Bike Insurance

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Manasvi Gupta

Written By:

Manasvi Gupta

Manasvi Gupta

Manasvi Gupta

Content Writer

Storyteller at heart, Manasvi brings 4 years of content and marketing experience to Digit. Whether it's writing SEO-optimised articles or a researched and insightful blog, she strives to transform ideas into creating impactful and engaging content.

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Reviewed By:

Mayur Kacholiya

mayur-black-white-test

Mayur Kacholiya

Product Head - Motor

Mayur specializes in motor insurance and is responsible for overseeing the development and management of motor insurance products. With expertise in product strategy and market analysis, he focuses on developing customer-centric insurance solutions.

Bike Insurance Price & Policy Renewal Online in 2025, Up to 80% Off

What is Two-Wheeler Insurance?

What is Two-Wheeler Insurance?

  • Two-Wheeler Insurance, or bike insurance, is a motor insurance policy that helps you to cover against damage that may happen to both you and to your two-wheeler due to events like accidents, thefts, fires, or natural disasters. 
  • You will also get protection against liabilities arising due to damage to any third-party vehicle, property or person. Two-wheeler insurance covers different types of two-wheelers, like motorcycles, mopeds, scooters and more.  
  • With Digit bike insurance, you can get third-party bike insurance policy to comply with the law or get complete protection with a comprehensive bike insurance policy or Own Damage policy - all at affordable premiums online.
  • Comprehensive Bike Policies can further be customized by opting for add-ons that help protect your bike in all possible situations!

How Does a Bike Insurance Work?

Bike insurance is a contract between you and the insurer, offering financial protection for your bike against accidents, natural disasters, theft, and other unforeseen events. Here’s how it works:

Choose a Policy

Select a bike insurance plan – third-party, comprehensive, or own damage – and add-ons that fit your needs and budget.

Buy or Renew Policy

Purchase or renew your bike insurance online instantly with Digit, with minimal paperwork.

Pay Premium

Make regular payments (annually or in installments) based on factors like bike’s age, model, IDV, NCB, and coverage type.

File a Claim

If your bike is stolen or damaged in an accident, you can file a claim with your insurer, who after damage assessment will settle the claim as per the policy terms.

Why Do You Need Two-Wheeler Insurance in India?

Here’s why getting a bike insurance policy is beneficial for you:

Coverage for Third-Party Damage

Coverage for Third-Party Damage

One of the problems people dread when they get into any kind of accident is the countless banter faced between third parties due to damage or losses caused. Having a bike insurance policy in place ensures the affected party will be covered and hence lessens the problems faced!

Get Extensive Coverage with Add-ons

Get Extensive Coverage with Add-ons

When you opt for a comprehensive bike insurance policy, you have the benefit of customizing it with useful add-ons like a return to invoice cover, zero depreciation cover, breakdown assistance, consumables cover and tyre protection amongst others that will give your bike complete protection, against all the odds!

Stay Clear of Traffic Penalties

Since it’s primarily illegal to ride in India without at least a basic, Third-Party Bike Insurance; not having one can lead to heavy traffic penalties. Believe it or not, you save more on buying insurance for your bike than getting caught even just once for not having one!

Be Covered, Legally!

Be Covered, Legally!

According to the Motor Vehicle Act, it is mandatory to at least have Third-Party Bike Insurance. Without it, you can’t ride legally on Indian roads! Therefore, one of the benefits of buying a bike insurance policy is that of being covered legally.

Protect your Pocket from Dents

Protect your Pocket from Dents

Insuring your bike with a two-wheeler insurance policy ensures your pocket doesn’t face any dents due to unfortunate losses and damages in the likelihood of an accident, natural calamity, fire or theft. 

Why Two-Wheeler Insurance is a Must-Have for Indian Roads - Hear It from the Expert!
With over 75% of vehicles in India being two-wheelers, the risk of accidents is significantly high. A study by the Ministry of Road Transport & Highways states that 40% of road fatalities in India involve two-wheelers. Having comprehensive insurance ensures financial protection against third party liability accidents and own vehicle repairs including theft or total loss.

Mayur Kacholiya

Product Head - Motor

Why is a Two-Wheeler Insurance Mandatory in India?

Damaged Bike

Two-Wheeler Road Accidents

According to the Ministry of Road Transport and Highways, Two-Wheelers are one the highest contributing factors of road accidents in India. This is a huge factor alone that led to making at least a Third-Party Bike Insurance mandatory by the Motor Vehicles Act.

