Bike Insurance
Bike Insurance or two wheeler insurance is a type of insurance, which safeguards you against the damage happening to your bike due to accidents, natural calamities and other unfortunate events. Bike Insurance policy covers the cost of treatment as well as third party liabilities.
Here are main features of motorcycle /bike insurance –
Coverage for your Bike
Personal Accident Coverage for you
Coverage against Third Party Liability
Cashless Claim Settlement
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Why Do I Need Bike Insurance in India?
Bike insurance or Two Wheeler Insurance in India provides financial protection against physical damage, theft, and third-party liabilities arising from the use of your two-wheeler. Here are some reasons why you need bike insurance policy in India :
- 1 Legal Requirement :Having a bike insurance plan is compulsory as per the Motor Vehicles Act 1988.
- 2 Provide Financial Security by Covering Repair Costs :A bike insurance policy ensures that your vehicle is restored to its original condition without putting a dent in your finances.
- 3 Covers Third-Party Liabilities :Bike insurance plan will cover your legal liability for third party losses.
Why Choose IFFCO Tokio Bike Insurance?
Few reasons to consider IFFCO Tokio Bike Insurance :
Cashless Claim across Network Garages
High Claim Settlement Ratio
Reliable 24*7 Support
23 Years of Serving Insurance
4.8 Customer Rating
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Types of Bike Insurance Policies offered by IFFCO-Tokio
There are three types of bike insurance plans, i.e. third-party bike insurance, own damage bike insurance & comprehensive bike insurance. These Bike Insurance plans offer different levels of protection. Let us see the coverage for each type of bike insurance policies :
Third-party Bike Insurance Policy
Third Party Bike Insurance plans only covers any damage to a third party.
Key Things to remember :
- Mandatory as per law
- Covers third party damages and liabilities
- No coverage for insured bike
Own Damage Bike Insurance Policy
Own Damage bike insurance policy covers only damage to insured bike.
Key Things to remember :
- Covers only for insured bike
- User have to buy third party bike insurance separately
Comprehensive Bike Insurance Policy
Comprehensive bike insurance policy covers one’s own damage as well third-party liabilities.
Key Things to remember :
- Covers third-party liability as well as own-damage to your bike.
- Provide coverage for both natural and man-made calamities.
- These plans also allow you to include add-ons for a wider coverage!
BIKE INSURANCE
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Some Amazing Features of IFFCO-Tokio Bike Insurance
IFFCO-Tokio is known for offering various features in their bike insurance policies that cater to the needs of two wheeler owners. Some of the notable features include :
Cashless Repair Services
Bike Insurance policy comes with access to cashless repair services at the network garages.
24*7 Claim Assistance
Our team is providing round-the-clock assistance for claim settlement and support.
High Claim Settlement
Our high claim settlement provides piece of mind to policyholder.
Quick Claim Settlement
Promising effortless, paperless & quick claim settlement for minor damage upto Rs. 50,000.
Online Policy Renewal and Purchase
Making it convenient for customers to buy or renew policies through our website or mobile app.
Trusted Brand
Servicing our customers for more than 23 years.
Wide Network
Buy bike insurance plan from more than 20,000 agents and branches.
Customizable Plans
Providing flexibility to choose coverage options according to individual needs.
Bike Insurance by IFFCO Tokio - A Quick Look
Bike Insurance Features | Advantages of IFFCO-Tokio Bike Insurance |
---|---|
Premium | Starting at only ₹1.5 per Day* |
Damages to Third-Party | Covered |
Third party Liability | Covered |
Own Damage(OD) Cover | Available in Comprehensive Bike Insurance & Own Damage Bike Insurance |
No Claim Bonus (NCB) | Get up to 50% Discount |
Easy Claims | App-based Claim Settlement within 4 Hours |
Personal Accident (PA) cover | Available. Coverage up to Rs. 15 lakhs for permanent disability/death. |
Claim Assistance | Paperless Experience |
Claim Settlement | Quick Claim Settlement for minor damage upto Rs. 50,000 |
Cashless Repair | Available at network garages across India |
Instant Online Renewal | Available via website and mobile app. |
BIKE INSURANCE
Buy/Renew Bike Insurance Policy Online
Inclusions: Coverage Offered by Our Bike Insurance Policy
The coverage in your bike insurance policy depends on the type of policy that you have selected. IFFCO Tokio Comprehensive Bike Insurance cover the following types of financial liabilities :
Accidents or Collisions
Covers repair or replacement costs for your bike in case of an accident.
Theft
Protects against financial loss if your bike is stolen.
Natural Disaster
Covers damage due to events like floods, earthquakes, cyclones, etc.
Fire & Explosion
Covers damage caused by fire-related incidents.
Personal Accident
Offers compensation for bodily injury or death of the owner-driver of the insured vehicle due to an accident.
Third-Party Losses
Covers bodily injury, death, or property damage to a third party in an accident involving your bike.
Exclusions: What’s Not Covered By Our Bike Insurance Policy?
Bike Insurance plans have a standard set of exclusions that are not covered by the policy. Let us look at some of the situations in which case your bike insurance policy will not be covering the damages caused to your bike :
Damages while riding under the influence of drugs or alcohol
Damage due to the driver's negligence
Wear and tear of the bike
Mechanical or electrical breakdown
Damage during war and similar conditions
Review and Rating of Our Bike Insurance Policy
4.9
Our customers have rated us
Based on 1357 reviews
Suman Bijlani
Reliable coverage, hassle-free claims process
Kantilal Gala
It’s been 3 years I have got the two wheeler insurance policy from IFFCO Tokio and it is extremely good.
Adil Chinoy
Affordable premiums and comprehensive protection for my bike
Madhukar Chavan
Thank you IFFCO Tokio for your great help and assistance.
Baban Shingade
I have taken my bike insurance from IFFCO Tokio
Hemlata Dureja
Efficient customer service and prompt resolution of queries
View all reviews
BIKE INSURANCE
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How to File a Claim for your IFFCO Tokio Bike Insurance Policy
You have multiple options to register a claim for yourBike Insurance :
QCS - (Mobile App)
Telephonic (Call Centre)
Online (Website)
Let’s check these steps in detail –
Register a claim via QCS App :
QCS, or Quick Claim Settlement, applies to minor claims of under Rs. 50,000. Simply upload the necessary documents on the app, and upon approval, your claim will be settled promptly.
Register a claim via Call Centre :
You can register a claim for compensation online or by reaching us on 1800-103-5499 or 0124- 4285499. Our customer care executives will guide you with the further procedure.
Register a claim via Website :
To make a claim online, visit our website, then log in with your registered Email ID and Password. When you log in, just click on find the ‘make a claim’ option and follow the steps mentioned.
How to Raise a Cashless Claim for Bike Insurance Online
Get cashless claim settlement at one of our network garages. The cashless claim process involves three simple steps :
Intimate - Intimate your claim by any of the method suggested above.
Survey - Upload documents & photographs of the damage caused to your bike.
Claim Settlement - Claim settlement directly with you or network garage.
Claim Hassle Free
Claim Hassle Free
Intimate
Survey & Verify
Settle
Documents Needed for Filing Bike Insurance Claims
You will mostly need-
Bike Insurance Policy
Bike Registration certificate (RC)
Driving License (DL)
Valid ID of policy holder
Any other documents that we may require for your claim adjudication
What is Bike Insurance?
Two-wheeler insurance, also known as bike insurance, protect bike owners against various risks. Whether it's a motorcycle, scooter, moped, or any other two-wheeler, bike insurance policy safeguards you against damages caused by accidents, natural or man-made disasters, fire, and theft. Additionally, it fulfills legal requirements by providing coverage for third-party liabilities, encompassing damage to another person's property or vehicle, as well as injuries or fatalities caused by your insured two-wheeler.
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Difference between Comprehensive Bike Insurance & Third Party Bike Insurance
80% CUSTOMERS CHOOSE THIS | ||
Coverage under Bike Insurance | Comprehensive Bike insurance | Third Party Bike insurance |
---|---|---|
Accident Cover | ||
Theft Cover | ||
Natural Calamities Cover | ||
No Claim Bonus upto 50% | ||
Choice of add-ons | ||
Customization of bike value | ||
Cashless Claims | ||
Quick Claim Settlement | ||
Personal accident cover | ||
Damage to third party property | ||
Injury to a third party person | ||
No hefty fines levied if valid policy in place |
Why Bike Insurance Is Important and Why You Need It ?
