What are the different types of two wheeler insurance coverage?
Two Wheeler Insurance coverage can be classified into two categories:-
|
THIRD PARTY LIABILITY |
COMPREHENSIVE COVERAGE |
| Covers only third party liability | Covers damage to own vehicle apart from third party liability |
| Low premium | Relatively higher premium |
| Mandatory by law | Not Mandatory by Law |
| Covers damage only arising out of vehicular collision | Covers damages caused due to theft and natural calamities apart from vehicular collision |
What are Add-On covers?
When you are riding on the roads you are exposed to numerous risks. While a standard two wheeler insurance plan offers basic protection, you can enhance your two wheeler insurance protection by opting for add-on covers such as Nil Depreciation Cover and Personal Accident Cover.
What is NCB?
When you don't file a claim during your bike insurance policy period, you will be eligible for a discount on your next premiums. This discount is referred to as a No-Claim Bonus. The No-Claim Bonus discount will keep increasing progressively for each claim-free year until your bike insurance premium is reduced up to 50%.
What is IDV?
The IDV (Insured Declared Value) is the current market value of your vehicle which is calculated after deducting the depreciation amount. It is a crucial component of a two wheeler insurance policy as it determines the amount of compensation. In case of theft or total destruction of your bike or scooter, the IDV is offered as "Sum Insured".
What is Nil-Depreciation?
You may already know that the monetary value of your Two Wheeler reduces overtime. This eventuality is a result of asset depreciation. Nevertheless, with Reliance Two Wheeler Insurance policy, you can combat the losses of depreciation by taking up a Nil-depreciation add-on cover along with your bike insurance. With a zero depreciation cover, you can be assured that the entire claim amount will be paid to you without deducting the depreciation sum.
Benefits of Buying Two Wheeler Insurance Online
- Compare costs and features of two wheeler insurance policies easily online
- Calculate your motorcycle insurance policy premium online and get a clear picture of the expenses involved.
- Purchase your two wheeler insurance policy through various payment options like Debit/Credit card, Net Banking, etc.
- Benefit of additional support through online chat assistance during purchase to address all your queries
Low Premium Doesn't Mean Less Coverage. Here's How to Save On Bike Insurance Premium
We don't just sell two wheeler insurance; we also make sure our customers get the maximum value for money on their Two Wheeler insurance.
Claim NCB:- NCB is a cumulative bonus which is rewarded for every claim-free year. You can secure a discount of up to 50% for 5 consecutive claim-free years.
Choose Your Bike/Scooter CC Wisely:- The higher the engine cubic capacity (CC) of your Two Wheeler, the higher will be the two wheeler insurance premium. So, choose the exact variant of your two wheeler to get the exact premium for the insurance.
Know The Age of Your Two Wheeler:- Older bikes have a lower Insured Declared Value (IDV) due to the accrued depreciation over the years. Hence the premiums for older bikes are lower and vice versa.
Increase The Voluntary Deductible:- A Voluntary deductible is an amount that you agree to pay out of your pocket. The higher your voluntary deductible, the lesser will be your bike insurance premium.
What Does Your Two Wheeler Insurance Policy Cover?
Even if you are an expert rider, safety is not guaranteed. At Reliance General Insurance, we endeavour to provide you the best possible coverage. Our Two Wheeler insurance policy covers your own as well as third party damages caused due to:-
- Fire
- Flood
- Frost
- Theft
- Tempest
- Typhoon
- Earthquake
- Explosion
|
- Accident
- Cyclone
- Landslide
- Terrorism
- Inundation
- Lightening
- Rockslide
- Hailstorm
|
- Hurricane
- Self-Ignition
- Riot & Strikes
and/or Malicious Acts - Transit by Rail,
Road, Air & Elevator
|
We Don't Hide. Here's What We Don't Cover Under Two Wheeler Insurance
As much as we would like to cover all possible risks, certain situations are just not feasible. We like to maintain complete transparency with our customers. So here's what we don't cover:-
- Normal wear-and-tear of the vehicle
- Mechanical and electrical breakdown
- A vehicle being used other than in accordance with the limitations as to use. For example, if you use your two wheeler for commercial purposes
- Damage to/by person driving without a valid driving license
- Loss or damage caused while riding under the influence of alcohol or any other intoxicating substance
- Loss or damage due to depreciation of the vehicle's value
- Consequential loss - if the original damage causes subsequent damage/loss, only the original damage will be covered
- Compulsory deductibles - a fixed amount that gets deducted at the time of the bike or scooter insurance claim
- Damage to Tyres & Tubes unless the vehicle insured is damaged at the same time in which case the liability of the Company shall be limited to 50% of the cost of replacement
- Loss or damage to the accessories by burglary housebreaking or theft unless the vehicle is stolen at the same time
Now Your Two Wheeler Insurance Premium Will Be More Than Affordable with Our Special Discounts!
