Two-wheeler Insurance: Buy Bike Insurance Online | Chola MS
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Chola Buy Or Renew two wheeler Insurance Policy Online Content
Buy/Renew two wheeler Insurance Policy Online
What is Two-Wheeler insurance?
Two-Wheeler insurance or a Bike/Scooter insurance policy protects your bike against damages occurring as a consequence of accidents, fire, theft, natural disasters, etc. It also protects you against the costs of treatment for injuries sustained in the accident as well as third-party liability.
In India, to drive a bike, it is mandatory to have third-party insurance under the Motor Vehicle Act of 1988. Apart from this basic bike insurance cover, you can also opt to have an extra layer of protection with our comprehensive bike insurance policy.
Chola MS offers simple policy purchase and renewal process, Hassle-free claims and customized IDV. Chola MS has wide network of 8500+ cashless garages.
Chola - Simple steps to buy/renew Bike insurance online Content
Simple steps to buy/renew Bike insurance online
When buying or renewing your bike insurance online, we at Chola MS provide three simple steps to get the work done with zero hassle. All you have to do is:
Step 1 Submit Relevant Details
Select the details regarding your bike and receive a quote from us.
Step 2 Choose the Best Cover
Pick the right bike insurance policy as per your choice, and select the add ons if needed, as per your requirement.
Step 3 Premium Payment
Make the payments for the insurance purchased, and within no time, get the soft copy of your purchased policy directly in your inbox.
Chola - What does your two-wheeler insurance offer you Content
Chola - Add-on covers offered in Two wheeler insurance Content
What are the Add-on covers offered in Two wheeler Insurance?
Zero depreciation cover
With this add-on, no depreciation is taken into consideration. This means that during the repair or replacement, or any such damage or loss, you receive the full value of your claim.
Return to invoice cover
In the cases where there is a total loss of your vehicle; that is, the loss or damage is beyond repair, or there is a case of theft of the vehicle, this add-on ensures that your vehicle is covered
Roadside assistance cover
With the help of this cover, our add-on cover will cover roadside assistance expenses like the battery jump-start, charges for the towing facility, flat tyre or minor repairs assistance, hotel stay or even a ride back home.
The smallest of aspects of your bike is insured as per the consumables cover. Every consumable item, like the engine oil, the nuts and screws, the distilled water, or other items of similar nature, are covered under this add-on cover
Chola - Compare Two Wheeler Insurance Content
Compare Two Wheeler Insurance
Losses and damages due to natural calamities like lightning, earthquakes, storm , etc.
Losses and damages due to manmade calamities such as riot or terrorist activity.
Losses and damages due to theft, burglary, and vandalism
Damages due to fire or explosion
Zero Depreciation, Roadside Assistance, and other add on covers etc
Personal Accident Coverage
Injury to the third party
Losses to the third party
Loss and damage due to war or mutiny
Chola - How to Choose the right two-wheeler insurance Content
How to Choose the right two-wheeler Insurance
Now, we've already established that having two-wheeler vehicle insurance is a mandatory legal requirement, then why not choose the best one?Just like how you consider many different factors while purchasing the vehicle, the same should be done while choosing the best insurance policy.Let us help you and give you some insights into what exactly should be done while deciding on a new insurance policy.
Vehicle Insurance Coverage
After going ahead with the research, the next comes your coverage. The main aim of purchasing an insurance policy is to minimize your monetary losses as much as you can during times of accidents or any unfortunate events. While conducting the research, you should also look forward to finding what kind of coverage you need.
The market has a lot of different types of insurance. Usually, an insurance provider will give you a list of different policies that you can choose from. These policies are determined by what they are offering, as well as their prices.
The company will tell you that the comprehensive insurance policy offers the best coverage since it provides everything. You should go for an insurance policy that provides third-party liability insurance, own damage, and desirable add-ons. Once you come to know about your needs, you'll automatically know what type of policy you need.
