Why Two Wheeler Insurance is Required?
If you own a two wheeler (bike, scooter etc.) in India, then, a comprehensive Two Wheeler Insurance policy has always been an essential pre-requisite. This thoughtful policy serves the vast majority of motorists on the Indian roads (two wheelers number more than four wheelers) by offering them complete protection against natural and man-made calamities. Accidents happen without warning, and most times we are caught unaware. Two Wheeler Insurance ensures that in case of an accident or untoward event that impacts your cherished vehicle, you are prepared- financially and mentally.
- Provides financial protection to you in case your cherished two wheeler is damaged, stolen or is the cause of disability/death of a third party and/or damage to third party property.
- Is mandatory by law- a copy of the two wheeler insurance policy must always be in your person to be readily available for inspection, as and when required.
- By not claiming on your policy, you can avail the No Claim Bonus (NCB) that will further add to your margin and is usually adjusted against the applicable policy premium.
- Offers complete peace of mind in the knowledge that if the worst were to happen, you will not be required to spend exuberantly on the repairs or replacement of your vehicle.
Read more about Why Get Your Bike Insured?
Features & Benefits of Bike Insurance:
An average, comprehensive two wheeler insurance policy in India will offer the following features and benefits. Note that this is just a generalized list, and companies in their individual capacity may offer slightly differing options,
- Signing up for a 2 wheeler insurance policy is simple and involves limited documentation and quick turnaround times.
- When it comes to online two wheeler insurance, a confirmation copy and digitally signed policy document is issued immediately after subscription or renewal. Stay protected, at all times.
- Avail cashless claims servicing across the country, at selected network garages.
- Aside from personal accident cover for the driver/owner, co-passengers are also eligible for optional personal accident cover.
- No Claim Bonus (NCB) is applicable on renewals if the insured abstains from raising a claim through the previous policy year.
- Option to shift your two wheeler insurance from one insurer to another, while also taking along your accumulated NCB amount.
- Discounts apply on renewal if the applicant is a member of specified automobile or biking associations, has implemented specific anti-theft devices in his/her two wheeler, or satisfies other such conditions.
- Aside from the main comprehensive 2 wheeler insurance policy, a plethora of add-on covers are available to take care of conditions and situations that aren’t covered in the main policy.
Two-Wheeler Insurance Rates in India:
Third Party Insurance Rates for Two Wheelers Effective From April 1, 2016
Each fiscal year, there is an increase in the insurance premium rates. As we can see from the table given below, the insurance premium rates have increased by up to 25% for different categories of Two Wheelers. Going by the annual trend, these rates are again expected to go up by a certain percentage as the new fiscal year begins. Considering that, there is no better time than now, to purchase a two-wheeler insurance policy for your vehicle and keep yourself protected from a wide range of perils and risks.
|Vehicle Engine Capacity||Old Premium Rate||Revised Premium Rate w.e.f April 1, 2016||Percent Increase|
|Up to 75 CC||Rs. 519||Rs. 569||10.00%|
|76CC to 150 CC||Rs. 538||Rs. 619||15.00%|
|151 CC to 350 CC||Rs. 554||Rs. 693||25.00%|
|Above 350 CC||Rs. 884||Rs. 796||-10.00%|