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it was nice product
08 Dec 2021
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A two wheeler insurance policy protects your bike or scooter against any damages caused due to road accidents, natural disaster, and theft or loss. A bike insurance policy covers damages to your two wheeler and legal liability towards third parties. With us, you can secure your bike at affordable rates. There are currently three kinds of bike insurance policies available.
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
Mentioned below are some important facts which you can consider before buying bike insurance online from Coverfox.com and also avail certain additional benefits:
We do not charge any extra amount!
With Coverfox, get a comprehensive online two-wheeler insurance coverage plan in 5 minutes.
The entire process of claim settlement is fast, convenient and hassle-free.
All of your KYC documents are digitally stored and secured. There is no need for physical inspection.
Buy, compare and renew best bike cover plans online on Coverfox.
It covers you from liabilities towards accidental injuries to a third-party person, including his death or chronic disability.
It's also known as Self-Damage. It protect your bike from all kinds of accidents and disasters.
It shields your vehicle from incidents of natural calamities, fire, theft, accidents, and man-made disasters.
Here is a comparison of Comprehensive vs Third Party Cover Two Wheeler Insurance Plans:
| What is Covered? | Third-Party | Comprehensive |
|---|---|---|
| Third-Party Vehicle Damage |
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| Third-Party Property Damage |
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| Personal Accident Covered |
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| Own Vehicle Damage |
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| Vehicle Theft |
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| Fire Damage |
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| No Claim Bonus |
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| Cashless Claim |
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| Damage from Natural Calamities |
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| Engine Protection |
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Through Add-on |
| Zero Depreciation Cover |
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Through Add-on |
| NCB Protection |
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Through Add-on |
| Invoice Cover |
|
Through Add-on |
Comparing bike insurance quotes online has become easy with Coverfox. Now you can compare two-wheeler insurance plans online from various 2 wheeler insurance companies and get the best suitable policy at lowest premium prices. You can also check the IDV, NCB, claim settlement ratio as well as cashless garages of these insurance companies.
However, you must also consider the below points while comparing two-wheeler insurance plans:
Disclaimer: The above mentioned prices are for a 2 year old Suzuki Burgman Street 125, registered in Navi Mumbai & previous policy has not expired.
Here is a comprehensive list of the best two-wheeler/bike insurance plans, the insurers, their respective Third party Cover and a number of Personal Accident Cover across India.
| Two Wheeler Insurance Companies | Motor OD Claim Settlement Ratio FY20 | Motor incurred claim Settlement Ratio FY20 | Network Garages |
|---|---|---|---|
| IFFCO Tokio General Insurance | 95.30% | 87.77% | 4,300+ |
| Royal Sundaram General Insurance | 92.66% | 92.23% | 4,600+ |
| The Oriental Insurance Company | 91.76% | 101.63% | 3,100+ |
| HDFC Ergo General Insurance | 91.23% | 79.21% | 6,800+ |
| Universal Sompo General Insurance | 90.78% | 89.54% | 3,500+ |
| TATA AIG General Insurance | 90.49% | 80.29% | 5,000+ |
| The New India Insurance | 89.60% | 85.35% | 3,000+ |
| SBI General Insurance | 89.51% | 92.05% | 16,000+ |
| Bajaj Allianz General Insurance | 88.83% | 65.83% | 4,000+ |
| Future Generali India Insurance | 88.69% | 57.67% | 2,500+ |
| Bharti AXA General Insurance | 87.99% | 81.91% | 5,200+ |
| ICICI Lombard General Insurance | 87.71% | 76.83% | 5,600+ |
| Liberty General Insurance | 87.48% | 70.95% | 4,300+ |
| Cholamandalam MS General Insurance | 85.89% | 82.95% | 7,100+ |
| National Insurance Company | 85.71% | 116.44% | 3,100+ |
| Edelweiss General Insurance | 84.52% | 116.31% | 1,000+ |
| Reliance General Insurance | 84.26% | 84.63% | 3,800+ |
| Acko General Insurance | 83.91% | 97.58% | 2,000+ |
| United India Insurance Company | 82.93% | 96.45% | 3,100+ |
| Kotak Mahindra General Insurance | 82.81% | 76.66% | 1,300+ |
| Go Digit General Insurance | 80.47% | 74.82% | 1,400+ |
| Magma HDI General Insurance | 79.60% | 85.13% | 4,000+ |
| Shriram General Insurance | 77.26% | 66.43% | 2,000+ |