Third party Bike Damages

Protects the Third-Party

Accidents are prone to happen, but what happens to the third-party affected? One of the reasons why third-party bike insurance is mandatory is so that in unfortunate situations, the affected vehicle or person can be protected by ensuring all damages and losses are covered.

Legal Complications

Eases Legal Complications

When one gets into an accident, damages alone aren’t the source of worry. It is the legal process too that bothers one, due to the time and energy spent on it. However, with the right bike insurance in place, legal processes too would be taken care of efficiently.

The Hidden Costs of Not Having Bike Insurance - Hear It from the Expert!
Many bike owners skip insurance thinking they’ll save money. However, an uninsured accident can cost anywhere between ₹10,000 to ₹1 lakh for damages, medical expenses, and can be much higher for third-party liability claims. On the other hand, a comprehensive bike insurance policy starts at just ₹800–₹1,500 per year, making it a much smarter financial choice.

Mayur Kacholiya

Product Head - Motor

How to Choose the Right Two-Wheeler Insurance?

How to Choose the Right Two-Wheeler Insurance?

  • State Your IDV Correctly: An IDV is the market value of your bike, including the charge of its depreciation and the value of the same will directly affect your bike insurance premium. Moreover, this also affects the compensation value you’ll receive during claims. So, make sure you always check if your IDV is stated correctly. At Digit, we believe in transparency and give you the option to customize your IDV.
  • Compare Bike Insurance Quotes: The biggest advantage you have of buying a bike insurance online is, that you can compare different bike insurance quotes. Make sure you compare important aspects such as your IDV, add-ons available, service benefits, reliability, claim settlement ratios and of course processes!
  • Check Offered Service Benefits: A good bike insurance isn’t only about coverages and claims (although yes, that’s a huge part of it!) it’s also about the kind of service benefits you can avail through your respective service provider. At Digit we offer services like Roadside assistance (which doesn’t count as a claim) which ensures we’re there for you even when you need us for the littlest of things.
  • Know What's Covered: A good bike insurance should be able to cover you for the numerous things that you may need. That’s what the premium is for! Therefore, while choosing the right bike insurance, ensure you look at the coverage you receive and then decide if what you’re paying for is worth it or not.

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Why Choose Two-Wheeler Insurance by Digit?

Your bike insurance not only comes with a super easy claim process, but also with the option to choose a cashless settlement

Cashless Repairs

Cashless Repairs

9000+ Cashless Network Garages for you to choose from across India

Smartphone-Enabled Self Inspection

Smartphone-Enabled Self Inspection

Quick and paperless claims through Smartphone enabled processes that make you go "That's it?"

Super-fast Claims

Super-Fast Claims

We’ve settled 96% of all two-wheeler claims! Experience claims that make you go “that’s it?”

Customize your Vehicle IDV

Customize Your Vehicle IDV

With us, you can customize your vehicle IDV as per your choice!

24*7 Support

24*7 Support

24*7 call facility even on National Holidays

Complimentary Wellness Benefits

Get exclusive wellness benefits on the Digit App offered by top-rated health and wellness partners.

What Our Customers Have to Say about Us

4.7/5

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(250K + Customer Ratings)

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quote 6 Dec 2024
a great pleasure to be affiliated with you , Had met an accident and got the damaged parts replaced within a day after raising the claim . Thank You
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Shaaz Suhail Salafi

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quote 13 Dec 2024
Very good service. Within two minutes i renew my vehicle insurance online.
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Ajay Bharade

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quote 13 Dec 2024
Dear For todays world If any One wants to open a fresh Vehicle Insurance Policy which has all the transparency users frndly Plus the staff is very cooperative hats off. Wishing God bless for all yr future Endeavor 's. Sr Citizen-Policy-Investor
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DinShaw Sahukar

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quote 20 Dec 2024
Quick reaction on Road side assistance and continuous follow up till resolution. Happy with assistance in late night hours.
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Abhishek Sharma

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quote 13 Aug 2024
I had issue with the motor insurance policy and wanted to upgrade it. The customer care executive had enough patients to explain me everything point to point. Thanks a lot Sudip.
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Pratheesh R

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Key Features of Two-Wheeler Insurance by Digit

Key Features Digit Benefit
Premium Starting from ₹714
No Claim Bonus Up to 50% Discount
Customizable Add-Ons 8 Add-ons available
Cashless Repairs Available at 9000+ Garages
Claim Process Smartphone-enabled Claim process. Can be done online within 7 minutes!
Own Damage Cover Available
Damages to Third-Party Unlimited Liability for Personal Damages, Up to 7.5 Lakhs for Property/Vehicle Damages

What’s Covered in Two-Wheeler Insurance by Digit?