Know Your Bike Properly
Usually, your two-wheeler vehicle's cubic capacity or cc decides the rate of insurance premium you will have to pay. Make sure that you know all your vehicle specifications before choosing an insurance policy. Normally, there's a direct relationship between the cubic capacity and the premium prices.
Look for IDV
IDV, or Insurance Declared Value, is technically your vehicle's current market price/value. This price is the maximum amount that can be insured and is fixed while purchasing the insurance policy. This amount is also the one that would be paid; if so, it happens that you undergo a total loss or direct theft of your two-wheeler.
This is an important consideration because, over the years, your two-wheeler's value will get lowered due to factors such as depreciation. This will also cause the IDV to get lowered, along with the premium.
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 - Two Wheeler FAQ's Content
Two Wheeler Frequently Asked Questions
Insurance Declared Value is the maximum amount insured that's fixed by your insurance company in cases of total loss or theft of your two-wheeler vehicle. This amount is considered the current market value of your vehicle.
● So, when considering your insurance, it's your maximum claim amount that your insurance company will pay if your vehicle is broken, damaged, stolen, or suffered a complete loss.
● The price that is considered/calculated here is the same as the market value.
● There are several online calculating software that is reliable, useful, and time-saving.
● The complex process involves considering the vehicle manufacturer's listed selling price at the time of calculation. This amount is adjusted according to the depreciation.
● With online calculators, you can easily determine the market value and accurate premium account depending on your bike insurance policy.
● Normally, insurance and registration amounts are excluded from it.
● In cases of insurance of non-factory-fitted vehicle accessories, the IDV would be calculated separately.
While calculating the IDV, some of the factors taken into account are
1. Age of two-wheeler vehicle
2. Registration date
3. City of registration
4. Fuel type
5. Model and type of vehicle
6. Insurance policy term
The main focus is on the term or age of the vehicle since that's how even the depreciation factor can come into account. It's always advised to get an IDV that's closest to the market value, but it also depends on your insurance company. The company may offer to even reduce the IDV by some percentage which would mean a lower premium rate.
Recently, the IRDAI, or The Insurance Regulatory and Development Authority of India, has introduced a long-term policy, especially for the two-wheelers. This allows the owners to directly obtain a long-term two-wheeler vehicle insurance policy, which is valid for three years. One of the major benefits of this is that the two-wheeler vehicle owners can escape the revision of third-party rates that occur every year, allowing them to save more.
Here are some reasons you should get your two-wheeler insurance online
● Renewing or even purchasing a new insurance policy online helps you to save a tremendous amount of time. Chola MS agents help you out efficiently and accurately so that you choose the best and stay safe.
● When you opt for availing of insurance services online, you get a bunch of options from which you can choose. There are so many insurance companies from which you can easily select your policies from the comfort of your home.
● You can compare prices, coverage options, terms, and everything between various insurers efficiently online. During these price comparisons, you'll also save a ton of money, keeping in mind policy prices, transport fare from your house to the company office. This way, you'll get the best of both factors at your home.
● Even while opting or renewing a policy, you don't have to take a lot of effort at all. Our website at Chola MS is so easy to navigate that it almost feels like no work.
● When you opt for online services, you get 24/7 services almost every time, meaning you get instant service. Now there's no hassle of waiting in the lines and for the agents- you can easily do everything online.
According to the Motor Vehicles Act,third-party two-wheeler insurance is important for every vehicle. The third-party liability usually covers- legal liability in cases of injury, death of a third party due to accidents, and legal liability because of damage to surroundings.
If, in any case, a driver doesn't have insurance, then according to Section 197 of Motor Vehicles Act, 1968, he/she will be charged progressing fines- ₹2000 for the first time, ₹4000 for the second, and so on.
For Chola MS, customer service is the priority paired with unmatched services when it comes to two-wheeler insurance. We offer total transparency with matters related to insurance and policies. We take it as our responsibility to let our customers know about every small detail and formality that goes into choosing and purchasing a two-wheeler Insurance policy.
