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A two-wheeler insurance policy protects bike owners against unforeseen expenses in the event of an accident, theft, natural and man-made disasters
Third-Party coverage is mandatory according to Section 146 of the Motor Vehicles Act, 1988. The TP policy only covers the third-party liabilities (vehicle & injury to the opponent vehicle owner).
An Own Damage (OD) cover is focused on insuring your vehicle against damages arising from accidents, calamities and so on
A Comprehensive Coverage provides benefits of Third-Party cover and Own Damage cover. With Shriram Comprehensive policy, choose add-ons to enhance your coverage
Shriram Two-Wheeler Insurance premiums are determined by variables such as vehicle make, model/variant, year of manufacture, Insured Declared Value (IDV) , insurance plan opted and add-on coverages
Two-wheeler insurance premiums are calculated based on the make and model of the vehicle
The manufacturing year of the vehicle is an essential factor in determining the IDV of the vehicle
The Insured Declared Value (IDV) represents the vehicle's current value. IDV is the maximum amount the insurer will pay in the event of a total loss
In India, two-wheeler insurance is mandatory. The premium for Third-Party two-wheeler insurance is determined by the bike's cubic capacity. Two-wheeler stand-alone own damage insurance premiums differ from company to company
Add-ons can be selected based on individual needs. The total premium paid will be the sum of the basic policy and add-ons
An insured who has not claimed their own damages for the previous policy period can get a Own Damage premium
With Shriram General Insurance's digital-friendly platform, renewing a bike insurance policy is simple and easy. With just a few clicks, one can purchase or renew their two-wheeler insurance anywhere, anytime. Online renewal offers the following benefits:
There are several ways to save the cost of your two-wheeler insurance premiums . By taking these factors into consideration, individuals can save on their spending on two-wheeler insurance premiums
Shriram General Insurance offers various two-wheeler insurance plans . It is up to the insured whether to protect their vehicle with third-party insurance or comprehensive insurance. But it is advisable to get comprehensive two-wheeler insurance policy for better coverage
Make sure you are cautious when purchasing add-ons. It is recommended to buy add-ons only if they are needed. Adding random add-ons to a two-wheeler insurance policy will increase the premiums
A deductible is the amount of money you must pay out of pocket toward a claim before your insurance company will cover the rest. The higher your deductible, the lower your premium, but also keep in mind one has to be prepared to pay more out of pocket during a claim
If you have never claimed any own damages from your insurance company in the previous policy period, you are capable of getting a No Claim Bonus on Own-Damage premium during policy renewal
According to Section 146 of the Motor Vehicles Act, 1988, it is mandatory to get a Third-Party (TP) two-wheeler insurance cover. Comprehensive Insurance provides coverage for Own Damage and Third-Party damages due to unforeseen disasters
Renew your policy before the expiry of the existing policy. Renewing on time keeps your vehicle protected against risk without any break-ins. You can also benefit from a No Claim Bonus (NCB) for claim-free years on your Own Damage premium
To reimburse personal accident hospital expenses, you must take Compulsory Personal Accident (CPA) cover. One can buy CPA coverage along with the standard insurance policy for additional cost
If your bike insurance policy expires, you will no longer be protected against any damages, losses, or liabilities that may arise due to accidents, theft, or other unforeseen events. In case of an accident or damage to your bike during the period of non-coverage, you will have to bear the repair costs and any other liabilities that may arise.
In September 2018, the Supreme Court ordered IRDAI to mandate 5-year insurance coverage for all new two-wheelers. The objective is to ensure maximum two-wheeler insurance coverage and to reduce the number of lapsed, expired, and uninsured vehicles. It is important to note that TP bike insurance coverage is only required for 5 years.
A bike insurance policy keeps an individual from incurring unforeseen expenses in the event of an accident or theft. When an accident occurs, a third-party bike insurance policy helps pay for the damages to the other vehicle involved in the accident (the third party).
There are no restrictions on the number of claims you can submit in a year. It is important to remember that raising a claim once will affect the No Claim Bonus (NCB), and multiple claims within the same policy year will increase the premiums.
There are several ways to save money on two-wheeler insurance. The first step is to compare insurance policies from different insurers and choose the one with the most coverage at the lowest premium. Another advantage is that long-term policies are affordable. The premium amount can also be reduced by installing anti-theft devices.
Yes. Under the Motor Vehicles Act, 1988, you must have a third-party bike insurance before riding a two-wheeler
Insurance policies for bikes cost between Rs 1,001 and Rs 5,000 on average in India.
Grace period is a 30-day extension given to policyholders after their policies expire. Some insurers even offer longer periods so that you can renew your two-wheeler insurance without any stress.
Add-on coverage is an option for extending coverage of a standard two-wheeler insurance policy against the payment of an additional premium. It is possible to purchase these add-ons with comprehensive bike insurance plans and standalone own-damage bike insurance plans.
Middlemen-free Process
Get affordable premiums with zero commission charges
24*7 Roadside Assistance
Emergency assistance to the insured (i.e., breakdown, minor repairs, refueling)
Quick Renewal
Renew Shriram Two-Wheeler Insurance policy any time from the comfort of your home
Stress-free Claims
Quick claim notification and timely claim settlement for a hassle-free claim process
No Claim Bonus
Get No Claim Bonus (NCB) on your Own Damage insurance premium
Secured Payments
Choose the preferred payment method (i.e., Debit Card, Credit Card or Net Banking)
Insuring your vehicle with Shriram General Insurance is simple, instant and effortless
An insured can enhance the benefits of a Shriram Comprehensive Two-Wheeler Insurance policy by opting for add-ons. An add-on cover will give the extra advantage to the insured for an additional premium. Some of the add-ons are Motor Protection, Zero Depreciation and Consumables
Two-wheeler insurance provides key benefits to policyholders, including financial protection in the event of accidents, theft, or damage to the vehicle. In addition, most policies offer coverage for third-party liability, which can protect policyholders from legal and financial liabilities resulting from accidents involving their vehicle.
When buying two-wheeler insurance online, you can compare policies from multiple insurers to find the best coverage at the lowest cost. Online purchases are also convenient and save time, as you can buy insurance from the comfort of your home.
Two-wheeler insurance depreciation is the decrease in the value of the bike over time due to wear and tear. It is an important factor in determining the amount of compensation you will receive in case of a claim.
