Bike Insurance

Two-wheeler insurance is a kind of insurance that covers motorcycles, scooters, and similar two-wheeled vehicles. Its main purpose is to shield you or the rider of your vehicle from financial setbacks in the event of unexpected incidents like accidents, theft, natural disasters, third-party liabilities, and more.

Here are two key points to remember –
The Motor Vehicles Act of 1988 specifies that it is a legal requirement to have third-party two-wheeler insurance. Driving without insurance in a public area is a violation of the law and is punishable under this Act.

Whether you are buying your two-wheeler insurance online or through a traditional method, it is crucial to obtain it from an insurer that is authorised by the IRDAI (Insurance Regulatory and Development Authority of India).

Key Features of A Bike Insurance Policy

Here are some of the main aspects of bike insurance -

• Third-Party Coverage
  Bike insurance offers protection against any legal liabilities stemming from bodily injury, death, or property damage caused to a third party.
   
• Comprehensive Coverage
  Bike insurance can also offer coverage for any loss or damage caused to your own bike because of accidents, natural calamities, manmade disasters, theft, and more.
   
• Personal Accident Cover
  Bike insurance may also offer financial assistance in the unfortunate event that you or the vehicle’s driver pass away or face any injuries.
   
• No Claim Bonus (NCB)
  This is a reward that the insurer will give you, in the form of a premium discount, if you don’t make any claims during a policy year.
   
• Add-On Covers
  You also get the flexibility to pick optional covers that widen your base policy’s coverage, like roadside assistance, consumables cover, zero depreciation, and more.
   
• Voluntary Deductibles
  A voluntary deductible means a portion of the claim that you choose to pay before the insurer steps in to pay the rest of the amount. Since you’re taking responsibility for a part of the claim, you will enjoy lower premiums.
   
• Coverage for Accessories
  Bike insurance can also provide financial protection against any damage caused to electrical or non-electrical accessories that have been fitted on your bike.
   
• Geographical Coverage
  Bike insurance coverage is valid within the geographical limits of India. You may also get extensions to widen this coverage if and when you travel to neighbouring countries.
   
• Renewal Benefits
  If you renew your bike insurance on time, this ensures uninterrupted coverage. Other benefits like the No Claim Bonus will also be in place.

Why is Two-Wheeler Insurance Essential?

Having two-wheeler insurance is crucial for a variety of important reasons –

1. Legal Necessity
   In India, it is mandatory to have at least third-party liability insurance to lawfully ride a two-wheeler on public roads.
    
2. Financial Security
   Two-wheeler insurance offers financial security, safeguarding you from unforeseen costs resulting from accidents or theft. It can cover the expenses for repairs or even replacing your vehicle.
    
3. Liability Protection
   In case of an accident that causes harm to others or their property, your insurance policy will handle your legal responsibilities.
    
4. Comprehensive Coverage
   Two-wheeler insurance is your shield against a wide array of risks – whether it is theft, accidents, man made mishaps, or natural disasters. And it is not just limited to safeguarding your own ride; it also extends its protection to cover any legal responsibilities arising from damage or financial losses incurred to a third party or their property.
    
5. Peace of Mind
   Having insurance gives you a sense of security in case of unexpected events.

Best Bike Insurance Policy 2025: Which One's Got Your Back?

Let's face it: riding a bike in India is about more than just travelling from one place to another. It's freedom. It's sensible. At times, it's even about surviving in barely moving traffic. However, there is some risk associated with all that freedom, isn't there?

Because of this, getting good bike insurance coverage in 2025 is not only a wise choice, but also a must. The right insurance plan can save you a great deal of time, money, and peace of mind, regardless of your concerns over theft, accidental damage, or just making sure you comply with the legal terms with third-party coverage.

We've done the research (so you don't have to) and put up a list of the top bike insurance plans for 2025 to make your life easier. We have you set whether you want a comprehensive coverage that offers overall protection, something basic but legal like third-party, or just an own-damage add-on.

Best Comprehensive Bike Insurance Plans (2025)

A comprehensive policy is the key to getting full protection, not just for other people but also for your own vehicle. It combines own-damage protection with third-party coverage, and you can choose from a variety of useful add-ons.

The following are the most notable ones:

Top Third-Party Insurance Plans for Bicycles (2025)

In India, you must have at least third-party insurance. Although it doesn't cover your own damage, it is crucial in the event that your bike causes damage to another person or damages someone else's vehicle.

The most dependable choices are as follows:

Insurance Plan	Premium	Key Points
New India Assurance Third-Party Policy	(under 75cc): Rs. 482	Government-owned and widely trusted
IFFCO Tokio Third-Party Insurance	(75cc-150cc): Rs. 752	Budget-friendly and backed by strong rural and urban presence
Oriental Insurance Third-Party Plan	(150cc-350cc): Rs. 1193	Good support network and simple claims process
Bajaj Allianz Third-Party Cover	(above 350cc): Rs. 2323	One of the best digital processes around (ideal if you hate paperwork)

 

Top Bike Insurance Plans for Own Damage (OD) (2025)

 

If you have a long-term third-party policy already (which is required for new motorcycles), you may want to combine it with an Own Damage policy. This one covers every aspect, including theft, fire, floods, accidents, and more. However, it will not address third-party liabilities.

Look at some popular OD plans:

Insurance Plan	Why It Works?	Best For
ACKO Standalone OD Insurance	Fully digital, super cheap, and no agents bugging you every renewal	People who love doing things online and hate waiting
Digit Standalone OD Plan	Transparent claims, clear pricing, and loads of add-ons	Riders who want to tweak coverage based on usage
Royal Sundaram Own Damage Cover	Great for high-value or older bikes, plus good garage tie-ups	Those who want a bit more flexibility in declared value (IDV)

 

Note:This list is based on thorough feature reviews, customer-first insights, unbiased research, and verifiable public data from IRDAI. We focused on what really matters: claim support, convenience of service, pricing, and what people say after purchasing.

However, depending on your region, bike type, age, and insurance plans, features and prices may differ. Before committing to anything, always read the fine print or consult an advisor.

Bike Insurance Price in India (2025)

Nobody wants to think about insurance unless they absolutely have to. However, having insurance for your two-wheeler is not only prudent, but mandated by law. And in 2025, when prices have been revised and new e-bike trends are gaining popularity, it's important to understand what you're getting.

