5 Questions Buyers Normally Have About Two-Wheeler Insurance

Buying your first two-wheeler can be pretty exciting. You probably can’t wait to take your bike out on long trips over the weekend or post selfies with your ride on Instagram. But before you head out, it is important to get your bike insured. Now, buying insurance might be confusing if you are doing it for the first time. You may have many queries that need answering. You’re not alone; a lot of other new bike owners too have similar doubts. To help you out, here are the answers to 5 questions buyers normally have about two-wheeler insurance.

  1. What is my bike’s IDV and how is it calculated?

IDV stands for the ‘insured declared value’ of your bike. The IDV figure is calculated based on your bike manufacturer’s current estimated market value of your vehicle minus depreciation. Any extra charges that you have paid to own your bike – such as road tax and registration costs – are not included in the IDV. The IDV is important as it is the amount your two-wheeler insurance will pay you if your bike suffers from irreparable damage in an accident or if it gets stolen. Many people often opt for a lower IDV to reduce their two-wheeler insurance premium but, this is a mistake as you may end up getting a very low compensation if things go awry.

  1. Are there any tips to follow to qualify for a lower premium on my insurance?

The premium should not be the sole deciding factor when buying two-wheeler insurance. Never go for the cheapest premium as you may end up with insufficient coverage. That being said, you can consider fitting your bike with anti-theft devices as doing so may qualify you for a reduction on your premium. Also, remember to ask for the No Claim Bonus (NCB) when you renew your bike insurance every claim-free year.

  1. What are the documents generally required when filing for a claim?

The exact answer to this question may differ between insurance providers. However, the documents that are generally required include –

  • Filled insurance claim form
  • Copy of bike registration papers
  • Proof of repair costs
  • Copy of FIR (in case of theft)
  1. What do I need to know about the deductible in my policy?

The deductible is the amount that the vehicle owner needs to pay before the insurance company can honour a valid claim. There are two parts to the deductible – compulsory and voluntary. The compulsory value is determined by the IRDAI. The voluntary value can be set by you; the higher the voluntary deductible, the lower your insurance premium. However, make sure to do your calculations properly before selecting the deductible.

  1. Are there any exclusions to my two-wheeler insurance plan?

Yes, there generally are exclusions to any two-wheeler insurance plan. For instance, insurance providers do not honour claims that are raised in the following scenarios:

  • If the insured person was riding under the influence of alcohol or drugs
  • If the insured person was riding without a valid driver’s licence
  • If the insured person was involved in criminal activity at the time of the accident

There may be further exclusions that can vary between insurance companies and policies selected.

Make sure to read your two-wheeler insurance policy fine print well before buying coverage. We hope this article has helped you. Ride safe!

read more

Does Your Insurance of Bike Cover Damages Due to Natural Calamities?

Most of us know that we can file a claim in case our bike gets damaged in an accident. But what to do if it gets damaged due to a natural calamity?

While a bike insurance plan covers accidental damage, it also provides cover against natural calamities. Read on to know more about it.

Mostly, a natural calamity occurs without warning. It can cause a lot of damage to your house and other assets. One such asset that can get severely damaged is your bike. Repairing it might require a lot of money. However, two-wheeler insurance can come to your rescue in such a situation.

Bike insurance provides various benefits to cover against natural calamities. In case of a natural disaster, the likelihood of your bike getting damaged is high. However, if you have two-wheeler insurance, then you can get financial assistance to repair your bike. With the help of a bike insurance plan, you can get protection against natural disasters such as cyclones, floods, earthquakes, storms, etc.

How to File a Claim in Case of a Natural Calamity

  • If your bike gets damaged due to a natural disaster, you need to inform your insurance provider immediately. Make sure you have your policy number and bike registration details with you.
  • Try to click detailed pictures of your bike, which explains the extent of the damage. Send these pictures to the insurance company.
  • The insurer might appoint a surveyor to investigate the damages.
  • After the investigation, the insurer will inform you if the claim is approved or rejected.
  • If the claim is approved, then you can initiate the repair work.
  • If you get your bike repaired at a network garage, then you can avail the cashless facility. As per this benefit, the expenses will be directly settled by the insurer.
  • If you get your bike repaired at a non-network garage, then you will have to pay for the expenses first. The insurer will then reimburse the amount after you submit the documents like receipt of repairs done.

Reasons Why a Claim Can Get Rejected

A claim can get rejected due to multiple reasons. Here are some of the most common reasons that can lead to the rejection of a claim-

  • If you provide false information, then the insurer will reject the claim.
  • Your claim will be rejected if your bike insurance is inactive.
  • You need to inform your insurer within the stipulated timeframe. If you don’t notify the insurer within that timeframe, your claim can get rejected.
  • Your claim might get rejected in case you make any modifications to the bike without informing the insurer.
  • If you repair your bike before inspection, then your claim can get rejected.
  • If the surveyor suspects that you have intentionally damaged your bike, then the insurer might delay or reject your claim.

Insurance of bike provides a variety of benefits such as cover against accidental damages, protection against natural disasters, etc. By purchasing a two-wheeler insurance plan, you can protect yourself from the repair costs.

read more