1. What are the documents required to avail age and occupational discount?
To get the age benefit or the occupational discount you need to submit your PAN Card and employment or education certificate for the verification process.
2. Can the replacement of a new vehicle is possible in the current insurance policy?
Yes, replacement of new vehicle in the current insurance plan is available. You need to call the insurance company to know more details.
3. How can cancellation of policy be done during the tenure of the insurance?
Cancellation of policy can be done on submitting the copy of insurance which is done by some other company. In another case, you need to show the cancellation certificate of the vehicle which should be done by the Regional Transport Office (RTO). Once the cancellation is done, the remaining amount will be returned. The amount will consist of deductions like premiums of the coverage. The refund is given if there is no claim under the tenure of the policy.
4. What is the need for comprehensive policy when by law its mandate to buy an only third-party insurance policy, death or injury loss is given?
According to law buying third-party insurance policy is mandatory but it is a suggestion that comprehensive policy should be brought. This is said to protect your vehicle from the natural as well as man-made calamities. If you buy the comprehensive policy you can claim the losses caused to your vehicle. In the case of no comprehensive cover, the entire amount will be given by the vehicle owner. The company has no liability for it. Thus by opting comprehensive policy, you can stay tension free as whatever loss may occur to your vehicle company is there to bear the financial burden.
5. What is the process for getting the insurance policy online?
There is no set of documentation required to get the insurance policy. You need to mention the details about the previous policy and the RC information at the time of buying the insurance policy for verification and renewal purposes.
6. Is NCB is available for the expired policy?
This option is available if you renew the policy within a period of 90 days from the date of expiry.
7. What if the Insurance Policy gets misplaced?
In case you lose the copy of insurance policy, you just need to contact the motor insurance company, and they will issue you a duplicate one. A nominal charge might be taken. For the people who want it online, soft copy of the policy is sent to the customer's email address. You can take the printout from there as a hard copy.
8. What is No Claim Bonus (NCB)?
It is a bonus issued to the customer as the policyholder has taken no claim during the period of policy tenure.
9. When is the inspection of the vehicle done?
For the policy which is taken online, there is no inspection. If it is taken, through the branch office than inspection takes place.
10. What about the tenure of the policy?
Most insurance policies which are present in the market are there for a period of one year. But IRDA has allowed the companies to launch Two Wheeler policies for a larger period that is 3 to 5 years. New India Insurance has launched the policy for the tenure of 3 years. This is beneficial for the policyholder as they can save money.
11. What is Endorsement in Two Wheeler insurance?
For the Two Wheeler insurance, the term endorsement is an agreement that is a documented proof of one or more changed which are agreed upon the policy term. The document serves as valid proof of the changes in the policy. There are two types of endorsement that is Premium bearing and Non-premium bearing.
12. What can be done if the two-wheeler is lost or stolen?
For the theft cases, you need to lodge an FIR first at the nearest police station. Even the insurer needs to be informed about the incident which has taken place; this is done as to make the claim. Certain documents along with the copy of FIR are required to be submitted for the claim.
13. When is Two Wheeler insurance premiums affected?
The premium payable for the policy is subjected to its age and many other factors. This explains that the IDV (Insured Declared Value) of the Two Wheeler falls down with its increasing age and premium payable for the same gets lowered.
14. Is Personal Accident Insurance Cover there within the Bike Insurance?
A Personal Accident Insurance Cover of amount Rs. 1 lakh with your Two Wheeler policy is given. The policy type should be the 'Comprehensive Coverage Plan'.
15. What is RTO?
Regional Transport Office (R.T.O) is responsible to carry out the functions and provisions as mentioned in the Motor Vehicles Act, 1988. Every city and state of India have their own RTO (Regional Transport Office), which ensures the enforcement of the Motor Vehicles Act, 1988. It is headed by the Transport Commissioner. The basic functionality of RTO is to issue a license, permit vehicle, vehicle registration, etc.
16. What is Long term Two Wheeler insurance?
Long Term Two Wheeler Insurance is a policy for several years that is for 2-3 years. The main benefit of this policy is that you don't need to pay your premium annually. The long-term policies by IRDA are offered by many of the reputed companies. You can take there from the branch or through the online procedure from our website https://www.policyx.com/.
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