Bike Accident

Accidents

Damages and losses that may arise due to an accident or collision

Bike Theft

Theft

Covers for your losses in case your two-wheeler is unfortunately stolen!

Bike got fire

Fire

Damages and losses to your two-wheeler in case of an accidental fire!

Natural Disaster

Natural Disasters

Damages caused to your two-wheeler due to nature’s many furies, such as due to floods, cyclones, etc.

Personal Accident

Personal Accident

Covers for your expenses in cases where you’ve hurt yourself too bad!

Third Party Losses

Third Party Losses

When a person, a vehicle or a property is hurt or damaged due to your bike's actions.

Add-On Covers with Digit Two-Wheeler Insurance

Two-wheeler insurance add-ons which you can buy with your Two Wheeler insurance policy

Daily Conveyance Benefit

Daily Conveyance Benefit

The add-on cover of daily conveyance benefit will ensure that you are compensated for your transportation cost during the period when two-wheeler is under repair subject to applicable time excess. A policyholder can be compensated in the form of fixed allowance per day or coupons from taxi operators from an amount equal to per day fixed allowance.

Engine & Gear-box Protection Cover

Engine & Gear-box Protection Cover

Do you know that the cost of replacing your engine is approximately 40% of its cost? In a standard two-wheeler insurance policy, only damages caused during the accident are covered. However, with the engine and gear-box protection add-on cover, you can specifically cover the life of your vehicle for any consequential damages caused post the accident.

Tyre Protect

Tyre Protect

The tyre protect add-on cover is offered only to vehicles fitted with run flat technology. As part of it, the cost of replacing damaged tyres with equivalent or near equivalent to the one being used in the vehicle, labour and wheel balancing charges can be reimbursed. However, claims made under the add-on cover is subject to conditions set forth under the vehicle insurance policy.

Consumable Cover icon

Consumable Cover

The add-on of consumable cover adds an additional shield to your two-wheeler. Covers the cost for all your bike’s nitty-gritties such as the engine oils, screws, nuts and bolts, grease, etc. in the event of an accident.

Return to Invoice Cover

Return to Invoice Cover

If you fall into a situation where your bike is stolen or damages beyond repair, this add-on comes in handy. With return to invoice add-on, we will cover the costs of getting you the same, or similar bike- including the road tax and registration fees for the same

EV Shield Add-on Cover

EV Shield Add-on Cover

This EV Shield add-on cover for electric two wheeler in India will protect you and your vehicle against any loss or damage to the electrical panel for the vehicle charging point, vehicle charger including charging cable, and offer roadside assistance services specific to EVs.

Zero Depreciation Cover

Zero Depreciation Cover

Think of it like an effective anti-ageing cream for your bike and its parts. Usually, the required depreciation amount is always taken in account during claims. However, a zero-depreciation cover ensures no depreciation is taken into consideration, so you get the full value of the cost of repair/replacement during claims.

Breakdown Assistance

Breakdown Assistance

The roadside assistance add-on ensures we’ll always be there for you and your two-wheeler in case of any breakdowns. The best part? Asking for our help doesn’t even count as a claim.

What’s Not Covered?

It is equally important to know what’s not covered in your two-wheeler insurance policy, so that there are no surprises when you make a claim. Here are some such situations:

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Own Damages for Third-Party Policy holder

In the case of a Third-Party or Liability Only Bike Policy, damages to own vehicle won’t be covered. 

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Drunk Riding or without a Licence

Your bike insurance won’t cover for you in situations where you were riding drunk or without a valid two-wheeler licence.

Add-ons not bought

Add-Ons Not Bought

Some situations are covered in add-ons. If you haven’t bought those add-ons, the corresponding situations will not be covered.

Contributory Negligences

Contributory Negligences

Any contributory negligence(e.g. damage due to driving a two-wheeler in a flood, which is not recommended as per the manufacturer’s driving manual, will not be covered)

Consequential Damages

Consequential Damages

Any damage which is not a direct result of the accident (e.g. after an accident, if the damaged two-wheeler is being used incorrectly and the engine gets damaged, it is considered as consequential damage and it will not be covered)

Driving without a valid Driving Licence Holder

Driving without a valid Driving Licence Holder

If you hold a learner’s licence and were riding your two-wheeler without a valid licence-holder on the pillion seat- then your claim in those situations won’t be covered.

