Two Wheeler Insurance
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
Our Proud Partners - Beemawala
Client Testimonials
TOPIC - What is Two Wheeler Insurance ?
It provides a One-year third-party premium and a one-year own damage (OD) premium but we also have option to buy two year or three year policy with complete coverages at one go.
Two Wheeler Insurance provides coverage for vehicles against various risks, including accidental damage, theft, and third-party liabilities. It offers financial protection to two wheeler owners in case of unfortunate incidents, helping them manage repair costs, legal expenses, and damages to third parties. Having two wheeler Insurance is mandatory in India as per the Motor Vehicles Act, ensuring responsible driving and safeguarding both Vehicle owners and third parties from potential financial burdens.
⛦ Example Scenario:
In the case of Rahul’s two wheeler accident in Shimla, where his two wheeler was washed away in a flood, his two wheeler nsurance policy proved to be immensely helpful. The incident was immediately reported to the insurance company, and a surveyor was assigned to assess the damage. As the policy covered damages from natural disasters, the insurance claim was accepted. The two wheeler was towed to an authorized garage for repairs, and the insurance company settled the repair bills directly, relieving Rahul from financial burden. The incident highlighted the significance of having a reliable two wheeler insurance policy to protect against unforeseen events and ensure peace of mind for Indian two wheeler owners.
Coverages Of Two Wheeler Insurance
Own Damage (OD) Coverage
Protection against damages to your Vehicle due to accidents, fire, theft, vandalism, or natural calamities.
Third-Party Liability Coverage
Covers legal liabilities for bodily injuries or property damage caused to third parties in an accident involving your vehicle .
Personal Accident (PA) Cover
Compensation for injuries or death to the owner/driver of the insured two wheeler .
Passenger Cover
Coverage for passengers traveling in the insured Vehicle against bodily injuries or death.
Zero Depreciation Cover
Full reimbursement of repair/replacement costs without considering depreciation.
Return to Invoice (RTI) Cove
Ensures reimbursement of the Vehicle’s invoice value in case of total loss or theft.
Additional Add-ons OF Coverages of Two Wheeler Insurance
Zero Depreciation Cover
Provides full reimbursement for repair/replacement costs without considering depreciation.
Return to Invoice (RTI) Cover
Ensures reimbursement of the Vehicle’s invoice value in case of total loss or theft.
Passenger Cover
Coverage for passengers traveling in the insured Vehicle against bodily injuries or death.
Factors Determining the Premium of Coverages of Two Wheeler Insurance
Two Wheeler Make and Model
The brand, model, and variant of the Two Wheeler play a significant role in premium calculation. Expensive or high-end Two Wheeler may attract higher premiums.
Two Wheeler 's Age
Since this policy is designed for brand-new Two Wheeler , the age of the vehicle is a crucial factor in premium calculation. Newer Two Wheeler usually have lower premiums.
Insured Declared Value (IDV)
The IDV represents the Two Wheeler’s current market value and is a major factor in premium calculation. Higher IDV results in a higher premium.
RTO Number / State
The location where the Two Wheeler is registered (RTO number or state) affects the premium. Metropolitan cities or certain states may have higher premiums due to increased risks.
Engine Capacity
The engine’s cubic capacity also influences the premium. Two Wheeler with higher engine capacity may have higher premiums.
Fuel Type (CNG / Petrol / Electric)
The type of fuel used in the new Vehicle affects the premium, with CNG and diesel-powered Vehicles potentially having different premium rates compared to petrol or electric Vehicles.
Previous Claims History
A history of past claims may affect the premium amount.
Policy Add-ons
The choice of add-ons, like zero depreciation cover or engine protection, will impact the total premium cost.
No Claim Bonus (NCB)
NCB earned for every claim-free year can significantly reduce the premium amount.
Previous Claims History
Opting for a higher voluntary deductible amount can reduce the premium.