Submission of the required documents (FIR copy, Registration certificate, duly signed claim form, goods receipt and other required documents) is mandatory to proceed with the claim process further
After receiving the documents, our dedicated surveying team will begin the validation process. Upon completion of the survey, the funds will be sent directly to the recipient
Benefits and Coverage | Third-Party Insurance |
---|---|
Own-Damage to the vehicle due to an accident | |
Own-Damage to the vehicle due to fire | |
Own-Damage to the vehicle due to natural calamities | |
Third-Party damage to the vehicle | |
Third-Party damage to property | |
Compulsory Personal Accident Cover | |
Theft of the vehicle | |
Cashless Claims | |
No Claim Bonus (NCB) | |
Riders/Add-ons |
Third-Party bodily injury
Any injury caused to a third-party individual in the accident is covered under Third-Party Two-Wheeler Insurance
Third-Party property damage:
Any damages caused to the property of a third-party, such as their vehicle or other property, are covered under Third-Party Two-Wheeler Insurance
The premium for Two-Wheeler Insurance in India is calculated based on various factors, including the type of the vehicle, make, model and variant, age, location and the extent of coverage required by the policy holder
No, comprehensive Two-Wheeler Insurance is not mandatory in India, but it is recommended to protect vehicle owners against financial losses
Hassle-free Process
Avail policies at affordable premiums with nil commission fees
Immediate Assistance
Timely roadside assistance to the insureds at the time of emergency
Instant Renewal
Renew Shriram Two-Wheeler Insurance policy from the comfort of your home
Fast Claim Settlement
Shriram General Insurance offers instant claim notification and timely claim settlement
Yes, you can switch insurance providers when renewing your Two-Wheeler Insurance in India. It can be a wise opportunity to compare different policies and find a policy that perfectly suits your requirements and budget
Comprehensive Two-Wheeler Insurance is a type of insurance policy that provides extensive coverage for damages or losses to the insured vehicle due to accidents, theft, fire, natural disasters and third-party liability
No, comprehensive Two-Wheeler Insurance is not mandatory in India by law. However, it is highly recommended to purchase this type of insurance policy for the complete protection of your vehicle against various damages
Shriram General Insurance's digital-friendly platform makes renewing vehicle insurance policies simple and easy. At the convenience of your fingertips, you can buy or renew Two-Wheeler Insurance from anywhere. Online renewal has the following benefits:
In India, it is mandatory for vehicle owners to have a valid insurance policy for their vehicles. Failure to renew the policy on time can lead to legal liabilities, including fines and penalties. By renewing their Two-Wheeler Insurance policy on time, insureds can avoid such legal consequences
The Two-Wheeler Insurance online process saves policy holder’s time and effort. The online policy renewal makes it quick and easy for policy holders to compare different policies and choose the one that suits their budget and needs
Renewal of a Two-Wheeler Insurance policy online is simple and hassle-free process. A vehicle owner can compare different policies, choose the suitable coverage for their vehicle and renew their policy online with additional benefits
No Claim Bonus is offered by insurance provider to the policy holder who have not made any claims in the previous year. The NCB can range from 20% to 50% of the premium amount, depending on the number of claim-free years
Renewing Two-Wheeler Insurance policy ensures that there is no break in the insurance coverage of the vehicle. Thus the insureds can remain protected against risks such as accidents, theft and natural calamities, even if they occur during the renewal process
If you are buying a new Two-Wheeler Insurance policy, you can choose zero depreciation add-on cover to enhance the coverage. It is important to compare different policies to get the right coverage at a reasonable price
With add-on covers like Two-Wheeler Protection, Zero Depreciation and Roadside Assistance, vehicle owners can enhance the coverage provided by their Two-Wheeler Insurance policy
Two-Wheeler Insurance online renewal is an easy and stress-free process that can be completed in minutes. By comparing different policies online, vehicle owners can choose the best coverage for their vehicles and renew their policies
A key aspect of two-wheeler insurance is the Insured Declared Value (IDV). In the two-wheeler insurance domain, understanding what IDV is and its significance is pivotal to making informed decisions about coverage. This guide dives into the depths of IDV in two-wheeler insurance, unravelling its importance, how it impacts your coverage, and why selecting Shriram General Insurance is a strategic move for comprehensive protection. Let us embark on this insightful exploration to demystify the world of IDV and help you make the right choices while safeguarding your prized possession.
IDV in bike insurance is the maximum sum assured by the insurer, indicating the bike's current market value. Learning about what IDV (Insured Declared Value) in two-wheeler insurance is, is crucial for making informed decisions about insurance. The Insured Declared Value is not merely a technicality; it is a crucial factor that governs the usefulness of your insurance coverage in times of need. Accurately computing the IDV in two-wheeler insurance ensures adequate financial protection if and when the need arises.
The importance of IDV in two-wheeler insurance cannot be overstated. It directly impacts the coverage you receive in case of theft or total loss. Opting for an appropriate IDV ensures you are adequately compensated, maintaining the financial equilibrium between your bike's value and insurance coverage. Imagine your bike is stolen or a significant accident renders it beyond repair. The IDV is the safety net that determines the compensation you receive. Selecting the right IDV in bike insurance is not just about making a choice; it is a safeguard against unforeseen financial setbacks.
You can calculate the IDV of your bike with the IDV calculator for bikes. This tool considers factors like the manufacturer's listed selling price and the age of the vehicle. By understanding how to calculate the IDV of your bike, you gain insights into its current market value, aiding you in selecting the right insurance coverage . The bike insurance IDV calculator takes into account various factors, ensuring that the calculated IDV aligns with the actual value of your bike.
Several factors influence the IDV in two-wheeler insurance, including the make and model of the bike, its age, and depreciation rates. Being aware of these factors empowers you to make informed decisions, ensuring your IDV aligns with the true value of your bike. The IDV in two-wheeler insurance is not a fixed figure; it changes based on the number of years your bike has been in use. Factors like the make and model, age, and depreciation rates play a pivotal role in determining this value. Understanding the nuances of these factors helps you navigate the intricacies of IDV in bike insurance.
While IDV represents your bike's value, bike insurance premium rates dictate the cost of insurance. It is essential to strike a balance between a reasonable premium and an optimal IDV. Understanding this difference ensures you receive comprehensive coverage without overpaying. You can calculate your IDV with the IDV calculator for bikes. Balancing IDV and premiums includes assessing the value of your bike and ensuring that the premium you pay aligns with the coverage you receive. This delicate balance is the key to a cost-effective yet comprehensive two-wheeler insurance plan.
IDV plays a pivotal role in determining the coverage for your two-wheeler, especially under your Own-Damage Cover. It acts as a safeguard against financial loss in scenarios like accidents, providing the necessary support to restore or replace your bike. For example, your bike meets with an accident, and significant repairs are needed. This is where IDV's significance in bike insurance shines. It becomes the pillar of support, ensuring that your two-wheeler is back on the road without burdening your finances.
Opting for a lower IDV may seem cost-effective initially, but it comes with risks. In the event of a total loss or theft, you might receive insufficient compensation, potentially leading to financial strain. It is crucial to strike a balance between affordability and adequate coverage. Choosing a lower IDV in two-wheeler insurance might save you a few bucks on the premium, but it is a gamble. In case of significant mishaps, you might find yourself facing a financial problem. It is essential to weigh the cost savings against the potential financial implications of doing so.
While a higher IDV ensures better coverage, it may result in a higher premium. However, the enhanced protection against financial setbacks, especially during total loss or theft, justifies the slightly increased premium. Opting for a higher IDV in two-wheeler insurance is akin to fortifying your financial shield. Yes, it might entail a slightly higher financial outgo, but the peace of mind that comes with robust coverage is worth the investment. It is a calculated choice for those who prioritise comprehensive protection.
Choosing Shriram General Insurance for your bike insurance guarantees not just coverage but a commitment from us to help you maintain your peace of mind. With a customer-centric approach and comprehensive plans, Shriram General Insurance ensures you ride confidently, knowing your two-wheeler has reliable financial protection. Selecting an insurance provider is not just about policies; it is about trust. Shriram General Insurance brings a legacy of reliability to the table. With a focus on customer satisfaction and comprehensive coverage, it stands as a trusted partner in your two-wheeler journey.
Mastering the nuances of IDV in two-wheeler insurance empowers you to make informed decisions, ensuring optimal coverage for your bike. As you navigate the insurance landscape, choose reliability, choose Shriram General Insurance – your steadfast partner for comprehensive two-wheeler insurance.
IDV determines the maximum sum assured, impacting your coverage in case of theft or total loss. It is a crucial factor in selecting the right insurance.
