Two-wheeler Insurance FAQs

Frequently asked questions

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

The Motor Vehicles Act 1988 mandates vehicle owners to have a motor insurance policy for five years on purchasing a new two-wheeler. After 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?

You cannot raise claims for any damages or losses incurred if the policy expires. You may lose the benefits on the policy as well. Benefits like No Claim Bonus (NCB) may get lapsed. You gain up to 50% of NCB for having claim-free years. You can avail the benefit to get discount on the renewal of your two-wheeler insurance. But if your policy expires, this benefit may also lapse. Lastly, as third-party insurance is mandatory, so by driving without a valid motor insurance policy you may violate the law.

Insurers usually send reminder notifications 30 days before the policy expiry date to renew the policy. You also get 30 days grace period after the policy expires to renew and continue benefiting from the coverages. However, note that you cannot raise any claims during the 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. 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 into 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.

• Upon providing the OTP, you can submit the 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 Account’ 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 gets added to the value of a standard cover.
  • Insurer will not consider the depreciation during the claim settlement process for the insured parts of the two-wheeler.

Zero-depreciation bike insurance is optional. You can get this add-on 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. You can read the specifications in the policy's terms and conditions. Generally, the grace period 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. You can also 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.

Check the two-wheeler insurance plans offered by Bajaj Finance Limited here.

Which type of two-wheeler insurance policy is best?

There are three types of two-wheeler insurance policies. You have options like third-party insurance, own damage bike insurance or comprehensive bike insurance policy.

  • A third-party bike insurance offers basic coverage for third-party liabilities. It covers the injury/death/damage caused to a third party.
  • A comprehensive bike insurance policy covers own damages and third-party liabilities. You get coverage for damages caused to your own vehicle as well as to the third party. You also get a personal accident cover.
  • An own-damage bike insurance policy covers the damages or losses caused to your own vehicle. Does not cover third-party liabilities.

Choose from any of bike insurance type as per your requirement. Check the plans available with Bajaj Finance Limited here.

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. It gives financial coverage only for third-party liability in case of an accident or mishap. A comprehensive bike insurance plan gives holistic coverage including own and third-party damages. You also get a 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 gets registered, the insurer will send a surveyor on the spot. You may also get your vehicle towed to the nearest network garage. Upon 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.

For reimbursement services, contact the insurer through their website, app, email or by calling them to raise a claim.

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 cannot exceed the total coverage amount. Read the details on the policy document.

Is theft included in the two-wheeler insurance policy?

Yes, comprehensive two-wheeler insurance policy includes coverage for theft. Inform the insurance provider immediately in case of theft. 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 that 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. Driving without a valid third-party insurance policy may attract fine. You may have to otherwise pay penalty of Rs. 2,000* for the first time and Rs. 4,000* for the second time. 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.

Check the two-wheeler insurance policies offered by Bajaj Finance Limited here.

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

Raise a cashless claim if availed services at any of the insurer’s network garages. The insurer will directly settle the bills with the network garage. Get reimbursement for the bills to repair your vehicle damage if availed services at any of your preferred garages. You can raise a reimbursement claim to get the benefit.

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 will have to offer the policyholders a 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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