Two Wheeler Insurance

Two Wheeler Insurance

What is Two Wheeler Insurance:
Two-wheeler insurance safeguards you against the financial impact of accidents, natural calamities & other unfortunate events that could harm your vehicle. Having a bike insurance plan 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 an insurance policy and keep it valid at all times, a task made much easier with online policies from IFFCO-Tokio.

Key Features of Bike Insurance By IFFCO- Tokio

Claim Settlement Ratio 92.65% Claims Settled
Cashless Repairs At 4300+ Cashless Garages
Easy Claims App-based Claim Settlement within 4hrs
Savings Get up to 70% discount
NCB Benefits Get up to 50% Discount
Claim Assistance With 24/7 Customer service
Own Damage Cover Available
Damages to Third-Party Available

Buy and Renew Two-Wheeler Insurance Online
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 insurance plans. You can also opt for 5 years of third party 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 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, buying or renewing bike 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 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

Why choose IFFCO-Tokio?
Our bike & scooter 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 smart phones 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 lakhs claims (in FY19) with a settlement ratio of 92.65%. This is just one of the reasons why 1,00,000+ individuals entrust us with their bike insurance needs.

4300 garages cashless garages.
92.65% claims successfully settled.
19 years of industry experience.
20,000 agents & branches in India.
4 hours claim settlement process.

Our Two-Wheeler Insurance Plans
Need to buy bike insurance? There are two types of plans you can choose from, i.e. third-party cover & comprehensive insurance. Both of these plans offer different levels of protection. See which one of these plans is better suited for you.

Popular add-on covers

Zero Depreciation Cover
Zero Depreciation Cover pays the entire claim amount without deducting depreciation value at the time of settling the claim.

No Claim Bonus Protection
This add-on keeps your No Claim Bonus safe even if you made a claim in the previous year.

Return to Invoice
If your vehicle is deemed a total loss, the add-on cover helps you get the original invoice price of the vehicle, including road tax and registration charges.

What is Not Covered?
All two-wheeler insurance plans will have a standard set of exclusions that are not covered by the policy. Some of these exclusions are as follows:

Damage to accessories
Damage due to the driver's negligence
Wear and tear of the bike
Damage during war and similar conditions
Mechanical or electrical breakdown
Damages while riding under the influence of drugs or alcohol
5 Factors That Determine The Price of Your Bike Insurance Policy

Have you ever wondered why different people are charged different insurance premiums? Well, this is because, the price of your two-wheeler 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 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.

plan-type
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 third party insurance.

Cost of the bike
The higher the coverage amount (IDV) the higher the cost to insure it! In case of 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. 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 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 insurance policy and cause your premiums to rise.

How to Reduce The Premium Of Your Two-Wheeler Insurance Policy?
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

1 Install safety devices
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 two-wheeler insurance.

2 Join riding groups
As per the IRDAI, joining a rider's association like the Indian Automobile Association should help you reduce the premium of your plan.

3 Avoid making small claims
If you do not make any claims against your 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%.

4 Go for a higher voluntary deductible
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.

Why Buy Two-Wheeler Insurance Online?
There are two ways to purchase a bike insurance policy. You can either visit a branch or you could go online to make the purchase. The second option is fast becoming the alternative for many motorists.

1 Comparison is easy
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 with ease

2 It is easier
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

3 Paperless process
The online process convenient is also 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

4 Get your policy documents instantly
This is another big advantage of buying bike insurance 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

5 Buy coverage as per your needs
When you buy bike insurance online, you can go through our coverage options and opt for the plan that best matches your need, without being influenced by anyone else.

Steps To Buy Two-Wheeler Insurance Online
When you buy two-wheeler insurance online, you can secure your bike within minutes. To make the process easier, you can follow these simple steps

1 Do your research
Try and get a basic understanding of bike insurance. Acquaint yourself with the commonly used terms in motor insurance. Do a little research on things like No Claim Bonus, IDV, the types of insurance policies available and what they cover, etc.

2 Assess your needs
The next thing you need to do is assess your coverage needs. If you want affordable coverage, third party insurance is perfect for you. However, if you want to give your bike comprehensive protection, you'd rather choose comprehensive plans.

3 Shortlist your options
Before you can start comparing 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.

4 Get quotes
Once you've shortlisted the best insurance providers, you start getting quotes. This will tell which insurance providers are offering the protection you want at the lowest prices.

5 Buy the plan
Once you find the plan that offers you the protection at the best possible price, all that's left for you to do is make the plan your own. For this, all you have to do is fill in some simple details, make the payment and you're done