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Bharti AXA 2 wheeler insurance has been recently merged with ICICI Lombard General Insurance. The combined expertise of both the industry giants is here to offer better benefits to their customers.
Bharti AXA has been insuring millions of two wheelers since its launch in 2008. They have offices all over the country, offering quality service and comprehensive motor insurance products.
A Two Wheeler Insurance is your safety net against any losses or damages sustained by you or a third party as a result of an accident, natural disaster, or theft involving your bike or motorcycle.
Bharti AXA bike insurance protects you from incurring financial losses as a result of third-party injuries or damages caused by your two-wheeler. Two wheeler insurance from a trustworthy provider like Bharti AXA helps you in reducing any financial distress and preserving an asset that is valuable to you.
Also Read: Things To Know Before Getting Your First Two Wheeler Insurance
All two-wheeler insurance policies issued in India are governed by the Motor Vehicles Act of 1988. The Insurance Regulatory Development Authority of India, or IRDAI, is the governing body that oversees all general insurance companies operating within the country's borders.
According to a Supreme Court of India ruling that took effect on September 1, 2018, all general insurance companies are required to provide a minimum of five years of third party (TP) insurance for all new two-wheelers purchased after that date. Motorcycles and bikes functioning on Indian roads without TP insurance would face significant fines and penalties.
Comprehensive Two Wheeler Insurance
Comprehensive coverage protects you against all liabilities associated with your two-wheeler. It not only protects your two-wheeler but also the owner. Comprehensive insurance coverage covers all third-party obligations as well as personal damage, injuries, and theft. Natural disasters, burglary, theft, riots, or terrorist action, as well as damage inflicted while traveling, are examples of incidents that fall under the category of own damage. To increase the insurance coverage, the policyholder can add more riders such as Roadside Assistance Cover or Nil Depreciation.
Compulsory Personal Accident Cover
The Supreme Court ruling also mandated that all 2 wheeler policies should have a compulsory Personal Accident cover of Rs.15 lacs, the premium for which is added to your policy. Policyholders can opt out of this cover by attesting that they already have a separate Personal Accident cover of Rs.15 lacs and more under a different policy.
Third-Party Liability Coverage
Standalone Own Damage Cover
The Standalone Own Damage cover covers financial losses or damages to your two-wheeler caused by a collision or accident. The Standalone Own Damage cover is quite useful in cases where your two-wheeler has been damaged as a result of a natural disaster like as floods, etc. The Standalone Own Damage Coverage will also assist you in obtaining reimbursement if your two-wheeler is stolen. Own Damage Cover was previously included with Third Party Liability coverage, but this is no longer the case as of September 1st, 2019.
This type of insurance does not cover you against:
As with comprehensive insurance, you can get add-ons with standalone own damage insurance to tailor the coverage to your specific needs. All of the add-ons that are available with comprehensive protection are also available with own damage cover.
Are You Looking To Purchase A New Two Wheeler? Here Are The Best Two Wheeler Loans For You!
Though Third Party liability cover has been made mandatory by law, two wheeler owners benefit more when they go for comprehensive cover.
| Third Party Cover | Comprehensive Cover | |
|---|---|---|
Coverage | Offers only limited coverage against losses or damages incurred by the third party. | Encompasses all aspects of loss or damage including third party liability coverage and protects you from theft, loss and damage. |
Coverage for plastic parts and accessories | NIL | You can claim up to 50% of the repair costs for such plastic parts and accessories mentioned in the policy document |
Car Value Depreciation | Not considered during claim process | Your car value at the time of claim is taken into account while processing the loss/damage. |
Two wheeler insurance, like any other insurance policy, comes with its own set of exclusions and exceptions –
The above circumstances are not covered under a Bharti AXA two wheeler insurance. For more detailed information on what is covered and what is exempted, policy holders should read the policy document thoroughly.
Additional Read: 5 Reasons To Go For Long Term Two Wheeler Insurance Policy
Add-ons are not mandatory part of the two wheeler insurance cover but offer enhanced protection to you and your vehicle. They come for a very nominal cost and offer some great benefits.
1. Depreciation Cover
A Depreciation Cover or ‘Nil Dep’, as it is popularly called, does not depreciate your vehicle value through the policy renewal years. This add-on deducts no value from your vehicle value at the time of claim. This add-on cover is generally available only for the first 5 years of vehicle life.
2. Roadside Assistance
This is a much needed cover for people who travel extensively on their two wheeler for work or business, a marketing executive for example. This cover offers 24/7 roadside assistance to offer immediate help in case of accident or vehicle breakdown.
3. Engine & Gear Box Protection Cover
This cover covers the cost of repair or replacement of the engine. This is a very good cover that comes for very low rates.
4. Invoice Price Cover
With this add-on cover, the policyholder can get the vehicle's original on-road cost in the event of total damage.
5. Consumables Cover
This add-on covers nuts, bolts, ball bearings, engine oil, lubricant, and other related non-parts.
A two wheeler insurance is a policy that covers a risk, for yourself, your vehicle and a third party. The cost of two wheeler insurance is very competitive in the Indian market with 10s of players vying to gain the upper hand in this large segment.
India currently has a very large two wheeler market – 2021 alone saw a sale figure of 15.12 million units. So the two wheeler insurance market is pretty large and you can get the best price if you shop around for a bit. The key factors affecting your two wheeler insurance premium are:
1. The cost of your vehicle – Starting from 100cc utility vehicles to 500cc racer bikes, two wheeler insurance is customized to all. Based on the engine capacity, the insurance premium also differs.
2. Age of the vehicle – Since two wheeler insurance indemnify you against the value of the vehicle mentioned on the insurance policy, your premium is also based on this value. A new vehicle obviously has a higher premium compared to a vehicle that is a few years old as the vehicle value depreciates year on year.
3. The kind of cover you have chosen – A TP cover alone doesn’t cost much but a comprehensive cover will cost you more as the coverage is also more. Read more on different types of two wheeler covers available.
4. The number of add-ons you have chosen – Each add-on has a different rate, and based on whichever add-on you choose the premium rate will also differ.
Bharti AXA makes it convenient for users to purchase or renew their two wheeler insurance policies online.
1. Just visit ICICI Lombard webpage and choose two wheeler insurance.
2. You will need to enter a few basic details like your vehicle number and contact details
3. A quote is generated with different cover options and the rate for each option
4. You can select or unselect the cover and add-ons you want
5. Once you get the final premium amount, you can proceed with the payment
6. The policy is generated instantly and sent to you via email
It is as simple as that!
Even long before the Covid hubbub, consumers had shifted to online purchase of insurance policies. With popular insurance comparison sites, like Creditmantri, offering detailed comparison of pros and cons of different two wheeler insurance policies, vehicle owners had the right information to make a decision and proceed with the policy purchase. The insurance agent commission process was also leading to a lot of fraud and insurance companies slowly shifted to digital mode to save on spurious claims and fake policies. Online purchase of two wheeler insurance policy is good for these reasons:
Bharti AXA Two Wheeler insurance is an all-in-one plan that offers maximum benefits to its customers. With 24/7 immediate roadside assistance and an extensive network of cashless garages, Bharti AXA two wheeler insurance users can stay assured that they and their two wheelers are completely safe.
1. What is TP Liability (third party liability) cover in two wheeler insurance?
Third-party insurance, as the name suggests, is basic bike insurance policy that only benefits third parties who are injured, suffer damages, or even become disabled or die as a result of an accident, natural disaster, or theft involving the insured's two wheeler.
2. What is comprehensive coverage in two wheeler insurance?
Comprehensive coverage protects you against all liabilities associated with your two-wheeler. It not only protects your two-wheeler but also the owner. Comprehensive insurance coverage covers all third-party obligations as well as personal damage, injuries, and theft. Natural disasters, burglary, theft, riots, or terrorist action, as well as damage inflicted while traveling, are examples of incidents that fall under the category of own damage.
3. Why should I add a ‘Nil Depreciation’ cover on my two wheeler insurance policy?
A nil depreciation cover continues valuating your vehicle at the same cost as the original insurance without deducting any value. This ensures a higher insurance value for your two wheeler policy even after years of policy renewal.
4. Do I need to take my vehicle for physical verification when buying two wheeler insurance from Bharti AXA?
No need. You can buy a two wheeler insurance online on Bharti AXA without having to take the vehicle for inspection, provided your existing policy is still in force.
5. What is IDV in two wheeler insurance?
IDV is the ‘Insured Declared Value’, that is the value of the two wheeler on which the insurance policy is being taken.
6. Will Bharti AXA renew my two wheeler insurance that was taken with a different insurance provider?
Yes, you can renew any two wheeler insurance with Bharti AXA. You can even get a discount when you switch from a different insurer.
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