Cheap Bike Insurance Online
Cheap Bike Insurance
Looking for a two wheeler insurance policy? Let's get you an awesome price for your two wheeler insurance policy online with our online two wheeler insurance calculator.
Looking To Buy a Cheap Bike Insurance Policy? - It's Time To Apply The Brakes
As a general rule, human beings associate the word cheap in a product with value. However, not everything that is cheap is valuable or even worth its price at all, and a cheap bike insurance policy is no exception to this rule. Would you make a compromise on the coverage whilst purchasing a life insurance policy? No, right?! Then why do that while selecting a bike insurance policy, which may very well end up having an impact on your life?
While the label 'cheapest two wheeler insurance' may seem attractive and profitable, it cannot be farther from the truth. The truth is that such a two wheeler insurance policy is bound to have sub-optimal coverage and will leave your bike financially vulnerable in the wake of any untoward incidents.
Therefore, you must not be lured in by a cheap bike insurance policy. The most important consideration whilst selecting a bike insurance policy should be the coverage it offers to your bike, and for that, shelling out the required amount of premium should not bother you.
Why To Avoid Cheap Bike Insurance
There are several reasons why you must avoid opting for a cheap bike insurance policy, some of which have been discussed below.
1. Inadequate Coverage
If you select a cheap bike insurance policy, you will end up receiving inadequate coverage for your bike. Think about it: the whole premise of a cheap bike insurance policy is low premiums. Therefore, the amount collected by a particular insurance provider on such a policy is lower than that for a regular bike insurance policy.
What logically follows is that the insurer is likely to make up for the loss of revenue by reducing the extent of coverage they offer as a part of your bike insurance policy. Hence the selection of a cheap bike insurance policy may lead to small savings in the short term but can prove to be financially taxing for you in the long run.
2. High Deductible
A deductible in bike insurance is the predetermined amount that the policyholder has to pay out of their pockets in the event of the filing of a bike insurance claim. For instance, if you have a bike insurance deductible of ₹4,000 and file a bike insurance claim to the tune of, say, ₹7,000, your vehicle insurance provider shall only pay you ₹3,000 as a part of the settlement of the claim.
Bike insurance policies with low premiums tend to have a higher deductible than most other bike insurance policies. Therefore, whilst you may save on the amount of premium to be paid in a cheap bike insurance policy, you shall have to bear a significant proportion of the bike insurance claim should you need to file one.
With a cheap bike insurance policy, not only do you get reduced insurance coverage for your bike but also have to pay a higher amount of the repair expenses if it is damaged. It's a lose-lose situation you do not want to have to face.
Why Is It Important To Compare Bike Insurance Online
Before purchasing any household item, you commit to some degree of research, right? Whether you are looking to purchase a television, a refrigerator, a microwave, or a mixer-grinder, you are likely to assess and compare the products of various manufacturers and then arrive at a purchase decision. The importance of research in informed decision-making cannot be overstated.
Therefore, it is critical to compare various bike insurance policies before selecting the one that is well suited to your insurance requirements. With the online bike insurance calculator available on the websites of various insurance providers, it is easy to ascertain and compare the costs of different bike insurance policies.
Here are some of the key reasons why you should compare bike insurance online:
1. It helps you choose the most suitable policy
With there being a wide variety of bike insurance policies available for you to choose from, it is easy to get confused and, in some instances, overwhelmed. However, it is easy to compare different bike insurance policies online, particularly with the application of bike insurance premium calculators.
Such a tool helps you find out the cost of a bike insurance policy after accounting for factors such as the age, make, and model of your bike, the extent of the coverage, the selected add-ons, etc. Therefore, you can check the magnitude of the premium obligation of each assessed policy. An online bike insurance calculator enables you to assess, compare, and select the most optimal and feasible bike insurance policy for yourself.
2. It helps you make an informed decision
Since all the details of a particular bike insurance policy are available on the website of the concerned insurance provider, you can thoroughly peruse and analyse the cost, coverage, and conditions of each policy. After comparing various bike insurance policies online and ascertaining which ones are in alignment with your insurance requirements, you are well placed to make an informed decision.
