Shriram Bike Insurance

Shriram Bike Insurance Policy - Key Features

*Disclaimer: The table is for reference only. For more information, please refer to Shriram bike insurance policy wording.

Why Choose Shriram Bike Insurance Policy?

Take a look at some of the unique features of Shriram bike insurance:

• Offers low-cost insurance plans with the best coverage.
• Enjoy a fast and hassle-free claim settlement process.
• Availability of multiple add-ons to help you enhance your base bike insurance coverage.
• Buy or renew your bike insurance policy easily within no time.
• Get the benefit of round-the-clock support for incidents like minor repairs, breakdowns, and refuelling needs.
• Provides No Claim Bonus (NCB) for every claim-free year.

Types of Shriram Bike Insurance Policy

Incorporated in July 2006, Shriram General Insurance Company is among the top bike insurance providers in India. The company is a joint venture between Shriram Group and Sanlam Limited. The insurer aims to provide best-in-class insurance solutions to customers.

Take a look at the different types of two-wheeler insurance policies offered by Shriram General Insurance Company:

1. Standalone Motor Own-Damage 2 Wheeler Policy

   The standalone motor own-damage two-wheeler insurance policy provides financial protection to the insured vehicle against any loss or damage caused by man-made disasters, natural calamities, accidents, fires, explosions, etc. This OD 2-wheeler policy is ideally purchased with the third-party bike insurance policy to enhance the overall coverage.

2. Motor Two-Wheeler Liability Only Policy

   Shriram third-party two-wheeler insurance policy provides basic coverage, focusing only on third-party liabilities. It covers injuries or damages that you might cause to other people or their property while riding your bike. It is a mandatory requirement by law and is available for up to 5 years.

3. Bundled Motor 2 Wheeler Policy

   The bundled motor two-wheeler policy offers a combination of five years third-party bike coverage and one year of own-damage bike insurance coverage. It also includes personal accident cover for the owner-driver. Notably, this type of bike insurance policy is available for new two-wheelers in India.

4. Long Term Two Wheeler Package Policy

   This bike insurance policy offers protection against financial losses due to damage or theft of your bike along with various unforeseen risks and includes third-party liability coverage. Moreover, the policy comes for a duration of 2 or 3 years.

5. Two Wheeler Package Policy

   It is a comprehensive bike insurance policy that covers your vehicle against any loss or damage and third-party liabilities. The policy also offers personal accident coverage for the owner-driver.

*Disclaimer: The inclusions and exclusions above are just for reference purposes. Kindly go through the policy document for detailed understanding of the same.

Depreciation Rates for Different Parts of a Bike

Here are the depreciation rates for different bike components:

• For all plastic/nylon/rubber parts, batteries, tubes and tyres: Subject to 50% depreciation
• Paint material: Subject to 50% depreciation
• For fibreglass parts- Subject to 30% depreciation
• For all parts made of glass- Nil
• Rate of depreciation for all other parts, involving wooden components: Depreciation will be applied as specified in the policy document. Hence, you must check it to avoid any future claim rejection.

Depreciation Based on the Age of the Bike

The applicable depreciation rates on the basis of your bike's age are as follows:

*Disclaimer: The depreciation rates mentioned here are for general informational purposes only. For precise details and terms & conditions, please check the policy documents.

Personal Accident (PA) Coverage for Bike Owners

Shriram General Insurance Company provides financial protection of up to ₹15 lakh for the owner-driver in the unfortunate event of injury or death due to an accident. The payout will be made based on the compensation scale below:

Important Points to Consider Under Personal Accident (PA) Cover

The amount of Personal Accident (PA) compensation will not exceed ₹15 lakh during any policy period and will be paid only for any one of the conditions included in the table above. Additionally, Shriram General Insurance Company will not provide this benefit if the injury or death is caused by suicide, self-harm, or a pre-existing issue or if the accident occurs while the driver is under the influence of liquor or drugs.

How to Buy/Renew Shriram Bike Insurance?

Follow the steps below to buy or renew your Shriram two-wheeler insurance through Policybazaar.com:

• Step 1: Go to Policybazaar.com, place the cursor on the 'Insurance Products' menu at the top, and click on 'Bike Insurance' from the drop-down list.
• Step 2: Provide your two-wheeler's registration number and click on 'View Prices.' If your bike is still not registered or it's a new bike, click on 'Bought a New Bike.'
• Step 3: To proceed, select the bike-related details, such as model and variant, manufacturer, city and RTO, etc., and tap on the 'View Plans' button.
• Step 4: Choose the suitable Shriram bike insurance plan from the list of options.
• Step 5: Opt for either third-party coverage or comprehensive coverage.
• Step 6: If you wish to enhance your base policy, add bike insurance add-ons like consumables cover, zero depreciation cover, etc.
• Step 7: Pay the bike insurance premium through the preferred payment mode, and you will receive the Shriram bike insurance policy on your registered email ID.

How to File a Shriram Bike Insurance Claim?

Check out the steps on how you can raise different types of bike insurance claims:

1. For Theft Claims

   If your vehicle gets stolen, here's how you can raise a claim:

   • Step 1: Go to the nearest police station and file an FIR immediately.
   • Step 2: Share the FIR with the insurance provider to initiate the claim.
   • Step 3: The insurer will assign a surveyor to evaluate the incident.
   • Step 4: Notify your Regional Transport Office (RTO) about the theft.
   • Step 5: Gather all important documents and submit them to your insurance provider.
   • Step 6: To settle the claim, get an 'untraceable report' from the police if the bike is not found within 30 days.

2. For Accident Claims

   For accident-related claims, follow these steps:

   • Step 1: Contact the insurance company immediately after the accident and complete the claim form on their website.
   • Step 2: A surveyor will be assigned to assess the damages at the accident site.
   • Step 3: Provide all required documents to process your claim.
   • Step 4: For cashless repairs, have your bike fixed at a network garage and let the insurer handle the payment directly. Alternatively, for reimbursement claim, get your bike repaired at a garage of your choice, pay the bills, and submit them to the insurer for reimbursement.

3. For Third-Party Claims

   If a third party is involved in the accident, here is how you can raise a claim:

   • Step 1: Provide details of the incident to your insurance company.
   • Step 2: Submit the court summons (if any) to your insurer.
   • Step 3: Fill out and sign the claim form.
   • Step 4: Submit all relevant documents required for the claim.
   • Step 5: The Tribunal court will review and take the decision along with the claim payout amount.

Documents Required for Raising Shriram Bike Insurance Claims

The list of documents necessary for raising a bike insurance claim under different scenarios is as follows:

1. For Theft Claims

   In order to raise a theft claim, keep the below-mentioned documents ready:

   • Filled and signed claim form
   • Bike insurance policy document
   • FIR detailing the theft
   • Vehicle's RC (Registration Certificate), along with all original keys
   • Original Driving Licence (DL)
   • A 'no-trace report' from the police confirming the vehicle cannot be located.

2. For Accident Claims

   While raising accidental claims, you will need to prove the following documents:

   • Accurately filled and signed claim form
   • Driving Licence, or DL of the driver
   • Copy of the first two pages of your two-wheeler insurance policy
   • FIR or Motor Collision Report (MCR)
   • Original RC of the bike
   • Repair estimate
   • Original repair invoice and payment receipt (only the repair invoice is needed if the bike is repaired at a network garage).

3. For Third-Party Claims

   Listed below are the documents needed for raising third-party claims:

   • Claim form duly filled and signed by the policyholder
   • Original Driving Licence
   • Active two-wheeler insurance policy
   • Police FIR
   • Company stamp if the vehicle is registered under a company's name
   • Registration Certificate (RC) of the bike.