The Insurance and Regulatory Development Authority of India (IRDAI) regulates the two-wheeler bike insurance sector in India. Bike insurance insures your two-wheeler against damage, loss, theft, and covers the damages caused to a third party by the insured vehicle. It provides a “Personal Accident cover” to owner-driver, wherein if the vehicle meets with an accident, the owner-driver is covered against severe injury and even death.
Bike insurance in India is of two types based on the nature and extent of coverage provided by it.
- Comprehensive two-wheeler Insurance – insures the vehicle, the owner-driver and covers damages to third parties.
- Third-party two wheeler insurance – only covers the damages caused to a third party.
HOW TO CHECK BIKE INSURANCE ONLINE
With the advent of digitization, it has become easier to buy insurance policies online. Bike insurance policies can be purchased or renewed online through the official website of the insurance provider or other third-party websites that provide the services. These websites allow you to compare the features and prices of the insurance policies of different insurance companies and buy the one that best suits your requirements.
To arrive at the right figures for bike insurance, check if you have the following data –
- Registration number of the two-wheeler
- Manufacturing Year
- Registration City
- Make and Model of the vehicle
- Status of your previous policy (Active/non-active)
- Mobile number
- No claim bonus
- Net-Banking details to pay for the policy
After making sure you have all the data, visit the official website of the insurance provider and on the home page select “Insurance” à “Two wheeler insurance.”
Then select the appropriate window from “Other company renewal,” “same company renewal” or “new two-wheeler policy.” Input all the bike insurance details as prompted by the screen.
The screen will now display the premium amount for the bike insurance policy type and the add-ons that you selected. You can compare the prices between different insurance companies and choose the one that suits you the best.
HOW TO PAY BIKE INSURANCE ONLINE
Once you select the insurance company and the type of policy you wish to purchase, you will be prompted for any add-ons that you wish to purchase along with the base policy. Many insurance companies provide “Personal Accident Cover” even with their “Third-Party Bike Insurance.” There is a pillion rider cover as well. Once you select all the required features, proceed to the payment section. You can pay for your policy through Net Banking or Debit/ Credit cards. Many Insurance companies also have tie-ups with different payment gateways and payment apps. There are various cashback and discount offers applicable to the various payment methods. Choose the payment method suitable to you and make the payment.
As soon as your payment is successfully processed, the system generates a policy number and a virtual policy document for your policy. You can download the document and keep a safe copy for your reference. A hard copy of the policy document is also dispatched to you by the company.
Keep your policy number and policy document safely. It contains the start date and end date of your policy and helps you to keep track of your policy details. You can check your two-wheeler insurance status. It also has the details of all the features of your policy so that you can refer them in case of any claim in the future.
As per the new Supreme Court directive, insurance cover should be compulsorily purchased while buying the new two-wheeler and will be provided by the dealer himself (You have the option of suggesting the insurance company of your choice).
For renewal of existing policies, just before the expiration of the policy term, you can renew the cover on the web portal of the insurer under the relevant section. The policy document helps you keep track of the renewal date of the policy. The renewal of the two-wheeler insurance policy should be done before the expiration date to avoid inspection charges.
Follow the same steps as mentioned above for buying a policy, input your existing policy number, add or remove any extra features you want for your policy and then proceed to payment.
Documents Required at the Time of Renewal -
- Current policy for reference
- Registration Certificate of the insured two-wheeler vehicle, Make and Model, year of purchase.
- A debit card or Net Banking details.