Two-wheelers are some of the most convenient yet economical modes of transportation for daily commute, offering quick mobility for short distance travels, low maintenance cost, and cutting down travel time. Bikes are some of the most preferred options in the two-wheeler segment. However, one of the most important elements of owning a bike is two-wheeler insurance. It protects your bike against any unforeseen accidental damage and loss. In India, it is mandatory to have two-wheeler insurance. The validity period of two-wheeler insurance is usually one year after which it needs to be renewed. Bajaj Allianz Bike Insurance provides insurance plans at the most affordable rates and features.
Two-wheeler insurances generally fall under the below two categories:
1. Comprehensive two-wheeler insurance
As the name suggests, this type of policy provides a comprehensive cover. The primary benefits of the comprehensive two-wheeler insurance are that it covers the vehicles not only against unanticipated accidents and damages but also against natural calamities like floods, typhoons, earthquakes, landslides, etc. as well as damage and loss caused due to fire, riots, explosion, theft, etc. It also provides a personal accidental cover in the event of an accident of the owner or the rider. Apart from that, it provides a cover against third-party liability in case of accidents. (All the covers shall be verified from the terms and conditions of the policy.)
2. Third-party insurance
Third-party bike insurance covers only against the third-party liability in the event of an accident. It neither bears the damage cost of the vehicle nor provides the personal accidental cover to the owner or the rider.
Going by the facts, as per the Ministry of Road Transports and Highways, 4,49,002 road accidents were reported by all the States and Union Territories in the calendar year 2019 alone, which led to a loss of 1,51,113 lives and injured around 4,51,361 people. Due to this, the government has mandated buying vehicle insurance. However, just for the purpose of following the law, people tend to buy only third-party bike insurance. This defies the purpose of buying insurance.
Let’s see the procedural and documentation required for availing the two-wheeler insurance:
Required documents for renewal of your bike insurance
- Registration Certificate of the vehicle
- Your basic details like name, age, gender, address, etc.
- Your driving license
- Expired or ongoing insurance policy number for your vehicle
Documents required while lodging an insurance claim
A compensation claim can be lodged after any unforeseen event occurs triggering the policy. However, as the policy may be triggered due to multiple events like accidents, theft, natural calamity, the documents required may be different for each scenario. However, the following checklist will help you out in case of any adversity.
Accidental Claim
- Duly filled and signed form of claim settlement
- Original tax receipt
- Original invoice of repairs and payment slip or acknowledgment in case of reimbursement
- Original invoice of repairs in case of cashless claim
- A copy of the two-wheeler insurance policy
- A copy of the registration certificate of your two-wheeler
- A copy of the FIR (in case of any major accident)
- A copy of the driver’s license
Claim against Theft
- Duly filled and signed form of claim settlement
- Original tax receipt
- Original FIR filed
- A copy of the two-wheeler insurance policy
- A copy of the registration certificate of the two-wheeler
- Copy of the driver’s license
- No trace report issued by the police for the stolen vehicle
- Theft declaration form from the concerned RTO
- Warranty card
- Bike keys
Third-Party Claim
- Duly filled and signed form of claim settlement
- A copy of the registration certificate
- A copy of the driver’s license
- FIR copy filed
- A copy of the two-wheeler insurance policy
Documents Required for Changing Your Insurer
If you want to change your insurance provider, then the following documents shall be required:
- KYC documents [Pan Card, Aadhaar Card, Driver’s license, etc.]
- Proof of residence [Aadhaar card, driving license, etc.]
- Passport size photo
- Driving license (if not already submitted above)
- Registration certificate of your two-wheeler
- Expired or ongoing insurance policy number of the two-wheeler
Why is Bajaj Allianz Bike Insurance preferable?
Bajaj Allianz is one of the top-most insurers in India. The primary reason for selecting Bajaj Allianz as your bike insurance partner is its hassle-free process right from taking the policy to the settlement of the claim. Let’s see the main benefits:
Complete online process: You don’t have to enter a series of discussions with the insurance company or the agent. You can simply apply online and save a lot of time. Another perk of an online procedure is that it’s entirely paperless. Therefore, you do not need to visit the company for application or renewal as well.
Compare: Comparison becomes easy due to the online process. Compare various terms and prices and select the best policy for your bike.
Simplified process for filing claims: The entire process of lodging claims is online. You just need to raise your claim through your smartphone. The company will send you a link for self-inspection. Simply follow the steps mentioned in the link and upload the photographs of your damaged vehicle. Then, choose a garage from its network and whether you would go for a cashless option or reimbursement.
Conclusion
Buying bike insurance is more of a necessity as it is for your safety and is already mandated by the law. Choosing a good plan is of utmost importance and far better than taking insurance just to abide by the law.