Yes, you can adjust the IDV during policy renewal based on your bike's current market value. This is subject to the fulfilment of certain conditions. Also, it can be completed only after a proper inspection, report filing, and approval.
The older the bike, the lower its IDV, reflecting the depreciation in its market value.
Shriram General Insurance brings a legacy of trust, is committed to maintaining high customer satisfaction levels, and offers comprehensive plans tailored to your needs. Their customer-centric approach ensures a seamless journey—from choosing the right coverage to handling claims.
Absolutely! Shriram General Insurance understands that every rider is unique. We offer a range of customisable add-ons, ensuring you can tailor the insurance plan to align with your specific requirements.
Period of Shriram Motor Insurance | No Claim Bonus Percentage |
---|---|
No claim made during the preceding full year of Shriram Two-Wheeler Insurance | 20% |
No claim made during the preceding 2 consecutive years of Shriram Two-Wheeler Insurance | 25% |
No claim was made during the preceding 3 consecutive years of Shriram Two-Wheeler Insurance | 35% |
No claim made during the preceding 4 consecutive years of Shriram Two-Wheeler Insurance | 45% |
No claim made during the preceding 5 consecutive years of Shriram Two-Wheeler Insurance | 50% |
NCB is offered by insurance companies to policy holders for not making any claims in the previous policy period. The NCB percentage can range from 20% to 50% of the own damage premium
If a policy holder makes a claim during the policy period, the No Claim Bonus (NCB) will be reset to zero for the next policy period
With a two-wheeler, you can embark on a journey of freedom and thrill. However, the unpredictability of life demands a shield that financially protects your vehicle. This is where the concept of Zero Depreciation Bike Insurance becomes important. This specialised coverage stands out in insurance as it provides a unique advantage. As we discover what is Zero Depreciation Bike Insurance and unravel the Zero Depreciation Bike Insurance meaning, you will discover how this insurance type revolutionises the traditional approach, ensuring you ride with complete peace of mind.
Here are the unparalleled benefits of Zero-Depreciation Bike Insurance:
Securing your two-wheeler with Zero Depreciation Bike Insurance online is a seamless process. Follow these steps to purchase your coverage online with ease
Visit the insurance provider's website
Select your plan
Provide bike details
Choose coverage and add-ons
Premium calculation and payment
Receive policy documents
Learning how to renew Zero-Depreciation Bike Insurance online is straightforward. Follow these steps to ensure continuous comprehensive coverage for your two-wheeler:
Log into your insurance account
Navigate to the renewal section
Provide policy details
Review your policy
Select renewal duration
Receive confirmation and documents
Understanding what is covered in Zero Depreciation Bike Insurance is crucial to fully benefit from its advantages. Zero Depreciation Bike Insurance assures repairs or replacements without any depreciation deduction, ensuring the complete claim amount is at your disposal. It includes accidents, collisions, damages from natural calamities, theft, third-party liabilities, engine protection, personal accident cover, and coverage for consumables and accessories.
While Zero Depreciation Bike Insurance offers extensive coverage, certain exclusions apply. For instance, normal wear and tear over time, mechanical breakdowns without external accidents, deliberate damage, accidents under the influence of alcohol or drugs, policy excess/deductibles, and damages resulting from unregistered modifications may not be covered.
Enhance the protection of your ride with valuable add-ons by learning about what is Zero Depreciation Add-on Cover. These add-ons are
Receive prompt assistance in case of breakdowns, flat tyres, or other on-road emergencies.
Extend the zero depreciation benefit to plastic and rubber parts, ensuring comprehensive coverage.
Provide additional protection for the pillion rider with a personal accident cover.
Safeguard against the expenses of lost or damaged keys, including replacement and locksmith charges under your Zero Depreciation Bike Insurance.
Choosing between a Comprehensive Bike Insurance Policy and Zero Depreciation Bike Insurance requires understanding the nuanced differences. A comprehensive policy covers damages from accidents, theft, natural calamities, and third-party liabilities but accounts for depreciation, resulting in reduced claim amounts. In contrast, Zero Depreciation Bike Insurance stands out by providing claim amounts without depreciation deductions, ensuring extensive coverage for repairs or replacements. The choice between Comprehensive vs. Zero Depreciation Bike Insurance hinges on your bike's value and your specific coverage preferences.
Initiating Zero Depreciation Bike Insurance claims is a hassle-free process. Here is the Zero Depreciation Bike Insurance claim process
Contact your provider
Reach out promptly to report the incident, providing essential details.
Lodge a First Information Report (FIR), if needed
File an FIR for theft or accidents involving third parties, meeting legal requirements.
Document the incident
Capture photos of the damaged areas for crucial evidence.
Fill out the claim form
Complete the provided zero depreciation claim form with accurate and thorough details.
Submit relevant documents
Provide necessary documents , including the FIR and photographs.
When considering bike insurance options , the choice between coverage with and without zero depreciation is crucial. Without this cover, the applicable rate of depreciation on two-wheeler parts can significantly impact your claim amount in case of damages. Opting for insurance with zero depreciation ensures you receive the full claim amount without deductions, providing comprehensive coverage and preserving your bike's value.
Understanding the applicable rate of depreciation on two-wheeler parts is key to making informed insurance decisions. In traditional policies without zero depreciation, parts are subject to depreciation, resulting in reduced claim amounts. Choosing Zero Depreciation Bike Insurance eliminates this concern, allowing for a more favourable and complete claim settlement.
Choosing Zero Depreciation Bike Insurance from Shriram General Insurance offers distinct advantages. With a commitment to preserving the full value of your bike, Shriram General Insurance provides comprehensive coverage without depreciation deductions. It ensures that in the event of damages, you receive the maximum claim amount, allowing for worry-free rides and peace of mind on the road.
Choosing the right bike insurance is pivotal for a secure and worry-free ride. The comparison between insurance with and without zero depreciation underscores the importance of preserving your bike's value. Opting for Zero Depreciation Bike Insurance from Shriram General Insurance ensures Comprehensive Coverage without depreciation deductions, offering unparalleled peace of mind.
Zero Depreciation Bike Insurance ensures full claim amounts and no depreciation deductions for extensive coverage.
We prioritise value retention, offering comprehensive coverage without depreciation deductions.
It is a simple process—contact us, fill out the form, submit documents, and receive updates until the claim is processed.
A slightly higher premium is charged for this, which is worthwhile as it offers the full claim amount without deduction for depreciation.
Embarking on a journey with your two-wheeler is a delightful experience, but the unpredictability of the road demands a financial safety net that goes beyond the ordinary. The roadside assistance add-on in two-wheeler insurance is your trusted companion in such cases. This invaluable addition ensures that you are never stranded alone during unexpected situations on the road.
Learning what is roadside assistance is crucial before purchasing the add-on. It is a specialised add-on in two-wheeler insurance that provides 24x7 roadside assistance. Whether you are dealing with a flat tire, a battery breakdown, or any other on-road emergency, this add-on ensures that roadside assistance is just a call away. When unforeseen situations arise, having the roadside assistance add-on becomes your safety net on the road. The round-the-clock support offered by this add-on ensures that you are never left stranded, providing you with the assistance needed to get back on your journey swiftly.
Investing in the 24x7 roadside assistance add-on cover brings a plethora of benefits. They include the following.
Those who value peace of mind on the road should consider opting for roadside assistance cover. Whether you are a daily commuter, a long-distance rider, or someone with a high-end bike, the 24x7 roadside assistance add-on cover ensures that you are prepared for any unexpected situation.
