May 2023

Two-wheeler insurance is a simple way to protect your bike from accidental losses and liabilities. It will protect you from unexpected expenses and help you comply with the Motor Vehicles Act 1988, which requires third-party motor insurance in India.

Any confusion between two-wheeler insurance policies can result in the wrong choice. It may cause issues later. To avoid this, understand insurance before buying it.

 To Get the Right Two-Wheeler Insurance Policy For Your Vehicle, Consider These Factors 

Bike insurance types

Comprehensive and Third Party vehicle insurance are currently available. The Motor Vehicles Act of 1988 requires vehicles to have third-party insurance. Both bike insurance policies are explained here. 

Comprehensive insurance

A comprehensive two-wheeler insurance plan will protect your bike from theft, damage, etc. It also covers third-party damage. Coverage for:

1. Earthquakes, floods, typhoons, etc.
2. Robberies, riots, etc.
3. Comprehensive policies also offer personal accident cover for owner-driver. 

Third-party insurance

Third-party insurance only covers damage your vehicle causes to a third party’s property or vehicle, not theft or damage to your own. This motor insurance covers third-party legal liability for accidental damages, such as:*

1. Permanent damage
2. Passing away
3. Property damage

Unless you have a long-term bike policy, third-party and comprehensive insurance must be renewed annually. Two-wheeler insurance premiums depend on vehicle age, policy type, and location. 

2. Premium

Numerous factors affect policy premiums. Two-wheeler insurance premiums depend on engine cubic capacity (CC). The India Motor Tariff has three categories: 0-150CC, 150-350C, and 350CC+. The policy premium will increase with engine capacity. The location also impacts premium calculation. Zone A cities and towns cost more. 

3. IDV

IDV is the car’s market value. The maximum insurance claim for total loss or theft is the Insured Declared Value (IDV). IDV decreases with bike age. * 

4. Riders

Add riders to your two-wheeler insurance policy if you need more coverage than what your primary insurance provides. Riders cost extra to add to bike insurance policies. Examples are Roadside assistance, personal accident insurance, etc. 

5. NCB

No Claim Bonus is a bonus for claim-free policies. NCB can be accumulated to 50% of the policy premium.* 

6. Claim procedure

Two-wheeler insurance with a simple claim process is good. Insurers’ claim settlement ratios indicate claim settlement efficiency.*

However, you can make a claim only if you do your bike policy renewal promptly. 

Online purchase

Saving middleman commissions lowers policy costs. Online bike insurance is more economical because it requires less paperwork—these savings lower policy premiums.

You can protect your bike by choosing a two-wheeler insurance policy that meets your needs and takes good care of it. For the right insurance policy, consider the above factors.

If riding is your passion, you want to look after your bike like it’s your baby. There is nothing that should harm your baby. That’s why it is crucial to thoroughly research and find the right insurance for your bike. It will give you peace knowing that your bike will always be safe no matter what happens. 

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

A request for reimbursement of the costs incurred for treatment is known as a health insurance claim or a medical insurance claim. After verifying the claim, the insurance provider will either pay the hospital directly or refund you for the money you spent, depending on the type of claim procedure you choose. They will also provide you with a number of optional health insurance benefits.

Types of Health Insurance Claims

A health insurance plan’s main goal is to offer financial support when necessary. One must use one of the two services listed below in order to receive the payment from the insurance provider on time:

• Cashless claim – In a cashless claim, the policyholder may receive care at any of the insurance company’s network hospitals. The policyholder must provide the cashless health card given by the insurer upon admittance, and all costs associated with the treatment will be paid for in full by the insurance provider; there is no additional cost to you. When submitting a cashless claim, all you need to do is present your health insurance plan

Two methods exist for requesting cashless treatment:

Planned Admission cashless process:

• Pick a hospital from the network listed in the insurance document.
• Three days before admittance, notify the third-party administrator (TPA) and supply a membership number.
• Obtain a hospital cashless request form.
• Send the application and the medical records to TPA.
• TPA will examine each paper.
• Once authorised, the insurance provider will pay the hospital bills only, not including phone, food, or attendant fees.

Cashless procedure for emergency admission:

• In the event of rejection, one may request reimbursement.
• Emergency admittance without payment is handled by notifying the third-party administrator (TPA) and providing a membership number.
• Fill out the cashless form in the hospital with a doctor’s certification.
• Send TPA the form and your medical records.
• If a cashless facility is approved, medical costs will be paid in full right away.
• If something is rejected, ask for a refund.

Reimbursement – To submit a reimbursement claim, you must first pay for the medical care in question. When you submit a claim, you must present the hospital and medical expense receipts as well as other supporting documentation. The insurance provider will credit the money to your bank account after checking the invoices.

Remember to begin the reimbursement procedure seven days after the patient has been released. The steps to start are as follows, read on:

Procedure For Paying Out A Claim:

• Use the toll-free number to contact your insurance provider and give them your membership number.
• Pay off all hospital debts.
• When you ask for compensation, be sure to provide all essential documentation, including bills, prescriptions, discharge summaries, and more.
• The reimbursement form is accessible for download and completion on the insurance website.
• Send the insurance company the form and the medical records.
• Once the claim is accepted, a check will be issued. The process typically takes 20 days to complete from the moment that all paperwork is

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.