If you continue to be a safe and good driver, you're definitely eligible for discounts.
How? Well, if you drive safely, you'll make no claim through out the year. As a result, you earn yourself a No-Claim Bonus! This bonus can also be transferred over to your new vehicle depending on your preference.
The discount can be accumulated on a yearly basis as mentioned below.
Voluntary Deductible - a minimum amount that you choose to pay of the claim amount, while we pay the rest. The higher your Voluntary Deductible amount, the lower is your bike insurance premium. Thus, eventually discounting the two wheeler insurance premium.
Please refer to the below table for appilcable Voluntary Deductible: -
Add-On to Your Protection with Add-On Covers
When you are riding on the roads you are exposed to numerous risks. While our standard Two Wheeler insurance plan offers basic protection, you can add more value to your two wheeler insurance protection with add-on covers. Our Add-On covers are designed to widen your two wheeler insurance cover to ensure all-round protection. You can choose from add-on covers such as: -
Nil Depreciation Cover
You must already know that the value of your bike/scooter reduces over the years. Depreciation is the single most factor responsible for the reduction in value of your Two Wheeler overtime. The Nil Depreciation add-on cover allows you to get rid of the 'depreciation factor'. Opt for this and you will never have to bear the losses due to depreciation on all parts except the tyres and tubes.
Without the Nil Depreciation add-on cover, you will be charged a major deduction based on the age of your vehicle. Just pay a little extra and avoid the losses of depreciation and widen the scope of your Two Wheeler insurance cover by availing the Nil Depreciation Add-on Cover.
Important points to keep in mind about Nil Depreciation Cover
The rubber, nylon, plastic parts and fibre-glass components are covered under this add-on.
- We cover vehicles with a maximum age of 2 years
- We offer a maximum of 2 claims per policy period
- You can opt for this add-on cover with your two wheeler insurance policy when you get a brand new vehicle or while renewal of your two wheeler policy
- Only Two Wheelers are covered under this add-on cover.
Exclusions under the Nil Depreciation Add-On Cover
- Parts not approved under the Motor Insurance Policy
- Tyres and tubes
Personal Accident Bundle Cover
The Personal Accident Bundle Cover is a part of the Optional Personal Accident cover which provides coverage against accidents anywhere in the world. Moreover, the coverage will be extended to any person driving your Two Wheeler. Under this cover, you are insured against Accidental Death and Permanent Total Disablement. Here are the details of the coverage under the Personal Accident Bundle Cover:-
| Table of Benefits | Coverage | Compensation Amount | Capital Sum Insured (Rs) |
| A | Permanent Total Disablement & Death | 100% of Capital Sum Insured (CSI) | 500,000 |
| B | Loss or physical separation of two limbs or loss of sight for both eyes | 100% of Capital Sum Insured (CSI) | 500,000 |
| C | Loss or physical separation of one limb and loss of sight of one eye | 100% of Capital Sum Insured (CSI) | 500,000 |
| D | Loss or physical separation of one limb or loss of sight of one eye | 50% of Capital Sum Insured (CSI) | 500,000 |
Cost of replacement of damaged or destroyed Helmet of same type & model due to accident involving the insured vehicle will be indemnified.
Benefit of this cover :
-
shall be available only for maximum one accident during the bike insurance policy period
-
shall not be available for Theft claims
-
shall not be available for damage caused by deterioration, wear and tear
This add-on cover is valid for vehicles not more than 15-years old. It comes in handy if the vehicle gets totally damaged in case of an accident or if your vehicle is stolen. If either case occurs, we will reimburse the expenses paid for the vehicle insurance, registration charges and Road Tax proportionately.
This is applicable if the total value of the current insurance premium, registration charges and Road Tax is not more than 25% of the vehicle's current Insured Declared Value (IDV).
We offer two wheeler insurance plans for various two wheeler brands and models.
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