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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:
Your insurance policy is up for renewal.
Please renew your Insurance now for trouble-free driving.
Contact Shriram Support
IRDAI Consumer Education:- Insurance is the subject matter of solicitation. IRDAI Registration Number - 137. CIN No. U66010RJ2006PLC029979. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
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