Shriram General Insurance provides the Two-wheeler Insurance Policy to help the riders in critical situations. The motto of this General Insurance company is BE INSURED… REST ASSURED. Safeguarding yourself is important because we do not know what happens in future. In some situations, accidents like fire accidents, road accidents, etc will occur. Hence Two wheeler insurance policy is the must for any two wheeler vehicle owner. Hence Shriram Two Wheeler Insurance is introduced to provide the best coverages on the damages caused in various unexpected situations.
Shriram Two Wheeler Insurance Policy Review
The main aim of the Shriram Insurance Policies is to provide the best coverage for the individuals and also help them in difficult situations by providing the expenses. The Shriram General Insurance offers various Insurance plans like Motor Insurance, Tavel Insurance, Home Insurance. Shriram Two Wheeler Insurance is an insurance which covers Personal Accident, third party legal liability and other medical expenses. This two wheeler insurance policy is one of the policies in Shriram motor insurance. It also provides the Bike Insurance Plans for Groups, Individuals and Personal accidents. The Shriram Bike Insurance policy is excluded for the racing, speed testing, reliability trial and any other usage that deals with motor trade.
Shriram Bike Insurance Policy Features & Benefits
The Shriram Two Wheeler Insurance Policy has many features. Some of them are:
- Low cost Insurance Plans with the best coverages.
- No claim bonus will be available.
- Fast and hassle free cashless claim service.
- Fast claim settlement process.
- Tracking of the claim service facility is also available.
- Transfer of existing No Claim Bonus from any insurance provider.
- Get up to 50% No Claim Bonus even if you bought your two wheeler insurance from any other bike insurance provider.
Coverages of the Shriram Motor Cycle Insurance Policy
Shriram General Insurance Company provides the following coverages for the Two-wheeler Insurance.
- Loss or Damage to the Vehicle.
- Third Party Liability
- Property Liability
1. Loss or damage to the Vehicle:
The Shriram Two Wheeler Insurance Policy covers you against any damage or loss caused to the vehicle by the following reasons.
- Man-made calamities: fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Natural Calamities: Your bike insurance covers fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Malicious Act.
- Terrorist act.
- Riot and strike.
- Accidents by external means.
Depreciation rates on the coverages provided by the Shriram General Insurance Company are
- For fibreglass components-30%.
- For the parts made with glass-nil.
- All rubber, nylon, plastic parts, tyres, tubes and batteries-50%.
The rate of depreciation for all other wooden parts will be as per the below table.
|Age of Vehicle||% of Depreciation|
|Not exceeding 6 months||Nil|
|Between 6 months and 1 year||5|
|Between 1 and 2 years||10|
|Between 2 and 3 years||15|
|Between 3 and 4 years||25|
|Between 4 and 5years||35|
|Between 5 and 10 years||40|
|Above 10 years||59|
Insured Declared Value:
Insured Declared Value or IDV is the Sum Insured of the Vehicle. IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories). This price is obtained by deducting the depreciation for every year. Indian Motor Tariff provides the depreciation rates.
Depreciation rates for fixing the IDV value of the vehicle are
|Age of Vehicle||% of Depreciation|
|Not exceeding 6 months||5|
|Between 6 months and 1 year||15|
|Between 1 and 2 years||20|
|Between 2 and 3 years||30|
|Between 3 and 4 years||40|
|Between 4 and 5years||50|
2. Third Party Liability:
This plan cover the liability to the third parties for injuries or death. The list of coverages includes in this plan are:
- The Company will cover the loss of any driver driving with the permission of the insured.
- Shriram will cover all the costs with written consent.
- The company covers the death or bodily injury to any person including occupants in the insured vehicle.
3. Property Liability:
In the case of your vehicle causing “Third Party” property damage, Shriram two wheeler insurance policy will offer you the compensation up to Rs. 100,000/-.
4. Personal accident cover for the owner:
The company will pay you the money as per the below rules when you get injured in the personal accident.
|Name of the Injury||Compensation|
|Loss of two limbs or two eyesights||100%|
|Loss of one limb or one eyesight||50%|
|Permanent disability other than the above options||100%|
Exclusions of the Shriram Bike Insurance Policy
The Shriram Two Wheeler Insurance Policy does not provide coverages in some situations. The exclusions under the Shriram General Insurance Company are
- The accident caused due to the person driving by taking the liquor or drugs.
