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Bike Insurance
Owning a two-wheeler is a liberating experience, offering unparalleled convenience for daily commutes, weekend adventures, and everything in between. However, with this freedom comes the responsibility of protecting your investment. Accidents, theft, and unforeseen circumstances can lead to both physical damage and substantial financial loss. Hence, it’s important to secure your ride with two-wheeler insurance.
Universal Sompo offers a range of the best two-wheeler insurance, which will not only offer you financial protection but also ensure legal compliance.
What is Bike Insurance?
Bike insurance, or two-wheeler vehicle insurance, is a safety net that protects you and your vehicle from unexpected costs based on contingencies related to accidents, thefts, occurrences of natural phenomena, or damages caused to third parties. In simpler terms, bike insurance is a significant financial endorsement and a legal requirement under the Motor Vehicles Act, 1988. This means that if you use a two-wheeled vehicle in India and you do not have valid insurance, you are risking "heavy damage" in the form of fines, penalties, and losses if you get involved in an accident.
The bike insurance policy online serves as a contract between the policyholder (you) and the insurance provider. The insurance provider promises to fully or partially cover specified financial risks related to your two-wheeler in return for regular premium payments. The scope of protection provided by your insurance will depend on the type of policy you purchased. Beyond bike insurance, personal injury to you and others is also covered, as well as potential risks to you if your bike is stolen.
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Types of Bike Insurance Policy
When you buy bike insurance online, you need to choose the right two-wheeler insurance policy to secure your bike.
01.
Third-Party Bike Insurance
A third-party bike insurance policy is the most basic and mandatory insurance as per the Indian Motor Vehicles Act. It protects you from financial liabilities in case your bike causes damage to a third party’s property or in the unfortunate event of causing injury or death to a third person. This policy covers only third-party liabilities and does not cover damages to your own vehicle.
02.
Comprehensive Bike Insurance
For more extensive protection, you can consider a comprehensive bike insurance policy. It not only covers third-party liabilities but also includes damage to your own vehicle due to accidents, theft, fire, or natural disasters. It is ideal for owners who want to secure their vehicles in a broader sense. Aside from having wide protection, comprehensive insurance will also allow you to add other coverages such as zero depreciation, roadside assistance, and engine protection, Ensuring greater confidence in your coverage.
Bike Insurance for
Electric Vehicles (EVs)
Electric vehicles (EVs) are rapidly transforming India’s two-wheeler market. With increasing fuel costs, government subsidies, and a growing focus on sustainable mobility, more riders are switching to electric bikes and scooters. While these vehicles reduce fuel expenses and environmental impact, they are not immune to risks like accidents, theft, or damage caused by natural disasters. This is where bike insurance coverage for electric vehicles becomes essential.
Just like traditional two-wheelers, electric bikes must be insured as per the Motor Vehicles Act, 1988. Having at least a third-party liability cover is legally mandatory. However, opting for a comprehensive two-wheeler insurance policy tailored for EVs ensures complete protection for your modern, battery-powered ride.
Key Features Of
Bike Insurance
When buying a two-wheeler insurance policy, understanding its key features helps you make an informed choice. Bike insurance coverage in India comes with several built-in characteristics designed to offer tailored protection for different types of riders and vehicles.
Below are some notable features of a bike insurance policy
01.
Choice of Coverage Options
Insurance of a bike is available in two primary forms—third-party liability cover and comprehensive insurance. This allows you to choose between a basic, legally mandated plan or a more extensive policy that covers your bike against damage as well.
02.
Customisable Add-ons
Many insurers, including Universal Sompo, offer additional cover options such as zero depreciation, roadside assistance, engine protection, and accessories cover. These add-ons let you enhance your policy based on your specific riding needs.
03.
Flexible Policy Tenure
Two-wheeler vehicle insurance can be purchased for one year or as a long-term policy of up to three or five years, reducing the hassle of yearly renewals and often offering discounted premiums.
04.
