A legitimate comprehensive bike insurance policy offers protection from damages caused by natural disasters, accidents, riots, and burglary. When it comes to the right company for buying comprehensive, third-party, or standalone own damage bike insurance policies, HDFC ERGO is one of the best insurance providers.
HDFC ERGO insurance company is a partnership between the HDFC Limited and India’s biggest housing finance institution known as the ERGO International AG. The company was founded in 2002 and has become the third largest non-life insurance company in the insurance industry.
HDFC ERGO provides a complete range of insurance products, including home, travel, health, and two-wheeler insurance. It is a multinational company operating in more than 170 countries with more than 7000 employees. The company offers wholesome insurance products to provide a seamless experience to two-wheeler owners.
HDFC ERGO’s latest services include an add-on cover for jumpstarting your motorcycle in case the bike hasn’t been used during the lockdown period. With the HDFC ERGO jumpstart services, vehicle owners can restart their bikes. Read the following to learn all about HDFC ERGO bike insurance.
What is HDFC ERGO Bike Insurance?
HDFC ERGO provides the following four types of insurance policies:
- Comprehensive Two-wheeler Insurance
- Third-party Cover
- Standalone Own Damage Cover
- Bundle Policy (Cover for brand new bikes)
Third-party bike insurance has been made mandatory under the Motor Vehicles Act. It covers third-party liability, for instance, property damage, bodily injury, or death.
Standalone own-damage bike insurance compensates for the damages caused to the policyholder’s bike in case of an accident, explosion, theft, or natural and manmade disasters. It covers the costs of repairs and damages for which policyholders otherwise had to pay themselves.
The comprehensive bike insurance policy provides coverage for both third-party liabilities and own-damage costs. This type of insurance policy eliminates the risks involved in riding a bike.
The bundle policy offers 1 year coverage against damage to your own bike+5 year cover against third-party damages/liabilities.
Discounts and Rewards Offered by HDFC ERGO Bike Insurance
HDFC ERGO offers its customers the following rewards and discounts:
No Claim Bonus (NCB)
When policyholders do not raise the claim for a whole year, HDFC ERGO provides discounts on the following year’s premium. For instance, you will get a 20% discount for the second year's premium. The following table covers the NCB discounts for each year.
|Number of Years||Discount|
|1 claim-free year||20%|
|2 claim-free year||25%|
|3 claim-free year||35%|
|4 claim-free year||45%|
|5 claim-free year||50%|
Additional Discount For Long-term Policy
Individuals who buy two-wheeler insurance from HDFC ERGO get discounts on multi-year purchases. Customers also get an NCB when they buy a long-term comprehensive plan and save on the 3rd party policy, whose prices increase yearly.
Which Factors Affect HDFC ERGO Two-wheeler Insurance Policy Premium?
The premium cost of HDFC ERGO bike insurance policy depends on many factors, including but not limited to the following:
- Insurance Policy Type: 3rd party bike insurance policies are the most popular in India since the law mandates them. However, HDGC ERGO also offers a comprehensive bike insurance policy that covers theft, damages caused by manmade and natural calamities, and third-party liability.
- Bike’s Market Value: Bike insurance premium is affected by the current market worth of a bike. A bike’s brand and functionality are the deciding factors for determining the market price of a bike.
- Bike Condition and Type: Because different bikes come with different features, bike insurance companies also consider the bike model and condition to determine insurance policy costs. A bike’s engine cubic capacity is the primary factor in determining insurance prices. The insurance rate will be higher on bikes with bigger cubic capacity.
- Add-on Covers: Bike insurance add-ons strengthen the insurance policy. The cost of the premium increases as you include more add-ons on your insurance policy.
How to Apply for HDFC ERGO Bike Insurance Policy
Vehicle owners can buy HDFC ERGO two-wheeler insurance online. Paytm Insurance offers easy comparison and zero paperwork for a seamless purchase process. Following are the steps for purchasing HDFC ERGO bike insurance policy through the company's official website:
- Visit the official website of HDFC ERGO.
- On the homepage, locate and find “two-wheelers.”
- Enter the bike’s registration number.
- Click on Buy Now.
- Fill in the needed information.
- Choose a type of insurance policy.
- Enter personal information.
- Pay premium online.
- When the payment is made, the HDFC ERGO policy is instantly issued.
HDFC ERGO offers the best 3rd party bike insurance to vehicle owners. The policyholder can easily apply for comprehensive own damage and bundle insurance and buy it within minutes. Ensure to read all inclusions and exclusions to make the right choice when finalizing the insurance policy. If necessary, purchase the add-on coverage to strengthen your standard insurance policy.
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