What Is Shriram Two-Wheeler Insurance Policy?
Shriram Two-Wheeler Insurance Policy protects you from the financial loss incurred to get your vehicle repaired or replaced in case of unforeseen incidents such as damage or theft. Along with this, this insurance policy also protects the insured against the mandatory third party liability. This insurance company also offers enhanced protections through nil depreciation.
Types Of Two Wheeler Insurance Policy
There are two types of motor insurance which Shriram Two-Wheeler Insurance Policy provides:
- Third party liability
- Loss or damage to the vehicle
What All Shriram Two-Wheeler Insurance Policy Covers?
Damage or loss to the insured vehicle caused from the following will be covered under this policy:
- Natural calamities such as self-ignition, explosion, fire, lightning, tempest, storm, hailstorm, cyclone, hurricane, typhoon, inundation, flood, earthquake, landslides, rockslides, frost, hailstorm, and others
- Man-made calamities such as theft, burglary, riots, strikes, malicious activities, terrorist activities, damages in transit by rail, road, airway, waterway, elevator, lift, and any other accident through external means.
Personal Accident Cover For Owner-Driver
The insurance company will pay the compensation to the insured if S/he sustains any bodily injury/death due to the accident.
|Nature of injury||Scale of compensation|
|Loss of two limbs or sight of two eyes or one limb and sight of one eye.||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries other than named above||100%|
Third-Party Liability: This policy offers coverage to the policy owners against any financial or legal liabilities caused to a third person or their properties by your vehicle due to accidental damages, injuries, and deaths. In case of Property Liability wherein the insured vehicle is causing Third Party property damage, this policy will offer compensation up to Rs. 100,000/-.
How To Apply Online For Shriram Two-Wheeler Insurance Policy?
It is very easy to buy Shriram Insurance Two-Wheeler Insurance policy online and one can buy it in few easy steps:
- Open the official website of Shriram General Insurance and click on ‘buy online for new vehicle’ tab enter the personal information in the form and lastly, click on calculates premium.
- If you are satisfied with the premium, make the payment through different modes of payment given on the page
- The insured needs to contact Customer Help Desk of Shriram General Insurance to intimate the claims and make sure that the following information is ready at the time of registering:
- Proposal no. /Policy no.
- Date & time of Accident
- Survey location, where vehicle can be surveyed by the loss assessor of Shriram General Insurance
- Estimated loss / description
- Name of the driver and contact no. along with Driving License details
- Insured contact details
- Download the CLAIM INTIMATION SHEET and duly fill it and send it to the Help Desk of the company or email it at firstname.lastname@example.org
- The customer support team of Shriram General Insurance will take the claim intimation and will provide you with the claim reference number
- Once your claim has been registered and loss assessor from the company gets deputed, you will receive a text message regarding the confirmation along with the surveyor details
- The surveyor sent from the Shriram General Insurance will contact you for the survey time and will initiate the survey accordingly. You will be required to provide the REQUIRED DOCUMENTS with reference to the vehicle type and suggested by the assessor.
- Insured can check the claim status online by entering the policy and claim number
Documents Required For Claim Process
- Duly filled Claim Form
- Copy of driving license
- Certificate of Registration
- Police FIR
- Motor Insurance Policy with schedule and endorsement/ clause
- Copy of the plan and receipt of payment of premium
Cases Where You Can’t Claim Shriram Two-Wheeler Insurance Policy
The insurance company is not liable to pay if the claim arises due to the following event/s:
- Damage or loss suffered by the vehicle while being used for purposes that are beyond the policy’s scope and limitation of usage
- Driving under the influence of alcohol or drugs
- Driving without having a valid driving license.
- Wear and tear of the vehicle due to ageing, depreciation, electrical and mechanical breakdown or failures, and consequential loss
- Damage, loss due to nuclear weapons or radioactivity
- Due to war and activities related to it
- General wearing and tearing of vehicle parts such as tyres and tubes(in case the bike or scooter is damaged at the same time, the liability of the insurer will be up to 50% of the replacement cost
- Loss of or damage to accessories by burglary housebreaking or theft unless the vehicle is stolen at the same time
Add-On Covers On Shriram Two-Wheeler Insurance Policy
Shriram General Insurance offers special value-added extensions for protecting you and your co-passengers who travel with you on your bike or scooter. Here are the add-on covers which further enhance the limitation of your two-wheeler insurance policy:
- Special feature discount: Under this add-on cover, you can avail a good amount of discounts on the amount charged for each feature of this insurance policy
- Electrical and Electronic Accessories: Under this, all the electrical and electrical accessories of your two-wheeler such as fog lamp, headlight, etc. will be covered within this policy
- Personal Accident Cover: You can avail this cover for yourself, the driver of your vehicle, unmanned passengers as per the seating capacity of the vehicle. It is available from Rs 10,000 to a maximum of Rs 200,000
Insured Declared Value
The vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the erstwhile Indian Motor Tariff.
Shriram Insurance Two-Wheeler Insurance Policy Renewal
The renewal of Shriram General insurance policies is equally important as purchasing one. Insured needs to make sure the policy purchased from Shriram General is renewed on time to keep the services and benefits intact as any break in the renewal of your policy will cost you to lose your No Claim Bonus. One can renew their policy online without any hassle.
- All they need to do is visit the official website of Shriram General and click on “QUICK RENEWAL”
- Thereafter enter their policy number and proceed to the payment gateway
- Pay the premium of their Shriram General insurance renewal online via credit card, debit card or net banking
- After the successful payment of premium, one will be done with the renewal.
- One will receive renewal confirmation on mail from the company
Advantages Of Shriram Two-Wheeler Insurance Policy
Benefits of Shriram General’s Two-Wheeler Insurance Policy:
- One will get up to 50% No Claim Bonus even if they have bought their two wheeler insurance from any other bike insurance provider
- Transfer of existing No Claim Bonus from any insurance provider.
- Hassle-free cashless claim at preferred network garages
- Policyholder will get 40% discount when they buy their insurance policy online
Q1. How long will it take to settle the claim?
The claim can be settled within 7 days from the date when all the documents that are required are submitted to the insurance company.
Q2. What is the validity period of my Shriram two wheeler insurance policy?
It is valid for a period of 12 months, after which it should be renewed.
Q3. What is third-party risk cover?
It is a mandatory requirement for every policy-holder to get a third-party insurance cover as it offers coverage to the insured against third-party risks. This means the company will compensate for deaths and other damages caused to any third person or his/her property. However, it will not cover the damages caused to your vehicle during the accident.