Bike insurance, also known as motorcycle insurance or Two Wheeler Insurance, provides several benefits to riders and owners of motorcycles. These benefits can vary depending on the type of coverage you choose and the specific insurance policy, but generally, bike insurance offers the following advantages :
Provides Financial Coverage
Fulfills Legal Requirements
Protection against Hefty Fines
Optional Add-ons
Let's check these important points in a bit more detail.
Provides Financial Coverage
With a Bike 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 to pay from your own pocket.
Fulfills Legal Requirements
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!
Protection against Hefty Fines:
Riding your bike on Indian roads without having a motor insurance policy could result in you ending up with a hefty fine. With a Bike Insurance policy in place, you can easily avoid this unnecessary hassle.
Optional Add-ons:
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 towing, zero-depreciation, no claim bonus, etc.
BIKE INSURANCE
Buy/Renew Bike Insurance Policy Online
Reasons Why You Don’t Need Bike Insurance (But Should)
If you are also among those people, who thinks they don’t need insurance for their two wheeler, then you are at right place. If have listed few reasons why you don’t need bike insurance. Read on to find why -
Invincible Bikes
Because bikes have the ability to not get damaged or stolen.
You have Superhuman Powers
You possess supernatural abilities to dodge every potential danger on the road like reckless drivers, avoiding potholes, and outrunning natural disasters.
Money Grows On Trees For You
You’ve a money tree which pays for repairs, medical bills, and compensating others for damages caused by your bike.
You are Above Law
Legal requirements for bike insurance is not for you, this is only for other ordinary folks.
You Can See Future
You have seen your future and can change it as per your wish.
The Unstoppable You
You are a superhero on two wheels who is immune to accidents or any form of damage.
While it's fun to play with sarcasm and entertain the thought of not needing bike insurance, the practical choice is clear: in the real world, you do need bike insurance.
Bike Insurance Policy from IFFCO Tokio
If you love the freedom of open road, then you will love the freedom of choices we provide. We offer easy-to-understand and affordable third party bike insurance plans, comprehensive & depreciation waiver in your bike insurance plans. You can also opt for long-term third-party bike insurance cover or a single-year own damage insurance. Alternatively, you could bundle the two together and enjoy better savings.
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.
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How to Buy Bike Insurance?
To buy or renew bike insurance, you've got two choices.
Traditional Method
Online Method
Traditional Method : Visit a nearby IFFCO-Tokio branch or talk to an agent who specializes in bike coverage. They'll sort out a policy that matches what you need and fits your budget. Just give them the info they need, and they'll handle the paperwork.
Online Method : 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!
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Benefits of Buying Bike Insurance Online
There are two ways to purchase a bike insurance. You can either visit our branch or you could go online to make the purchase with just a few clicks and taps. The second option is fast becoming the ‘go-to’ alternative for many motorists. Let us explore the reasons behind this or we can say let us explore the benefits of buying two wheeler insurance online :
- 1 Save Money : Buying bike insurance online from IFFCO Tokio website generally saves money for customers as it doesn’t involve commission to third party dealers.
- 2 Easy Process : People buy Two Wheeler Insurance online is because it is so much easier and simple. You just have to fill in some simple details, choose the coverage you want, and make the payment for your bike insurance policy!
- 3 Save Time : Process of buying bike insurance online is convenient & environmentally friendly. When you buy Two Wheeler Insurance online, you do not have to endure the painful task of documentation, thus it saves time.
- 4 Multiple Plans : Once you have provided basic bike details, 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!
- 5 Plan Customization : 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.
- 6 Instant Policy : 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 on road!
BIKE INSURANCE
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Steps To Buy Bike Insurance Policy Online
You can buy two wheeler insurance online with following simple steps :
- 1 Fill out Bike Details -Enter basic information about your bike registration number and confirm details like make model, claim history etc. Based on these details, we will provide you an instant quote.