Two-Wheeler Insurance Plans that Fit Your Needs

TP bike insurance coverage

Third Party

A Third-Party Bike Insurance is one of the most common types of bike insurance;in which only damages & losses caused to a third-party person, vehicle or property are covered.

Comprehensive bike insurance coverage

Comprehensive

A Comprehensive Bike Insurance is one of the most valuable types of bike insurance that covers both third-party liabilities and damages to your own bike as well.

Od coverage icons

Standalone Own Damage Plan

The Own Damage Plan is for yourself – it covers loss and damage only to your own two-wheeler in case of accidents and collisions, natural calamities, fires, and thefts.

Third Party

Comprehensive

Own Damage

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Why Theft Protection is Crucial for Two-Wheelers - Hear It from the Expert!
Two-wheeler theft is a major issue in India, with over 2 lakh bikes stolen annually. Without comprehensive insurance, bike owners face a complete financial loss. A comprehensive policy ensures you get compensated for theft, minimizing your risk.

Mayur Kacholiya

Product Head - Motor

Different Types of Two-Wheelers Covered in India

Different Types of Two-Wheelers Covered in India

In India, two-wheeler insurance policy covers a wider range of vehicles including:

 

Private Two-Wheelers

These include standard geared and non-geared two-wheelers of all engine capacities that are used for personal purposes, including bikes, scooters, mopeds, etc.

 

Commercial Two Wheelers

Two-wheelers used for and by business to carry goods and passengers are covered under commercial vehicle insurance policy. It is specifically designed keeping in mind the needs of commercial bike users like delivery partners.

 

Electric Two Wheeler Vehicles (EVs)

Electric bike insurance protects two-wheelers which run on electricity from potential damage and losses occurring due to accidents, natural calamities, or fire.

Which Two-Wheeler Insurance Policy is the Best for You?

Coverage for Unexpected Situations and Weathers - Hear It from the Expert!
In many locations where road infrastructure is poor or have potholes and waterlogging as common, there are high chances of people riding two-wheelers meeting with an accident. Besides, such accidents cause big damage to two-wheelers, including chassis and suspension bend, alloy bend, etc., leading to financial stress. Having a comprehensive insurance can help reduce such financial burden.

Mayur Kacholiya

Product Head - Motor

Why Renew Bike Insurance Policy with Digit?

Why Renew Bike Insurance Policy with Digit?

If you are looking to renew your bike insurance policy with Digit for the first time, here are some benefits to look forward to:

 

  • Instant Claims Processing: Enjoy a seamless and swift claim process, from filing your claim and assessing your bike to receiving the claim.
  • Effortless Paperless Procedure: With Digit, do the complete process with your phone from choosing the type of insurance plan to filing and recieving the claim, completely paperless.
  • Self-Inspection Convenience: Simply upload images and videos of your vehicle for self-inspection, eliminating the need to wait for surveyors.
  • Round-the-Clock Customer Support: Receive dedicated support for your claims even on holidays, ensuring you always have assistance whenever you need it.
  • Extensive Cashless Garage Network: Choose from over 9,000+ cashless garages across India, conveniently located to suit your needs.

How to Buy/Renew Two-Wheeler Insurance with Digit?

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Enter Bike Details

On the Digit App or website, enter bike’s registration number and select the policy status.

Choose a Plan

Select the type of bike insurance plan and choose desired add-ons.

Enter Personal Details

Enter your personal, nominee and vehicle details, and move to the next step.

Make Payment

Complete the payment and mandatory KYC verification process.

That's It!

You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.

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Login

Login to Digit App or website and go to the ‘My Policy’ section.

Select Policy

Select the policy pending for renewal and click on ‘Renew Policy.’

Choose a Plan

Next, select the add-ons and tenure and confirm the details, and move to the next step.

Make Payment

Complete the payment and mandatory KYC verification process.

That's It!

You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.

Complimentory Wellness Benefits for Digit Two-Wheeler Insurance Customers

With your Digit Two-Wheeler Insurance, you also get exclusive access to a wide range of wellness perks, making taking care of yourself as well as your two-wheeler easier and more affordable:

Unlimited 24×7 Teleconsultations

Unlimited 24×7 Teleconsultations with General Physicians

Get expert medical advice anytime, anywhere.

