Insurance for TVS Two-wheelers

In India, owning a two-wheeler comes with the mandatory requirement of at least third-party Bike Insurance. This covers injuries or damage caused to a third-party, their vehicle, or property in case of an accident involving your TVS. While it provides basic protection, it doesn't cover damage to your beloved bike.

 

For comprehensive protection, opt for a Comprehensive Bike Insurance Plan. This covers:

• Third-party liabilities: Similar to the mandatory plan.

• Own damage insurance: Covers repairs or replacement of your TVS bike in case of accidents, theft, fire, natural disasters, and more.

• Personal accident cover: Offers financial protection for you and your co-rider in case of injuries or accidental death.

You can purchase TVS bike insurance online from the comfort of your home. Bajaj Markets offers insurance policies for TVS bikes at affordable prices, and you can follow these steps to buy two-wheeler insurance.

• Step 1: Head to Bajaj Markets, and visit the online application form.

• Step 2: Enter your vehicle number, mobile number, and residential PIN code.

• Step 3: Read the terms and conditions, and if you accept these terms, click ‘Get Quote’.

• Step 4: Choose the insurance cover, and click ‘Buy Now’.

• Step 5: Add the owner-driver personal accident cover as mandated by the RTO.

• Step 6: Review and confirm the vehicle registration date and previous policy type (whether it was comprehensive or third-party insurance).

• Step 7: Click ‘Proceed’.

• Step 8: Provide basic details, such as the owner's name, date of birth, mobile number, and residential address. You should also provide the vehicle engine and chassis number as mentioned in the registration certificate (RC).

• Step 9: Confirm the previous policy details.

• Step 10: Go through the details provided to ensure they are accurate, and make the payment using your credit card, debit card, UPI, or Net Banking to purchase the policy.
   

Once the payment goes through, you will be able to download the policy document. You will also receive a copy of the policy document via email to your registered email ID within 5-7 business days.

• Zero Depreciation Cover: When you buy a zero depreciation cover for your TVS bike insurance, the company will not consider the depreciation of the two-wheeler parts during claim settlement. The policy will thus facilitate comprehensive coverage for the full insured value of the bike without focusing on depreciation. When you make a claim, this helps to minimise the costs incurred by you.

• Roadside Assistance Cover: A sudden breakdown of your two-wheeler can leave you stranded without help. Roadside assistance cover with your TVS insurance policy allows easy access to services such as tyre changes, towing, duplicate key making, and fuel delivery.

• Personal Accident Cover: Some experts regard personal accident cover as the most important add-on. It covers the costs of treatment if you incur injuries in an accident on your insured bike.

• Return to Invoice Cover: Some mishaps can lead to a total loss of your two-wheeler. A return to invoice cover is helpful in such cases. It allows you to get compensated according to the purchase invoice of your bike.

• Coverage against theft

• Loss or damage to the two-wheeler caused by explosion, self-ignition, and natural and man-made calamities

• Damages to the insured vehicle stemming from accidents or malfunctions

• Financial and legal coverage against injuries and damage to the third-party driver/vehicle caused by the insured two-wheeler

• A specified amount is provided to the nominee in the event of the policyholder’s demise or is given to the policyholder if they suffer permanent total disability due to an accident
  

• Normal wear and tear of the two-wheeler, and the costs incurred by the policyholder to repair or replace parts that are damaged over time

• Any pre-existing defects or damages that the two-wheeler sustained before the policy was purchased, or damages suffered while the policy was inactive

• Mechanical breakdown of the two-wheeler as a direct result of the bike’s defective parts

• Loss or damage to the insured vehicle while riding without a valid driver’s license

• Any damage sustained by the vehicle while driving under the influence (alcohol or other intoxicants)

• Damages the two-wheeler may have sustained outside the designated geographical area

Tips to Reduce Your Two-wheeler Insurance Premium

1. Ride Responsibly:

• Maintain a clean driving record: Avoiding accidents and traffic violations is the key to earning discounts from insurers. Remember, safety first!

• Opt for defensive driving courses: Enhance your skills and demonstrate your commitment to safety, potentially securing lower premiums.

