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Two Wheeler Insurance
Buy two wheeler insurance online/renew non IFFCO Tokio bike insurance policy
Buy two wheeler insurance online/renew non IFFCO Tokio bike insurance policy
Two Wheeler Insurance plans safeguard you against the financial impact of accidents, natural calamities & other unfortunate events that could harm your vehicle. Having a bike insurance policy ensures that your vehicle is restored to its original condition without putting a dent in your finances.
In case of an accident, you may also inadvertently injure or damage someone else’s property. Fortunately, your motor insurance policy will cover your legal liability to pay for third party losses as well. This means that the insurance company will compensate for the damages and/or injuries caused to others on your behalf.
Lastly, you should know that having bike/scooter insurance is compulsory. As per the Motor Vehicles Act of 1988, you need to have at least a third party insurance plan to use your vehicle in India. Therefore, one must purchase a bike insurance policy and keep it valid at all times, a task made much easier with online bike insurance policies from IFFCO-Tokio.
| Key Features | Benefits of IFFCO-Tokio |
|---|---|
| Savings | Save Upto 70% on Premium |
| NCB Benefits | Get up to 50% Discount |
| Easy Claims | App-based Claim Settlement within 4 Hours |
| Claim Settlement Ratio | 95.80% Claims Settled* |
| Claim Assistance | 24/7 claim assistance Customer service |
| Own Damage Cover | Available |
| Damages to Third-Party | Available |
If you love the freedom of the open road, then you will love the freedom of choices we provide you. We offer easy-to-understand and affordable third party, comprehensive & depreciative waiver or zero-depreciation bike insurance plans. You can also opt for 5 years of third party bike insurance cover or a single-year own damage insurance. Or, you could bundle the two together and enjoy better savings. Not to mention, we also provide you with several add-on Two Wheeler Insurance options to choose from.
As far as protection is concerned, our bike insurance policies provide coverage against accidents, theft, natural calamities like cyclones, floods, storms, lightning, earthquake, landslide, etc. When you ride with us, you get complete protection, on and off the road.
With IFFCO-Tokio’s bike insurance, buying or renewing Two Wheeler Insurance online is as easy as twisting the throttle on your motorcycle! You can get instant quotes in a snap! All you have to do is tell us about your bike, the coverage you want, and hit the submit button. We will assess your details and put together the ideal options for you! In addition to the best insurance coverage, your Two Wheeler Insurance policy also comes with a customer support team that is available round the clock and is as eager to help you, as you are to ride your bike!
Our Two Wheeler Insurance plans are like an extension of your protective gear. They keep you safe, wherever the road might take you! From the headlight to the tail-lamp, we’ve got you covered!
We use innovation & technology to provide you quicker and more convenient insurance solutions. For example, your policy can be issued instantly through smartphones of our distribution channels. You can also use our QCS App to accelerate your claim process and get up to Rs. 20,000 transferred to your bank account within few minutes - all with just a few taps in clicks on your mobile phone.
With close to 20 years of experience in the insurance industry, we have settled more than 8 lakh claims (in FY19) with a settlement ratio of 95.80%, which is the highest in the industry. This is just one of the reasons why 1,00,000+ individuals entrust us with their bike insurance policy needs.
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BUY/RENEW POLICY
Third-Party Two Wheeler Insurance plans only covers any damage to a third party, including death, bodily harm, injury and damage to a property in case of an accident or collision involving your bike.
Comprehensive bike insurance policy covers both third-party liabilities as well as own-damage to your bike. It covers both natural and man-made calamities. These plans also allow you to include add-ons for a wider coverage!
You can also include the zero-depreciation cover to your comprehensive Two Wheeler Insurance policy. This will ensure that in case of an accident, you get complete reimbursement for part replacements without any deduction for depreciation. Great isn’t it?
In most cases, the depreciation amount is always considered in the event of a claim. However, with a zero depreciation cover, you will be able to get the full value for repairs in case of any damage to your two-wheeler.
You can get a No Claim Bonus protection wherein if you do not make a claim, you can get a discount on your premium which is 20% after one year. The No Claim Bonus discount will keep building each year and can go up to 50% after 5 consecutive years.
If your two-wheeler is deemed a total loss, this add-on cover helps you get the original invoice price of the two-wheeler, including road tax and registration charges. This can help those who live in places where two-wheeler thefts are frequent.
All Two Wheeler Insurance plans will have a standard set of exclusions that are not covered by the policy. Take a look at some of the situations in which case your two wheeler insurance policy will not be covering the damages faced by your bike:
Damage to accessories
Any electrical and non-electrical accessories you might have installed in your bike will not be covered.
