Shriram Two Wheeler Insurance Company
Shriram Capital Limited is one of the top-notch companies named in the Financial Services and Insurance establishments of the Shriram Group. Shriram General Insurance has started off as a joint venture of the Shriram Group (India) and the Sanlam (South Africa) with a share of 77% and 23% respectively. Shriram Capital Limited was founded in 1978 in South India.
Shriram Capital has been the hub of an extensive range of ever-growing customer bases of 12 million. Shriram provides employment to more than 70,000 employees with over 25,000 active agents across 3000 offices. Shriram Capital is one of the names that marked its flag in history as one of the General Insurance Company which is profitable in the first full year of operation.
Types of Two-wheeler insurance plans offered by Shriram General
The two-wheeler package policy covers insurance for a scooter, autocycle, motorcycle, and such other two-wheelers listed under the Schedule of the policy. Broadly there are 4 types of two-wheeler insurance plans offered by Shriram General
- Two-Wheeler Package Policy
This is a comprehensive two-wheeler insurance plan which covers both third party liability of the vehicle as well as own damage to the bike for any accident, theft, etc. The third-party liability is mandated by the government to ply your vehicle on Indian roads.
So, a Package policy basically is a combination of both Own Damage of the bike + your legal liability towards any damages done to a third-party liability towards third person, property or vehicle. There are 2 types of package policies available by Shriram General:
- Two-Wheeler Package Policy – 1 year
This is a one-year comprehensive bike insurance plan with Own damage coverage for 1 year and third-party liability coverage for 1 year.
- Long Term Two-Wheeler Package Policy
This is a comprehensive bike insurance plan for 5 years. So, this plan covers Own Damage of the two-wheeler for 5 years and third-party liability for a tenure of 5 years.
The most obvious reason to opt for long-term two-wheeler insurance is to avail the benefit of not having to renew the policy every year. One-time renewable reduces the hassle of conducting paperwork year after year and going through the cumbersome procedures during the renewal.
- Two-Wheeler Package Policy – 1 year
In addition to that, the premiums undergo annual revision and you may be subject to the revision charges the next time for the same plan. The insured can lock the premiums for the coming years. The long-term plan also does not have to keep reminding the insured of renewing the policy every year.
- Third-Party Liability
Considering the requirements of the Motor Vehicles Act, 1988, it is important for two-wheeler owners to have third-party liability insurance. Third-party damages are covered under the plan along with damages done to a third party person, property or vehicle.
- Bundled Motor 2-Wheeler Policy
The bundle two-wheeler insurance policy covers one-year term for own damage and 5 years of motor insurance for third-party liability. This type of plan is offered to new vehicles only.
Stand-Alone Motor Own Damage 2-Wheeler Policy This type of plan covers only the own damage of the vehicle and not the third-party liability which is mandated by the Government of India. Hence, you can only buy this plan if you already have a valid third-party only two-wheeler insurance policy.
The stand-alone bike insurance policy is an own damage bike insurance considered to cover bike damages and losses caused to the internal child parts of the insured vehicle from water ingression and leakage of lubricating oil. If you are looking to protect your motor vehicle from damage due to accidents, calamities, or fire, the stand-alone plan is the most recommended one. It is not a compulsory policy but considered one of the best options when it comes to motor insurance.
Key Benefits for Shriram General Two-Wheeler Insurance
The Internet is the most progressive platform that gives data in excess. You can become more acquainted with every single insight regarding inclusion, additional items, key-highlights, exclusions just as the terms and conditions. With the online features, you can undoubtedly get information on bike protection from the choices accessible, and avail the policy just by sitting at home. You need to fill up all the generic details, choose the plan from the list offered and you can add up from the list of add-ons available. Finally you have to make your payment for the policy chosen.
The insured receives an e-policy document upon opting for the suitable policy. Payment can be initiated using any preferred mode of online payment modes like debit or credit card, net banking, Google Pay, UPI, or through online wallets too. The planned renewal or any enhancement of the plan upon renewal, checking the status of the insurance, initiating the claims all processes are quite easy to be handled.
Large Network of Cashless Garages
Shriram General Two- Wheeler Insurance offers a large range of cashless garages across India which sums up to 1900+ across the country. You should inform the insurer about the damages and take your vehicle to one of the listed garages in the network and the expenses would be taken care of by the insurer with the garages directly.
Wide Range of Add on Covers
Shriram General Two- Wheeler Insurance offers a large range of add-on covers from which you can choose according to your preferences.
Following are the add-ons available:
Covers damage to the internal parts of the Engine of the Insured Vehicle due to water ingression and leakage of lubricating oil. The Insured shall receive the full benefit if repairs are done at authorized centers, and coverage can be used up to twice a year.
The company shall pay the amount/value deducted towards depreciation on parts of the insured vehicle. The claims shall be in accordance with the bundled motor two-wheeler policy.
Repair of items not damaged in the accident but has a limited life such as nuts, bolts, screws, etc. In case the insured vehicle suffers an accident, the add-on shall be applicable.
Return to Invoice
The add-on is applicable in case the insured vehicle is totally damaged due to theft or accident. With this add-on, the policyholder can get the invoice value of his damaged vehicle instead of receiving the IDV as a claim amount.
Roadside Assistance Cover
The company is liable to pay roadside assistance in case the insured vehicle breaks down, with featured benefits such as flat tyre support, minor repair, and breakdown support over the phone.
