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Insurance Article

Bike Insurance - Your Faqs Answered

April 05 2017
Bike Insurance - Your Faqs Answered

Know why more people prefer to buy insurance online

Q. I already have a Third Party cover. Why should I opt for a comprehensive bike insurance policy?

A. Third Party Liability (TPL) cover protects the bike owner against any third party legal liability and reimburses the losses incurred by a third person. While TPL is mandatory under the law, a comprehensive bike insurance policy financially safeguards you from bike-related expenses. It includes:

  1. 1. Own Damage (OD): This covers loss on account of theft and damage (including natural and man-made calamities).
  2. 2. Personal Accident (PA): This provides compensation to your kin on death/total permanent disablement. It also covers reimbursement of accidental hospitalization expenses. PA cover may be opted for a pillion rider as well.

Q. How can I get a quick quote for my bike insurance?

A. You can get a quick quote by filling out the necessary personal, vehicle and insurance-related details on your insurer's website. Alternatively, you could also upload a photo of your current insurance policy on the IL-Insure (app with a photo quote feature) for an instant quote.

Q. Is it beneficial to purchase a policy online?

A. Yes. Besides being quick, easy and convenient, online bike insurance policies offer:

  1. 1. Instant Policy
  2. 2. Policy issuance without requirement of documents
  3. 3. Multiple payment options e.g. credit card, net banking, debit card, etc.
  4. 4. Facility of renewal reminders to avoid policy lapse
  5. 5. Easy accessibility of policy-related information

Q. What should I do if my previous bike insurance policy lapses?

A. Contact your insurer in case your policy has already expired. The company will send an authorized surveyor to inspect your bike before renewing your policy.

Q. Will I get a reminder for policy renewal or should I renew my policy before it expires?

A. You can opt for renewal reminders that will alert you when your insurance policy is close to its expiry date. If your policy is due for renewal, you can renew it online, starting 60 days before the policy expires.

Q. What is No Claim Bonus (NCB) and why is it important?

A. No Claim Bonus (NCB) is a discount offered to you for not making a claim during the last policy period of one year. It is deducted from the Own Damage (OD) premium during policy renewal, thereby reducing your premium payable amount. The NCB can be accumulated up to a maximum limit of 50% on the OD premium. If you are switching from one insurer to another, your accrued NCB can be transferred to your new policy within 90 days of the renewal date.

Q. How do I register a claim?

Good to Know
Before registering a claim, in case of incidents related to 'third party property damage', 'bodily injury to self or third party' or 'theft', you should visit the nearest police station to file an FIR.

A. Contact your insurer's toll-free helpline to register your claim. Alternatively, you can directly register your claim online or via your insurer's mobile app. The documents required for filing a claim include:

  1. 1. Claim form, duly signed
  2. 2. Valid driving license copy
  3. 3. Policy copy
  4. 4. FIR, if required
  5. 5. Original repair bill, proof of release and cash receipt
  6. 6. Any other document required to investigate the claim

Q. I don't have the required finance to pay for accidental bike repairs. What should I do?

A. Your bike insurance policy offers you the choice of cashless claims and reimbursement claims. Under cashless claims, the insurer directly settles the garage charges covered under the policy. This reduces your requirement of arranging for short-term funds. To avail this facility, get your bike serviced in any of the network garages of your insurer.

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