3.It eliminates your dependence on an intermediary
With all the information required to assess, compare, and choose a bike insurance policy available at your fingertips, there is no need to depend on an insurance agent or any other intermediary to make your purchase decision. This way, you end up saving time and money and benefit from an unbiased decision.
4. It is time-efficient
Gone are the days when purchasing or renewing bike insurance entailed visiting the office of an insurance company and standing in long queues. With the advent of digitalisation in the insurance sector, you can access all the required information about bike insurance policies online and select a policy from the comfort of your office or home. They say time is money; therefore, by comparing and purchasing bike insurance online, you end up with substantial savings.
5.It is cost-effective
Buying bike insurance online has several advantages, not least of which is the discounts and promotional offers you can avail of. Most insurance companies incentivise customers who purchase bike insurance policies online through a discount on premiums and various other benefits that vary from one insurer to another.
Steps To Compare Two Wheeler Insurance Policies Online
Comparing two wheeler insurance policies online is as simple as cooking rice, in the sense that there are only three to four simple and straightforward steps in the process. Here is how you can compare bike insurance policies online:
1. Visit the website of the selected insurance provider
After assessing your bike insurance requirements and selecting a bike insurance company, you must visit the official website of the selected insurer in order to peruse and compare the various two wheeler insurance policies offered by them.
2. Enter the required information
The second step to compare two wheeler insurance policies online is entering the required information in the buy/renew policy section of the selected insurer's website. In most cases, entering your bike's registration number fetches its manufacturing and insurance particulars but if that is not the case, you must enter all the details prompted by the screen.
3. Input the bike's IDV and choose bike insurance add-ons
The third step is to enter your bike's 'Insured Declared Value' (IDV) which is its market value less depreciation. For new bikes, the IDV is equivalent to their price since there is no depreciation accumulated on their parts. Thereafter, you need to choose and add the necessary bike insurance add-ons to enhance the coverage of the selected bike insurance policy. After this step, you shall get an instant quote for the selected bike insurance policy.
4. Make the payment online
After double-checking the two wheeler insurance policy details and the personal information submitted by you on the selected insurer's website, you can make the premium payment and have your new bike insurance policy delivered to your email address. Easy, right?!
Things To Remember While Comparing Two Wheeler Insurance
There are certain factors you must keep in mind whilst comparing two wheeler insurance policies, including:
The premium of a bike insurance policy is one of its most important elements, and it may very well be the reason why you end up preferring one policy over another. Whilst analysing and comparing the bike insurance premiums of different bike policies, you must also pay attention to the coverage offered by each policy.
Remember that a bike insurance policy with a low premium may not necessarily be offering adequate coverage. Similarly, a bike policy with a high premium may not necessarily be expensive; it could be offering enhanced coverage, making it cost-effective rather than costly.
2.Coverage and Add-ons
The main reason why you buy bike insurance, aside from legal compliance, of course, is the protection it offers to your bike and to yourself in the wake of an adverse event pertaining to your bike. Therefore, analysing the coverage of a bike insurance policy is of paramount importance during the comparison of different policies. Both logic and common sense dictate that you must opt for a two wheeler insurance policy that provides sufficient coverage to your bike and also has the flexibility for the addition of add-ons to customise the extent of the coverage. Therefore, you must not fall down the trap of the cheapest two wheeler insurance online which is nothing but a facade for sub-optimal coverage
It is important to make a note of the bike insurance deductibles quoted by different bike policies since you shall have to pay the said amount in the event of a bike insurance claim. Policies with a low premium usually carry a high deductible, thereby reducing the amount you receive in a bike insurance claim. Therefore, you must be mindful of choosing an adequate deductible for your bike insurance policy.
4. Claim Settlement Ratio
The claim settlement ratio of an insurer is akin to the report card of a student, displaying their aggregate marks in a specific academic year. This ratio reflects the number of insurance claims settled by a particular insurer in a financial year against the total number of claims received during that year.
Needless to say, the higher the claim settlement ratio, the more reliable the concerned insurance company. Opting for an insurer with a high claim settlement ratio increases the chances of a successful and timely settlement of a valid bike insurance claim. Therefore, it is advisable to check the claim settlement ratios of various vehicle insurers before selecting a two wheeler insurance policy.