Damage due to the driver's negligence
Damages incurred by the two-wheeler due to the gross negligence of the insured will not be covered.
Wear and tear of the bike
Any loss caused due to the normal wear and tear of a two-wheeler is not covered.
Damage during war and similar conditions
Damages caused to your two-wheeler due to war, invasion, terror attacks, and so on will not be covered.
Mechanical or electrical breakdown
Mechanical or electrical breakdowns/malfunctions are not covered under your insurance policy.
Damages while riding under the influence of drugs or alcohol
Accidents that take place due to the driver being under the influence of alcohol or drugs will not be covered.
With a Two Wheeler Insurance policy, you will be financially secured in case your bike gets damaged due to any natural or man-made disaster. This will help you avoid hefty expenses that you would have had to pay from your own pocket.
Riding your bike on Indian roads without having a motor insurance policy could result in you ending up with a hefty fine. With a Two Wheeler Insurance policy in place, you can easily avoid this unnecessary hassle.
According to the Motor Vehicle Act, it is compulsory to have at least a basic third-party insurance policy. Without this policy, it is illegal to ride your bike on Indian roads. Hence, with a two-wheeler policy covering you, you have nothing to worry about!
You can also opt for better coverage in the form of a comprehensive bike insurance policy. Such policies also allow you to include various useful add-ons such as roadside assistance, zero-depreciation, no claim bonus, and engine protection cover.
Here are 3 easy steps to follow to select the right Two Wheeler Insurance policy for your bike:
Step 1- Decide your need for coverage
There are two main types of Two Wheeler Insurance. These are third-party insurance and comprehensive insurance. Third-party insurance only covers you against third-party liabilities in an accident. Comprehensive insurance goes a bit further and covers you for your own damages, third-party liabilities, and losses due to natural or man made disasters. If you opt for comprehensive insurance, make sure to also explore available riders that can enhance your protection. Carefully evaluate your need for coverage and expectations from an insurance policy and select a plan that suits your requirements.
Step 2 – Calculate your Two Wheeler Insurance premium cost
Use a Two Wheeler Insurance calculator to figure the cost of your premium. Make sure to keep your bike details handy before using the calculator. You will need to enter your bike’s make and model, registration, claim history, and other details as requested by the calculator. You can then select either third-party insurance or comprehensive insurance to get your quote.
Step 3 - Review and finalize
Once you have received your quote in Step 2, you are now ready to purchase the policy. Before you go ahead with buying coverage, ensure that you have all details at hand, such as your personal information, bike details, and net banking or credit/debit card payment information.
Once all is in place, go ahead and secure your two-wheeler with our bike insurance plans. IFFCO Tokio’s highly intuitive website will ensure you sail through the purchase process with ease.
Here are 3 easy steps to follow to select the right Two Wheeler Insurance policy for your bike:
Step 1- Decide your need for coverage
There are two main types of Two Wheeler Insurance. These are third-party insurance and comprehensive insurance. Third-party insurance only covers you against third-party liabilities in an accident. Comprehensive insurance goes a bit further and covers you for your own damages, third-party liabilities, and losses due to natural or man made disasters. If you opt for comprehensive insurance, make sure to also explore available riders that can enhance your protection. Carefully evaluate your need for coverage and expectations from an insurance policy and select a plan that suits your requirements.
Step 2 – Calculate your Two Wheeler Insurance premium cost
Use a Two Wheeler Insurance calculator to figure the cost of your premium. Make sure to keep your bike details handy before using the calculator. You will need to enter your bike’s make and model, registration, claim history, and other details as requested by the calculator. You can then select either third-party insurance or comprehensive insurance to get your quote.
Step 3 - Review and finalize
Once you have received your quote in Step 2, you are now ready to purchase the policy. Before you go ahead with buying coverage, ensure that you have all details at hand, such as your personal information, bike details, and net banking or credit/debit card payment information.
Once all is in place, go ahead and secure your two-wheeler with our bike insurance plans. IFFCO Tokio’s highly intuitive website will ensure you sail through the purchase process with ease.
Have you ever wondered why different people are charged different insurance premiums? Well, this is because the price of your bike insurance policy is calculated keeping in mind several factors. Some of these factors include
Type of cover
One of the first things that affect the price of your bike insurance policy is the type of plan you opt for. Third-party plans are the most basic and so cost less but offer limited cover. In case of comprehensive insurance, your choice of add-ons will also influence the cost of the policy.
Cubic capacity of the bike
The cost of the third party component of your plan depends heavily on the cubic capacity of your bike. The higher the cubic capacity, the more premium you have to pay for a third party bike insurance policy.
