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What is a two wheeler insurance policy?

What is a Two Wheeler insurance policy?

A two wheeler insurance policy protects your bike or scooter against any damages caused due to road accidents, natural disaster, and theft or loss. A bike insurance policy covers damages to your two wheeler and legal liability towards third party. With us, you can secure your bike at affordable rates.

Why should you buy a two wheeler insurance online from MyonelifeX

We facilitate easy claim settlement through robust claim support.

Instantly issues policy online

Our simplified processes help you get two wheeler insurance policy instantly. Fill in the basic details of your bike or scooter, select the coverage options, choose your method of payment, and it’s done!

Provides personal accident coverage

We offer personal accident cover for the registered owner-driver and the co-passengers under our two wheeler insurance policy. A cover of ₹15 lakh is provided to the owner-driver and an optional cover up to ₹2 lakh for co-passengers is available at an extra premium.

Facilitates instant two wheeler insurance renewal online

You can renew your bike insurance policy online without any inspection or extra charges. Enter your previous policy details and renew your plan instantly. An inspection may be required for a break-in renewal.

Covers accessories

MyonelifeX provides cover for high-end electrical and non-electrical accessories (such as spoilers, music system, alloy wheels, etc.) of your two wheeler at a little extra premium.

Offers no claim bonus

You can avail a No Claim Bonus (NCB) on your two wheeler insurance if you haven’t made any claims or transferred your vehicle during the previous policy period. However, make sure you renew it within 90 days from its date of expiry. You can also transfer your NCB from the previous service provider to us.

Provides 24x7 claim assistance

We provide 24x7 claim assistance so that your claims are settled fast. You can reach us round the clock at 1800 2666.

What are the different types of two wheeler insurance policies?

Learn more about the different types of two wheeler policies in the market.

Two wheeler vehicle package policy

This two wheeler insurance plan protects the owner from the costs incurred in accidental damages to a third party and to own vehicle. It covers the damages caused by fire, theft, and natural disasters.

Two wheeler vehicle liability policy

This type of insurance policy covers the owner against legal liabilities arising out of an accident. Under this type of two wheeler insurance policy, if your bike causes injuries to a third party or damages surrounding property, then your insurer will take care of the expenses.

Stand-alone own-damage two wheeler insurance

Our stand-alone own-damage two wheeler insurance plan covers the damages to your bike or scooter caused by natural disasters like earthquake, flood, cyclone, landslide, etc. or man-made disasters like theft, burglary, riot, strike, etc.

What is covered by MyonelifeX two wheeler insurance policy?

Learn about your two wheeler insurance policy coverage in one glance.

MyonelifeX two wheeler insurance plan add-on benefits

Choose from a wide range of add-ons when buying MyonelifeX two wheeler insurance plan online.

Roadside assistance cover

There can’t be a better way to stay prepared for an untimely breakdown or an accident in the middle of nowhere than with our roadside assistance cover. When your bike or scooter breaks down or meets with an accident, the roadside assistance add-on can cover you for battery jump-start, towing facility, flat tyre or minor repairs assistance, hotel stay or even a cab ride.

Zero depreciation cover

You might know that at the time of settling your claim for damages to your two wheeler, the insurance company deducts the depreciation value on your bike or scooter’s parts. But, if you have opted for this add-on you’ll get a higher claim amount because it brings down the depreciation to zero.

What impacts the Insured's Declared Value (IDV)?

What is termed as the Insured’s Declared Value (IDV)?

IDV helps in calculating the premium of your two wheeler insurance policy. Each two wheeler is insured at a fixed amount which is termed as the Insured’s Declared Value (IDV). This sum insured as part of the two wheeler insurance is calculated based on several factors. Here’s how it works:

IDV is calculated based on manufacturer’s listed selling price of the two wheeler (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff.

If the price of any electrical and/or electronic item installed in the two wheeler is not included in the manufacturer’s listed selling price, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV.

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