2. Optimise Your Coverage:

• Choose the right coverage level: Assess your needs and budget. Comprehensive coverage offers peace of mind but might not be necessary for everyone.

• Adjust deductibles: Increasing your deductible (the amount you pay before insurance kicks in) can lower your premium. Weigh the potential savings against the risk of higher out-of-pocket costs.

• Review add-ons: Carefully evaluate optional benefits like roadside assistance or zero depreciation. Only keep what you truly need.

3. Explore Smart Options:

• Compare quotes: Don't settle for the first offer! Research options from various reputable insurers and online aggregators to find the best deal.

• Consider online platforms: Many insurers offer competitive rates and convenient purchase options online.

• Anti-theft devices: Installing approved security gadgets can attract discounts from some insurers.

4. Loyalty Pays:

• Stick with your insurer: Long-term relationships with a single insurer often earn you loyalty discounts. Consider the trade-off before switching providers.

• Bundle your policies: Combining your two-wheeler insurance with other policies like home or car insurance with the same provider can lead to bundled discounts.

5. Remember:

• Never compromise on essential coverage: Prioritise adequate protection over mere cost savings.

• Read the fine print: Understand the terms and conditions of your policy before making any decisions.

• Claim wisely: Avoid unnecessary claims to maintain a clean record and potentially lower future premiums.

 

By following these tips and prioritising safe riding, you can enjoy the open road knowing you've secured both your safety and your wallet.

How to File a Cashless Claim

• Step 1: Contact the insurer by calling the toll-free number, visiting the official website, or sending an email to register your claim.

• Step 2: Identify the nearest network garage, and get your bike repaired.

• Step 3: Provide all the required documents.

• Step 4: The insurer will evaluate the cost and coverage amount per the terms and conditions, and settle the claim with the network garage.

How to File a Reimbursement Claim

• Step 1: Get in touch with the insurer and register the claim. You must also provide basic details, such as the engine and chassis number, and the date, time, and nature of the accident.

• Step 2: Get your bike repaired and bear the expenses.

• Step 3: Submit all the original bills and receipts to the insurance provider.

• Step 4: Upon successful verification of the documents, the insurer will reimburse the amount.

 

Here are some documents that you might want to keep handy while filing your claim: 

• Insurance policy document

• Bike details

• Insurer details

• Details of the Incident

• FIR copy, in case of theft/vandalism

• Original bills and receipts of the vehicle repair

• Step 1: Enter your previous policy details

• Step 2: Input your personal and bike-related details

• Step 3: Check your renewal premium

• Step 4: Make an instant online payment

• Step 5: Your TVS insurance will be renewed

Choosing between comprehensive and third-party bike insurance depends on your individual needs and budget. Here's a breakdown to help you decide:

Comprehensive Bike Insurance:

• Coverage:

  1. Third-party liabilities: Covers injuries or damage to people and property caused by your bike. This is mandatory in India.

  2. Own damage: Covers repairs or replacement of your bike due to accidents, theft, fire, natural calamities, etc.

  3. Additional benefits: Many policies offer add-ons like personal accident cover, roadside assistance, engine protection, etc.

• Cost: Higher than third-party insurance due to wider coverage.

• Suitable for:

  1. New bikes or expensive bikes.

  2. Bikers who value peace of mind and want all-inclusive protection.

  3. Bikers who ride frequently or in high-traffic areas.

Third-Party Bike Insurance:

• Coverage: Only covers third-party liabilities.

• Cost: Significantly cheaper than comprehensive insurance.

• Suitable for:

  1. Old bikes or low-value bikes.

  2. Bikers on a tight budget.

  3. Bikers who ride infrequently or in low-traffic areas.

 

Here are some additional factors to consider:

• No Claim Bonus (NCB): Comprehensive policies offer NCB for claim-free years, reducing premiums over time.

• Deductible: Both types of policies may have a deductible, a portion of the claim you pay before the insurance company covers the rest.

• Claim settlement process: Some insurance companies have a faster and more hassle-free claim settlement process than others.

 

To make an informed decision, compare quotes from different insurance providers for both comprehensive and third-party policies. Consider your riding habits, budget, and the value of your bike before making a choice.