Understanding what an RSA cover is can be crucial for making the most of its benefits. Here is what the RSA cover includes:
Provides immediate repairs for minor damages and transportation to a nearby network garage for major repairs.
This includes on-the-spot tyre change or repair.
This includes assistance in case of a dead battery.
This ensures running out of fuel is no longer a concern with on-the-spot fuel delivery.
While the roadside assistance cover is comprehensive, certain situations may not be covered, including
This cover becomes invalid in case the accident occurs when driving under the influence of alcohol or drugs.
Damages resulting from modifications not registered with the insurance provider are not covered.
Accidents or breakdowns that occur outside designated areas may not be covered.
The roadside assistance add-on primarily addresses sudden breakdowns and emergencies. Regular wear and tear of parts over time may not be covered.
Mechanical failures that result from poor maintenance practices, such as neglecting regular servicing or ignoring warning signs, may not be covered.
Applying for a two-wheeler roadside assistance cover is a straightforward process. You will typically need
Have your current bike insurance policy details on hand. This includes the policy number, coverage details, and the duration of the policy.
Provide the accurate and up-to-date registration number of your two-wheeler. This ensures that the roadside assistance service is linked to the correct vehicle.
Furnish your contact details, including a valid mobile number and email address. This information is crucial for the service provider to reach out to you promptly in case of emergencies.
In some cases, you may be required to present valid identification proof. This could include your Aadhaar card, driver's licence, or any other government-issued ID.
Initiating a claim for your roadside assistance add-on cover is a simple process. Here is how to claim for two-wheeler roadside assistance add-on cover
Contact your provider
Reach out promptly to report the incident, providing essential details.
Lodge a First Information Report (FIR), if needed
File an FIR for theft or accidents involving third parties, meeting legal requirements.
Document the incident
Capture photos of the situation for crucial evidence.
Fill out the claim form
Complete the provided claim form with accurate details.
Submit relevant documents
Provide necessary documents , including the FIR and photographs.
Choosing roadside assistance coverage from Shriram General Insurance offers unique advantages. With a commitment to providing comprehensive coverage without depreciation deductions, Shriram General Insurance ensures that you receive the maximum benefit from your roadside assistance add-on, allowing for worry-free rides and peace of mind on the road.
The Roadside Assistance Add-on transforms your two-wheeler insurance into a comprehensive shield, ensuring you are prepared for any on-road emergency. Understanding the coverage, exclusions, and necessary documents empowers you to make informed decisions, enhancing your safety and peace of mind on every ride. Experience worry-free rides with Shriram General Insurance's Roadside Assistance Cover – your trusted companion on the road!
The Roadside Assistance Service covers a spectrum of on-road emergencies, including mechanical breakdowns, flat tyre assistance, battery jumpstarts, and even fuel delivery. This ensures comprehensive support during unexpected situations.
In the case of a flat tire, the service provides on-the-spot assistance, either repairing the tyre or replacing it. For battery failures, prompt jumpstart services are offered to get your two-wheeler back on the road.
No, the Roadside Assistance service primarily focuses on non-accident-related breakdowns and emergencies. For accidents, it is essential to follow the standard claim process according to your insurance policy.
Shriram General Insurance stands out for its commitment to providing extensive coverage without depreciation deductions. With Shriram, you can trust that the roadside assistance cover offers maximum benefits, ensuring worry-free rides.
Absolutely! Shriram General Insurance allows you to enhance your current policy by adding Roadside Assistance Coverage. Contact our customer support for a seamless upgrade and enjoy the added peace of mind on the road.
A brand-new two-wheeler demands equally impressive financial protection. For this, the new bike insurance by Shriram General Insurance (SGI) is a good option. It provides specialised coverage designed for the unique needs of newly acquired bikes. Let us delve into what sets this insurance apart and how it ensures a worry-free ride for your new companion.
New bike insurance caters specifically to the unique needs of newly acquired bikes. This coverage ensures comprehensive protection against various risks, ensuring a worry-free experience for the proud owner. When exploring brand-new bike insurance, consider the option to buy new two-wheeler insurance online. This digital approach provides convenience and efficiency, allowing you to secure your coverage without hassle.
Bundled bike insurance is typically offered for new bikes and encompasses a one-year Own Damage (OD) and five years’ Third-Party coverage. Below, we have outlined the various coverage options applicable for new bikes.
Fulfil the legal requirement with a Third-party Bike Insurance plan, protecting you financially from the liabilities arising from third-party issues.
It covers damage to the insured vehicle due to accidents, theft, natural disasters, and other unforeseen events. It also allows you to extend coverage using add-ons.
This plan is basically a combination of Third-party and OD coverage.
This cover provides financial protection for accidental death, loss of limbs, and partial or total disability, and is a legal requirement. Although it can be bought with Car Insurance, it is not a type of Car Insurance itself.
Understanding the inclusions in your new bike insurance is pivotal. This coverage typically includes financial protection against
Accidents and collisions
Theft
Natural calamities
Man-made calamities
Third-party liabilities
Personal Accident Cover (if selected)
Add-ons (if selected)
While comprehensive, certain situations may not fall under the coverage, such as:
Driving under the influence of alcohol and drugs
Unregistered modifications
Regular wear and tear
Taking part in illegal racing
Not abiding by traffic rules
Driving without a valid Driving License or Registration Certificate
You can buy new bike insurance online in this digital age. Follow these steps to buy an insurance for a new bike online
Visit our website/app
Select your plan
Provide bike details
Choose coverage and add-ons
Premium calculation and payment
With Shriram General Insurance, online Two-Wheeler Insurance renewal is quick and hassle-free. You can renew your insurance policy through three simple steps without paperwork.
Log into your insurance account
Navigate to the policy renewal section
Provide policy details
Receive confirmation and documents
You can buy bike insurance online with ease. The benefits of getting your bike insurance online are:
Purchase and manage your policy at the click of a button.
Receive your policy documents promptly via email.
Explore and compare different plans to make an informed decision.
Enhance the protection of your bike with these valuable bike insurance add-ons:
Provides financial protection in unfortunate situations where accidental death or bodily injury occurs. Besides, it is legally mandatory as per Indian law.
This cover ensures you receive the full claim amount without depreciation deductions in case of a claim.
It covers engine damages such as damage from water ingression and other specific damages as specified in the policy.
This is an add-on you can purchase to cover expenses related to consumables like oil, nuts, and bolts.
Learning how to file a bike insurance claim is vital. In the unfortunate event of a claim, follow these steps explaining the bike insurance claim process
Contact your service provider
Reach out to your insurance provider promptly.
Lodge a First Information Report (FIR), if needed
For accidents, file an FIR if required.
Document the incident
Capture photos of the damaged areas for evidence.
Fill out the claim form
Complete the provided two-wheeler insurance claim form, filling in the correct policy details.
Submit relevant documents
Provide necessary documents for the claims process.
Choosing new bike insurance from Shriram General Insurance offers distinct advantages:
With this, you can ensure extensive protection for your new two-wheeler.
It offers a quick and hassle-free policy issuance process.
You can experience a transparent and straightforward claims process.
When filing a claim with Shriram General Insurance, ensure you have the following documents
Claim form
It should be duly filled and signed.
Copy of bike registration certificate
Submit proof of ownership with this document.
Copy of FIR, if applicable
For accidents involving third parties, an FIR is needed.