| Navi General Insurance | 76.20% | -% | 900+ |
Following are some of the key features of two-wheeler insurance plans:
| Feature | Cover offered |
|---|---|
| Own Damage Cover | Offers financial protection against damage incurred by your two-wheeler |
| Liability Cover | Covers financial obligation against third party and property due to their death, disability and property destruction from an accident |
| Personal Accident Cover | Rs. 15 lakh cover for you payable in case of death or disability due to an accident. |
| Add-Ons | Zero depreciation, No Claim Bonus Protection Cover, Engine Cover, Return to Invoice and more for added protection. |
Due to passage of time your bike loses value due to depreciation, which can directly reduce the amount of settlement, at the time of claim. When you purchase a Zero Depreciation Cover you do not have to compromise on the claim amount, as it foregoes the amount of depreciation on the parts made of nylon, plastic and fiberglass. In the event of a claim settlement, the customer receives the full amount due without any deductions for depreciation. It is always advisable to get this add on cover it will help you from any loss in claim, arising from depreciation of your bike or scooter
The No Claims Bonus Add-on allows you to avail a discount on bike insurance premium for the term where you don’t make a claim on your insurance policy. Not making a claim shows you as a safe driver, and the motorcycle insurance company allows you to avail for No Claim Bonus (NCB) discount at the time of your two-wheeler / bike insurance renewal. The no-claim bonus discount can range anywhere from 20-50% of your own damage premium.
There can be times where your bike or scooter breaks down in the middle of the road and you will then need to drag the bike to the service center at your own expense, this is where this add-on to your bike insurance protects you. This add-on cover insures you from a variety of unplanned and unforeseen incidents that could lead to a roadside emergency such as towing, lost key assistance, battery jump-starts, replacement keys, and fuel arrangements Tyre changes and small repairs on-site are also included. The add-on is of great benefit if you ride long distances every day, especially on Indian roads.
During the claim settlement of total loss, the bike insurance company pays you the Insured Declared Value (IDV) of your bike. Return to Invoice add-on bridges the gap between the IDV of your two-wheeler insurance policy and its current on-road value. This includes taxes, documentation and other related charges as well. What this add on does is provides the policy holder to get an insurance amount as per the price on which the policy was purchased, you will get the entire amount in scenarios where your two wheeler was damaged due to total loss or theft.
In a case where your bike has met a casualty, it might be possible that your bike is left at the network garage for days at a time. In such a case, a Daily Allowance Cover provides you with a daily travel allowance till the time your bike is repaired and released from the network garage.
When you have an EMI protection cover, your bike insurance company shall pay the EMIs for your two-wheeler if the bike is getting repaired at a network garage after an accident.
The life and power of your two-wheeler depends on its engine. Hence, taking care of the engine is a must. An engine protection cover add-on covers the damage on your engine caused by water ingression or oil leakage, which is usually not covered under the standard two-wheeler / Bike insurance policy.
Here is a list of exclusions under a two-wheeler insurance plan:
You can make a claim for your Two-wheeler, bike or scooter Insurance cashless two wheeler insurance online . There are two ways of filing a claim for insurance online; 1) cashless claim and 2) reimbursement. Let’s discuss both the claim processes:
You need not pay a single rupee, the money is given to garage by the insurance company
You can pay the money first, incase of claim & later get it reimbursed by insurance company
Cashless Claim: You can make a cashless claim in case of repair undergoing at one of the network garages. In a cashless claim, the damages are directly covered by your bike insurance provider, and you have to pay nothing out of your pocket.
Reimbursement Claim: If your vehicle covered under the bike insurance policy gets repairs on a garage which is not in the list of your insurer’s approved network garages, then you can file a reimbursement claim for your policy. Under this, you'll need to pay for the repairs upfront and then submit a claim for reimbursement to your insurance company.
With Coverfox, you can easily apply for two-wheeler insurance renewal online in simple steps with lowest premium on 2 wheeler insurance in a hassle free manner. Renew your motorcycle insurance online and save get up to 80% discount.
