FAQ FOR SHRIRAM BIKE INSURANCE

1. When should my Shriram two-wheeler insurance be renewed?

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.

2. I want to know more about the No Claim Bonus limit?

The No Claim Bonus rate is calculated as follows:

20 % after one claim-free year
25% for the second claim-free year
35 % for the third claim-freeyear
45 %for the fourth claim-freeyear
50%for a longer period

3. What does the own damage premium mean?

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.

4. How long is the two-wheeler insured under the SAOD policy?

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.

5. What is meant by endorsement in a two-wheeler insurance policy?

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.

6. Can I cancel my policy and get a refund?

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.

7. How much additional do I have to pay for Shriram add-ons?

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.

8. When can I buy the Shriram bike insurance add-on coverage and include them in my plan?

You can purchase Shriram bike insurance add-ons when purchasing the insurance cover or when renewing the insurance policy.

9. Is it possible to purchase additional coverage with a third-party bike 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.

10. Is comprehensive insurance the same as own damage insurance?

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.

11. How many addons can I buy at most?

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.

12. I have sold my scooter, what to do with the insurance policy?

You can either transfer the policy to a new owner or can cancel it if you have sold your two-wheeler.

13. Can I renew my existing two-wheeler insurance policy from another insurer?

Yes, you can renew your existing two-wheeler insurance policy from another insurer of your choice.

14. What is IDV in Shriram two-wheeler insurance?

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.