Accessing your new bike insurance policy with Shriram General Insurance is simple:
Visit our official website: Head to Shriram General Insurance's official website at www.shriramgi.com.
Log into your account: Use your credentials to log in.
Navigate to Policies: Find the section for policies and locate your new bike insurance policy.
Download and save: Download your policy document and save it for future reference.
Securing your brand-new bike with the right insurance is not just a choice; it is a necessity. Keeping your new bike protected gives you peace of mind while you are on the road. Shriram General Insurance is your trusted partner, offering comprehensive coverage and a seamless insurance purchase and claims experience.
New Bike Insurance is a specialised coverage designed for recently acquired two-wheelers, ensuring comprehensive protection against various risks.
Shriram General Insurance prioritises transparency, quick policy issuance, and a straightforward claims process, making it the ideal choice for your new bike.
Renewing your new bike insurance with Shriram General Insurance is a quick and easy process, and you will receive your updated policy documents within a short period.
While not mandatory, adding a Personal Accident Cover ensures additional protection for the rider in case of unfortunate events.
When you explore various bike insurance options , you will be introduced to a crucial element, which is the Engine Protection Cover. In the world of two-wheelers, understanding what Engine Protection Cover is and the advantages it brings is paramount. This comprehensive guide delves into the intricacies of Engine Protection Cover, unravelling its significance, benefits, and how it can safeguard your bike. Whether you are a seasoned rider or a newcomer, this article aims to equip you with the knowledge needed to make informed decisions about protecting your motorcycle's engine. Let us dive into the domain of Engine Protection Cover and fortify your bike ride against unforeseen challenges.
Engine Protection Cover is a specialised add-on in bike insurance designed to shield your motorcycle's engine from various risks. This add-on goes beyond the standard coverage, providing financial protection against damages to the engine that may occur due to accidents, water ingress, or other unforeseen events. Learning what is engine protection cover add-on will ensure that the heart of your bike, the engine, is safeguarded, keeping you safe on the road.
Engine Protection Cover has several benefits. These include:
Engine Protection Cover is a valuable addition for all bike owners, especially those who
If you use your bike extensively, the chances of encountering unforeseen events that could damage the engine are higher.
If you live in an area prone to flooding, an Engine Protection Cover becomes crucial, as water ingression is a common cause of engine damage.
Engine Protection Cover comprehensively covers damages resulting from accidents, ensuring that repair or replacement costs for the engine are taken care of by the insurance.
This add-on provides coverage for damages caused by water ingress, which can occur due to unforeseen events like floods or heavy rainfall.
Engine Protection Cover extends its coverage to include damages arising from lubricant leakage, offering financial assistance for repairing or replacing the affected engine parts.
In the unfortunate event of a fire damaging the engine components, this add-on ensures that the repair or replacement costs are covered by the insurance.
If there is an attempted theft that leads to damages to the engine, Engine Protection Cover steps in to provide coverage for the associated repair or replacement expenses.
Engine Protection Cover typically excludes damages that occur due to regular wear and tear of the engine components. It is designed to address unforeseen events rather than the natural ageing process of the bike's engine.
Damages that are considered a consequence of the initial incident, rather than the direct impact, may not be covered. For example, if an accident leads to engine damage, but subsequent issues arise due to the initial damage, these consequential losses might not be included.
Engine Protection Cover usually does not cover damages that existed in the engine before the policy was purchased. It is designed to address new, unforeseen damages rather than pre-existing conditions.
Certain non-accidental damages, such as those resulting from the lack of proper maintenance or intentional actions by the policyholder, may not be covered under Engine Protection Cover.
In the unfortunate event of engine damage, raising an engine protection cover add-on claim involves a few simple steps. They are:
Contact your insurance provider:
Reach out to your insurance provider promptly to report the incident.
Document the damage
Capture clear photographs of the damaged engine parts for documentation.
File a claim form
Complete the claim form given by the service provider, providing accurate and detailed information about the incident.
Submit necessary documents
Furnish the required documents , including the claim form, photographs, and any other documents specified by your insurance provider.
Engine Protection Cover is a valuable add-on for two-wheeler insurance , offering financial security and comprehensive coverage for critical engine components. Policyholders can enjoy peace of mind knowing that unexpected events affecting the engine will not lead to substantial financial burdens. Explore Shriram General Insurance's Engine Protection Cover and ride with confidence. Secure your bike against unforeseen engine damages with Shriram General Insurance.
Engine Protection Cover is available for both new and older bikes. It provides valuable coverage for the engine, regardless of the bike's age.
Engine Protection Cover is typically offered as an add-on to comprehensive bike insurance . It enhances the coverage by specifically addressing engine-related risks and is not available as a standalone policy.
Engine Protection Cover typically covers damages caused by accidents, water ingress, lubricant leakage, and other unforeseen events that specifically affect the engine.
Shriram Car Insurance stands out for its commitment to customer satisfaction and comprehensive coverage. With Shriram Car Insurance, you can expect a seamless claims process, transparent policies, and reliable support for your Engine Protection Cover.
Deductibles in Two-Wheeler Insurance refer to the amount that a policy holder agrees to bear at the time of making a claim. It is the portion of the claim that the policy holder agrees to pay out of their own pocket
No, the deductible is not applicable to Third-Party claims, as liability is borne entirely by the insurance company
Choosing a voluntary deductible can help policy holders lesser their premium amount, as they are opting to bear a higher portion of the risk in case of a claim
The scope of coverage of a Two-Wheeler Insurance policy will differ based on their chosen options. They are Comprehensive, Standalone Own Damage and Third-Party insurance policy
In India, it is mandatory to carry Third-Party Two-Wheeler Insurance according to Section 146 of the Motor Vehicles Act, 1988. A Third-Party (TP) two-wheeler insurance protects the bike owner from third-party liabilities. The Shriram Two-Wheeler Insurance policy provides coverage if your vehicle damages another person's vehicle/property or causes injury/death to another person. In case your vehicle causes third-party property damage, Shriram General Insurance Company will offer compensation up to Rs. 100,000/- for Two-Wheelers. And also provides unlimited personal liability coverage, i.e. whatever the court awards as the liability to the third-party due to accidental death or injuries caused by the insured vehicle
Coverage includes
Shriram Standalone Own Damage (OD) insurance policy aids in protecting your two-wheeler from damages due to various unforeseen mishaps like accidents, theft, natural and man-made disasters. A Standalone Own Damage insurance policy covers the vehicle owner and his vehicle from such damages. It does not cover any third-party liabilities arising due to an accident. Hence, Third-Party two-wheeler insurance policy is mandatory before purchasing a Standalone Own Damage insurance policy
Coverage includes:
All of the coverage provided by Third-Party and Own Damage cover (damage/losses to your two-wheeler) are included in Comprehensive Two-Wheeler Insurance. Compulsory Personal Accident (CPA) coverage of Rs. 15 Lakh is always included with Shriram Comprehensive Two-Wheeler Insurance policy. A comprehensive insurance policy provides coverage for third-party liabilities and own damage accidents like theft of the insured bike, accidental damage, fire damage, natural calamities (such as floods, storms and earthquakes) and man-made disasters (such as riots and strike)
As per the latest circular by the IRDAI, on 1st September 2018, after honourable Supreme Court order, it is mandatory to have five years insurance policy for a new two-wheeler in India. At Shriram, a Long-term Two-Wheeler Insurance policy is available to cover your two-wheeler for two years, three years and five years in one go. The ideal reason is to combat the non-renewal of two-wheelers and encourage people to buy or renew mandatory Two-Wheeler Insurance (TP liability policy) on time. Though, Two-Wheeler Insurance for three years is not compulsory for older vehicles. Still, investing in Long-term Insurance cover is a wise choice because it offers multiple benefits on the two-wheeler insurance policy premium . Also, it helps defend the yearly increases in third-party premiums
if you are one of those who skips renewing the bike insurance policy on time, a Long-Term Two-Wheeler Insurance policy is the right choice for you
Choose any add-on or all of them at an additional premium for additional protection
It is mandatory to have a Personal Accident Cover as per Indian law. It provides coverage for any bodily injury or death of the owner-driver in case of unfortunate events
In case of an accident or breakdown, Roadside Assistance cover will provide the insured with immediate assistance. It includes providing vehicle breakdown support to the insured, tyre repair service, battery jump-start assistance and towing facility to the nearest garage
A PA Passenger Cover provides additional coverage at an additional premium. It protects your co-rider when they are met with any unforeseen accidents on the road
In the event of a two-wheeler accident involving an insured vehicle, Shriram Two-Wheeler Insurance policy provides the insured with an advocate to guide and defend before the police and judicial magistrates
In case of any accidental injury involving an insured vehicle leading to hospitalisation as an inpatient, we will pay an amount of Rs. 1500/- daily for a maximum of up to 30 days (T&C apply). The reimbursement can be claimed post-discharge from the hospital by submitting the required documents
If the insured loses their official driving license (DL) or registration certificate (RC) or both, we will provide compensation of up to Rs. 500/- or actual costs, whichever is lower, to get a duplicate copy of the DL/RC
The insured will get daily expense reimbursement as mentioned in the policy to meet the cost of hired transport when the vehicle is damaged. This is applicable when the insured vehicle must be laid up in an authorised garage/service station for repairs of accidental damages for more than three day
In the event of a loss or damage to the personal belongings, you will be compensated for the loss with the support of personal belongings add-on cover.