IDV-Based Sum Insured
The Insured Declared Value (IDV) determines the maximum claim amount in case of total loss or theft of your bike. You can choose an IDV within a specific range, which directly influences your premium.
05.
No Claim Bonus (NCB)
No claim Bonus (NCB) which provides a premium discount for every claim-free year, helping you save more over time.
06.
Digital Access and Claim Tracking
Modern bike insurance policies can be bought, renewed, and tracked entirely online. Digital claim intimation and status tracking make the entire process fast and hassle-free.
Bike Insurance
Add-ons
While a standard two-wheeler insurance policy provides basic coverage, add-ons help you enhance your policy for greater protection. These optional covers can be included with a comprehensive bike insurance policy online to meet specific needs and offer financial support in situations not covered under the base plan.
Here are some popular add-ons offered by insurers like Universal Sompo:
Zero Depreciation Cover
Normally, depreciation reduces your two-wheeler insurance claim amount when parts are replaced after an accident. With this add-on, you receive the full cost of replaced parts without depreciation deductions.
Roadside Assistance Cover
Ideal for long rides or daily commutes, this add-on offers services like towing, battery jump-start, fuel delivery, or minor repairs if your bike breaks down on the road.
Engine Protection Cover
Covers damage to your bike’s engine and gearbox caused by water ingress or oil leakage, which are usually excluded in standard policies.
Consumables Cover
Pays for consumable items such as engine oil, nuts, bolts, and brake fluids that are replaced during accidental repairs, ensuring you don’t bear these small but frequent costs.
Return to Invoice Cover
In case of total loss or theft, this add-on ensures you are reimbursed the original invoice value of the bike instead of the depreciated IDV amount.
Accessories Cover
Protects high-value non-electrical or electrical accessories you may have added to your bike.
Choosing relevant add-ons while buying bike insurance coverage online helps you get tailored coverage, better claim settlements, and without paying for unnecessary extras.
Benefits of Bike Insurance
You get numerous advantages when you buy or renew bike insurance from Universal Sompo. The following are the benefits of two-wheeler insurance:
Financial protection
Accidents can never be predicted, and the repair cost can be high. A two-wheeler insurance policy helps you pay for the repair cost or replace your vehicle if it has been completely damaged. It saves you from hefty repair bills and reduces the financial pressure caused by accidents.
Compliance
In India, having at least a third-party bike insurance is mandatory by law. Failing to insure your vehicle can lead to fines, penalties, and even legal complications. Ensuring your two-wheeler is covered by an insurance policy keeps you compliant with legal requirements and saves you from trouble with traffic authorities.
Theft or Total Loss Coverage
Bike thefts are, unfortunately. Losing your bike can be emotionally and financially devastating. A bike insurance policy will cover your vehicle if it is stolen . It can recover the loss by paying for the current market value of the vehicle or by providing proper coverage to replace it.
Protection Against Natural Disasters and Man-Made Incidents
Natural disasters like floods, earthquakes, and storms can damage your vehicle. Then, there are man-made events such as vandalism, fire, and riots that pose a very serious threat. Full bike insurance ensures you are taken care of financially during these events.
Personal Accident Cover
Most two-wheeler insurance online offers personal accident cover for the rider or owner. In the unfortunate event of an accident leading to injury or death, this feature compensates you or your family members financially.
Cashless Repairs at Network Garages
Universal Sompo offers cashless repair services at over 12,000+ network garages across India. It means you don’t need to worry about upfront payments. The insurer will settle the bills directly with the garage, easing your repair process.
Hassle-Free Claims Process
Universal Sompo is known for its customer-friendly and efficient claim settlement process. When you file a claim, you can be assured of prompt support and smooth handling of the claim, minimizing delays and ensuring your bike is back on the road quickly.
Factors to Consider Before
Purchasing Bike Insurance
Choosing the right bike insurance policy online is crucial to ensure you receive adequate financial protection while complying with legal requirements.
With numerous insurers and policy options available, it’s important to evaluate key factors before making a decision:
Type of Coverage
Decide whether you only need a third-party bike insurance policy (mandatory by law) or a comprehensive plan that also covers your vehicle against accidents, theft, and natural calamities. If you want broader protection, opt for a comprehensive plan with relevant add-ons.
