Here are some frequently asked bike insurance questions 21st December 2022
If you're looking for answers to some frequently asked questions about two wheeler insurance, look no further. According to the Indian Motor Vehicles Act, every two-wheeler and four-wheeler owner must have third-party coverage. As a result, you must get either standalone bike insurance or a comprehensive bike insurance plan if you wish to cover the damages your bike sustains in accidents.
Many individuals need clarification on the numerous facets of a bike insurance policy. Therefore, we are addressing many concerns about a two wheeler insurance plan in this post in the form of some frequently asked questions.
1. What paperwork is necessary to submit an insurance claim for a two-wheeler?
Depending on your coverage and the damage experienced, you may need specific papers to submit a two-wheeler insurance claim. However, the necessary documents required to submit a two-wheeler insurance claim are summarised below:
● A current insurance policy agreement
● R.C. papers
● Driving licence copy
● As reported to the local police, a First Information Report (FIR)
● Pictures that were taken at the scene of the accident
● Other supporting records, if any
2. How much is my two-wheeler worth, and how is that determined?
Insured Declared Value (IDV), to which you are referring in this sentence, is the maximum sum for which you will be compensated if your two-wheeler is stolen or lost in its entirety. The manufacturer's suggested retail price determines the IDV of two wheeler, which is then depreciation-adjusted. Similarly, the IDV for non-factory-installed items is determined separately if they need to be added to the coverage at an additional expense.
3. What steps are involved in renewing my bike insurance?
Nowadays, it's effortless to renew your bike insurance thanks to the online renewal process of two-wheeler insurance. Most insurers notify the policyholder of the policy's expiration date in advance. Therefore, to renew your bike insurance online, go to the insurance company's website and complete a few easy steps. In addition, you can renew the insurance offline by going to your insurer's office or getting in touch with customer service.
4. Which situations fall under a bike insurance policy's exclusions?
The policy wordings for bike insurance coverage include specific information about the exclusions. Before purchasing your bike insurance policy, reading and comprehending the exclusions is crucial. It is advised to get clarification if there are any questions about the exclusions in your bike insurance policy.
Here is a list of typical exclusions that can be encountered while filing a two-wheeler insurance claim:
● Getting behind the handlebar when intoxicated
● Riding a motorcycle without having insurance
● Driving without a valid licence
● Nuclear risks-related harm
● War-related damage
5. What kind of additional coverage is offered for my two-wheeler?
You must purchase comprehensive coverage that includes any injury or damage to a third party and any harm to your two-wheeler if you want to protect it adequately. Similar to the above, an add-on policy like Zero Depreciation would guarantee the total amount of your valid claim is paid without considering the depreciation factor.
Repairs and replacements of certain parts made of plastic, fibre, glass, etc., are priced on a depreciation basis under IRDA regulations.
6. Where can I find the policy number for my bike insurance?
When you purchase a two-wheeler insurance policy, you will receive policy documents having the policy number for your bike insurance. The correspondence letters, emails, etc., that your insurer sends you regularly include your bike insurance policy number as a reference.
7. Why should I purchase online two-wheeler insurance?
The advantages of purchasing insurance online include the following:
● Comparing prices and assessing coverage alternatives on a free and user-friendly platform.
● A quick and helpful customer service team can address any issues.
● Post-sale services that are prompt and trustworthy.
● Assistance with the claims and related issues as soon as possible.
These are the most commonly asked questions when purchasing bike insurance which offer you good clarity about the application process, claim settlement, premium, inclusions and exclusions, types of bike insurance, renewal details, and much more. Let's get ready to buy your bike insurance today!
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Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.