5 tips for buying motorcycle insurance online at an affordable rate


03 Aug 2023

Don't pay more than you have to for motorcycle insurance. Our guide to buying affordable coverage online can help you save money and ride with peace of mind.

Buying bike insurance online can be easy and hassle-free compared to the offline mode. Read this post to know what things to keep in mind while buying bike insurance online at a reasonable rate.

Owning a bike can be a thrilling experience. From daily commuting to work to pleasure road trips with friends, you can use your motorcycle in many ways. Unsurprisingly, many people can have a special bond with their bikes. So, it’s crucial to ensure proper insurance protection for your bike.

While purchasing motorcycle insurance online can be easy, many people may need help choosing the right plan. So, here is a complete guide for purchasing the right motorcycle insurance at reasonable rates.

1. Select the right plan type

The Motor Vehicles Act of 1988 makes it mandatory to have valid third-party vehicle insurance before you can drive a vehicle on Indian roads. However, third-party bike insurance only covers the damages caused by the insured bike to a third-party vehicle, person, or property. It doesn't cover the damages caused to your motorcycle.

So, comprehensive motorcycle insurance can be a better option for you, especially if you own a high-end bike or your bike is new. A comprehensive plan covers both third-party liabilities and the damages caused to the insured vehicle. Therefore, it can provide better and more extensive coverage to your bike compared to third-party insurance coverage.

2. Research well

Perform thorough research to know the features of a particular bike insurance plan. For instance, try to know the network garages provided by the insurer in your area. Reputed insurers provide all the necessary information on their websites, which can help you purchase the required motorcycle insurance online with minimum hassle.

3. Set the right IDV

The Insured Declared Value (IDV) is a bike’s current market value after considering the depreciation factor. The IDV of a vehicle affects insurance costs. The insurer uses a formula to arrive at a vehicle’s IDV value. However, you can set the IDV between a predefined range provided by the insurer.

Setting a lower IDV can help lower the comprehensive motorcycle insurance premium. However, you will get a lower compensation amount than that with a high IDV in the event of an insurance claim.

On the other hand, setting a very high IDV doesn’t help your cause either. Irrespective of how high you set the IDV, the insurer will only compensate you based on the depreciation guidelines set by the IRDA according to your bike’s age.

Here is the schedule of depreciation set by IRDA.

Bike Age

Depreciation on Ex-showroom Price of Bike

Less than 6 months


6 months to 12 months


1-2 Years


2-3 Years


3-4 Years


4-5 Years


More than 5 Years

As mutually decided between the insurer and insured.

4. Select the right add-on

You can increase the scope of your comprehensive motorcycle insurance by including some add-ons by paying some additional premium. While add-ons increase your comprehensive insurance premium cost, they can help save a significant amount of money if your bike needs repair after sustaining damages.

Following are some useful add-ons you can consider including to your base comprehensive insurance plan.

• Zero-depreciation cover

• NCB protect

• Tyre cover

5. Read the policy document carefully

The policy document contains all the terms and conditions in detail. Go through the policy document carefully. Study the list of coverages included and the exclusions. Understand the geographical limits of the insurance coverage. This will help you avoid confusion later, especially during a claim.

The tips mentioned above can help you to purchase the right motorcycle insurance online at an affordable price. Long term two wheeler insurance is one such plan that provides comprehensive coverage for your bike at an affordable price. Once you have adequate insurance coverage for your beloved bike, you can enjoy your ride with complete peace of mind.

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.