Major Differences Between Own Damage (OD) Cover and Third-Party Liability Cover In Two Wheeler Insurance
| Coverage | Own Damage (OD) Cover | Third-Party Liability Cover |
|---|---|---|
Definition | Provides coverage for damages to your vehicle due to accidents, theft, natural calamities, fire, and more. | Covers legal liabilities for damages caused to third-party property, injuries, or death due to your vehicle's involvement in an accident. |
Scope of Coverage
| Protects your own vehicle against a wide range of perils and damages. | Only covers damages and injuries caused to third parties, not your vehicle. |
Premium Determination
| Based on factors like vehicle's make, model, IDV, and add-ons chosen. | Regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premium rates are predefined based on the vehicle's engine capacity. |
Coverage Extent | Comprehensive coverage for your vehicle, including theft, own damage, and accidents. | Limited to liabilities arising from third-party property damage, injuries, or death. |
Add-ons
| Various add-ons like zero depreciation, engine protection, roadside assistance, etc., can be availed to enhance coverage. | No add-ons are available, as it is a standardized cover as per IRDAI regulations. |
Legal Compliance | Optional, but highly recommended for complete protection of your vehicle. | Mandatory by law to drive a vehicle on Indian roads. |
Claim Settlement | Applicable for damages to your vehicle, subject to policy terms and conditions. | Covers financial liabilities towards third parties up to the prescribed limits. |
Insurance Premium | Can significantly impact the premium amount based on the extent of coverage and chosen add-ons. | Premium rates are fixed as per the IRDAI guidelines and are based on the vehicle engine capacity. |
How to Settle Two Wheeler Insurance Policy Claims?
- Claim due to an accident -
Inform the Insurer
Notify your insurance company about the accident and damages as soon as possible. Provide all necessary details, such as the policy number, date and time of the incident, location, and a brief description of the accident.
File an FIR (If applicable)
If there is significant damage or third-party involvement, file a First Information Report (FIR) at the nearest police station. This is especially important for theft or major accidents.
Survey and Assessment
The insurance company will appoint a surveyor to assess the extent of damage to your vehicle. Cooperate with the surveyor and provide all relevant documents and evidence related to the accident.
Submit Required Documents
Submit the duly filled claim form along with the required documents, such as a copy of the vehicle’s registration certificate (RC), a valid driving license, the FIR (if applicable), and any other documents requested by the insurer.
Repairs and Inspection
After the assessment, the insurer may arrange for an inspection of the damaged vehicle or direct you to an authorized garage for repairs. Some insurers may offer cashless facility at network garages.
Claim Settlement
Once the repairs are completed, submit the bills and invoices to the insurance company for reimbursement or settlement as per the policy terms.
Claim Amount
The claim amount will depend on the extent of damage and the terms of your insurance policy, including the deductible and policy coverage.
Excess Payment
Pay the applicable excess or deductible amount as per the policy terms. The insurer will cover the remaining claim amount.
Necessary Documentation
Keep copies of all documents related to the claim, including the settlement letter and payment receipt, for future reference.
How to Settle Two Wheeler Insurance Policy Claims?
- In case of theft of the vehicle -
File a Police Report
Immediately report the theft to the nearest police station and obtain a First Information Report (FIR) or a Non-Cognizable Report (NCR) as required by the insurer.
Inform the Insurance Company
Contact your insurance company’s customer support or claims helpline as soon as possible and provide them with all the necessary details about the theft incident.
Submit Required Documents
The insurance company will request specific documents, such as the FIR/NCR copy, original policy documents, vehicle registration certificate (RC), claim form, and any other documents as required.
Cooperate with Investigation
The insurer may conduct an investigation to verify the theft incident. Cooperate fully and provide any additional information or documents they may require.
Claim Survey
An authorized surveyor appointed by the insurance company will assess the loss and damages to determine the claim amount.
Transfer Vehicle Ownership
In case the stolen vehicle is not recovered, transfer the ownership of the vehicle to the insurance company as per their requirements.
Claim Settlement
Once the surveyor’s report is received, and all necessary documentation is in place, the insurance company will process the claim settlement.
Claim Payout
If the claim is accepted, the insurance company will provide the claim payout amount as per the terms and conditions of the policy.
Exclusions of Two Wheeler Insurance
Consequential Loss
Insurance may not cover losses that result as a consequence of a covered event, such as financial losses due to missed business opportunities.
Driving Under Influence
Accidents caused while driving under the influence of alcohol or drugs may be excluded from coverage.
Unauthorized Drivers
If an accident occurs while someone other than the authorized driver is driving the insured Two Wheeler , it may not be covered.
