Motorcycle insurance is a type of insurance that covers the rider of a motorcycle, who is also called the insured. The cost of this type of insurance depends on the rider's age, experience, the motorcycle's value and safety features, and coverage limits.
Some types of bikes are more expensive to insure than others. Some insurers may refuse to insure motorcycles with certain modifications or riders with certain risk factors.
Motor Vehicle Insurance Policy for Motorcyclists:
Motor vehicle insurance is an insurance policy that covers the driver of a vehicle and passengers from the liability that arises from accidents involving a two wheeler. In most cases, motor vehicle insurance protects against third party legal liability for bodily injury and property damage.
A motor vehicle insurance policy is an insurance contract that covers the insured from damage or loss of a motor vehicle. The policy may cover damages to the vehicle, medical expenses, and other losses.
Motor Vehicle Insurance Act in India:
The Motor Vehicles Act of 1988 is the first-ever comprehensive measure on the subject of motor vehicles in India. The Act provides for a uniform law on driving licenses, registration, and insurance of motor vehicles and penalties for their misuse.
Motor vehicle insurance is a contract between the insurer and the insured which insures against liability to third parties arising out of the use of a motor vehicle.
Third party insurance under Motor Vehicle Act: It is a kind of insurance that deals with the risk of the third party. It is compulsory for all vehicles in India to have this insurance before they can be registered. The main purpose of this type of insurance is to provide compensation to the victim's family in case an accident occurs.
Commercial Motor Vehicle Insurance: Commercial motor vehicle insurance is an insurance policy that protects commercial vehicles. It covers both vehicle and cargo and can be tailored to provide coverage for the driver, the vehicle, or both.
Is Motor Vehicle Insurance for Motorcyclists Mandatory in India?
Motor vehicle insurance is mandatory in India. Any motorcycle must have third-party motor vehicle insurance if it is driven on the roads in India. The third-party motor vehicle insurance covers the expenses of any person who sustains injury or damage due to an accident involving the insured vehicle, which is not their fault.
Motor vehicle insurance policies in India are governed by Motor Vehicles Act, 1988 and Motor Vehicle Insurance Act, 1939. The Insurance Regulatory and Development Authority of India (IRDAI) regulates motor vehicle insurance companies in India.
Motor Vehicle Insurance in India is compulsory for all vehicles except two-wheelers below 150cc engine capacity.
Types of Motor Vehicle Insurance Policy for Motorcycle:
One of the most important things to consider when buying a bike/motorcycle is whether or not you will be able to afford the type of insurance that you need. There are many different types of insurance, and they all come with different levels of coverage and premiums.
There are three basic types of motor vehicle insurance: liability, collision, and comprehensive. Liability insurance covers damage to other people's property and injuries caused by your motorcycle (such as hitting a pedestrian). Collision coverage pays for damages to your vehicle. Comprehensive coverage pays for damages to your vehicle from things other than a collision, such as hail damage from a storm.
Motor vehicle insurance is a type of insurance coverage for automobiles and other road vehicles. It protects the policyholder from physical damage to or destruction of the insured vehicle, and any third party property other than that owned by the policyholder caused by collision or another occurrence.
The benefits of motor vehicle insurance for motorcyclists include:
1) Property Damage Insurance: This coverage pays for damages to your motorcycle when it collides with another bike or object.
2) Bodily Injury Liability Insurance: If you cause a bike/motorcycle accident and someone is injured, this coverage will pay their medical bills.
3) Comprehensive Motor Vehicle Coverage: This coverage pays for damages to your motorcycle when it collides with an animal, gets hit by a falling object, or is vandalized.
Motor Vehicle Insurance Policy Renewal Online for Motorcyclists:
Motor vehicle insurance renewal online is the process of renewing your motorcycle insurance policy. This is done by logging on to the PolicyBachat website and following the steps.
There are many benefits of doing this, including saving time and money in the long run. The process is also straightforward. Motor vehicle insurance protects against financial loss in case your vehicle is damaged or stolen. It also covers you for injury to others, their property, or your own in the event of an accident.
At PolicyBachat.com renew a motorcycle insurance policy online is easy and quickly sitting at home. Follow the below-mentioned steps to renew your policy within 5 minutes.
- Go to 'Bike Insurance Online' to compare quotes above this article. Fill in the registration number of your motorcycle and required details and tap on 'Start Save Money.
- On the quotes section, choose an insurer for a new motorcycle insurance policy, or for renewing select the one to suit your needs, go with the current provider or switch to the new one to get more benefits and coverage.
- Make the payment and you will receive the confirmation at your email address. If need assistance call: 1800-123-4003.
Motor Vehicle Insurance Claim Process for Motorcyclists:
Motor vehicles are, by far, the most heavily insured type of personal property. Each year, many automobile owners file claims for damages to their vehicles. These claims are processed through the insurance companies, so it is important to understand the necessary steps when filing a claim.
An insurance claim is an official request made by the policyholder to the insurance company for compensating for the loss/damage involving his/her insured motorcycle. The amount of claim that the policyholder is entitled to entirely depends on the type of policy purchased. General Insurance companies allow their policyholders to make instant claims and provide quick and convenient claim settlement
Are you worried about making a motorcycle insurance claim? Following these simple steps will ensure a faster, speedier and easier process:
Step 1. Contact your two wheeler insurance company: Get in touch with your insurance company at your earliest to register the claim. Not doing so can lead to complications in the claim process!
Step 2. Lodge an FIR: If your two wheeler has been stolen or been in a major accident, you should file an FIR at the nearest police station. it speeds up your claim approval and is a mandatory document for initiating the claim settlement process!
Step 3. Damage evaluation: In the case of an accident or accidental damage, you should also have the damage evaluated immediately by a professional at a garage, preferably an authorized garage of your insurance company. This will make you eligible for cashless benefits at the garage.
Step 4. Settling claim via Reimbursement: Pay the service center to initiate the claim process. Fill the relevant forms and submit the required set of documents to ensure a quick and hassle-free claim settlement.
Documents for Filing a Two Wheeler/Motorcycle Insurance Claim:
A comprehensive cover not only financially secures the third party against accidental damage, injury, and death caused by the insured two wheeler; it also extends the same benefits to the insured bike as well. The following are the necessary documents that you need to submit for a fast and easy claims process:
- Duly signed claim form
- Copy of valid vehicle Registration Certificate (R.C.)
- Copy of valid Driving License (D.L)
- Copy of first two pages of the policy document
- FIR for accidental damage.
- Original repair bill, cash receipt, and proof of release.
For Theft:
In case of bike theft, immediately contact your insurer on their customer care number, and intimate about the bike theft. Once you have intimated the company about the loss, lodge the claim with a duly signed claim form, and you need to give your bike original keys also.
- A copy of your driving license,
- RC book, and
- Policy document.
Insurance companies also ask for a Police FIR copy along with the “No Trace Report” of the insured bike from the Police.
How to Calculate Motor Vehicle Insurance Premium for Motorcyclists?
A motor vehicle insurance premium calculator will help you to calculate the cost of insurance for your motor vehicle. Calculating motor vehicle insurance premiums can be a difficult process. There are many factors to take into account and it can be difficult to understand the different types of coverage that you need.
Motor vehicle insurance is required by law in all states and union territories in India. It protects you from paying for another person's motor vehicle damage or injury that may have been caused by your bike/motorcycle.
The basic principle of how to calculate motor vehicle insurance premium is to take the cost of the motorcycle and divide it by the risk of loss (the probability that your motorcycle will cause damage or injury). This information will help you determine what level of coverage, deductible, and premium rate you need.
GST on Motor Vehicle Insurance Premium in India: The GST is a tax that is charged on the supply of most goods and services in India. The GST is calculated at a rate of 18% on buying a bike insurance policy.
Essential vehicle details required for calculating the premium online for used/old vehicles:
- Make, model, a variant of the vehicle
- Fuel type
- Existing bike insurance policy details (if any)
- State and city of motorcycle registration
- No Claim Bonus (NCB) or previous claim file reports and details (if any)
The motorcycle insurance premium calculator will then estimate the premium amount based on the details provided so that you opt for the ideal motorcycle insurance policy.
Motor Vehicle Insurance Quotes Online for Motorcyclists: Motor vehicle insurance is a type of insurance that protects motorists from financial losses in case of an accident. Motor vehicle insurance quotes are generally calculated based on the age and make of the bike, the driver's age and experience, and the geographical location. The premium may also depend on other factors such as usage of the motorcycle, distance traveled, and safety features such as airbags and anti-lock brakes.
List of Motor Vehicle Insurance Companies for Motorcyclists in India:
Indian motorcycles are known for their superior performance. To drive these bikes, one must have a valid driver's license and motor vehicle insurance. Many companies in India offer the necessary coverage.
| Two-Wheeler Insurer |
Coverages |
| Bajaj Allianz Bike Insurance | - Comprehensive coverage
- 2/3 years of own damage motor insurance
- No claim bonus protection
- Inflation protection
|
| United India Bike Insurance | - Package & Liability Only Policy
- 50% discount on the OD premium on the vehicle specially designed.
|
| New India Assurance Bike Insurance | - Liability and Package Covers
|
| HDFC ERGO Bike Insurance | - Comprehensive Insurance cover
- 50% discount on the OD premium on the vehicle specially designed.
- Third-Party Cover
- Stand Alone Own Damage Cover
- Brand New Bike Coverages
|
| Bharti AXA Bike Insurance | - Comprehensive Insurance cover
- Personal Accident Cover for Rs.15 lakhs
- Loss or Damage due to Natural disasters, and manmade calamities.
|
| Oriental Bike Insurance | - Accidental Loss of or damage to the Vehicle
Liability to third parties,
- Personal accident covers to owner-driver.
|
| Tata AIG Bike Insurance | - Third Party Damage Cover
- Own Damage Cover
- No Claim Bonus
|
| Reliance General Bike Insurance | - Third Party Damage Cover
- Own Damage Cover
- Up to 50% No Claim Bonus Cover
|
| IFFCO Tokio General Insurance |
- Comprehensive Cover
- Third Party Damage Cover
- Own Damage Cover
- Up to 50% No Claim Bonus Cover
|
How to Download Motor Vehicle Insurance Policy for Motorcyclists?
Motor vehicle insurance is something that every driver needs to have before they can drive legally. The law requires that all drivers have this insurance in place before they take to the road.
First, you have to access the insurer provider and click on the ‘Download Policy’ button. You will then be prompted to enter your policy number and other information that is needed for a successful download. Next, you will need to enter your details such as name, address, and contact number. Once all the information has been entered, click on ‘Download Policy’ again. Finally, you can save or print the downloaded document as necessary.
Steps to Follow for Motorcycle Insurance Copy Online:
If you had purchased your two-wheeler insurance policy online, then it will be easier and simpler for you to get a duplicate copy of bike insurance. For this, you will be required to follow a few steps listed below:
- Visit your insurance provider’s website
- Select the type of policy
- Enter your policy details like policy number, etc.
- Verify your profile, if asked
- After verification, view, print, or download your bike insurance policy
Also, when you bought the two-wheeler insurance policy online, the insurance company must have sent you its copy on your registered email. You can use that as well for commuting or even claiming in the meantime.
How to Check Expiry Date of Motor Vehicle Insurance for Motorcyclists?
It's always a good idea to double check that your motor vehicle insurance is up-to-date and valid. It's due for renewal at some point, and it'll be more expensive if you let it lapse.
Motor vehicle insurance is a type of insurance coverage customized to cover automobiles, motorcycles, or any other form of vehicle. The goal of this type of policy is to provide a relatively inexpensive way to make sure a driver will be compensated for their damages in the event they are at fault for an accident.
Step 1: Through the Insurance Information Bureau (IIB):
To check the policy status online at Insurance Information Bureau (IIB), you should follow the steps given below:
- Click on the ‘V Seva’ in the Quick Links section. There will be a form displayed on our screen.
- Enter the required information in the form
- Enter captcha code then click ‘Submit’
You will be navigated to a page that displays your policy details. You will be able to find the policy expiry date there (if the policy was bought after April 1, 2020).
Step 2: Through VAHAN:
Another way to check the status of your bike insurance policy online is to check the VAHAN website, which is managed by the Road and Transport Ministry. They keep a track of all bike insurance policies. Follow the steps given below, for the same:
- Click KnowYour Details’ on the menu tab
- Enter your vehicle number as well as the verification code
- Click on ‘Search Vehicle’.
You will be able to see your bike insurance policy details on the screen under the ‘Insurance Up to’ section.
Step 3: Through Your Insurance Company:
The insurance company that you had purchased your bike insurance policy from also has all your policy details. So, before your bike insurance policy gets expired, you can check with your insurance company for the policy expiry date. You can check the status by logging onto the website, and entering your bike insurance registration number. This is an easy way to check the policy details online and you can do this within a few minutes.