How To Find Insurance Policy Number By Vehicle Number?

How To Find Insurance Policy Number By Vehicle Number?

Two-Wheeler Insurance is based on the rules laid down in the 1988 Motor Vehicles Law. This law regulates the traffic rules that motor vehicles in India must comply with, and such a rule is the need for motor vehicle insurance that applies to all vehicles. If you have a bike, you need valid Bike Insurance Online. Due to this rule, all biker owners invest in bicycle insurance. Mandatory bicycle insurance is liability insurance for bicycle injuries, property damage, or the death of third parties. However, if you follow a comprehensive policy, you will also be insured for the damage caused by the bike.

Regardless of whether you are purchasing a third-party policy or a comprehensive policy, the bike’s registration number is used to purchase the policy. Let’s understand what this number is and how you can use it to check the status of the bike insurance.

What is the bike registration number?

The registration number of your bike is a unique number assigned by your area’s Regional Transportation Office (RTO). This number is unique to each vehicle and helps identify the bike and its owner. If you buy a new bike, you must register your bike with your local RTO within 30 days of purchase. If the bike has been successfully registered, RTO will give your bike a unique registration number that you need to add. This number is on a label and has been added to your bike for identification.

Use Of Registration Number

The registration number not only helps you identify the bike but also:

1) Remove the bicycle lock:

Without the registration number of the bike, you cannot make Bike Insurance Online. When the policy is specified, the bike’s registration number is added to the policy document to ensure that the bicycle policy is published.

2) Renewal of Two-Wheeler Insurance:

Even if you want to extend your bike insurance, you will still need to provide your bike’s registration number so that your policy can be extended. It is not possible to take out and extend bicycle insurance without the bike’s registration number.

3) Right to rights:

When you make a request, you will need your bicycle insurance number and bicycle registration number at the time of the request. The registration certificate of the bike must be offered to meet your needs.

4) For questions from third parties:

If you have an accident and are physically injured due to someone else’s bike, you can apply for third-party coverage if you have the person’s bike registration number. The registration number can be used to check the status of the Two Wheeler Insurance Online and you can check the status and claim third party injuries.

5) To check your bike insurance data:

If you do not have bicycle insurance at hand and you need insurance information for your bicycle, you can use your bicycle registration number. It is possible to check the bike insurance information with a registration number. Just enter the number and you will get full details of your bike insurance.

Easy ways to check Two-Wheeler Insurance Online

Even if you forget your Bike insurance information or have lost your insurance documents, you can easily check if your Bike is still insured. The Insurance company has privilege to track your renewal date and other general information.

The Internet has made various insurance transactions efficient and fast. New-age digital insurance companies are at the forefront to provide the best customer service. Read on to learn how to check online Bike insurance status.

How To check the status of the Bike Insurance Online:

There are two basic methods of checking the status of Two-Wheeler Insurance but most efficient with the advent of the Internet. To know more about your bike insurance status online through the Insurance Information Office (IIB) established by IRDAI follow the below-given steps:

1. Visit the IIB web portal.

2. In the required fields, enter information such as name, email ID or mobile phone number, address, license plate, and accident date.

3. Enter the security code and click Submit.

4. Details on how to lock the two join wheels displays. If not, previous policy details display.

5. If you cannot see the details using the method described above, you can call the bike’s engine and chassis number.

Simple Steps to Buy Two Wheeler Insurance Online

Like all other health or property insurance, bike insurance protects the policyholder from financial losses in the event of unfortunate events. Bicycle insurance is valid for one to three years. During this time, the insurer will cover the cost of repairs of damage or injury, depending on the type of cap purchased by the owner of an insured bicycle. The type of Online Bike Insurance can be liability insurance or full insurance. 

As its name suggests, a Best Insurance Policy covers third-party risk, while a comprehensive policy covers its own and other third-party damages and risks.

Steps to purchase two-wheeled insurance online

Online Bike Insurance made it possible to secure your bike in a matter of minutes. Here is a step-by-step guide to buying bicycle insurance online:

Step 1: Research

Learn the basics of two-wheel insurance before buying the policy. Learn the terms used in this industry. This is useful if you have online bike insurance. Authority bonus (NCB), insured record value (IDV), liability to third parties, comprehensive guidelines, no depreciation, etc.

Step 2: Insurance Company

Choosing the right insurance company is as important as buying the right policy. Ideal bicycle insurance should offer first-class pre-sales and customer service. After registering with the insurer, visit their website to get Online Bike Insurance.

Step 3: Choose the type of bike insurance

To select the type of bike insurance, go to the Bicycle Insurance page and enter the details of your bike. Then choose the type of Bike Insurance Online you want to buy.

Step 4: Set up IDV

While choosing the Two-Wheeler Insurance, you will be asked to set your bike’s IDV. This step shows the current market value of your bike. IDV decreases over time and affects bike insurance premiums.

Step 5: Choose Plugins

After setting up IDV for your bike, choose the add-ons if you have comprehensive bike insurance in the previous stages. You can choose from a list of bicycle insurance add-ons. 

Step 6: Payment

Payment is the final stage of your bike’s insurance. After payment, you will receive the Best Insurance Policy document in your e-mail inbox. You can download this copy and print it. This edition is fully valid. You have completed the transaction after paying for the online bike insurance.

How To Calculate Premium with Bike Insurance Calculator?

How To Calculate Premium with Bike Insurance Calculator?

We all have surely heard about the Bike Insurance Calculator but exactly don’t know much about it. if you have purchased a new bike and decide to purchase an insurance plan then your neighbor would have surely suggested you check the premium on the Bike Insurance Calculator.   Also, if you have ever checked any bike insurance online, then you will get to see a flash message on the screen of the Bike Insurance Calculator.

A Bike Insurance Calculator is basically a software that will calculate the premium of your vehicle depending on the age, model, and variant. This software will give you the exact calculation of the premium according to the coverage you opt for your bike.

You have to enter the details of your bike and some information on the software to calculate the exact premium. Buyers can also compare the prices of multiple two-wheeler insurance companies. Moreover, if you want to renew your insurance plan then you can also enter your no claim bonus duration to get a discount.

The process to calculate the two-wheeler insurance premium:

If you are going to purchase a bike insurance policy for the first time then make sure to calculate online premiums. You can follow the below steps to calculate bike insurance premium:

  • Enter the model number, variant, and registration number of your vehicle.
  • Confirm the location of the RTO where you have registered your vehicle.
  • Choose whether you want to purchase a new plan or want to renew your policy. Also, choose if you want to opt or eliminate any coverage from the policy.
  • Click on the ‘Get Quotes’ to see the premium of all leading two-wheeler insurance companies.

Key features of some famous bike insurance companies:

There are more than 25 two-wheeler insurance companies that are currently active in India. Each insurance company has their unique clauses and features depending on their customer base. Some of them provide attractive discounts while others have a good settlement ratio. Also, each and every company has their own criteria to calculate the annual premium of the bike. Here we are providing the Key features of the best two-wheeler insurance companies.

National Two-Wheeler Insurance:

This company is better known for its uninterrupted long term plans.

  • Customers can purchase comprehensive insurance policies from this insurance company for optimum coverage.
  • You can purchase an insurance policy for more than 5 years for your bike.
  • Buyers can avail up to 7.5 lakh of Third-party liability coverage. The insurance policy will cover the death, disability or injuries caused to third-parties
  • The loss caused due to theft is covered in the policy.
  • It has incurred a claim settlement ratio of 79.68%.
Reliance Two-Wheeler Insurance:

The Reliance insurance company is doing well in the insurance sector since its inception. It is one of the leading insurance providers companies.

  • The reliance insurance company has an incurred claim settlement ratio of 81.47%.
  • It provides cashless claim settlement at network garages.
  • The customer will claim a daily allowance of Rs. 5,000 in case their vehicle is not repaired within 3 days.
  • Customers can purchase a maximum three-year plan for their bike.
  • The company provides a personal accident cover of 15 lakhs.
  • You can opt for depreciation coverage at comparatively low prices.
Bharti AXA Two-Wheeler Insurance:

This insurance company provides comprehensive coverage for all types of losses. It holds an incurred claim settlement ratio of 81.74%.

  • The policy can cover all the natural as well as manmade disasters.
  • It provides additional personal accidental and third-party liability coverages up to 1 lakh.
  • Buyers can purchase additional depreciation coverage along with the basic policy.
  • The premium of third party coverage depends on the capacity of the engine and varies from Rs. 482 to Rs. 13,034.
  • You can also avail of no claim bonus for not making any claim.
HDFC Ergo Two-Wheeler Insurance:

This insurance company provides multiple coverage options.

  • You can take either a comprehensive, third party or long term plan as per your requirement.
  • Customers will get default depreciation coverage along with long term and liability plans.
  • Policyholders can make unlimited claims in comprehensive policy taken from HDFC ergo bike insurance company.
  • This company will cover third party losses of up to Rs. 7.5 lakhs.
Shriram Two-Wheeler Insurance:

Customers can purchase or renew two wheeler insurance online from the Shriram insurance company.

