It was a bright Sunday morning, and Ramesh felt the pull of the open road. He smiled as he touched Thunder, his bike, and his loyal companion for a good five years. The pair had conquered city streets, winding hills, and hundreds of sunrises together. Ramesh has always been particular with regard to maintaining Thunder—cleanliness, oiling, and all else running as smoothly as it did on the first day he brought it home. But even the most fastidious riders can't tell what's around the next turn.
That morning, as he took a sharp turn on a slick road, Thunder skidded. Ramesh managed to avoid injury, but his beloved bike wasn’t as lucky. The frame was dented, the paint scratched, and the repair bill was daunting. That’s when it hit him—he didn’t have comprehensive two-wheeler insurance to soften the blow.
Does this story ring a bell? How many times have we put our love and effort into something only to forget the practical steps that help keep it protected? How would you deal with the situation if your bike suffered an accident, was stolen, or a sudden flood damaged it?
Unforeseen events might turn upside down even the most precise planning, but they don't have to. That's what a comprehensive two-wheeler insurance policy is for: to make sure your love for biking remains worry-free and leaves you to enjoy the ride without fearing what lies ahead.
Let’s explore why this policy might just be the perfect partner for your bike.
Shriram Bike Insurance Policy
Imagine having a safety net every time you ride your companion. Shriram Two-Wheeler Insurance is that safety net. It can be described as a policy agreement between you and your insurance company, which provides cover against any damages and third-party liabilities or personal injuries caused to the bike owner in exchange for premiums. This policy caters to the owner and avails financial cover from unknown happenings such as theft and natural catastrophes.
Every other day, more bikes and two-wheelers are piling onto the roads. But with so many bikes jostling for space, do you ever wonder about road safety? Well, we have figures revealing the picture.
In 2022 alone, as many as 63,115 accidents were reported. What’s even more alarming? Two-wheeler accidents account for 41.5% of all accident deaths on National Highways in India.
These figures raise a very important question: Is your bike protected from unforeseen circumstances?
Owning a good bike insurance policy is an essential step which ensures legal and compliance requirements. It also secures your financial well-being when life turns a corner unexpectedly.
Every bike owner in India is mandated by the law to hold at least a Third Party Liability Insurance Policy. In fact, for new two-wheelers, it goes one step higher. Since September 1, 2018, all new two-wheelers are mandated to have insurance coverage- to be specific, a five-year third-party liability policy.
Now say you don’t have a valid insurance for a ride. What would happen?
Other than the possibility of an accident, you would even incur fines and a potential court case. Would it be worth the risks?
Third-party liability insurance is necessary, but comprehensive Two-Wheeler Insurance is entirely your choice. But, let’s be honest- wouldn't you want your bicycle extra protected against theft or loss, damage due to others' negligence, or disasters, though? This is where Shriram's comprehensive two-wheeler insurance policies come into play, offering security to bike owners, regardless of what the road may bring their way.
Let’s begin with understanding the nitty-gritty of the Shriram Bike Insurance.
Features and Benefits of Shriram Two-Wheeler/Bike Insurance Policy
The Shriram Two-Wheeler/Bike Insurance Policy has extensive features and benefits to provide maximum protection and peace of mind to bike owners. Let's have a glance over the few key features and benefits of the policy-
- Own Damage Cover: It provides comprehensive policies covering loss due to damages to the insured bike arising out of accidents, natural disasters, or man-made happenings.
- Cover For Third-Party Damage: This safeguards you from costs resulting from damage to other people's property or injuries caused to other people in an accident involving your insured bike.
- Comprehensive Insurance: Offers a wider cover with both third-party liability and damages to your own bike, so you are fully covered all around.
- Personal Accident Cover (Add-On): As per Indian law, Shriram Bike Insurance also provides a Personal Accident Cover add-on, which ensures that the owner-driver gets financial security in case they suffer accidental injury or pass away due to an accident.
- No Claim Bonus: It is a benefit that an insurance company provides to you if there is no claim raised under your insurance policy for a year. It could come as a reduction in the amount of premium payable. A No Claim Bonus increases for each consecutive claim-free year until it reaches 50% in absolute maximum.
- Cashless Repairs: This feature lets you get your vehicle repaired at network garages without the hassle of paying cash initially. The insurer pays directly to the garage and not you. Shriram lets you avail yourself of 13,000+ network garages cashless services nationwide.
