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Future Generali Standalone Own Damage Bike 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.
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According to the legislation, bike insurance is a legal need in India before you may drive your vehicle on Indian roads. Purchasing insurance coverage is a wise financial move that protects you from the costs that may occur if you are involved in an accident while driving your vehicle.
A third-party bike insurance coverage is the bare minimum to meet the regulatory insurance need, but it only protects you from legal and financial obligations for damages to the third-party person, their vehicle and property. Thus, you must obtain a Future Generali standalone bike insurance policy to safeguard your vehicle as well and cover the costs of repair, replacement of parts, or procurement of spare parts.
Future Generali Standalone Two Wheeler Insurance Vs Third Party Two Wheeler Insurance Vs Comprehensive Two Wheeler Insurance
| Parameters | Third Party Bike Insurance | Standalone Bike Insurance | Comprehensive Bike Insurance |
| Coverage | Only third-party liabilities are covered by the insurance. | Only you and your insured bike are covered by standalone own damage insurance. | It includes the benefits of both third-party and own-damage coverage. |
| Advantages | It is a mandatory policy that protects you from penalties and third-party liability costs. | It protects you against natural calamities and damage caused by humans. With add-ons and no- claim bonus discount, you can also supplement your coverage. | It protects against losses caused to third-parties as well as your own losses, lets you customize your coverage with NCB and add-ons. |
| Premium | The insurance premium is quite low because of limited protection. | The cost of standalone own-damage bike insurance policy is cheaper than comprehensive but higher than third-party insurance. | This insurance policy has a high cost because it provides third-party as well as own-damage coverage. |
What is Covered Under Future Generali Standalone Two Wheeler Insurance Policy?
- Accidents in which your bike may be engaged in damages.
- Damages caused by a fire or explosion.
- Having your automobile stolen could be the biggest nightmare you've ever had, but this policy makes sure your peace of mind isn't disturbed.
- Calamities are either natural (earthquakes, floods, etc.) or man-made (riots, acts of violence, etc.) both are covered.
What is not Covered Under Future Generali Standalone Two Wheeler Insurance Policy?
Regardless of how much protection standalone policy of Future Generali bike insurance provides, there are a few instances to be aware of that are not covered by own damage insurance:
- Third-party Liabilities: Standalone damage bike insurance has no coverage for any third-party losses and is solely designed to safeguard the damages to insured’s vehicle.
- Depreciation: As your bike ages and hence depreciates, you need to purchase a suitable add-on like Future Generali zero depreciation policy. Without this add-on , your bike insurance policy does not include a provision to cover depreciation costs.
- Electrical & Mechanical Breakdown: Unless the defect is caused by an accident, your own-damage automobile insurance will not cover damages caused by a mechanical malfunction in the vehicle.
- Drunk Driving: If your vehicle gets damaged due to drunken driving or driving after consuming drugs, this policy will not cover for it.
- Nuclear Practices or War :This policy does not cover losses resulting from wars, war-like occurrences, or nuclear attacks.
- Driving Without a Licence or Policy: If your vehicle is damaged while being driven without a valid driver's licence or policy, an own-damage bike insurance will not cover any damages.
Benefits of Future Generali Standalone Two Wheeler Insurance Policy
- Owners of vehicles are no longer required to acquire a long-term comprehensive auto insurance policy that includes both third-party and OD coverage.
- Bike owners can purchase plans from a variety of insurers based on their budget and desired advantages.
- The Future Generali standalone bike insurance coverage is more reasonable and effective for individuals who cannot pay upfront, and it can be renewed annually.
- Allows policyholders to purchase add-ons that would otherwise be unavailable with solely third-party liability coverage.
Future Generali Standalone Two Wheeler Insurance Review
Customers are more than satisfied after buying Future Generali standalone two-wheeler insurance. Their customer service is excellent, and so is the buying process of this policy. Policyholders often express that they were lucky to choose this policy. It has been a great deal for them.
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Future Generali Standalone Bike Insurance FAQs
1. How is the premium for the Future Generali own damage bike insurance policy calculated?
The premium for the Future Generali own damage auto insurance policy is calculated by considering numerous factors such as the bike's age, make, engine cc, vehicle type, geographical zone, and so on.
2. What are the many types of automobile insurance policies available in the market?
As a policy proposer, you have the choice of selecting one of three types of automobile insurance policies available in the market: comprehensive insurance, third-party liability insurance, or own damage insurance.
3. Is it mandatory to purchase Future Generali standalone policy for my vehicle's own damage?
No, it is not mandated by law to purchase an own damage insurance policy for your vehicle. However, the Indian Motor Tariff Act mandates that you obtain at least third-party liability insurance for your bike.
4. Can add-on be included in Future Generali's own damage insurance policy?
Yes, you can include add-on covers at an additional cost in your Future Generali standalone bike insurance policy.