What is a Multi-Year/Long term Two Wheeler Comprehensive Insurance?
It is an insurance policy to cover your vehicle against potential risks of theft, accidental damage, third party liability and others from one to three years’ period through a single policy document.
What are my benefits on multi-year policy?
You shall have following benefits:
How do I buy multiyear two wheeler insurance policy?
My existing policy has expired! What to do?
Do not worry, you can renew your 2-wheeler insurance policy without any inspection even if it is lapsed. Simply Click here and follow instructions online to buy policy in a few minutes, that too without any documentation requirement
What is a No Claim Bonus (NCB)?
Quite simply, it's a discount in the Own Damage premium payable when renewing your policy after a claim-free year. It is an incentive for driving carefully and avoiding accidents.
|
All types of Vehicles |
NCB% on own damage premium for one-year policy |
|
No claim made or pending during the preceding full year of insurance |
20% |
|
No claim made or pending during the preceding 2 consecutive years of insurance |
25% |
|
No claim made or pending during the preceding 3 consecutive years of insurance |
35% |
|
No claim made or pending during the preceding 4 consecutive years of insurance |
45% |
|
No claim made or pending during the preceding 5 consecutive years of insurance |
50% |
What is applicable higher discount on multi-year policies?
Basis your NCB status as on date of buying policy with us, we will offer you following discounts
|
NCB \Policy Year |
Max. Disc. On Annual Policy Premium for Long Term Cover |
|
|
2nd Year Premium |
3rd Year Premium |
|
|
0% |
33% |
38% |
|
20% |
40% |
45% |
|
25% |
45% |
50% |
|
35% |
55% |
60% |
|
45% |
65% |
65% |
|
50% |
65% |
65% |
|
55% |
65% |
65% |
|
65% |
65% |
65% |
What is IDV (Insured Declared Value)?
The Insured Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ and it will be fixed at the commencement of each policy period for each insured vehicle.
The IDV of the vehicle is to be fixed on the basis of manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation (as per schedule specified below). The IDV of the side car(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also likewise to be fixed.
|
AGE OF THE VEHICLE |
% OF DEPRECIATION FOR FIXING IDV |
|
Not exceeding 6 months |
5% |
|
Exceeding 6 months but not exceeding 1 year |
15% |
|
Exceeding 1 year but not exceeding 2 years |
20% |
|
Exceeding 2 years but not exceeding 3 years |
30% |
|
Exceeding 3 years but not exceeding 4 years |
40% |
|
Exceeding 4 years but not exceeding 5 years |
50% |
How do I make changes in my policy?
Simply call our toll-free helpline 18004197151 (Partners), 18001087152 (Customers) and we'll guide you. All changes require a confirmation in writing from you and some may involve payment of an additional premium. The changes will be carried out within 5 working days of receiving your written request and cheque for the additional premium, if applicable.
Why do I need to insure my vehicle?
Two Wheeler Insurance policy helps in protecting your asset and coping with the financial loss that may be caused due to accident, damage or even theft. Also, when you are on a move, you are responsible for the safety of yourself, your pillion passenger, pedestrians and other people's property. Insurance helps in covering the costs of potential damages/losses/injuries
What are factors that determine the premium of my vehicle?
The premium of your vehicle depends upon the following factors: -
What will happen when I sell my two wheeler to someone else?
If you sell your scooter/motorcycle to someone else, this two wheeler insurance can be transferred in the name of the buyer. The buyer has to apply for transfer of insurance with the Insurer within a specific period of time from the date of transfer of vehicle in his/her name.
What are the steps to initiate a claim settlement?
Always keep a copy of policy/cover note, Car Registration Copy (RC) & driving License Copy (person driving the vehicle) in the vehicle during journey as they are required during claim intimation. The steps for it are:
What details do I need to provide for a claim settlement?
For a prompt claim settlement, you need to fill our claim form and provide us the following information: