If you are feeling quite challenged to find the most affordable 2-wheeler insurance in India. The blog will guide you through the best and most affordable two-wheeler insurance options in India, how to compare plans, and provide tips on obtaining bike insurance at the lowest price.

There are many options available online in the market. However,  while choosing the best insurance plan, always keep one factor in mind that in search of finding an affordable insurance plan, never compromise on the insurance coverage options. With proper search and the online platforms, you can make the perfect balance between affordability and adequate coverage.

Significance of Two-Wheeler Insurance in India?

According to the Motor Vehicles Act, 1988, every bike owner in India must have third-party two-wheeler insurance. Apart from the mandate, two-wheeler insurance has the following plus points:

- It offers financial protection against damage and theft.
- It pays for third-party claims.
- It gives peace of mind, should an accident or natural calamity occur.

What are the Different Types of Two-Wheeler Insurance?

Before you know about the most affordable two-wheeler insurance plans in the country, let's take a quick look at the types of policies available in the market:

Third-Party Insurance: It must have third-party coverage to hit the roads. As the name suggests, it offers protection against legal claims for damages or injuries to a third party. Although it is one of the least expensive options, it does not cover damage to your own bike.

Comprehensive Insurance: A comprehensive insurance policy offers coverage for both third-party liabilities and own damage (OD) resulting from theft, fire, natural calamities, accidents, etc. Although this insurance is more expensive than third-party options, it offers broader protection and better value for money.

Standalone Own Damage Insurance: It mainly covers damage to your vehicle. Most importantly, you can buy it only if you already have third-party insurance.

Refer to the table below to compare some of the bike insurance's lowest price options:

Insurance Provider

Starting Premium (₹)

Plus Points

Digit Insurance

₹714/year (third-party)

Prompt claim processing

Smartphone-enabled or digital inspections

HDFC ERGO

₹538/year (third-party)

You can avail of add-ons like zero depreciation

ICICI Lombard

₹714/year (third-party)

Cashless garage network

Round-the-clock support

Bajaj Allianz

₹769/year (third-party)

75% on-the-spot claim settlement

TATA AIG

₹693/year (third-party)

Customizable IDV

Wide network of garages

Note: Premiums are indicative and are for basic third-party insurance. Rates are likely to vary based on model, IDV, location, and tenure.

Two-Wheeler Insurance Comparison: How to Choose the Right One?

Comparing two-wheeler insurance plans can help you find the bike insurance at the lowest price with adequate coverage. The following are some of the crucial parameters to consider:

Premium Amount: Third Party Coverage is one of the comprehensive and cheapest insurance offerings a wider extent of coverage and better value. So, always choose a policy that fits your budget.

Insured Declared Value (IDV): Refers to the current market value of your bike. The higher the insured declared value, the better the compensation will be in scenarios of theft or total loss.

Claim Settlement Ratio (CSR): The best way to choose an insurance provider is with a high CSR (preferably over 95%). When it comes to choosing an insurance company, a strong CSR usually means they are more reliable and quicker when it is time to process your claim, so you are not left chasing paperwork or waiting endlessly.

Cashless Garage Network: Select an insurer with an extensive garage network. Emergency repairs are much easier and less expensive when you get in touch with authorized garages nearby.

Add-Ons: In Two-Wheeler insurance, like roadside assistance, zero depreciation, or engine protection add-ons work as a cherry on the cake. It might cost you a little extra, but it ensures peace of mind and better protection when you need it most.

Also Read: How to make bike insurance premium payment online?

How to save a premium on Two-wheeler Insurance?

Want to keep your bike protected without burning a hole in your pocket? Let's help you find the best cheap 2-wheeler insurance that still does the job:

Compare Online: Simplify your insurance search with Policybazaar.com, a platform that compares plans from top insurers.

Choose a Longer Tenure: It is a good idea to opt for two to three years of insurance coverage at a time. It may help you lock in low rates and avoid annual premium hikes.

Avoid Unnecessary Add-ons: Avoid Unnecessary Add-ons: Do not make extra additions in the policy just for the sake of it. Only select the ones that fit as per the riding patterns.

Maintain a Good Driving Record: Maintain a Good Driving Record: A clean driving record can minimize your premium. Insurance providers often give a no-claim bonus (NCB) each year you do not raise a claim.

Install Anti-Theft Devices: Installing an ARAI (Automotive Research Association of India)-approved anti-theft device on your bike can fetch you good discounts on your premium.

Other Factors that Matter: Renewal and Claim Tips

Getting your two-wheeler insured is just the first step. What matters is keeping the policy active and knowing what to do if you ever need to make a claim. Take a look at the table below for clarity:

What to Do

Why is it Important

Tips

Always renew the policy before it expires.

It helps in availing the benefit of the No-Claim Bonus (NCB) and saves from legal penalties.

Set reminders or choose long-term (2–3 year) policies.

Submit all the required documents, such as policy copy, RC, DL, FIR (if needed), and claim form

Any incomplete or delayed submission can result in claim rejection or delays

Keep scanned copies handy for easy access

Take photos and videos at the scene

It helps the insurance providers to assess damage accurately and speed up the claim process

Include vehicle, location, number plates, third-party damage, road conditions, and witness statements

Avoid claiming for minor repairs

It helps retain NCB and save on future premiums

Pay on your own if the repair cost is less than the potential NCB discount

Also Read: Claiming Third-Party Two-wheeler Insurance

Bottom Line

If you are feeling quite challenged to find the most affordable 2-wheeler insurance in India. There are many options available online in the market. However, always keep one factor in mind that the affordable insurance plan you are choosing does not mean compromising on the coverage. With the right research and online platforms, you can strike the perfect balance between affordability and proper coverage.

Select a two-wheeler insurance plan after choosing and comparing based on location, usage, and bike model. The best is to choose either third-party or comprehensive insurance wisely.  Remember, your bike gets you where you need to go. Ensure your insurance takes care of you without breaking the bank.

Disclaimer: This article is for informational purposes only and does not promote or endorse any specific insurance plan. Prices mentioned may vary based on individual requirements. Please conduct your research before making any decision, or consult a motor insurance advisor for a better understanding.