Should I insure my two-wheeler?
Bike insurance is not just mandatory per law, it is also your cushion against unforeseen expenses resulting from accident, theft, natural calamities, etc. It minimizes your financial burden resulting from litigation and damages claimed by third parties. As a two-wheeler owner, you are responsible not just for the safety of yourself, but also your pillion rider, your fellow rider, pedestrians and public property. Insurance helps you ride stress-free knowing that the policy coverage helps minimize your financial burden if an unfortunate incident of accident, theft, or other such incident occurs. As per the Indian Motor Vehicles Act, a third-party insurance is mandatory for every vehicle owner regardless of the make and model of the two-wheeler.
Will I be penalised for uninsured two-wheeler?
As per Section 197 of the Indian Motor Vehicles Act, 1988, riding without insurance can lead to a penalty of up to rupees two thousand or imprisonment of up to three months or both.
How can I get the best two-wheeler insurance plan?
There are many bike insurance plans available in the market. You will notice that the pricing varies from one plan to the other. If you are wondering why is there a difference in the prices, it is because of the features and benefits offered. In order to choose a two-wheeler insurance that is right for you, you should determine answers to a few simple questions such as the value of your two-wheeler. If you own an expensive bike, it is better to go for a comprehensive cover (preferably with a zero-depreciation added-on). The age of the two-wheeler, the road conditions, servicing charges, etc., are some of the other factors that you must consider. Some insurers provide special discounts to members of certain associations. So, you might want to find out if the insurance policy you wish to purchase has any such discounts or offers. Two-wheeler insurance plans also provide add-on features that you can use to further cushion yourself against losses. In order to choose the best insurance plan, it is advisable to compare plans and select the one that best fits your purse and specific requirements.
What is the difference between Cashless Claim and Reimbursement claim?
Cashless Claim: Here, the repair charges are settled with the garage/service centre directly by the insurer – subject to the service centre being a part of the insurer’s network.
Reimbursement Claim: This is a non-cashless claim where you get your two-wheeler repaired at a garage outside the insurer’s network. In such cases, you pay the charges to the service centre out of your pocket and claim reimbursement from the insurance company upon submitting the original bills to the insurer.
Can I claim an advance towards repairing my bike?
If your two-wheeler is being repaired in a garage within the insurer’s garage network, and if your policy is “in-force” (i.e. it is currently valid) and if you are in compliance with all other requirements of your insurer, then you can go for a cashless claim – wherein the insurer pays the bill directly to the garage. In the event, the bike is repaired in a garage not falling within the insurer’s network, then you will have to bear the expenses upfront and the insurer will reimburse your claim upon furnishing all documents as requested to the insurer’s satisfaction.
Can I Renew my Two-Wheeler insurance policy online?
You can renew your two-wheeler insurance policy online – just like you have the flexibility to purchase one online. However, you will have to renew the policy 60 days prior to the policy expiry date.
What is ARAI?
Automotive Research Association of India (ARAI) is a co-operative industrial research body associated with the Ministry of Industries. The Association is formed with the objective of research and development in automotive engineering. If you have installed an ARAI approved anti-theft device in your vehicle (and if the device is duly certified by ARAI), you can avail a discount of 2.5% on Own-Damage premium.
What is Long Term Two-Wheeler Insurance (LTTW)?
As the name indicates, a Long-Term Two-Wheeler Insurance is a long-term product. The insurance regulator, IRDAI, has introduced this insurance product for two-wheelers. An LTTW is hassle-free and can be purchased and renewed online just like a regular one-year two-wheeler insurance. On purchase, the policy is valid for three years. Another advantage of opting for a Long-term insurance is that you can lock-in to the policy at current rates. Thereby resulting in cost-savings from premium upward revision in the subsequent years.
What is an endorsement?
At times, your policy document might not bear information that is accurate which necessitates a change request. An endorsement is a written evidence of a proposed change to a policy. An endorsement can be of two types: Premium bearing and Non-Premium bearing.
What is a Premium bearing endorsement?
A premium bearing endorsement is a change that impacts the policy premium. For instance, if there is a change to your RTO location there could be an increase or decrease in premium depending on the location (your bike premium varies based on the location of registration).
What is a Non-Premium bearing endorsement?
A non-premium bearing endorsement is a change effected to the policy document that has no impact on the premium paid. For instance, change/edit in contact details, engine/chassis number, etc.