Here's a brief, straightforward explanation of how much bike insurance will cost you this year:

1. Third-Party Bike Insurance Cost
It protects you in the event that you injure or damage someone else's property or vehicle. According to IRDAI's most recent pricing:

• 75cc bikes cost Rs. 538 per year.
• 75-150cc = Rs. 714 annually
• 150-350cc = Rs. 1,366 annually
• Over 350cc: Rs. 2,804 annually

Thinking about making a long-term commitment? A five-year third-party plan is an option:

• Rs. 2,901 up to 75cc
• 75-150cc = Rs. 3,851
• 150-350cc = Rs. 7,365
• More than 350cc: Rs. 15,117

2. Own Damage Bike Insurance Cost
Although it's optional, why take the chance? Your bike is protected from theft, accidents, fire, and natural calamities with own damage insurance. Premiums vary according to the bike's age, model, region, and Insured Declared Value (IDV). Your premium will go up for add-ons like engine protection or zero depreciation, but if you want complete peace of mind, they're worth it.

3. Comprehensive Bike Insurance Cost
This one is comprehensive, as the name implies. You are covered for both own damage and third-party damage. The premium? It combines the two, together with whatever add-ons you decide to include. And the more coverage you require, the greater the cost.

We strongly advise getting a customised quotation by utilising comparison tools available on websites.

4. E-bike Insurance Premium Rates
As popular as they are, electric bikes also require coverage. In 2025, the prices will look like this:

• < 3 kW: Rs. 457 annually
• 3-7 kW: Rs. 607 annually
• 7-16 kW: Rs. 1,161 annually
• >16 kW: Rs. 2,383 annually

Do you want a longer cover? There are also 5-year e-bike plans available, with premiums starting at about Rs. 2,466. Not bad for a green, smooth ride.

Top Bike Insurance Companies in India - 2025

Although there are many options available, which ones are truly worth your money? In terms of convenience, claim settlement ratio (CSR), and network garages, the leading insurers rank as follows:

Insurance Company	Network Garages	Claim Settlement Ratio
HDFC ERGO	6,800+	100% (FY 2020-21)
Reliance General	8,700+	98.6%
Tata AIG	7,500+	98%
Liberty General	4,300+	98%
Cholamandalam MS	6,912+	98%
Go Digit	1,400+	97%
IFFCO Tokio	4,300+	95.8%
SBI General	16,000+	94%

 

Keep in mind that since there is no one-size-fits-all solution, constantly compare, look up your IDV, and determine what add-ons make sense.

Why Do You Need a Bike Insurance Policy?

Riding a bike in India is fun, but not without risks. There are numerous things that can go wrong on the road, including traffic jams, unforeseen weather, and careless drivers. You don't want to ride without a bike insurance policy for precisely this reason.

• It's Mandatory by Law
  According to the Motor Vehicles Act, you must have at least a third-party bike insurance policy to lawfully ride on Indian roads. If you get caught without it, you risk fines or, worse, legal issues.
   
• Accidents Do Happen
  The road isn't always fair, even for experienced riders. Even a minor skid, a sudden brake, or an accident caused by another person might cause significant harm. Comprehensive bike insurance covers medical expenses, repairs, and other damage as well. Consider it a fallback strategy that acts when you need it most.
   
• Bike Theft
  You park your bike outside, go for a coffee, and when you return, your bike is missing. Isn't that terrifying? It happens more often than you might imagine. Your insurance will pay for theft or total loss if you have own damage coverage, saving you from having to make EMI payments on a car that is no longer in existence.
   
• Natural Catastrophes
  India's weather isn't always the ideal for your bike. This includes landslides, floods, fires, and storms. Damage from these is also covered by the appropriate insurance coverage.
   
• Peace of Mind
  A robust insurance policy with the right add-ons, such as zero depreciation or engine protection, can save you tens of thousands of rupees. What's the best part? Premiums are very low, especially when compared online.

How to Choose the Best Two-Wheeler Insurance Policy Online?

Here are a few things you should keep in mind to get the best bike insurance plan for your needs -

• Figure Out Your Needs
  Evaluate and decide what you actually need from your bike insurance. Is it only third-party coverage? Or do you need comprehensive coverage? It all depends on what you require.
   
• Policy Comparison
  Go through and understand different bike insurance policies sold by different insurers. Look at factors like coverage, premiums, available add-ons, reviews, and more.
   
• Check if There Are Any Coverage Limits
  Have a look at the coverage limits of the bike insurance plan. This includes third-party limits as well as the maximum sum insured available for your bike. Make sure that the coverage offered matches your needs.
   
• heck the Add-on Covers
  Are there any add-ons available with the bike insurance plan? If yes, pick the ones that warrant your needs, like roadside assistance, zero depreciation cover, etc.
   
• Look at the Insured Declared Value (IDV)
  The IDV is the maximum amount of money that the insurer will give out if your bike is stolen or declared a total loss. Make sure that the offered IDV is in tune with the current market price of your bike.
   
• Be Aware of the Exclusions
  Exclusions are situations that will not be covered by the bike insurance plan, like drunk driving, intentional damage, etc.. You should understand these exclusions properly to avoid any sudden out-of-pocket expenses.
   
• Verify the Insurer’s Network Garages
  A network garage offers cashless claim settlement. It’s important that the insurer has a wide network to ensure better accessibility and convenience, especially if there is an emergency.
   
• Check if the Plan Offers a No Claim Bonus
  If you haven’t made claims in the past, you should look at bike insurance plans that offer nice No Claim Bonus discounts, which can greatly lower your renewal premiums.
   
• Know About the Premiums
  You should compare the premiums charged by insurers and evaluate the value for money you’re getting by considering the coverage and add-ons offered. It’s possible that a slightly larger premium can offer much better coverage.

• Go Through Reviews & Ratings
  The best way to gauge an insurer’s services and claim settlement journey is by looking at the feedback given by existing customers. You can look at their social media handles, forums, community discussions, and more.
   
• Check the Insurer’s Claim Settlement Ratio
  The claim settlement ratio is an important metric that showcases the percentage of claims settled by the insurer. A higher claim settlement ratio is typically a green flag and can display the trustworthiness of the insurer.
   
• Evaluate the Insurer’s Customer Service
  You should also understand the quality of the customer service and support offered by the insurer since this will majorly be your point of contact if you have any questions or concerns during your bike insurance journey. It’s important to pick an insurer that provides quick and helpful service.
   
• Understand the Renewal Process
  Be aware of the steps involved in renewing the policy. It’s better to go for a policy that has a quick, convenient, and hassle-free renewal process.
   