We offer long-term products and services related to two-wheeler/bike insurance. We also advise you to compare various bike insurance and check out their advantages too. Usually, our customers prefer comprehensive two-wheeler insurance due to its advantages.
Chola MS General Insurance Ltd. has been in the industry for years, aiming to provide customer support and high-quality services. All our services are ISO certified, and we've also been recognised for our efforts many times.
You simply have to log onto the website and enter your details, i.e. vehicle registration number. After this, you have to select your choice of an along with your specific needs and pay! You'll get the further details in your email too!
There are usually two types of insurance policies that a two-wheeler owner can opt between, namely liability only insurance and comprehensive insurance.
Liability only insurance is basically third-party insurance. Due to this, the vehicle owner gets protected from any type of accidents that are caused by third-party liability. It covers third-party injuries, death and property damage.
Now, the comprehensive insurance plan protects your vehicle from accidents, theft, damages, natural disaster-related damages as well as man-made. It usually also contains special protection, i.e.personal accident cover, which protects the vehicle owner during any accident
The government of India has made it mandatory for every person who buys a bike or any two-wheeled vehicle to have bike insurance. Below are a few reasons why this mandate is in place.
● Expenses after accidents: Accidents might result in vehicle damage or personal injury, and sometimes, even the loss of life. Under such circumstances, the loss of a huge amount of money is inevitable, given that one has to spend money for the repair of the vehicle and the medical treatment in case of injuries. The company can bear all these repair expenses and the treatment amount, and thus, keep you from getting a hole burnt in your pocket.
● Cover for natural calamities: If there is any loss or damage that occurred to your bike during the event of some natural calamity like floods, earthquakes, tsunami, fire, explosions, etc., you can make claims for the insured amount. This is because these circumstances are also covered under the bike insurance by us.
● Financial safety net: A majority of bike owners are people with limited resources. They don't belong to a very creamy layer of society in general. Thus, such sudden damage and expenses can be a serious problem for them. Having bike insurance ensures that they don't have to be burdened by the unforeseen expenses arising as a result of theft or accident of their bikes.
● Third-party damage cover: With the provision of third-party bike insurance, a person can file for the damages that occurred to the other vehicle or person (the third party) who was involved in the accident.
No Claim Bonus has its validity upto 90 days from the expiry of the previous policy date. Now, if you do not renew the insurance policy within 90 days of its expiry, the no claim bonus becomes zero and then on the renewal of the policy, there isn’t any no claim bonus that will be passed on as you will no longer be eligible.
Start by filing FIR with your local police station, or any police station which is nearest to you in a situation where you are travelling. Next, submit the photocopy of the FIR along with other documents, the keys of the bike and a non-traceable certificate for the bike, to the insurance company.
Now, you can claim for a full IDV amount in case the bike is stolen. It can also be claimed if there are some sorts of natural calamities or man-made disasters.
The documents which are to be submitted during the time when you are claiming for the insurance amount, is generally listed in the policy document itself. However, to give you a brief idea about it, here is the general set of list which is required to be produced before the insurance company while making any claim.
● A claim form which is filled properly. (it is advised that you keep a xerox copy of the form with you before submitting the original)
● A photocopy of the vehicle registration certificate along with the original for the purpose of verification.
● An authentic approximate evaluation of the loss or damage. ( Ensure that you make an extra copy of this too and keep it with you)
● The receipts of the payment and the repair bills. ( a photocopy of each is to be kept with yourself too)
No, a bike insurance policy can not be cancelled until and unless there is some genuine case, and the cancellation was filed for within the first month from the date of purchase of the policy. Some examples of ‘genuine cases’ which will be considered by the insurance policy are; when you end up purchasing two policies for the same vehicle or if you are in ownership of a commercial vehicle but somehow ended up purchasing a private vehicle policy, etc. Now, there is no charge for the cancellation of the insurance policy, but it has to be filled for cancellation with a reason which shall satisfy the insurance company to be genuine enough for the cancellation privilege.