Mental Health Consultation & Services

Mental Health Consultation & Services

Consult the best and most trusted therapists at affordable rates, with up to 50% off

Diagnostic Tests & Health Check-Ups

Diagnostic Tests & Health Check-Ups

Stay ahead of health concerns with affordable screenings and lab tests.

Specialist Teleconsultations

Specialist Teleconsultations

Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!

Women's Health Care Programs

Women's Health Care Programs

Pregnancy Care Programs, access to Mum Support Group, PCOS/PCOD Care Programs, Maternity Support and much more!

Physiotherapy Sessions

Physiotherapy Sessions

Stress and Pain relief covered with exclusive discounts on Physiotherapy consultation and session bookings.

Dental Consultation Offers

Dental Consultation Offers

Avail unlimited, free dental consultations and exclusive discounts on dental treatments.

Sexual Wellness

Sexual Wellness

Get flat 15% discount on Sexual Wellness Programs! 

Chronic Care Support Programs

Chronic Care Support Programs

Personalized assistance for long-term health conditions.

Documents Required to Buy Two-Wheeler Insurance Online

To buy Digit bike insurance online, a load of paperwork is not required. Furnish only the following documents to buy a new two-wheeler insurance policy within minutes:

ID

Registration Certificate

ID

Previous Year Insurance Policy

ID

Documents for KYC Verification

When is the Right Time to Renew Two-Wheeler Insurance - Hear It from the Experts!
The best time to renew your two-wheeler insurance is at least 5-7 days before the policy expires. This ensures continuous coverage, protecting you from financial and legal risks. If your policy lapses, you may lose benefits like the No Claim Bonus (NCB), and insurers may require a fresh inspection before reactivating the policy.

Mayur Kacholiya

Product Head - Motor

How to Download Your Digit Two-Wheeler Insurance Policy Document?

After purchasing a two-wheeler insurance policy, it is essential to download and keep a copy for future reference. With us, you do not need to carry hard copies of your insurance policy. You can simply download it from our app. 🙂 Follow these simple steps to download your policy document from the Digit website or app:

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Login Your Account

Visit the Digit website or app and click on ‘Login’ at the top-right corner. Enter your registered mobile number and verify with OTP.

Visit ‘Active Policies’

Once logged in, navigate to the Active/My Policies section. Here, you can check the policy number, end date & start date.

Download the Policy

Done! You can save, share, print or email the policy for future reference anytime, anywhere.

How to File & Track a Two-Wheeler Insurance Claim with Digit?

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Login

Open the Digit App and go to the "File Motor Claim" option. Login and you'll be directed to the "File Motor Claim" page. Click on the policy card to start claim filing.

Provide Details

Fill in all the details related to the accident and damage to the bike.

Enter Personal Details

Update your personal details and that's it, your claim is successfully filed, and you will receive the next steps on your email & WhatsApp.

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Login

Open the Digit App and go to the ‘Check Motor Claim Status’ option. Here you can see the complete list of claims filed on your phone number.

Select Claim

Select the claim you want to check the status of. You can see the details of the claim, the current status, timeline, detailed summary, and repairer details too.

Cashless Garages by Digit

Digit's Cashless Garages

Get cashless repairs at 9000+ garages across India 

Two-Wheeler Insurance Claims Made Simple with Digit

Two-Wheeler Insurance Claims Made Simple with Digit

  • Instead of having you wait aimlessly for surveyors to check for damages during an accident, we let you self-inspect your bike’s damages through our smartphone-enabled app.
  • With a claim settlement ratio of 96% in two-wheeler insurance claims, you must know that we really love claims and won’t beat around the bush to get your claims settled!  
  • With Digit, all you need to do is upload the required documents during claims, and you’re sorted.

How to Avoid Claim Rejections for Two-Wheeler Insurance?

How to Avoid Claim Rejections for Two-Wheeler Insurance?

  • Always carry your driving licence with you – it is mandatory by law, and you'll need it to make a claim if you get in an accident. 
  • Keep your two-wheeler documents up to date, like Registration Certificate (RC)Pollution Under Control Certificate (PUCC) as they are essential for claims. Also, make sure they're valid!
  • Drive safe! Breaking road safety rules like underage driving or drunk driving can lead to claim rejection.
  • Be honest about your bike modifications with the insurer as disclosing that information later can lead to claim denial. 
  • If you’re buying a used two-wheeler then transfer the vehicle’s insurance policy to the new owner right away to avoid claim issues.
  • Accident or theft? Call your insurer first and don't get repairs done without informing them about the situation.