• Read the Fine Print
  Even though it may sound dull, you should most definitely read and understand the T&Cs of the policy. Look at the fine print, inclusions, exclusions, etc. This will help you avoid any nasty surprises in the future.

Benefits of Buying Two-Wheeler Insurance Online

When you opt for two-wheeler insurance online, you unlock a host of benefits that streamline the process –

• You will not have to deal with the hassle of submitting documents or filling out forms. So, the entire procedure is simple and more convenient.
• You can research and compare the various insurance options available to select the best coverage for your needs.
• You can use the discounts and special offers on the premium amount and save money while also protecting your two-wheeler.
• The policy can be both purchased and renewed from anywhere at any time, all with just a few clicks. This convenience means you are not limited by office hours or location when managing your coverage.
• Policy issuance is very swift, and it spares you from the inconvenience of prolonged waits for the policy documents.

Benefits of Buying  Bike Insurance Online From SMC?

With SMC Insurance, you get the flexibility to choose from insurance plans from 30+ insurance companies and the constant support of our certified financial advisors. This makes your insurance journey, from purchase to claims, easy, comfortable, and seamless.

How To Buy Bike Insurance Policy Online From SMC?

You can follow these easy steps to purchase bike insurance plans from SMC -

1. Visit www.smcinsurance.com and click on the ‘Bike Insurance’ option.
2. Next, enter your vehicle number.
3. If you don’t recollect your bike number, you can directly click on the proceed without bike number button to move forward. In this case, you will need to enter your bike’s specs like the brand, model, fuel type, variant, RTO, etc.
4. Once you fill in these details, you’ll need to enter policy details like its expiry date, type, registration detail, claim details, previous year’s NCB %, etc. You will also need to answer whether the vehicle is owned by an organisation or not.
5. Then, you’ll be directed to the Quotes page. Here, you’ll be able to see various quotes from different insurers.
6. You can then pick the insurer that fits your needs, select any add-ons you need, and then make the payment.

KYC Documents Required to Buy Bike Insurance

The IRDAI has mandated, from January 2023, that all insurers need to verify and check the identity of people buying insurance to avoid fraud and encourage transparency during transactions.
You will need to submit the following KYC documents whilst buying bike insurance -

• Identity Proof: Aadhaar card/PAN card/Passport/Voter ID/Driving licence.
• Address Proof: Utility bills/Passport/Bank statement/Driving licence.

Types of Two-Wheeler Insurance in India

In India, there are many types of two-wheeler insurance that you can choose from –

1. Comprehensive Two-Wheeler Insurance
   This type provides extensive coverage, encompassing both third-party liability and damages to your own vehicle.
    
2. Third-party Two-Wheeler Insurance
   This is the mandatory insurance mandated by law for driving a motor vehicle in India. It covers any harm or losses caused to a third party or their property involving your vehicle.
    
3. Own-damage Two-Wheeler Insurance
   Own-damage insurance comes into play when your vehicle is damaged by events like fire, rain, theft, etc. It allows you to claim compensation for the expenses needed to repair your vehicle. 

Third-Party (TP) vs. Standalone Own-Damage (OD) vs. Comprehensive Bike Insurance

Here’s how these policies differ -

Parameters	Third-Party Bike Insurance	Standalone Own damage Bike Insurance	Comprehensive Bike Insurance
What does it mean?	Covers damages caused to third parties and property.	Covers the damages caused to your own vehicle.	Covers both own and third-party
Premium	Lesser	Higher, but it decreases as the bike ages	Higher
Add-ons	Only Personal Accident Cover.	Multiple add-ons	Multiple add-ons
Is it compulsorily needed?	Yes	No	No

 

What is Covered Under Bike Insurance?

Here’s what bike insurance typically covers -

• Accidents
  Any damages or losses caused by a road accident are covered by bike insurance.
   
• Theft
  If your bike is unfortunately stolen, bike insurance covers the same.
   
• Fire
  If your bike incurs any damage due to fire, it will be covered by bike insurance.
   
• Permanent Disability/Death
  Bike insurance covers you (the owner-driver) if you unfortunately pass away or suffer permanent disablement because of a road accident. However, this coverage will only apply if you’ve bought the Personal Accident Cover for owner-driver.
   
• Third-Party Bodily or Property Damage
  Bike insurance covers any damage caused to a third party or their property because of your bike.
   
• Manmade/Natural Disasters
  Any loss or damage caused to your bike as a result of floods, cyclones, riots, etc., will be covered by bike insurance.

What is Not Covered Under Bike Insurance?

Here’s what bike insurance doesn’t encompass within its ambit -

• Consequential Damages
  Consequential damages are those that do not directly result from an accident. These will not be covered by bike insurance.
   
• Wear And Tear
  Regular wear and tear of the bike, like small scratches, minute dents, etc., will not be covered.
   
• Intoxication/Drug Usage
  If your bike sustains any loss or damage when you drive it under the influence of alcohol or drugs, they will not be covered.
   
• Mechanical/Electric Failure
  Any mechanical or electric failures that your bike incurs, like faulty wiring, etc., will not be covered. 

Add-Ons in a Two-Wheeler Insurance

When it comes to two-wheeler insurance, you have the option to enhance your coverage with various add-ons. These extras serve specific purposes, but it's important to keep in mind that they come with an additional premium.

Let's explore some of the add-ons available for your two-wheeler insurance:

1. Zero Depreciation Cover
   Over time, vehicles naturally lose value due to factors like age and wear and tear. This is known as depreciation. As your two-wheeler ages, its value decreases. When you file a claim with your insurer, they typically factor in this depreciation when calculating the claim amount for damaged parts.
   However, with the zero-depreciation add-on, the insurance company waives off the depreciation when settling your claim. This means you'll receive a higher claim amount.
    
2. Roadside Assistance Cover
   This add-on provides you with help when your bike breaks down or experiences a mechanical issue, leaving you stranded on the road. Here are the some of the services offered under this add-on –


3. Fuel Supply
   If your bike runs out of fuel with no gas station nearby, you can just contact your insurance company. They will arrange and do the needful to have the fuel delivered to you.
    
4. Tyre Change Support
   In case of a flat tire, your insurance company will either send a mechanic to replace the tire or tow your bike to the nearest garage if, in case, there is no spare tire available.
    
5. On-site Minor Repairs
   When your vehicle faces minor mechanical or electrical problems like a faulty spark plug or fuse, the insurer will dispatch a mechanic to fix it right there on the spot, without the need for towing the vehicle.
    
6. Towing Facility
   If your bike faces significant mechanical or electrical problems that cannot be fixed on the road, your insurer will promptly send a mechanic to your location. They will then tow your bike to a garage for major repairs.
   It is important to note that the specific services included in your roadside assistance cover can vary across insurers..
    
7. Engine Protector Cover
   Your bike's engine is the most important part of your vehicle and any damage to it can be quite heavy on your wallet. Typically, comprehensive bike insurance does not include engine damage in its coverage. But with engine protector cover, you can shield yourself from damages or losses that happen to your bike's engine due to issues like oil or coolant leaks, water damage, or damage to the engine and gearbox. It may also cover the costs associated with replacing the engine or its components.
    
8. Consumables Cover
   In general, a standard bike insurance policy does not cover consumables such as nuts, bolts, or oil when processing a claim and such costs have to be borne by you. However, when you opt for consumables cover, the insurer will cover these expenses when settling your claim.
    
9. Key Protector Cover
   If your keys get lost, damaged, or stolen, the key protector cover steps in to ease your financial burden. It handles the costs of replacing the key and also covers the expenses for replacing or repairing the lockset.
    
10. Return to Invoice Cover
    Insurance companies generally calculate your vehicle's coverage based on its current market value, known as the Insured Declared Value (IDV). This IDV value considers depreciation, as your bike's value decreases as soon as it leaves the showroom. So, in the unfortunate event of severe damage or theft of your vehicle, you would typically receive the depreciated amount and not the bike's original value.
    However, choosing the return to invoice coverage will enable you to get the complete invoice amount of your motorcycle (original value) in the unfortunate event of theft or a total loss. This option is available for bikes aged between 3-5 years.
     
11. Personal Accident Cover
    One of the most vital add-ons, the personal accident cover comes in two types –
     
12. Personal Accident Cover for the Owner-Driver
    This type of cover provides financial protection in case of accidental death or disability. The compensation amount is determined by the policy's stated limit. As per vehicle regulations, all two-wheeler owners are required to have a personal accident cover with a minimum coverage of Rs. 15 lakhs. However, if you already possess a personal accident cover of Rs. 15 lakhs for your current vehicle, there is no need to purchase it separately for your bike.
     
13. Personal Accident Cover for Passengers
    The personal accident cover for passengers safeguards the pillion rider or any passengers from financial hardships in the event of accidental death or disability. While this cover is not obligatory, it is a wise choice to ensure protection for anyone riding with you.

How to Include Add-Ons to Your Bike Insurance?

Enhancing your insurance coverage through add-ons is a wise move and here's how you can do it –

1. Evaluate Your Current Policy
   You can start by taking a good look at what your current policy already covers. This helps you identify the areas where you might need extra protection.
    
2. Contact Your Insurance Agent
   If you initially bought your policy through an insurance agent, reach out to them. Let them know which add-ons you are interested in and they will handle the process of adding these to your policy.
    
3. Visit the Insurer's Website
   If you have purchased your bike insurance online directly from the insurer, you can find a section dedicated to add-ons on their website. Examine the available features and make sure they match your needs.
    
4. Select Your Add-On
   Simply click on the desired add-on from the list provided on the website. It will automatically become a part of your policy and your premium will be adjusted accordingly.

You should keep in mind that you can add these extra features to your policy when you initially purchase it or during the policy renewal. This is because buying these add-ons in the middle of the policy term may not be possible.

How to Compare Bike Insurance Plans Online?

Comparing bike insurance plans online is one of the best ways to find the perfect coverage for your needs and preferences. Here’s how you can easily compare bike insurance plans online -

1. Visit Comparison Websites
   Go to online bike insurance comparison websites or web aggregator platforms. These websites let you compare different plans at the same time, in the same place.
    
2. Fill in Your Bike’s Details
   Then, enter information about your two-wheeler, such as the model and model, variant, manufacturing year, registration, etc.
    
3. Spell Out Your Coverage Needs
   Specify the coverage requirements you have. You will need to decide if you want third-party coverage or comprehensive coverage.
    
4. Pick Add-ons
   Next, select any add-ons that fit your needs. This may include roadside assistance, accessories coverage, etc.
    
5. Compare the Premium Rates
   Analyse the premiums charged by different insurers for the same coverage, features, and limits.
    
6. Understand the Plan’s Limits
   Carefully look at the coverage limit of each plan, like the maximum sum insured offered, third-party limits, etc. Make sure the coverage provided matches what you need.
    
7. Look at the Features Offered
   Now, compare the features provided under each plan, especially what’s covered and what’s not. Also, understand benefits like the No Claim Bonus and any extra perks.
    
8. Compare the Insured Declared Value (IDV)
   Evaluate the IDVs offered by different bike insurance plans. Make sure that the IDV is on par with the current retail value of your bike.
    
9. Check the Costs Associated With Add-ons
   Go through the costs of the add-ons available under each plan. Some bike insurance plans may provide specific add-ons at lower prices or as part of a bundle.
    
10. Check the Insurers’ Network Garage
    As discussed before, network garages offer you cashless claim settlements. A larger network offers more convenience and seamless processes, which become even more important during emergency situations.
     
11. Know How Customers Have Rated the Insurers
    Go through the reviews of existing customers of each insurer. This can give you important insights about their services, claim settlement processes, and reliability.
     
12. Have a Look At the Claim Settlement Ratio
    Check the claim settlement ratio of each insurer. A higher ratio is an indicator of a better history of settling claims and dependability.
     
13. Go Through the Plans’ T&Cs
    Read the T&Cs of each bike insurance plan to the tiniest detail. It’s important to understand the fine print, what’s covered, what’s not covered, and more.
     
14. Understand the Online Bike Insurance Renewal Process
    Next, assess how seamless the online renewal process under each plan is. It’s always better to go for a bike insurance plan that has a simple and straightforward renewal process.

Key Considerations When Purchasing Two-Wheeler Insurance

Before you dive into buying your two-wheeler insurance, here are some important factors to keep in mind –

1. Assess Your Needs
   You should first understand your own needs and then decide on the level of coverage you require. You also need to decide whether you want to include any additional features or add-ons in your policy.


2. Third-Party or Comprehensive?
   Once you have decided on your needs, you can then choose between a third-party policy and a comprehensive policy. A third-party policy is a suitable choice if –

• You don't ride your bike frequently.
• You are confident in your ability to avoid damaging your two-wheeler.
• You are looking to keep your insurance premiums low.

However, in most other cases, a comprehensive policy is the wiser choice as it offers more extensive coverage and better protection for your two-wheeler.

3. Optimal Coverage
   When it comes to your two-wheeler insurance, understanding the Insured Declared Value (IDV) is crucial. This value represents the estimated market worth of your vehicle and the maximum amount your insurer will pay in the event of a claim. So, it is wise to choose a policy with an IDV that adequately covers your bike.
   
   While selecting a lower IDV might reduce your premiums, it could lead to complications during claims. This can lead to inadequate compensation, especially if the loss or damage exceeds the chosen IDV – for instance, in the case of theft.
    
4. Tailor Your Coverage
   You also have the flexibility to customise your base two-wheeler insurance policy to suit your exact needs. Additionally, you can enhance your protection with various add-ons such as NCB protector cover, zero depreciation cover, personal accident cover, roadside assistance cover, etc. These add-ons offer an extra layer of protection for your bike.
    
5. Network Garages
   When it comes to making a claim with your two-wheeler insurance, you have two options – Cashless and Reimbursement.
   
   Cashless claims are only available at the insurer's approved network garages. So, when selecting your two-wheeler insurance policy, be sure to check if the network garages are located near your home and workplace.
    
6. Understand the Terms and Conditions
   Before finalising your insurance choice, carefully review the policy documents and brochures. It is vital to understand the terms and conditions of the policy you intend to purchase, including what is covered and what isn't.
    
7. Personal Accident Cover
   According to government regulations, it is necessary to have a Personal Accident cover for the owner-driver. Hence, you should make sure that you add this to your policy if it is not included already. Neglecting this requirement may result in claim rejections.

How to Calculate Bike Insurance Premium?

The premiums you’ll need to pay depend on the type of bike insurance you go for and the cubic capacity of your two-wheeler. Third-party premiums are fixed by the IRDAI, and own-damage premiums can vary across insurance companies.

Third-party premiums for bike insurance are as follows -

Two-Wheeler Cubic Capacity (CC)	Third-Party Premium
<75cc	Rs 482
>75cc but <150cc	Rs 752
>150cc but <350cc	Rs 1193
>350cc	Rs 2323

Factors Affecting Bike Insurance Premium For Two Wheelers

Bike insurance premiums are calculated on the basis of several factors, like -

• The bike’s make and model
  The bike’s made, model, and engine capacity hugely influence the premiums of your bike insurance.
   
• ✅The bike’s IDV
  Insured Declared Value or IDV is basically the estimated market cost of your bike and determines the maximum you’ll get if you file a claim for theft or total damage.
  Your bike insurance premium is directly proportional to the IDV of your vehicle.
   
• Where your bike is registered
  The location of your bike’s registration also affects premiums. If it’s registered in an area with a high crime rate, more traffic, etc., this may result in higher premium rates!
   
• How old the bike is
  As a bike ages, its market value reduces due to wear and tear. Insuring an old vehicle will result in lesser premiums, whereas insuring a new vehicle will result in higher premiums.
   
• The type of coverage you’ve chosen
  The coverage (and add-ons) you pick also determine your bike insurance premiums. More coverage and add-ons = higher premiums.
   
• Your claim history
  The insurance company will check your claim history. If you haven’t filed any claims, you may get a No Claim Bonus, resulting in lower premiums.
   
• The voluntary deductible you’ve chosen
  Some insurers give you the option to opt for a voluntary deductible i.e. the money you need to pay before your insurer starts paying. So, you essentially take responsibility for a portion of your claim, thereby lowering your premiums.
   
• Where you’ve bought the insurance from
  Your bike insurance premium can differ on the basis of where you buy it from. Some platforms or intermediaries can charge more or less, depending on their incentive goals.

How Can You Reduce Two-Wheeler Insurance Premiums?

If you want to reduce your two-wheeler insurance costs without compromising on your coverage and benefits, you can consider these strategies –

• Compare Policy Options
  The first thing you can do is to compare the available policies from different insurers and the premiums they charge. Numerous online platforms provide tools for comparing premium rates and other benefits.
   
• Choose Your Deductible Wisely
  A deductible is the amount you are responsible for paying when making a claim before your insurer covers for the rest. There are two types of deductibles –
  • Compulsory Deductible: This is a fixed amount mandated by IRDAI that you must pay from your end.
  • Voluntary Deductible: You can opt to pay this amount out of your pocket voluntarily.

You should know that the higher your deductible, the lower your premium. If you are a safe and responsible driver, consider selecting a higher voluntary deductible when you purchase your policy to ensure premium savings. However, keep in mind that you will need to pay the chosen deductible each time you make a claim.

• Safe Driving for Savings
  Keeping your focus on the road not only ensures safety but also paves the way for savings. Safe driving means fewer accidents, which, in turn, means fewer claims. When you avoid raising claims throughout your policy year, your insurance company rewards you with a No Claim Bonus, which is essentially a discount ranging from 20% to 50%.
   
• Skip Small Claims
  Filing a claim for minor damages, such as a cracked headlight or a small scratch, might be insignificant. Raising a claim for even these small amounts can cost you the No Claim Bonus during renewal. You can pocket significant savings by handling these minor expenses on your own.
   
• Transfer Your NCB
  If you are planning to switch to a new two-wheeler, remember that your new ride needs an insurance policy as well. To cut costs on your new policy, transfer your hard-earned No Claim Bonus from the old policy. This can be done by obtaining an NCB retention letter from your previous insurer. This way you can preserve the premium discount for your new policy.
   
• Join an Automobile Association
  Many insurers offer discounts to members of specific automobile associations in India. By becoming a part of organisations like the AAI (Automobile Association of India) or WIAA (Western India Automobile Association), you can enjoy premium discounts.
   
• Invest in Certified Anti-Theft Devices
  You can also enhance your vehicle's security and reduce the risk of theft by installing certified anti-theft devices. These devices, such as gear locks, anti-theft alarms, and steering locks from registered manufacturers, not only boost your protection but also earn you a discount on your premium.
   
• Keeping Your Policy Updated
  To avoid any lapse in your coverage, ensure you renew your policy promptly. Insurance companies may charge higher premiums for renewing an expired policy since it is considered a risk. Also, this means that you might be losing your valuable No Claim Bonus.
   
• Choose Add-Ons Wisely
  While add-ons enhance your two-wheeler insurance, they come at an extra cost. It is thus crucial to select these add-ons thoughtfully based on your specific needs. Not every add-on is necessary, and you can reduce your premium by excluding those you do not require and opting for the ones that truly benefit you.

