1 Own Damage Cover
This cover protects the insured vehicle against any loss or damage caused by the means of natural calamities, fire & explosion, man made calamities or theft.
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*Above mentioned prices are including taxes for a OD policy for a 2-year-old Honda Activa 6G DLX (110 cc) registered in Bengaluru and 15 days before expiry of previous policy.
Save upto 70%*
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What is Two-Wheeler Insurance?
Two-wheeler insurance, or bike insurance, is an insurance policy that helps you to cover against losses/damages that may happen to both you and to your two-wheeler due to events like accidents, thefts, or natural disasters. You will also get protection against damages to any third-party vehicle, property, or person. A two wheeler insurance covers several types of two-wheelers, like motorcycles, mopeds, scooters and more.
Lack of good roads, rush hours and unregulated traffic problems are a part of today’s life. Moreover, instances of rainfall or heat waves may cause many problems on the road, such as slippery surfaces, mushy or muddy areas, or sticky tar. These situations may cause damages to the two-wheeler vehicle and even injure the riders in the event of accidents. To stay protected from all such incidents, it is important to have a valid two-wheeler insurance. As per the Motor Vehicle Act 1988, motorcycles plying on roads must be covered with at least a third-party insurance policy.
Some of the benefits of buying two-wheeler insurance are:
You can consider following points before buying two-wheeler insurance online from Chqbook Insurance and avail some additional benefits:
Till September 1, 2018, only two types of motor insurance policies were available where vehicle owners could either buy a third-party cover for their car or buy a comprehensive insurance policy which included OD insurance policy and third-party insurance for one year. The Insurance Regulatory Development Authority of India (IRDAI) issued new guidelines for motor insurance policies for new vehicle owners (i.e.,those who bought vehicles on or after September 1, 2018).
Insurers are now allowed to offer stand-alone annual own damage (OD) insurance policies (including stand-alone own damage policy for fire and/or theft) for cars and two-wheelers, both new and old. However, on and after September 1, 2018, IRDAI allows insurers to offer long-term motor insurance policies and made long-term third-party insurance compulsory for new vehicle owners.
> Long term Comprehensive Cover: with 3 years TP + 3 years OD cover.
> Bundle Cover: with 3 years TP + 1 year OD cover,
Or 5 years TP + 1 year OD,
Or 1 year TP + 1 year OD
| Third Party Insurance Policy | Comprehensive Insurance Policy |
| This is the fundamental two wheeler insurance coverage that includes financial liabilities arising from third party damages. | This type of coverage protects you, your vehicle along with third party person/property from the financial damages caused due to an accident. |
| It’s mandated under the Motor Vehicles Act | Not a mandatory requirement under the Motor Vehicles Act of 1988 |
| Third party insurance is cheaper than comprehensive two wheeler insurance, due to narrow fixed coverage. | Due to the wide coverage, this type of insurance is more expensive as compared to third party two wheeler insurance. |
| Does not cover own damage to the vehicle or Personal Accident cover to the owner-driver. | Does not cover any kind of deliberate damage like damage caused by driving under the influence of drugs/intoxicants, damage caused by illegal racing, etc. |
| Add-ons are not available | Coverage can be enhanced with two wheeler insurance add-ons |
This cover protects the insured vehicle against any loss or damage caused by the means of natural calamities, fire & explosion, man made calamities or theft.
It offers coverage against any legal financial loss that may occur due to third party property damage or bodily injury, which may have even led to his/her demise.
PA cover up to ₹15 lakh is available for injuries to the rider/owner that may result in temporary or permanent, partial or total disabilities. The cover applies when the person is travelling, mounting, or dismounting from the vehicle. The insurers offer optional personal accident cover for the co-passengers with different cover options.
Any loss or damage caused to the insured vehicle due to natural calamities, such as lightning, earthquake, flood, hurricane, cyclone, typhoon, storm, tempest, inundation, hailstorm, and landslide and rockslides among others will be covered.
It offers coverage against various man made calamities, such as riot, a strike by outside means, malicious act, terrorist activity and any damages caused in transit by road, rail, inland waterway, lift, elevator or air, among others.
An insurer settles the claim amount after deducting the depreciation value of your vehicle. This cover eliminates any depreciation deduction at the time of claim settlement and the full amount is paid to you.
NCB is applicable only if no claims are made in a policy year. NCB Protect allows you to save your NCB and get a discount benefit during renewals even if you make any claim during the previous policy year.
In the event of total loss due to any accident, the insurers will pay the Insured Declared Value (IDV) of your two wheeler, which is the current market value of the vehicle after deducting depreciation. RTI covers this gap between the invoice price of your vehicle and the IDV, including registration and taxes, allowing you to get the entire purchase value as the claim amount.
Your two wheeler insurance premium is determined and will also be affected on the basis of several factors like:
Third-party plans are the most basic and cost effective,
but they offer limited cover. In case of comprehensive insurance, your choice of add-ons will also influence the cost of the policy.
The age of the bike is inversely proportional to the market value of the vehicle and thus it is related to IDV. Older vehicles means lower IDV and thus lower premiums.
Higher the age of your vehicle, lesser the premium amount that you will be required to pay. Your vehicle value decreases with age because of depreciation.
If you own a basic bike model, the bike insurance
premium amount will lower but with higher variants and models the premium amount will increase.
No Claim Bonus allows you to receive a discount on your
premium at the time of renewal if you have not made any claims. Thus, NCB reduces the premium that you are required to pay.
