Two-wheeler insurance is essential for anyone who owns a bike or scooter in India. It ensures financial protection in case of accidents, theft, or other damages to your vehicle. With many insurers offering competitive rates, it’s crucial to find the most affordable option without compromising on coverage. In this article, we’ll review some of the cheapest two-wheeler insurance policies and guide you through the process of applying for them.
What is Two-Wheeler Insurance?
Two-wheeler insurance provides financial protection against damages to your bike or scooter and covers third-party liabilities, such as injuries or property damage caused by your vehicle. It is mandatory by law in India to have at least third-party insurance for your two-wheeler.
There are two main types of two-wheeler insurance policies:
- Third-party insurance: This covers liabilities to third parties like injury, death, or property damage.
- Comprehensive insurance: This offers broader coverage, including damages to your bike due to accidents, theft, fire, and natural calamities, as well as third-party liabilities.
Factors Affecting the Cost of Two-Wheeler Insurance
Several factors determine the cost of two-wheeler insurance premiums, including:
- Age of the vehicle: Older vehicles usually have lower premiums because they have a lower Insured Declared Value (IDV).
- Type of insurance: Third-party insurance is cheaper than comprehensive insurance.
- Cubic capacity of the engine: Bikes with higher engine capacity attract higher premiums.
- Location: The insurance cost may vary based on whether you live in a high-risk or low-risk area for accidents and theft.
- No-Claim Bonus (NCB): If you have not made any claims in the previous year, you are entitled to an NCB, which can reduce your premium by up to 50%.
Top 5 Cheapest Two-Wheeler Insurance Policies
- Bajaj Allianz Two-Wheeler Insurance Bajaj Allianz offers both third-party and comprehensive policies at affordable rates. The premiums are low, and they offer a seamless online application process. It also provides add-on covers like zero depreciation, engine protector, and roadside assistance.Key Benefits:
- Comprehensive coverage with low premiums.
- Quick and easy claim settlement process.
- Add-on covers for enhanced protection.
- HDFC ERGO Two-Wheeler Insurance HDFC ERGO offers competitive premiums with excellent coverage options. Their policies cover accidents, theft, fire, and third-party liabilities. You can also opt for add-on covers like personal accident cover and engine protectors.Key Benefits:
- Instant policy issuance online.
- 24/7 claim assistance.
- No-Claim Bonus up to 50%.
- SBI General Two-Wheeler Insurance SBI General provides affordable two-wheeler insurance with extensive coverage for third-party liabilities and damages to your vehicle. Their policies are tailored for Indian riders, and they offer various add-ons, including coverage for accessories and personal accident cover.Key Benefits:
- Wide network of cashless garages.
- Low premiums with excellent coverage.
- Add-on options for enhanced coverage.
- ICICI Lombard Two-Wheeler Insurance ICICI Lombard provides affordable two-wheeler insurance with a strong emphasis on customer service. They offer policies with flexible tenure options, including 1, 2, and 3 years. You can also choose from several add-ons to customize your coverage.Key Benefits:
- Flexible policy tenure.
- Cashless repairs at numerous network garages.
- Quick claim settlement.
- TATA AIG Two-Wheeler Insurance TATA AIG offers one of the cheapest two-wheeler insurance policies with a range of coverage options. Their comprehensive policy covers accidents, theft, fire, and natural calamities. They also offer a no-claim bonus that can reduce your premium significantly over time.Key Benefits:
- Affordable premiums with comprehensive coverage.
- No-Claim Bonus up to 50%.
- Add-on covers for zero depreciation and personal accident.
How to Apply for Two-Wheeler Insurance
Applying for two-wheeler insurance has become an easy process, thanks to the online portals of most insurers. Follow these simple steps to apply for the cheapest two-wheeler insurance:
- Visit the Insurer’s Website Go to the official website of your preferred insurance provider. Alternatively, you can visit comparison websites like PolicyBazaar or Coverfox to compare multiple insurers at once.
- Choose Your Insurance Type Select the type of insurance policy you need—third-party or comprehensive. While third-party insurance is cheaper, comprehensive insurance provides better protection.
- Provide Vehicle Details You will need to input your vehicle’s details, including:
- Registration number.
- Make and model.
- Year of manufacture.
- Cubic capacity of the engine.
- Customize Your Policy Some insurers allow you to customize your policy by adding extra coverage such as:
- Zero depreciation cover.
- Engine protection cover.
- Personal accident cover.
- Roadside assistance.
- Enter Personal Information You will need to provide personal details such as your name, address, and contact information. Some insurers may also ask for your driver’s license details.
- Review Premiums and Discounts Review the premiums based on the information provided. You may be eligible for discounts such as No-Claim Bonus (NCB) or loyalty discounts if you’ve had a policy with the same insurer before.
- Make Payment Once you’ve reviewed and selected your policy, proceed to the payment page. Most insurers offer multiple payment options such as debit/credit card, net banking, or UPI. After successful payment, your policy will be generated instantly, and a copy will be sent to your email.
What to Keep in Mind When Applying for Two-Wheeler Insurance
Before finalizing your policy, here are a few points to consider:
- Compare multiple policies: Don’t settle for the first policy you come across. Use online comparison tools to find the cheapest two-wheeler insurance that meets your needs.
- Check for hidden charges: Some insurers might have additional fees like administrative charges or processing fees. Make sure to check for any hidden costs before purchasing the policy.
- Understand policy exclusions: Always read the policy documents carefully to understand what is not covered under your plan. This will help you avoid surprises during the claim process.
Conclusion
Finding the cheapest two-wheeler insurance policy doesn’t mean compromising on coverage. By comparing policies and understanding the key benefits of each insurer, you can find a policy that fits your budget while still providing the protection you need. Whether you choose Bajaj Allianz, HDFC ERGO, or TATA AIG, the most important thing is to ensure your two-wheeler is protected against unforeseen events.
Make sure to do your due diligence, customize your policy to your needs, and apply online for a hassle-free experience. Stay safe on the road!