Claim Settlement Procedures Of Two-Wheeler Insurance Providers

Looking for the top two-wheeler insurance providers of 2019-2020? Read this article to find out who they are and what are their claim settlement procedures.

As per the Indian Motor Vehicles Act, 1988, it is mandatory to have a third-party two-wheeler insurance plan for your motorbike. Apart from this mandate, it is advisable to purchase a comprehensive two-wheeler insurance plan. A comprehensive two wheeler insurance plan provides additional benefits like own damage cover, compensation in case of bike theft or total loss etc.

It is difficult to determine the best two-wheeler insurer as there are multiple insurance companies across India. However, here is a list of top 5 two-wheeler insurance providers for 2019-2020.

Bharti AXA General Insurance
HDFC ERGO General Insurance
Bajaj Allianz General Insurance
Tata AIG General Insurance
SBI General Insurance General Insurance

Let us look at each of their policies in detail.

Bharti AXA Two Wheeler Insurance

Comprehensive Plan	Third Party Plan
This plan provides coverage to you and your two-wheeler called own-damage or OD, as well as third-party liability. It is a 360-degree plan	This plan provides coverage for only third-party injuries as well as their damaged property. It is mandatory by law
Injury Type Death Loss of two limbs or sight of two eyes or one limb and sight of one eye Loss of one limb or sight of one eye Permanent total disablement from injuries other than named above	There is compensation up to Rs. 1 lakh for third-party property damage for a two-wheeler. If there is a case of injuries/death, it will be taken into the motor vehicle claims tribunal
OD Premium depends on IDV, two wheeler’s cubic capacity, make-model, year of manufacture, engine capacity, and geographical location	Premium depends on the cubic capacity of the two wheeler’s engine. IRDAI revises the rates for base premium every year
Options: For New Bike: It is 5-year TP, 1-year OD + 5-year TP, and 5-year OD+ 5-year TP For Old Bike: 1-year TP, 1-year OD + TP, 2-year OD, 2-year OD + 2-year TP, and 3-year TP + 3-year OD

Source: Bharti Axa website

HDFC ERGO Two Wheeler Insurance

Comprehensive Two-Wheeler Insurance Plan

Benefits	Discounts up to 70% No Limits on Claims Wide range of two-wheeler insurance policies, single year & long-term comprehensive insurance, single year and long-term liability only policy Simple paperless process
Inclusions	Accidents Fire and Explosions Theft Calamities Third Party Liability Personal Accident Cover
Exclusions	Depreciation Electrical and Mechanical Breakdown Illegal Driving
Add-ons	Zero Depreciation Cover Emergency Assistance Cover

Source: HDFC Ergo website

Bajaj Allianz Two Wheeler Insurance

Features	3 Year Long Term Package Policy	1 Year Package Policy
Renewal frequency	Every 3 years	Every year
Coverage period	3 years	1 year
Premium hikes	No effect on third-party (TP) premium during the policy period	TP premium increases every year
NCB benefit	Additional benefit at the time of renewal	As per tariff
NCB benefit after a claim	NCB is reduced, but doesn’t become nil	NCB becomes nil after a claim
Mid-term cancellation refund	Provision of proportional refund even after claim during the policy period	No refund in case of any claim
Add-ons		24x7 spot assistance Zero Depreciation Cover Personal Accident Cover for Pillion Rider

Source: Bajaj Allianz website

Tata AIG Two Wheeler Insurance

Features and Cover	Provides cover against: Loss of or damage to the vehicle insured Liability to third parties Personal accident cover for owner-driver
Add-ons	Third Party Property Damage cover Additional Personal Accident Cover to Owner-Driver Personal Accident Cover to unnamed persons Emergency Medical Expenses Consumable Cover

Source: TATA AIG website

SBI General Insurance Two Wheeler Insurance

Features and Benefits	Discount for buyers aged between 25 to 55 years additional discount for insuring your vehicle without a break Customised Pricing based on your Profile
Coverage	Compulsory Third-Party Liability Loss or damage to the vehicle Fire, explosion, self-ignition, accidental damage damage in transit by road, rail, inland waterway, lift, elevator or air Natural Calamities Burglary, theft, riot, strike, malicious act and terrorist activity No Claim Bonus Transfer of NCB
Add-on	Return to Invoice Pillion Rider Protection of NCB

Source: SBI General Insurance website

Two-Wheeler Claims Process

The process for making a claim for your motorbike is:

There are two types of claims - Reimbursement and Cashless
Depending on the type you have selected, the first step is to contact your insurer immediately in case of an accident
Once you have registered your claim, you need to lodge an FIR
In case of accidental damage, ensure that your damaged vehicle is assessed by a professional at a network listed garage
Pay the repair charges in case of repairs at a non-network listed garage
The insurer will reimburse the expenses after you have submitted the relevant documents and bills

The documents required for filing a two-wheeler insurance claim are:

Duly-signed claim form
Copy of valid vehicle Registration Certificate (R.C.)
Copy of valid Driving License (D.L)
Copy of first two pages of policy document
FIR for accidental damage
Original repair bill, cash receipt, and proof of release

Now that you are aware of the entire process of claim settlement, it is advisable to keep all documents ready before filing a claim.