5. Policy Exclusions
Whilst comparing bike insurance policies, you are likely to check what is included in the coverage but do you also check what is excluded? If the answer is no, you must rectify this oversight, and check the exclusions in your existing two wheeler insurance policy and make a note to check that information whilst purchasing a new one. By perusing the exclusions in a policy, you get a clear idea of the actual extent of its coverage. Furthermore, it prevents you from misconstruing the financial protection offered by a bike insurance policy and filing a claim that is void in principle.
6. Garage Network
One of the most beneficial facets of modern-day two wheeler insurance is the facility of cashless repairs and claims at the network garages of the selected insurance provider. Therefore, you must opt for a motor insurance company that has a wide network of partner garages.
How To Calculate Two Wheeler Insurance Premium
You can easily calculate the two wheeler insurance premium for any bike insurance policy with the application of a two wheeler insurance calculator. Here are the steps you must follow to perform the aforementioned computation.
1. Enter your Bike's Registration Number
Visit the official website of the selected motor insurance company and go to the bike insurance page. Enter your bike's registration number and click on Get Price/ Get a Quote. Ideally, the registration number of your bike shall suffice to fetch the relevant personal and bike insurance details. However, if that does not happen, you must enter your bike's details and the required personal information.
2. Enter the Type of Policy, NCB Details, and Add-ons
The next step is to enter the type of bike insurance policy you wish to purchase, which depends on the extent of the bike insurance coverage you want. Thereafter, you must enter the accumulated 'No Claim Bonus' on your previous bike insurance policy, if applicable. Lastly, you need to select the required bike insurance add-ons.
*3. Get Quote *
The final step to calculate two wheeler insurance premium using a bike insurance calculator is clicking on Get Price/ Get a Quote. The bike insurance calculator will instantly generate a quote for the selected policy. If this quote is feasible for you, you can go ahead with the purchase. You can compare the final prices of different shortlisted bike insurance policies and choose the most cost-effective one.
How To Save On Bike Insurance Premium
If you have ever found yourself wondering how to reduce your bike insurance premium without compromising on the coverage offered by your bike insurance policy, here are a few simple tips for you.
1. Avoid Small Claims and Retain your NCB
One of the easiest ways to reduce your two wheeler insurance premium is to avoid filing a two wheeler insurance claim for small damages sustained by your bike. By filing small claims, you fail to earn a 'No Claim Bonus' (NCB) on your policy.
2. Ensure using your accumulated NCB during Bike Insurance Renewal
It is important to keep track of the NCB accumulated on your bike insurance policy and use it while renewing the said policy. Since an NCB is one of the markers of responsible driving behaviour, it entitles you to get a discount on the bike insurance premium upon policy renewal.
3.Opt for a High Voluntary Deductible
Bike insurance premiums are inversely related to bike insurance deductibles. Therefore, the higher the voluntary deductible you opt for, the lower your bike insurance premium.
4.Install Authorised Safety Devices on your Bike
By installing authorised safety devices on your bike, including an anti-theft device and an anti-braking system, you reduce its vulnerability to thefts and accidents. Consequently, your bike insurance premium also gets reduced.
5.Become a Member of Authorised Riding/ Automobile Groups in India
If you are a member of any authorised riding or automobile groups in India, you may be eligible for reductions in your bike insurance premiums. For instance, a membership at the Automobile Association of India can get you discounts on your bike insurance premium.
6.Keep track of your Bike's Age and its Engine Cubic Capacity
It is important to know the exact age of your bike as well as its engine cubic capacity because these are important factors in the determination of bike insurance premiums. Bikes with a higher engine capacity usually have a high bike insurance premium. Therefore, one way of reducing said premium is opting for a bike with a lower engine capacity.
7.Calculate and Compare Two Wheeler Insurance Premium before Buying a New Policy
It is advisable to calculate and compare your two wheeler insurance premium using a two wheeler insurance calculator before finalising a bike insurance policy. This way, you can select a cost-effective insurance policy for your bike.
