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Two Wheeler Insurance

In India, motor insurance is available according to vehicle type like Two wheeler insurance, Private car insurance and Commercial vehicle insurance. Like other insurance, two wheeler insurance provides the financial assistance to you against losses arise from any unfortunate event. For instance, it protects your two wheeler against any visible accidental damage which may cause any financial loss and against any liability to third party which has arises due to use of two wheeler. In India, under the provision of Motor Vehicle Act 1988, Motor Two Wheeler Third Party Liability insurance policy is mandatory to everyone who owns two wheeler and using on public road. General insurance company registered under IRDAI (Insurance Regulatory Development Authority of India is an insurance regulatory body) from which insurance companies obtain license to carry insurance business, can provide two wheeler insurance policies. Everyone who owns a two wheeler needs to have mandatory two wheeler insurance. There’s a vice-versa relationship between a bike and the rider that is keeping it safe and secure because safety is priority. Two wheelers are more prone to road accidents because of its high vulnerability characteristics. Therefore correct and adequate insurance is very important. Two wheeler comprehensive policy not only provide safeguard against any financial losses arise due to any unforeseen accidental damage to your two wheeler but also having coverage for liability arise towards third party. Hence, investing in buying two wheeler insurance or any other form of insurance products is worth it.

Types of Covers in Two Wheeler Insurance By ShriramGI

Third party liability in two wheeler insurance sgi
Own damage coverage shriramgi
Comprehensive coverage for 2 wheeler SGI

Benefits of Buying Two Wheeler Insurance Policy Online

The right choice:

The Internet is the most revolutionary platform that provides information in surplus. You can get to know each and every detail about risks coverage, add-ons, key-features, exclusions as well as the terms and conditions. Online you can easily get suitable two wheeler insurance as there are ample options available.

More coverage options:

When you buy two wheeler insurance online you will get plenty of coverage options to choose from. Online insurers suit your cover requirements as per the availability. You yourself can explore the types of insurance covers such as third party liability, own damage, and comprehensive. own damage.

Personal Accident Cover for Owner-driver:

Personal accident cover is included in every two wheeler insurance policy with multiple benefits and offers. It compensates for partial and permanent disability. In case of any physical loss of the owner-driver, they will be recovered by the offered compensation due to an accident.

Comprehensive insurance:

It is good to know that a comprehensive insurance cover combines third party, own damage, and compulsory personal accident (CPA). It gives you complete protection throughout your tenure.

Why to Choose Shriram's Two Wheeler Insurance Policy Online?

save money by direct buying online policy
convenient mode to buy 2w insurance
24*7 assistance
pay securely on sgi online portal
Instant claim intimation and approval at sgi

Two Wheeler Insurance Plans That Fit Your Needs

other party 2w insurance
Third Party Insurance

Third party cover is mandatory in India for every vehicle owner as per the Motor Vehicles Act, 1988. The third party cover saves you from the expenses of damage to the third party property or vehicle. It covers the co-passengers too. Therefore consider third party cover before you go for any other two wheeler insurance policy covers

comprehensive insurance sgi
Comprehensive Insurance

Comprehensive two wheeler insurance cover is one of the best and most preferred insurance policies available with every general insurance company. This cover is very useful because of the package feature containing a third party as well as its own damage covers. Select this comprehensive coverage by paying a little extra.

What ShriramGI Cover in Two Wheeler Insurance

Accident cover SGI
Theft cover shriramgi
naural disaster cover shriram general insruance
PA cover 2w insurance sgi
third party cover two wheeler insurance sgi

Key Features of Two Wheeler Insurance by ShriramGI

Key Features SGI Benefit
Premium Starting from 482* / INR (* The premium is excluding GST for Third Party Liability Only)
No Claim Bonus Up to 50% Discount
Add-Ons Nil Depreciation & RSA
Claim Process Hassle-free claims process
Own Damage Cover Available
Damages to Third-Party Available

Two Wheeler Insurance - Additional Covers

Addon electrical and electronic accessories in sgi two wheeler insurance
2w addon geographical extension cover SGI
two wheeler pillion cover addon SGI

How to Know if You Are Buying Two Wheeler Insurance is Right?

24X7 claim notification service

We are responsible to notify you every single update of your claim registered here. Our claim representatives are fully attentive and active to feed you back whenever needed. Customers are free to put his/her query at any time and it will be resolved in a suitable time period.

