Two Wheeler Insurance Policy

Third Party Cover - This policy insures you against claims for bodily injuries or deaths caused to other persons (known as the third party), as well as loss or damage to third party property caused by your vehicle.
Third Party, Fire and Theft Cover - This policy provides insurance against claims for third party bodily injury and death, third party property loss or damage, and loss or damage to your own vehicle due to accidental fire or theft.
Comprehensive Cover - This policy provides the widest coverage, i.e. third party bodily injury and death, third party property loss or damage and loss or damage to your own vehicle due to accidental fire, theft or an accident.

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Important Points to remember while Buying the Policy

Adequate Sum Insured - To Avoid Underinsurance

NCB declaration should be proper

NCB declaration should be accurate otherwise policy would become null and void.

Ensure that assets should be covered under the right entity/company

Declaration of claim status

Any Claim in previous policy should be informed at the time of renewal otherwise policy would be become null and void.

Risk Location/s should be properly mentioned

Always go for Zero depreciation policy

In order to avoid any deduction in claim amount then one should go for Zero Depreciation Cover.

Our Insurance Partners

Claim Case Study - 1

Situation

NCB Wrongly Declared.

Challenge

Insurance Company has denied the claim and has cancel the policy as well.

Solution

Justify the reason for inadvertent misrepresentation and pay the difference amount of NCB and get the policy rectified accordingly for processing the claim.

Advisory/Conclusion

Always ensure to declare the correct information. In case the renewal premium cheque is issued one month in advance, then the claim position should be intimated for the intervening month subsequent to renewal. This ensures that these is no misrepresentation.

Claim Case Study - 2

Situation

Missed the renewal.

Challenge

It is a criminal offence as you cannot drive the vehicle without such Third Party insurance policy.

Solution

Try to buy long term policy to avoid such a situation and be associated with a professional company who would remind you in time.

Advisory/Conclusion

Try to buy long term policy and ensure to renew your policy a week in advance.

FAQ's

PREMIUM

COVERAGES

CLAIMS

OTHERS

What are the factors affecting the premium amount?
The premium payable on a vehicle depends on:
- Type of vehicle
- Age of vehicle
- City of registration
- Period of coverage (For less than 12 months) and
- Any applicable discounts/loadings, as per relevant General regulation of motor tariff.
How the places of residence affect the premium amount?

Yes, you would be required to pay premium again.
Is there any benefit available to handicapped People?

A discount of 50% is available on the own damage premium provided they modify such vehicles for use. The above discount is also available for institutions exclusively engaged in the service of the handicapped.
Will I be eligible for any discounts if I am a member of Automobile Association of India?
Yes, as a member of any of the following Automobile Association, a discount is given under the policy. The Associations are:
- Automobile Association of Eastern India
- The United Province Automobile Association
- The Western India Automobile Association
- The Automobile Association of Southern India
- The Automobile Association of Upper India
Is there any discount available for installing anti-theft alarm and locking system?

If the vehicle is fitted with anti theft devices, which is approved by the Automobile Research Association of India (ARAI), a discount on own damage premium is allowed.
What is ARAI?

ARAI stands for Automotive Research Association of India. In case you have installed ARAI approved anti theft device in your vehicle, whose installation is duly certified by the agency, you get a discount of 2.5% on the OD Premium to a maximum of INR 500.

What are the types of cover?
There are two types of policy - comprehensive policy and third party insurance. The comprehensive insurance policy offers protection to you and your bike. The comprehensive cover comprises of:
- Damage to your vehicle
- Third party legal liability
- Personal accident cover to driver (owner)
Third party insurance is part of comprehensive policy but can be purchased alone. It is mandatory to have third party insurance policy.
What are the general exclusions under comprehensive Policy?
Followings are generally not covered under any comprehensive policy:
- Mechanical breakdown
- Wear & tear
- Consequential loss
- Depreciation
- Deliberate accident loss
- Intoxicated driving
- Any contractual liability
What if other than owner was driving at the time of the accident? Is that person covered by owner's Policy?

If the person driving the vehicle has a valid license, the vehicle is insured for all the accidents that occurred due to the hazards specified. To insure the person driving the vehicle, who is not the owner, an additional personal accident cover has to be taken for unnamed passengers. For the owner-driver, the policy compulsorily has a personal accident cover, as per tariff.
What is Personal Accident cover? What are the rules governing it?

The insured is adequately covered in case of an occurrence due to the specified hazards leading to bodily injury/ permanent disability or death. The motor insurance policy essentially has a PA cover for the owner-driver, as per tariff, for which no extra premium is to be paid. For a person other than the owner and driver, the PA cover has to be taken separately paying an additional premium. The amount paid as compensation depends upon the extent of cover opted for. And for the driver, the extent of the cover is in accordance with the Workmen's Compensation Act.
Can No Claim Bonus be forfeited? If yes, then why?
NCB will be forfeited in following cases only:
- If there is any claim made
- If there is a break in the insurance period for more than 90 days
Can the accessories of the vehicle be insured? If yes, to what extent?