8. Avoid Excessive Embellishments and Modifications to your Bike
The higher the degree of embellishments and modifications to your bike, the higher is its bike insurance premium. Therefore, you must refrain from adding excessive external equipment to your bike since that has a direct impact on the cost of your bike insurance.
Rather than looking for the cheapest bike insurance online, you must look for a cost-effective bike insurance policy that offers adequate coverage to your bike against a wide set of untoward events.
How To Select The Best Two Wheeler Insurance Plan
Are you looking to select the best two wheeler insurance plan for your bike? Here are some smart tips to help you attain that goal.
1.Carefully Assess your Bike Insurance requirements
The first prerequisite for the selection of an optimal bike insurance policy is absolute clarity on your insurance requirements. The higher this clarity, the more likely you are to choose the best two wheeler insurance plan for your bike.
2.Know the Engine Cubic Capacity of your Bike
You must know the engine cubic capacity of your bike, in general, and for purchasing bike insurance, in particular. For third-party liability bike insurance policies, the premium is determined on the basis of the engine cubic capacity of your bike and the corresponding bike insurance rates declared by the 'Insurance Regulatory and Development Authority of India' (IRDAI). Furthermore, under comprehensive bike insurance policies, the engine cubic capacity plays a role in the determination of the bike insurance premium.
3.Know the 'Insured Declared Value' of your Bike
The 'Insured Declared Value' of your bike is its market value after accounting for depreciation. It is the sum you shall receive in the event of a total loss event involving your bike, such as theft or irreparable damage. While purchasing a bike insurance policy, you are required to quote the IDV of your bike. It is important to quote the accurate IDV for your bike to get optimal insurance coverage for it.
4. Analyse Customer Reviews
Before selecting a bike insurance policy from a particular insurance provider, you must read and analyse the feedback of their customers which is available on their respective official websites as well as on neutral websites covering the insurance sector.
5. Compare Two Wheeler Insurance Plans online
If you wish to select the best two wheeler insurance plan for your bike, It is advisable to peruse and compare the various bike insurance policies available online. With the help of online bike insurance calculators, it is easy to assess and compare the coverage and cost of different bike insurance policies.
6. Check the Claim Settlement Ratios of Different Insurance Companies
The claim settlement ratio of an insurance company is a significant marker of their reliability and commitment to customer service. Therefore, you must study the claim settlement ratios of different insurers and select one with a high ratio. This assessment is also necessary from a bike insurance claim settlement perspective. This way, you take an important step towards choosing the best two wheeler insurance plan for your bike. Above everything else, keep an important mantra in your mind: Cheap bike insurance does not provide sufficient coverage to your bike. Therefore, there is no point in even contemplating the purchase of such a plan.
What You Get From A Two Wheeler Insurance Policy
There are several benefits of purchasing a two wheeler insurance policy, some of which have been discussed below.
1. Savings on Premiums
If you buy bike insurance online, you can get up to 75 per cent discounts on your bike insurance premium. Different insurance companies offer varying degrees of discount on the purchase of their two wheeler insurance policies.
2. No Claim Bonus
If you do not file a bike insurance claim in a particular policy year, you earn a No Claim Bonus of up to 20 per cent which can be utilised to receive a discount on the bike insurance premium during the bike insurance renewal process. Furthermore, if you do not file a bike insurance claim for five consecutive years, you may earn an NCB of up to 50 per cent.
3. Easy Claims Process
With the digitalisation of the insurance sector, it has become easy to file bike insurance claims online. All you need to do is visit the official website of your vehicle insurance provider and follow the online claims process. You can also seek the assurance of their claims experts throughout the claims process.
4. An Own-damage Cover for the Bike
With a standalone own-damage two wheeler insurance policy and a comprehensive bike insurance plan, you get an own-damage cover for your bike that protects it against the financial losses resulting from theft, fires, accidents, and disasters - natural and man-made alike.
5. Third-party Liability Coverage
A third-party liability bike insurance policy and a comprehensive bike insurance policy offer you financial and legal protection against any third-party damages, including damages to third-party persons and property. With a third party bike insurance policy, you also get coverage for the financial liabilities arising from the death of a third party person as a result of an accident involving the insured bike.
