Here is a list of fundamental information regarding your bike insurance. Check the app of your insurance to know more:
1) Third-party Liability Policy – This mandatory policy covers bodily injury, fatality, or property damage to any third party. Personal accident coverage is also exclusive to the owner-driver. In addition to the above liabilities, a package policy or comprehensive plan also covers damage to your vehicle. The first policy is mandated by law, while the second is optional.*
2) Variety of Coverages Available – Your two-wheeler insurance offers a range of coverage options. Examples include collision coverage, fire, theft, vandalism coverage, pillion rider insurance, etc. Therefore, choose the cover that meets your needs.*
3) NCB – You can receive a No Claim Bonus each year without a claim. It refers to the reduction in your premium. The NCB begins at 20% for the preceding claim-free year and can increase to 25%, 35%, 45%, and 50% for each subsequent year you renew motorcycle insurance.*
4) Claim Processing – Submitting and resolving your claim in case of damage is the most crucial aspect of your plan. You must notify your insurer, who will complete the necessary procedures and pay the claim. When the cost of repair or recovery exceeds 75% of the IDV, a vehicle is considered a CTL (constructive total loss). In this situation, the insurer will provide you with the IDV after deducting depreciation on parts.*
5) IDV – IDV is an abbreviation for Insured Declared Value; it refers to the value for which the vehicle is insured and is fixed for the duration of the policy. It is determined by adjusting the manufacturer’s suggested retail price for depreciation based on the age of the two-wheeler.*
6) Uninsured Motorist Cover – Even though a third-party body is mandatory, many drivers still need a legitimate cover (the bike insurance expired renewal isn’t done). If you get in an accident with a co-rider without insurance, you cannot file a claim and will be responsible for covering all costs. Uninsured motorist coverage would assist you in these situations.*
7) Ownership Change – If you sell your bike, you can transfer your current insurance. The transferee must notify the insurer within fourteen days and provide all pertinent vehicle information.*
8) Change of Vehicle – If you replace your two-wheeler with a different one, your existing plan will continue if the premium is adjusted pro-rated and your new bike has the same value.*
9) Cap on Third-party Claims – The insurer will only pay up to Rs. 1, 00,000 for third-party damage claims. However, the Motor Vehicles Act allows you to limit the coverage to a minimum of Rs. 6,000 on your bike insurance. Check the app to know the details.*
10) Bike Features – For instance, the bike’s cubic capacity (cc) is an essential factor to consider. The India Motor Tariff has three categories: 0-150CC, 150-350CC, and 350CC and above. As capacity increases, the premium rises. Additionally, the city of purchase is crucial.*
Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more and download the app now.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.