What is covered under Shriram General Two-Wheeler Insurance Plans?
Cover for the own Vehicle:
The plan covers some of the third-party liability along with the damages which are incurred to the bike, in case of the bike rider injuries it provides full coverage.
Shriram General Two- Wheeler Insurance covers any third-party liability such as damages caused to the vehicle or to any property due to own damage.
The Comprehensive Two-Wheeler insurance plan covers the damages caused to the bike due to accidents such as dents, scratches, broken parts, etc.
- Disaster coverage:
- Man-made Disasters:
The plan covers most man-made disasters too as fire explosions, self-ignition, riots, or any malicious activities.
- Natural Disasters:
The insurance takes care of the losses incurred to the two-wheeler due to any natural disaster such as lightning, flood, cyclone, landslide, or rockslide, earthquake, tsunamis, etc.
- Theft and Burglary or Housebreaking:
The company pays for the losses in case the vehicle is stolen. The insurance also takes care of the accessories of the vehicle, if any, while it is stolen.
- Man-made Disasters:
What is not covered under Shriram General Two-Wheeler Insurance Plans?
Normal Wear and Tear
The expense of standard adjusting of the bike, to guarantee its smooth run costs will be borne by the owner of the bicycle. Any misfortunes caused because of the non-upkeep of standard mileage of the vehicle are not shrouded under the Shriram General Two-Wheeler Insurance arrangements.
Mechanical or Electrical breakdown of your two-wheeler are not covered under the plan. However, if there is a roadside assistance add-on, then the road side assistance in terms of towing the vehicle, etc. would be provided.
Drunk Driving Damages:
The accident caused due to the intoxication of the driver of any alcohol or other banned drugs or medicine then the damages caused to the bike and the rider will not be reimbursed and thus no claim shall be processed.
Damage done by underage driver or driving without a valid license:
In case of any damage to the bike or injuries to the rider due to an accident by the rider who does not have a valid license or is under 18 years of age, no claim shall be processed keeping aside the fact, it is own or third party.
Damages when the policy is inactive
Under circumstances where the policy has lapsed or expired, the plan does not process claims. The policy does not cover any damage occurring either to the vehicle or the rider.
Steps to Apply for Shriram General Two- Wheeler Insurance policy
Step 1: Visit the website and choose the plans as per your requirement. You need to weigh the pros and cons of each plan and then choose the one which best suits your needs.
Step 2: Fill in the details online after you have selected your best suited plan. Your vehicle details along with your contact details need to be filled in.
Step 3: Submit Your Documents: Once the details are uploaded, you would be required to upload certain documents which would be your KYC details of ID and address proof for the policy to be issued.
Step 4: Pay the premium: Payment can be done at your convenience from any of the payment gateways like debit or credit card or net banking or even wallets. Once the same has been successfully paid, your policy document would be emailed to your registered email id.
Shriram General Two- Wheeler Insurance Claim Process
Step 1: Contact the Insurer
You need to contact the provider about the harm and the requirement for the maintenance, educate your insurer on the damages caused within 24 hours of the mishap.
Step 2: Upload Images
Click and upload clear pictures of the damage along with all the required documents such as insurance policy document, properly filled and signed claim form, driver’s license, registration certificate, etc. to make your claim valid.
Step 3: Sending the vehicle to a Network Garage
All things considered, once the records are confirmed and the harms in the vehicle are surveyed, you need to send the vehicle to the network garage of the company for assessing the expense of the damages. On the off chance that the damage is found reasonable and within the scope, the insurance company will make an immediate payment to the network garage and settle your claim directly.
Under a reimbursement guarantee, when your reports and photographs are considered appropriate and the costs brought about are within the purview of the sum will be repaid to your bank account after you have borne the costs from your pocket.
The assessment of the expense of damage basically should be done from the suggested garage to claim insurance. In the event that the repairs are done from a nearby garage, that isn't recorded on the organization list, the case will not be considered legitimate. In the event that you brought about a cost higher than the assessed sum by the organization garage, the extra charges will be borne by you.
Reviving a Lapsed/Expired Policy
In the event that you neglect to pay the premium on time regardless of the rehashed updates from the provider, the policy may expire. If you fail to pay the premium within the grace period, the provider will reconsider the state of your vehicle and offer another statement for the premium of another policy/plan.
Shriram General Two- Wheeler Insurance Review
Shriram General Two- Wheeler Insurance is licensed with IRDAI (Insurance Regulatory Development Authority of India) and is also named the insurance partner with the IRCTC. Shriram General Insurance has been the one company which has been for “aam admi “i.e., for the general public with its insurance starting from INR 482 (without GST).
Shriram General Two- Wheeler Insurance has won the “Best General Insurance Company Award” in the year 2019. The company has never failed to mark its name as one of the best companies in the insurance industry and hence has also bagged the award of the “Most Amiable Insurer” in the Non-Life Insurance 2018. Shriram General Two- Wheeler Insurance has been also one of the few companies in the year 2019 that had nil pending comments and complaints as of March 2019.
Shriram General Two- Wheeler Insurance Two-Wheeler Insurance Contact Information
|Registered Office Address||Shriram General Insurance Co. Ltd. (In partnership with Sanlam, South Africa) E-8, EPIP, RIICO Industrial Area, Sitapura, Jaipur - 302022 (Rajasthan)|
|Toll-free Number||1800-300-30000 (Policy Holders), 1800-103-3009 (Others)|