TVS New Two Wheeler Insurance
As we know India is the biggest manufacturer of two wheelers in the world. And TVS is one of them. The TVS is most commonly popular for tvs insurance policies and post-sales services.TVS is the world’s third-largest manufacturer of the two-wheels in the world.TVS has an annual revenue of Rs. 20,185.43 Crore. From these figures, it is evident that the market for TVs’ products in India is quite substantial.
What is Two Wheeler TVS Insurance?
Two Wheeler insurance is also known as Bike insurance cover protects all types of two-wheelers – motorcycle, scooter, moped, and three-wheeler vehicles for disabled persons. The policy covers all uses both personal and commercial. Sidecar attached to the two-wheelers is also covered. This insurance policy covers third-party liability due to the use of the vehicle and loss or damage to the vehicle.
What are the TVS Insurance policies available?
There are two sorts of policies – Third-party insurance and Comprehensive policy
The third-party insurance policy covers the legal liability of the insured towards death, injury to persons, and damage to property of the third party. This cover may be a must and minimum as per the automobiles Act for using any vehicle during a public place. This is also referred to as ‘Act only’ Insurance or Liability only cover.
The comprehensive insurance policy covers the damage or loss to the vehicle due to accident, theft, fire, or natural disaster, in addition to the third-party liabilities.
If new TVS Insurance or bike insurance is to be bought online, what information do I want to fill and what documents are to be submitted?
The dealer will arrange for the insurance, as insurance is mandatory for vehicle registration under the Motor Vehicles Act. But, if the insurance is to be purchased online, the details of the new vehicle like Engine capacity, Engine Number, and Chasis Number are required. Based on the Proforma invoice, the details can be filled up in online mode. Details of the previous insurance policy are required if no claim bonus is to be availed.
How is the premium of two-wheelers determined in TVS Insurance?
The premium is calculated on the subsequent factors for the Own Damage cover (Comprehensive cover) and therefore the Third-party cover.
- Engine CC – Engine Cubic capacity
- The IDV (Insured Declared Value) of the vehicle
- Where the vehicle is registered – Your geographical location
- No Claim Bonus, accumulated over claim-free years
- Any add-on protect extra electrical or electronic fittings, protect pillion riders, etc
- Discounts for membership of Automobile Associations, anti-theft devices, etc.
What is the IDV of the vehicle in TVS Insurance?
IDV is that the Insured Declared Value of the vehicle. It is the sum insured fixed at the commencement date of the policy and normally filled by the proposer within the proposal form. It is the amount that the insurer will pay at the time of claim if the vehicle is lost or stolen or damaged beyond repair. IDV will decrease with the increase in the age of the vehicle.
What is No Claim Bonus(NCB)?
The insurance company gives a discount on the Own Damage section premium for a claim-free year to incentivize accident-free driving. This is called No Claim Bonus. The discount starts at 20% and is cumulative. The discount increases with every claim-free year. NCB can be availed when the policy is renewed before the expiry date. The benefit can be also availed if the policy is renewed before 90 days from the date of expiry.
What are the additional covers (Add-on covers) available?
- Add-on covers provide additional protection or extra benefits / less deduction when a claim is preferred. Extra premium is to be paid and that they are optional.
- Zero Depreciation cover – no depreciation on parts to be replaced in a claim.
- Electrical or nonelectrical extra – This cover is for the insurance of extra items fitted in the vehicle. This is part of the own damage section of comprehensive policy.
- Personal Accident cover for pillion riders.
What are the discounts which will be availed in taking two-wheeler insurance?
- The main discount is the No Claim Bonus (NCB) – discount for a claim-free year.
- Membership discount – Discount is given if the insured is a member of the recognized Automobile Association of their respective region. For example, for Chennai, the membership is to be with the Automobile Association of Southern India.
- Loyalty Discount – some insurers give discounts for insured for their continuous renewal.
- Occupational Discount – some insurers give a discount for professionals as they are deemed as safe drivers.
- Installation of anti-theft and safety devices – Discount is given as this improves the danger against theft.
- Discount for longer tenure – for 2 or 3 years.
What are the things not covered by the two-wheelers Insurance policy?
The following are the exclusions of the two-wheeler insurance policy.
(Policy may be referred for exact wordings, as there may be some changes from one insurer to another)
Damage due to normal wear and tear of the vehicle
Depreciation or any consequential loss due to normal use of the vehicle
Loss from mechanical or electrical breakdown
Damage to tires and tubes in the normal course
Any loss due to the vehicle being used for a purpose other than for which it is meant to be used
When the vehicle is driven by the person without a proper driving license
Loss occurring when the driver is under the influence of drugs or alcohol
Any loss due to nuclear risks
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What is Long Term Two Wheeler Insurance Policy?
A Long Term Two Wheeler Insurance Policy is issued for a longer-term for more than 12 months. The policy is for a term of 2 to 3 years. The policy need not be renewed after 12 months.
What are the benefits of long term TVS Insurance policy?
- No hassle of renewing after 12 months
- During the term of the policy, the IDV of the vehicle is not changed. This depends upon the insurer, as
- some reduce the IDV for the second and third years.
- Insurers aren’t allowed to revise the premium rates during the tenure of the policy even when a claim is
- formed under the policy.
- Discounts are given for future policy depending upon the tenure
Can long term two wheeler TVS insurance policy be canceled?
Yes, the TVS Insurance policy can be canceled. The premium refund depends upon the tenure utilized, the terms of the policy and differs from one insurer to others. Some insurers give refunds even when a claim is made. Although the refund terms & conditions vary from one insurer to another, they should be reviewed before purchasing the policy.
See More Information About TVS Insurance
Official Link to getting TVS Insurance – View