  • This company will cover all the damages and losses caused by accidents, disasters, and terrorist acts.
  • You can get third-party liability coverage of up to 1 lakh.
  • This insurance company has a good record of claim settlement.
  • You can take a personal accident cover of up to 2 lakhs.
  • This company is also known for its 247 claim settle service.
Royal Sundaram Two-Wheeler Insurance:

This company provides a wide personal accidental coverage for valued customers.

  • Customers can take a maximum of a 3-year plan from Royal Sundaram Two-Wheeler Insurance company.
  • If you shift your existing policy to this company then the no claim bonus will be transferred automatically.
  • Customers can contact the toll-free number of the company to register a claim.
  • Buyers can take no claim bonus benefit even after making a maximum one claim in a year.
  • The bike rider will get coverage of 1 lakh in case of an accident.
SBI Two-Wheeler Insurance:

Customers will get mandatory third-party liability coverage on purchasing a bike insurance plan from SBI 2 Wheeler Insurance company.

  • Customers can avail no claim bonus of up to 50 %.
  • The SBI Two-Wheeler Insurance policies will not cover normal wear and tear damages.
  • Customers can also opt for Personal accident covers of up to Rs. 1 lakh for the co-driver.
The need for a Bike Insurance Calculator:

There is more than 25 bike insurance companies working in India. So, it becomes very difficult to visit each and every website and remember their premiums. So, the Bike Insurance Calculator is a third party website that shows you the quotes of all insurance companies. It has a tie-up with all the leading insurance providers.

Need of Zero Depreciation Cover in bike insurance

Zero Depreciation Cover in bike insurance!

Whenever you purchase a new and expensive bike, you make sure to protect it from extreme damages. We cannot predict damages or accidents. Whether you are an experienced driver or a fresher one, it will not change the circumstances of the accident. So, it is better to be on the safer side and choose additional coverage. In that case, a zero depreciation cover is worth an investment for the protection of your bike. The insurance company will pay the complete cost of the bike without considering depreciation. So, purchasing a zero depreciation two-wheeler insurance is very helpful for every bike owner.

A comprehensive bike insurance policy is always there to provide coverage but it considers the depreciation amount. Depreciation reduces the actual amount of the vehicle hence the insurance company ended up paying the recent market price of the bike.

Benefits of Zero Depreciation cover:

Opting a zero depreciation policy is always beneficial. Here are some major benefits of opting a Zero Depreciation cover.

  • It will increase the savings and reduce the risk at the time of claims. Bike owners don’t have to pay much from their pockets at the time of making a claim.
  • The car owner will receive the complete amount including depreciation amount and after deducting some required amount in the policy.
  • Generally, the depreciation rate of two-wheelers varies from 0% to 40%. But with a zero depreciation plan customers don’t have to pay for the expenses of paintwork, rubber, and fiberglass parts at the time of service.
  • Customers have to pay 0% charges for the repair and replacement of spare parts whereas you have to pay 50%. charges for tubes, tires, & batteries.
  • If you own an expensive bike then it is also obvious that their spare parts are also expensive. So, people with expensive bikes majorly own this coverage while renewing bike insurance online.
  • Opting for a zero depreciation cover while purchasing two-wheeler insurance for your new bike will give your peace of mind. As you don’t have to take any financial stress in repairing the damage.
  • It widens the coverage of your bike in extreme damage conditions.

What is Zero Depreciation Cover?

Zero depreciation cover is an add on provided in two-wheeler insurance policies. It provides additional benefits to the cost of bikes by neglecting depreciation costs. It is obvious that the vehicle price will depreciate with passing time due to wear and tear. So, opting for a zero depreciation cover along with the basic plan is a wise decision. You have to choose this as add on while purchasing the bike insurance online. Most of the insurance companies provide this coverage option for new bikes of less than two years. The premium price will increase on opting zero depreciation for which you will receive a high claiming amount. Customers can opt for this cover both while purchasing or renewing Online Bike insurance.

Scenarios excluded under Zero Depreciation Cover:
  • If the bike damages due to mechanical defects then it will not be covered in the policy. 
  • Parts that are not mentioned in the policy will be covered in a zero depreciation policy. 
  • If the bike damages due to natural hazards then it will not be covered under the policy.
  • Damages caused due to mechanical wear and tear are not included in the policy.
  • It is important to go through the policy documents carefully as zero depreciation covers are only applicable for selected models.

Comprehensive Plan Vs Zero Depreciation Bike Insurance Plan-What is Better?

