What are the different types of two wheeler insurance coverage?
There are two types of two wheeler insurance policies offered by the insurance companies in India. A Third Party Only Bike insurance and a Comprehensive Bike Insurance. Here are two different types of two wheeler insurance policies explained:
Third Party Two Wheeler Insurance
A third party two wheeler cover is something that as the name suggests - protecting the person from any kind of legal obligation that may arise due to the accident towards third party. It Covers damage to the third party property or Death or bodily injury to a third party by the insured vehicle. Also it is mandatory as per Law .
Comprehensive Two Wheeler Insurance
A Comprehensive two wheeler cover is an insurance policy that apart from covering for the third person also covers for the damage caused to the rider whether to the vehicle or in form of any injury. It shields bike from the incident of fire, any kind of natural calamity and theft as well. Thus, this is a more detailed policy which apart from covering for the third person also covers for damages to your vehicle and thus could be helpful in the long run.
Comprehensive Two Wheeler Insurance vs Third Party Two Wheeler Insurance
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
|
Learn more about
Comprehensive vs Third Party Two Wheeler Insurance.
What is NCB in Bike Insurance?
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 in Bike Insurance?
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".
Learn more about What is IDV in Insurance.
What is Nil-Depreciation in Bike Insurance?
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
zero depreciation in bike insurance, you can be assured that the entire claim amount will be paid to you without deducting the depreciation sum.
Benefits of Buying And Renewing Two Wheeler Insurance Online
Motor insurance always comes with a fixed validity after which it needs to be renewed. Now with everything going online, this process has been made a lot easier as the person can get insurance online and as well as can easily renew it. The process can be done both online and offline but the recommended method will be online as the process is a lot easier and paperless. The advantages of buying and renewing bike insurance cover online are:
Time-Saving:
The online process is hassle-free and saves a lot of paperwork thus making the process easier. This saves a lot of effort for going to the office, and filling the forms offline. With everything going online you can register the details anytime and can check these details whenever you need to. The payment would be made online for both buying and renewing and the insured person would receive a copy instantly. This eliminates the need for offline process that is tiring and less efficient.
Safe Process:
Renewing the policy online is always a secure process as all the details will be in front of your eyes and you can read them at your own pace, thus the influence of the middlemen or the agents in the process is very less. In the offline process, the agent tries to convince and the person listens to them and signs the paper which is generally a cause for dispute at the later stage. When you are reading the paper yourself this dispute is almost negligible as you already knew everything in a better way.
Customisation:
This is like an added benefit of buying bike insurance online insurance. One could customise their coverage easily by taking some add-ons which would be visible with all the details when they are renewing or getting a new insurance online. The policy premium amount will be altered depending on these factors and in case of any confusion one can reach to the customer support easily.
Company Switch:
At the time of two wheeler insurance renewal, the features, as well as the company you are getting insurance from, could easily be changed. If you feel that any specific company is providing better coverage the transfer process could be done online very easily. So, it is important to research at the time of renewal.
Transparent Process:
Everything that happens online at the time of buying or renewing bike insurance happens in front of your eyes. While getting the insurance all the details are available online and could read by the person at their own pace to avoid dispute at any later stage
How To Buy/Renew Two Wheeler Insurance Online?
At Reliance General Insurance, we strive to make services better for our customers each day, thus with the buying or renewal process now online anybody can purchase their two wheeler insurance in simple steps. Let’s first take a look at the steps to Buy two wheeler insurance online:
To Buy Two Wheeler Insurance Online:
On Reliance General's two wheeler insurance page, on the left-hand side there is a form in which you need to enter your vehicle registration number, email address and mobile number. All of these details are mandatory
After entering these details, you can proceed. Then you need to enter details of your two wheeler model variant, age of your bike and city in which two wheeler is registered
Then the premium quotes and different plans will be displayed on the screen. It will have a long list of details with some add-ons and their price quote choose a plan from here
You can also contact an agent in case you have any doubts. The agent will guide you through the process completely on the phone. Thus, all of this could be done at home.
Once you have finalised your policy and add-ons, you need to enter your personal details and then you can move to the final window of terms and condition after agreeing to which the policy could be purchased after making the payment. The documents will be mailed online, a copy of which will serve for the original purpose
Renew Existing Reliance Two Wheeler Insurance
In the same form at the top, you will be asked whether you have an existing policy with Reliance. If you choose ‘yes’ the form will alter itself and ask for the previous policy number
Once you enter the policy number, all the details will be visible on screen, such as: when the policy is expiring, renewal premium amount if you are opting to continue with the same plan
You can look at the features and include some add-ons if you wish to make some change otherwise you can continue reading the terms and conditions after which payment is to be done
The renewed bike insurance policy will be sent online and will serve for the original purpose
How To Renew An Expired Two Wheeler Insurance Policy?
It is common that people tend to forget renewing their bike insurance and after a long time it comes to their mind that their policy has expired. Now even renewing expired two wheeler insurance policy is easy with B? as it can be done without any inspection and paperwork. Also, to save this hassle one could opt for three year long term policy which would save them going through the process again and again.
Steps To Renew Expired Bike Insurance Policy Online Are:
On Reliance General's two wheeler insurance page you need to enter your vehicle registration number, email address and mobile number, in the form which is on the left side. All of these details are mandatory
You will then be needed to fill some details like your two wheeler model variant, age of your bike and city in which two wheeler is registered
The payment could be done online once you have finalised the add-ons and other features and the policy would be renewed
The documents will be mailed at will serve for the original purpose
You’ll get all the benefits from seamless claim settlement process, access to a large network of garages. Thus, the process is very simple and there is no complexity involved. It could be done online in a similar way one buy the bike insurance or renews normal insurance
Factors That Affect Bike Insurance Premium
There are several factors which affect the premium of a bike insurance policy, let’s take a look at some of them:
Coverage: The first and the foremost factor is the coverage types and the level of coverage you are opting for. For example, it is for sure that a third-party two wheeler cover will be cheaper than the comprehensive bike cover because comprehensive insurance covers for a lot more.
