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.