Comprehensive Plan Vs Zero Depreciation Bike Insurance Plan

It is not an easy task to compare two different insurance policies. Especially when it comes to Comprehensive vs zero depreciation in bike insurance. Both plans have their separate advantages and drawbacks. If you exclude any of these then you must have to suffer financial harm. These plans complement each other and provide combined protection to the bike. Overall, we can easily understand it by saying that Comprehensive Insurance + Zero Depreciation Bike Insurance = Complete protection and 100% Peace of Mind.

  • If you have purchased a new bike then a zero depreciation cover is suitable for complete protection. Whereas you own an old bike then a Comprehensive plan is enough to shield you.
  • Customers have to pay a high premium for choosing zero depreciation covers in a bike insurance plan. Comparatively, a comprehensive plan has low annual premiums
  • You can cover your bike in depreciation cover for a certain period of time. That time depends upon the insurance company, model, and variant of your bike. Most of the companies take it within two years of purchasing a bike. On the other hand, comprehensive plans are available for all types of two-wheelers.
  • The market price of bikes reduces with the passage of time. Hence, comprehensive cover will deduct the Depreciation cost of the parts while providing a claim. Customers can take a claim up to a specific amount for the predefined damages. You can find the list of damages in the policy document. The company will deduct all the taxes and charges before giving the claim. But on the other hand in Zero Depreciation cover, you will get the whole amount after reducing some compulsory deductions.

Role of zero depreciation cover in Comprehensive policy:

We have heard that a comprehensive plan provides the best protection against damages. But there are some exceptions in every case. So, there are certain scenarios where this comprehensive plan fails and customers don’t get the appropriate benefits.

  • A comprehensive cover is perfect for the reimbursement of damages for a well-used bike. It pays the expenses of repairing and replacement of bike parts as per current market value. Altogether, we can say that the insurance company will cut off the depreciation charges before settling the claim. But what happens if your newly purchased bike met with an accident and got damaged within a few days after purchasing. You have to pay the repairing bills disappointingly. Also, at that time a well-equipped comprehensive plan will be of no use and you have to pay money from your pocket. This damage will cost you too high.
  • Customers can protect themselves from this type of incident by opting for a zero depreciation cover at the time of purchasing basic bike insurance policy. When you purchase an insurance plan, you take it for financial protection as well as for mental peace. So, ignoring a zero depreciation cover while purchasing or renewing online bike insurance proves to be very disappointing.
  • As per the strict rules of government, it is important to have third party liability coverage for all the motor vehicles. So, purchasing a comprehensive plan with third party liability coverage is necessary to pay for the social losses.

Coverage provided in a Comprehensive Insurance policy: 

  • Comprehensive Insurance policy is a complete package of repair and hospitalization benefits. It will pay for the bodily injury, social property damage as well as for the damage of the vehicle. 
  • Comprehensive Insurance policy will cover all the major and valid reasons for damage. It includes accidents such as theft, accidents, riots, fire explosion, natural disasters, and terrorist activities.

Exclusions in Comprehensive Insurance policy:

There are some scenarios that are not covered in the Comprehensive bike Insurance policy:

  • Customers will not be able to make a claim after the expiry of the policy.
  • If the policyholder is riding a bike under the influence of alcohol, drugs, or any chemical then it will not be covered in the policy.
  • The insurance company will not consider the accidents or damage that are planned intentionally.
  • If you are using your personal vehicle for commercial purposes, then it will not be covered in the comprehensive policy.

Coverage provided in a Zero Depreciation Insurance policy

Zero Depreciation Two-Wheeler insurance plan is purchased by the owners of a new bike. This coverage does not deduct the amount of wear and tear of bike parts. 

  • Depreciation simply means the reduction of the market price of a bike due to wear and tear with the passage of time. Once you purchase the bike the depreciating amount starts to reduce. And it reduces till you use the bike.
  • In Zero Depreciation coverage, customers will get the total insured amount including the depreciation cost of the bike.
  • Customers don’t have to pay charges for repairing or replacement of most of the parts.

Exclusions in Zero Depreciation Insurance policy:

  • The insurer will not consider any type of wear and tear damages on the bike.
  • Zero Depreciation Insurance policy will consider selected parts for replacement at no charges. The company will take help price for other parts.
  • Natural calamities resulting in the damage of the bike are not covered in the policy.
  • Zero Depreciation Insurance policy covers only selected models of bikes that are expensive. If the age of your bike is more than 5 years then you cannot choose for Zero Depreciation cover while renewing the insurance plan. This timeline further varies from company to company.
  • Searching for a Best Insurance Policy through an offline method is very difficult hence customers can check Two-wheeler insurance online to get more benefits and advantages.