- 2 Select and Customize-You can select the bike insurance plan type like third party or comprehensive and can include the add-ons coverage as per the requirements.
- 3 Download Policy Document -After plan selection, please make the payment and your policy would be generated immediately. You can find your two wheeler insurance policy copy in your mail box.
BIKE INSURANCE
Buy/Renew Bike Insurance Policy Online
Renew Your Bike Insurance Policy
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. You can renew your Two Wheeler Insurance plan via two methods. We have explained them below :
Branch Visit :
You can visit your nearest IFFCO Tokio branch/agent to renew bike insurance policy. 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. Your renewed Two Wheeler Insurance policy document would be mailed to your residence in a short while. The only hassle you will face while of renewing a Two Wheeler Insurance plan at the branch would be that you have to physically visit the branch or to an agent.
Renew Your Bike Insurance Policy Online :
If you want to renew your two wheeler insurance and don’t want to visit our branch, you can do the renewal online through our website or App. The process of renewing bike insurance online is very simple and is mentioned under.
Benefits of Renewing Bike Insurance Online
- 1 Save Time :As you can renew bike insurance in a few clicks.
- 2 Save Money :As you may find discount on renewing your insurance on time.
- 3 Save Efforts :As the renewing process is very simple.
- 4 No paper work :As you renew directly from IFFCO Tokio website.
- 5 Instant Policy Generation :You don’t have to wait for policy copy as it is immediately emailed to you.
BIKE INSURANCE
Buy/Renew Bike Insurance Policy Online
Steps to Renew Bike Insurance Online
- 1Visit our bike insurance renewal webpage.
- 2Enter basic details like registration number and expiring policy number of your bike.
- 3We’ll fetch premium details and policy coverage for your two wheeler insurance.
- 4Make the payment online and download policy copy.
Bike insurance price calculation for different two wheelers
Premium of Bike Insurance consists of two main parameters. These are -
- 1 Third Party Liability Premium (TP)
- 2 Own Damage Premium (OD)
The Third party bike insurance premiums (TP) are fixed by IRDAI depending on bike engine capacity, while the Own Damage Premium (OD) depends on several other factors. We will check these both factors in detail in upcoming topics.
Third-party Liability Premium Calculation
This is stipulated by the Insurance Regulatory and Development Authority of India (IRDAI) and it is directly proportional to your bike’s cubic capacity.
Cubic capacity | Premium with effect from 1st June 2022 (Rs.) |
---|---|
Not exceeding 75cc | Rs. 538/- |
Exceeding 75cc but not exceeding 150cc | Rs. 714/- |
Exceeding 150cc but not exceeding 350 cc | Rs. 1,366/- |
Exceeding 350cc | Rs. 2,804/- |
Own Damage Bike Insurance Premium Calculation
The standalone Own Damage (OD) bike insurance premium is calculated after considering several factors such as make & model of the bike, geographical location of the bike to be insured, age of the two-wheeler, cubic capacity of the bike and various other factors. However, at IFFCO-Tokio, we've simplified things for you. Our bike insurance calculator provides the exact Own Damage (OD) premium for your bike using just the registration number.
Simple steps to calculate own damage (OD) bike insurance premium are –
- 1 Enter Registration Number :Input your bike's registration number into the calculator.
- 2 Retrieve Details :The calculator fetches the necessary bike details—make, model, manufacturing year—from the registration number.
- 3 Generate Premium :Based on the bike's specifics, the calculator calculates the Own Damage premium automatically.
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 bike insurance policy is calculated keeping in mind several factors. Some of these factors include :
Type of Coverage
One of the first things that affect the price of your bike insurance policy is the type of plan you opt for. Third-party bike insurance plans are the most basic and so cost less but offer limited cover. In case of comprehensive bike insurance, your choice of add-ons will also influence the cost of the policy.
Two-Wheeler Make/Model
The type of bike you have matters too. If you own a simple bike for everyday use, your insurance costs less. But if you have a fancy, expensive bike, the insurance costs more.
Insured Declared Value (IDV) 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 approx. market value of your bike i.e. IDV, which is bound to on the higher side for a more expensive motorcycle.
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.
Age of The Two-Wheeler
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.
Accessories
People may include electrical or non-electrical accessories cover in bike insurance and this can affect your bike insurance premium.
Tips to Reduce The Premium of Your Bike Insurance Policy
Did you know you can lower your bike insurance cost without changing your coverage? It sounds unbelievable, but it's true! Just follow these simple tips :
- 1 No Claim Bonus (NCB) : Maintain a claim-free record to accumulate NCB, which reduces premiums upon renewal.
- 2 Voluntary Deductibles : Opt for a higher voluntary deductible amount to lower the premium. Remember, this means you'll pay more out of pocket in case of a claim.
- 3 Renewal on Time : Avoid a lapse in policy renewal to prevent losing out on NCB benefits and to maintain continuous coverage.
- 4 Choose Coverage Wisely : Assess your needs and choose coverage that's necessary. Opting for only required coverage can help reduce premiums.
Remember, while reducing premiums is beneficial, ensure your policy still offers adequate coverage for your bike and yourself.
BIKE INSURANCE
Buy/Renew Bike Insurance Policy Online
How to Calculate Insurance Premium of Brand New Bike
Calculating the premium for your brand new bike is easy with the bike insurance premium calculator. This online tool enables you to check the premium of your two-wheeler insurance policy by entering some basic information. To calculate the premium, you need to provide the following details:
Bike manufacturer’s name
Model & Variant
Manufacturing year
Fuel type
Invoice Value
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Bike Insurance Policy from IFFCO Tokio
If you love the freedom of open road, then you will love the freedom of choices we provide. We offer easy-to-understand and affordable third party bike insurance plans, comprehensive & depreciation waiver in your bike insurance plans. You can also opt for long-term third-party bike insurance cover or a single-year own damage insurance. Alternatively, you could bundle the two together and enjoy better savings.
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.
Why IFFCO Tokio Bike Insurance Should Be Your First Choice
Cashless Repair :Vast network of cashless garages PAN India.
High Claim Settlement :High claim settlement provide piece of mind.
Quick Claim Settlement :Instant claim settlement upto 50,000 through QCS app.
24*7 Support :Our team is available for your support even on holidays.
Trusted Brand :Servicing our customers for more than 22 years.
Wide Network :You can buy bike insurance plan from more than 20,000 agents and branches.
BIKE INSURANCE
Buy/Renew Bike Insurance Policy Online
Self Service Options
Downloads
Download Forms
- Motor Claim form
- Motor Proposal Form for Private Car or Two Wheeler
- Motor Cycle Policy Wording
- Helmet Cover- Prospectus TW
- Helmet Cover- Prospectus Motor Cycle Scooter B Policy
- Helmet Cover- Schedule Motor Add-ons for Motor Cycle Scooter B Policy
- Helmet Cover- Prospectus for Stand Alone Motor Own Damage for Two Wheeler
- Helmet Cover- Schedule Stand Alone Motor Own Damage for Two Wheeler
- Pay as you Use- Prospectus for bundled cover for Two wheelers
- Pay as you Use- Prospectus for Motor Cycle Scooter B Policy
- Pay as you Use- Schedule Motor Add ons for Motor Cycle Scooter B Policy
- Pay as you Use- Prospectus for Stand Alone Motor OD Two wheeler
- Pay as you Use- Schedule Stand Alone Motor Own Damage for Two Wheeler
- EMI Protection- Prospectus for Two Wheelers
- EMI Protection- Schedule for Motor Cycle Scooter B Policy
- EMI Protection- Prospectus for Stand Alone Motor Own Damage for Two Wheeler
- EMI Protection- Schedule for Stand-Alone Motor Own Damage for Two Wheeler
Beginners Guide to Buy Two-Wheeler Insurance Online
Factors to Consider when Buying Two Wheeler Insurance Policy
How to Save Money While Purchasing Bike Insurance?
BIKE INSURANCE
Buy/Renew Bike Insurance Policy Online
Did not find what you were looking for?
Write us at support@iffcotokio.co.in
Phone
Call us on 1800-103-5499
Download Policy Wordings
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