One can enhance the benefits of a Shriram Comprehensive Two-Wheeler Insurance policy by purchasing add-ons. An add-on cover will give maximum coverage to the insured for an additional premium. Some of the add-ons are Motor Protection, PA for Unnamed Persons and Zero Depreciation
A comprehensive bike insurance policy for one year covers both third-party liabilities and own damage to the insured bike. Accidents, theft, natural disasters, and man-made calamities are covered by the policy.
The Comprehensive policy covers third-party liability and any damages caused to the insured bike as a result of accidents, theft, natural disasters, and man-made calamities. A Third-Party policy, however, covers only third-party liabilities, such as property damage, bodily injury, and death resulting from an accident.
Own-damage two-wheeler insurance covers only your bike's own damages, such as those caused by accidents, theft, natural disasters, and man-made catastrophes.
Typical Comprehensive policies cover both third-party liabilities and damage to the insured bike caused by accidents, theft, natural disasters, and man-made calamities. A Third-Party policy covers only the liability of third parties, including property damage, bodily injury, or death resulting from an accident with the insured bike.
Two-wheeler insurance policies can be classified into three types:
The policy covers you against any loss or damage caused to the vehicle due to the following natural and man-made calamities
Fire, explosion, self-ignition or lightning, earthquakes, floods, typhoon, hurricane, storms, tempest, inundation, cyclones, hailstorm, frost, landslides or rockslides
Riot, strike, malicious act, accident by external means, terrorist activity and other violent activities
Burglary, theft, any damage in transit by road, rail, inland waterway, lift, elevator or air
Unlimited liability coverage, i.e. whatever the court awards as your liability to the third-party vehicle owner due to accidental death or injuries caused by your vehicle, will be met by the insurer
In case your vehicle causes third-party property damage, the insurer will offer compensation up to Rs. 100,000/- for two-wheelers
Accidental loss or damage to the insured or any person driving with the knowledge and consent of the insured under the influence of intoxicating liquor or drugs or wilful negligence
Loss or liability while the vehicle is used outside the scope of limitations of use and/or being driven by a person not duly licensed
Loss connected to nuclear or radioactivity or war and related activities is not covered under this policy
Consequential loss, depreciation, wear & tear, mechanical and electrical breakdown/failure or breakages will not be covered by the Shriram Two-Wheeler Insurance
The pillion rider is not covered under a comprehensive two-wheeler policy, but you can get Pillion Cover by paying an additional premium. The Sum Insured can range from Rs. 10000/- to Rs. 200000/- (in multiples of 10000 only)
A Third-Party two-wheeler insurance policy protects the insured from legal liability, including death/bodily injury to a third party or damage to their property
A comprehensive two-wheeler insurance policy in India covers various risks such as accidental damage, theft, natural disasters like floods, earthquakes, storms, and man-made disasters like riots, strikes, etc. It also covers third-party liability for bodily injury, death, and property damage caused by the insured vehicle.
Yes, bike damage is typically covered by insurance, provided it is caused by a covered peril such as an accident, theft, or natural calamities.
There are three types of bike insurance in India : third-party liability, comprehensive coverage, and own damage coverage.
Comprehensive motorcycle insurance plans exclude coverage for the engine of the vehicle, so if an unfortunate mishap occurs, you will be faced with unexpected expenses. An engine protection cover for bikes will protect you if you incur repair/replacement costs due to lubricant leakage, water intrusion or hydrostatic lock.
The purpose of own damage coverage is to cover any losses sustained by the insured bike due to unforeseen events, such as accidents, earthquakes, theft, riots, fire, etc.
Personal accident insurance for two-wheelers provides compensation for accidents and deaths to the vehicle owner or dependents.
A deductible refers to the fixed amount of money that you must pay out of pocket for each claim before your insurance provider covers the remaining expenses.
Comprehensive coverage typically includes damages caused by accidents, natural disasters, theft, fire, riots, and third-party liability.
Benefits and Coverage | Third-Party Insurance | Comprehensive Insurance |
---|---|---|
Own damage to two-wheelers due to an accident | ||
Own damage to two-wheelers due to fire | ||
Own damage to two-wheelers due to natural calamities | ||
Third-Party damage to the vehicle | ||
Third-Party damage to property | ||
Compulsory Personal Accident (CPA) Cover | ||
Theft of the two-wheeler | ||
No Claim Bonus (NCB) | ||
Add-ons |
The major advantage of buying a two-wheeler insurance policy online include:
Despite being slightly more expensive, Comprehensive coverage covers more expenses during unforeseen events. Own Damage is ideal for people seeking a cost-effective policy that will not pinch their pocket, but still insure their bike in the event of damage.
To compare premium rates of two-wheeler insurance policies, you can visit the websites of different insurance providers and enter the details of your vehicle and coverage requirements. This will give you a premium quote for each policy. You can also use online insurance comparison portals to get premium quotes from multiple providers at once.
A premium is a payment made to an insurer for the purchase of a policy. Shriram Two-Wheeler Insurance premium will be calculated based on various factors, such as the policy chosen, cover types, add-ons and policy period
Third-party liability insurance is mandatory in India. Bike insurance premiums are calculated based on the engine's cubic capacity and IDV
Own Damage premium is paid to get coverage against various natural and man-made disasters. The Own Damage premium will vary from company to company
As two-wheeler accident cases rise, the government has made Personal Accident coverage mandatory. The minimum sum insured for risk coverage is Rs.15 lakh
partitionlineA vehicle add-on provides enhanced protection for the vehicle. Premiums are determined by the type of add-on selected by the insured. Some of the add-ons are zero depreciation cover, motor protection cover, engine and roadside assistance
The two-wheeler's IDV (Insured Declared Value), its age (if it's a used vehicle), zone/city of registration, engine cubic capacity, previous year's claim status and no-claim bonus status
Personal Accident Cover is an optional add-on cover that can be included in a bike insurance policy to provide financial assistance in case of accidental injury or death of the policyholder while riding the insured bike.