Survey and assistance within a day

The facility of the survey is also given on the same day of an inquiry, accordingly assistance is offered to the concerned person or customer.

Quality claim settlement & Customer satisfaction

We ensure that the quality of claim settlement and customer satisfaction are taken care of in each and every step of claim settlement. We believe in serving the best to the customers by providing a clean claim settlement process.

Simple Claims Procedure

The claim settlement process for our customers is easy and hassle-free. So, customers can't feel any complications.

Updated claim status

A claimant can know his/her claim status at any time from Shriram General Insurance. You can get to know about the latest progress on your claim.

What ShriramGI Does Not Cover in Two Wheeler Insurance

Consequential loss not covered 2w insurance sgi
nuclear or radioactivity not cover in sgi 2w insurance
outside of defined territory not cover

Know more about the difference between comprehensive and third party two wheeler insurance

  Third Party Comprehensive
Own damage to two-wheeler due to an accident. No Yes
Own damage to two-wheeler due to fire No Yes
Own damage to two-wheeler due to natural calamities No Yes
Third party damage to the vehicle Yes Yes
Third party damage to the property Yes Yes
Personal accident cover Yes Yes
Theft of the two wheeler No Yes

Here's Why You Need to Buy Two Wheeler Insurance

Finalcial safety benefit in 2w insurance
no claim bonus benefit in two wheeler insurance
Avoid penalty benefit

You can intimate Two-Wheeler claim with following options

Claim process option 1

Call on our toll-free number
1800-300-30000, 1800-103-3009

claim process option 2

Intimate a claim by visiting
our website

claim process option 3
Download MySGI App

Make Your Two Wheeler Insurance Claims Easy With SGI

  • It is important to inform the insurance company instantly after the incident caused by you or someone else. Inform every single detail that happened at the spot.
  • Take guidance from our claim representatives to proceed properly. Ask for the requirement or any other documents to complete the process of claim. They will assist you accordingly to file your claim easily.
  • You can track your claim status and get timely updates.

Two Wheeler Insurance: Terminologies

Two wheeler insurance: It is the ultimate safety plan that falls under the general insurance category. It protects vehicle owners from financial losses in case of natural and man-made calamities. As per the law of Motor Vehicles Act 1988 and it is mandatory to buy.

Claim settlement: It is important to check the claim history of the insurance company because that can very well explain the customer’s satisfaction on a higher level. Good claim settlement ratios say all good about the insurers.

Add-ons: As the name suggests,add-ons are the additional coverage or you can say cover for extra protection. You must check this add-on availability i.e. zero depreciation cover.

Insured Declared Value: IDV is considered as the current market value of any vehicle i.e. the maximum sum insured. IDV is one of the essential factors that should be focused on while purchasing two wheeler insurance policy.

What is Long Term Two Wheeler Insurance Policy?

As per latest circular by the IRDAI, 1st September 2018 after honourable Supreme Court order it is mandatory to 5 years insurance policy for fresh (new ) two wheeler in India. Whereas, two to three years policy tenure also available for old vehicles, you can get from Shriram General Insurance (SGI). Old long term product is a filed product by SGI for 2 & 3 years policies. Two wheeler long term insurance policy is available to cover your two wheeler for 2 years, 3 years and 5 years in one go. The cover has made available for all two wheeler owners across India permitted by IRDAI. It is to combat non-renewal of two wheeler and also to encourage people to buy or renew mandatory two wheeler insurance (TP liability policy) on time. Though, two wheeler insurance 3 years is not mandatory to buy for older vehicles. Still, it is the best idea to invest for the long term insurance cover. Long term two wheeler is worth buying as it offers multiple benefits, discounts on premium rates. Also, it helps defencing the yearly increases in third party premiums.

Benefits of Two Wheeler Insurance Long Term Insurance

If you are one of those who always forgot to renew their bike insurance policy on time,two wheeler long term insurance policy is the right choice for you.