You can renew your 2 wheeler insurance online by just filling up the form on the website and providing basic details. All you need to do is keep your expired motorcycle insurance documents handy for the details and follow the below mentioned steps:
You will receive the documents of your bike insurance policy renewal on your registered email address. You can also download the document and take a printout. You can carry this document with you while driving in order to avoid hefty fines.
To renew your two-wheeler insurance offline, you need to visit the nearest office of your insurance company. Make sure to carry all the necessary details of your existing or expired motorcycle insurance policy. You need to fill an application form with the necessary details. Generally, you will be handed your renewed policy documents immediately if the payment is made in cash, debit card or demand draft.
If you wish to make the payment with a cheque, it may take some time to clear. In such cases, your policy will be emailed to you on your registered email address.
It is mandatory to carry valid two-wheeler insurance policy documents for the two wheeler owner all the time. A motorcycle or scooty insurance also provides coverage to the policy holder against financial losses incurred due to theft, loss, damage or injuries caused by a third party.
As per the law, if the two-wheeler owner is caught without having a valid motorcycle insurance, then they can be fined up to Rs. 1000 or sentenced up to three months of imprisonment or both. Apart from facing legal issues, the policyholder may also lose all the accumulated benefits in the form of No Claim Bonus if they fail to renew the bike insurance policy on time.
In order to avoid all these issues and keep getting continued benefits of your policy, you must renew your 2 wheeler insurance on time.
To ensure you get the most benefits out of your bike insurance policy, you must keep in mind the factors that affect your bike insurance premium. Below are some tips to save a considerable amount on your insurance premium:
Compare Plans:
When getting a two-wheeler insurance online, the best decision is to first compare bike insurance policies online. Keep a note of the coverage and other benefits offered by various bike insurance companies and choose the one that fits your budget and requirements. By comparing, you will be able to identify which policy offers maximum benefits at minimal premium, to compare and get best deals, visit our Bike Insurance Compare section
Claim Your No Claim Bonus (NCB):
Ensure claiming your No-Claim Bonus (NCB) discount on your bike insurance premium, whether you opt for a two-wheeler insurance renewal or a new bike insurance plan. In either case, for every year when you don't make a claim, an NCB can be availed, which can significantly reduce your bike insurance premium.
Install Safety Devices:
The more secure your vehicle is, the lesser it becomes a liability for your bike insurance provider. Ensure companies offer lower bike insurance premiums if your vehicle is well secured with anti-theft devices. Hence, installing safety and anti-theft devices approved by Automotive Research Association of India (ARAI) will reduce your premium amount.
Know Your Vehicles Age:
Because of depreciation, the market value or Insure Declared Value of your bike decreases as it gets older. As a result, as the age of your bike increases, the premium you need to pay decreases.
Choose Suitable Add-on Covers:
Though add-ons can provide some important additional benefits, they tend to increase the amount of your bike insurance premium. You must choose only those add-ons which are crucial, provide benefits to you and fall in your budget.
Renew Your Insurance on Time:
When a bike insurance policy is about to expire, the NCB benefit is only valid for 90 days from the policy's due date. To avoid a price increase in premium, make sure to renew your bike insurance as soon as possible.
Buying a two-wheeler insurance online instantly on Coverfox is easy and simple, just follow the steps mentioned below:
Here is a list of several benefits you can avail by buying two-wheeler insurance online from Coverfox.
Driving without valid two-wheeler insurance in India can land you in trouble with the law enforcement authorities. A third-party liability, only insurance policy is compulsory if you want to use your vehicle in India, as per the Indian Motor Vehicles Act, 1988. A two-wheeler insurance policy must mandatorily be carried by you while using your vehicle along with other necessary documents like Driving License, Registration Certificate (RC) of the Two-wheeler and Pollution Under Control Certificate (PUC).
It is quite natural that one can forget to carry or renew their two-wheeler insurance policy. But, did you know your negligence can cost you a fine of Rs. 2,000/- and a free jail trip for 3 months if you are a repeat offender.
So, always remember to carry your two-wheeler insurance and ensure that it is valid too. You can quickly check the policy status through these simple methods:
So, when you decide to drive your two-wheeler, ensure that you have an active two-wheeler insurance policy.
Here are the steps involved in the claim settlement process for cashless and reimbursement claim for your bike:
Now you can pay for bike insurance online. It is a simple, fast, hassle-free and convenient method. Here are the steps for the same:
