Buy/Renew Bike/Two Wheeler Insurance Online in India

Buy insurance | Renew Bike insurance /Two Wheeler Insurance Online in India

What is Two Wheeler Insurance?

Two wheeler insurance, or bike insurance, is an insurance policy that helps you to cover against damages that may happen to both you and to your two-wheeler due to events like accidents, thefts, fires, or natural disasters. You will also get protection against liabilities arising due to damages to any third-party vehicle, property or person. A two-wheeler insurance covers different types of two-wheelers, like motorcycles, mopeds, scooters and more.  

Why do you need Two Wheeler Insurance?

Two-wheeler sales in India reached an all-time high as of 2019, when India's auto industry sold some 21 million units. This figure is almost double the 2011 sales, when just 11.77 million two-wheeler units were sold in India. This data alone speaks for the volumes of two-wheelers in India! (1)

With so many two-wheelers muddling across cities, accidents are prone to happen. Perhaps that’s why, at least having a Third-Party Bike Insurance is mandatory by law. This way, if you run into a third-party vehicle or someone bumps into you, you will be covered against any damages and losses caused. 

Digit provides two-wheelers with three kinds of bike insurance policies. From the complete Comprehensive Cover to standalone Third-Party and Own Damage Bike Insurance Policies as well. 

The best part? Comprehensive Bike Policies can further be customized by opting for add-ons that help protect your bike in all possible situations. All this within just a few minutes to spare online, and we’ll take care of the rest! 

Benefits of buying a Two Wheeler Insurance Policy

Protect your Pocket from Dents

Insuring your bike with a two-wheeler insurance policy ensures your pocket doesn’t face any dents due to unfortunate losses and damages in the likelihood of an accident, natural calamity, fire or theft. 

Be covered, legally!

According to the Motor Vehicle Act, it is mandatory to at least have a Third-Party Bike Insurance. Without it, you can’t ride legally on Indian roads! Therefore, one of the benefits of buying a bike insurance policy is that of being covered legally.

Stay Clear of Traffic Penalties

Since it’s primarily illegal to ride in India without at least a basic, Third-Party Bike Insurance; not having one can lead to heavy traffic penalties. Believe it or not, you save more on buying insurance for your bike than getting caught even just once for not having one!

Get Extensive Coverage with Add-ons

When you opt for a comprehensive bike insurance policy, you have the benefit of customizing it with useful add-ons like a return to invoice cover, zero depreciation cover, breakdown assistance, consumables cover and tyre protection amongst others that will give your bike complete protection, against all the odds!

Avoid Third-Party Problems

One of the problems people dread when they get into any kind of accident, is the countless banter faced between third-parties due to damages or losses caused. Having a bike insurance policy in place ensures the affected party will be covered and hence, lesser the problems faced! 

How to choose the right Two Wheeler Insurance?

Customize your IDV

An IDV is the market value of your bike, including the charge of its depreciation and the value of the same will directly affect your bike insurance premium. Moreover, this also affects the compensation value you’ll receive during claims. So, make sure you always check if your IDV is stated correctly. At Digit, we believe in transparency and give you the option to customize your IDV.

Compare Bike Insurance Quotes

The biggest advantage you have of buying a bike insurance online is, that you can compare different bike insurance quotes. You can either do this on online insurance aggregators or by visiting different insurance provider websites. Make sure you compare important aspects such as your IDV, add-ons available, service benefits, reliability and of course, claim settlement ratios and processes!  

Service Benefits

A good bike insurance isn’t only about coverages and claims (although yes, that’s a huge part of it!) it’s also about the kind of service benefits you can avail through your respective service provider. For example; at Digit we offer services like Roadside assistance (which doesn’t count as a claim) which ensures we’re there for you even when you need us for the littlest of things. 

Know your Coverage

A good bike insurance should be able to cover you for the different things that you may need. That’s what the premium is for! Therefore, while choosing the right bike insurance, ensure you look at the coverage you receive and then decide if what you’re paying for is worth it or not. 

Two Wheeler Insurance Terminologies You Need to Know

  What is the Insured Declared Value (IDV) in Two Wheeler Insurance?

  IDV is the maximum amount that your insurance provider can give you if your bike is stolen or completely damaged.

  Two wheeler insured declared value and your two wheeler insurance premium go hand in hand.  This means that the higher your IDV, the higher your bike insurance premium - and as the age of your vehicle and the value of the IDV decrease, your premium will also decrease.

  Also, when you decide to sell your bike, a higher IDV means you will get a higher price for it.  The price can also be influenced by other factors like usage, experience of previous bike insurance claims etc.

  So, when you are choosing the right two wheeler insurance policy for your bike, do not forget to pay attention not only to the premium but also the IDV that is being offered.

  A company offering a low premium may be attractive, but it may be because the IDV on offer is low.  In case of a total loss of your bike, a higher IDV leads to higher compensation.

  At the time of resale, your IDV indicates the market value of your bike.  However, if you have kept your bike really well maintained and shining like new, you can always aim for a higher price than what your IDV has to offer.

  At the end of the day, it all depends on how much love you put into your bike.

  What is No Claim Bonus (NCB) in Two Wheeler Insurance?

  NCB (No Claim Bonus) Definition: NCB is a discount on the premium paid to the policyholder for a claim-free policy term.

  The No Claim Bonus ranges from 20-50% off and is something that you earn under your bike insurance policy at the end of your policy term while maintaining a record of claiming no bike accident.

  This means that you cannot get the No Claim Bonus when you buy your first comprehensive bike insurance policy – ​​you can only get it on renewal of your policy.

  No Claim Bonus is for the bike insurance policyholder, irrespective of the bike.  This means that even if you switch your bike, your NCB remains with you.

  If you decide to buy a new bike, you will be issued a new bike insurance policy, but you can still avail the NCB deposited on the old bike or policy.

  What is Zero Depreciation Two Wheeler Insurance?

  Like everything in life, some parts of your bike come down in value, including bumpers or any other metal or fiberglass.

  Therefore, when there is a loss, the full cost of replacement is not paid as depreciation is deducted from the claim money.

  But this addon ensures that there is zero depreciation and you get the full value of the repair/replacement cost, provided the vehicle is repaired in a Digit authorized workshop.