In India, owning a scooter entails having scooter insurance, which is intended to offer financial security against unanticipated events and losses. Having dependable insurance is essential in a nation where scooters are a common means of transportation for daily commutes because of their convenience and fuel efficiency. According to the Motor Vehicles Act of 1988, having scooter insurance is not only required by law but also serves as protection against unforeseen costs.
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What Is Scooter Insurance?
Scooter insurance is a type of policy that provides financial protection for your scooter in the event of theft, accidents, or damage to other people's property. Your financial security is guaranteed by the insurance coverage in the event that any unanticipated occurrences concerning your scooter should occur.
Who Needs to Buy?
To legally operate on Indian highways, a scooter owner needs ideally to possess at least a third-party insurance policy.
Why Is It So Important?
- Legal Compliance: Adhering to the law in order to stay out of trouble and avoid fines.
- Financial Protection: It protects you against large costs incurred if your scooter is damaged or lost.
- Third-Party Liabilities: Guards against the financial strain resulting from injuries or damages your car causes to third parties.
- Comfort of Mind: You may ride your scooter with more confidence if you have insurance because you will be covered financially in the event of an accident or other incident.
Scooter Insurance Types
In India, scooter insurance coverage mostly come in two varieties:
1. Third-Party Insurance:
- Protection: This obligatory policy provides coverage for harm to the lives and property of third parties.
- Legal Requirement: All scooters operating on Indian highways must have this.
- Premium: The IRDAI sets the premium, which varies according to the scooter's engine capacity.
- Limitations: It is not liable for harm to the owner or the insured scooter.
- Suggested for: Anyone who owns a scooter.
Third Party Insurance rates have been mandated by the government based on the cubic capacity of the bike - The lowest rates are as cheap as Rs 1.5 per day
Engine Cubic Capacity (cc) of the Scooter
Third Party Scooter Insurance Premiums
Less than 75cc
Rs. 538 / year
Between 75 - 150 cc
Rs. 714 / year
Between 150 - 350 cc
Rs. 1,366 / year
Greater than 350 cc
Rs. 2,804 / year
2. Comprehensive Insurance:
- Protection: It includes personal accident coverage for the owner as well as coverage for third parties and damages to the insured scooter.
- Add-ons: Choose to incorporate extra coverages such as roadside assistance, 0% depreciation, etc.
- Premium: Premium is determined by a number of variables, such as the brand, model, age, location, and selected accessories of the scooter.
- Suggested for: Scooter owners seeking broader protection for their vehicles.
Selecting the Proper Type of Scooter Insurance:
- Requirement: Third-party insurance is the best option for little legal compliance. On the other hand, It is best to get comprehensive insurance if you want broader coverage.
- Think about Budget, Risk, and Usage: Your decision should be based on your riding preferences, level of risk tolerance, and available funds.
Using a Scooter Insurance Premium Calculator
An interactive online tool called a scooter insurance premium calculator is meant to assist potential policyholders in estimating the cost of scooter insurance.
Using the Calculator:
- Go to the Website of the Insurer: Visit the calculator on the website of the insurer or use Insurance Dekho’s bike insurance premium calculator.
- Provide Scooter Information: Give information about the location, registration year, make, model, and variant.
- Choose a Policy Type. Select between comprehensive and third-party insurance.
- Choose Your Desired Add-Ons: If you've decided to go with comprehensive insurance, choose the add-ons you want.
- Get an Instant Quote: An estimated premium amount is provided instantaneously by the calculator.
Advantages of Using the Calculator:
- Swift and Effective: offers instantaneous premium quotations, saving effort and time.
- Enables you to make well-informed judgements by assisting with your understanding of the premium expenses.
- Comparison: Makes it simple to compare different insurance plans and costs.
- Budgeting: By being aware of the expense of insurance up front, you may better organise your money.
How Do Scooter Insurance Premium Rates Get Calculated?
Premiums for scooter insurance are determined by a number of criteria, including:
1. Third-party insurance is the type of insurance plan that Based on the scooter's engine capacity, the Insurance Regulatory and Development Authority of India (IRDAI) sets premiums.
This is not the case with comprehensive insurance. As it offers a wide range of coverage, the premiums are higher.
2. Insured Declared Value (IDV): This represents the scooter's market value. The premium will increase with the IDV.
3. The age of the scooter and its depreciation: Older scooters have higher depreciation, which lowers the IDV and, as a result, has an impact on the premium.
4. Make and Model: Due to variations in their market worth, premiums are different for each scooter's make, model, and variant.
5. Add-On Covers: Choosing more coverage will result in a higher premium but longer protection.
6. Location: Insurance rates may be higher in areas that are prone to theft or accidents.
7. No Claim Bonus (NCB): The NCB lowers the premium if you haven't filed any claims during the prior policy period.
8. Voluntary Deductibles: The premium will be less if you choose to have larger deductibles.
How Can I Lower My Scooter Insurance Premiums?
Your Scooter insurance can be more reasonably priced and still provide sufficient coverage by lowering the costs. Here are a few successful tactics:
- NCB: You are eligible for a No Claim Bonus (NCB) if you did not file any claims during the preceding year. Over time, this reduction might add up and drastically lower your premium.
- Greater Voluntary Deductible: You can lower your annual premium by choosing a higher voluntary deductible, which entails paying a greater share of the claim sum.
- Installing anti-theft gadgets: Installing gadgets on your Scooter that have been certified by ARAI can reduce the likelihood of theft and result in a premium discount from your insurance.
- Policy Comparison: Research different Scooter insurance plans online before purchasing or renewing your coverage. Rates from other insurers may differ, and you may be able to get a better bargain by comparing Scooter bike insurance plans from InsuranceDekho.
- Insurance Bundling: If you require many types of coverage (such as health and auto insurance), think about combining them under a single provider. Bundled plans are eligible for savings from several businesses.
- Examine Add-Ons: Although they offer additional protection, not all of them may be required for your Scooter. Review and remove pointless add-ons on a regular basis to lower the premium.
- Discounts for Membership: You may be eligible to receive a reduction on your insurance rate if you are a part of specific riding organisations or groups
- Online Purchase: Because purchasing a policy online involves fewer operating expenses, some insurers provide discounts for such purchases.
- Pay Annually: You should pay your premium on an annual basis rather than on a monthly or weekly basis. This frequently leads to a small discount.
- Good Driving Record: Continue to have a clean driving history. Those without a history of traffic infractions or accidents may qualify for reductions from certain insurance.
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Advantages of Purchasing Scooter Insurance on Insurance Dekho
1. Vast Variety of Options: Insurance Dekho provides you with a wide range of options by offering insurance from different insurers.
2. Easy Comparison: To assist you in making an informed choice, you can quickly compare several policies based on features, coverages, and rates.
3. Instant prices: Get prices right away for the chosen scooter and insurance type from a number of insurers.
4. User-Friendly Interface: The platform's user-friendly design makes it simple and easy to search for, compare, and purchase insurance.
5. Expert Assistance: To support you through the process, expert assistance is easily accessible if you need it or have questions.
6. Secure Transactions: Your data and financial information are protected by the platform, which guarantees the safety and security of your transactions.
7. Paperless Process: You can enjoy a hassle-free, paperless process with digital transactions and e-policies.
8. Post-Purchase Assistance: Insurance Dekho provides assistance not just throughout the acquisition process but also in the event that you need to make a claim or renew your policy.
How To Submit a Claim for Scooter Insurance?
If there are accidental damages:
- Notify the insurer: Make quick contact with your insurance company following the collision.
- Register a report: at the closest police station, in the event of substantial damages or the involvement of a third party, register a report.
- Record the Situation: Take photos of the damaged scooter, the accident location, and any property damage to other people.
- Submit Claim Form: Complete the claim form provided by the insurance company, giving precise details about the incident.
- Provide Documents: Please send in the essential paperwork, including the policy document, claim form, and, if relevant, the FIR.
- The insurer is going to carry out a poll in order to get approval. Repairs can start as soon as the claim is accepted.
- Settlement: The insurer will use a cashless facility or refund in accordance with the provisions of the policy to pay the claim.
If there is a theft:
Report Theft: As soon as you become aware of the theft -
- Notify the Insurer: Get in touch with your insurance company and let them know about the situation.
- Send in Claim Form and Documents: Complete the claim form and send it in with the necessary paperwork, such as the registration certificate and FIR.
- Non-Traceable Report: Send the insurer the non-traceable report.
- Settlement of Claims: The insurer will resolve the claim in accordance with the terms and conditions of the policy after verification.
- When submitting a claim, always make sure the information you offer is true and accurate.
- Have the required paperwork on hand to ensure a seamless claims procedure.
- Learn the terms and conditions of your policy so that you are aware of the coverage and exclusions.
How To Buy Online Scooter Insurance On Insurance Dekho?
The procedure for acquiring scooter insurance from Insurance Dekho is simple:
- Visit the site: Go to insurancedekho.com.
- Choose Two-Wheeler Insurance: Make your choice to purchase two-wheeler insurance.
- Input Vehicle Information: Enter the registration number of your scooter. You can manually choose the brand, model, variant, and registration year if you don't have it with you.
- Give Personal Information: Enter your name and phone number along with other personal information.
- See plans: Check out various insurance plans according to their coverage, cost, and insurer's standing.
- Decide on Add-ons: For better protection, choose any extra coverages or add-ons that you require.
- Complete and Pay: After deciding on a plan, pay the premium online with a variety of safe payment methods.
- Get Policy Document: Your policy document will be delivered to your registered email address following a successful payment.
- Easy, quick, and efficient procedure.
- Comparing several plans on a single platform.
- Safe methods for making payments online.
How Can I Use Insurance Dekho to Renew a Lapsed Scooter Insurance Policy?
The procedure for renewing an expired scooter insurance policy on Insurance Dekho is simple to follow:
- Go to the website: Visit InsuranceDekho.com.
- Go to the Two-Wheeler Section: Choose to renew your two-wheeler insurance.
- Enter Specifics: Please enter the necessary information, such as the registration number of your scooter and any other pertinent details.
- Select a Policy: Examine the available policy options and contrast their features, benefits, and costs.
- Choose Add-Ons (Optional): If more coverage is required, select any add-ons.
- Make Payment: To complete the transaction, use one of the available safe online payment options to pay the premium.
- Policy Issuance: Your renewal policy document will be emailed to your registered address as soon as payment is verified.
Note: Prior to the policy issue, your scooter may need to go through an examination if your insurance has lapsed for an extended period of time. To ensure a seamless process, make sure you collaborate with the insurer's surveyor.
Factors to keep in mind when buying Scooter Insurance
1. Type of Coverage: Depending on your demands and level of risk, choose between comprehensive and third-party coverage.
2. Know your scooter's insured declared value (IDV) as it relates to the amount of money you will be compensated in the event of theft or complete loss.
3. Premium Amount: Take into account the premium expenses and make sure they fit into your spending plan without sacrificing necessary coverage.
4. Add-On Features: Consider the add-ons that are offered and choose the ones that best complement your coverage.
5. No Claim Bonus (NCB): Take into account your accrued NCB while renewing to receive premium savings.
6. Insurer's Reputation: Examine the market reputation, customer feedback, and claim settlement ratio of the insurer.
7. Insurance Exclusions: To prevent surprises when filing a claim, be informed of what is and is not covered by the insurance.
8. Customer Service: Choose insurance companies with strong customer service to help you with the purchase, renewal, and filing of claims.
9. Renewal Process: To keep your coverage ongoing, be aware of the terms and conditions and the renewal procedure.
10. Read the Fine Print: Carefully read the policy paperwork to make sure you comprehend all of the terms, conditions, and clauses.
What Does a Scooter Insurance Policy Exclude?
Even if Scooter insurance offers complete protection, there are some situations and circumstances in which the policy isn't applicable. Several typical exclusions consist of:
- Wear and Tear: The Scooter's normal wear and tear or ageing is not covered.
- Electrical or Mechanical Breakdown: Generally, routine failures or breakdowns that do not stem from an occurrence that qualifies for insurance coverage are not covered.
- Driving While Under the Influence: Damages sustained when operating a bike while under the influence of drugs or alcohol are not covered.
- Driving Without a Valid Licence: The claim can be denied if the rider was not in possession of a valid driver's licence at the time of the collision.
- Contractual Liability: Unless it's an insurance contract, all liability resulting from a contract pertaining to the Scooter is often excluded.
- War or Nuclear Risk: This policy does not cover damages resulting from war, mutiny, or nuclear threats.
- Utilising Bike Beyond Restrictions: The policy will not pay damages if the Scooter is used beyond its restrictions, such as utilising a personal Scooter for business travel.
- Intentional Damage: Claims resulting from deliberate wrongdoing or willful misconduct are not covered.
- Unspecified Add-Ons: The benefits that come with some add-ons won't be applicable if you haven't mentioned them in your policy expressly. In the event that you do not possess a zero depreciation add-on, depreciation will be taken into account while settling claims.
Even though a lot of frequent inclusions and exclusions are covered by this list, it's important to read your policy paperwork carefully. It guarantees that you are aware of exactly what is and is not covered, assisting you in making well-informed choices when purchasing and utilising Scooter insurance.
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What fundamental protection does scooter insurance offer?
The basic policy, sometimes referred to as third-party insurance, shields you financially from liability resulting from harm or damage your scooter causes to other people.
Why should I re-insure my scooter every year?
The Indian legislation requires that scooter insurance be renewed annually. It guarantees ongoing defence against monetary obligations brought on by mishaps, theft, or destruction.
Is it possible for me to add more insurance coverage for my scooter?
To improve protection, insurers do provide a range of add-ons and supplementary coverages, such as roadside assistance, personal injury coverage, and zero depreciation.
What does scooter insurance's No Claim Bonus (NCB) mean?
The NCB is a premium discount given to policyholders who did not file a claim during the prior term of the policy. Years of accumulation result in significant premium reductions.
What occurs if the insurance on my scooter lapses?
Your policy will no longer provide you with coverage or legal protection if it lapses. Additionally, you can lose accrued NCB. Renewing the lapsed insurance as soon as possible is advised to reduce financial and legal concerns.
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