IDV: This is the value that we find by estimating the market value of your vehicle at the time you are getting the insurance. If the market value of your motor vehicle is lower the IDV will be fixed at a lower amount and thus you will be paying less premium.
Age of the Vehicle: The age of the bike is inversely proportional to the market value of the vehicle and thus it is related to IDV. Older vehicle means lower IDV and thus lower premiums.
Make and Model of your bike: Now if you own a basic bike, the premium amount will also be lower but with higher variants and models the premium amount will increase. This is simply because insurance companies will pay for claim amount for insured vehicle not for repair
Security systems: This is a lesser-known factor but if you have installed any component which increases the security of your two wheeler then the insurer will take a positive view of this change and will provide a lower premium amount. An example of this would be installing an Anti-Theft Device on your vehicle.
No Claim Bonus: This is a reward given to the insured for every year that passes without filing any claim. Making a claim can lose you out the IDV and this bonus. Thus, it is advised not raising a claim for very minor damages which could be covered as No Claim Bonus is a big benefit.
Geographical location: The place where the person will be riding their bike will make a difference to the premium amount as paces like metropolitan cities where traffic is heavy are at higher risk of getting into an accident. The premium amount will thus increase with the exposure to risk.
Age of the Insured: Younger riders are known to have higher risk thus have to pay more premium than a middle-aged person. Hence more the age of the insured person the lesser will be the premium amount
How To Calculate Two Wheeler Insurance Premium Online?
Here are the steps to calculate two wheeler insurance premium online on Reliance General Insurance:
On the left side of the two wheeler insurance page, there is a form in which you need to enter your vehicle registration number, email address and mobile number. All of these details are mandatory
After entering these details, you need to enter details of your two wheeler model variant, age of your bike and city in which two wheeler is registered
Upon entering all the details you can click on ‘Check Our Prices’ and then the premium quotes and different plans will be displayed on the screen. It will have a long list of details with some add-ons and their price quote choose a plan from here
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.
Learn more about
what is CC in bike.
-
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 Reliance 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 offer two wheeler insurance plans for various two wheeler brands and models.
Click here to know more!
How To Claim Your Reliance General Bike Insurance Online?
With Reliance general insurance the claiming process for two wheeler is pretty simple. It could be done in two ways either through the cashless facility at the garage or by claiming for the reimbursement. In both the cases if the claim is correct the amount is fully paid as promised but it is important to know the difference between the two processes:
Cashless Claim
This is the case when the person goes to a network garage and they do not pay upfront all the costs that are insured. The insurance company pays for the insurance liability directly to the repairer. Customer pays only the difference amount and takes vehicle delivery.
Reimbursement Claims
In this type of claim, you will have to pay for the repairs and keep the bills so that later a claim could be filed with Reliance General.
The basic process for filing a two wheeler insurance claim is as follows:
At the time of the accident, it is important to be attentive about the details and look for the time at which accident occur. Also, it would be great to have some witness and to click some photo or take some videos at that time.
The next step is to file an FIR at the nearest police station. The police will fill in the details of the accident in the FIR which will be used when filing a claim. There is no mandatory requirement of filing a FIR for all claims. It is only required in malicious case or if there is any TP death or injury involved. After this, the team will contact you and ask you for the details and you may have to visit the office to present these details and document like policy paper and FIR papers.
There can be several different scenarios that may demand the need to claim a bike insurance policy, such as theft and natural calamity. However, here are the steps to file a bike insurance claim with Reliance General Insurance:
Call toll-free number +91 22 4890 3009 to register a claim.You have to take the two wheeler to your nearest garage for the repair. However, to avail cashless benefit, RGI network garages can be utilized.Then a survey will happen and you will have to submit required documents for the claim.Our agents will confirm the liability after the inspecting the damageIn case of a cashless facility, you are advised to get the vehicle repair at any of the network garages in your city, and we will settle all the bills directly with the garages up to the payment amount, based on the policy.If you do not opt for a cashless facility then you will have to pay for repairs at the moment, and later can submit the bills and claim form to us for the reimbursement.Vehicle delivery
For motor claims, we have also come up with Reliance Self-i App where you can intimate the claims instantly. Moreover, you can now have a live video call with our claim experts and be informed about the status in real time.
Terms and conditions apply. * For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording carefully before concluding a sale. Details mentioned are for the product- Reliance Two Wheeler Package Policy. Upto 50% discount is applicable on the Annual Two Wheeler Insurance policy only. This information is for Reliance Two Wheeler Package Policy. Discount is not applicable on TVS models. The discount is applicable only on OD two wheeler insurance premium quote. Discounts mentioned above is based on Vehicle category, Loyalty, Parking & Driving experience. **Subject to terms and conditions.UIN-IRDAN103RP0011V02100001.
Disclaimer: Savings/discounting is on the Own damage portion of motor insurance only. Discount on premium depends upon various risk factors like vehicle risk category, NCB status, vehicle parking facilities, geography etc. Final quantum of discounting may change upon entering the vehicle and/or risk details.
Note: Discount of upto 50% and the add-on covers mentioned here are applicable for the Annual Two Wheeler Insurance policy only.
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