Shriram Bike Insurance Overview & Details

Shriram Bike Insurance, Shriram Group is one of the most prominent business organizations in India and has a broad variety of business activities, including Infrastructure, Energy, Industrial Manufacturing, Information Technology, Food, and Retail. In addition to being a financial service company, Shriram Group also addresses the everyday needs of the people. They focus on providing services such as Life Insurance, Retail Stock Broking, Chit Funds, as well as Investment and Insurance product distribution. The company’s General Insurance sector is significant too; they seek to impart solutions that meet those of the common man.

They provide a variety of insurance plans like Motor Insurance, Two-Wheeler Insurance, Health Insurance, Marine Insurance, Liability Insurance, Shopkeeper Umbrella Packages, Burglary Insurance, Personal Accident Plans, Home Insurance for individuals, and many more. Each is created to be easy-to-use and transparent.

Why Shriram Bike Insurance Plans are Necessary?

Two-wheelers are extremely important for our lives. However, riding the other has risks so you should be aware and be alert. Unexpected accidents can occur and may be caused by the carelessness of another or an unexpected event. This is why insurance for vehicles is crucial. This protects you from the unexpected costs.

Furthermore, natural catastrophes can strike at any moment, and that’s why it’s important to protect yourself from dangerous incidents. So the need for an insurance policy on your bike is vital since taking treatment of your bicycle is essential as it’s a valuable asset and investment.

If you’re injured in an accident then the insurance policy will be covering medical costs. If there is any lawsuit related to the accident the insurer will be able to handle the matter if you have policies that are in place. This will warrant that you get what you’ve paid into it is protected from legal issues. The insurance policy which is appropriate for your needs will ensure you get the best support you need.

They are not limited to accidents or natural catastrophes, however, vandalism as well as theft. They’re designed to meet the requirements of the particular circumstance. In addition, the insurance will grant you security on the road and make you safe from the unpredictable.

Anyone who owns a two-wheeler should look into buying an insurance plan that covers third-party and property damage. Shriram General Insurance provides wide two-wheeler protection that safeguards your vehicle from all unforeseen situations. It’s crucial to choose the correct insurance policy to ensure you’re able to ensure you have the safety that you need for you and your car.

Why Shriram Bike Insurance Plan?

Shriram General offers some great features on their two-wheeler insurance plans. They deliver low-cost options that can be customized to provide insurance to meet your requirements. It is possible to make simple and quick cashless claims. You can also enjoy a no-claim bonus if you’ve not made any claims. Claim settlement is swift and easy to keep track of your claim’s progress on their website. If you also have a No Claim Bonus with other insurers, you can move it into Shriram General.

Shriram Bike Insurance Coverages

Section I – Loss or Damage to the Vehicle

The plan will cover damages or losses to the insured vehicle as well as its components in the following circumstances:

1. Housebreaking, Burglary or theft: The policy covers the costs related to burglary, homebreaking or even theft.
2. Fire self-ignition, explosion, or Lightning This plan is designed to cover costs caused by fire, explosion self-ignition as well as lightning.
3. Infractions that are considered to be malicious: The plan also includes damages caused by malicious act.
4. Terrorist Activities: The plan includes insurance for damage resulting from terrorist attacks.
5. strikes and riots: This plan covers the damages resulting from riots and strikes.
6. Fire and Earthquake: This plan will cover damages due to fires as well as earthquakes since these are both common situations.
7. accidental damage from external causes: The plan covers damage caused by natural catastrophes such as storms, floods, typhoons and storms as well as cyclones, hailstorms, as well as inundations. The rockslides and landslides are covered.

Depreciation Deductions:

There is a deduction in depreciation for parts that are replaced according to:

• Plastic, nylon, rubber components and tubes, tires and batteries up to 50%
• Fiberglass components: 30%
• Glass parts: 0%

In the case of other components, like wood, depreciation rates are as follows:

• Less than 6 months older less than 6 months old: A 0% discount is offered.
• Cars with more than 6 months of service however less than a year 5 %
• vehicles with a minimum of 1 year, however less than two years 10 percent
• Cars with 2+ years of service but not longer than 3 years old: 15 15%
• vehicles older than 3 years, but not older than 4 years 3 years old and less than 4 years old: 25%
• vehicles older than 4 years, but not older than 5 years 5 years old or less: 35 percent
• vehicles older than 5 years, but not older than 10 years 40 percent
• vehicles older than 10 years old are: 59%

Exclusions:

The most important exclusions are:

• Consequential loss
• Wear and tear
• Electric or mechanical failures
• A driver who is not licensed or while under the influence of alcohol
• In the event of a civil war, or conflict
• Utilization beyond the personal use of restrictions
• Utilize outside of the boundaries
• Damage to the tires and tubes if a two-wheeler also is damaged, the manufacturer will only cover 50% of the repair expense.
• Damage or loss to the equipment caused by burglary, home breaking or even theft
• Loss of a loved one due to accidental the use of alcohol or drugs

The policy covers towing fees of up to 300 rupees from the site of the accident to the workshop or garage in the event of an accident. The insurer will cover reasonable expenses. The insured can make repairs when:

• Repair costs estimated for replacements and repairs are not more than Rs 15,000.
• An estimate of the exact cost is given to the business.