Cost of the bike
The higher the coverage amount (IDV) the higher the cost to insure it! In case of a total loss, the insurance company has to provide the current marketing value of your bike (IDV), which is bound to on the higher side for a more expensive motorcycle.
Age
In case of a claim or total loss of your bike, the insurance company provides compensation based on the market value of your bike and its parts. So, when your bike is new, the insurance company is liable to higher payouts and therefore charges you a higher premium for your bike insurance policy. However, as your bike gets older, its market value decreases and so does your insurance provider’s liability in case of a claim. Therefore, as your bike gets older, your bike insurance premiums also decrease.
Modification
Modifications refer to alterations made to your two-wheeler to improve its performance or appearance. However, these alterations often involve the addition of part or modification of the current parts. This can affect your bike insurance policy and cause your premiums to rise.
Have you ever wondered why different people are charged different insurance premiums? Well, this is because the price of your bike insurance policy is calculated keeping in mind several factors. Some of these factors include
Type of cover
One of the first things that affect the price of your bike insurance policy is the type of plan you opt for. Third-party plans are the most basic and so cost less but offer limited cover. In case of comprehensive insurance, your choice of add-ons will also influence the cost of the policy.
Cubic capacity of the bike
The cost of the third party component of your plan depends heavily on the cubic capacity of your bike. The higher the cubic capacity, the more premium you have to pay for a third party bike insurance policy.
Cost of the bike
The higher the coverage amount (IDV) the higher the cost to insure it! In case of a total loss, the insurance company has to provide the current marketing value of your bike (IDV), which is bound to on the higher side for a more expensive motorcycle.
Age
In case of a claim or total loss of your bike, the insurance company provides compensation based on the market value of your bike and its parts. So, when your bike is new, the insurance company is liable to higher payouts and therefore charges you a higher premium for your bike insurance policy. However, as your bike gets older, its market value decreases and so does your insurance provider’s liability in case of a claim. Therefore, as your bike gets older, your bike insurance premiums also decrease.
Modification
Modifications refer to alterations made to your two-wheeler to improve its performance or appearance. However, these alterations often involve the addition of part or modification of the current parts. This can affect your bike insurance policy and cause your premiums to rise.
Did you know, you can reduce the price of your bike insurance policy without affecting the coverage it provides? Sound impossible right, but it is true! All you have to do is use the simple tips as mentioned below
The installation of a simple handle lock and other such anti-theft devices that are authorized by the Automotive Research Association of India authorized can help reduce the cost of your bike insurance.
As per the IRDAI, joining a rider’s association like the Indian Automobile Association should help you reduce the premium of your bike insurance plan.
If you do not make any claims against your bike insurance policy, you are entitled to a discount. This discount is known as a ‘No Claim Bonus’. Every year you go without making a claim, this discount increases until it reaches a maximum of 50%.
You can offer to pay a portion of the claim amount. This is known as voluntary deductible. You can set a higher deductible to enjoy a lower premium.
There are two ways to purchase bike insurance online. You can either visit a branch or you could go online to make the purchase. The second option is fast becoming the ‘go-to’ alternative for many motorists. Let us explore the reasons behind this.
Tell us your name, your number and give us a couple of details about your bike. We will put together quotations on our third party, comprehensive & comprehensive with zero-depreciation covers. You can compare and choose a suitable bike insurance policy with ease!
One of the main reasons why people buy Two Wheeler Insurance online is because it is so much easier than buying a plan at a branch. You just have to fill in some simple details, choose the coverage you want, and make the payment for your bike insurance policy!
The process of buying bike insurance online is convenient, environmentally friendly, and just plain simple. When you buy Two Wheeler Insurance online, you do not have to endure the painful task of documentation. Just type in the details and you’re good to go!
This is another big advantage of buying bike insurance policy online – you get the policy documents as soon as the payment goes through. This ensures that you do not have to wait before you can legally ride your bike!
When you buy bike insurance policy online, you can go through our coverage options and opt for the plan that best matches your need, without being influenced by anyone else.
When you buy bike insurance online, you can secure your bike within minutes. To make the process easier, you can follow these simple steps:
Try and get a basic understanding of bike insurance policy. Acquaint yourself with the commonly used terms in bike insurance. Do a little research on things like No Claim Bonus, IDV, the types of bike insurance policies available and what they cover, etc.
The next thing you need to do is assess your coverage needs. If you want affordable coverage, third party bike insurance is perfect for you. However, if you want to give your bike protection, you’d rather choose comprehensive bike insurance plans.