- Accidental loss or damage caused due to Willful Negligence.
- Loss or Liability caused to the vehicle outside the geographical area.
- Loss or liability caused to the vehicle when the person is driving without a licence.
- Consequential loss.
- Wear and tear.
- Mechanical and electrical breakdown or failures and breakages.
- Loss due to civil war.
- Loss caused to the vehicle when used more than the limit.
- Damage or loss caused directly or indirectly by the radioactive contamination or ionising radiations.
- Being driven by the unauthorised driver as stated in the driver’s clause.
- Loss or damage caused by the nuclear weapons.
- Liability or damage caused due to the military or act of foreign enemies.
Add-ons of the Shriram Two Wheeler Insurance Policy
For further protection of your near and dear ones Shriram provides additional features for an extra premium of the policy. The additional features of the Two Wheeler Insurance policy of the Shriram are:
- Good feature discount.
- All your Electrical & Electronic Accessories like a fog light etc. can be covered within the policy.
- Personal Accident cover
Note: In the Case of the Personal accident, Shriram will provide the amount to the insured or driver, pillion rider of the vehicle. The minimum accidental cover is Rs.10,000 and a maximum of Rs.2,00,00. In other words, the cover must be in multiples of Rs.10,000.
Renewal Process of the Shriram Bike Insurance Policy
You can renewal the bike insurance policy either in offline mode or online mode. But the online process is a very easy process. If you want to renewal the policy in offline mode, contact the branch office which is near to you. You can renewal the policy before 30 days of the expiry date. Follow the steps for the online renewal process.
- Visit the official website www.shriramgi.com.
- On Top of the Home Page you can find Motor Insurance – Renew Option.
- Click on Renew.
- Then you will redirect to Online Renewal Page.
- Enter your Policy number and click Next.
- Now you can see the Premium Amount you need to Pay to renew your Policy.
- Check the Premium and Pay through online.
Shriram General Insurance Premium Calculator
You can know about the minimum premium that has to pay to take the policy by using the Shriram Premium Calculator. You have to enter the below information to buy the Shriram Two Wheeler Insurance Policy.
- Registration state of vehicle
- Type of vehicle
- Class of vehicles.
- Body type.
- Registration location, etc
How to buy the Two Wheeler Insurance of Shriram Company
You can buy the Bike Insurance policy of the Shriram either in online mode or offline mode.
Online Buying Process:
- First of all, Visit the Shriram General Insurance official website: www.shriramgi.com.
- There you can see the Motor Insurance option. Click on it and Select Motor Two Wheeler policy.
- Calculate Premium with the help of Shriram Premium Calculator and Buy Online.
Offline Buying Process:
The customer has to buy the insurance policy from the licensed agent. Shriram Two Wheeler Proposal Forms have required to Buy the policy in offline mode. Shriram Insurance Forms & documents are needed for Buying a new policy.
- The person who wants to buy the motorcycle insurance policy may visit the nearest Shriram General Insurance branch.
- Insured may download the Shriram Two Wheeler Insurance Forms and Documents from the official website or the link provided below.
- Insured has to select the premium amount, and he has to pay the premium in terms.
- Along with Shriram Motor Two Wheeler Insurance proposal forms, you have to attach the relevant documents.
Shriram Motorcycle policy Claim Procedure
The claim procedure of the Shriram General Insurance is very easy and it provides high customer satisfaction. It provides 24/7 claim services. Timely customer service and assistance along with the survey in a single day.
Provide the following information to the Toll-free for registering the claim.
- Policy number.
- Date and Time of the accident.
- Estimated loss.
- Name of the driver and his licence number.
- Location of the accident for the survey purpose.
- Insured contact details.
- Download the claim intimation sheet and fill the details in ti.
- After filling send the application to the official website.
- The company will appoint the surveyor to inspect the vehicle and the location where the accident takes place.
- Surveyor will intimate the information to the company.
- Based on the information the company will cover the total within one day only.
Documents required to register a claim:
Following documents need to submit while registering the claim.
- Duly filled claim form.
- Driving licence.
- Registration Certificate.
- A copy of the plan and receipt of the premium.
- Fitness certificate(for commercial vehicles only).
Refer the official website for further information www.shriramgi.com