6.High Claim Settlement Ratio
If you select a bike insurance policy from an insurance company that has a high claim settlement ratio, you are likely to have a smooth and quick bike insurance claims experience.
7.Cashless Repairs and Reimbursement
The facility of cashless repairs at the network garages of your two wheeler insurance provider can help you get your bike repaired without having to pay any repair expenses. With the cashless claims feature, you benefit from easy access to professional bike repairs. Furthermore, if you get your bike repaired from a non-network garage, you can file a bike insurance claim and seek reimbursements from your insurer, provided said repairs fall within the coverage umbrella of your two wheeler insurance policy.
8.Quick purchase and renewal process
If you buy bike insurance online, the entire process is time-efficient, safe, and cost-effective. Similarly, online bike insurance renewals are also seamless and simple.
What Is Covered In A Two Wheeler Insurance Policy
Here are some of the common inclusions in a comprehensive two wheeler insurance policy:
1. Damages and Loss to the Bike
A comprehensive bike insurance policy and a standalone own-damage two wheeler insurance policy cover any damages caused to the insured bike due to:
- Fire - self-ignition, lightning, explosions, etc.;
- Natural calamities - floods, earthquakes, cyclones, etc.;
- Man-made Disasters - riots, terrorist attacks, strikes, etc.;
- Transit - transit through road, railways, air, or waterways.
2. Theft of the Bike
In the event of the theft of your bike, a standalone own-damage bike insurance policy and a comprehensive bike insurance policy provide you adequate coverage by reimbursing the 'Insured Declared Value' (IDV) of your bike.
3. Third-party Liability
If you opt for a third party bike insurance policy or a comprehensive two wheeler insurance policy, you get legal and financial protection against third-party liabilities resulting from an accident involving the insured bike. This includes the damages caused to third-party property and the injuries sustained by a third-party person, including their death.
4. Personal Accident Cover for the Owner-Driver
With a comprehensive two wheeler insurance policy and a standalone own-damage bike insurance plan, you get a personal accident cover of at least ₹15 lakhs. Under this cover, you can get reimbursement for the medical expenses required because of an accident involving the insured bike.
Furthermore, if the owner-driver of the bike succumbs to their accident-induced injuries, their beneficiary shall be entitled to receive the sum assured under the personal accident cover of the former's bike insurance policy. It is worth noting here that in compliance with the 2018 IRDAI directives, all third party bike insurance policies now comprise a personal accident cover for the owner-driver.
Remember that your bike insurance policy can end up providing you with the necessary financial assistance in the event of something adverse happening to your bike. It also protects you against the legal and financial implications of third-party liabilities arising out of road accidents caused by your bike. Therefore, it is pivotal to select a bike insurance policy with adequate coverage.
Whilst looking for a feasible two wheeler insurance policy, focus on cost-effectiveness rather than on low premiums. Drive safe and choose well!
Frequently Asked Question
What is covered under two wheeler insurance?
A third-party bike insurance policy is a mandatory requirement as per law and provides coverage to you against third-party damages to another person, vehicle or property.
However, with a comprehensive bike insurance policy, you can get protection from third-party damages as well as the following damages to your own bike.
- Theft or irreversible damage (total loss)
- Accidental damage due to road mishaps
- Damage from fires, implosions, explosions, self-ignition
- Damages caused by natural disasters such as earthquakes, floods, cyclones, etc.
- Damages due to human causes like terror acts, vandalism, etc., and more.
As of now, a personal accident cover is mandatory under a third-party insurance policy as well as a comprehensive insurance policy.
How to choose the best bike insurance online?
Choosing the best bike insurance policy will depend on your coverage needs as well as your budget. For example, if you choose a policy that has a high insurance coverage amount exceeding your requirement, you can avail of a high claim amount in case your bike is damaged, but you will be paying high premiums, which won’t be economical for you in the long run.
To choose the right policy online, you can use our bike insurance calculator on the official Tata AIG bike insurance page. With this tool, you will be able to calculate your coverage amount based on how much coverage your bike needs. The bike insurance calculator also helps you compare and choose policies so that you make a well-informed decision.
