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Future Generali Bike/Two Wheeler Insurance
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Future Generali Two Wheeler Insurance Highlights
Future Generali, a joint venture between Future Group and Generali Group, offers a wide range of retail, personal, commercial and rural insurance products to meet the requirements of both corporates and individuals. The 31-year-old Future Group is an established Indian retailer giant with popular chains such as Big Bazaar, Central, FBB, Brand Factory, etc. Whereas the Italy-based Generali Group ranks among the largest insurance and asset management companies globally.
Claim Settlement Ratio
Future Generali India Insurance is a joint venture between Future Group, a leading retailer of India and Generali Group, a global insurance group. The company was incorporated in September 2007 and now has 125+ branches across India with its registered office situated in Mumbai, Maharashtra. Future Generali offers an extensive range of insurance products which includes health insurance, personal accident cover, travel insurance, motor insurance, home insurance, lifetime insurance, commercial insurance and rural insurance.
Future Generali India Insurance provides comprehensive insurance solutions through retail, commercial, personal and rural product offerings. The company has sold over 82, 00, 000 policies across the country and has 3000 + corporate clients. The Asset under Management of Future Generali India Insurance stood at Rs 3,629 crore as on 31st March 2019. The company has been recognised as ‘The Economic Times Best Brand, 2020’ based on the multiple parameters such as uniqueness, innovation, trustworthiness and engagement. Future Generali India has also won ‘The Best Product Launch PR Campaign of the year’ award at the Kamikaze Corporate Communication and PR leadership Summit 2019.
Types of Future Generali India Two-wheeler Insurance Plans
Future Generali India offers the following options to buy a two-wheeler insurance plan:
Third-party Liability Only Insurance Plan
Under third-party liability insurance, any damage or injury caused to the third party or third-party vehicle while riding the bike would be paid by the insurance company. Third-party liability insurance is compulsory under the Motor Vehicles Act.
Future Generali India two-wheeler insurance offers the following types of third party liability only insurance:
- One Year Liability Only Plans- This plan provides third-party liability insurance only for a period of one year and can be renewed after the tenure of one year.
- Long Term Liability Only Plan- Long term liability only plan provides third-party liability insurance for 5 years. This plan is available only for new bikes.
Comprehensive Insurance Plan-
Comprehensive insurance plan provides coverage against third-party liability as well as for the damages suffered by your own bike. Comprehensive insurance plans are called two-wheeler package policies because of the inclusive coverage they provide. Future Generali offers an annual comprehensive two-wheeler plan.
Bundled Plan- Under the bundled plan, you get third-party liability cover for a tenure of 5 years and own damage cover for a tenure of one year. This is available for new vehicles only.
As per the latest guidelines of IRDAI, you are required to buy a third-party liability insurance plan of 5 years, if you are buying a new scooter or bike. Along with a 5-year third-party Insurance plan, you can opt for one year's own damage insurance policy on a standalone basis or under the bundled plan.
Benefits of Buying Future Generali India Two-wheeler Insurance
Apart from being compulsory under the Motor Vehicles Act, two-wheeler insurance offers various benefits. Let’s have a look at the benefits that you can avail when you buy a Future Generali India two-wheeler insurance policy:
- Instant Policy Online- You can buy your two-wheeler insurance policy instantly online from the company’s website. All you need to do is visit the website of the company, enter your details and pay the premium.
- Renewal Reminder and Easy Renewal- Future Generali provides automatic renewal reminder service to its customers so that they do not forget to renew their policy on time. In addition, the process of renewal of the policy is as simple and easy as buying a plan itself. You can visit the website and pay the premium. Your policy will be renewed instantly.
- Emergency Assistance- The insurance company provides emergency assistance within the city limits for accidents. You can also take the help of customer service and register your claims with the helpline numbers available.
- Wide Network- Future Generali India two-wheeler insurance has tied up with more than 2500 cashless garages all over the country. You can get a cashless settlement at any of these network garages across India.
- Claim Process- Claim process is the most important part of an insurance policy. Future Generali India provides a simple and straightforward claim settlement process. You can either opt for a cashless claim at a network garage or can go for reimbursement claims. Both the processes are very simple and easy.
What is Covered Under Future Generali India Two-wheeler Insurance?
Future Generali two-wheeler insurance plans provide a comprehensive insurance cover against the damage caused to your vehicle including third-party liability that you may be liable to pay. Let’s have a look at the coverage offered:
- Third-party Liability-
Third-party liability protects you against any liability or damages that may incur on account of death or injury to any third party or damage to any third-party property.
- Vehicle Damage-
Two-wheeler comprehensive insurance plan covers any damage to your vehicle due to an accident, theft or housebreaking. Damages such as broken parts, dents and scratches are also covered under comprehensive two-wheeler insurance policies. If your bike is damaged following an accident, then you can make a claim for such damages or repairs.
You can make an insurance claim if your bike gets stolen under a comprehensive two-wheeler insurance plan. The company will pay you for the losses so that you can buy a new bike by using the money.
- Personal Accident (Mandatory to Buy Separately) -
Personal accident cover is a mandatory cover that needs to be purchased separately along with the two-wheeler policy. The cover covers accidental deaths and disablements suffered in an accident involving the bike. The cover can be taken both for the driver as well as the pillion rider.
What is not Covered Under Future General is Two-wheeler Insurance?
There are certain permanent exclusions under Future Generali India two-wheeler insurance that you should be aware of:
Normal wear and tear or general ageing of the vehicle are not covered.
- Electrical or Mechanical Breakdown- No coverage is available under a two-wheeler insurance policy for a mechanical or electrical breakdown of the vehicle.
- Outside Geographical Area-
Any damage caused to the vehicle outside the geographical limits of India would not be covered. If you travel beyond the Indian borders and an accident takes place, you cannot make an insurance claim.
- Inappropriate Use-
Any damage or loss caused to the vehicle due to use in ways or for a purpose other than in accordance with the limitations as to use would not be covered.
- Damage Due to Drunk Driving-
If an accident happens due to driving under the influence of drugs or alcohol, no claim would be entertained by the insurance company against such damages.
Every vehicle requires regular servicing for smooth functioning and longevity. The servicing cost has to be borne by the owner and is not covered under the insurance plan.
- Man-made Disasters-
If the vehicle has suffered loss or damages due to nuclear risk, war, mutiny, you cannot make an insurance claim as it is a permanent exclusion.
- Driving Without a Valid Licence-
Any damage incurred when driving the vehicle without a valid licence would not be covered under the two-wheeler insurance policy.
One should keep these permanent exclusions in mind at the time of making a claim of Future Generali India two-wheeler insurance to avoid your claim being rejected.
How to Apply for Future Generali India Two-wheeler Insurance?
It is very simple and easy to buy a two-wheeler insurance plan for your vehicle. Here the steps to buying Future Generali of India two-wheeler insurance plan:
- Visit the Website-
Start by visiting the official website of Future Generali India Insurance Company. Then, you are required to get an online quote for the vehicle that you want to insure.
- Fill in the Information-
To generate your online quote, provide some basic information about your vehicle and create your profile. The basic information includes engine number, registration number, make, model and year of manufacture of your vehicle, chassis number, etc.
Then, you can review your coverage and deductibles and make changes to the coverage as per your requirement.
- Pay the Premium-
After confirming the premium that is to be paid and agree to the terms and conditions, select a payment method and pay conveniently in easy steps.
- Download your Policy-
After paying the premium, you can download the policy document and print it out. A copy of the policy document is also sent to the email address of the policyholder that has been provided to the insurance company.
Future Generali India Two-wheeler Claim Process
Future Generali India offers both cashless claims as well as reimbursement claims of the two-wheeler insurance plans. You can either get the vehicle repaired at any of the network garages and file cashless claim settlement. Alternatively, you can also repair the vehicle at any other garage which is not one of the network garages and pay the charges for repair which you can later claim from the insurance company. Let’s have a look at the step by step process of both the claims below:
Cashless Claim Process
- Inform the Insurance Company-
The process of claim settlement begins with intimating the insurance company online by filling a form on the website of the company or by calling on 1800 220 233/ 1860 500 3333/ 022678 37800. You can also send an SMS ‘MOTORCLAIM’ to 9222211100.
The insurance company would send a surveyor to inspect the vehicle and check the damage caused to it.
- Submit Documents-
You will have to submit the relevant documents to the surveyor.
After verification, the claim amount will be communicated to the workshop and the payment will be made directly to the network garage.
Reimbursement Claim Process
- Inform the Insurance Company- Inform the insurance company online or by calling on 1800220233/ 18 60500 3333/ 022678 37800. You can also send an SMS ‘MOTORCLAIM’ to 9222211100.
- Inspection and Documents- The insurance company will send a surveyor to inspect the vehicle and collect the relevant documents for the proof of the damage caused to the vehicle.
- Payment- After due verification, the insurance company would make the payment to the workshop directly and along with the payment, it would submit the bill received to the surveyor or the convenient branch of Future Generali India.
- Reimbursement- The branch of Future Generali would make the payment to the insured in 7 working days from the date of the submission of the final documents regarding the claim.
Renewing a Lapsed Future Generali India Two-wheeler Insurance Plan
Renewal of your policy is needed to enjoy uninterrupted coverage and also to comply with the insurance rules. You can renew the policy online through the company’s website. If the policy is not renewed on time it would lapse and the coverage would lapse. There would be a grace period for renewal within which the no claim bonus would remain active. If the grace period expires, the no claim bonus would lapse. You would be able to renew a lapsed policy by informing the insurance company and after the company does an inspection on your bike.
Review of Future Generali India Two-wheeler Insurance
Future Generali India has been serving its customers by leveraging on the skill set of both its joint venture partners and has evolved to become a total insurance solutions company. The company functions online and makes it very simple for people to buy their plans. It has over 16 lakh customers and settles claims on an average 2,10,000 every year. Future Generali India Motor Insurance Incurred Claims Ratio is 69% for the financial year 2018-19. Future Generali India two-wheeler insurance is the right choice for people who are looking for a comprehensive two-wheeler insurance policy.
Future Generali India Two-wheeler Insurance Contact Information
|Toll-free number||1800 220 233/ 1860 500 3333/ 022 67837800|
|SMS||‘MOTORCLAIM’ to 9222211100|
|Registered and corporate office|
Future Generali India Insurance Company Limited,
Unit 801 and 802,
8th floor, Tower C, Embassy 247 Park,
L.B.S. Marg, Vikhroli(W),
Mumbai- 400 083
Add ons for your Two Wheeler Insurance
Future Generali Two Wheeler Insurance FAQs
1. Will I get the claim if an accident takes place in a city other than where it was issued?
Yes, you can make a claim of your two-wheeler insurance plan for an accident which took place in a city other than where the policy was issued. It doesn't matter where an accident took place. You can call the helpline number of the insurance company and the claim executive of the company will guide you through the claim process.
2. Can I expect a discount on my Future Generali India Insurance premium?
Yes, you can get a discount on your Future Generali two-wheeler insurance premium. You can avail no claim bonus with discounts up to 50%, if you have not made any claim in the previous year or years. You can also get an additional discount if you are a member of a Recognised Automobile Association in India. You can also opt for voluntary access over and above the compulsory access which will help you to get a discount according to the amount opted. In addition, you can install some anti-theft device in your bike. If your bike is safe, the insurance premium would be lower.
3. What add-ons are available with two-wheeler insurance plans?
There is a range of comprehensive additional add-ons available on the payment of a nominal premium. The add-ons offered by Future Generali India Insurance include zero depreciation, theft or loss of keys, tyre damage, loss of personal belongings, NCB protection, engine protector, return to invoice and inconvenience allowance.
4. Can I transfer my no-claim bonus from the previous insurer?
You can transfer the full benefits of no claim bonus when you shift your two-wheeler insurance policy from other insurance to Future Generali India or when you transfer your two-wheeler insurance policy to any other insurance company. However, you must remember to renew your insurance plan within 90 days of its expiry. Otherwise your no claim bonus will lapse.
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