What Is Bike Insurance?
Two wheeler insurance as name suggest it provides a Financial protection to Policyholder against any mishap happen to two-wheeler due to unforeseen events.in other words it is an agreement between the insurance company and the bike owner, where the insurance company oblige to provide coverage for the financial liabilities which may arise during an accident involving the policyholders two wheeler. Two wheeler insurance policy offers coverage for all types two wheelers such as motorcycle, scooter, scooty, electrical Bike or scooty and moped. There are three kinds of two wheeler insurance plans available in India which are third-party insurance, standalone own-damage (OD) and comprehensive two wheeler insurance. These insurance plans are differed on the basis of the coverage offered under them.
Why One Should Buy A Comprehensive Bike Insurance Policy?
Following are the reasons why individual should buy a comprehensive two-wheeler insurance policy:
- Cover for Third-Party Liability
- Comprehensive Own Damage Cover
- Cashless Repair sat any network garage across India
- Add-on Covers– you can opt for different add-on benefits like a return to invoice cover, consumables cover, zero depreciation cover, engine and gear protection cover, breakdown assistance cover, and zero depreciation cover. You can buy these add-ons by paying an extra premium charged by insurer at the time of policy purchase. These add-ons are not compulsory to buy but are preferred to enhance coverage.
- No Claim Bonus– A bike insurance policy provides you with No-Claim Bonus for every year a claim is not made, between 20%-50%, for a consecutive 5 years.
Two-Wheeler Insurance Claims Process:
The process is more or less similar to that of Auto Insurance in general. The points below will take you through the claims process.
- If the post-mishap situation allows, make a note of the registration number(s) of vehicles involved in the mishap.
- File an FIR (First Information Report) with the local police if the damage caused is severe and has a legal angle to it. Make sure to keep a copy of the complaint and keep the acknowledgement handy.
- Make a note of names and contact details of the witnesses, time of the the accident and location details.
- Call the claims centre or visit the nearest office (if feasible) to register a claim. Make sure to do so at the earliest to avoid unwanted hassles.
- Collect the claims reference number and the procedure for getting the damaged vehicle repaired at a garage.
Post-Claims Procedure:
A surveyor will get in touch with you within the stipulated time to inspect the damages done to the vehicle and to provide further instructions to the garage on the repair front. After completion of the paperwork, the bill can either be settled directly with garage or made cashless depending on the availability.
Documents Required for Two Wheeler Insurance Claims Process:
- Duly filled & Signed claims form
- The Registration Certificate(RC) of the motorcycle
- Driving License of the person behind the wheels at the time of accident
In case of vehicle theft, papers from the local RTO along with an NOC (No Objection Certificate) from the bank (if hypothecated) should be produced. Other documents depending on case to case basis should also be made available upon request from insurance company.