Before you can start comparing bike insurance plans, you need to shortlist a few insurance companies. You can do this based on factors such as network garages, claim settlement ratio, number of customers, reviews, ease of claim process, etc.
Once you’ve shortlisted the best insurance providers, you start getting quotes for your bike insurance policy. This will tell which insurance providers are offering the protection you want at the lowest prices.
Once you find a Two Wheeler Insurance that offers you the protection at the best possible price, all that’s left for you to do is make the bike insurance plan your own. For this, all you have to do is fill in simple details, make the payment and you’re done!
Traditional Method
The first method has existed for years and requires you to follow the steps mentioned below:
You can also make a claim using our QCS App
For this, you would have to register your claim by calling the toll-free number or through the app itself. After this, you would have to upload documents, photographs, and videos of the damage caused to your bike. Once the claim is approved, the compensation amount will be transferred to your bank account within minutes. However, you should note that for claims registered through the QCS App, the limit on the compensation amount is Rs. 20,000.
To enjoy continued coverage & to ensure you are legally riding your bike, you must keep your bike insurance policy valid at all times. For this, you need to renew your Two Wheeler Insurance plan well before its expiry date. There are several ways to renew your Two Wheeler Insurance plan. We have explained them below:
Renew Your Bike Insurance Policy Online:
To renew your Two Wheeler Insurance online, all you have to do is visit our website and find the ‘renew online’ option for your Two Wheeler Insurance policy. Once you click on it, you will be asked to fill some simple details such as your bike’s registration number, your bike insurance policy number and your registered phone number & email address.
The next step to renew your Two Wheeler Insurance plan online would be to make the payment. These days, most lenders accept numerous online payment methods. Once your funds go through, the bike insurance policy will be renewed and the policy document will be sent to your registered email address immediately!
Branch visit:
To physically buy a bike insurance policy, you would have to visit our nearest branch. You would have to carry the Two Wheeler Insurance policy document of your exiting bike insurance plan and means of payment accepted by the insurance provider.
Just hand over the Two Wheeler Insurance policy document to one of the executives along with the renewal payment and they will do the rest. You will be provided with the renewed Two Wheeler Insurance policy document on the spot, or it may be mailed to your residence in a short while. The obvious drawback of renewing a Two Wheeler Insurance plan at the branch would be that you have to physically visit the branch.
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Bike insurance is an agreement between the owner of a vehicle and the insurance company. Under this contract, the insurance company offers financial protection to the insured in exchange for yearly premiums. The bike insurance protects the vehicle owner against damages incurred in case of an accident or mishap. These damages may include personal, vehicular as well as third-party damages. Bike insurance also financially protects the vehicle owner against natural and man-made calamities.
Yes, there are two types of bike insurance plans you can buy in India. The first type of plan is known as third party insurance. It is the most basic form of coverage you can buy for your motorcycle and it is also mandatory as per Indian law. Without a valid third party insurance policy, you could face heavy fines and jail time of up to 6 months.
Third-party plans provide only 2 elements of protection - third party liability cover & personal accident cover. Third-party liability cover ensures that you do not have to compensate for injuries or damages that you may inadvertently cause to others in an accident. The second element, which is personal accident cover, provides compensation in case the accident leads to disability or death of the policyholder. However, third party insurance does not offer any cover for your vehicle.
The second type of insurance you can buy for your motorcycle is known as comprehensive insurance. These plans provide third party insurance and also offer cover for your vehicle. They will provide compensation in case of damage or total loss of your vehicle due to accidents, theft and various other natural & man-made calamities. You can also purchase add-ons with a comprehensive two-wheeler insurance policy. Add-ons are optional extras that you buy to widen the coverage of your comprehensive two-wheeler insurance policy.
It is mandatory by law in India to have at least third party insurance for your two-wheeler. Without third party insurance, you could face heavy fines & even jail time of up to 6 months. Besides the legal requirement, it is important to have a good two-wheeler insurance policy – it will protect you from the financial impact of accidents and other unfortunate events that can damage or result in total loss of your vehicle.
We understand that you may require immediate assistance during an uncertain event. This is why we, at IFFCO Tokio, provide our customers with easy methods to register their claims. You can call our helpline number or log onto our website to make a claim. You can even walk into an IFFCO Tokio branch that is nearest to you and get your claims settled in no time.
Looking for a faster claim settlement process? Just down the Quick Claim Settlement (QCS) app! This will help you get compensation in minutes – all you have to do is click a few photos of the damaged parts and upload it onto the QCS app. We will analyse the damages and will transfer the repair funds directly to your bank account.
Your bike insurance policy benefits you in the following ways:
