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Bike Insurance
- Own damage cover
- Third-party liability insurance
- Coverage against theft
Features and Benefits
Value added services
Know your vehicle
Get about your challan details
Get PUC Expiry timely reminders
Pay as you Drive
Pay only for what you drive.
From Quote to KYC: Everything Digital
What's Included?
Get coverage for the financial liability suffered if your car causes physical injury or death of another individua
Property damage due to the insured car is covered up to Rs.7.5 lakhs
Damages suffered due to earthquakes, floods, lightning, roadslides, landslides, hurricanes, typhoons, cyclones, storms, tempests, etc.
Damages suffered due to fire, burglary, strikes, malicious acts, riots, etc.
Financial loss suffered due to the theft of the car
Damages suffered when the car is being transported by land, air, road or rail
Accidental death or permanent disablement suffered by the owner/driver
What's Not Included?
Depreciation due to age
Normal wear and tear of the bike
Driving under the influence of intoxicating substances
Driving without a valid driving licence
Driving outside the borders of the Indian territory
Usage of the bike in violation of its limitations of use
Consequential losses
Mechanical and electrical breakdowns
War and nuclear perils
Illegal activities
Choose The Right Option
Comprehensive bike insurance plans
- Covers both own damage and third party liability
- Personal accident coverage
- Optional add-ons
Own damage bike insurance plan
- Available if you have an existing third-party policy
- Covers only the damages suffered by the bike
- Offered for one year
Third-party liability plan
- Annual or 5-year coverage
- Covers third party liabilities
- Low premiums
Add Riders for Extra Protection
Get Started with Bike Insurance
How to buy?
- Login in to the ABCD App
- Go to the Motor Insurance homepage under the Insurance domain
- Enter your vehicle number & other relevant vehicle details
- Compare various bike insurance plans from leading insurers
- Select any suitable add-ons or update your Insured Declared Value as per the requirement
- Choose the plan that fits your pocket & fulfils your needs
- Get assistance from our call centre (if required)
- Choose any mode of online payment to pay the premium amount
- Once the premium is paid, the policy will be instantly issued
How to renew?
- Login in to the ABCD App
- Go to the Motor Insurance homepage under the Insurance domain
- Enter your vehicle number & other relevant vehicle details
- Compare various bike insurance plans from leading insurers
- Select any suitable add-ons or update your Insured Declared Value as per the requirement. Pro tip: Your IDV should be less than 10% less than Previous year policy
- Choose the plan that fits your pocket & fulfils your needs
- Get assistance from our call centre (if required)
- Choose any mode of online payment to pay the premium amount
- Once Payment, your vehicle policy will be renewed
How to claim?
- Inform about the damage to the Insurance company on their toll-free number or email.
- Fill & submit the claim form along with the required documents
- Take an estimate of the repair of the damaged bike.
- The insurance company will send a surveyor to prepare a report
- Based on the surveyor’s report, your bike will be sent to the network garage for repairs.
- Submit the repair invoice, payment receipt & other documents
- If all the documents are in place, your bike will get repaired in the insurer’s network garage and you get a cashless claim.
- In case of reimbursement, pay the garage for the repairs & the amount will be reimbursed
Customer Satisfaction Stories
Hear from our customers what they have to say about their experience.
Aditya Birla Sun Life Insurance Customer
Due to seamless branch support and timely communication from ABSLI, my maturity payout process was quite smooth.
Aditya Birla Sun Life Insurance Customer
Haryana, India
Aditya Birla Sun Life Insurance Customer
Entire surrender process was quite smooth with timely documentation and payout. Great experience!
Aditya Birla Sun Life Insurance Customer
Gujarat, India
Table of Contents
What is Bike Insurance?
-
Bike Insurance is an insurance policy for bikes and scooters. It covers the damages the bike might suffer and compensates for the financial loss.
-
Bike Insurance also covers damages caused by the vehicle to third parties and pays the underlying financial liability on your behalf.
-
Every two-wheeler must have a bike insurance policy to run on Indian roads legally.
What are the features of Bike Insurance?
- Comprehensive, standalone own-damage and third-party plan options
- New bikes are insured for 5 years under third-party cover
- Lump sum benefit paid in the case of accidental death or disablement
- Covers unlimited liability for third-party deaths
- Offers cashless and reimbursement claims
What are the benefits of Bike Insurance?
Coverage against legal liability
If your bike causes injury, death or property damage to another individual, you are held financially responsible for their loss. The bike insurance policy covers this loss.
Financial security
With the financial compensation allowed under bike insurance, you get financial security against possible accidents or mishaps involving the bike.
Fulfils legal mandate
The bike insurance policy fulfils the legal mandate of having your bike insured. You can avoid legal fines and penalties when you have a bike insurance policy
Affordable
The premiums of the policy are affordable, and the available discounts also lower the premium outgo
Add-ons enhance coverage
Comprehensive bike insurance plans offer a choice of riders which enhance the coverage and provide added financial security
Common Bike Insurance terminologies
IDV
Short for Insured Declared Value. It represents the vehicle’s value after factoring in age-based depreciation.
Compulsory deductible
The part of claim which is compulsorily borne by the policyholder while the insurer pays the rest.
Voluntary deductible
The part of claim which you voluntarily undertake to pay from your pockets over and above the compulsory deductible
Add-ons
Optional coverage features that enhance the scope of the policy and are available at an additional premium
No Claim Bonus (NCB)
Premium discount allowed on renewals for not making claims in the previous policy years.
What factors affect the Bike Insurance premium?
-
Type of policy
comprehensive plans charge a higher premium than third-party plans.
-
IDV
Higher the IDV, higher the premium
-
Age of the vehicle
Older the vehicle, lower the premium
-
Registration location
Bikes in metros attract higher premiums
-
Claim history
Premiums are higher if claims have been made in past years
-
Make, model and variant
It determines the bike’s value, which affects the premium
-
Available discounts
discounts reduce the overall premium
How is the IDV calculated under Bike Insurance plans?
IDV is calculated by the following formula
IDV = (market value of the vehicle - depreciation) + (value of accessories - depreciation on accessories)
Depreciation is determined as follows
|
Age of the vehicle |
Depreciation rate |
|
Less than 6 months |
5% |
|
More than 6 months but less than a year |
15% |
|
More than a year but less than 2 years |
20% |
|
More than 2 years but less than 3 years |
30% |
|
More than 3 years but less than 4 years |
40% |
|
More than 4 years but less than 5 years |
50% |
|
More than 5 years |
Agreed mutually between the policyholder and insurance company |
How much No Claim Bonus is available under Bike Insurance plans?
-
After one claim-free year - 20%
-
After two successive claim-free years - 25%
-
After three successive claim-free years - 35%
-
After four successive claim-free years - 45%
-
After five successive claim-free years - 50%
Boost health coverage with top up plans
-
Coverage up to Rs.1 crore -
Buy online at affordable premiums
Increase trading volume, leverage stock
-
Buy stocks on NSE/BSE
-
Cash or pledged stocks for margin trading
FAQs on Bike Insurance
According to the Motor Vehicle Act of 1988, bike owners must have insurance. This mandatory policy safeguards you from the financial responsibility of covering injuries or damages to third parties in case of an accident.
If you lose your bike insurance papers, ask your insurance company for a duplicate. Also, report the loss to the nearest police station to prevent potential problems later.
Yes, your bike insurance is valid throughout India so you can ride to any State without concerns about coverage.
PA means personal accident cover. This provides Rs. 15 lakhs in case of an accident for the rider/driver. Compensation applies if the rider/owner loses their life or becomes disabled due to an accident covered by the bike insurance policy.
It's against the law. If caught by the traffic police for the first time, you'll be fined Rs. 2,000. The penalty for a second offence is Rs. 4,000, which may lead to imprisonment. Ensure you have at least the minimum third-party insurance to avoid these consequences.
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