Two-wheeler Insurance FAQs

Frequently asked questions

Is it compulsory to buy an insurance policy for five years tenure?

According to the Motor Vehicles Act 1988, it is mandatory to have a motor insurance policy of 5 years on purchasing a new two-wheeler and 3 years for a new four-wheeler. Once the policy bought for the new vehicle expires, you can choose the tenure of your next policy on renewal as per your convenience.

What happens if the two-wheeler insurance expires?

Third-party insurance is mandatory for motor vehicles to ply on the road. Hence, if your third-party insurance expires, riding with an invalid insurance policy is treated as a violation of law. This can levy heavy penalties as per applicable law. In case of expiry of the own damage insurance cover, you will no longer be able to benefit from the coverages offered under the two-wheeler insurance policy once it expires. You will lose on the benefits like no claim bonus that can be carried forward on renewal of the policy. Although insurers usually send reminder notifications 30 days before the policy expiry date to renew the policy, so you 'don't miss the renewal period. You also get 30 days grace period post expiry to renew your policy and continue benefiting from the coverages. However, note that no claims can be raised if your policy is in grace period.

How can I get a copy of my insurance policy online?

If you bought your two-wheeler insurance policy online, getting a duplicate copy of your policy would be much easier and quicker. While insurers generally send a copy of the policy documents to the registered email ID, you can also download your insurance online from the insurer's website. Follow the steps below:
• Visit the official website of your car insurance provider.
• Either log in to your account or click on the option to download the policy online.
• Provide your policy number and any other details requested, including your mobile number and email address.
• You may receive an OTP on your registered mobile number for verification.
• Once you correctly provide the OTP and submit your request, the insurer will send you a digital copy of your car insurance policy/ certificate at your email address.
• You can easily download your car insurance certificate/ policy copy from the email.
You can also access your policy document in the My Accounts section if you have the Bajaj Finserv App.

What is a zero depreciation cover under a two-wheeler insurance policy?

The two-wheeler insurance policy offers a zero depreciation cover as an add-on cover/benefit. This cover helps you benefit from the maximum sum insured on your vehicle without depreciation. Usually, on two-wheeler insurance claims, the insurance company covers the full cost of your losses, deducting the depreciation value of your two-wheeler and its parts.

What is the advantage of a zero-depreciation add-on cover on two-wheeler insurance policy?

If you choose a zero-depreciation add-on cover with your two-wheeler insurance policy, you can benefit from the following advantages:
• You gain full coverage without deducting the depreciation value of your vehicle or parts repaired.
• Zero-depreciation cover enhances your comprehensive bike insurance by providing adequate coverage
• The value of a zero depreciation cover is added to the value of a standard cover.
• Depreciation is not considered during the claim settlement process for insured parts of the two-wheeler.
Zero depreciation is an optional bonus (add-on) that can be obtained by paying a higher premium. The premiums are determined by the type of vehicle, location, and age of the vehicle. In most cases, the zero-depreciation cover is not included in a regular two-wheeler insurance policy.

Is there any grace period for two-wheeler insurance?

Yes, many insurance companies offer you a grace period to renew your policy without losing the benefits even after the policy expires.

A grace period is a buffer time provided by the insurers to allow you to renew your two-wheeler insurance before it expires. The grace period varies depending on the insurer and the nature of the policy. This period is defined in the policy's terms and conditions, and it generally ranges from 15 days to 90 days. This period prevents any lapse of policy benefits.

Can I claim two-wheeler insurance during the grace period?

No. A grace period is an additional duration offered by insurers to renew your two-wheeler insurance before the policy expires. During this period, one can compare policies and choose a better policy that suits one the best or renew the existing policy before its benefits lapse. You cannot make any claims during this period. 

Which insurance policy is best for a two-wheeler?

Any comprehensive bike insurance policy is best for your vehicle. Bajaj Finance Limited partnering with top insurers in India offers great options under two-wheeler insurance policies. These plans come with affordable premium amounts. Additionally, you can avail of add-on services with this two-wheeler insurance, extending the scope of your coverage.

Which type of two-wheeler insurance policy is best?

There are two types of two-wheeler insurance policies. One is third-party bike insurance that offers basic coverage for third-party liabilities (injury/death/damage to third party), and another is a comprehensive bike insurance policy, covering own damages (damage to the insured vehicle) and third-party liabilities. You can choose any of the insurance policy as per your requirement. However, as a comprehensive two-wheeler insurance policy covers damage caused to your vehicle, third-party liability and personal accident, it is the most recommended option.

What is a third-party two-wheeler insurance policy?

A third-party insurance policy provides financial coverage for any third-party liability. This policy covers the expenses against physical injury, death, or damages caused to the third party by your two-wheeler.

Is a third-party insurance plan enough for two-wheelers?

A third-party insurance policy is mandatory by law and offers financial coverage against third-party liability only in case of an accident or mishap. However, to get complete financial coverage for your vehicle, self, and third party, buying a comprehensive bike insurance plan is recommended. A comprehensive bike insurance plan offers coverage for own damage, third-party liability, and personal accident cover.

How do I claim a two-wheeler insurance policy?

You can claim two-wheeler insurance online using your preferred insurance provider's website or mobile application. 

For cashless services, register your claim request with the insurer through their website, app, email or by calling their claim assistance contact number. After the claim is registered, the insurer will send a surveyor on the spot, or you may take your vehicle or get it towed to the nearest network garage. After verifying the claim details, the insurer will inform the garage to begin the repair work on claim approval. The insurer will directly settle the cost of the repair work.

And for reimbursement services, you need to inform the insurer by contacting them by going to their website, app, email or by calling their claim assistance contact number. 

Get your vehicle repaired at your preferred garage, pay the bills and retain the invoice. Then, submit the reimbursement claim and all the necessary bills and repair paperwork in the original form online or to the nearest branch. The insurer will reimburse the claim amount per the policy's terms and conditions. 

How many times can we claim a two-wheeler insurance policy?

You can claim two-wheeler insurance as many times as you want, but the total claim amount for damage to your vehicle cannot exceed the total coverage amount mentioned in the policy papers.

Is theft included in the two-wheeler insurance policy?

Yes, theft is included in a two-wheeler insurance policy if you take a comprehensive policy. In case of theft, you must inform your insurance provider immediately. You should file a police complaint at the nearest police station as well. 

What if I lost my two-wheeler insurance plan?

If you lose your two-wheeler insurance papers, you can get in touch with your insurance provider and get a duplicate copy of these papers. However, do not forget to make a police complaint to avoid legal troubles. 

What is the penalty I may incur if my two-wheeler is uninsured?

You need to have at least a third-party insurance policy, as it is a mandate by law. If you don't have one, you can be fined up to Rs. 2,000* for the first time and Rs. 4,000* for the second instance. Additionally, it can also include imprisonment.

*The penalty/imprisonment can vary as per applicable laws.

What risks are covered under a two-wheeler insurance policy?

Two-wheeler insurance covers risks like theft, accidents, natural calamities, fire, damages during transit, and third-party liabilities.

What is a cashless and non-cashless/ reimbursement claim in a two-wheeler insurance policy?

In a cashless claim, you need not pay for repair work or replacements from your pocket. In this case, the insurance provider will directly reimburse the cost to the service provider, and you need to visit a network garage to avail of this service. Whereas, if you avail of a non-cashless service, you must pay for the repair and replacement and clear the bills. Later, you can raise a reimbursement claim with the insurance company.

What is PA cover in a two-wheeler insurance policy? Is it mandatory?

The full form of PA cover is personal accident cover in a two-wheeler insurance policy. The GR 36 of the Indian Motor Tariff (IMT), 2002, has mandated general companies offering motor insurance to provide personal accident cover to the owner-driver. As per the said rules, the insurers have been directed to offer the policyholders minimum coverage of Rs. 15 lakh under liability only. To avail of coverage over Rs. 15 lakh, policyholders can choose to buy an add-on cover.

Is my two-wheeler insurance coverage valid throughout India?

Yes, your two-wheeler insurance coverage is valid across India. 

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