Currently, there is no provision for paying two wheeler insurance premiums in installments.
If you do not renew your two-wheeler insurance policy on time, it will lapse. Non-renewal of the policy also results in the loss of NCB (No Claim Bonus).
Any individual who is 18 years or above with a valid driving licence
The person must own a vehicle with an original RC to purchase Shriram Two-Wheeler Insurance online at ease
The process is completely paperless and there is no need to upload a scanned copy of the documents to get your bike insurance
Others (If required by the claims team correlating with the vehicle type and severity of the accident
No. The Third-Party (TP) liability policy is a mandatory requirement as per Section 146 of the Indian Motor Vehicles Act, 1988. Shriram Two-Wheeler Insurance policy covers the liability of the owner of the vehicle against Third-Party damages
A vehicle registration certificate, a driver's license, and an identity proof such as PAN Card, passport or Aadhar card may be required. In addition, you may need to provide proof of your address, such as a utility bill or rent agreement, as well as a passport-sized photo.
Yes, it is mandatory to have a valid driver's license to be eligible for two-wheeler insurance in India. As per the Motor Vehicles Act, 1988, it is illegal to ride a two-wheeler without a valid license.
To purchase two-wheeler insurance, policyholders must be at least 18 years old.
You can instantly purchase a Shriram Two-Wheeler Insurance policy online via 3 simple steps on our website/MySGI App/call our toll-free number ( 1800-300-3000/ 1800-103-3009) at your convenience
Provide the basic details to estimate the premium
Enter basic details of the vehicle owner and choose the policy cover and add-ons
Complete your online payment & get instant two-wheeler insurance
With Shriram General Insurance, online Two-Wheeler Insurance renewal is quick and hassle-free. You can renew your insurance policy through three simple steps without paperwork.
Check the given existing details of your two-wheeler with the original RC to estimate the renewal premium
Selection of new coverages along with your existing policy
Complete your online payment & renew the two-wheeler insurance policy
Modes available currently are as follows:
Yes, Shriram's bike insurance can be renewed online. Customers can renew their policies without visiting our physical branch. To renew bike insurance, customers can visit https://www.shriramgi.com/two-wheeler-insurance/how-to-apply-or-renew or the My SGI App.
You can renew your insurance policy in three simple steps:
You can renew your policy by visiting the Shriram General Insurance website. You will need to provide personal information and policy details. Alternatively, contact your insurance company's customer support agents via phone or email to renew your policy. We also offer renewal options through our Shriram One mobile app. Make sure to check your policy renewal date to avoid lapses in coverage.
You can buy a Two-Wheeler Insurance policy online on Shriram General Insurance by following these simple steps:
Alternatively, you can also call the Shriram General Insurance customer care number at 1800-300-30000 for any assistance.
With Shriram General Insurance, your claim settlement process is stress-free now
You can file a claim online at the Shriram General Insurance website or over the phone at 1800-300-30000/1800-103-3009 or through the MYSGI App. You will be contacted by our customer service team and guided through the entire insurance claim process
You are requested to provide the details of the accident
Please provide the address for the primary two-wheeler inspection
Kindly provide the vehicle kilometre reading (distance travelled by a vehicle)
Kindly mention the date and time the accident took place
As soon as your documents & process get verified & completed, we will initiate the funding process and disburse the funds directly to the recipient after verification
No, there is no such limit available. The insured can claim the amount up to the IDV of the vehicle from the insurer, at any point in time within the policy period
To register your claim, please call our toll-free number or send an email to our customer support. You can also directly intimate the claim using the MYSGI app to initiate a claim
You can login to our website/MYSGI app with the policy number to check your Shriram Two-Wheeler Insurance policy claim status
A bike scratch is generally not covered by insurance policies since it is considered to be a minor damage. Generally, insurance policies cover accidents, natural disasters, theft, and other causes of damage.
In the case of a bike accident, the amount that can be claimed depends on several factors, including the severity of the accident, the extent of the damage, and the insurance policy's coverage. To determine the specific coverage and limits for your situation, you should consult with your insurance provider.
Yes. You can claim a bike insurance without filing an FIR. However, FIR is mandatory for cases that involve third party, malicious damages, theft, etc.
It is important to notify your insurer about the accidental damage to your vehicle. Our customer support team shall guide you with the required process.
It's crucial to keep a few things in mind when filing a two-wheeler insurance claim. The first step is to make sure you understand what your insurance policy covers. Report an accident to the insurance company as soon as possible and provide all the necessary details. Make sure you keep all the relevant documents, such as the policy document, RC book, and driving license, safe.
You can file a two-wheeler insurance claim online. Online claim filing is now available on the Shriram General Insurance Website or My SGI App. To file a claim online, you need to provide the required details such as the policy number, date and time of the accident, details of the damage or loss, and other necessary information. You may also need to upload supporting documents such as photographs or videos of the damage.
There is a maximum amount you can claim under a two-wheeler insurance policy based on the type of policy and the coverage amount. The Motor Accident Claims Tribunal limits third-party liability policies to 7.5 lakhs. A comprehensive policy, on the other hand, has a limit based on the vehicle's Insured Declared Value (IDV).
The depreciation value for your two-wheeler insurance claim is calculated based on the catogory of the parts( Plastic/ Rubber, Metal & Glass) & age of your bike and the applicable depreciation rate. The rate of depreciation varies depending on the parts and their age.
For two wheeler insurance policies that offer personal accident protection cover, the insured gets 100% of the sum insured if the accident results in total disability, and 50% if the accident results in partial disability.
No, you cannot claim bike insurance without the RC (Registration Certificate) of the bike as it is a mandatory document that proves ownership of the vehicle. The RC contains details like the bike's engine number, chassis number, and registration number, which are required to process an insurance claim.
Understanding the financial aspects of Bike Insurance is crucial for any motorcycle owner. A Bike Insurance Premium Calculator serves as a valuable tool in this realm, offering insights into the cost of insuring a two-wheeler. From evaluating factors like the bike's make and model to the policyholder's details, this calculator aids in estimating insurance premiums effectively. In this blog, we delve into the significance of a Bike Insurance Premium Calculator, its functionalities, and how it empowers individuals to make informed decisions regarding their insurance coverage.
A Bike Insurance Premium Calculator is a tool used to estimate the cost of insuring a motorcycle. It takes into account various factors such as the make and model of the bike, the age and condition of the motorcycle, the location where it will be primarily used, the type of coverage required, and the personal details of the policyholder, among other relevant data.
Bike Insurance premium is determined by several key factors, typically including the following.
Using a Bike Insurance Premium Calculator offers several benefits including the following.
You can reduce the premium on the OD component of your Comprehensive Bike Insurance through the following methods.
Regarding the types of Bike Insurance plans in India, there are primarily two main categories. We will discuss both in this section.
This type of insurance is mandatory by law in India. It covers the policyholder’s legal liabilities towards third parties for bodily injury, death, and property damage caused by the insured bike.
In addition to the coverage provided under third-party liability insurance, a comprehensive plan also provides coverage for damages or loss to the insured bike due to accidents, theft, natural disasters, fire, and malicious acts. It also offers personal accident cover for the owner-driver.
