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Chola - What is Comprehensive Bike Insurance Content
What is Comprehensive Bike Insurance?
Comprehensive Bike Insurance offers complete coverage to bike owners. Even though premium rates are higher as compared to third-party insurance, comprehensive insurance offers coverage for a wide range of contingencies and unforeseen circumstances such as accident, theft, natural calamity, and man-made disasters. The insured stands to gain far more than the additional premium paid.
Chola - Benefits of comprehensive bike insurance
Benefits of comprehensive bike insurance are as follows
The policy also has a no-claim bonus where the insured gets a discount on renewal premium if there were no-claims in the previous policy year.
Protects your two-wheeler against theft, accident, natural calamities and various social perils like riots.
If the owner damages another individual’s property, the liability in such cases is covered.
Unlimited liability for third party personal damages such as death or injury to the other individual.
Financial aid in case of disablement or death due to accidents that occur while travelling in the vehicle.
Third-party bike insurance protects the driver from expenses of damages and injuries caused to another individual. Comprehensive bike insurance is a combination of third-party and own-damage bike insurance.
While third-party bike insurance only covers the cost owed to another party for the damages incurred because of the insured vehicle, comprehensive bike insurance covers damages caused to the Insured Vehicle as well as the third party.
Comprehensive bike insurance gives extensive coverage with the choice to opt for beneficial add-ons. Third-party bike insurance offers a limited coverage with only Personal Accident coverage.
In terms of the premium that is paid, comprehensive bike insurance costs more but comes with a wider-range of benefits.
Chola - Why buy bike insurance Content
Why buy bike insurance?
Many people tend to have very special memories attached to their two-wheelers. From long drives to even the routine quick trips, they play a very important part in our lives. So to make sure your bike is safe and secure, bike owners are advised to get two-wheeler insurance.
When you’re on the road with your bike, the exposure to risk is much higher than that of someone in a car. Hence, having a comprehensive bike insurance in place will help protect you from the financial burdens that may arise due to any potential road accidents or mishaps.
Having a motor-vehicle insurance is also mandatory for any vehicle to function on Indian roads, as per the Motor Vehicles Act 2019.
The law requires a driver/owner to have third-party insurance in place. The third-party coverage of two wheeler insurance protects you against liabilities towards a third party incase of an accident. This includes expenses that have to be paid for personal injuries and also property damage.
A comprehensive two-wheeler insurance plan, not only covers the required third-party coverage but also gives you the own-damage cover benefits. The own-damage cover takes care of all liabilities incurred due to theft, explosion, fire, burglary, man-made disasters (riots, strikes, etc.) and natural disasters such as floods, earthquakes, etc.
Comprehensive covers also come with the huge benefits of additional-cover. Paying an extra premium let’s you add more covers to your policy that protect your vehicle from a further range of risks. You can even avail certain discounts such as the No-Claim Bonus at the time of renewal. With a strong comprehensive cover in place you can get maximum coverage for your two-wheeler and worry less about the financial liabilities incase of a mishap.
Chola - What does your comprehensive Bike Insurance policy offer Content
Chola - Make A Claim Two Wheeler Insurance
Make A Claim On Your Two Wheeler Insurance
Chola - (White)Modifying/Endorsing Your Insurance Details Content
Modifying/Endorsing your Insurance details
In case of change in name, address or any other details in the policy, you can contact Chola MS for endorsement request. The request will be raised and the same changes will be updated in the policy.
Chola - Comprehensive Bike Insurance FAQ's Content
Comprehensive Bike Insurance Frequently Asked Questions
Comprehensive Bike Insurance provides cover against legal obligations that may arise from damage to a third party (person or property) and also compensates for damage or injuries that may affect you or your two wheeler. It is a bundled option which includes Third Party insurance and Own Damage Insurance.
These two wheeler insurance policies can be differentiated based on the appended factors which can help you take an informed decision based on your personal needs and circumstances -
Premium Rate: - A comprehensive bike insurance provides cover up to 15 years whereas Zero depreciation cover provides cover for a period of up to 5 years
Claim Settlement: - In case of comprehensive insurance, the insurer factors in the depreciation on bike at the time of claim settlement. While in case of zero depreciation, the claim is settled without considering the depreciation which is why it is called zero or nil depreciation cover
Repair Expenses: - Under Zero Depreciation Insurance, the insurer covers total repair expenses. However, under Comprehensive Insurance there is no such provision. The insured must bear the extra cost for repairs
Priority: - Comprehensive bike insurance is suitable for individuals who want complete protection for their bikes. Full protection is their ultimate priority. A two-wheeler zero depreciation add-on cover is suitable for those who want to recover more at the time of claim settlement and for whom depreciation is a big consideration.
Third party two wheeler insurance is cheaper compared to a comprehensive motor insurance policy because it only protects you from third party liabilities. However, additional protection for your own bike is a good investment to make with comprehensive insurance.
Add-ons in a two wheeler insurance policy are like top-ups that provide timely assistance and benefits in unfortunate events.
Zero/Nil Depreciation Cover: This cover allows you to fully claim the value of the parts without depreciation deduction on parts that may have been replaced after an accident. You need to pay additional premium for this cover wherein the insurance company provides cover for expenses of spare parts and depreciation value.
Passenger Cover: In a standard policy, the rider is covered against death and disability. An additional cover for passenger will provide cover for the pillion rider too. Compensation to the co-passenger is provided in case of death, partial or permanent disability. Passenger cover comes at a slightly higher premium but is very beneficial.
Medical Cover: This medical add-on cover helps fund all kinds of medical treatment related to accidents on your two wheeler.
Accessories Cover: This add-on cover provides cover against any damage or loss of additional high-end electrical and non-electrical accessories present on your two wheeler that you may want to insure due to their value. To avail this add-on you need to provide an estimated total cost of the accessories at the time of purchase of policy.
You can contact the insurance company over phone for cancellation of policy and follow it up with a 7-day notice to the insurance company in writing. Make sure you have the original policy document and any other alternative two wheeler insurance policy that you want to proceed with. Send scanned copies of these documents by email or hand over physical copies of the same at the nearest branch office.
Zero depreciation cover offers complete coverage without factoring in depreciation. It means, if your bike gets damaged following a collision, you will receive the entire cost from the insurer when filing a claim.
For two-wheelers bought after 1st Sep 2018 you can choose from the options listed below:
● Third Party (liability only) Policy for a duration of 5 years. This policy provides cover against third party property damage and third party liability in terms of death or injury
● Bundled (Third Party and Own Damage) Policy for a duration of 5 years. This policy provides cover for Own Damage for 1 year and for Third Party liability for 5 years
● Comprehensive Policy for a duration of 5 years. This policy provides a comprehensive cover to protect your bike from damage/loss in fire, theft, earthquake, etc. Additionally it also provides cover against any third party liability related to death, bodily injury and third party property damage
For two-wheelers bought before 1st Sep 2018 (more than 1-year old) you can choose from the options listed below:
● Third Party (liability only) Policy for a duration of 2 or 3 years. This policy provides cover against third party property damage and third party liability in terms of death or injury
● Comprehensive Policy for a duration of 2 or 3 years. This policy provides a comprehensive cover to protect your bike from damage/loss in fire, theft, earthquake, etc. Additionally it also provides cover against any third party liability related to death, b¬odily injury and third party property damage
No Claim Bonus (NCB), as the name suggests, is a reward or bonus from the insured to the policyholder for not making a claim in the preceding years. NCB is a discount ranging from 20-50% on premium payable which cannot be claimed right away but needs to be earned by maintaining a claim-free record.
No Claim Bonus (NCB) carries a validity of 90 days from the policy expiry date. The NCB will become 0 and if the policy is not renewed within 90 days. No benefit shall be passed on to the renewed policy if renewed after 90 days
After sale of existing vehicle, a No Claim Bonus reserving letter is issued by the existing Insurer. On the basis of this letter, this benefit is transferred to the new vehicle.
After the expiry date Chola MS has a 30-day grace period within which the customer can renew the policy and the NCB will be continued. If the customer wants to renew the policy after the 30-day grace period, s/he should call the Toll Free Number 1800-208-5544 (in India) where the Customercare personnel will guide the customer through the Break-in vehicle inspection app, post which the renewal process will be initiated.