Yes. You can transfer your existing two-wheeler policy to the new owner of the vehicle insured. However, you will need to be proactive about this step for a smooth process, as there is a specific time limit for this. The point to be noted here is that the premium remains the same even after the transfer. Furthermore, NCB accumulated by the original policyholder remains invalid for the new owner. The new policyholder will need to wait until specified time to accrue NCB benefits.
All you need is your two-wheeler vehicle registration number, the policy number of your existing insurance policy, and you're done!
It is usually important when you opt for a comprehensive/standard vehicle insurance policy or when you renew your policy after the expiration date once the inspection gets done, the coverages and adds, as are applicable.
While it is usually not possible to skip inspection when getting bike insurance, it is possible to avoid this step if you bought the policy online.
In such cases, you simply have to file an FIR with your local police station and submit the Xerox of the same after a month of reporting. Along with this, you have to carry a filled claim form, Xerox of vehicle RC, with the original payment receipts. Usually, you'll be able to claim the full IDV amount.
Yes, for when you purchase your new vehicle all you have to do is inform your insurer (or us) and you can transfer your existing insurance along with retention of your NCB.
Add-on covers are additionally demanded and paid overs that provide extra coverage to your vehicle. The insurer can add as many add-ons as he/she may want and pay the increased premium for the same.
It's an add-on cover that is designed to cover the amount gap between the insurance Declared Value and the invoice value of your vehicle plus the registration and other taxes This helps you in covering the complete cost in case of theft or total loss of your vehicle.
Normally, these are the instances where you won't get insurance claim/cover-
A) Driving under influence
B) Driving without license
C) Normal damage and wear and tear
D) Theft/loss of accessories
E) Damage caused by wilful negligence
F) Damage occurred outside of national boundaries
In these cases, the cost of different accessories is calculated by looking over at the invoice copy of them that is submitted during policy application. The same value is then adjusted according to the appropriate depreciation during every renewal.
Chola - More things to know about two wheeler insurance Content
More Things to Know About Two Wheeler Insurance
The following is all the additional information that there is to know about Two Wheeler Insurance policies to help you make an informed decision regarding yours.
Chola - What is NCB or No Claim Bonus 2 Wheeler Insurance Content
What is NCB or No Claim Bonus?
A No Claim Bonus is kind of an additional reward given to the insurance company to the policyholder. This is to ensure safe driving. It is some amount of money given to the insured if he/she hasn't raised any claim during the previous policy year.
This is awarded to the insured when he/she goes for policy renewal and is offered on the insurance premium amount. Usually, while buying a policy, the NCB is also considered since it reduces the amount payable.
Why is NCB important
- This technique has been implemented to encourage safe driving amongst all ages and vehicles. Some of the benefits are-
- Appreciating the owner As mentioned above, this is used as a trick to encourage the excitement towards safe driving by offering some amount to the policyholder.
- Transferable This amount is transferable since it is given to you and not your existing vehicle. You can easily transfer it while purchasing a new vehicle or even if you change insurers at the time of renewal.
- Premium Reduction NCB helps in such a way that it will reduce your insurance plan to a decreased rate, helping you save money.
How is it calculated
- Usually, you'll be offered a 50% claim on your premium amount, provided that you don't make a claim.
- You can always check with your insurer, but normally it's calculated by a consecutively increasing percentage of premium reduction. They all combine to make slabs for different claim-free years.
- The amount increases depending on the number of years you've owned the bike and if you have not made a claim.
- The NCB becomes invalid in cases where claims are raised or if you haven't renewed your policy within 90 days of the expiration date.
Make sure you keep this in Mind
- Always renew your policy in time. If you fail to do so, your earned NBC will be dissolved, resulting in no discounts.
- You absolutely cannot share the NBC amount earned between two different policies. It works on just policy at a time.
- Ensure that you complete your insurance tenure, or you have the chance of losing your earned NBC.
Chola - The benefits and importance of buying a two-wheeler insurance policy Content
The Benefits and The Importance of Buying a Two-Wheeler Insurance Policy
The belief that it is better to be safe first than to be sorry later usually drives people to purchase insurance policies, and insurance for two-wheelers is no different. The following list is the answer to what a person gets out of these insurance policies.
Protection against persecution for law violation
The Motor Vehicles Act mandates that every vehicle must have insurance to legally run on Indian roads. The compulsory insurance could be a third-party bike insurance policy, and it would suffice. Not following this rule can lead to having to pay hefty compensation, and repeated offences can result in serious legal ramifications.
Any person can be asked randomly to show their insurance paperwork at any police checkpoint. Earlier, this paperwork needed to be strictly a hard copy of pages, printed and signed duly. However, as people turn more towards cashless and paperless services, the police have also changed their ways and now recognise the validity of digital documents.
Protection against legal liabilities
Imagine somehow you find yourself in a situation where you have been in an accident against someone else's vehicle that has resulted in the opposite party, called the third party, facing damage to their vehicle or themselves. The case will further require proof to decide which one of you caused the accident.
After an inspection of proofs like eye-witness accounts and camera footage, the guilty party will be determined and will be liable to pay compensations to the other. Not doing so can have legal ramifications. Both third party and comprehensive two-wheeler insurance serve the basic purpose of protecting your interests in such a case and pay for the compensation on your behalf.
Financial Aid for Damage Repairs
Road accidents tend to take people by surprise, and this surprise is never remotely good. There are several kinds of damage repairs that can be needed as a result of these accidents, which do not come cheap. Most owners of two-wheelers do not possess the financial resources to pay for a damage repair all of a sudden.
Moreover, even the people who do have the resources would prefer that they do not have to pay out of their pocket if such an option exists. This is where comprehensive insurance swoops in to save you.
The mandatory third-party two-wheeler insurance only saves you from having to pay for someone else's repair bills, not your own. Having comprehensive insurance will enable you to pay for damage repairs and even complete replacements in the case of thefts or loss.
These accidents can be a result of natural calamities like earthquake, flood, landslide, etc., or be the results of the actions of men like vandalism, theft, road accident, fire, etc.
Financial security under the personal accident cover
Due to the great number of two-wheeler vehicles running on Indian roads, it has been prudently made mandatory to own a personal accident cover with a bike insurance policy. Two-wheelers are generally considered more dangerous because the riders of two-wheelers are exposed to a much higher risk than car drivers.
Accidents involving two-wheelers are known to have dire consequences for the rider. Such consequences include dying on the accident site, being left paralysed partially or completely, incurring permanent injury, or loss of a body that results in becoming crippled. The personal accident cover can help pay for your medical expenses as well as makeup for the loss of income to some extent.
Peace of Mind
The most important thing your insurance policy will get for you and your family is peace of mind and a sense of security. The simplest form of vehicle insurance, third-party insurance, is enough to give you a sense of security, knowing that you can avoid legal persecution of the counts of violating the Motor Vehicles Act as well as damaging another person's property and failing to pay the due compensation.
Having comprehensive two-wheeler insurance with a personal accident cover can further put worrying minds at ease. Knowing that you can still take care of your family if something unfortunate happens to you or that you will not have to spend a big chunk of your hard-earned savings on a bike repair or replacement. Furthermore, several other add-on riders can be added to the policy according to the policyholder and what they need and want.
Chola - Advantages of buying or renewing two-wheeler insurance Content
Advantages of buying/renewing two-wheeler insurance online
During and after the pandemic, every business and service has emerged fully on the online platform. Of course, this comes with both advantages and disadvantages. But the overall picture has improved, and more and more people everyday use online services to their benefit. You can do the same for renewing the bike insurance.
Chola - How to Calculate two wheeler Policy Premium?
How to Calculate two wheeler Policy Premium?
Calculating the amount of premium for your bike insurance policy is an important factor in making the right decision for a two-wheeler insurance policy. We are aware of the fact that along with the services, the premium amount is also very crucial. For you to make a good decision, calculating a bike policy premium is very important. But what are the methods and the factors involved in it?
