Neeraj was excited about his new bike, the all new Bajaj Dominar 400. The 373cc motorcycle, Neeraj’s first, was going to be his birthday gift as he turned 23 this June. Less into automobiles and two-wheelers, he had almost no idea about the paperwork while purchasing the vehicle. But his friend, Amit, assured Neeraj that he will accompany him to the showroom and get the bike home. They visited an authorized Bajaj service center in Delhi’s Lajpat Nagar, and signed all the papers after paying the amount in full. However, Neeraj got confused when asked if he would prefer a comprehensive or third party insurance. Here, Amit answered for him and opted for comprehensive two-wheeler insurance, a combination of third-party liability insurance and own-damage cover.
Two months later, Neeraj met with an accident, in which his bike got damaged. He asked Amit if the repair cost is covered under the policy. “Yes, you can claim the repair cost,” he answered.
Bike Insurance and its Importance
Two wheeler insurance, especially the third party liability cover, is a must for every bike owner in India. It helps in minimizing the high expenses that a mishap or accident might have otherwise caused you. Broadly, there are two types of insurance covers for two-wheelers. Third party insurance only covers the damages and losses caused to a third-party person, vehicle or property. Comprehensive insurance, whereas, covers both third-party liabilities and damages caused to you and your bike as well.
Under What Circumstances can Bike Insurance Be Claimed
Losses and Damages Due to Natural Calamities: The two wheeler Insurance, available on Finserv MARKETS, covers your vehicle against any loss or damages faced due to natural calamities like storm, flood, earthquake, cyclone, typhoon, fire, explosion, self-ignition, hurricane, tempest, frost, landslide and rockslide.
Losses and Damages Due to Man-made Calamities: The Bajaj Allianz two wheeler insurance also provides coverage against man-made calamities like theft, burglary, riots, strikes, terrorist activities, or accidents by external means. It also protects your vehicle during transit via railways, road, air, inland waterway, lift and elevator.
Personal Accident Cover: The insured owner-driver can claim a cover of Rs 15 lakh in case of an accident while driving the bike – during travel, while mounting or dismounting the bike. With the Bajaj Allianz two wheeler insurance, available on Finserv MARKETS, you can also add a personal accident cover for the pillion rider.
Third Party Legal Liability: The insured is covered financially for damage caused to a third party – bodily injury, death, and third party property. It is called a third-party cover because the beneficiary of the policy is someone other than the two parties involved in the contract i.e. the insured and the insurer.
Add-on Covers for Bike Insurance
While a comprehensive two-wheeler insurance policy covers most of your expenses, there are some add-ons supplements that offer you an extra layer of protection. Different add on covers come at different costs and the additional premium amount depends upon the type of cover chosen. However, these add-ons make the policy more useful and valuable for the buyer.
Accessories Cover: If your two-wheeler is studded with your choice of electrical and non-electrical accessories, you can opt for an accessories cover, which protects you against any damage or loss of those valuable parts. The repair or replacement cost of your two-wheeler accessories will be covered under this add-on.
Medical Cover: Medical assistance becomes the most crucial at the time of any mishap. This add-on covers the medical expenses incurred during treatments due to an accident on the insured two-wheeler.
Accident Cover for Pillion: While the rider is already covered under a comprehensive policy, opting for this add-on will provide personal accident coverage for the pillion rider at a nominal extra premium amount. It covers partial or permanent disability or death of the co-rider.
Engine Cover: This add-on keeps offers you protection against any repair cost in case any damage is caused to your bike’s engine or gearbox. With the Bajaj Allianz two-wheeler insurance, available on Finserv MARKETS, You can claim the costs for leakage of lubricating oil, clogging water ingression, repair/replacement of crankshaft, gear shaft, connecting rods, pistons etc.
Zero Depreciation: While the value of a bike gradually decreases in terms of money over a period of time is due to factors like normal wear and tear, age, etc., Zero Depreciation bike insurance covers the complete cost of the two-wheeler’s parts without factoring in for depreciation.
How to Claim Bike Insurance
1: First register you claim online or by contacting the customer care.
2: Go to the nearest police station and file a complaint in writing. In case of injury/death, related documents will be required.
3: Take photographs of the accident spot and its surroundings.
4: In case of injury/death, related documents will be required.
5: You’ll need to submit a copy of all the required documents to the nearest dealer. There is also an option of submitting the documents online.
Bike insurance helps you cover financial expenses against any unforeseen circumstances including accidents. So, be a smart buyer and choose the best coverage and add-ons for yourself and your vehicle with the Bajaj Allianz two-wheeler insurance.