NEW BIKE Insurance Buying Guide || New Bike Insurance 5 Years Complete Detail #bikeinsurance #hindi

Summary

This video explains the 1+5 year bundle two-wheeler insurance policy, covering essential details such as the one-year own damage cover and the five-year third-party cover. It walks viewers through important insurance terms like IDV, add-ons, and how to make informed decisions about coverage. Key add-ons such as zero depreciation, consumables, and roadside assistance are discussed, along with tips on renewing the policy and ensuring proper documentation. The video also clears common doubts, such as whether you must buy insurance through the dealer and how to compare pricing for the best deal.

Takeaways

• 😀 A new bike insurance policy often includes a 1+5 year coverage: 1 year of on-damage cover and 5 years of third-party cover.
• 😀 The 1+5 year policy was introduced to ensure consistent coverage and encourage insurance renewals, especially in rural areas.
• 😀 IDV (Insured Declared Value) is the bike's value in the insurance policy, calculated by deducting 5% from the ex-showroom price.
• 😀 Zero Depreciation cover ensures that the depreciation of bike parts is not deducted from claims for repairs or replacements.
• 😀 Consumables add-on covers parts like oil, filters, and bearings, which naturally wear out but are typically excluded from standard policies.
• 😀 New Vehicle Replacement cover ensures the full on-road price (including registration and insurance) is covered in case of theft or total loss.
• 😀 Roadside Assistance provides emergency help for issues like breakdowns or flat tires, and may be offered free by some insurance providers.
• 😀 Owner-Driver Personal Accidental Cover provides ₹1 lakh coverage for the bike owner in case of an accident, provided they have a valid driving license.
• 😀 After the first year, only the on-damage cover needs renewal, while the third-party coverage continues for 5 years.
• 😀 It's important to update your bike’s registration number in your insurance policy to ensure full coverage over 5 years.
• 😀 You are not obligated to buy insurance from the dealer; you can shop around for better deals and coverage options from other providers.

Q & A

What is a one plus five year bundle policy for bike insurance?

A one plus five year bundle policy offers one year of on-damage coverage for your bike and five years of third-party coverage. After the first year, you need to renew your on-damage coverage, but the third-party coverage is already included for the next five years.

Why is the one plus five year bundle policy necessary for new bike insurance?

The one plus five year bundle policy is necessary because it ensures that third-party coverage is continuously provided for five years. It addresses the issue where many people in smaller towns or villages used to neglect renewing their insurance, which could result in risks to others.

What is the IDV (Insured Declared Value) in bike insurance?

IDV is the value of your bike in the insurance policy. It is calculated by deducting 5% from the ex-showroom price of the vehicle. This value helps determine the claim amount in case of total loss or theft of the bike.

How is the IDV calculated for a new bike?

The IDV for a new bike is calculated by subtracting 5% from the ex-showroom price of the bike. For example, if the bike costs ₹1,00,000, the IDV would be ₹95,000.

What are add-ons in a bike insurance policy, and why should I consider them?

Add-ons are extra features you can include in your insurance policy to enhance your coverage. You can choose add-ons based on your needs, such as zero depreciation, consumables, or road-side assistance. However, you should only opt for add-ons that provide real value and avoid unnecessary ones.

What is zero depreciation add-on in bike insurance?

Zero depreciation means that if a part of your bike is replaced due to an accident, you will not have to pay for the depreciation of the old part. This add-on covers the full cost of replacing damaged parts without considering their age.

Is the 'return to invoice' add-on worth it for expensive bikes?

Yes, the 'return to invoice' add-on is recommended for expensive bikes. If your bike is stolen or declared a total loss, this add-on ensures that you receive the full on-road price (including insurance and registration costs), not just the IDV.

What is road-side assistance in a bike insurance policy?

Road-side assistance is an add-on that provides help if your bike breaks down or faces issues like punctures while you're on the road. The insurance company arranges for a mechanic to fix the issue, and covers the cost of their travel, although you will still need to pay for any new parts needed.

Do I have to buy the bike insurance policy from the dealer only?

No, you are not required to buy the insurance from the dealer. You can purchase it from anywhere, provided you have the invoice from the dealer. If the dealer's insurance offers a higher price or less suitable coverage, you are free to explore other options.

How can I ensure the proper renewal of my bike insurance policy?

To ensure proper renewal, you need to update your registration number in your insurance policy and keep the original policy document safe. Also, ensure the nominee's name is included and that the bank hypothecation details are updated if you have a loan on your bike.