How to keep the bike insurance premiums low?
To keep your bike insurance premiums low, start by choosing an appropriate policy that provides the right amount of coverage to your bike while keeping the premiums low. To do so, you can use the Tata AIG bike insurance premium calculator to get instant insurance quotes so that you can compare and choose the best bike insurance in India.
Comparing various insurance policies is another important aspect of maintaining an affordable bike insurance amount as it helps you weed out unnecessary costs like too many add-on covers at once. This ultimately helps you select from the
A timely bike insurance renewal is another way to reduce your premium amount, as you can avail of the No Claim Bonus discount at the time of renewal. But if you do not renew your policy on time, then you risk losing out on the discount on your premiums.
What is the IDV, and how does it affect the bike insurance premiums?
The IDV is the Insured Declared Value which is the total market value of your bike. The IDV also determines the sum insured of your bike, and therefore, is the total amount you will receive in case your bike suffers a total loss. Hence, when you buy an online bike insurance policy, you can choose from a list of IDV amounts provided. With an appropriate IDV selection, you can keep a check on how high or low your premiums will be.
What is cashless and non-cashless claim settlement in two wheeler insurance?
When your bike suffers damage, you can either file a cashless claim or a reimbursement (non-cashless) claim. As an existing Tata AIG bike insurance policyholder, if you file a bike insurance claim through the cashless mode, we will have your bike repaired at one of our network garages and clear the payment with the garage without you having to worry about it.
Likewise, if you choose to file a bike accident insurance claim through the non-cashless mode, you can have the bike repaired at a garage of your preference, make the payment, and then we will reimburse the repair costs to you. Here, the documents required for the insurance claim comprise a copy of the repair bills and receipts.
What happens to my two-wheeler insurance if I change my job and have to move to another location?
When you change your job and move to another location (within the geographical scope as mentioned in your bike insurance policy), be sure to let us know about the change. The location is an important factor that affects the premium amount of your bike insurance policy. Therefore, if you move to a city or town that poses less risk for your two-wheeler, your bike insurance premium will reduce. However, if you are moving to a bigger city with overcrowding, busy roads and traffic exposing your bike to greater risks, your premium amount will increase.
It is important to notify us about this change so that if your bike faces any damages in the new location, this information will help us settle your damage claims efficiently.
How can I claim my two wheeler insurance online if it is stolen?
If your two-wheeler is stolen, this damage is considered to be a total loss. In such a scenario, we will follow due process to ensure that you are compensated with the sum insured of your bike. This is how you can file a claim for a stolen two-wheeler:
- File a First Information Report at your nearest police station.
- Inform us about your stolen bike by contacting us on our support page.
- Visit the Tata AIG official website and go to the Claims section.
- Initiate a claim for your stolen bike, fill out the online form and also inform the Regional Transport Authority of the theft.
- Keep all the relevant documents ready needed for the process – the original FIR, a copy of the bike’s RC, the claim form filled and signed by you, a copy of the policy papers, the bike’s keys and Forms 28, 29, 30 along with the attested RTO transfer papers.
- If there is a loan on the bike, then you will also need form 35 and a NOC from the financer.
- You will then have to get the No Trace Report from the police, which signifies that the bike cannot be found.
- Once you have submitted all these documents, we will process your claim and settle the compensation amount in a convenient and swift manner.
When does bike inspection become necessary?
A bike inspection is necessary when you file a bike insurance claim for damages. During the bike insurance claim process, we send you an experienced surveyor from our end to examine the bike and prepare a report for the claim settlement. This is a necessary process so that we can adequately compensate you for the losses.
Is bike insurance mandatory?
Yes, having at least a third-party bike insurance policy is mandatory. The third-party two-wheeler insurance policy is a legal compulsion without which you could have to pay traffic fines or face imprisonment for up to 3 months. You can also choose to have a comprehensive two-wheeler insurance policy that has third-party insurance as well as own damage cover so that apart from following the legal statute, you are also able to protect yourself against third-party damages and damages to your own bike.