  • Most convenient: Choosing a long term insurance policy is much beneficial for every two wheeler rider because it is convenient in every way. It is convenient because you just have to spend once and feel free for long term. That’s the reason it is favourable for every kind of insured.
  • Dismiss yearly renewal: Long term two wheeler insurance(LTTW) option save time because of avoiding the renewal of policy every year. It is really beneficial as you don’t have to bother once bought long term policy. Those who generally forget to renew their two wheeler insurance policy almost every time; they must feel lucky withtwo wheeler insurance long term. Because they don’t have to set a reminder for renewal every year. Just one time renewal or buying two wheeler insurance and tension free for complete three years.
  • Avoid non-renewal risks: The most common reason for non-renewal on time is people ignore or show reluctance because of the complicated process. Sometimes, the two wheeler got stolen or meets with an accident. These reasons considered as the delay in the Two wheeler insurance renewal online. That's why the long term insurance saves one from hassles every year. Hence, it is quite unmanageable to keep track if one has more than one policy. Even if someone remembers the date of renewal he/she can't renew because of lack of time or some other reason.
  • Discount on own damage premium: According to the different insurance companies, discounts and offers vary. Insurers provide discounts on long term insurance you opt for. Therefore, this is beneficial because it saves your money and time. Insurers provide various discount offers or coupon which helps in premium price reduction. This is one of the superb ways through which customer attraction increases; everyone wants to save as much money as they can. Long Term policies offers long term discounts, incremental NCB, save enhancement of Third Party premium every year.
  • Saves money and time: Buying long term insurance policy can save money and time. This helps to avoid a number of policies from getting lapsed. It saves a lot of time by letting you stay inside the house or office and complete the process online. It gives a complete comfort zone and you don’t have to unwantedly rush to the branches poured in sweat. So, you must have realised the fact that making policy online is much relieving than any other way. This is how it saves your time by not going anywhere and money because you didn’t spend a penny on transport.

The step by step guide to buy two wheeler insurance

Some of the people get confused about how to buy two wheeler insurance policy. Most preferably buying two wheeler insurance is a little convenient as compared to offline. Therefore, it is advisable to buy Bike Insurance Renewal online because of home comfort and easy access. The process is really familiar that you can buy policy on your own and if you feel any confusion assistance is right there to help you out.

Following are the step by step guide you can see
  • Go to website: The first thing you choose a website after all comparison for example there are multiple of insurance products available other than two wheeler like car insurance, home insurance, travel insurance, commercial vehicle and more. Select the one you prefer i.e. two wheeler insurance.
  • Click two wheeler tab: After you have visited the website click on the two wheeler insurance tab because you have to buy that. Click on Two Wheeler tab – you will find four more options -
  • ‘Renew Shriram Policy'', ''Renew Other Insurer's Policy'', ''Buy Online for New Vehicle'', Buy from Saved Quotes’’. Select the one you want whether to buy or renew as per your choice and requirement.
  • Buy Online for New Vehicle: After clicking ‘Buy Online for New Vehicle’ you will get a page requires customer’s basic details, fill the basic information to generate quote. Personal information like Proposer's Full Name, Mobile, Email Address, City, and Area. As well as ''Vehicle Information'' like City where the vehicle was registered (RTO), Bike Make, Fuel Type, Registration/Invoice Date, Bike Model and other required mandatory details.
  • Generate Quote/Calculate Premium: After you have filled the entire necessary details click on to the ''Calculate Premium'' button and a new page will open with all premium computation sheet with quote-id, quote date, policy type, cover description along with sum insured and the premium. Do check the conditions and warranties. Your quote will be generated. And, then click ‘’Proceed Next’’.
  • Additional Information/ RTO information: The next step is filling up the ''Additional Information'' where you have to give more information about your two wheeler. Fill RTO information. Like Registration number, Engine Number, Chassis Number, Nominee details, and other important information. Choose documents that are required to upload such as RC copy, NCB reserving letter, Invoice/Delivery Challan, Renewal Notice, and other. And, the click on ‘’Proceed Next’’. The proposal will be updated.
  • Payment Gateway: Finally you are here, on the ‘’Payment Gateway’’ page with proposal summary and premium computation sheet along with insured and nominee details. After you have revised the whole application choose the preferred payment gateway that may via Debit card, credit card, Net Banking, Paytm and more. Choose one of your choices through which you feel comfortable for payment.

Bike Insurance In Indian Cities



Why Two Wheeler Insurance is required?

According to the Motor Vehicles Act, 1988, it is mandatory to avail at least Third Party Liability Insurance cover. A comprehensive policy insurance, which covers both Own damage and Third Party, protects you and your passengers, other partybs property, your vehicle, pedestrians, etc.

