A two wheeler insurance policy is one that helps you to cover financial expenses against any unforeseen circumstances including accidents, thefts
or natural disasters, if you are an owner of a two wheeler/bike. It is not optional, but mandatory under the Motor Vehicles Act to have your two wheeler covered under an insurance policy. When you buy a
new vehicle, the seller adds the cost of an insurance cover in the total cost as a premium, which is valid for one year. After one year, you can get your policy renewed with the same insurance provider or
you can buy a new policy with a different insurance provider.
Depending upon the kind of insurance policy you choose and add-ons you select, the two wheeler insurance policy works for the following:
If you’re eligible to buy a two-wheeler, you’re eligible to buy an insurance policy. That is, if you’re an adult with a valid driving license, you can buy a policy. In fact, it is a must to have your vehicle covered under an insurance policy as per the laws and regulations.
The first bike/two wheeler insurance policy will come with your new vehicle as part of the package valid for one year. After that, either you can renew the policy with the same insurance provider or select a new company and directly buy from them. You can buy a policy from an insurance agent or you can opt to buy a new policy online after doing thorough research and comparing various plans. Buying online does give you a better deal as you can select a plan based on your needs and requirements at a lower cost.
At easypolicy.com, we help with all your queries regarding two wheeler insurance and strive to provide fair comparison between different plans so that you can select the best bike/two wheeler insurance policy for your vehicle.
All you need to do is submit basic details including your name, contact details, bike/two wheeler model and make, registration number of the vehicle, your city and easypolicy.com will provide you with all possible insurance plans and options to choose from.
The documents that you will need if you are buying online bike/two-wheeler insurance are:
One should buy a bike insurance not only because it is mandatory under the law, but also because it provides a lot of benefits that can come handy in case of an accident, theft or any natural disaster.
With a comprehensive bike insurance policy, you can cover your financial expenses incurred on repairing your vehicle due to an accident. Even small repair and minor damages can be taken care of at a fraction of a cost, thanks to insurance.
You can be a victim of theft or robbery or probably get your vehicle damaged due to a riot. A bike insurance policy will take care of such disasters as well so that you don’t lose your hard-earned money owing to factors out of your control.
In case of an accident, the insurance policy will provide cover to reimburse damages to the third party’s vehicle. Not only that, medical expenses incurred for treatment or hospitalisation expenses are also taken care of. It even covers damage to third party’s property so that you don’t have to pay anything from your pocket!
Apart from basic insurance coverage, such insurance policies also provide various add-on covers to provide a wholesome shield against unforeseen expenses by paying an extra amount. These can include coverage for cashless garage facility, free towing and the likes
Even if you do not face any such situation throughout the year, you get a handsome no claim bonus (NCB) for not filing any two wheeler insurance claim. Your next bike insurance comes cheaper to you.
Any damage caused due to floods, storms earthquake etc. is also covered by a comprehensive bike insurance policy.
It is very important to buy a comprehensive bike policy at the earliest and if you already have coverage, get it renewed within time by easily comparing various policies at easypolicy.com and remain tension free!
Even though a two wheeler insurance policy is designed to shield you from unforeseen financial expenses caused due to an accident or any natural/man-made disaster, there are certain situations, which your policy may not cover!
It is important to study various insurance plans before buying them and your policy document in detail to understand such exceptions.
While the basic two wheeler insurance policy will cover the basic expenses incurred on your vehicle due to an accident or other unforeseen circumstances, there might be some sudden expenses that can also make a big hole in your pocket. To safeguard from such shocks, there is an option of selecting add-on covers.
Add-on, also called riders, are additional coverage on your existing bike insurance policy that you can purchase by paying extra premium. Different add-ons are offered by various insurance providers and you can select the ones that meet your requirements.
As a vehicle ages, depreciation causes the value of the vehicle to go down. Now, in case of an accident, the insurance provider will only pay for repairs or changing parts based on the depreciated value that can be extremely less if it’s an old vehicle. By buying zero dep cover, one can ensure to have the value of vehicle calculated as a new vehicle and save money on repair by claiming actual charges from the insurer.
It is an important add-on as it provides for medical expenses incurred in case a pillion rider is injured in an accident. It covers the pillion rider in the event of partial/permanent disability and in some cases even death.
In situations where you have to change or add electrical/non-electrical accessories to your vehicle, the cost for the same will be borne by the insurance providers.
All of the above add-ons are optional but they are very useful in certain situations. Keeping in view your actual requirements, you may opt for some or all of them.
A bike that you own is a prized possession that you have bought with hard-earned money. It is an asset that needs to be taken care of so that it doesn’t become a liability for you. With two wheeler insurance, you can be rest assured that you only enjoy driving your vehicle and don’t feel stressed because of it.
An accident can lead to physical injuries for everyone involved. A comprehensive insurance policy pays for the medical treatment, legal expenses and even provides financial assistance in case of loss of limbs or even death of not only the owner of the vehicle, but also of the third party involved in accident.
Precaution is better than cure! An accident can happen anywhere with anyone and it can lead to massive expenses to get your vehicle back in shape. two wheeler insurance policy covers such unforeseen expenses and pays for all kinds of damages so that your vehicle can be repaired without making a big hole in your pocket.
With increasing instances of theft, vandalism or rioting, it is better to have a comprehensive bike insurance policy so that you’re not penalised for something that’s not your mistake. The insurance cover reimburses the cost of the vehicle damaged or stolen under such circumstances.
A flood, earthquake, fire or any such natural calamity can also result in you losing your vehicle or it getting badly damaged. Having a bike insurance cover ensures your financial losses are reduced or totally eliminated without you having to spend a single rupee.
Driving a bike without adequate insurance cover is illegal in the country as per the Motor Vehicles Act that can lead to fines and penalties.
If you already have an insurance cover, do remember to renew it on time. Getting your bike covered under a third party or a comprehensive insurance policy is a must, not only to save money, but also for peace of mind!
|Third Party Coverage||Comprehensive Policy|
|Damage ToThird Party's Vehicle||Yes||Yes|
|Damage to Own Bike||No||Yes|
|Coverage Other Than Collisions||No||Yes|
|Personal Accident Cover||No||Yes|
|Medical Expenses For Self||No||Yes|
|Medical Expenses For Third Party||Yes||Yes|
|Loss Due To Natural Calamities||No||Yes|
There are certain considerations to be kept in mind while buying a bike/twowheeler insurance policy.
The documents that you will need if you are buying online bike/two-wheeler insurance are:
Just logon to easypolicy.com and buy the best two wheeler insurance policy now!
The bike insurance policy can be bought either from an insurance agent or by going online and buying it directly. The trend of more and more people buying it online is increasing and there are valid reasons for the same.
Instead of going to an insurance agent or calling one at your home, you can look at various insurance plans online, do your research, compare various plans and buy a policy from anywhere, anytime as per your convenience.
Every insurance company is able to offer you reduced and discounted premiums if you buy a policy online as they don’t have to worry about the agents’ commissions and other overhead costs. Hence, buying online means extremely low premiums!
Buying a bike insurance cover online also offers you the chance to gather detailed information about the product so you can make an informed choice compared to checking with an agent, who might not share complete details.
Instead of writing a cheque and having to wait for payments to clear, you can make online payments with various options at your disposal including net banking, credit cards, debit cards etc.
Every insurer has a customer care centre where you can speak with a representative over the phone to solve any query or doubt while buying the policy rather than having to personally visit their office in case you decide to buy offline!
The entire process of selecting, comparing, buying and paying for the policy is absolutely secure online and your personal information is also kept confidential
Easypolicy.com can make the process of buying bike policy a cake-walk for you!
Just a bit of smartness can help you cut down your two wheeler insurance cost!
Purchase The Policy Online
Don’t Make Small Claims
Renewing the insurance cover on time can help you in saving money in many ways
Ensure Safe Driving
If the vehicle is old, buy a third-party insurance cover instead of comprehensive policy to save costs
Invest in an economical bike as higher the cost of the vehicle, higher the premium for insurance cover
Get your bike fitted with ARAI approved anti-theft device and cut further cost on bike insurance
Pay one time premium instead of paying in instalments
With these handy cost cutting tips, it is time to pick your bike insurance policy form easypolicy.com NOW!
A high end expensive bike with a higher cubic capacity (cc) will attract a higher premium compared to an economical bike with lesser cc. There are three categories for bikes when it comes to their cc: 0-150cc, 150-350cc and above 350cc. The premium goes up as cc goes higher.
New bikes attract higher premiums as the cost of repair and damages for the newer parts is going to be expensive. Also, newer bikes have higher Insured Declared Value (IDV), hence the insurers have to reimburse a higher amount in case of accident or theft. Older bikes have lesser IDV as per market values and thereby attract lower premiums.
Not filing for claims in a single year make you eligible for No Claim Bonus (NCB) in the following year that starts from 10% and goes up to 50% discount on the premium. There is also a provision of transferring your NCB from one policy to another!
Living in an urban and densely populated area will attract a higher premium since the chances of an accident are higher. Also, the areas where cases of theft or vandalism are rampant will lead to higher premium being charged by the insurers.
A third-party insurance cover is much economical than a comprehensive bike insurance policy. Since comprehensive insurance provides a wholesome financial coverage, the insurers charge a higher premium for the same.
The number of claims filed, records of accidents, rash driving etc. are considered when calculating premium at the time of renewal. Higher of such instances will result in higher premiums.
If your Bike is fitted with an ARAI (Automotive Research Association of India) approved anti-theft device, you enjoy further discounts on premium.
At Easypolicy, you can key in all the factors and reach the best premium value as per your needs, in just a few clicks!
Renewing bike insurance policy is one of the most important steps you can take to follow the law as well as keep it financially safe.
If your policy has expired or about to expire, you can get it renewed either at your insurer’s website or at easypolicy.com The process for doing the same is extremely easy and hassle-free.
Let us examine various scenarios about renewing the policy to have a better understanding:
Even after the policy has expired, you still have a small window, called grace period, to get it renewed. This can vary between 3 and 30 days after the expiry date and not every insurer offers this period. Also, certain insurers may offer free renewal during this period and some may levy charges. Follow these steps if your policy lies within grace period:
If you failed to renew the policy within the grace period, your two wheeler insurance policy dies. If there is a significant loss of time after the expiry, you may not be eligible for a renewal with the same insurer. You may have to buy a new policy altogether.
Downsides Of Not Renewing Policy On Time:
you pay extra and buy a comprehensive two wheeler insurance, you expect to stay financially secured of all the unwanted expenses you may incur when you face an accident, theft or natural disaster.
Thus, you will always want your claim to pass through and you get all the reimbursement without any rejections.
Once the filing of claim is done with all the needed documents, forms duly filled, and a green signal is given by the vehicle surveyor, then your insurance provider will approve your claim. The insurer will pay the cost of repair to the network repair shop, in case you filed for a cashless claim.
Rest claims made and approved (reimbursement/compensation) will be settled through NEFT or Check.