Yes, there are some factors such as make, model, purchase of the bike and many more required to do the calculations for the ike premium policy. There is a calculator present in which you have to put in the details of your bike and other required information, and it will calculate that amount, save time, and give you accurate results. The calculations are done online, so no paperwork is required.
This will help you to make the right decision and save a considerable amount of money. Due to this calculator, there is no use of a middle agent. This will give you enough time to make decisions on your own. If not for the calculator, you have to rely on the middle agents to know the premium value, and even that is never very accurate.
The middle agents take up a lot of time, and you have to pay them too for these small but vital tasks. The policy premium calculator removes the necessity of the middle agent and gives you accurate results in no time. This saves a lot of time and your hard-earned money.
For the results, you just have to enter some information in the calculator, and the result will be calculated in no time. The details to be entered are
- Status of your bike/Scooter insurance policy(active or inactive )
- Registration number of your bike
- Make of your bike
- Model of the bike
- The variant of the bike
- Manufacturing details: The number of years since the bike has been manufactured is important as older bikes have low IDV or Insured Declared Value, and so the result is a lower premium.
- RTO Details
- Insured Declared Value or IDV
- Fuel type
- KYC details
- Date and place of registration
- Date and place of registration
- The capacity of the engine helps in evaluating the premium amount of the insurance policy.
- The age of the rider is important because, for the younger riders, the premium value will be greater.
- The location of the person is important because a person living in an accident-prone area will have a higher premium than others.
There are two kinds of policies for the calculation of the premium amount:
- Comprehensive policy: This policy covers the damage to the bike as well as the damage caused to the third party if involved due to the owner's bike.
- Third-Party policy: This policy will cover all the damage to the third party by the owner's bike.
- Own-Damage policy: This policy only covers the damage caused to the bike and not to any other party involved.
At Chola MS, we value the comfort of the customers and see that they get all the facilities they need without much hassle. We have the third 'T' that stands for technology, and we make sure to implement the new technology for your benefit. We have the virtual calculator for the customer's benefit. You have to put in these values to know the accurate amount of the premium policy; then, you can make the right decision and choose the two-wheeler insurance policy by Chola MS that suits you the best.
Chola - The key features of two-wheeler insurance Content
The key features of Chola MS two-wheeler insurance
It has always been our solemn promise at Chola MS to always safeguard your interests. The following are the key features of our two-wheeler insurance services.
Safeguard the vehicle
One of our most helpful features is coverage for your own damage which enables you to pay for the damages incurred to your vehicle. The said damages could be caused by a variety of reasons, including natural calamities like cyclones, earthquakes, lightning strikes, and floods.
Other reasons could be road accidents, accidents while the vehicle is in transit on the road, rail, lifts, or inland waters. Furthermore, damages by fires, thefts, and loss of property due to other man-made circumstances like damages incurred during a riot or protest, terrorist strike, or another malicious act like vandalism.
A network of cashless garages
To make sure we assist you as much as we can wherever you go, Chola MS has a network of garages associated with us where you can go and easily avail cashless services according to the terms of your two-wheeler insurance policy with us. This service is open for Own Damage Insurance policyholders as well as third parties that need repairs for which we are liable to pay.
Quick and easy claim settlement Procedure
Our claim settlement procedure is extremely easy to understand and even easier to follow. You can find the step-by-step guide at our website, email us, call us and talk to a customer support executive, or simply walk into one of our many offices anywhere in the country. Whatever option you may choose, we can promise a prompt response.
Chola - Why should you choose Chola MS two-wheeler insurance Content
Why should you choose Chola MS two-wheeler insurance?
We value the trust our customers' place in us above everything else. It is one of the things that drives us to offer unmatched services to our esteemed customers. But offers of the other companies for the same service might be tempting too. Then what are the factors that distinguish us from the others? Why should you choose Chola MS two-wheeler insurance above so many options?
Look through the points listed below and make your choice wisely.