Bike Insurance FAQ
Though they are talked about in policy, this is just a handy list for your convenience:
- Claim form appropriately filled (before submitting do a Xerox and keep)
- Photocopy of the vehicle RC along with the original for verification
- Authentic approximation of loss (Make an extra copy and file it)
- Payment receipts and repair bills (always keep a photocopy with you)
Getting a new insurance policy for your old bike is a child’s play. Things you need are:
- Earlier insurance copy
- Registration certificate
Your bike insurance premium depends on the following factors:
- IDV or Insured Declared Value
- Location/Place of Registration
- Bike Model/Type/Variant
- Voluntary Deductible
- Type of Insurance Cover
- Engine Capacity CC
- Fuel Type - Petrol or Diesel
- It is mandatory to do insurance for your bike in India; hence it is suggested to renew before it expires.
- If not done within 90 days, you lose on your No Claim Bonus, leading to a substantial financial loss.
- If not done on time then your bike will go through a new inspection, which may be chargeable.
Own damage section of the Insurance covers the man-made causalities or nature’s causalities and can claim
from insurance Company for the damages sustained to your vehicle due to the accident hence by opting for
comprehensive cover you can have peace of mind that if there is any accident then the Insurance company shall pay for the financial loss suffered by you due to an accident.
IDV is maximum amount the Insurance Company pays to the Insured at the time of the claim if the vehicle is
Total Loss or Stolen. It is the Sum Insured and the same is fixed at the commencement of the Policy.
YES. Necessary intimation of the sale be communicated to the insurance company and a new proposal form to
be filled in the name of new buyer duly signed by the new buyer and the Insurance company charges some
additional fees to transfer the insurance from the date of sale to the expiry of the existing Policy in the name of
the new buyer. If the original owner was getting the NCD then the new Buyer shall have to pay on pro-rata basis the NCD as well. Please note that the original buyer needs to get the vehicle transfer within 14 days from the
date of transfer of the vehicle.
Yes on submission of the request letter, the Insurance provider shall issue the duplicate policy on charging