Two Wheeler – New Vehicle Insurance
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
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Client Testimonials
What Is - Two Wheeler - New Vehicle Insurance ?
It comes with 1yr (OD Cover) Own Damage Cover and 5 yr (Third Party ) Third Party Liability Cover
Two Wheeler – New Vehicle Insurance provides insurance coverage for newly purchased two-wheelers. It offers protection against financial losses due to theft, accidents, or damage to the insured vehicle. This insurance is specifically designed for new two-wheelers and usually comes with a one-year policy term. It is essential for new vehicle owners to get this insurance to comply with legal requirements and safeguard their investment. The coverage includes Own Damage (OD) and Third-Party Liability, providing comprehensive protection to the insured and covering liabilities towards third parties.
Two Kinds of Two Wheeler - New Vehicle Insurance Policy In India
| Insurance Type | 1 Year Own Damage + 5 Year Third Party | 5 Year Own Damage + 5 Year Third Party |
|---|---|---|
Own Damage Coverage Period |
1 Year |
5 Years |
Third-Party Coverage Period
|
5 Years |
5 Years |
Benefits
|
Provides annual Own Damage coverage and 5-year Third-Party coverage |
Provides long-term Own Damage coverage and 5-year Third-Party coverage |
Convenience |
Requires annual renewal and premium revision for Own Damage coverage |
Provides continuous coverage without annual renewals and premium revision |
Premium Payment
|
Annual |
One-time payment for 5-year coverage |
Premium Stability |
Potential premium changes each year |
Premium remains stable for 5 years |
Continuity |
Need to renew the policy every year |
Coverage remains in effect for 5 years |
NCB Benefit |
Accumulates and can be carried forward to the next year |
Accumulates and can be carried forward to the next year |
In the first option, the policy provides 1-year Own Damage coverage and 5-year Third-Party coverage. This means that the policyholder needs to renew the policy annually to maintain the Own Damage coverage and enjoy the benefits of No Claim Bonus (NCB) for Own Damage. However, the Third-Party coverage remains intact for 5 years without any changes.
In the second option, the policy offers a comprehensive coverage of 5 years for both Own Damage and Third-Party, eliminating the need for annual renewals and potential premium changes for Own Damage coverage. The premium is paid as a one-time payment for the entire 5-year period, providing continuous protection without any disruptions.
Both options have their advantages and suit different preferences and needs of the policyholders. It is essential to choose the one that aligns best with your requirements and offers comprehensive coverage for your two-wheeler.
Scenario illustrating how Two Wheeler - New Vehicle Insurance can help Ramesh:
How the insurance helps Ramesh
Ramesh recently purchased a new bike and insured it with a Two Wheeler – New Vehicle Insurance policy. Unfortunately, while riding his bike, he met with an accident, resulting in significant damage to the bike. The repair cost for the bike amounts to around 30,000 INR.
1. Own Damage (OD) Coverage: Ramesh’s insurance policy covers the damages to his bike due to the accident. So, the insurance company will take care of the repair expenses up to the sum insured, which in this case is 30,000 INR.
2. Hassle-free Claim Process: Ramesh can file a claim with the insurance company, providing all the necessary details and evidence of the accident. The insurance company will assess the claim and process it promptly.
3. Financial Protection: As Ramesh has a Two Wheeler – New Vehicle Insurance policy, he doesn’t need to bear the entire repair cost from his pocket. The insurance coverage ensures that he is financially protected from such unexpected expenses.
4. Legal Compliance: Having a valid insurance policy also ensures that Ramesh complies with legal requirements, as third-party liability is included in the policy. This means that any damages caused to third parties or their property due to the accident will also be covered by the insurance company.
In summary, Ramesh’s Two Wheeler – New Vehicle Insurance policy provides him with the much-needed financial assistance and peace of mind during this unfortunate accident, allowing him to get his bike repaired without any financial burden.
Coverages of Two Wheeler - New Vehicle Insurance
Own Damage (OD) Coverage
Provides protection against damages to your own bike due to accidents, natural calamities, theft, fire, vandalism, and other unforeseen events. The insurance company will cover the repair or replacement cost of the insured bike.
Third-Party Liability Coverage
Compulsory under Indian law, this coverage protects you from legal liabilities arising from injury, death, or property damage caused to third parties due to your bike’s involvement in an accident.
Personal Accident (PA) Cover
Offers financial compensation to you, the policyholder, in case of accidental death or permanent total disability arising from a bike accident.
Passenger Cover
This optional add-on covers passengers riding with the policyholder against accidental death or permanent total disability due to a bike accident.
Add-On Covers
You can enhance your policy with additional add-ons, such as Zero Depreciation Cover, Engine Protection Cover, Return to Invoice Cover, Roadside Assistance, etc., to increase the scope of protection.
New Vehicle Coverage
Specifically designed for newly purchased bikes, this coverage protects the bike against damages during the initial period after purchase.
Long-Term Policy Option
You can choose to buy a two-wheeler insurance policy for a longer duration (up to five years) to avoid annual renewals and potential increases in premium rates.
Additional Add-ons OF Two Wheeler - New Vehicle Insurance
Zero Depreciation Cover
Provides coverage for the full cost of repair or replacement of damaged parts without considering the depreciation value.
Consumables Cover
Covers the cost of consumables such as engine oil, nuts, bolts, etc., which are not usually included in regular insurance coverage.
Roadside Assistance
Offers assistance in case of breakdowns, flat tires, or any other emergencies while on the road.
Engine Protection Cover
Provides coverage for engine-related damages, including damage caused by water ingression or oil leakage.
Return to Invoice (RTI) Cover
In case of total loss or theft of the vehicle, this add-on covers the difference between the Insured Declared Value (IDV) and the invoice price of the two-wheeler.
No Claim Bonus (NCB) Protection
Ensures that the policyholder retains the NCB benefit even after making a claim during the policy term.
Hospital Cash Cover
Provides daily cash benefits for hospitalization due to a bike accident, offering financial support for medical expenses.
Accidental Cover for Co-passenger
Offers additional coverage for co-passengers in case of accidental injury or death during an accident.
Factors Determining the Premium of Coverages of Two Wheeler - New Vehicle 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 Two Wheeler affects the premium.
Policy Add-ons
The choice of add-ons, like zero depreciation cover or engine protection, will impact the total premium cost.
NCB Transfer Benefit
The No Claim Bonus (NCB) from the previous policy can be transferred, providing a discount on the premium.
Voluntary Deductibles
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 - New Vehicle 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’s engine capacity. |
How to Settle Two Wheeler - New Vehicle 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 - New Vehicle 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.
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.
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.
Exclusions of Two Wheeler - New Vehicle 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 -New Vehicle 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.
- The specific requirements may vary depending on the insurance company and policy terms. It is essential to promptly inform the insurance company about the theft and submit all the necessary documents to expedite the claim settlement process.
Documents Required " for Claim Settlement under Two Wheeler -New Vehicle 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 -New Vehicle 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
Kindly reach out to the provided contact information to initiate the claim settlement process with Beemawala.com.
Frequently Asked Questions:" Two Wheeler -New Vehicle Insurance "
Two Wheeler – New Vehicle Insurance provides coverage for bikes and scooters that are newly purchased or brand new. It offers protection against various risks, including accidental damages, theft, and third-party liabilities.
The policy covers damages to the insured vehicle due to accidents, fire, theft, natural disasters, and third-party liabilities, including property damage and bodily injury.
The policy term for Two Wheeler – New Vehicle Insurance can vary, usually ranging from one year to five years. You can choose the duration based on your preference.
Yes, you can enhance your coverage by opting for add-ons like zero depreciation cover, passenger cover, engine protection, and roadside assistance, among others.
The IDV is the current market value of your two-wheeler. In case of total loss or theft, the insurer will compensate you up to the IDV amount.
Yes, the policy usually includes a personal accident cover for the owner-driver, providing compensation in case of accidental death or disability.
Yes, if you have accumulated NCB from your previous policy, you can transfer it to the new Two Wheeler – New Vehicle Insurance, which will reduce the premium.
The premium is influenced by factors like the bike’s make and model, engine capacity, geographical location, policy term, and optional add-ons.
You can renew the policy online through the insurer’s website or through authorized agents. Ensure timely renewal to avoid policy lapses.
In case of an accident, inform the insurer immediately and file a claim. Provide all necessary documents and information for smooth claim settlement.
You can renew your two-wheeler insurance by visiting the insurer’s website, entering your policy details, and making the payment online.
To renew two-wheeler insurance online, visit the insurer’s website, enter your policy details, review the information, and make the payment securely.
You can pay for two-wheeler insurance online through the insurer’s website using various options like debit/credit cards, net banking, or mobile wallets.
You can check your two-wheeler insurance status by contacting the insurer’s customer support or visiting their website and entering your policy details.
In case of an accident or damage, inform the insurer immediately, submit the required documents, and follow their claim process for settlement.
Comprehensive insurance provides coverage for both third-party liabilities and own-damage to your two-wheeler, offering complete protection.
Third-party insurance covers your liabilities towards third parties involved in an accident caused by your two-wheeler.
NCB or No Claim Bonus is a discount given for each claim-free year on your two-wheeler insurance premium.
IDV (Insured Declared Value) is the current market value of your two-wheeler, used for determining the claim amount during settlement.
You can purchase two-wheeler insurance online by visiting the insurer’s website, entering your vehicle details, and selecting a suitable policy.
You can download your two-wheeler insurance policy from the insurer’s website after purchasing or renewing the policy.
Renew your expired two-wheeler insurance online by providing your policy details and making the payment on the insurer’s website.
Comprehensive two-wheeler insurance offers all-encompassing coverage, including own-damage and third-party liabilities.
You can find your two-wheeler insurance policy number in the policy document or by contacting the insurer’s customer support.
Third-party insurance is mandatory for all two-wheelers in India as per the Motor Vehicles Act.
No Claim Bonus (NCB) is a reward given for claim-free years, resulting in a discount on your two-wheeler insurance premium.
You can check your two-wheeler insurance details by visiting the insurer’s website or contacting their customer support.
To change the name in your two-wheeler insurance policy, submit the required documents and a name change request to the insurer.
PA cover or Personal Accident cover provides compensation in case of accidental death or disability to the owner/driver of the two-wheeler.
You can obtain your two-wheeler insurance policy copy online by visiting the insurer’s website and downloading it after purchasing or renewing the policy.
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