Two-Wheeler Motor Insurance
About Two-wheeler or Bike Insurance Plan
As we say, INSURED TODAY… FOR A BETTER TOMORROW. Two Wheeler Insurance is mandatory in India, especially the third party liability cover. We aim to protect you from the financial loss incurred to get your vehicle repaired or replaced in the eventuality of damage/theft. Broadly, there are two types of insurance plan. Third party liability, which protects you against the mandatory third party liability and comprehensive plan of enhanced protections through nil depreciation is also available, Also, to avoid a heavy fine of Rs. 2000 under the newly introduced penalty structure of Indian Motor Vehicles (Amendment) Act, you need to Two Wheelers your active two wheeler insurance policy throughout, as per the recently announced Indian traffic rule.
What are the Benefits of Two-wheeler Insurance?
Third-party Liability Cover
A Comprehensive insurance plan includes the mandatory aspect associated with a insurance policy. It covers injury to third party or damage to third party's property caused due to the insured Two-Wheeler.
Personal Accident Cover
Recently, this component of a Two-Wheeler insurance policy was revised and the cover was increased from Rs. 2 lakhs to Rs. 15 lakhs. What this means, in case you are injured due to an accident involving your insured Two-Wheeler, the insurance company will take Two-Wheeler of medical expenses up to Rs. 15 lakhs as per the terms and conditions of the policy.
A Two-Wheeler accident has the potential to be devastating; mentally, physically, and financially. To protect your own vehicle from damage and loss caused due to minor or major accident.
Damages Due to Fire
A Comprehensive plan covers damages to your Two-Wheeler caused due to fire. Fire due to self-ignition, explosion, lightning etc. are usually covered under this plan.
Zero Depreciation Cover
Depreciation depicts the devaluation of the vehicle as the days pass because of various factors like vehicle age, wear and tear, obsolescence. As a Two-Wheeler depreciates, it has an effect on the claim settlement. The depreciation value is deducted at the time of settling the claim. When you opt for Zero Depreciation Cover, the entire claim amount will be paid out to you.
Keys are essential but, several times these gets misplaced or may be stolen. In that case, if you are having the benefit of Key Replacement add-on you will get another.
All expenses incurred on Two-Wheeler consumables such as nuts, bolts and oil that unfit for further use can be reimbursed under this add-on.
Nowadays, cities are vulnerable to flooding a lot more than they used to in the past. Be it natural calamities such as floods or manmade calamities such as riots, damages to your Two-Wheeler will be covered if you purchase a Comprehensive policy
Roadside Assistance (RSA Cover)
Just in case you get stranded in the middle of the road due to a Two-Wheeler breakdown, you can fetch help with just one call at any time of the day or night. Roadside assistance cover includes towing service, repairs, changing flat tyres and emergency fuel refueling.
Imagine you park your Two-Wheeler in a mall's parking lot and fail to find it while exiting the mall! It would be devastating, wouldn't it? A Comprehensive plan covers Two-Wheeler theft. You shall receive the vehicle's Insured Declared Value (IDV) in case of Two-Wheeler theft, after the claim settlement process.
NCB Protection Cover
No Claim Bonus considered as the reward for the insured who have no claim records within policy tenure. There are people who mostly don't claim as they are quite confident about their driving. With NCB you can get discount up to 50% and the add-on cover allows you to avail this benefit.
Accident Cover for Two-Wheeler Passengers
If a passenger in your Two-Wheeler sustains debilitating injuries or dies, they will receive a lump sum compensation amount.
You also have the option of purchasing additional covers along with your Comprehensive plan. Note that these covers cannot be purchased on a stand-alone basis or along with a Third-party Liability policy. Add-ons are designed to cover the exceptions of a policy and to lend a bit of personalization to your Two-Wheeler insurance cover. Here's a list of popular Two-Wheeler insurance Add-ons:
What is not covered under your Two Wheeler Insurance Policy: Exclusions
Any claim due to or arising out of pre-existing condition/ailment, whether declared or undeclared, is not covered under the policy. Your policy will also not include the following :
Drink and Drive
Damages caused to the Two Wheeler if you or anyone else was caught driving under the influence of alcohol at the time of accident.
Deliberate accidental loss is not covered. If it is proven that the accident was entirely staged, the claim would be rejected.
Driving on the wrong side of the road or without a valid license, or if the Two Wheeler's driven by an underage person.
Driving your private vehicle for commercial purpose and vice versa.
An expired policy, consequential damages, electrical and mechanical failure, regular wear and tear, and driving outside geographical limits are other reasons for claim rejection.
- Normal wear and tear and general ageing of the vehicle
- Depreciation or any consequential loss
- Damage to/by a person driving any vehicles or Two Wheeler’s without a valid license
- Damage to/by a person driving the vehicle under the influence of drugs or liquor
- Mechanical/ electrical breakdown
- Loss/ damage due to war, mutiny or nuclear risk
- Vehicles including Two Wheeler’s being used otherwise than in accordance with limitations as to use
- Wear and tear
- Damage to tyres and tubes unless the vehicle is damaged at the same time, in which case the liability of the company shall be limited to 50% of the cost of replacement
- Driving the vehicle against the limitations as to use
- It’s always a good idea to be aware of what is excluded from your policy, so that you are not disappointed by extra expenses later. So make sure you go through the Two Wheeler Insurance Policy Wordings Two Wheelerefully.
It’s always a good idea to be aware of what is excluded from your policy, so that you are not disappointed by extra expenses later. So make sure you go through the Two Wheeler Insurance Policy Wordings Two Wheelerefully.
How can you choose your IDV?
The vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the erstwhile Indian Motor Tariff. IDV i.e., Insured Declared Value is the current market value of the vehicle that starts depreciating by the time it came out of the showroom. In, case your Two Wheeler undergoes total loss or theft, IDV is the amount offered you to compensate. You can obtain IDV by deducting depreciation from the market selling price of the vehicle.
How is IDV calculated ?
The calculation of the Insured Declared Value is based on the manufacturer’s selling price of the vehicle including the listed price of the accessories. And, the depreciation value gets deducted as per the scheduled provided by the Indian Motor Tariff.
It is: “The market value of vehicle – The depreciation value = Insured Declared Value (IDV)”
How Does Premium Get Calculated?
The insurance premium of your Two Wheeler is chargeable in one go. Our Premium Rating depends upon the following factors:
- Cubic capacity
- Geographical zone
- Age of the vehicle
- Add on Covers
Explore Our Simple & Hassle-Free claim process
1. Inform Insurer immediately and keep the following details on hand:
- Policy Details
- Contact Details
- Loss Details
2. Please refrain from dismantling or repairing the vehicle before survey is completed.
3. Survey will be arranged on receipt of claim intimation and submission of detailed estimate of repairs from the repairer.
4. Documents must be provided to the repairer/surveyor prior to survey.
5. Duly filled and signed claim form. Please note that it is mandatory to update Aadhaar and PAN details. For company owned vehicles, signature of authorized signatory along with company seal is required.
6. Registration Certificate of the vehicle along with photocopy. Original to be verified and returned.
7. Driving License of the driver at the time of accident along with photocopy. Original to be verified and returned.
8. FIR from police station if third party death/ injury or property damage.
9. If the claim amount exceeds Rs. 1,00,000, we require a copy of your PAN Two Wheeler along with a recent passport photo.
10. Other documents may be requested based on the requirements of the claim.
11. If all documents are found to be in order, we will arrange for cashless facility. You may collect the vehicle after completing a satisfaction voucher and paying any amount as required.
12. For Non cashless claims (reimbursement claims), original cash bill or Invoice with cash receipt is required for settlement of claim.