Premium Calculation Factors

  • IDV (Insured Declared Value): The market value of the vehicle.
  • Cubic Capacity (CC): Engine capacity of the vehicle.
  • Registration Zone: Zones such as Delhi, Kolkata, Mumbai, Chennai, Ahmedabad, Pune, Bengaluru, and Hyderabad.
  • Zone of Usage: Where the vehicle is primarily used.
  • Vehicle Age: Age of the two-wheeler.
  • Add-On Covers: Additional features included in the policy.
  • NCB (No-Claim Bonus): Discounts for no claims in the previous policy period.

Key Features

  • Financial Protection: Provides financial coverage for expenses incurred due to accidents, theft, or third-party liabilities, ensuring peace of mind while riding.
  • Accident Cover: Covers damages to your vehicle, property, and injuries to third parties due to accidents.
  • Cashless Repairs: Repairs can be done cashlessly at network garages without upfront payment.
  • Roadside Assistance: Includes services for breakdowns, towing, or emergencies, ensuring you’re never stranded.
  • Policy Renewal Flexibility: Hassle-free renewal options with no gap charges. You can renew before or after the policy expiration.
  • Peace of Mind: Protects you from unforeseen financial losses due to accidents, theft, or damages.

Coverages

  • Own Vehicle Damage: Protection against damage caused by accidents, natural calamities (floods, earthquakes, storms), fire, explosions, and theft.
  • Third-Party Liability: Covers damage or injury caused to a third party, including property damage or loss of life.
  • Natural and Manmade Disasters: Safeguards against events such as landslides, cyclones, and riots.
  • Personal Accident Cover: Offers compensation for injuries or death of the insured individual, with coverage up to a specified limit.
  • Add-On Covers: Additional coverage options, including zero depreciation, roadside assistance, and return-to-invoice policies.

Exclusions

  • Wear and Tear: Regular depreciation or mechanical/electrical breakdowns are not covered.
  • Outside Geographical Limits: Incidents occurring outside the policy’s defined geographical area are excluded.
  • Driving Under Influence: Claims made while driving under the influence of alcohol or drugs are not valid.
  • Uninsured Vehicle Use: Damage caused while driving without a valid license or during illegal activities is not covered.
  • Contributory Negligence: Damages arising from deliberate neglect, such as riding in a flood-affected area, are excluded.
  • Consequential Losses: Indirect damages caused by the incident are not included.

No Claim Bonus (NCB)

Policyholders are eligible for a No Claim Bonus (NCB) under the Own Damage section of the policy if no claims are made or pending during the preceding policy year. The applicable discounts are as follows:

Policy Period Without Claims Discount on OD Premium
For the first claim-free year 20%
For two consecutive claim-free years 25%
For three consecutive claim-free years 35%
For four consecutive claim-free years 45%
For five consecutive claim-free years 50%

Note: The NCB is only applicable if the policy is renewed within 90 days of the expiry date of the previous policy.

Depreciation Schedule for IDV Calculation

The depreciation schedule is used to determine the Insured Declared Value (IDV) of the vehicle. It accounts for the reduction in value based on the vehicle’s age:

Vehicle Age Depreciation Applied
Up to 6 months 5%
Between 6 months and 1 year 15%
Between 1 and 2 years 20%
Between 2 and 3 years 30%
Between 3 and 4 years 40%
Between 4 and 5 years 50%

The IDV for vehicles older than 5 years or those with discontinued models is determined based on a mutual agreement between the policyholder and the insurer. For such cases, the IDV is calculated using the vehicle’s current market value after adjusting for depreciation.

Claim Process

In the event of an incident, policyholders must take the following steps to file a claim:

  1. Immediate Notification: Inform the insurer about the occurrence of the incident, providing details like date, time, location, and nature of the damage.
  2. File a Police Report (if required): Register an FIR with the local police in case of accidents involving theft, third-party injury, or damage.
  3. Document the Damage: Take photographs of the damaged vehicle or property for evidence.
  4. Complete the Survey: Allow the insurance company’s surveyor to assess the damage before repairs are initiated.
  5. Submit Documents: Provide all necessary documents, including the claim form, RC copy, policy copy, and driver’s license.

Once the verification process is complete, the insurance company will settle the claim or reimburse repair expenses as per the terms of the policy.