HDFC ERGO Bike Insurance

HDFC ERGO Bike Insurance Policy – Key Features

*Disclaimer: The above table is for reference purposes only. To know the exact coverage, kindly refer to the policy wordings provided by the HDFC ERGO General Insurance Company Ltd.

Why Choose HDFC ERGO Bike Insurance Policy?

Here are the key features of HDFC ERGO two-wheeler insurance that make it worth the buy:

• Get a policy with paperless documentation. Hence, hassle-free buying bike insurance process.
• Round-the-clock customer support available over a call and email.
• Accredited with an 'iAAA' rating by ICRA based on their claim paying ability.
• Easy to download bike insurance policy document online on the payment of bike insurance premium.

Types of HDFC Bike Insurance Policy

HDFC ERGO General Insurance Company Limited is a joint venture between HDFC and ERGO International AG, offering different general insurance products. Here are four types of bike insurance plans offered by the insurance company to safeguard your prized possession:

1. Comprehensive Two-Wheeler Insurance

   HDFC ERGO comprehensive bike insurance policy covers own damages and third-party liabilities in a single policy. It includes physical damage and financial loss arising from various incidents, such as accidents, thefts, fire, explosions, natural calamities, and man-made disasters.

2. Third-Party Two-Wheeler Insurance

   HDFC ERGO third-party bike insurance policy covers unforeseen liabilities that may arise in a road accident causing loss/damage to a third-party person or property by the insured bike. The compensation limit for third-party property damage is ₹ 1 lakh. In case of death or bodily injuries of the third party, the Tribunal court decides the compensation amount.

3. Standalone Own-Damage Two-Wheeler Insurance

   HDFC ERGO standalone own-damage bike insurance policy is a type of two-wheeler insurance policy designed for those who want to buy a standalone cover for their own damages to their bike or scooter. Anyone holding athird-party bike insurance policy can buy this policy to enhance the policy coverage. The OD bike insurance policy covers the repairing or replacement costs of an insured two-wheeler damaged in an accident.

4. Cover for Brand New Bikes

   HDFC ERGO General Insurance Co. Ltd. offers coverage for a brand-new bike under a two-wheeler insurance policy. It covers all new bikes for 5 years against third-party liabilities and annual coverage for own damages to the insured motorcycle.

*Disclaimer: The inclusions and exclusions mentioned above of the HDFC ERGO bike insurance policy are for reference purposes only. Kindly refer to the wording of the two-wheeler insurance policy to determine the exact coverage.

Depreciation Rates Applicable to Bike's Parts

The following table applies the rates of depreciation to several bike components:

Depreciation Rates Based on the Bike’s Age

The age of the bike also determines the depreciation rate. Here is a table showing the percentage depreciation applicable:

*Disclaimer: The above rates are for reference. For detailed terms and conditions, check the policy wording provided by the insurance company.

Personal Accident Cover for Two-Wheeler Owners

HDFC ERGO provides Personal Accident (PA) coverage of up to ₹15 lakh for bike owners in the event of bodily injury or death resulting from an accident. The compensation structure in percentage is detailed as follows:

• Accidental Death: 100%
• Loss of two limbs or eyesight, or one limb and one eyesight: 100%
• Permanent Total Disability (PTD) from specified injuries: 100%
• Loss of one limb or one eyesight: 50%

Points to Consider While Buying Personal Accident (PA) Cover

The PA coverage offers compensation for injuries or death due to accidents but excludes coverage for self-harm, self-inflicted injuries, suicide, or intentional harm. Additionally, claims related to injuries resulting from alcohol or drug consumption remain uncovered under it.

How to Purchase/Renew HDFC ERGO Bike Insurance Online?

Purchasing or renewing your HDFC ERGO bike insurance online through Policybazaar Insurance Brokers Private Limited is simple. Follow the below steps to get it done in a few clicks:

• Step 1: Visit Policybazaar.com, click 'Insurance Products,' and select 'Bike Insurance.'
• Step 2: Enter your bike's registration number and select 'View Prices'. If purchasing a new motorcycle, choose 'Bought a New Bike'.
• Step 3: Select your two-wheeler's details, including the city & RTO, manufacturer, model & variant, and registration year. Click 'View Plans'.
• Step 4: Choose the HDFC ERGO bike insurance plan offered.
• Step 5: Depending upon your budget & need, decide between third-party or comprehensive bike insurance coverage.
• Step 6: Opt for additional covers such as zero dep cover, NCB protection cover, roadside assistance, etc.
• Step 7: Complete the payment via UPI, net banking, or credit/debit card and get your policy copy at the registered email ID.

How to File a Claim Under HDFC ERGO Bike Insurance?

To file a claim with HDFC ERGO, follow these procedures according to the type of claim:

1. For Theft Claim

   Here is the process to file a theft claim:

   • Obtain FIR by reporting the theft case to your local police.
   • Submit the FIR to HDFC ERGO General Insurance Company Limited.
   • The insurance provider will assign a surveyor to analyze the theft case.
   • Inform the RTO about this this case.
   • Keep the required documents handy for the claim.
   • If your bike remains untraceable for over a month, the police will generate an 'untraceable report’, which help with settlement of claim.

2. For Accident Claim

   Here is the process to file an accident claim:

   • Notify the insurance provider and fill out a claim form available on their website.
   • A surveyor appointed by the insurer will inspect the damage at the accident site.
   • Submit all the mandatory documents asked by the insurance company.
   • In case of cashless settlement, repair your insured bike at a network garage, and the insurance company will pay the bills.
   • In case of reimbursement settlement, repair it at your nearest garage and pay the bills yourself. Later, the company will reimburse you for the amount in your bank account.

3. For Third-Party Claim

   Here is the process to file a third-party claim:

   • Inform the insurance provider about the accident.
   • Submit the court summons to the insurance provider.
   • Fill out, sign, and submit the claim form to the insurer.
   • Submit all necessary documentation.
   • The Tribunal court will adjudicate the case.

Documents Required for Raising HDFC ERGO Bike Insurance Claims

Depending on the type of claim, different documents are needed, which are mentioned below:

1. For Theft Claim

   The documents below are required for filing a theft claim:

   • Filled and signed claim form
   • Untraceable Report issued by the police
   • Vehicle's RC with all original keys
   • Driving License
   • Police FIR
   • Bike insurance policy

2. For Accident Claim

   The documents below are required for filing an accidental claim:

   • Signed claim form
   • Valid Registration Certificate of the bike
   • Driving License (DL) of the driver riding the bike during accident
   • The first two pages of the HDFC ERGO bike insurance policy
   • FIR or Motor Collision Report (MCR)
   • Original repair estimate
   • Repair invoice and payment receipt.

3. For Third-Party Claim

   The below documents are required for filing third-party claims:

   • Signed and filled out the claim form
   • Driving License (DL) of the policyholder
   • Original bike insurance policy documents
   • Vehicle Registration Certificate (RC)
   • Police FIR
   • Stamp for company-registered vehicle documents