ons 

• Zero Depreciation Cover 

  In most cases, the bike owner pays for the replacement and depreciation of new parts right after an accident. However, if owners want this expense to be covered by the insurance company, they need to purchase a Nil or Zero Depreciation Add-on to obtain the benefits of the cover along with the current insurance policy. 

• Roadside Assistance

  This add-on helps you in all situations. Roadside Assistance assists you with all of its help on the road that your two-wheeler needs. The add-on offers an array of benefits, right from getting your vehicle fixed on a spot or getting a taxi service to help you in reaching your destination. 

• Consumables Cover

  Generally, consumables such as nuts, oil, bolts, etc. are not covered under the insurance during claims. However, with the consumable add-on, individuals can save all those consumables irrespective of how tiny they are. This add-on takes overall expenses incurred in unfit consumables that arise due to accidents or damages. 

• Engine Protection Cover 

  In a regular two-wheeler policy, usually damages incurred during accidents are covered. But, most of the time, the engine suffers consequential damages as well. With an engine protection add-on, insurers can attain protection for damages that occur due to leaks, lubricating oils, at times when the water enters the engine or natural calamities. 

• Return To Invoice Cover

  Now, this is the worst nightmare for motorists. At times when the bike is destroyed beyond repair, the return to Invoice cover enters the show. In extreme cases, insurance companies provide conciliation. They refund the entire amount/value noted on the invoice.

How To Choose The Right Two Wheeler Insurance Company In India?

The government of India has made it compulsory for every two-wheeler owner to have an insurance policy as soon as they purchase a bike. This very rule makes it a tough decision for every bike owner to choose wisely the insurance company they want to invest in. However, we are here to help you put your hands on the right one. First of all, it is essential to understand that one insurance company cannot fulfil all your needs. Some can offer better premium rates, while some can offer wider network garages. So, you need to gauge your requirements and then make the choice. Here are some pointers that might be helpful:

• Claim settlement ratio
  The CSR refers to the percentage of claims that a company is able to settle in contrast to the claims filed in a policy year. The higher the CSR, the better its performance is.
• Customer Service
  You are definitely not only concerned about the coverage. The service quality also makes a difference. The way the company solves your query and provides you assistance is what you need to assess as well.
• Cashless network
  Cashless network garages help you cover the cost of repairing without paying from your pocket. The company and the garage settle on their own without your interference until some costs fall out of the coverage. So, the more there is network garages, the easier it will be for you to go cashless while repairing your bike.
• Add-ons
  Add-ons are the extra coverage you can add to your policy. Make sure you find the required add-ons in the particular company you want to invest in before purchasing the policy. 

What Does Your Bike Insurance Cover?

The coverage of a bike insurance policy depends upon the type of policy you are purchasing. Some popular policies for two-wheelers are:

• Comprehensive Bike Insurance
  Comprehensive, as the name suggests, is a complete package that provides both own damage and third-party coverage. 
• Standalone Own Damage
  This policy has been recently introduced in September 2019. Under this policy, only the own damage of your bike is covered and not of the third-party liability.
• Third-party liability
  Under this very policy, you get coverage for the damage caused to the third-party person or property.

Some policy coverage can be beneficial for some owners while not for others. So, you first need to assess your needs and then look for a company fulfilling your requirements.