One-Year Bike Insurance Price

Bike insurance is a necessity if you own a two-wheeler in India. Be it third-party insurance or a comprehensive insurance policy, you need to have your vehicle insured to comply with the law and to protect yourself from financial losses.

In this article, we will look at the price of one-year bike insurance in India and the kinds of insurance policies that you can choose from.

What is One-Year Bike Insurance Price in India?

Several factors decide the insurance premium for your two-wheeler, including the type of coverage, the type of bike, add-on covers, NCB, and more. However, third-party bike insurance premiums in India are decided by the IRDAI.

Third-party insurance covers the damages or injury caused to a third party by your bike. This means that your insurance policy will compensate the third party for any damage that your bike causes.

Having third-party vehicle insurance is mandatory by law in India, but the premiums are affordable to the common man. The table below illustrates the price of one-year third-party bike insurance in India.

If you own an electric bike, the premium rates are decided by the kilowatt capacity of your e-bike’s engine.

Which Type of Insurance to Choose?

Third-party bike insurance is mandatory by law, but it only covers third-party liabilities. This means that you will not be compensated for damages to your vehicle.

To insure your vehicle against damages, you can purchase own damage insurance. Own damage insurance will provide financial coverage against damage from accidents, theft, fire, natural disasters, etc.

You can also choose to get comprehensive insurance, which will cover third-party liabilities and damages to your vehicle, albeit at a higher premium.

Let us compare the three types of bike insurance:

How to Purchase One-Year Bike Insurance?

You can buy two-wheeler insurance online through the Moneyview website or app in a few simple steps.

Step 1: Enter your two-wheeler’s registration number.

Step 2: Select your desired policy cover.

Step 3: Enter previous policy details and nominee details.

Step 4: Complete your KYC.

Step 5: Make the payment.

And it’s done!

Bike insurance is a must-have if you own a two-wheeler in India. Basic third-party insurance is available at an affordable rate depending on the engine capacity of your vehicle.

If you opt for comprehensive insurance, you get better coverage at a higher premium. It is recommended to have own damage or comprehensive insurance. 

It will give you peace of mind in knowing that you will not suffer significant financial losses if your vehicle gets damaged due to an unforeseen incident.