- Additional benefits/add-ons: Add-ons may be included in the basic policy for an additional benefit that could extend insurance coverage and provide protection for particular conditions. A few common add-ons provided by Shriram two-wheeler insurance are mentioned below:
- Zero Depreciation Cover: Guarantees a replacement/repair claim without deducting depreciation on the bike parts; that is, the deductible depreciation would be reimbursed in case of a claim in the event of taking up this add-on, which shall be made under specific conditions.
- Roadside Assistance Cover: It provides cover for services like towing, on-the-spot minor repairs, battery jump-start, refuelling, etc. This add-on ensures emergency assistance in the midst of the journey.
- Consumables Cover: In the event that an accident causes certain bike consumables to get damaged or lost, such additional cover pays for their replenishment/replacement/restoration. The covered consumable parts are screws, nuts/bolts, washers, bearings, clips, engine oil, gearbox oil, brake oil, grease, lubricants, distilled water, and other consumable parts except fuel.
- Return to Invoice Cover: The cover ensures compensation equivalent to the invoice value of the bike. It means the compensation would be the current market value, which is the IDV of the bike in case of complete loss, damage, or theft. The insurer reimburses the purchase cost of the bike, including the on-road price, road taxes, and registration fees.
- Emergency Medical Expenses Cover: Caters for financial expenses that arose due to a bike accident. It also encompasses moving you or the pillion rider to the hospital.
- Engine Protection Cover: An add-on in bike insurance that protects the engine in case of damage from accident, water, or any other risks. It would provide additional financial security in case of motorcycle damage.
- A PA Passenger Cover: Additional coverage with an added premium. This covers the co-rider in the event of an accident being met on the road, which is unforeseen.
- Hospital Daily Cash Allowance: It offers Rs. 1500/day up to a maximum of 30 days in case of hospitalisation, provided it is caused by an accident to the insured vehicle. This can be claimed after release from the hospital with documents (terms and conditions apply).
- Daily Expenses Reimbursement: It pays the cost of hired transport where the insured vehicle is undergoing repair at an authorised garage for more than three days as per the policy.
- Personal Belongings Cover: This add-on cover helps you with the reimbursement of losses incurred on your personal belongings due to any loss or damage.
- Costs for Loss of Driving Licence and Registration Certificate: Compensation up to Rs. 500/- or actual costs, whichever is lower, the policy will pay for obtaining an attested photocopy in case the insured bike’s owner either loses their official Driving Licence (DL) and/or Registration Certificate (RC).
- Provision of Advocate: Upon an insured vehicle suffering any accident, Shriram Two-Wheeler Insurance offers an advocate to counsel and safeguard the insured in front of police and judicial magistrates.
For further protection, there is also an optional third-party property damage policy and personal accident insurance for the owner-driver. The best aspect is that the amount offered under these add-ons guarantees wider financial support because it exceeds the sum insured by standard vehicle insurance.
Shriram Bike Insurance provides a variety of options to choose from. Keep scrolling to understand each of them.
Explore The Different Types Of Shriram Two-Wheeler/Bike Insurance Policies
Let’s take a quick glance over the types of policies Shriram Bike Insurance has to offer-
- Third-Party Insurance
This is a mandatory cover under the Motor Vehicles Act of 1988. It safeguards the bike owner in case of involvement in any third-party liabilities. It covers expenses for property damage, injuries, or fatalities caused by accidents. With Shriram Insurance, compensation includes up to ₹1,00,000 for property damage or in the event of injuries or death and unlimited coverage for personal liabilities.
- Standalone Own Damage Insurance
This policy covers accidents, theft, natural catastrophes, and riot-related damages to the bike. Third-party liabilities will not be covered under it. Hence, Third Party Insurance is a must before buying this policy for extended coverage.
- Comprehensive Insurance
This combines Third Party and Own Damage coverage. It covers theft, accidents, fire, natural calamity, and man-made disasters too. The policy also features compulsory personal accident cover of Rs. 15 lakhs.
- Long-Term Two Wheeler Insurance
Long-Term Two-Wheeler Insurance avails for 2-5 years, which helps avoid non-renewal risks and yearly premium hikes. There are benefits in the name of convenience, savings, NCB for its own damage premium, and no more annual renewal requirements.
Shriram Two Wheeler/Bike Insurance Policy: What Is Covered?
Shriram Bike Insurance has an extensive range of coverage options. Let’s see what all this policy covers-
- Loss and Damages to the Bike:
- Own damage cover is provided under a comprehensive bike insurance policy, covering the damage or loss of your bike because of the following:
-
- Natural Calamities: Floods, cyclones, earthquakes, snowfall, and similar events.
- Man-Made Incidents: Terrorist attacks, riots, strikes, and other malicious activities.
- Fire-Related Damages: Self-ignition, lightning, explosions, and similar causes.
- Accidents and Transit: Casualties from accidents or during transfer by air, water bodies, railways, or highways.
- Bike Theft:
Comprehensive two-wheeler insurance policies covering all risks will cover the current market value in case of theft or even when the bike is totally damaged (beyond repair).
- Third-Party Liability:
Both third-party and comprehensive bike insurance provides coverage over third-party liabilities, whether damages to the property of any third party or bodily injury or death to a third party due to your vehicle.
- Personal Accident Cover for the Owner-Driver:
This comprehensive two-wheeler insurance policy from Shriram provides Rs. 15 lakh Personal Accident Cover, which pays the medical bills in case of injury of the owner-driver by an accident. In the event of the death of the owner-driver, the appointed beneficiary will be given the much-needed financial support in this challenging hour.
Curious to know what’s not covered? We’ve got you. Check the exclusions below and keep last-minute drama at bay-
Shriram Two Wheeler/Bike Insurance Policy: What Is Not Covered?
Although Shriram Insurance provides a vast range of coverage options, there are a few areas where it does lack help. Let’s look at some of those-
- Geographical Limitations: The policy does not cover any loss, damage, or liability occurring outside the defined demographical area.
- Contractual Liabilities: Claims arising from contractual obligations are not covered.
- Improper Use: Loss or damage resulting from the vehicle being used beyond its permitted usage or driven by an unlisted driver is excluded.
- Property and Consequential Losses: Damage to property or any losses resulting from it are not covered.
- Nuclear Risks: The policy excludes liabilities arising from radiation, nuclear fuel, nuclear waste, or nuclear weapon materials.
- War and Related Events: No coverage is provided for claims resulting from war, invasion, civil war, rebellion, mutiny, military action, or similar events.
The details of coverage provided by the Shriram Bike Insurance Policy and the add-on covers are mentioned in the terms and conditions of the respective policy documents. Also, the above-mentioned exclusions are generic. For a comprehensive list, you can check out the policy wording to understand what’s covered and what’s not covered.
How To Buy Shriram Two-Wheeler/Bike Insurance Policy from SMC?
Purchasing a Shriram Bike Insurance policy from SMC is as easy as pie. Follow the steps mentioned below-
- Access the SMC's official website.
- Visit the section called Two Wheeler Insurance in the menu heading of General Insurance.
- Mention the vehicle's registration number. Alternatively, you may provide details such as bike brand, model, fuel type, variant, RTO, etc., in place of the registration number.
- Include the required details about being an individual's or organisation's vehicle.
- You will then be redirected to the Quotes Page, with quotations from various insurance firms.
- Choose your Shriram policy, add add-ons if required, and proceed with payment.
- Ensure you obtain the payment receipt and get your policy documents.
Worried about the renewal process of your existing insurance policy? Read on further to have your queries solved!
How To Renew Shriram Two Wheeler/Bike Insurance Policy from SMC?
Here’s a stepwise guide to follow to have your Shriram Bike Insurance policy renewed from SMC-
- SMC Insurance will provide you with a renewal link via text message and also via email as the renewal date approaches.
- Click on the link provided in the message to access the renewal page.
- You’ll be redirected to the insurance portal.
- Enter your policy number and all required details.
- If needed, you can update or modify your information (this step is optional).
- Review the policy details you’ve entered carefully.
- You may continue with the online payment in your preferred mode of transaction to complete the renewal.
- Once the payment is successful, the insurer will send a confirmation to both your registered mobile number and email address.
- A PDF version of your renewed policy will be sent to your email registered with SMC.
How To Claim Shriram Two Wheeler/Bike Insurance Policy from SMC?
To claim Shriram Bike Insurance policy via the help of SMC, just follow the instructions below-
- To start your claim request, visit SMC’s official website.
- SMC’s team will collect your personal details and information regarding the claim.
- This information will be forwarded to the insurer for further processing.
- The insurer will review the claim request and documents received, providing cashless approval if applicable.
- You will receive information regarding the decision made by the insurer, and the service team will assist you with the next procedures in settling your claim.
- All additional requirements will be communicated to you and submitted to the insurer for further action.
- Upon completing the process, you shall receive a message informing you that your cashless or reimbursement claim has been approved.