Racing or Adventure Activities
Damages occurring during racing, rallies, or adventure sports are typically excluded.
Intentional Damage
Any damages caused intentionally by the insured or any other person will be excluded from coverage under the Two Wheeler Insurance policy.
Wear and Tear
Regular wear and tear of the vehicle or mechanical breakdowns are not covered.
Illegal Activities
Accidents caused while using the Two Wheeler for illegal purposes may be excluded.
Loss of Personal Belongings
Loss of personal belongings from the Two Wheeler may not be covered.
War or Terrorism
Damages due to war, war-like situations, or acts of terrorism are generally excluded.
Nuclear Damage
Any damages caused by nuclear activity are not covered.
Expired or Lapsed Policy
If the policy is expired or lapsed at the time of the incident, there will be no coverage.
Documents Required " for Claim Settlement under Two Wheeler Insurance"
- IN CASE OF THEFT CLAIM -
First Information Report (FIR)
A copy of the FIR lodged with the police station reporting the theft of the vehicle.
KYC Documents
Valid Know Your Customer (KYC) documents of the insured, such as Aadhar card, Passport, Voter ID, etc., for identification purposes.
Insured's PAN Card
A copy of the insured’s Permanent Account Number (PAN) card to verify tax-related information.
Insured's GST Certificate
If applicable, a copy of the insured’s Goods and Services Tax (GST) certificate.
Duly Filled Claim Form
A completed claim form provided by the insurance company, containing all necessary details about the incident.
Policy Document
The original insurance policy document showing the coverage details.
Vehicle Registration Certificate (RC)
A copy of the vehicle’s RC to establish ownership and vehicle details.
Driving License
A valid driving license of the insured to verify the authority to drive the vehicle.
Keys and Locks
All available sets of keys and locks of the stolen vehicle.
Previous Insurance Records
If applicable, documents related to any previous insurance claims or policies.
No Trace Report
If the vehicle is not recovered, a No Trace Report from the police stating that the stolen vehicle could not be located.
NOC from Financier
In case of a financed vehicle, a No Objection Certificate (NOC) from the financing institution.
Letter of Subrogation
If the claim is paid to the policyholder, the insured needs to provide a letter of subrogation allowing the insurance company to take legal action against the guilty party.
Documents Required "for Claim Settlement under Two Wheeler Insurance"
- ACCIDENTAL CLAIM -
Accident Claim Form
A duly filled and signed claim form providing details of the accident, the extent of damages, and injuries (if any).
KYC Documents
Valid Know Your Customer (KYC) documents of the insured, such as Aadhar card, Passport, Voter ID, etc., for identification purposes.
Insured's PAN Card
A copy of the insured’s Permanent Account Number (PAN) card to verify tax-related information.
Insured's GST Certificate
If applicable, a copy of the insured’s Goods and Services Tax (GST) certificate.
Copy of the Insurance Policy
A copy of the valid and active insurance policy for the vehicle.
FIR/NCR Copy(if applicable)
A copy of the First Information Report (FIR) or Non-Cognizable Report (NCR) filed with the police in case of an accident.
Driving License
A copy of the valid driving license of the driver involved in the accident.
Vehicle Registration Certificate (RC)
A copy of the vehicle’s RC, which includes details such as the registration number, engine number, chassis number, etc.
Estimate of Repairs
An estimate of the repair costs from an authorized garage or workshop.
Photographs(if available)
Clear photographs of the accident scene, damages to the vehicle, and the location.
Witness Statements
Statements from any witnesses present at the time of the accident (if available).
Medical Records (if applicable)
Medical documents, bills, and reports in case of injuries to the insured or any third party.
Police Investigation Report (if applicable)
In case of a serious accident, a police investigation report may be required.
- It is essential to submit all the necessary documents promptly to ensure a smooth and timely settlement of the claim. Additionally, the requirements may vary slightly depending on the insurance company and the specific circumstances of the accident.
Contact Information for Claim Settlement: related to Two Wheeler Insurance Policy
If Policy Obtained through Agent/Broker
Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.
If Policy Obtained Directly from Insurance Company
Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
- Phone: +91-9654259715
- Email: services@beemawala.com
Frequently Asked Questions: Two Wheeler Insurance
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