Your go to guide on two wheeler insurance

Team Digit, 06 Feb 2019

 

So, you’ve finally bought yourself a new motorcycle. You pinch yourself again and again only to realize that your dream has finally become a reality! Now, all that’s left to do is open the throttle and zip away into the horizon, right? Wrong! Not if you don’t have your documents in place, which includes the all-important ‘insurance’ for your two-wheeler.

Whatever insurance policy you choose, it is mandatory to keep your motorcycle insurance up to date, for the safety of you and others. Another point to be noted is that your two-wheeler insurance is valid for ‘only one year’ after which it needs to be renewed.

That said, the two types of two-wheeler insurance policies namely:

1)      Comprehensive cover: As the name suggests, it’s the ‘complete premium package’ that covers any damage to your beloved two-wheeler, you and the ‘Third Party’, in case of any mishap.

You are covered against theft, loss and damage. This also offers personal accidental cover for the owner or rider in event of an accident and third party liability.

2)      Third Party cover: As the name suggests, third party insurance covers only the stranger involved in any mishap. Unlike comprehensive insurance, Third Party insurance does not cover your motorcycle or yourself. Most of the them chose to opt for this cover  for the sake of mandated law and choose to stay underinsured.

Now that we’ve told you about the two insurance policies, let’s make it easy for you to choose between them:

There’s no insurance that can better Comprehensive Insurance!
Apart from ensuring the safety of your two-wheeler, yourself and even the third person in the case of any mishap, this ‘Premium Automotive Insurance Policy’ comes along with various covers such as zero-depreciation, no-claim bonus, return to invoice, cover against theft, and much more to your ‘goody bag’.

There’s no doubt that Comprehensive insurance is the best. And even though it comes at a slight premium, it’s well worth it!

Enough said, go ahead and open your throttle to freedom! Backed by the power of insurance😊

But wait a moment! We suggest you familiarize yourself with the insurance cover jargons first. They are rather simple to understand, and shouldn’t take you more than a few minutes to go through😊

(IDV) Insured’s Declared Value – it’s basically the maximum amount your insurance provider gives you in case your two wheeler is stolen or totally damaged. The higher your IDV, the higher your premium and as your bike ages, the IDV depreciates and premium also decreases. So finally, when you decide to sell your beloved bike, the higher the IDV, higher bid you will receive. It is always better to opt for a higher IDV, so when you actually need the insurance, you don't have to apy too much from your pocket!

CC (Cubic Capacity)- In short, the bigger your bike’s engine, the higher the insurance you pay. For example, if you buy a 100cc bike, you pay a lesser premium compared to 500cc bike. After all, ‘With more power comes more responsibility’!

Geography- The taxes you pay for your two-wheeler over and above the manufacturing price, in other words known as ‘on road price’ differs from state-to-state. For example, the taxes you pay in Karnataka are much higher than say Pondicherry, where you pay considerably low tax. The same applies to your insurance premium that differs from state-to-state.

No Claim Bonus (NCB)- No Claim Bonus is the reward given to the driver for not claiming for insurance in one whole year. So the next year when you renew your bike insurance, you get a discount on your premium! After all good riders should always be rewarded!

Now, let's see what we at Digit offer in our bike insurance policy:

·       Loss or damage to the bike insured

·       Liability to third parties

·       Personal accident cover for owner-driver

And how do you claim in case of a mishap?

Step 1

Call 1800-258-5956! Your SOS number!

Step 2

We will share a link for self-inspection to your registered mobile number

Step 3

Take photos of your bike through our guided step by step process

Step 4

Our team will review the damages and provide an estimate

Step 5

After that you may choose the mode of repair you wish to go for

Also there are some useful add-ons that we offer:

·       Parts Depreciation Cover (Zero Dep/ Bumper to Bumper)- Like everything in life, there is a decrease in value of certain parts of your bike, including the bumper or any other metal or fibre glass parts. So, when a damage happens, the full cost of replacement is not given as depreciation is deducted from the claim money. But this addon makes sure there is Zero Depreciation and you get the full value of the cost of repair/replacement provided the vehicle is repaired at Digit Authorised Workshop.

·       Consumable cover- Most of us think the cost of replacement of parts like screws, engine oils, nuts & bolts, grease is covered in the standard package policy, sadly it is not. But with this addon, we cover this cost.

·       Engine and gear box protect- If an accident causes a damage to an engine, it is covered under a standard package policy. But if it is a consequential damage, it is not covered. For example, if your bike is towed roughly or during floods you switch on the engine, which causes damage to the engine or gearbox, this addon comes to your rescue, covering the repair charges. Btw, the cost of replacement of an engine is approx. 40% of vehicle cost, which is huge.

·       Roadside assistance- Get 24*7 assistance if there is a breakdown on the road, and you need help for a flat tyre, fuel refill, spare key, flat battery etc.-up to 500 kms from city centre.

·       Return to Invoice: This is probably a biker’s worst nightmare- when your bike is destroyed beyond repair! In other words, totaled in an unimaginable mishap. Thankfully there’s some conciliation is such extreme cases. Insurance companies will refund the complete value or amount mentioned on the invoice.

That said, always ride safe and wear a helmet!

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