What are the documents required for a two wheeler policy?

For new without RC:- Vehicle invoice copy For new with RC:- RC copy For old vehicle:- RC copy and/or previous year policy copy.

How much time does it take in claim settlement?

On receipt of all the relevant claim documents along with original repair invoice & satisfaction voucher/discharge voucher & NEFT details, the claim will be processed within 7 working days.

What are the benefits of buying two wheeler insurance online?

The main advantage of buying online policy:-Convenience b You can purchase a two-wheeler insurance policy at your convenience, without depending on any third partyEasy comparison options to get the best deal.No Commission- As there is no third party involved, there is no need to pay any type of commission. Purchase- you can research, compare, understand and make an informed decision.Say goodbye to mis-selling.

Can I sell my bike to another person?

Yes, you can sell your bike to another person. We will change the name of the buyer through name transfer endorsement and the policy will be transferred to new owner. The buyer has to apply for transfer of Insurance with us within 14 days from the date of transfer of the vehicle in his name.

What is the tenure of two wheeler insurance?

Following are the types of period of two wheeler insurance: -
1. 1 year , consisting of own damage cover for 1 year and third party cover of 1 year (For Other Than Fresh)
2. 2 years , consisting of own damage cover for 2 year and third party cover of 2 year (For Other Than Fresh)
3. 3 Years, consisting of own damage cover for 3 year and third party cover of 3 year (For Other Than Fresh)
4. 5 Years Long term bundled policy, consisting of own damage cover for 1 year and third party cover of 5 years(For Fresh Only)
5. Long term package policy, 5 year own damage and 5 year third party period (For Fresh Only)

Does pillion driver covered in a package two-wheeler insurance policy?

No, it is not covered already but to get this cover you have to pay an additional premium for PA for Pillion cover. Sum Insured can be opted from 10000 to 200000 (in multiples of 10000 only).

Can I pay two wheeler insurance premium in instalments?

No, you cannot pay the premium in instalments. As per section 64VB of Insurance Act, 1938 no risk can be started unless premium is received in advance. Full insurance premium is taken before the risk start.

What is an endorsement?

An endorsement is an amendment or addition to an existing insurance contract which changes the terms or scope of the original policy. An insurance endorsement may be used to add, delete, exclude or otherwise alter coverage....

What is No Claim Bonus (NCB)?

No-claim bonus (NCB) is a discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the term of the motor insurance policy. Description: The no-claim bonus is a reward to the vehicle owner for prudent use of the vehicle.
No claim in the last 1 year - 20% NCB
No claim in the last 2 years -25% NCB
No claim in the last 3 years- 35% NCB
No claim in the last 4 years-45% NCB
No claim in the last 5 years-50% NCB

Is my No Claim Bonus (NCB) transferable?

Yes, NCB is transferrable but it can be transferred only from one vehicle to another as long as the policyholder is the same. NCB cannot be transferred from one person to another. An NCB Certificate from the existing insurer will be required in order to transfer the NCB to another vehicle. You can get the same transferred within 90 days of your previous policy expiry date.

What type risk is covered in a two wheeler policy?

Under a comprehensive two wheeler insurance policy, your vehicle will be covered against theft, loss, and damage. This coverage will also offer personal accidental cover for the owner or rider in event of an accident. In addition, this type of two-wheeler insurance also covers you in the case of third-party liability. SGI will protect you against any loss or damage to the two wheeler and its accessories during the following events: Fire, explosion, self ignition or lightning Burglary, housebreaking or theft Riot or strike Earthquake (fire and shock damage) Flood typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost Accidental external means Malicious act Terrorist activity Whilst in transit by road, rail, inland, waterway, lift, elevator or air Land slide, rock slide

What is third party liability cover?

A third-party insurance plan covers a vehicle's owner against any legal liability, including death or bodily injury to a third party or damage to their property with the involvement of the insured vehicle.

What is compulsory deductible?

Compulsory Deductible is also known as Compulsory Excess in motor insurance. It is the part of the claim amount which you will have to bear out of your pocket. The amount is decided by the IRDAI.

When should I renew my two wheeler insurance?

Renew your policy before expiry the existing policy. This keeps your vehicle protected against the risk without any break in. You can also take the benefits of No claim bonus discount in premium for claim free years.