You can insure your vehicle accessories under electrical and non- electrical items whose amount is not included in the showroom price of the bike but are fitted separately to the vehicle. For that you need to declare the value of such items separately, which will be added to the sum insured over and above the IDV (Insured's Declared Value).
What is IDV (Insured's Declared Value) and how it is determined?
The Insured's Declared Value (IDV) of the vehicle will be deemed to be the 'SUM INSURED' for the purpose of motor tariff and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the vehicle is to be fixed on the basis of manufacturer's listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation (as per schedule specified below). The IDV of the side bike(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturer's listed selling price of the vehicle is also likewise to be fixed. Schedule of Depreciation for arriving at IDV:
- Below the Age of the vehicle & % of depreciation for fixing IDV
- Not exceeding 6 months: 5%
- Exceeding 6 months but not exceeding 1 year: 15%
- Exceeding 1 year but not exceeding 2 years: 20%
- Exceeding 2 years but not exceeding 3 years: 30%
- Exceeding 3 years but not exceeding 4 years: 40%
- Exceeding 4 years but not exceeding 5 years: 50%
How to Calculate Value of accessories?

The value of accessories is calculated on the original cost of purchase of the accessory less depreciation for the usage. The depreciation is applied at the same rate as is applied for a vehicle for calculating IDV (Insured's Declared Value).
Legal Liability Cover for paid driver. What dose it cover?

This covers Legal liability to paid drivers /and/or cleaner employed in connection with the operation and/or maintenance of motor vehicle under the Workmen's Compensation Act, Fatal Accidents Act and at Common Law.

What are the general steps adopted by the insurer to settle claims?
Generally following procedure adopted by the insurers once the claim form is filled and filed along with the necessary documents.
- The surveyor attends the claim within 24 hours from the time of intimation.
- Take photographs, assess, estimate and inform assessed estimates to the User within the same day of assessment.
- After the completion of the job, the Surveyor carries out re-inspection. The insured then makes payment to the workshop/ garage as per the surveyor's assessed estimation and releases a proof of release document. (The proof of release is an authenticated document signed by the insured to release his vehicle from the garage after it is checked and repaired).
- Lastly, the insured submits the original bill, proof of release and cash receipt (derived from the garage) to the surveyor.
- The surveyor then sends the claim file to the Insurance Company for settlement along with all the documents.
- Insurance company then reimburses the Customer within seven working days from the date of receipt of claim file.
Is there any cashless facility available?

Yes, if you take your vehicle to insurer's authorized garage/workshop for which insurer have agreement for cashless facility, you can avail cashless repair of damages. These garages come under network garages.
What is the amount that insured would have to bear?
Insured will have to bear the following charges:
- The amount of depreciation as per the rate prescribed by the Tariff advisory Committee
- Reasonable value of salvage
- Compulsory and voluntary deductions under the policy, if insured have opted for it.
What is claim is lodged after the expiry of the policy date for an event that occurred during the policy period?

The claim is still valid even after the expiry of the policy date because the event took place during the policy period.
Will the claim affect Renewal?

Yes, if claim is filed for any kind of damages during the insured period, at renewal, all the NCB ceases that have been accrued over the years. So it is advisable to always compare the amount of future NCB and claims before filing for any claim.
What is the meaning of deductibles? What is the deductible applicable to a Private Bike?

Deductible is the portion of claim that is not insured under the policy. Voluntary deductible is the amount that you have to compulsorily bear during the event of a claim.

Why do I need bike insurance?
If you own a bike in India you need to have bike insurance by law. bike insurance protects you from financial loss and liability. Apart from the fact that it is legally required, it can save you from financial ruin. While driving you are responsible for the safety of:
- Your passengers
- Your fellow drivers
- Other people's property
- Pedestrians
- Yourself
Insurance helps cover the costs of potential damages or injuries in case of an unforeseen accident or theft and helps you in obliging any legal liability arises because of your driving. In its simplest sense, bike insurance is smart planning that can help protect you from expensive, sometimes devastating surprises.
Can the policy be renewed online?

Private bike insurance policy can be renewed online, provided you renew it between the period starting 2 months before expiry and 6 days after expiry of the previous policy. Please keep in mind that not all the insurer has online buy / renew facility with them.
What is No Claim Bonus?

No Claim Bonus (NCB) is the discount earned in the own damage part of premium due to a claim free year. An insured becomes entitled to NCB only at the renewal of a policy after the expiry of the full duration of 12 months. As per the schedule of tariff, NCB can be earned in the Own Damage section of Policies covering all classes of vehicles but not on Motor Trade Policies (Road Transit Risks / Road Risks / Internal Risks) and policies that cover only Fire and / or Theft Risks.
Is the No Claim Bonus transferable?
Yes, in case you are changing from one insurer to other and have accrued some NCB from the first one, you can always get the benefits for your NCB with the new insurer. You only need to show evidence that you are entitled to No Claim Bonus from your previous motor insurance company. Evidence can be in form of:
- A renewal notice or
- A letter confirming the NCB entitlement from the previous insurer
- A written declaration
What is cover note?

A cover note is a temporary certificate of insurance issued by the insurer before the issuance of a policy, after the insured has given a duly filled in proposal form and has paid the premium in full. A cover note is valid for a period of 60 days from the date of issue of the cover note and the insurer will issue the certificate of insurance before the cover note expires.

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