What are the Factors Affecting Two-Wheeler Insurance Premium?

What are the Factors Affecting Two-Wheeler Insurance Premium?

You and your friend who own a two-wheeler from the same company might be paying different insurance premiums, but why? Here are several factors that affect your bike insurance premium calculation differently, including:

 

  • Type of Insurance Plan: Your two-wheeler insurance premium is primarily based on the type of coverage or insurance policy you buy. The premium on the Comprehensive Insurance Policy is slightly higher than on a Third-Party Policy, as the former offers insurance coverage for third-party liabilities and Own Damage.
  • Two-Wheeler Make/Model: This factor significantly influences the two-wheeler insurance premium. If you insure a low-cost two-wheeler or a regular scooter, the premium would be lower than a more expensive vehicle or a luxury bike. It is because the parts of different models have different replacement costs at the time of the claim. So, the higher the value of the insured vehicle, the higher the risk for the insurer.
  • Age of the Vehicle: The market value of your two-wheeler is influenced by the age of the vehicle, which in turn impacts your insurance base premium (excluding NCB, Discounts/loading, etc.) The older vehicle will have a lower market value due to depreciation, so the sum insured will be lower, and you will need to pay less base premium. On the other hand, a brand-new vehicle with a higher market worth will fetch a higher base premium.
  • Insured Declared Value (IDV): IDV refers to your vehicle’s approximate current market value after calculating its depreciation value. It is a crucial component of any insurance policy and is directly proportional to the premium.
  • No Claim Bonus (NCB): It is a reward in the form of a discount upon not raising any claim in a policy year. So, at the time of the policy renewal, the percentage of NCB value you are eligible for, as determined by your insurer, can significantly lower your insurance premium for the following year.
  • Add-On Covers: If you wish to protect your two-wheeler in all possible situations, you can customise your Comprehensive Two-Wheeler Policies by opting for add-on covers such as a Zero Depreciation Cover, Tyre Protect Cover, RTI and more. This will increase your scope of coverage and hence leads to an increase in your premium amount.
  • Engine’s Cubic Capacity: If the cubic capacity (cc) of your vehicle’s engine is 75 cc or less, your insurance premium would be low. If your two-wheeler is labelled 350 cc, you will have to pay a larger premium for the coverage.
  • RTO Location: The vehicle’s geographical location also determines your insurance premium value. If you frequently ride in a city with more accidents, the premium will also be higher and vice versa.

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How to Calculate Bike Insurance Premium?

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Provide Bike Details

Enter your bike’s registration number and select if your policy is expired or not.

Select Policy Type

Choose from the types of plans available- comprehensive, third-party or own damage.

Choose Add-ons

Select your insurance policy tenure and any required add-ons from the list.

Check Premium

On the bottom-left of the page, you will be able to see your bike insurance premium amount.

Third-Party Bike Insurance Premium Rates

The third-party bike insurance premium is charged based on a bike’s engine capacity. Let’s have a look at the prices for the year 2019-20 vs 2022

Engine Capacity The Premium for 2019-20 in INR New 2W TP Rate (effective 1st June 2022)
Not exceeding 75 cc ₹482 ₹538
Exceeding 75cc but not exceeding 150 cc ₹752 ₹714
Exceeding 150cc but not exceeding 350cc ₹1193 ₹1366
Exceeding 350 cc ₹2323 ₹2804

Third-Party Premium for New Two-Wheelers (5-Year Single Premium Policy)

Engine Capacity The Premium for 2019-20 in INR New 2W TP Rate (effective 1st June 2022)
Not exceeding 75 cc ₹1,045 ₹2,901
Exceeding 75cc but not exceeding 150 cc ₹3,285 ₹3,851
Exceeding 150cc but not exceeding 350cc ₹5,453 ₹7,365
Exceeding 350 cc ₹13,034 ₹15,117

Premiums for New Electric Vehicle (EV) Two-Wheeler (1-Year Single Premium Policy)

Vehicle Kilowatt Capacity (KW) The Premium for 2019-20 in INR New 2W TP Rate (effective 1st June 2022)
Not exceeding 3KW ₹410 ₹457
Exceeding 3KW but not exceeding 7KW ₹639 ₹609
Exceeding 7KW but not exceeding 16KW ₹1,014 ₹1,161
Exceeding 16KW ₹1,975 ₹2,383

Premiums for New Electric Vehicle (EV) Two-Wheeler (5-Year Single Premium Policy)

Vehicle Kilowatt Capacity (KW) The Premium for 2019-20 in INR New 2W TP Rate (effective 1st June 2022)
Not exceeding 3KW ₹888 ₹2,466
Exceeding 3KW but not exceeding 7KW ₹2,792 ₹3,273
Exceeding 7KW but not exceeding 16KW ₹4,653 ₹6,260
Exceeding 16KW ₹11,079 ₹12,849

How to Reduce Your Two Wheeler Insurance Premium?