How to Renew Your Two-Wheeler Insurance?

Most insurance companies are proactive and send you renewal reminders well before your policy expires. Here's is a step-by-step guide to help you renew your policy –

1. When it is time for renewal, you need to get in touch with your insurer through a phone call or email.
2. You can also renew your policy conveniently on the insurer's website. All you have to do is enter your policy number or registered mobile number.
3. Once you enter the details, you will be directed to the renewal page. Here, you can review all the information and if everything looks correct and suits your needs, you can proceed with the renewal.
4. If you are considering changing your insurance company, visit your chosen insurer's website or use a broker's or web aggregator's website and provide your vehicle details.
5. Once you have filled in the necessary information, you will then receive a quote. Check the details and proceed with the renewal.
6. After making the payment, your policy documents will be sent to your registered email address.

The Importance of Timely Policy Renewal

Renewing your two-wheeler insurance on time is a must and here's why –

• To Avoid Financial Stress
  Your two-wheeler insurance is your safety net against accidents, damage, and loss. However, when your policy expires, you are left without this protection. And, any damages to your vehicle or to a third party during this period become your responsibility, leading to significant expenses. To steer clear of such financial strain, you should ensure that your two-wheeler insurance never lapses.
   
• To Prevent Legal Complications
  In India, having at least a third-party insurance policy is a legal requirement. If you get caught without this mandatory insurance, it can result in severe legal consequences, including fines, imprisonment, or both. To always stay on the right side of the law, renew your two-wheeler insurance on time.
   
• To Preserve Your No Claim Bonus
  Your No Claim Bonus (NCB) is a reward given by insurers to encourage safe driving. It is essentially a discount given when you do not make any claims in a policy year. The longer you drive responsibly, the higher the discount you accumulate. However, it is vital to be aware that if you make a claim during a policy year or if you do not renew your policy within 90 days of expiration, you will lose your NCB. So, it is recommended to keep a close eye on your policy and ensure that it stays active to safeguard your hard-earned No Claim Bonus.
   
• To Avoid Unwanted Inspections
  When you procrastinate on your renewal, certain insurance companies might insist on inspecting your two-wheeler before renewing your coverage. And, this could come with an additional cost. To avoid these potential expenses, it is wise to renew your two-wheeler insurance promptly.
   
• To Maintain Uninterrupted Coverage
  If you let your insurance coverage lapse, it could lead to pricier premiums or complications when renewing your policy. To avoid such problems, it is crucial to keep your two-wheeler insurance policy up to date. By doing this, you secure continuous protection against unexpected expenses curtailing from accidents, theft, natural disasters, etc. It also provides you with the peace of mind that your protection is comprehensive and reliable.

How to Renew Your Expired or Lapsed Bike Insurance Policy?

Bike insurance expired? Missed the renewal date? Here are the steps you need to follow -

1. Visit your existing bike insurance provider’s or any other provider’s website.
2. Select the ‘Bike’ or ‘Two-Wheeler’ option.
3. Then, you need to put in a few details. If you’re renewing the bike insurance with the same insurance provider, all you need to do is enter your policy number and follow the steps on the website. On the other hand, if you’re renewing the policy with another provider, enter your bike’s registration number to commence the renewal process.
4. Then, the website will show you the details of the bike. Check that all details are accurate. If the website doesn’t display these details, enter the information and verify that it is correct.
5. If you’re on your current insurer’s website, you will directly the renewal premium. But, if it’s a web aggregator or broke, you’ll see different quotes from different insurers on one page. You can then proceed with the plan you want.
6. Since your current bike insurance has expired, some insurers may ask you get the bike inspected before the new policy’s coverage begins. In case this doesn’t happen, your coverage will start in 2-3 days after you pay for it.
7. Once you make the payment, you’ll get the policy copy on your registered email ID.

Making a Claim Under Bike Insurance

When your vehicle faces an unfortunate incident such as an accident, theft, or a similar mishap, you must file a claim to access the coverage needed to cover the associated costs. If your vehicle suffers damage or loss, reach out to your insurance company without delay to initiate the claim settlement procedure.

During this process, your insurance company will request specific documents like your vehicle's registration certificate, your driver's licence, payment receipts, etc. The document requirements vary depending on the type of claim. To prevent any hassles during the claim settlement, ensure your two-wheeler insurance company provides you with a list of required documents at the time of policy purchase. This way, you can be well-prepared when the need arises..

Steps You Need to Follow to Make a Claim

Making a claim involves specific steps. These steps can differ based on the incurred damage type –

For Own Damage Claims

Here are the steps to follow to file an own damage claim -

1. Notify the Insurer
   It is essential to inform your insurer as swiftly as possible, ideally within 48 hours or as soon as you can after the damage occurs. When you contact your insurance company, provide a detailed summary of the damage to your vehicle. It is vital not to withhold any details from your insurer, as doing so could hinder the processing of your claim.
    
2. Report to the Police
   In cases involving theft, accidental deaths, or third-party involvement, filing a First Information Report (FIR) is necessary to support your claim. The FIR includes vital information about the driver, vehicle, passengers, witnesses, etc., and stands as the basis for your claim.
    
3. Assessing the Damage
   Once you have notified your insurance company, they will then send a surveyor to assess the vehicle and check the extent of damage. After the surveyor's evaluation, the report will be forwarded to the insurance company for further steps in the claim process. This commitment to transparency ensures a smooth and straightforward claim settlement procedure.
    
4. Document Submission
   When filing an own damage claim, you will need to provide a set of essential documents, including –
   • Duly filled and signed claim form.
   • Copy of the insurance policy.
   • Tax payment receipt.
   • An estimate of the vehicle repair costs, obtained from the repair shop where the vehicle is set to be fixed. This estimate should be signed and stamped by the garage.
   • The original repair invoice and payment receipt - signed and stamped by the garage. For a cashless claim, only the repair invoice needs to be submitted.
   • A claims discharge cum satisfaction voucher, signed across a revenue stamp.
   • Vehicle inspection address details if the vehicle hasn't been taken to the nearest garage.
   • A verified photocopy of the driver's driving licence at the time of the accident, along with the original.
   • A verified photocopy of the registration certificate, along with the original.
   • PAN Card.
   • Aadhar Card.
   • A photocopy of the Pollution Under Control Certificate.
   • A cancelled cheque or passbook, specifically required for reimbursement claims.
   •  
5. Claim Settlement
   Once the damage inspection is complete, the service provider will provide an estimate for the repair cost. And, upon receiving this estimate, the insurer will grant approval for the vehicle's repair.
   
   You should remember that depending on your chosen coverage, you might be responsible for paying deductibles and depreciation charges for replacement parts when filing a claim. A deductible is a portion of the claim amount that you need to cover from your end. Hence, it is essential to be aware of these to estimate your potential out-of-pocket expenses. 

For Third-Party Liability Claims

Here are the steps you need to follow to initiate a third-party liability claim –

1. File an FIR
   You should first visit the nearest police station to file a First Information Report (FIR) and obtain a charge sheet. Keep a copy of this report, which outlines the sequence of events and the involved parties.
    
2. Document Submission
   For a successful third-party liability claim, ensure you have all the necessary documents ready to submit them to your insurer. Here are the required documents -
   • First Information Report (FIR).
   • A duly filled and signed claim form.
   • Copy of your insurance policy.
   • Tax payment receipt.
   • An estimate of the vehicle repair costs from the repair shop where you intend to fix the vehicle. This estimate should be signed and stamped by the garage.
   • The original repair invoice and payment receipt - signed and stamped by the garage. And for a cashless claim, only the repair invoice needs to be submitted.
   • A claims discharge cum satisfaction voucher, signed across a revenue stamp.
   • Address details for the vehicle's inspection, especially if it was not taken to the nearest garage.
   • A verified photocopy of the driver's licence at the time of the accident, provided to the surveyor along with the original.
   • A verified photocopy of the registration certificate, provided to the surveyor along with the original.
   • PAN Card.
   • Aadhar Card.
   • A photocopy of the Pollution Under Control Certificate.
   • A cancelled cheque or passbook, necessary for reimbursement claims.
      
3. Visit the Nearest Motor Accidents Claims Tribunal
   All third-party liability claims are resolved in the Motor Accident Claims Tribunal (MACT) –
   • If the incident occurred near your residence, file a claim at your nearest tribunal.
   • If the accident happened in another area, file your claim at the tribunal closest to the accident location. The tribunal authorities will thoroughly assess the situation before determining the next steps.
      
4. Claim Settlement
   When it comes to property damage compensation, there is usually a limit of Rs 7.5 lakhs. Any expenses exceeding this amount will have to be borne by you. However, in cases of injury or fatality, there will be no limit to the claim amount. This ensures that you receive fair and adequate compensation for your losses.

For Theft Claim Process

When dealing with a theft claim, you should follow the steps listed below –

1. File an FIR
   First, you need to report the theft by visiting the nearest police station and filing an FIR - First Information. Provide comprehensive details about your vehicle, including the chassis number, registration number, model, colour, and any distinguishing features like scratches or dents. This information is essential for a thorough investigation.
    
2. Notify Your Insurer
   The next step is to promptly notify your insurer about the theft by filing a claim. It is essential to be transparent and share all the relevant details. Hiding any important information may hinder the claim process.
    
3. Inform the RTO
   Ensure that you inform the Road Transport Office (RTO) about the vehicle theft. The RTO is responsible for vehicle ownership transfer, and early notification reduces the risk of unauthorised ownership changes by the thief.
    
4. Document Submission
   These are the documents you need to submit while filing a theft claim –
   • Insurance policy document.
   • Tax payment receipt.
   • Letter of subrogation.
   • Official notice to the RTO about the theft and the cessation of vehicle use.
   • Form 28, Form 29, and Form 30.
   • Previous insurance policy details, including policy number, insuring office/company, duration, and coverage period.
   • Additional information about booklets, duplicate keys, warranty cards, and other accessories.
   • Registration book.
   • Claim discharge voucher signed across a revenue stamp.
      
5. Police Investigation
   Once you have reported the theft to the police, they will actively work to locate your stolen vehicle using the details you have provided. If, even after 6 months from the complaint date, your vehicle remains untraceable, the police station will issue a No-Trace Report.
    
6. Transferring the Registration Certificate (RC)
   The next step is to present the No-Trace Report to your insurer to get your claim approved. Once this is done, the registration certificate of your stolen vehicle will be transferred to the insurance company.

It is essential to note that the claim submission process and the required documents may differ across insurers. So, when purchasing a two-wheeler insurance policy, it is wise to inquire with the insurer about the claim procedure and the necessary paperwork. By following the steps mentioned above, you will be able to ensure a hassle-free claim process. 

Types of Claims

Two-wheeler insurance claims are of two types –

Cashless Claims

As the name suggests, cashless claims operate without the need for upfront payments. The insurer directly settles the payment with the repair shop responsible for fixing your two-wheeler. It is important to remember that a cashless claim is only approved if the repairs are carried out at a garage that is part of the insurer's network. Opting for a network garage for your two-wheeler repairs streamlines the claims procedure, as you will not have to cover the expenses out of your own pocket. However, you may still have to pay compulsory deductibles or consumable costs, as applicable.

Understanding the Cashless Claims Process

Here are the steps to follow when you are making a cashless claim –

1. Notify the Insurer:
   In the event of an accident involving your two-wheeler, promptly inform the insurance company about the incident and the damages incurred by providing all the necessary details.
    
2. Choose a Network Garage:
   Share the garage's name and address where your two-wheeler will be repaired. For cashless claims, your two-wheeler must be taken to a network garage.
    
3. Provide an FIR Copy (If Required):
   If any third party is involved or there has been an accidental death, the insurer may request a copy of the First Information Report (FIR).
    
4. Surveyor Appointment:
   Once the insurer receives all the relevant information, they will appoint a surveyor who will visit the garage to assess your two-wheeler's condition.
    
5. Surveyor's Approval:
   If the surveyor approves, the garage can begin repair work.
    
6. Document Submission:
   The surveyor will need a few documents to be signed by you -
   • Claim Form: This form outlines the details of your claim.
   • Satisfaction Voucher: This is your consent, confirming your satisfaction with the vehicle repairs before the claim payment is released.
   • Discharge Voucher: This form specifies the payable amount to you during claim settlement which has to be acknowledged and confirmed by signing the form.

You will also need to provide certain documents as a customer –

6. • RC Copy
   • Driver's Licence
   • ID Proof
      
7. The Final Bill:
   Once the repair work is completed, the garage will send the repair bill and invoice directly to the insurance company. The insurer will then review these documents after reducing compulsory deductibles and any consumable charges. The approved amount will be paid to the garage, and you will be responsible for paying the compulsory deductible and consumable charges directly to the garage.

Note: If you have a consumable protection add-on in your policy, you can avoid paying consumable charges.

Reimbursement Claims

If you get your bike repaired at a garage that does not have a tie-up with your insurer i.e. it is not on your insurer’s network, you will only be allowed to make a reimbursement claim. Here, you’ll first need to get your bike repaired, make an upfront payment for the repair costs, and then get the amount reimbursed from the insurer.

Understanding The Reimbursement Claims Process

If you are making a reimbursement claim in the event of an accident, here's what you should do –

1. First, inform your insurance company about the accident.
2. You will need to submit various documents, including -
   1. A fully filled claim form,
   2. A body-shop estimate from the workshop, and
   3. A copy of the FIR if any third party is involved or if there has been a fatality in the accident.

You should keep in mind that the list of documents required may vary depending on your insurer.

3. The insurance company will assign a dedicated surveyor who will inspect your two-wheeler at the garage. Once the surveyor approves the repairs, the garage can proceed with the necessary work.
4. After the repairs are finished, you will need to settle the entire bill with the garage.
5. You will then need to send the bill, invoice copy, and any other necessary documents as requested by your insurance company to initiate the reimbursement process.

Important Terms To Know in Bike Insurance

Here are some important bike insurance terminologies that you should be aware of -

• First Party, Second Party, and Third Party
  • The first party is the person buying the policy i.e. the owner of the bike.
  • The second party is the insurance company.
  • The third party is the property or person involved in the road accident caused by the first party.
     
• Premium
  This is the amount of money paid by the first party to the secondary party in exchange of the bike insurance coverage for the decided upon time span. Third-party premiums are decided by the IRDAI, based on the vehicles’ cubic capacity. On the other hand, comprehensive bike insurance premiums are determined by factors like make and model, age of vehicle, add-ons, etc. The premium is to be paid at the beginning of or before the policy duration.
   
• Insured Declared Value (IDV)
  The IDV is the maximum amount payable by the insurer to the insured person in case of a theft or total damage claim related to your insured bike. The IDV is paid after subtracting the deductible, as per policy T&Cs.
   
• Insured
  Bike insurance provides financial protection against vehicular damages or losses. The person who is covered under bike insurance is the insured.
   
• Insurer
  The body that offers a financial safety net against vehicular damages and losses is called the insurer. They charge a premium in exchange for the financial protection.
   
• Own Damage Cover
  This is basically a component of a bike insurance policy. It financially safeguards you against any repair or replacement that can crop up when your bike faces loss or damage because of an accident, natural disaster, fire, etc.
   
• Third-Party Insurance
  Third-party insurance (also called a ‘third-party liability plan’) financially safeguards you against any damages or losses caused to a third party by your insured bike. It covers any financial or legal repercussions you may encounter because of vehicular damages, physical bodily injuries, accidental deaths, or property damage caused to the third party.
   
• This type of bike insurance is mandatory as per Indian motor laws. If you do not own third-party bike insurance for your two-wheeler, this will lead to penalties and fines by the traffic police.
   
• No Claim Bonus
  Haven’t made any claims during the policy year? Get ready for a reward! The No Claim Bonus (NCB) is a token of appreciation given to you by the insurer for not making any claims during the entire policy span. It is typically offered as a discount on your own-damage renewal premiums. And, did you know you can claim up to a whopping 50% No Claim Bonus discount on your next premium?
   
• Personal Accident Cover
  If you own a Personal Accident Cover, you (the policyholder) or the vehicle’s driver will be compensated by the insurer if you/the driver face any injuries or even death because of a road accident. The medical bills that are accepted and admissible by the insurer will be covered.
  
  For instance, if the person loses a limb or an eye, they will get 50% of the bike insurance policy’s sum insured as compensation. Or, if the policyholder passes away, their family will get a sum of Rs 15 lakhs as the death benefit to keep up with their expenses and lifestyle.
   
• Zero Depreciation Cover
  The zero depreciation cover (also known as ‘nil depreciation cover’) is available with comprehensive bike insurance policies. If you opt for this cover by paying an extra premium, It will cover the depreciation costs associated with the replaced vehicle parts of your bike. Basically, under the zero depreciation cover, you get a higher claim amount since you receive the total value of the damaged legal part.
  
  You can purchase the zero depreciation cover while buying or renewing a comprehensive bike insurance plan.
   
• Compulsory Deductible
  A deductible in bike insurance is basically a portion of the claim amount that you need to pay from your own pocket before the insurance company steps in to pay  the rest. A compulsory deductible, as the name suggests, is mandatorily enforced by the insurance company i.e. they will settle the claim only after you pay the compulsory deductible. Every single bike owner in India must bear the compulsory deductible whenever they make a claim - as per policy terms and conditions.
   
• Voluntary Deductible
  While the compulsory deductible is legally mandated, the voluntary deductible is an optional choice. It is the amount of money you choose to pay yourself whenever you make a claim under your bike insurance. And, since you willingly opt to do so and take responsibility for a portion of the claim amount, your premiums are reduced by the insurer. But, keep in mind that the higher the voluntary deductible you pick, the higher the expenses you’ll face during claims!
   
• Add-on Cover
  An add-on cover offers additional insurance coverage to your bike on the happening of specific events, damages, or losses. It even offers assistance. For instance, the roadside assistance cover helps you avail any emergency services you require for your bike when you’re on the road. Essentially, an add-on cover broadens your comprehensive bike insurance coverage on the payment of an extra premium.
   
• Cashless Garage
  If your bike gets damaged because of a road accident, you can get it repaired at the insurance company’s cashless or network garage (also known as an ‘authorised garage’). In this case, the insurance company will settle your bike’s repair bills directly with the network garage. You’re only required to pay any applicable deductibles and/or charges.
   
• Endorsements
  If you want to get any policy details correct after you’ve purchased a bike insurance policy, this is termed as an ‘endorsement’. For instance, if you need to make changes to your personal details like name, contact details, or address for communication, you can inform the insurance company and get an endorsement done for the same.
   
• Depreciation
  As we all know, the markte value of your bike or two-wheeler reduces as time goes on. This is because of everyday use and regular wear and tear. This is know as depreciation, and it also affects any claims you make under your bike insurance plan. Whenever you make a claim, your insurer will calculate the depreciation on the value of the  claimed parts and then subtract the amount from the total claim value. This will keep on affecting your claims as your bike gets older, since more the age, higher the depreciation.

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Here are some important bike insurance terminologies that you should be aware of -

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