The place where you will be riding your bike affects your premium as certain places, such as metropolitan cities, have higher risk exposure. The premium amount will increase with increased risk exposure.
If a bike is fitted with a safety device such as a burglar
alarm, then the insurance provider offers a lower premium since the bike is safe from theft and hence, carries less risk than a bike without a safety alarm.
The cost of the third party component of your plan depends heavily on the cubic capacity of your bike. The higher the cubic capacity, the more premium you have to pay for a third party bike insurance policy
While Compulsory deductibles are mandatory but do not affect the premium of the two wheeler insurance policy majorly, the Voluntary deductibles can
facilitate a huge difference when it comes to bike insurance premium calculation as it lowers the premium amount.
The add-on option is available with the comprehensive two-wheeler insurance policy. These are the additional benefits which tend to increase the cost of the premium as they are not a part of the policy itself.
There are several ways through which you can save on your two-wheeler insurance premium without compromising on your policy coverage. Check them out below:
No Claim Bonus is rewarded for every claim-free year. You can reserve your NCB to avail discounts on your renewal premium by not making small claims
It is important to be aware of the year of manufacture of your bike. This is because older motorcycles attract lower premium rates due to having a lower Insured Declared Value (IDV).
You should consider safety devices that can enhance the safety of your bike. Insurers will offer your premium at a discounted rate.
Choosing the engine cubic capacity (CC) of your vehicle is important because higher CC attracts a higher premium. Thus, you need to choose the engine CC wisely.
Deductibles decrease the insurer’s liability towards the claim amount as you need to pay a certain share of the amount from your own pocket. Therefore, if you opt for a high voluntary deductible, your insurer will acknowledge it by offering lower premium rates.
There are two ways of filing a two-wheeler insurance claim online with your two-wheeler insurance online.
Cashless claim is a facility where the claim amount will be directly paid to the network garage where the repairs are done.
Step 1: Inform your insurer about the accident or mishap
Step 2: Survey will be conducted by the insurer to estimate the damage
Step 3: Fill in the claim form and submit it along with all other required documents
Step 4: Insurer will approve for the claim/repair
Step 5: Your vehicle will be repaired at the network garage and your insurer will pay the repair charges directly to the garage
Step 6: You will be required to pay the deductibles or non-covered expenses (if any)
If you get your vehicle repairs done at any garage which is not in your insurer’s list of approved garages, you need to go for reimbursement of claims. You need to pay the repair expenses from pocket and will later have to file for reimbursement with your insurer.
Step 1: Register the claim with your insurer
Step 2: Fill up the claim form and submit it along with other required documents
Step 3: A survey will be conducted to estimate the repair cost and you will be informed about the assessment
Step 4: Give your insured vehicle for repair at any non-approved garage
Step 5: After the repair is done, the insurer will conduct another inspection
Step 6: Pay all the charges and clear the bill at the garage
Step 7: Submit all the bills, payment receipts as well as ‘proof of release’ to the insurer
Step 8: After the claim is approved, the claim amount will be paid to you
In Case of Accident Damages.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply CIBPL/Two-Wheeler/WebBanner/English/Jan-22/010
No, your two-wheeler insurance policy is attached to your two-wheeler registration number and hence your current insurance policy cannot be used for your new vehicle. You will need to get a new two-wheeler insurance policy for the same. In case you are selling your old vehicle, you can just transfer your old insurance policy to the new owner.
Yes, a bike insurance policy can be transferred from the old bike owner to the new bike owner, if it is sold out. The policy transfer must be completed within 14 days from the purchase date of the bike.
A motor insurance policy is connected to the respective bike and its owner. However, if someone borrows your bike and while doing so, causes damages to the bike or a third-party then your bike insurance will still cover for the losses and damages (as per policy conditions), if you mention this while making the claim and that both the bike papers and policy documents are in your name only
As per Section 197 of the Motor Vehicles Act, 1988, if you are caught driving without insurance, you will be charged ₹2,000 fine for the first time and ₹4,000 subsequently.
Yes, the pillion rider, or the passenger on the back seat is considered as a third-party and will hence be covered for in the case of an accident.
Yes, digital bike insurance policies stored in the DigiLocker or as soft copy in your mobile like a PDF document are valid in India. The physical document is not mandatory while riding a bike in India.
In this case, you need to visit the nearest police station to lodge an FIR against the lost or stolen vehicle immediately. Then you need to inform your insurer about the incident to file a claim. Submit required documents with a copy of the FIR attached. The customer care executive will guide you through the process.
Endorsement is making changes to the policy’s terms and conditions. If the policyholder needs to change certain details such as address, name, etc., it can be done through the endorsement process in the bike insurance policy.
A premium bearing endorsement is an endorsement for which additional premium is charged. Some of the examples are:
A non-premium bearing endorsement is an endorsement for which you are not charged any additional cost. Some of the examples are:
ARAI stands for Automotive Research Association of India. If you have installed an ARAI approved anti-theft device in your vehicle, whose installation is duly certified by the agency, you can get a discount of 2.5% on the OD (Own Damage) premium, subject to a maximum of ₹500.
No, a bike owner cannot buy two insurance plans for the same bike. However, you can buy a third-party policy and own-damage plan separately from different insurance companies.
Every insurance policy has a date of expiry before which you should renew it to enjoy continuous benefits from it. However, if you fail to renew the policy on due date, you can renew it within 90 days of grace period from the expiry date. If you fail to renew even within the grace period, your policy will cease, and all your accumulated benefits will be lost.