How to Reduce Your Two Wheeler Insurance Premium?

  • If you have had no claims for more than 4-5 years, you can look at increasing your Voluntary Deductible that will help decrease your bike insurance premium.
  • Maintain a good driving record, as cautious driving and avoiding accidents will reflect good on your insurance record, thereby reducing your premium. 
  • Make sure you do not file claims for small scratches or accidents as then you can get a No Claim Bonus during your bike insurance renewal each year. 
  • Add-ons come at an additional price; therefore, to reduce your premium choose only those add-ons that are relevant to you and your car.  
  • Always renew your car insurance policy before its expiry date. This won’t only eliminate the time-consuming pre-inspection process for your car but will also ensure you can include your NCB and get a discount.  
  • If you modify your bike with any security-enhancing equipment, it increases the safety of your bike, and hence decreases the premium. 
  • Talk to your insurance company. If you feel you’re still not getting a cheap bike insurance quote, it’s not a bad idea to call the insurance company you are interested in once before making the final decision. 

 

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Important Two-Wheeler Insurance Statistics in India

The demand for two-wheelers is rising exponentially in India, which calls for the increasing need of two-wheeler insurance as well, leading to India’s motor insurance market size estimate at ₹1.53 trillion by 2028.

Here are other important statistics related to two-wheeler insurance in India.

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In FY 2023, two-wheeler sales in India increased to 15.9 million units, which is an all-time high since 2019.
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The two-wheeler insurance market share is 24.85% in India.
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India’s two-wheeler insurance market is expected to grow at a rapid CAGR in 2023.
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However, online searches for two-wheeler insurance declined from 13.42 lakh in 2022 to 12.69 lakh in 2023, implying a 5.42% decrease.
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In 2022, two-wheelers accounted for the maximum vehicles production share in India. These numbers include two-wheelers of all kinds, including bikes, mopeds, scooters, electric bikes, and even commercial two-wheelers.

Two-Wheeler Insurance Market Size, By Region, By Value from year 2014 to 2024

What is Cashless Bike Insurance?

What is Cashless Bike Insurance?

  • If you opt to get your bike repaired with a Digit Authorized Repair Center, we will make the payment for the approved claim amount, directly to the Repair Center. This is a Cashless Claim.
  • Please note, if there are any deductibles, like a Compulsory Excess/ Deductible, any repair charges for which your insurance doesn’t cover you or any depreciation costs, that is to be paid by the insured’s own pocket.

 

Know more about Cashless Bike Insurance.

What is Insured Declared Value (IDV) in Two-Wheeler Insurance?

What is Insured Declared Value (IDV) in Two-Wheeler Insurance?

  • IDV is the maximum amount your insurance provider can give you, in case your bike is stolen or totally damaged.
  • The insured declared value in two-wheeler insurance and your two-wheeler insurance premium go hand in hand. This means, the higher your IDV is, the higher your bike insurance premium – and as your vehicle ages and IDV depreciates, your premium also decreases.
  • Also, when you decide to sell your bike, a higher IDV means you’ll get a higher price for it. Price may also be affected by other factors like usage, past bike insurance claims experience etc.
  • So, when you’re choosing the right two-wheeler insurance policy for your bike, remember to make note of the IDV being offered, and not just the premium.
  • A company offering a low premium may be tempting, but this could be because the IDV on offer is low. In case of total loss of your bike, a higher IDV leads to higher compensations.
  • At the time of resale, your IDV is indicative of the market value for your bike. However, if you have maintained your bike really well and is shining as good as new, you can always aim at a price more than what your IDV might offer you.
  • At the end of the day, it all boils down to how much love you have showered on your bike.

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How is Depreciation Calculated in Two-Wheeler Insurance?

The Insured Declared Value (IDV) of the two-wheeler is adjusted for depreciation value of your bike as per the below table. 

In the table, age-wise depreciation is applicable for only Total Loss/Constructive Total Loss (TL/CTL) claims.

