What is HDFC ERGO Two-Wheeler Insurance?
HDFC ERGO Two-Wheeler Insurance policy ensures your two-wheeler is protected from unforeseen accidents, theft, damages as well as from third party liabilities etc. Usually, motor insurance policy provides coverage for annual term but HDFC ERGO provides long term coverage up to three years as per the requirements of the policy seeker.
Types Of HDFC ERGO Two Wheeler Insurance Policy
HDFE ERGO offers two plans for all those who are in need of two-wheeler insurance. The two plans are as follows:
- Third party Liability Insurance
In this plan, the insurance policy is limited to the basic requirement of “third party liability” which has been made compulsory by the Motor Vehicles Act, 1988. Under this policy it covers the legal accountability which has been sustained due to any death, damage or injury caused to a third party. Customers willing to buy the policy can opt for multiple year policies which lasts up to 3 years.
- Comprehensive Insurance
HDFC ERGO offers comprehensive two wheeler insurance wherein the customers have the option to choose from Single Year Comprehensive Insurance Policy to Long Term Comprehensive Policy where their two-wheeler is protected against accidental, theft or any damage caused to a third party. . Interested customers can enjoy the benefit of No Claim Bonus (NCB) for policy terms up to 2 years and 3 years.
What All HDFC ERGO Two-Wheeler Insurance Covers?
- Third party liability
Under this policy, the third party is covered up to Rs 7.5 lakhs if any damage is caused by the insured vehicle. Along with this, it also provides coverage to all your liabilities related to medical needs of a third party.
- Loss/ damage to own vehicle due to man-made disaster
This policy covers certain number of man-made disasters also such as theft, accident by external means, strikes, burglary, riots, and malevolent act or any damage caused in the movement of rail, air, road, inland waterway, lift or elevator.
- Loss/ damage to own vehicle because of natural calamities
This includes lighting or self-ignition, typhoon, fire, explosion, storm, flood, hurricane, cyclone, frost and many more.
- Personal Accident Cover
It is compulsory personal accident coverage for owner driver where they are insured of Rs 15 lakhs sum amount.
How To Apply For HDFC ERGO Two-Wheeler Insurance Online?
It is very easy to apply for HDFC ERGO Two-Wheeler Insurance online and one can do it in the following steps:
- Firstly, go to the official website of HDFC ERGO hdfcergo.com
- There, you will get options of bike insurance plans offered HDFC ERGO under the Buy option.
- Choose between single, long term and third party plan and pay the required premium through the best suited payment method
In order to move forward with the claim process of HDFC ERGO Two Wheeler Insurance plan, customers are required to fill KYC (Know your Customer) Form. There are certain details to be filled in order to complete the claim process.
- Then, the customers must fill the KYC Form and submit it along with the photocopy of any one of the following KYC Documents for all claims amounting to Rs1 lakh or more than that.
- In case of any further issues, one can call on customer care toll free number on 18002700700 (accessible only from India) after the repairing of the vehicles is done, customer can go for cashless claim and the bill amount of the vehicle is directly paid by to the garage HDFC ERGO.
- The company usually takes only 3 days to cover the expenses of minor theft or accidents. HDFC ERGO claims that they settle cases within 7 days, but the person should submit the document of proof and claims form to the officer.
- After the evaluation of the form of the customer, and if found satisfactory and genuine the claims amount is deposited in the account of policy holder via NEFT.
Documents Required For Claim Process
Cases where there are accidental damages claim by customers, the following documents are to be given by the aggrieved party to claim the amount,
- Claim Form
- Photocopy of driving license of the person who was driving the vehicle at the time of accident
- Copy of the Registration book of vehicle
- FIR, only if the accident was reported to the police
- The photocopy of Insurance Policy
- Estimated expenses incurred for repair of the vehicle
Exclusions Under HDFC ERGO Two-wheeler Insurance
The insurance company is not liable to pay if the claim arises due to the following claim:
- Depreciation of the value of the two wheeler
- Driving under the influence of drugs, liquor, or without valid license
- Any sort of mechanical or electrical breakdown in the vehicle
- Damage caused due to war, nuclear risks or outside India
- Consequential loss or damage in the vehicle due to some other activity
- General wear and tear of the vehicle
Add-on Covers on HDFC ERGO Two-Wheeler Insurance Policy
The add-on covers provided by HDFC ERGO Two-Wheeler insurance Policy are as follows:
- Zero Depreciation Cover: With this cover, no deductions will be made and the insured will get the entire amount. However, the cost of battery and tyres do not come under Zero depreciation cover.
- Emergency Assistance Cover: Under this cover, the insured will be provided with round the clock assistance in case of emergency breakdown issues. This also includes minor repairs on site, duplicate key issues, and tire changing, battery jump start and towing charges and other minor aids.
Insured Declared Value
Premium rate is applied only after looking into the IDV of the vehicle. It should be noted that more the IDV the more will be the premium of the insured vehicle. With passage of time, the two-wheeler gets old, IDV decreases and thus the premium also decreases. Customers should be well aware of the premium rates, as policy makers often keep the premium rates low just to attract more people, but this also means that they will be given lesser Insured Declared Value at the time of claiming damages and the entire amount is not compensated.
HDFC ERGO Two-Wheeler Insurance Renewal
It is very easy to renew the HDFC ERGO Insurance Policy. The policyholder just needs to log into the official website of HDFC ERGO and go to the renew option and there enter the policy number that will take him to the payment page. Once the payment is made, the insured will receive the policy copy.
If the policy is not renewed within 90 days, No Claim Bonus will become 0% and no benefit will be given to the policyholder as the NCB is valid upto 90 days from the previous expiry date.
HDFC ERGO Cashless Garages
HDFC ERGO aims at giving cashless services for all motor insurance policy holders at the network garages. HDFC ERGO has got over more than 4800 network garages for the benefit of their customers.
Advantages Of HDFC ERGO Two-Wheeler Insurance
- One can make unlimited claims with this policy
- Option to choose from such as single and long term comprehensive insurance policy
- Can be easily purchased through the online process
- Protection of No Claim Bonus
Q1. How long does it take for policy to get issued?
If you have purchased the policy online then, you will get it immediately in your inbox right after the payment is made. However, if you have bought it from the office, it will take one or two days for it issued.
Q2. What is the policy’s cancellation process of HDFC ERGO Two-wheeler Insurance?
Cancellation of the policy is possible anytime; one has to go on the site and order for cancellation or write a mail regarding cancellation. There is a small documentation process done for cancelling the policy after which you will be sent a mail of intimation message.