Additionally, there is a standalone own-damage policy. This offers coverage only for damages to the insured bike without the third-party liability component. It’s usually purchased along with the mandatory third-party policy for complete coverage.
You can use the table below to find out the premium slab for Third-Party Bike Insurance .
Segments | Five-year single premium for new vehicles | One year term |
---|---|---|
Not exceeding 75 cc | 2,901 | 538 |
Exceeding 75 cc but not exceeding 150 cc | 3,851 | 714 |
Exceeding 150 cc but not exceeding 350 cc | 7,365 | 1,366 |
Exceeding 350 cc | 15,117 | 2,804 |
Note: The information provided above is derived from a notice released by the Ministry of Road Transport and Highways (MORTH) in March 2022 and is subject to potential changes. We recommend consulting official sources before finalising any purchase decisions.
You should consider buying Shriram Bike Insurance for the following reasons.
Shriram Bike Insurance provides extensive coverage, including protection against third-party liabilities, own-damage, theft, and natural calamities.
Shriram Insurance offers a hassle-free and efficient claim settlement process, ensuring a smooth experience during unexpected incidents.
The policy may include additional benefits such as roadside assistance, personal accident cover, and coverage for pillion riders.
Shriram Insurance is known for its customer-focused approach, providing excellent support and guidance to policyholders when needed.
Learn more about the Bike Insurance Premium Calculator by reading through this section of questions and answers.
A Bike Insurance Premium Calculator works by taking into account various factors such as the make and model of the bike, the age and condition of the motorcycle, the location where it will be primarily used, the type of coverage required, and the personal details of the policyholder to provide an estimate of the insurance premium.
The factors considered may include the Insured Declared Value (IDV) of the bike, type of coverage, cubic capacity, age and condition of the bike, location, and any applicable discounts such as No Claim Bonus (NCB).
While a Bike Insurance Premium Calculator can provide a close estimate, the final premium may vary based on additional factors considered during the underwriting process by the insurance provider.
Users can input the same details into the calculators of different insurers to compare the premium estimates and coverage options offered by each provider.
The results from the calculator are an estimate and are subject to change based on the insurer’s underwriting process, additional information, and policy terms and conditions.
Benefits include getting an estimate of the insurance premium, the ability to compare quotes from different insurers, customisation of coverage options, and time-saving in obtaining premium estimates.
While some personal information such as age, location, and bike details may be required for more accurate estimates, it varies by insurer and the specific calculator being used.
The premium calculated by the tool is an estimate, and there may be additional charges or discounts applied by the insurer during the final underwriting process.
Yes, a Bike Insurance Premium Calculator can be used for renewing an existing policy to estimate the premium for the upcoming policy period.
The IDV (Insured Declared Value) represents the maximum amount that an insured should receive in compensation for total damage or loss to the vehicle. It is the current market value of the insured's vehicle. IDV is the amount that an insured can claim for reimbursement for damages caused to an insured vehicle
The insurance claims are requests by the insured to compensate the insurer for expenses/damage incurred because of an unfortunate event involving their vehicle. It depends on the vehicle's Insured Declared Value (IDV) and the type of insurance policy they purchased - Third-party, Own Damage or Comprehensive. There are two ways to settle a claim: Cashless Claim and Reimbursement Claim
A No Claim Bonus is given to those insured who have not claimed during their policy period. Your NCB keeps increasing with consecutive claim-free years until it reaches up to 50% on the Own Damage premium for your vehicle
The add-on covers provide insureds with added coverage for an additional premium. By extending the coverage of the Shriram Two-Wheeler Insurance policy, the two-wheeler owner can address various tough situations at ease. The add-ons include Zero Depreciation , Key Replacement and Return to Invoice
An Endorsement is an amendment or addition to an existing insurance contract that changes the terms or scope of the original policy. An insurance endorsement may be used to add, delete, exclude or otherwise alter coverage
Compulsory deductible is also known as compulsory excess in two-wheeler insurance as specified by the IRDAI. The insured has to bear a certain part of the claim amount as deductibles during a claim process
When a two-wheeler insurance claim is made, it impacts the policyholder's no-claims bonus (NCB). It will help to reduce the premium amount offered by the insurer for not making any claims during the previous policy period.
If the claim amount exceeds the IDV, the policyholder will have to bear the additional expenses. It is, therefore, important to set the IDV correctly based on the market value of the bike at the time of policy purchase.
A standalone own damage bike insurance policy covers only your own vehicle against damages and losses.
The Insured Declared Value (IDV) is the maximum amount that a two-wheeler insurance company will pay in case of a total loss or theft of the insured bike.
Visit the SGI website/MYSGI App home page and scroll to the top to access your Shriram Two-Wheeler Insurance account
Enter your two-wheeler insurance policy number and click "Download" to get your policy document
Note: An insured can also receive Shriram Two-Wheeler Insurance policy document via email tooHere are the steps you need to take:
If you want to know your bike insurance details through its registration number, you can use the following methods: Visit the Ministry of Road Transport and Highways website, parivahan.gov.in, click "Online Services" and select "Vehicle Related Services".
The insured has to reach us through the branch and apply for policy cancellation with a proper reason for cancellation. Immediately the request will be processed and the Own Damage (OD) part of the policy will be cancelled with an applicable refund. Since the TP-only policy is mandatory as per Section 146 of the Motor Vehicles Act, 1988, it cannot be cancelled. Once the insured presents documents of the TP policy of the same vehicle from another insurer, the TP policy will be cancelled by us
Yes, you can sell the two-wheeler to another person. As a process, we will change the name of the buyer through name transfer endorsement and the policy will be transferred to a new owner. The buyer has to apply for an insurance transfer in his name with us within 14 days from the vehicle transfer date
Following are the types of Shriram Two-Wheeler Insurance policy period
Your vehicle will be protected against theft, loss and damage under the Shriram Comprehensive Two-Wheeler Insurance policy. In the event of an accident, this coverage will also cover the owner's or rider's accidental expenses. It covers third-party liabilities and own damage losses as well
Any two-wheeler accident that occurs while using an insured vehicle will be covered by Shriram Two-Wheeler Insurance policy and you will be provided with an advocate to represent you in police proceedings and judicial proceedings
No, you cannot pay the premium in instalments. As per Section 64VB of the Insurance Act, 1938, no risk can be started unless the premium is received in advance
In case of an accident or theft, you should immediately contact the insurance provider about the occurrence and lodge a First Information Report (FIR) at the police station and raise a claim
It is now required to link Aadhaar with insurance plans, according to the insurance industry's regulatory body, IRDAI (Insurance Regulatory and Development Authority of India)
The Two-Wheeler Insurance claim will be processed within seven working days on receipt of all the relevant claim documents along with the original repair invoice & satisfaction voucher/discharge voucher & NEFT details
Your Shriram Two-Wheeler Insurance policy number is the bike's unique identification number. On the Shriram Two-Wheeler Insurance policy document, you'll find an 8 to 10-digit number. You can also view this policy number on Two-Wheeler Insurance E-copy
No, the Third-Party (TP) two-wheeler insurance policy is mandatory according to Section 146 of the Indian Motor Vehicles Act of 1988. The Shriram Third-Party Two-Wheeler Insurance covers the owner's legal responsibility to third-party liabilities. However, buying a comprehensive policy that includes Third-Party (TP) and Own Damage (OD) coverage is advisable
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