Age of the Bike  Depreciation % 
6 months and below  5% 
6 months to 1 year  15% 
1-2 years  20% 
2-3 years  30% 
3-4 years  40% 
4-5 years  50% 
5+ years  IDV mutually decided by the insurance provider and policyholder 

What is Zero Depreciation in Two-Wheeler Insurance?

What is Zero Depreciation in Two-Wheeler Insurance?

  • Like everything in life, there is a decrease in value of certain parts of your bike, including the bumper or any other metal or fibre glass parts.
  • So, when a damage happens, the full cost of replacement is not given as depreciation is deducted from the claim money. 
  • But this addon makes sure there is Zero Depreciation and you get the full value of the cost of repair/replacement provided the vehicle is repaired at Digit Authorized Workshop.

What is No Claim Bonus (NCB) in Two-Wheeler Insurance?

What is No Claim Bonus (NCB) in Two-Wheeler Insurance?

  • No Claim Bonus is a discount on premium given to the policyholder for having a claim-free policy term.
  • A no claims bonus ranges from a discount of 20-50% and is something you earn at the end of your policy period by maintaining a record of making no bike accident claims under your bike insurance policy.
  • This means that you can’t get a no claims bonus when you buy your first comprehensive bike insurance policy – you can only get it on your policy renewal.
  • A No Claim Bonus is meant for the bike insurance policyholder regardless of the bike. This means, even if you switch your bike, your NCB stays with you.
  • If you decide to buy a new bike, you will be issued a new bike insurance policy, but you can still avail of the NCB you accumulated on the old bike or policy.

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Why is It Important to Have Old Bike Insurance Policy?

Why is It Important to Have Old Bike Insurance Policy?

If you’ve never bought a bike insurance for your bike, it’s still never too late to get one.  However, here are the three most important things you should keep in mind before buying a bike insurance for your old bike.

 

  • Bike Use & Type of Bike Insurance: Are you buying a bike insurance to just keep your old bike legal when you take it out, or protect it from damages and losses? Based on your bike’s use and type, you need to decide whether a third-party or comprehensive bike insurance works for you. 
  • IDV of Your Bike: IDV is the market value of your bike. Basis this, your bike insurance premium and your claim amount too during claims. Since your bike is an old one, set your IDV basis its current market value, and don’t forget to also account for the depreciation over the years!
  • Additional Covers: When you opt for a two-wheeler comprehensive insurance, you will be given the option to add additional covers to your policy to give your bike extensive coverage. As per the use and age of your bike, you can pick a combination of add-ons that will help you cover for your bike in all possible situations. However, if you’re planning to buy a bike insurance for your old two-wheeler, see which add-ons would be applicable or not. For example; A Return to Invoice cover may not be applicable if your bike is more than five years old.

 

Know more about Old Bike Insurance.

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Why is It Important to have an Active Bike Insurance Policy for Second-Hand Bikes?

Why is It Important to have an Active Bike Insurance Policy for Second-Hand Bikes?

Let's understand why it's important to renew your expired bike insurance policy on time:

 

  • You’ll Lose Out on Your NCB: NCB is your No Claim Bonus, that you may have accumulated over the years if you’ve never made a bike insurance claim yet. This accumulates bonus usually helps you get a discount on your next bike insurance renewal. However, if you don’t do so before your bike insurance’s expiry date, you may lose out on your NCB completely!
  • Higher Chances of Paying a Penalty: As per the revised Motor Vehicle Act, anyone caught without a valid bike insurance is liable to pay a penalty of Rs 1,000 to Rs 2,000 for the first penalty and up to Rs 4,000 for the second time. Renewing your bike insurance on time will ensure you don’t get caught in such a situation.
  • Bear the Financial Brunt: The whole purpose of having a bike insurance is to protect yourself from unexpected expenses that could arise out of both minor and major accidents or even natural calamities. Not renewing your bike insurance on time, could lead to losses that you may have to overcome in the likelihood of the same.

 

Know more about Renew Expired Bike Insurance Policy

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Why Buying a Two-Wheeler Insurance Online Makes Sense?

Why Buying a Two-Wheeler Insurance Online Makes Sense?

Buying bike insurance online not only makes things easier and more convenient for you, but also helps reduce costs and hence, your bike insurance premiums!

 

  • Saves Time: Buy policy online wherever and whenever you want. That’s it!
  • Customisation Available: Customise your IDV or opt for a combination of different add-ons online.
  • Zero Paperwork: No paperwork involved. Everything is literally just online!

FAQ's about Buying Two-Wheeler Insurance