Brand new Bike
It is not a good idea to let your insurance policy lapse. Renew it, before it expires. You can also renew it within 90 days of the last renewal date if you missed it. If you do not renew your policy within 90 days of its expiration date, you will forfeit your NCB benefit.
The No Claim Bonus rate is calculated as follows:
The amount that a policy buyer must pay to insure their two-wheeler under their own damage insurance plan is referred to as the own damage premium amount. Know more about Shriram Standalone Own Damage policy and premiums here.
The insured two-wheeler is protected for the entire duration of the policy. The duration is usually one year and the start and end dates are mentioned in the policy documents.
It is a written document that addresses the agreed change in the insurance policy. In short, endorsement means a document that incorporates the change in policy terms as per the insured’s request.
Yes, a two-wheeler policy can be cancelled and unusedpremiums can be refunded on a short period basis given that alternate insurance proof is provided. In case of a claim in policy, no refund shall be made.
Different add-on covers are available at different rates. You can check the cost of add-ons and effective total premium in a few clicks here.
You can purchase Shriram bike insurance add-ons when purchasing the insurance cover or when renewing the insurance policy.
Add-on coverage can be purchased with either a standalone own damage policy or a comprehensive insurance policy, but notwith a third-party bike insurance policy.
No, the SAOD insurance or own damage insurance only covers own-damage losses i.e., damage to the insured car only; whereas, the comprehensive coverage covers both third-party and own-damage losses.
There is no limit to the number of add-on covers you want to buy with your policy.You can buy any number of add-ons that you think are beneficial for you.
You can either transfer the policy to a new owner or can cancel it if you have sold your two-wheeler.
Yes, you can renew your existing two-wheeler insurance policy from another insurer of your choice.
IDV stands for Insured Declared Value, which is the total value of an insured bike determined by the insurer in order to compensate the policyholder in the event of irreparable damage or total loss due to an unforeseen occurrence or theft.
NCB stands for No Claim Bonus. NCB is a reward for each claim-free year. This reward is in the form of a discount on next year’s own damage premium.