National Insurance Bike Insurance

National Insurance Bike Insurance Policy & Key Features

*Disclaimer: The above table is for reference purposes only. Kindly refer to the policy wordings provided by the National Insurance Company Limited to understand the key features.

Why Choose National Insurance Bike Insurance Policy?

National bike insurance policy comes with the following key benefits, which makes it worth buying:

• Buy or renew bike insurance online in a few clicks.
• Affordable plans with tailor-made coverages.
• Fast and hassle-free bike insurance claim settlement process.
• No Claim Bonus (NCB) is also available
• Swift and speedier claim process with a Claim Settlement Ratio (CSR) of 93%.
• Tracking of claim status online.

Types of National Bike Insurance Policy

National Insurance Company Limited (NIC) is India's oldest and most popular public sector general insurance company, offering tailored plans for different consumers. Here is a detailed version of the different types of bike insurance plans offered by the company:

1. Annual Package Policy

   This policy is a comprehensive bike insurance plan that provides coverage for both third-party liabilities and own damages to the insured bike. It covers the damages to the own bike resulting from accidents, theft, fire, natural disasters, vandalism, etc. Additionally, it covers the legal and financial liabilities for injuries or damages caused to third parties (including their property) due to an accident involving your bike. This policy is also available for one year and needs to be renewed annually.

2. Annual Liability Only Policy

   This policy provides coverage exclusively for third-party liabilities. It is often referred to as third-party bike insurance. It covers the financial and legal liabilities arising from injuries or damages caused to third parties or their property due to an accident involving the insured bike. This policy is valid for one year and requires annual renewal.

3. Long Term (2/3 Years) Package Policy

   This comprehensive bike insurance policy is designed for a longer duration, typically two or three years. It combines coverage for both own damages and third-party liabilities. Those seeking a longer-term solution and wanting comprehensive coverage usually prefer the policy.

4. Long-Term (2/3 Years) Liability Only Policy

   This policy focuses solely on third-party liabilities, covering legal and financial claims against you for damages or injuries caused to others. It is available for two or three years and is ideal for long-term third-party liability coverage without additional own damage protection.

5. 5-Year Liability Only Policy for Brand New Two-Wheelers

   This is a third-party liability policy available specifically for brand-new two-wheelers. It offers extended liability coverage. It contains five-year third-party (TP) coverage, providing extended protection without the need for annual renewals.

6. Bundled Policy for Brand New Two-Wheelers

   This policy combines third-party liability coverage with own-damage bike insurance protection in a single plan, specifically for brand-new two-wheelers. Under this, third-party liability coverage is valid for five years, and own damage coverage is valid for one year.

   This policy offers a comprehensive protection package for new bikes, covering third-party liabilities and personal damages with the convenience of long-term third-party coverage.

*Disclaimer: The above-mentioned are the general inclusions & exclusions of the National Insurance two-wheeler policy. Check the policy wording for the exact coverage.

Depreciation Rates Applicable to Bike's Parts

Below is the rate of depreciation applied to different components of the bike:

Depreciation Rates Based on the Bike's Age

The age of the bike also influences depreciation rates. The table below highlights depreciation rates as per the vehicle's age:

*Disclaimer: The depreciation rates given in the above tables are for reference purposes. Kindly check the terms and conditions of the policy wording.

Personal Accident Cover for Two-Wheeler Owners

National Insurance Company Limited offers Personal Accident (PA) coverage as a mandatory add-on to the bike insurance policy. It provides coverage of up to ₹15 lakh for bike owners in case of bodily injury or death resulting from an accident.

The compensation scale that a policyholder can avail is described as follows:

• Accidental Death: 100%
• Loss of both limbs or eyesight or 1-limb and 1-eyesight: 100%
• Loss of 1-limb or 1-eyesight: 50%
• Permanent Total Disabilities caused in an accident: 100%

Points to Consider While Buying Personal Accident (PA) Cover

The Personal Accident cover provides compensation for accidental death or injuries only. It excludes the self-harm, suicide, intentional harm, physical injury or wounds. Moreover, it excludes the claim raised for injuries resulting from the consumption of alcohol or drugs.

How to Buy or Renew National Bike Insurance Online?

Renewing or buying National bike insurance online can be done through the official website of Policybazaar Insurance Brokers Private Limited. Here is the process:

• Step 1: Go to Policybazaar.com, click 'Insurance Products' in the top menu, and select 'Bike Insurance.'
• Step 2: Enter your bike's number and select 'View Prices' for renewing the policy. If you have bought a new bike, click 'Bought a New Bike'.
• Step 3: From the given options, select the details of the city & RTO, manufacturer, model & variant, and registration year. Then, click on 'View Plans'.
• Step 4: Choose the National bike insurance plan offered.
• Step 5: Choose between third-party or comprehensive bike insurance coverage.
• Step 6: Opt for add-on covers, such as a zero-dep or engine protection cover.
• Step 7: Pay the premium through UPI, net banking, or credit/debit card to receive a policy in your registered email ID.

How to File a National Insurance Two-Wheeler Claim?

There are three types of claims raised under the National bike insurance policy:

1. For Theft Claim

   To file a theft claim for your bike insurance, follow these steps:

   • Step 1: Report the theft to your local police and obtain a First Information Report (FIR).
   • Step 2: Submit the FIR to National Insurance Company Limited.
   • Step 3: The insurer will assign a surveyor to investigate the theft.
   • Step 4: Notify the Regional Transport Office (RTO) about the stolen bike/scooter.
   • Step 5: Ensure you have all the required documents at the time of claim settlement.
   • Step 6: If the bike remains untraceable for over a month, the police will issue an 'Untraceable Report', which will assist in settling your claim.

2. For Accidental Claim

   To file an accident claim under your bike insurance policy, follow these procedures:

   • Step 1: Notify your insurance provider and fill out the claim form on their website.
   • Step 2: A surveyor appointed by the insurer will inspect the damage at the accident site.
   • Step 3: Submit all mandatory documents requested by the insurance company.
   • Step 4: Repair it at a network garage for a cashless settlement, and the insurance company will settle the bill amount directly.
   • Step 5: For reimbursement, repair any nearby garage and pay the bills yourself. Then, the insurer will reimburse you via bank transfer.

3. For Third-Party Claim

   To file a third-party claim, follow these steps:

   • Step 1: Inform the insurer about the road accident.
   • Step 2: Submit the court summons to the insurer.
   • Step 3: Submit the filled & signed claim form to the insurer.
   • Step 4: Submit all the required documents asked by the insurer.
   • Step 5: The Tribunal court will handle the adjudication of the case.

Documents Required for Filing National Insurance Two-Wheeler Claims

There are three different sets of documents for various situations, explained below:

1. For Theft Claim

   The following documents are required for filing a theft claim:

   • Completed and signed claim form
   • 'Untraceable Report' from the police
   • Vehicle Registration Certificate (RC) with all original keys
   • Driving License
   • Police FIR
   • Bike insurance policy

2. For Accident Claim

   The following documents are required for filing an accidental claim:

   • Completed and signed claim form
   • Registration Certificate (RC) of the bike
   • Driving License (DL) of the rider at the time of the accident
   • Bike Insurance Policy
   • First Information Report (FIR) or Motor Collision Report (MCR)
   • Original repair estimate
   • Repair invoice and payment receipt

3. For Third-Party Claim

   The following documents are required for filing a third-party claim:

   • Completed and signed 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