What Role Can SMC Play In Your Claim Settlement?
SMC has successfully served over 2.04 million claims and is an established, reliable player in the claims settlement process. SMC provides you with a step-by-step guide to enable you to learn the procedure followed in case of claims settlement and also update you with the requirements for documents. It provides you with assistance all through the clock with queries related to claim settlement.
You can get through the process of claims much more easily with the help and guidance of SMC. This way you are sure to get the compensation that is yours under your Shriram two-wheeler insurance policy. This cooperation can make what for most people can be an awkward and stressful experience into something much more positive.
Claiming insurance can be a tedious process, but being prepared can lessen the burden.
Documents Required To Claim Shriram Two Wheeler/Bike Insurance
To file a claim under your Shriram Bike Insurance policy, the documents required are-
- A duly signed claim form
- A copy of the driving license
- A copy of the Registration Certificate (RC)
- A copy of the insurance policy
- FIR, in case the claim involves death or bodily injury
- The original repair estimate slip or repair invoice
Ensure that you present all the documents so that the process does not face any halt. The document required might be different in different claims, such as own damage and third-party liability.
Depreciation Rate For Different Parts Of Two Wheeler Insurance Policy
The insurer will compensate for the loss or damage to the insured vehicle, subject to a depreciation deduction based on the rates specified for the replaced parts.
Components made up of fibre glass
|
30%
|
Components having rubber, plastic, nylon, or tyre, tubes and batteries
|
50%
|
All other components that are made of glass
|
NIL
|
Depreciation Based On The Age Of The Vehicle In A Two-Wheeler Insurance Policy
Let’s look at the depreciation percentage according to age of the vehicle-
Vehicle’s Age
|
Percentage of Depreciation
|
Up to 6 months
|
NIL
|
Over 6 months but under 1 year
|
5%
|
Over 1 year but under 2 years
|
10%
|
Over 2 years but under 3 years
|
15%
|
Over 3 years but under 4 years
|
25%
|
Over 4 years but under 5 years
|
35%
|
Over 5 years but under 10 years
|
40%
|
Over 10 years
|
50%
|
Summing It Up
Thunder roars to life once again, carrying Ramesh down winding roads and through city streets, but now with a renewed sense of security. Shriram Two-Wheeler Insurance is not so much about protecting a bike but about preserving freedom, peace of mind, and enjoyment in riding. It provides a safety net that ensures every journey comes with financial security. Whether it is daily commuting or the much-awaited adventure, make sure that your bike, and hence your peace of mind, is always insured. Thus, as you buckle your helmet and kick-start your bike, ask yourself this question: Is my ride protected for the road ahead?
FAQs
Shriram is among the most trusted two-wheeler/bike insurance providers. They have many options available for two-wheeler insurance along with comprehensive coverage and a smooth claim process. There are several add-ons that provide extra protection as needed by an individual.
Visit SMC's official website and then go to two-wheeler insurance to buy the Shriram Two-Wheeler/Bike Insurance Policy. Provide your vehicle registration number or bike details, then add the chosen plan and add-ons and complete payment. Along with the policy documents, you will also get a payment acknowledgement receipt.
The ideal type of insurance for a two-wheeler is assessed by the level of coverage that each individual needs. Comprehensive bike insurance takes care of third-party liabilities as well as damage to the insured bike.
To find a Two-Wheeler Insurance Policy, log on to the website of SMC. Click on the options provided under two-wheeler insurance under the General Insurance tab. You should then input bike details, compare quotes, and subsequently choose the best policy.
To download the policy document of your Shriram Two-Wheeler Insurance, log in at the Shriram website or MYSGI App with your credentials. Simply enter your policy number and click the “Download” button. Alternatively, the document can be sent to you via your registered email ID as well.
The best bike insurance company can be analysed depending on aspects such as coverage, quality service, and efficiency in processing claims. You can approach an insurance expert for consultancy, who will then analyse your personal circumstances, budget, and the coverage you need so that you make the right choice.
The two-wheeler insurance premium is based on the model of the bike, age, location, and the kind of coverage chosen—whether third-party or comprehensive coverage.
To access your two-wheeler insurance policy details, all you have to do is login to the customer portal of the insurer. After successful login, click on 'Policy Documents' to access and download your policy.
The time taken for the processing of Shriram insurance claims is between 15 to 30 business days, which typically depends on the type of claim and documentation submitted. However, this might vary according to the complexity of the claim.