Insured Declared Value (IDV)
IDV is the maximum sum insured that you can claim in case of total loss or theft. Choosing the right IDV ensures you receive adequate compensation without paying unnecessarily high premiums.
No Claim Bonus (NCB)
If you have a claim-free record, you can enjoy significant discounts on your bike insurance premium during renewal. Check the NCB benefits offered by the insurer and whether they are transferable to a new bike.
Add-on Covers
Evaluate the optional covers available, such as zero depreciation, roadside assistance, or engine protection, to enhance your policy based on your usage and needs.
Claim Settlement Ratio (CSR)
A high CSR indicates that the insurer settles claims efficiently. Opting for a provider with a proven track record, like Universal Sompo, ensures a smooth claim experience.
Network Garage Availability
Look for an insurer that offers extensive cashless garage networks, making accidental repairs hassle-free.
By comparing these factors before you buy bike insurance online, you can strike the right balance between coverage, cost, and service quality, ensuring long-term protection for your two-wheeler.
The Right Plan For A Safer You
Premium Features
Standard Features
- Comprehensive
Plan
- Third-Party Plan
- Comprehensive PlanThird-Party Plan
Premium Features
Damages/Losses to own car due to an accident
Damages/Losses to own car in case of fire
Damages/Losses to own car in case of a natural calamity
Discount for opting higher voluntary excess
Provision for No Claims bonus for claims free experience
Standard Features
Theft of your car
Personal accident cover
Damage to Third Party Property
Know What Our
Two
Wheeler Insurance Offers You
Fire
The coverage protects you against any loss and compensates any damage caused by fire.
Explosion
Cover includes damage caused by rapid nuclear or chemical reactions that produce heat, light, noise and shock wave.
Personal Accident
This policy provides complete coverage for insured members against unforeseen events such as personal accident.
Theft
This provides protection against burglary, robbery, and other types of theft that can cause a huge financial loss.
Road, rail, inland water way
 Road, rail, inland water way, air transit, malicious act, accidental external means, strike
Wear and text-primary
Normal wear and tear and general ageing of the vehicle.
Depreciation or any consequential loss
Mechanical/ electrical breakdown
Accident / Damage
Accidental loss or damage caused due to Willful Negligence
Limitations as to use
Vehicles being used otherwise than in accordance with limitations as to use
Damage to Person Accident drugs or liquor
Damage to/ by a person driving the vehicle under the influence of drugs or liquor
Loss/ damage
Loss/ damage due to war, mutiny or nuclear risk
Damage to Person Without license
Damage to/ by a person driving any vehicles without a valid license
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Policy Wording 
How To Buy Bike Insurance Online?
Buying two-wheeler insurance is simple, fast, and hassle-free. Follow the steps below:
Visit the Website
Head over to the official website of Universal Sompo and click on buy now and select Motor 2-wheeler insurance online.
Enter Your Vehicle Details
Provide details such as your two-wheeler’s make, model, and registration number.
Tailor Your Policy
Based on this information, the system will show you various two-wheeler insurance options, both third-party and comprehensive bike insurance. You can also explore add-ons that will give you enhanced coverage.
Calculate the Premium
Use the Premium Calculator on the website to estimate your bike insurance premium. The amount you pay depends on several factors, including your bike’s age, location, and coverage you select.
Pay the Premium
Once you are satisfied with the coverage and premium, proceed to pay. Universal Sompo offers several secure payment options, such as credit/debit cards, net banking, and UPI.
Download Your Policy
After completing the payment, your two-wheeler insurance policy will be generated and emailed. You can download and store the policy digitally for easy access.
How to Renew Expired Bike Insurance Online?
If your two-wheeler insurance policy has expired, you must renew it immediately to maintain continuous coverage. Here’s how to renew your bike or scooty insurance online:
Go to Universal Sompo Website
On Universal Sompo official website, click on renew and select Motor for 2-wheeler insurance online.
