Why should you choose the HDFC ERGO Two Wheeler Insurance policy?

HDFC ERGO Two Wheeler Insurance policy

Everyone knows that there are more than 25 two-wheeler insurance companies recently working in India. So, it becomes very difficult for customers to choose a single policy that covers all the damages. Also, each of them has a unique facility that others should lack. Some of them provide high coverage, whether the others provide policy at low premiums. But only HDFC ERGO Two Wheeler Insurance company is the one that provides complete coverage at a low premium. It safeguards your bike against accidents, theft, malicious damage, and natural calamities.

Formal Introduction Of Insurance Company

HDFC ERGO Two Wheeler Insurance company has more than 1 crore satisfied customers over the globe. Not only in India this company is also cherished in foreign countries for its excellent services. This company has more than 6,800+ network garages spread over the country that provide cashless repairing service. HDFC ERGO is the best two-wheeler insurance company with a 94% claim settlement ratio. If you want to purchase Online vehicle insurance for your bike then this company will take care of all damages. As per the motor vehicle act, it is compulsory to have a third party coverage to reimburse the social property damage. Hence, this insurance policy will also aid you with a fine waiver apart from repairing expenses.

You can’t even imagine bearing the unforeseen high expenses without a two-wheeler insurance plan. Below is the main feature of the HDFC plan that will surely convenience you to purchase one for your bike.

  • No hassle of carrying hard copies.
  • Get up to 70% discount on premiums.
  • If you will not make a claim for consecutive 5 years then the company will reward you with a No Claim Bonus of up to 50%.
  • Round the clock assistance service to solve the queries of customers.
  • Get instant approval of claim settlement within 24 hours of an incident.
  • Transparent policies and easy claiming procedure.

What are the key factors that can affect your HDFC ERGO Two Wheeler Insurance premium?

Bike insurance policies are very easy to buy. You can either contact an agent or purchase it from an Online two-wheeler insurance website. But purchasing a whatever policy will not provide you sufficient coverage. Whereas if you want to take complete coverage from all damages then your pocket will get empty. So, it is very important to know about the factors that can affect your insurance premium.

  • Age of Bike (Year of purchasing the bike):

The value of every asset decreases with time and so does with your bike. Your bike insurance premium is inversely proportional to the age of the bike. If you have purchased a new bike then it has more market value then the old one. Also, the repair of a new bike needs more funds than the old one. It concludes that the premium of a new bike is higher than an old used bike.

  • Model and variant:

The year of manufacture, place of registration, engine capacity, the model of bike, and fuel variant are the important factors to decide your bike insurance premium. If you are going to purchase vehicle insurance online, then also you have to enter these details. The website will show you the premium as per the provided information.

  • Installation of security systems:

Installing a security device on your bike will reduce the effort of the insurance company in case your bike gets stolen. Resulting in which they will provide you with an extra discount on the premium. So, if you install a verified tracking device on your vehicle then the company will reduce your premium.

  • Choice of coverage:

HDFC ERGO Two Wheeler Insurance company provides a range of coverage options for their customers. It is important to specify your needs while purchasing an insurance policy. If you opt for unbeneficial coverage then it will unwantedly increase your premium. Moreover, you can also choose for long term plans as per your budget. This will give you an additional discount on the premium rates.

Incidence covered in an HDFC ERGO Two Wheeler Insurance policy:

It is not necessary that every company will consider all your losses. Any misconceptions regarding the policy will cause you a huge loss while claiming. Experts always suggest checking the policy clauses before purchasing the insurance policy. You will get the following coverage in HDFC ERGO Two Wheeler Insurance policy:

  • Accidents:

Accidents are always unpredictable and it causes heavy damage to both the rider and the bike. A company not covering the accidental damages will be simply of no use. But with HDFC ERGO Two Wheeler Insurance company, you can take cashless claims in case of volatile accidents.

  • Theft:

It is not less than a nightmare when you get to listen that your bike got stolen. So, this company will not let your nightmare come true and provide coverage from theft.

  • Disaster:

There are multiple types of disasters that can hit your location. Sometimes they are natural while other times they are caused due to manmade activities. HDFC ERGO will reduce your stress and cover all types of natural as well as man-made disasters in the policy. So, the damages caused due to floods, riots, earthquakes, cyclones, terror attract are included in the policy.

  • Explosion and fire coverage:

Now don’t get panic if your garage is in the fire. Our insurance policy will reimburse the losses caused to your bike. All you need to inform the insurance company and we will take care after the damages.

  • Personal accidental protection:

It is not less than a blessing to have a personal accidental cover in your bike insurance policy. Not all insurance companies provide personal accidental coverage but you will get a default coverage of 15 lakhs with HDFC ergo.

  • Third-party liability:

               Third-party liability coverage will cover third party losses and medical expenses. If someone gets injured in an accident with your bike then this will provide the medical expenses of that person. not only the hospital bills, it will also provide financial help in case of demise and permanent/temporary disability.

Get an overview of Acko bike insurance- claim settlement and coverage

acko bike insurance

In life, everything happens unexpectedly that we don’t even get to understand what just happened. This can be related to accidents on the road while riding a vehicle. According to data, around 150 thousand road accidents reported in the country in the year 2019. These accidents are fatal for bike riders because of many reasons. That is why people are always suggested to buy bike insurance to protect the riders against any sort of financial loss. Most of the people prefer buying acko bike insurance as it comes with several features and benefits. 

Bike Insurance Benefits

No matter what sort of bike you have, there is a great necessity of having bike insurance. During any case of an accident, the policyholder will get compensation for the damage that occurred to the motorbike. The amount provided by the insurer depends on multiple factors including the type of insurance opted by the policyholder.

With bike insurance, you will be getting numerous benefits. The foremost benefit that the policyholder will get is financial aid for all sorts of repair works after an accident. You will also get financial help if your motorbike gets stolen. The insurer will also provide coverage for complete as well as partial loss of policy holder’s bike. Not just this, you can also avail of a cashless claim settlement facility at various service centers and garages. In this way, you don’t need to pay whole money and then wait for the claim reimbursement.

In addition to the bike’s repair cost, there will be a facility of third party bike costs. Under this third-party insurance, the injuries of the third party and the repair cost will also be taken care of. Owing to all these reasons, bike owners prefer buying acko 2 wheeler insurance.

Let’s see what the policyholder will get coverage from this bike insurance in a discreet manner:

Theft of motorbike: Have you ever thought about what would you do in case your bike gets stolen? The best solution is to have bike insurance. If you have insured your bike with insurance then you will pay in case of bike theft. Theft of bike will get covered under your bike insurance. 

Accidents: If your bike meets an accident then the damage or the repairing cost will be covered under this insurance. No matter whether it is a minor or major one, the damages will be paid by the insurer.

Natural Calamities: One of the common questions that policy buyers have is the coverage of natural calamities. The bike will get covered against any sort of natural calamities including earthquakes and floods. Man-made calamities such as riots will also be taken care of by the insurer.

Bike fire catch: There can be huge damages to your bike because of fire that happens due to resulting explosion, lightning, or self-ignition. The policyholder need not worry as this fire catch comes under the acko bike insurance.

Bike Owner Cover: One of the important cover that bike owners will get from bike insurance is the death and disability cover. 

Third-Party losses: Sometimes if the accident is major then it can result in the injury or death of any third party. In some cases, the property will also get ruined and damaged.  All the damaged of the third party will get covered with two-wheeler insurance.

Online buying of bike insurance

Today, it is quite easy to buy online bike insurance in just a few minutes. With the online process, a policyholder doesn’t need to go through complicated paper works. The best part is that there will be direct communication between the insurer and the policy buyer which results in transparency. Along with this, there will be no long queues of form submission, everything will be done with just a few clicks. 

Cashless Bike Insurance Claim Process with Acko Bike Insurance

If your bike catches fire, gets stolen, or meets with an accident, you just need to follow a seamless process of claim settlement. The steps that you need to follow for the claim process are mentioned below:

Contact the insurer

The policyholder immediately needs to inform the insurer about the theft, fire, accident, or any other damage. You can connect with the insurer via the customer service number. Make sure to click all the pictures where the event happened. 

Claim Registration

Just submit all the details of the accident along with all the documents for the claim process. You will be given a claim reference number that you need to save for later use. 

Survey of the damage

A surveyor of the insurer will visit to check the damages and their extent.  

Settlement of Claim

After assessing the entire thing, the insurer will take care of the expenses of the damage and will pay direct to the garage. 

Why you should consider buying bike insurance online?

Bike Insurance Online

Many times, we ignore buying insurance when we buy things. But, buying bike insurance is something that you need to do at any cost. It not only provides financial assistance to you but also complete peace of mind. You never know, when a natural calamity or accident can hit you. In such cases, the best way to minimize high expenses is by buying bike insurance. To make sure that your bike is protected under any circumstances, you must buy insurance. Most of the people prefer buying bike insurance online as it comes with several benefits.

Two-wheeler insurance comes with different coverage plans. Let’s understand each of these in a detailed manner:

Third-Party Cover – This plan mainly covers the damages to the vehicle, property, or third party person. In this, the policyholder will not be covered with their damages.  If there will be any damage to the policyholder’s vehicle or the parts then there will be no coverage.

Comprehensive Cover – the comprehensive covers the vehicle as well as the policyholder. There are many other options for coverage that you get from this comprehensive cover. Because of different options, the comprehensive cover is having high premium than the third-party one. 

Apart from this, there are a number of factors on which the premiums of bike insurance depends. This includes a model of the bike, engine capacity, annual premium, and many more.

It has been seen that most of the bike owner prefers buying two-wheeler insurance online. How buying insurance online can be beneficial? Why two-wheeler owners look for the option of bike insurance online?

If you are also wondering about this then go through these below-mentioned pointers in brief:

All day-night availability

One of the most important benefits that no one can deny is 24 hours accessibility. When it comes to buying bike insurance, there is nothing technical that you will need to understand. Still, there are online companies of bike insurance that have an around the clock chat room where you can get your questions answered directly. Many times, people just forget to buy or renew their insurance. The only way is to go for online bike insurance to protect your bike from damages and yourself from expenses.  

Apart from this, the online insurance company also helps the policyholder in scheduling the payment reminders to avoid an accidental lapse.

Wide option with huge information

On the internet, you can get all the information and details that one could need while buying online bike insurance. Here, you can compare some of the shortlisted insurance plans on different aspects. Right from cover to premium, you can easily have a look at all these factors without anyone’s pressure or persuasion. In addition to this, you can find out all the terms and conditions of the company. 

Direct communication with the company

Whenever you will go to buy bike insurance online, you will make the deal directly with the company. There will be no mediator or anyone else. This means all the information will be given to you direct by the online insurer. With this, there will be more transparency in the information related to bike insurance. 

The biker owner will be assured of getting into direct conversation with the insurance company. So, there will be no confusion about the plan, cover, premium, or any other things. With this, you can make a better choice of insurance for your bike.

Convenience and no stress

Whenever we think of buying insurance for bikes, the first thing that comes to the mind is the hassle of form filling and then its confirmation. But, the online insurance buying process helps in relieving from all these hassles. One of the best things is that you can make payment via online modes for complete convenience and security. Also, you don’t have to get indulged in complicated paperwork. Right from claims to settlement, everything will be done online with complete peace of mind.

Not just this, you will get secured in terms of online payment also. When you make bank-to-bank payments through net banking or any other medium, it gets on record and reduces the risk of fraud. Thus, online payment is a secure payment gateway where you cannot be duped.

Not just one, there is a long list of benefits that one can get while purchasing the bike insurance online. If you will go online then find multiple insurance companies that provide online insurance for two-wheelers. Some of them include TATA AIG bike insurance, SBI two-wheeler, Reliance two-wheeler insurance, and many more. All that you need to do is to find a bike cover as per your requirement and buy it online immediately with no hassle. 

Do you know Why Auto insurance is important?

Vehicla insurance why

Having Auto insurance is mandatory in almost all states of India. It is a contract between the insurer and the insurance company that they will provide the financial coverage of the losses in case of an accident. Auto insurance basically covers the property, liability and medical losses. 

Property losses: It includes the loss when your vehicle is stolen or lost. 

Liability losses: It covers the losses of damage and bodily injuries caused due to accidents to the other person. 

Medical losses: It covers the cost of medicines, hospital treatment, and funeral expenses also. 

What happens if you don’t have car insurance and you meet with an accident?

Insurance is mandated and it is a must to have insurance if you are driving a vehicle on the road. If you don’t have insurance and you get in an accident then a huge fine will be imposed on you, your license will be suspended or you will get an official notice of a traffic offense. Apart from this, you have to pay for the repairing cost and the medical expenses from your pocket if some get injured. Most important is if someone gets killed in that accident then it might be possible that you have to face court hearings and get imprisoned for years.  So, if you want to get rid of all these tensions, then take auto insurance instantly.

Why it is important to take an insurance plan?

  • It provides Reimbursement for damage in the vehicle.
  • Policyholder gets financial help for your family if he/she, unfortunately, demise in an accident.
  • It will reduce your responsibility and protect you from legal formalities.
  • It will provide the medical expenses if you get injured while accident.
  • The earlier you buy, the better you will get and the lesser you have to pay now and will save more in the future.

How can you choose the right auto insurance coverage?

When you are on road and driving a vehicle, it’s not enough only to drive carefully and follow the rules. Maybe you are following the rules but how can you be so sure about others. So, it’s better to be at the safer side and have insurance. It is also a pain to choose the right type of coverage from the multiple plans available in the market. So here is some main point that you can keep in mind while choosing for coverage.

  • Personal Injury Protection Coverage

Whether it’s your fault or not, it will cover the medical expenses for both the passenger and the policyholder. It is a mandatory coverage in some states. It will also cover the lost wages if you are injured and don’t able to go on work. 

  • Collision Coverage

It will provide the reimbursement or the replacement of the vehicle if it gets damaged in the accident crashing with another vehicle or object. 

  • Comprehensive Coverage

When your vehicle is theft, damaged in hail, vandalism or damaged due to natural calamities, then comprehensive coverage will provide the compensation of the damage vehicle. It will not cover the damage cause due to driving.

  • Property Damage Coverage

Property Damage Coverage will provide the compensation for the damaged caused to the property of another person whether it is the building, fence or vehicle.

  • Gap coverage

If you have financed your vehicle and the amount is still pending, then gap coverage will help you to pay off the amount in case the vehicle is totaled or theft. This insurance will cover the gap of the actual amount and the current worth of the vehicle.

Things to remember while purchasing auto insurance

Select for the top-rated insurer:

Check for the ratings and reviews online on the website of the company prior to purchasing any insurance plan. It will give you a rough idea about the successful claim settlement ratios, services offered and non-claim problems.

Go for low deductibles:

If you go for high deductible then your premium amount will reduce. So, check for the policy with low deductibles so that you will get the maximum coverage.

Check regularly for credit score after purchasing auto insurance and try to maintain it:

Once you purchase the insurance plan then it is compulsory to maintain the credit score otherwise your premium gets impacted directly if the credit score goes down.

Check for auto claim process:

Auto claim process will make sure that you don’t have to rush to the insurance company with the hardcopy of all required documents. The complete claim can be settled by sitting at the comfort of your home by sending the required images and scanned documents on mail. 

Compare annual rates with other companies:

Compare with the annual claim rates with other competitor companies in the market so that you will get the best contract.

Beware of scams:

Frauds can anytime trick you with fake accidents, at that time you have to take the responsibility of the crash and expenses. To avoid this type of scenario we request you to drive carefully if something happens then report the incident to the police immediately and take pictures of the crash scene.

Check for more discounted offers:

Multiple coverages in a single plan will cost you less in comparison to multiple plans with solo coverage. So, go for combined policies as it will cost cheaper for you. Apart from this, special discounts will be available for those who have a record of long safe driving or have specialized any driving course.

Introduction to IRDAI (Insurance Regulatory and Development Authority of India):

irda123

In India, IRDAI is the governing power of all the insurance companies. It is a legal organization that manages, changes, and regulates the complete insurance sector. They are working for the betterment of insurance companies and can come up with new ideas or conditions anytime. IRDAI has set up a few conditions for the bike insurance holders so that they are treated impartially by the insurance providers while purchasing bike insurance online. It is mandatory to follow the procedure and guidelines of the IRDAI for both the insurance holder and the insurance provider. If any company disobeys or found misleading the rules, then IRDAI has the complete authority to penalize them. They can cancel the certification of the insurance companies and blacklist them. If any policyholder is caught red-handed while doing any type of cheating or forgery with any company then IRDAI will ban you from taking any insurance policy in the future.

Rules of IRDAI to provide compensation in case of claiming for a two-wheeler insurance policy: There are certain rules that have been planned by IRDAI for the safety of the bike or scooter owners. These rules are compulsory to follow by the insurance companies if any person will make a claim for the personal accident:

  • The insurance provider has to give the predetermined insured amount to the policyholder if he will claim for any bodily injury.
  • If there is no specific terms and condition mentioned on the policy, then the nominee of the policyholder will receive the total insured amount (i.e. 100%) in case of death.
  • 50% of the total sum insured is provided to the policyholder if one eye or limb gets damaged in an accident.
  • 100% sum insured will be provided to the policyholder for any permanent disability

Terms and conditions to fulfill the Compensation Clause: If you want to make a claim for two-wheeler insurance, then it is important to have a valid driving license of the driver or bike owner and safety precautions such as a helmet.

  • If the accident is a result of any suicidal attempt or self-harm then it will not be covered under the policy.
  • The total liability at the time of claiming can be less than or equal to 1 lakh Rupees. More than 1 lakh rupees will not be provided for any liability.
  • At a time, policyholders can only make a claim for a single incident.
  • In case of an unexpected death, the payable amount will be given to the nominee or any legal representative that came up from the side of the policyholder.

Procedure to purchase Bike Insurance online: If you want to purchase two wheeler insurance online then you have to follow simple procedures. Once you will submit the form and complete the payment insurance company will email the policy documents instantly. The insurance premium will be decided according to the engine capacity, model, and age of two-wheeler.

Additionally, the insurance provider needs an Insurance certificate, copy of PUC (pollution under control), Registration certificate (RC), and Driving license to make a successful claim.

Exclusions in a Two-wheeler Insurance policy: These are certain cases in which the policyholder will not be eligible to make a claim.

  • Any damage caused to the vehicle or the policyholder due to riots and war will not be covered under the policy.
  • The damage caused to bikes due to any natural disaster such as tsunami, flood, or landslides will not be covered under this.
  • Accidents that are caused due to over speeding will not be covered under the two-wheeler insurance policy.
  • Accidents caused due to the carelessness of drivers after the consumption of drugs, alcohol, or other in-toxic substance will not be covered under the policy.
  • Any damage caused to your friend’s bike while you are riding the bike or vice versa will not be eligible to take an insurance claim. If the bike owner has a policy then the insurance provider will pay for the damage caused to the bike but other bodily injuries will not be covered under two-wheeler insurance policies.
  • If you have forgotten to take the key out from the bike, left your bike somewhere or you have lost the keys of the bike. Resulting in which your bike gets stolen then you will not be able to make a claim.
  • Electrical and mechanical failures that cause wear and tear to the bike will not be covered under two-wheeler insurance.
  • Accidents that happen in other countries or outside geographical areas will not be covered under the policy.
  • The damage caused to the bike due to any radioactive or nuclear activity will not be covered under the policy.
  • If the bike rider is without a driving license, minor, or without a helmet at the time of the accident then it will not be covered under the policy.

TAT for Grievance Redressal: In insurance companies, there is a predefined turnaround time for every work, under which that work has to be completed. So, it is important for us to report the incident to the company as soon as it happens or within the defined time to make a successful claim. These are some timelines for redressal in an insurance company:

  • For Grievance acknowledgment, you have to report within 3 business days
  • Grievance resolution will be provided by insurance provider within 15 business days
  • For Insurance, processing, and cancellation of insurance policy, the insurance company need 15 business days
  • It takes 30 days for the Settlement of claim.
  • It takes 15 business days to the insurance providers to give Addendum report

These TATs are important to keep in mind while taking any online or offline two wheeler policy. If you will report after the time limits then your claim will be automatically rejected by the system. Apart from all this, if you will install any safety device to your bike and maintain it properly then you can also reduce the premium value. The condition of a two-wheeler also plays an important role at the time of purchasing the policy. If your vehicle is too old and needs more maintenance then it will cost high.