In this world, time is of essence. Even more so when you live in a country such as India. Woke up late and have to beat the traffic jams? Ride your motorcycle! Need to get to your gym faster in the evening? Motorcycle to the rescue!
Two Wheelers have become a vital part in the life of the common man. With the growing cost of buying cars, motorcycles and scooters, even the simple cycle offer relief and a good way to spend your money.
With the advance in technology, brands have also improved the safety of the above mentioned mode of transport. Speed and safety together a good way to invest your hard earned Rupees.
Yet, ensuring your investment is very vital too. Imagine yourself riding and, God forbid, you run into some unforeseen event you need to have some safeguard for your money! This is why insurance is important. HDFC provides you with some great schemes to protect you and your belongings.
As per the Motor Vehicle Act of the year 1998, the government mandates that you have some kind of third party insurance over your two wheeler. This was introduced so as to protect the consumer as well as his belongings, in this case the vehicle, against accidents and thefts.
Unfortunately, these so called ‘third party’ schemes are usually not enough. HDCF ergo two wheeler insurance provides you with two schemes the Long Term Two Wheeler Insurance policy and
The Long Term Two Wheeler Insurance Policy
HDFC ERGO Two Wheeler Insurance now offers you an easy way to get your vehicle insured online. This instant bike insurance policy has the option to choose a policy period of up to three years. Due to the presence of this feature, you need not worry about yearly renewals of policy.
In the two and three year policies, the Long Term Two Wheeler Insurance Policy provides you with a No Claim Bonus (NBC). This effectively gives you the benefit of the NBC for the entire period of policy and is not reliant of the claim status.
HDFC ERGO Insurance provides you with a multiyear policy in just one go! It has a day in day out, quick and easy claim settlement process. It will cover the legal liabilities which arise due to injury or death. This is for both third party and personal accidents.
As per the government rules, the third party cover can rise on an annual basis. This doesn’t happen in the HDFC ERGO Two –Wheeler Insurance policy. The cover rate will remain the same through the entire duration. In simpler words, the third party premium rate will be the same throughout, and you get to save money.
You also get the No Claim Bonus Protection, irrespective of the claim status.
The inclusions under this policy are further divided into two parts own and third party.The own damage cover protects your vehicle in the case of theft or accident, be it on your own, by someone on the road or a natural disaster.The third party damage over protects against financial losses that arise due to injury or death of a third party, damages caused to a third party person or property. In addition, a rupee 1 lac personal cover is also provided to the owner or the driver.
HDFC ERGO two wheeler insurance will not cover the wear and tear of your vehicle owing to the passage of time and use. Accidents caused by a person without a valid driving licence are not accepted as well.
Losses due to War, driving under influence and periodic depreciation are not covered as well.
The entire list of inclusions and exclusions can be found in the policy wording.
The Multiyear Two Wheeler Insurance Policy
More commonly known as the Third Party Liability cover, the Third Party cover is now mandatory in India. HDFC and its Multiyear Insurance Policy provides you with cover for injury or death to the owner driver. It also has an option to provide cover to the Pillion Rider.
The multiyear policy will get you protection for up to three years
HDFC ERGO Two Wheeler Insurance saves you the hassle of yearly renewals. You need only pay once, and you are insured!
The Multiyear third party cover will protect you against legal liabilities that arise due to death and bodily injury to a third party. It also insures against damages to any third party property.
On a personal level, death due to accident of the insured owner as well as the unlikely event of permanent disability of the owner are also covered under this policy
The policy excludes any own damage caused to the vehicle due to theft or accidents.
Contractual liabilities, damage that occurs outside the geographical area and any liability arising to a Nuclear Threat will not be covered.
For a full list of inclusions and exclusions, please go through the policy wording.
HDFC ERGO Two Wheeler Insurance provides you with an option to renew your policy. It has a few simple steps.
To begin with, you need to go to the valid web page. Then you need to enter your expiring policy number. Once done successfully, you will be redirected to a page that contains the new policy details.
Once this has been carefully examined, you will proceed to make the payment and complete the renewing process.
You can purchase the policy online by following links on the website. There are three simple steps.
Firstly, you need to calculate your premium. Secondly, you need to fill your details, and lastly, you need to make the payment! The entire process shouldn’t take you longer than 20 minutes.
Alternatively, you can buy the policy by visiting the bank’s various branches that are located all over the country. A full list of the same can be found on the bank’s official website.
HDFC ERGO Two Wheeler Insurance provides you with a lot of benefits. This includes, but is not limited to:
1. Long Term Coverage
3. Instant Issuance
4. A great claim settlement
5. 24*7 support
Life is vital, and its insurance is a necessity. That being said, the tools that make life easier are also vital to be insured.
All of this is provided to you by the HDFC ERGO two wheeler insurance policy. You will not only insure your life, but you will also protect your assets, save yourself a lot of time. So get yourself insured now and ride with a peace of mind!
1. Why do I need Insurance?
As all investments need a safeguard, your bike is an investment that needs a safeguard as well. No one knows what will happen in the future. One can only prepare for it, and our amazing policies provide you with that perfect cover.
2. What are the different two wheeler insurance policies HDFC provides me with?
HDFC ERGO two wheeler insurance has two types
1. The Long Term Two Wheeler Insurance Policy
2. Multiyear Two Wheeler Insurance Policy
3. How can I buy the policy?
You can either buy the policy online or visit the bank’s branches and talk to the employees there to buy the policy.
4. Should I go for the Long Term insurance or the Multiyear one?
It is recommended that you always go for the Long Term Comprehensive insurance policy.
5. How long does it take to issue the policy?
Buying the policy online results in its immediate issuance. A copy will also be sent to the email ID you have registered with.
6. Are there any components that can be added to my policy?
Yes, you can add the following:
- Zero Depreciation Cover
- Emergency Road Assistance
7. Will my policy get transferred in case of a sale?
Yes, you can transfer the ownership of the policy in case of a sale. You will have to provide a written application to the bank.
8. What is the NBC?
The No Claim Bonus, or the NBC, is a discount that you are provided with upon the successful completion and renewal of a policy following a no claim year.
|Period||NCB% on own damage premium|
|1 full year of insurance||20%|
|2 consecutive years of insurance||25%|
|3 consecutive years of insurance||35%|
|4 consecutive years of insurance||45%|
|5 consecutive years of insurance||50%|
9. How is the Issue Declare value (IDV) calculated?
On the basis of the selling price, set by the manufacturer
For any further queries, please visit the bank’s website!