Want to know everything about Two-Wheeler Insurance? You’ve come to the right place. We’ve answered all the frequently asked questions on Two-Wheeler Insurance.
In India Insurance, in general, is an underestimated product. Many a time we Indians don’t feel the need to get ourselves or our vehicles insured. That said, the need to do so is of utmost importance given the condition of our roads and the fact that insurance is mandatory.
Let’s not forget that most people have little or no regard for traffic rules or safety when they drive or ride. It doesn’t take too long for a brand new vehicle to get scratches or tiny dents. And just for those reasons, getting your vehicle insured is very important.
Just like Car Insurance, you can get an insurance cover for your two-wheeler too! The Two-Wheeler Insurance comes under the general category of insurance that has been mandated by the Insurance Regulatory Development Authority of India (IRDAI).
The main objective of getting a Two Wheeler Insurance is, to provide protection against any damages for your bike/scooter. Given the nature of the vehicle, a two-wheeler poses more danger than a four-wheeler when on the road.
In this article, we will answer all the Frequently Asked Questions (FAQs) pertaining to the two-wheeler insurance.
Additional Reading: Two-wheeler Insurance 101
What are the documents required to buy two-wheeler insurance?
If you’re buying two-wheeler insurance for the first time, then all you need is the registration certificate of your bike. In case of renewal, you need a copy of the previous insurance policy for your two-wheeler.
What are the different types of two-wheeler insurance available in the market?
In India, there are two main categories namely; Liability only insurance and comprehensive insurance. Liability-only insurance is also called third-party liability insurance. Under this plan, your insured vehicle gets protection from accidents that arise from third-party liabilities. It covers third-party injuries, death and property damage.
Under the comprehensive insurance scheme, your insured vehicle gets protection from accidents, theft, in-transit damages, damage caused by natural disasters, and man-made calamities. It also includes a special protection called personal accident cover that covers the owner of the vehicle during accidents.
How to apply for a two-wheeler insurance policy?
You can either visit the website of the insurance provider, or visit the showroom from where you purchased your two-wheeler and choose an insurance firm they have a tie-up with.
But for best deals on Two-Wheeler Insurance, be sure to check what offers we have in store for you!
Additional Reading: Why It’s Important To Renew Your Two-Wheeler Insurance
How is the premium decided?
The insurance premium on your new two-wheeler is decided by taking into consideration the below factors:
- The Insured Declared Value (IDV) of the bike
- Age of the bike
- Zone of registration
- Cubic capacity
What are the documents required to make a claim?
This will ideally vary from insurer to insurer, but, in general, you will need to carry these documents to make a claim on your two-wheeler insurance:
- The claim form duly filled
- RC copy of your two-wheeler
- Original estimates of the loss
- Repair invoice & relevant payment receipts
Additional Reading: Everything You Need To Know Before Buying Two-Wheeler Insurance Online
How can I make a claim?
Once you submit all the necessary documents, your insurer will need a few days to process your claim. Your insurer will verify all the documents and examine your vehicle too. Upon verification, the insurer will process the claim. The claim amount shall either be given to you by cheque or through a direct bank transfer.
What about making a claim if my two-wheeler is stolen?
If you think your bike or scooter has been stolen, then you need to file an FIR (First Incident Report) at your nearest police station. After that, you need to submit a copy of the said FIR along with all other documents required to make a claim. You can also surrender your bike keys to the insurer.
How much money can I claim in case of theft of my two-wheeler?
If your two-wheeler has been stolen, then you can claim the entire amount of the IDV.
What is a voluntary deductible?
At the time of making a claim, a compulsory deductible amount is decided which will be deducted before the claim is paid. Or in other words, this amount is deductible from the total claim. The compulsory deductible amount is set by the insurer.
However, a voluntary deductible amount is the sum that you can choose to pay depending on the total amount you wish to claim. Therefore, the higher the voluntary deductible, the lower the premium.
Can I change my insurer?
Yes, you can! You need to inform your existing insurer approximately 45 days prior to your policy expiration date. Post which you can then choose a new insurer.
Looking for a new insurer? Well, we have several options for you.