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In the event of a claim, there is a certain minimum amount that the insured person needs to pay, and this is known as the 'compulsory deduction' or 'deductible' under Two-wheeler Insurance. The deductible amount for all two-wheeler Own damage claims is ₹100/-. This means that if you make a claim, you will be responsible for paying ₹100, and the insurance company will cover the rest of the claim amount after deducting this compulsory deductible.

Insured Declared Value (IDV) is the value of your vehicle as determined by the insurance company. It is calculated by adjusting the current manufacturer's listed selling price of the vehicle with a depreciation percentage as per the Tariff. The manufacturer's listed selling price includes Local Duties/Taxes but excludes Registration and Insurance costs.

For vehicles that are outdated or older than 5 years, the IDV is determined through mutual agreement between the Insurer and the Insured. Our Assessment Team evaluates the value of such vehicles using various resources like IMAs, Panel of Surveyors, Car Dealers, Second Hand Car dealers, etc.

Depreciation slabs for calculating IDV are as follows:

An endorsement is needed when there are agreed changes to a policy. It is a written document that includes modifications to the policy terms. If any alterations are required in the policy, the customer should approach the Insurance Company to make the necessary changes, and this is done through an endorsement.

An endorsement may be issued when the policy is issued initially, to provide additional benefits and coverage (e.g., legal liability to the driver) or to impose restrictions (e.g., accidental damage deductible). The wordings of these endorsements are provided in the tariff. Additionally, an endorsement may be issued later to record changes such as a change of address, change of name, change of vehicle, and so on.

Electrical/electronic accessories refer to items that are not originally provided by the vehicle manufacturer along with the two-wheeler. Examples include interior fittings, alloy wheels, protection bumpers, and saree guard that are not included with the vehicle. Non-electrical/non-electronic accessories are those items that do not rely on electricity or electronics for their functioning. These accessories can be added to enhance the appearance or utility of the two-wheeler.

No Claim Bonus (NCB) is a reward given to policyholders for not making any claims in the previous year of their insurance. It can be accumulated and increases over time, starting at 20% and going up to 50%.

Here are some important points about NCB:

• If you make a claim, the NCB becomes zero.
• The NCB is associated with the policyholder, not the vehicle.
• You can reclaim the NCB within 90 days from the date of policy expiry.
• The NCB can be utilized within 3 years, even if you sell the existing vehicle and purchase a new one.
• When transferring the policy to a new name, the NCB can be recovered.
• In case of the customer's death, the NCB can be transferred to the legal heir.
• If you replace your vehicle with another of the same class, the NCB can be transferred.
• NCB earned abroad can be considered in India as well.

NCB acts as an incentive for safe driving and rewarding policyholders for not making claims, which can lead to reduced insurance premiums in the future.

Break-in-insurance happens when the policy lapses because it was not renewed on time. It is essential to have at least third party insurance for your two-wheeler at all times, as per the law.

If your two-wheeler insurance has lapsed, please contact the nearest branch for further details. They can assist you in understanding the necessary steps to renew your insurance and ensure that your two-wheeler is adequately covered again.