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Our two-wheeler insurance experts answer the most commonly asked questions, so that you aren't confused when you need to choose insurance for your bike or make a claim on it.
What are the documents required for a Two-wheeler Insurance claim?
While they are mentioned in your policy document, some of the common ones that you would require are:
What about making claims in case my two-wheeler is stolen?
In case of theft, you need to first file an FIR with the police (apart from having the other documents mentioned above). Submit a copy of the same to your insurance company along with a non-traceable certificate and the keys of your bike. That’s all!
What are the documents required to buy Two-wheeler Insurance?
Buying an insurance policy is as easy as riding a bike. The only two documents you require are:
What determines the premium in case of new bike?
Like always, there are multiple factors that determine the premium for your new bike.
What determines the premium in case my two-wheeler insurance policy has expired?
Generally, your premium won’t be affected majorly. But, if you have a No Claim Bonus that has not yet been availed 90 days before the expiry of policy, you could still lose the benefit. Also, you would have to have your bike inspected by the survey team all over again!
What is third-party bike insurance?
Getting third-party insurance is mandatory for your bike. In case of an accident, you would be legally and financially liable to the third party. However, keep in mind, it doesn’t cover any damages and injuries that have occurred to either you or your bike.
What is comprehensive bike insurance?
A comprehensive insurance would financially cover your bike from natural calamities such as floods, fire, earthquakes, tsunamis, etc., including man-made destruction such as theft, vandalism and riots. The icing on the cake? It also covers any legal liabilities that arise due to third party damage/injuries!
What is voluntary deductible?
The compulsory deductible is an amount that is already set by the IRDA. This is the amount that you have to pay at the time of making a claim on your two-wheeler insurance policy. You can choose a voluntary deductible depending on the total amount that you wish to claim. So higher the voluntary deductible, lower the premium. But remember, it is the monetary loss that you have to bear whenever there is a claim.
Which bike insurance should I buy comprehensive or third party liability Insurance?
If you can invest money in financially protecting yourself from third party liabilities, then why not spend a little more on protecting your bike as well? Thus, choosing a comprehensive plan over a third party plan always makes more sense!
What is policy period in a two-wheeler insurance policy?
Right from the day your policy starts to the day it expires, this entire duration is called as policy period. So always make sure you renew your two-wheeler insurance policy before the due date; because even a day’s lapse can change everything!
Can I cancel my bike’s insurance anytime?
Yes, you can. But then, claims should not be raised subject to 30 days prior to the expiry date of the policy. Then, even a refund cannot be raised. In fact, a nominal cancellation fee might also be charged in such a case. So always take care!
What is the IRDA recommended depreciation on IDV value for bike insurance?
The Insured Declared Value of your bike is determined on the basis of the manufacturer’s listed selling price of the brand or model. Here is IRDA’s schedule of depreciation for arriving at IDV:
Do I really need bike insurance?
We only have three words for anyone who ever asks us this question: Yes, you do!
Will the premium for my two-wheeler increase after a claim?
Once you make a claim for your two-wheeler, you lose out on NCB (No Claim Bonus). Hadn’t you raised a claim, you could have availed NCB, thus reducing your premium in the next policy year. But if you did, sadly, the premium automatically increases the following year.
Is the pillion passenger covered in my comprehensive two-wheeler policy?
Sadly, no. But no need to worry, to get your co-rider covered as well, you would only have to opt for an additional Personal Accident Cover for pillion passenger!
What is the amount I get in case of theft of my two-wheeler?
In case of theft, you can always claim the entire IDV amount. Since, IDV is always calculated on the age of your vehicle, geographical location, and engine capacity, higher the IDV, higher the premium.
Is theft covered in my two-wheeler insurance policy?
Yes, it is. Most of the times, man-made disasters and natural calamities are also covered. However, this differs from insurer to insurer, which is why one must read their policy document carefully!
Can I change my insurer? What is the process?
It is possible! Just 45 days before renewal, inform your existing insurer and then accordingly, you can port your insurance policy to another insurer. It’s that simple.
What are the additional covers in two-wheeler insurance?
Having add-on covers always serves as a blessing in disguise. The Nil or Zero Depreciation Cover lets you have a full claim on the value of the parts without deducting depreciations on the parts that are replaced after an accident. Depreciation takes a major part of your expenses. To make sure you escape that, opt for a zero depreciation add-on cover by paying a little extra premium.
Personal Accident Cover for Pillion Passenger protects the pillion rider as well. Accidents can cause grave injuries to both rider and co-passenger! So, in a way both carry equal risk. With the help of this add-on, pillion passenger can be compensated up to a certain amount for partial and permanent disability. The premium is slightly higher, but worth it!