Provide Policy Details
To renew the bike insurance policy online, you must enter the details of your expired policy, such as the policy number and your vehicle’s registration details.
Choose Coverage Options
You can modify or upgrade your coverage during the two-wheeler insurance renewal. For instance, if your expired policy was third-party bike insurance, you can upgrade to a comprehensive bike insurance policy or add coverages like zero depreciation and roadside assistance.
Calculate Premium and Pay
Once you’ve chosen the coverage, check the updated bike insurance premium for the renewal policy. After confirming the details, proceed to make the payment.
Pay the Premium
Once you are satisfied with the coverage and premium, proceed to pay. Universal Sompo offers several secure payment options, such as credit/debit cards, net banking, and UPI.
Receive the Renewed Policy
After completing the payment, your renewed two-wheeler insurance policy will be emailed to you, and your coverage will continue without interruption.
Renewing an expired two-wheeler insurance online is essential to avoid penalties and ensure your bike remains protected.
What is NCB in bike insurance?
No Claim Bonus (NCB) is a reward offered by insurance companies to bike owners for not making any claims during a policy period. It acts as a discount on the premium amount when you go for two-wheeler insurance renewal, encouraging safe riding and responsible use of your vehicle.
NCB is applicable only under comprehensive bike insurance policies or the own-damage component of your policy, not under third-party coverage. The percentage of discount increases with every consecutive claim-free year, typically ranging from 20% after the first year to as much as 50% after five successive years without claims.
This means that over time, you can significantly reduce your bike insurance premium simply by riding safely and avoiding unnecessary claims.
Key points to remember about NCB:
Transferable Benefit
If you sell your bike and purchase a new one, the accumulated NCB can be transferred to your new bike insurance policy, ensuring you don’t lose this benefit.
Loss of NCB Insurance
Making even a single claim during the policy term can reset your NCB to zero. However, you can protect it by opting for an NCB protection add-on, which allows limited claims without losing the bonus.
Applicable on Own-Damage Premium Only
The discount is not applied to third-party liability premiums or mandatory charges.
By leveraging No Claim Bonus in bike insurance, you can lower your overall insurance cost while still maintaining adequate protection for your two-wheeler. It’s a valuable incentive that rewards careful driving and timely policy renewals.
What is IDV in
bike insurance?
Insured Declared Value (IDV) is one of the most crucial components of a bike insurance policy online, as it determines the maximum amount your insurer will pay in case of total loss or theft of your two-wheeler. In simple terms, IDV represents the current market value of your bike, factoring in depreciation over time.
When you buy or renew bike insurance, the IDV is calculated based on the manufacturer’s listed selling price of the bike, minus depreciation according to the age of the vehicle. For example, a brand-new bike has a higher IDV compared to a two-year-old bike because its market value decreases over time.
Here’s why IDV is essential:
Determines Claim Settlement
In the event of a total loss or theft, the compensation you receive is based on your bike’s IDV. A higher IDV means higher payout potential.
Impacts Premiums
A higher IDV increases your two-wheeler insurance premium, while a lower IDV reduces it. However, opting for a very low IDV may reduce your premium but also lead to lower compensation during claims.
Helps Avoid Underinsurance or Overinsurance
Choosing the right IDV ensures you are neither underinsured (receiving less than your bike’s worth) nor overpaying for excessive coverage.
The IDV is usually set annually during two-wheeler insurance renewal, giving you a chance to review and adjust it based on your bike’s depreciated value. Understanding this concept helps you make an informed decision while purchasing or renewing your bike insurance online, ensuring a balance between affordable premiums and adequate financial protection.
What is
zero depreciation in bike insurance?
When you file a bike insurance claim, the insurance company typically considers depreciation—the reduction in your bike's value over time—before settling the claim amount. This means you receive compensation after deducting the depreciation cost of parts like plastic, rubber, and metal. However, with a zero depreciation cover added to your two-wheeler insurance policy, you can avoid this deduction and receive the full claim amount for repairs or replacement.
