Question 1

What is the third-party bike insurance premium in India?

Accepted Answer

IRDAI-approved annual rates: up to 75cc ₹533, 75-150cc ₹750, 150-350cc ₹1,044, above 350cc ₹2,373 (2024-25). Electric two-wheelers and bikes above 350cc pay the highest fixed TP.

Question 2

Is third-party bike insurance mandatory?

Accepted Answer

Yes. Riding without at least third-party cover is illegal under the Motor Vehicles Act — police can impound your vehicle and levy fines up to ₹4,000 + imprisonment on repeat offence. Comprehensive adds theft, accident and fire cover for your own bike.

Question 3

How does NCB work for bike insurance?

Accepted Answer

Each claim-free year discounts your own damage premium by 20-50% (max after 5 years). NCB carries over between insurers, so renew on time or port — never let the policy lapse.

Question 4

What is IDV for bikes?

Accepted Answer

Insured Declared Value = ex-showroom price minus depreciation (95% under 6 months, ~50% at 5 years). It is what you get back if your bike is stolen or beyond repair — don't undervalue it to save premium.

Question 5

How much does comprehensive bike insurance cost?

Accepted Answer

Roughly 2.5-3% of IDV for own damage, plus the fixed third-party premium and any add-ons, plus 18% GST. For a ₹1.2L bike that works out to about ₹4,500-6,000 a year with zero-dep.

Question 6

Do electric scooters need insurance?

Accepted Answer

Yes — EVs get long-term package policies (5 years for new EVs at ~15-25% lower own damage premium) and many states offer lower registration, but third-party insurance is still mandatory.