What is break-in-insurance? What should I do if I have a break-in-insurance?

Break in insurance is when your previous policy had expired and you wish to renew your previous policy after a gap of day/days. This gap between your previous policy and the new policy is known as Break In period and when a new policy is issued after a break in it is known as break in insurance. In case of break in insurance, you can renew your policy with SGI. If it has been less than 90 days of break in then you may be able to retain your no claim bonus discount, otherwise more than 90 days of break in then you may not be able to retain NCB.

I have lost the insurance policy. Can I get a duplicate one?

Yes, you can approach the same office which had issued the policy with a written request. A nominal fee will charged for issuing a duplicate policy copy.

What are the benefits of opting for different Add-On Covers?

A comprehensive motor insurance policy can be enhanced by opting Add-ons. one of the common Add-on and its benefits are: - Zero Depreciation/ Depreciation Waiver Cover: - It means that if your Two Wheeler gets damaged following a collision, no depreciation is subtracted from the coverage of wearing out of any body parts of Two Wheeler excluding tyres and batteries.

What is premium?

It is the amount to be paid for a contract of insurance to the insurance company. It is the sum that a person has to pay annually or according to their plan, in return of the coverage he/she has taken from the insurance company.

Can I take insurance policies from 2 different companies for the same vehicle at the same time?

No, a person can have only one 1 insurance policy for vehicle at a time. If they have 2, they can cancel 1 out of these 2 with the relevant insurance company. Applicable refunds will be processed considering the double insurance status.

What happens if I have paid for 2 policies for the same year?

An Insured can get one of the 2 policies cancelled. If he fails to do that, premium paid will not be refunded in any circumstance after the expiry of policy.

How does the discounting in premium works?

Discount is applied only to the Own damage part of premium calculation. TP part is fixed and it cannot be discounted.

How are my accidental hospital expenses covered in the insurance policies?

In order to get personal accident hospital expenses reimbursed, youbll have to take cover -Compulsory Personal Accident for owner driver. If you already have a CPA cover separately, you can avoid CPA by providing necessary details to the Insurance company.

Why is the value of my vehicle is getting depreciated every year?

The IDV of the vehicle is to be fixed on the basis of manufacturerbs listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation (as per schedule specified below). The IDV of the side car(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturerbs listed selling price of the vehicle is also likewise to be fixed. The schedule of depreciation for arriving at IDV is as below:

Age of the Vehicle % of Depreciation for fixing IDV
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

What are the modes available to pay premium?

Modes available currently are as follows:

What if the cheque, through which payment was made, gets dishonoured?

In this scenario, the policy will be cancelled and will be declared void ab initio. In case any claim is reported after policy issuance and cheque dishonour the claim will be repudiated.

What is the process of policy cancellation. What are the pre-requisites to cancelling a mandatory Third Party only policy?

Insured has to reach us through the branch and apply for policy cancellation with a proper reason of cancellation. Immediately the request will be processed and OD side will be cancelled with applicable refund. Since the TP only policy is mandatory as per Motor Vehicle Act, 1988 TP Policy cancellation is not allowed. Once the insured, presents documents of the TP policy of same vehicle TP side of the package policy will be cancelled.

What is the minimum amount of claim, to process the claim intimation. How many claims can be reimbursed in a policy period?

No, there is no such limit available. The insured can claim any amount from the insurer at any point of time within the policy period.

Is the premium calculation logic same for commercial and private vehicles?

No, It is different depending upon the vehicle category.

What is Nil Depreciation cover or Zero Depreciation cover or bumper to bumper coverage?

Nil depreciation is an add-on cover and has to be purchased by paying additional premium. It will pay the amount of deprecation charged upon the damaged / replaced parts for own damage claim lodged under section 1 of the policy. It offers complete coverage to your two wheeler without factoring into depreciation.

Written By: Shriram General Insurance - Updated: December 2022
IRDAI Consumer Education:- Insurance is the subject matter of solicitation. IRDAI Registration Number - 137. CIN No. U66010RJ2006PLC029979. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

Shriram General Insurance Co. Ltd. (In partnership with Sanlam, South Africa)
E-8, EPIP, RIICO Industrial Area, Sitapura, Jaipur - 302022 (Raj.)
Toll free: 1800-300-30000(Policy Holders), 1800-103-3009(Others) Fax: 0141-2770692, 2770693

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