A zero depreciation bike insurance add-on ensures that your insurer pays the entire cost of replaced parts (except consumables like engine oil or coolant) without factoring in wear and tear. This add-on is especially beneficial for:
New Bikes
It provides maximum financial protection for brand-new or high-value bikes, ensuring you get complete coverage in case of damage.
Expensive Spare Parts
Modern bikes, especially superbikes and premium models, have costly parts. Zero depreciation ensures you don’t bear the extra expense during repairs.
Frequent Riders
If you ride often or in accident-prone areas, this cover saves you from paying significant out-of-pocket costs during claims.
While opting for zero depreciation cover slightly increases your bike insurance premium, it offers comprehensive protection, making it worth the investment. It is typically available for bikes up to 5 years old, though some insurers extend this for older vehicles under specific conditions.
By adding this rider to your comprehensive bike insurance policy online, you can enjoy maximum claim settlement, avoid depreciation deductions, and keep your repair costs close to zero after an accident.
How to save on bike insurance premiums?
Owning a two-wheeler comes with recurring expenses, and insurance premiums are an essential part of these expenses. While buying bike insurance online is mandatory and crucial for financial safety, there are smart ways to reduce your two-wheeler insurance premium without compromising coverage.
Here are some practical tips:
Compare Policies Online
Before purchasing or renewing bike insurance, use online comparison tools to assess different insurers, coverage benefits, and premium rates. This helps you find the best bike insurance policy online at a competitive price.
Opt for Higher Deductibles
Choosing a voluntary deductible means you agree to pay a portion of the claim amount from your pocket. A higher deductible lowers your premium, but ensure it’s an amount you can afford when making a claim.
Maintain a Clean Driving Record
Avoiding traffic violations and accidents can help you build a No Claim Bonus (NCB), which offers premium discounts of up to 50% over consecutive claim-free years.
Renew Bike Insurance on Time
Delays in bike insurance renewal online can lead to policy lapses, inspections, and higher premiums. Renew your policy before the expiry date to maintain continuous coverage and discounts.
Avoid Small Claims
For minor repairs, consider paying out of pocket instead of raising a claim. This keeps your NCB intact and helps lower future premiums.
Install Anti-Theft Devices
Insurers often offer premium discounts if your bike is equipped with certified anti-theft devices, reducing the risk of theft-related claims.
Choose the Right IDV
Setting an appropriate Insured Declared Value (IDV) ensures you are not overpaying for coverage. A higher IDV increases premiums, while an unrealistically low IDV reduces your claim amount.
By applying these strategies, you can buy two-wheeler insurance online at affordable rates while ensuring comprehensive protection for your bike. Regular policy reviews and add-on selection tailored to your needs also help in keeping costs under control.
Get Claim in 3 Easy Steps
1Intimation
Paperless Intimation of claims. We are available 24*7
2Surveyor Appointment
A surveyor will be assigned to help with your vehicle assesment.
3Claim assessment and settlement
Sit back and relax while we assess and settle your claim with the network garage.
Bike Insurance Claim Process
Inform the Insurer
In case of an accident, theft, or damage, immediately notify Universal Sompo. You can do this by calling the customer support helpline or submitting a claim online via the website.
Submit the Necessary Documents
Once the incident has been reported, you’ll need to submit several documents, including:
- Your two-wheeler insurance policy document
- A copy of your driving license
- Registration certificate of the vehicle
- FIR, if the incident involves theft or third-party damage
- Repair bills or estimates in case of accidents
Vehicle Inspection
In most cases, Universal Sompo will arrange for a surveyor to inspect the damage to your vehicle. The surveyor assesses the extent of the damage and prepares a report that will determine the settlement amount.
Repairs and Settlement
You can take your bike to any network garages partnered with Universal Sompo for cashless repairs. If you choose a non-network garage, you may need to pay for repairs upfront and then submit the bills for reimbursement. Once the repairs are completed and documents are submitted, the insurer will process your claim and settle the amount as per the terms of your two-wheeler insurance policy.