Insured Declared Value (IDV):

The insured declared value (IDV) refers to the value that a car is insured. It is determined by the selling price offered by the manufacturer of an identical car, with depreciation, based on the vehicle’s age. In the case of vehicles that are older than five years old and older than 5 years, the IDV is determined by arrangement between the insurer and the person who is insured.

Depreciation Schedule for IDV:

• Not exceeding 6 months: 5%
• More than 6 months, but not more than one year More than 6 months, but less than one year
• Exceeding one year, but not less than 2 years 20 percent
• Excessing 2 years, but not under 3 years: 30 percent
• Exceeding 3 years, but not lower than 4 years Exceeding 3 years but less than 4 years: 40%
• More than 4 years old, but not more than 5 years More than 50 5 %

In the case of vehicles that are more than five years older The IDV is agrement of both the insured and insurance provider.

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Section II – Liability to Third Parties.

The plan provides third-party bicycle insurance in case of bodily injury or the death of a person. This includes death or injuries for anyone who is inside the vehicle insured. Also, it covers damages to property not belonging to the insured. The limit of indemnity for third-party property damage can be as high as one lakh dollars. The firm will take care of the entire cost if it gets the written permission.

The insurance company will pay for expenses for drivers together with the vehicle, with the insurance company’s consent, if the terms and conditions of the policy are adhered to. If a person dies the insurance company will reimburse the legal representative of the person who died. It is also possible for the company to be a representative at any inquest or death-related injury that pays off from the death of a person under this policy.

Section III – Personal Accident Cover for owner-driver

Compensation for Owner-Driver Injuries

The company pays compensation for bodily injury or death of the owner-driver caused by a violent accident. The compensation amounts are as follows:

• Death: Rs 15 lakh
• Loss of two limbs or eyesight: Rs 15 lakh
• Loss of one limb or eyesight: Rs 7.5 lakh
• Permanent total disability from other injuries: Rs 15 lakh

Compensation is limited to one occurrence and will not exceed Rs 15 lakh during a single plan period. Claims for intentional self-injury, suicide, physical defects, or injuries from alcohol or drugs will not be accepted.

Add-On Covers

By paying an extra premium, you can add the following covers:

• Personal accident cover for a paid driver.
• Personal accident cover for unnamed passengers, including spouse, children, and parents.

The personal accident cover limit is Rs 15 lakh.

Exclusions in Shriram Two Wheeler Insurance Plan

The Shriram General Two Wheeler Insurance Plan has some exclusions. The company will not cover:

• Loss or damage due to willful negligence.
• Loss or damage outside the policy’s geographical limits.
• Claims arising from contractual liability.
• Damage or liability if the vehicle is driven outside the plan’s limitations.
• Damage or liability if driven by someone not authorized.
• Damage or liability due to nuclear weapons or materials.
• Damage or liability from property damage resulting from any consequences.

Claim Process:

Shriram Motorcycle Insurance Claims are simple and quick. It is possible to report any time all day, every day. The customer service is quick and provides benefit and survey responses within one day. Claim processing is simple to ensure that customers are satisfied.

For a claim to be filed make a claim, dial the toll-free number. Then grant the following details:

• Policy Number
• The date and time of the incident
• The description of the estimated loss
• Where to conduct the vehicle survey
• Name of driver, contact number as well as details of the driver’s license
• Contact information for the person insured

You can download the claim intimation sheet from the website and send it to chd[at]shriramgi[dot]com. The claims rep will contact you with the next steps, and grant an appropriate claim reference.

After you have submitted your claim, and it is accepted, you’ll receive an SMS message containing the contact information of the surveyor. The inspector will evaluate the damages to your vehicle and provide you with the status of the claim. They will reach out to you to set an appropriate time to conduct the survey.

Following the inspection after the survey, you can contact your CHD Surveyor when your vehicle is fully inspected. You can also track the claim status on the official website at www[dot]shriramgi[dot]com Claims.

Documents needed to register a claim

• Duly Filled Claim Form.
• Copy of Driving License.
• Certificate of Registration.
• Police FIR.
• Motor Insurance Policy with schedule and endorsement/ clause
• Copy of the plan and receipt of payment of premium.
• Fitness certificate( Commercial Vehicles only)

Related Read:- Oriental Bike Insurance Overview & Details

Final Thought:

The Shriram Group’s insurance for bikes focus on providing complete coverage that provides security for all those who own two wheels. In addition to protection against accident loss, natural disasters, and theft along with choices for personal insurance coverage and third-party liability protection These plans have been designed to satisfy the various demands of bikers. Low-cost premiums, an easy claims process, as well as more advantages, provide Shriram Bike Insurance a reliable option for protecting your car and financial security.

Frequently asked questions: