National Insurance Bike Insurance
National bike insurance is a type of two-wheeler insurance policy that covers the insured motorcycle against damages caused by theft, accident, third-party liabilities, etc. The company offers comprehensive bike insurance plans to protect the vehicle against several unpredictable events.
National Insurance Bike Insurance Policy & Key Features
Categories | Key Features |
Two-wheeler Network Garages | 900+ |
Claim Settlement Ratio (CSR) | 93.0% |
Customer Assistance | Available 24x7 |
Personal Accident (PA) Cover | Up to ₹ 15 Lakh |
*Disclaimer: The above table is for reference purposes only. Kindly refer to the policy wordings provided by the National Insurance Company Limited to understand the key features.
Why Choose National Insurance Bike Insurance Policy?
National bike insurance policy comes with the following key benefits, which makes it worth buying:
- Buy or renew bike insurance online in a few clicks.
- Affordable plans with tailor-made coverages.
- Fast and hassle-free bike insurance claim settlement process.
- No Claim Bonus (NCB) is also available
- Swift and speedier claim process with a Claim Settlement Ratio (CSR) of 93%.
- Tracking of claim status online.
Types of National Bike Insurance Policy
National Insurance Company Limited (NIC) is India's oldest and most popular public sector general insurance company, offering tailored plans for different consumers. Here is a detailed version of the different types of bike insurance plans offered by the company:
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Annual Package Policy
This policy is a comprehensive bike insurance plan that provides coverage for both third-party liabilities and own damages to the insured bike. It covers the damages to the own bike resulting from accidents, theft, fire, natural disasters, vandalism, etc. Additionally, it covers the legal and financial liabilities for injuries or damages caused to third parties (including their property) due to an accident involving your bike. This policy is also available for one year and needs to be renewed annually.
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Annual Liability Only Policy
This policy provides coverage exclusively for third-party liabilities. It is often referred to as third-party bike insurance. It covers the financial and legal liabilities arising from injuries or damages caused to third parties or their property due to an accident involving the insured bike. This policy is valid for one year and requires annual renewal.
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Long Term (2/3 Years) Package Policy
This comprehensive bike insurance policy is designed for a longer duration, typically two or three years. It combines coverage for both own damages and third-party liabilities. Those seeking a longer-term solution and wanting comprehensive coverage usually prefer the policy.
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Long-Term (2/3 Years) Liability Only Policy
This policy focuses solely on third-party liabilities, covering legal and financial claims against you for damages or injuries caused to others. It is available for two or three years and is ideal for long-term third-party liability coverage without additional own damage protection.
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5-Year Liability Only Policy for Brand New Two-Wheelers
This is a third-party liability policy available specifically for brand-new two-wheelers. It offers extended liability coverage. It contains five-year third-party (TP) coverage, providing extended protection without the need for annual renewals.
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Bundled Policy for Brand New Two-Wheelers
This policy combines third-party liability coverage with own-damage bike insurance protection in a single plan, specifically for brand-new two-wheelers. Under this, third-party liability coverage is valid for five years, and own damage coverage is valid for one year.
This policy offers a comprehensive protection package for new bikes, covering third-party liabilities and personal damages with the convenience of long-term third-party coverage.
National Bike Insurance Coverage
- Inclusions
- Exclusions
The National bike insurance policy offers compensation to the insured vehicle in the following instances:
- ✅Loss or damage due to burglary, housebreaking, or theft.
- ✅Covers the accidental damages.
- ✅Cover the expenses causing damage due to fire, explosion, self-ignition, or lighting.
- ✅Any loss or damage due to malicious acts or terrorist activity.
- ✅Loss or damage caused by riots and strikes.
- ✅Covers the damage or loss caused by natural calamities such as floods, earthquakes, typhoons, hurricanes, storms, cyclones, hailstorms, tempests, landslides, rockslides, etc., are covered under the package plan.
- ✅Covers mandatory third-party liabilities.
The National bike insurance policy will not be able to provide cover for any of the following events:
- ❌Any loss or damage and liability caused to the vehicle due to willful negligence.
- ❌Any loss or damage and harm caused to the vehicle outside the geographical boundary as laid down in the policy document.
- ❌Any claim arising due to contractual liability.
- ❌Damage/loss caused or liability incurred when the insured vehicle is driven or used outside the policy's boundary.
- ❌Damage/loss caused or liability caused due to nuclear weapons material.
- ❌Damage/loss caused or liability caused due to damage to property resulting from any consequential loss.
- ❌Damage/loss caused or liability caused directly or indirectly from radioactive contamination or ionizing radiations from any nuclear power, waste, or materials.
- ❌Accidental loss/damage/ liability due to war or warlike activities, hostilities, invasion, civil war, military power, mutiny rebellion, acts of foreign enemies, and events arising from the mentioned occurrences.
- ❌Consequential loss, depreciation, wear and tear, mechanical or electrical breakdown.
*Disclaimer: The above-mentioned are the general inclusions & exclusions of the National Insurance two-wheeler policy. Check the policy wording for the exact coverage.
Depreciation Rates Applicable to Bike's Parts
Below is the rate of depreciation applied to different components of the bike:
Bike’s Component | Depreciation Applicable (in %) |
Nylon/plastic/rubber parts (such as tyres, tubes, airbags, batteries, etc.) | 50% |
Paint components | 50% |
Fiberglass components | 30% |
Glass of components | 0% (NIL) |
Depreciation Rates Based on the Bike's Age
The age of the bike also influences depreciation rates. The table below highlights depreciation rates as per the vehicle's age:
Vehicle Age | Depreciation Rate (in %) |
Less than 6 months | 0% (NIL) |
6 months-1 Year | 5% |
1-2 Years | 10% |
2-3 Years | 15% |
3-4 Years | 25% |
4-5 Years | 35% |
5-10 Years | 40% |
Exceeding 10 Years | 50% |
*Disclaimer: The depreciation rates given in the above tables are for reference purposes. Kindly check the terms and conditions of the policy wording.
Personal Accident Cover for Two-Wheeler Owners
National Insurance Company Limited offers Personal Accident (PA) coverage as a mandatory add-on to the bike insurance policy. It provides coverage of up to ₹15 lakh for bike owners in case of bodily injury or death resulting from an accident.
The compensation scale that a policyholder can avail is described as follows:
- Accidental Death: 100%
- Loss of both limbs or eyesight or 1-limb and 1-eyesight: 100%
- Loss of 1-limb or 1-eyesight: 50%
- Permanent Total Disabilities caused in an accident: 100%
Points to Consider While Buying Personal Accident (PA) Cover
The Personal Accident cover provides compensation for accidental death or injuries only. It excludes the self-harm, suicide, intentional harm, physical injury or wounds. Moreover, it excludes the claim raised for injuries resulting from the consumption of alcohol or drugs.
How to Buy or Renew National Bike Insurance Online?
Renewing or buying National bike insurance online can be done through the official website of Policybazaar Insurance Brokers Private Limited. Here is the process:
- Step 1: Go to Policybazaar.com, click 'Insurance Products' in the top menu, and select 'Bike Insurance.'
- Step 2: Enter your bike's number and select 'View Prices' for renewing the policy. If you have bought a new bike, click 'Bought a New Bike'.
- Step 3: From the given options, select the details of the city & RTO, manufacturer, model & variant, and registration year. Then, click on 'View Plans'.
- Step 4: Choose the National bike insurance plan offered.
- Step 5: Choose between third-party or comprehensive bike insurance coverage.
- Step 6: Opt for add-on covers, such as a zero-dep or engine protection cover.
- Step 7: Pay the premium through UPI, net banking, or credit/debit card to receive a policy in your registered email ID.
How to File a National Insurance Two-Wheeler Claim?
There are three types of claims raised under the National bike insurance policy:
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For Theft Claim
To file a theft claim for your bike insurance, follow these steps:
- Step 1: Report the theft to your local police and obtain a First Information Report (FIR).
- Step 2: Submit the FIR to National Insurance Company Limited.
- Step 3: The insurer will assign a surveyor to investigate the theft.
- Step 4: Notify the Regional Transport Office (RTO) about the stolen bike/scooter.
- Step 5: Ensure you have all the required documents at the time of claim settlement.
- Step 6: If the bike remains untraceable for over a month, the police will issue an 'Untraceable Report', which will assist in settling your claim.
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For Accidental Claim
To file an accident claim under your bike insurance policy, follow these procedures:
- Step 1: Notify your insurance provider and fill out the claim form on their website.
- Step 2: A surveyor appointed by the insurer will inspect the damage at the accident site.
- Step 3: Submit all mandatory documents requested by the insurance company.
- Step 4: Repair it at a network garage for a cashless settlement, and the insurance company will settle the bill amount directly.
- Step 5: For reimbursement, repair any nearby garage and pay the bills yourself. Then, the insurer will reimburse you via bank transfer.
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For Third-Party Claim
To file a third-party claim, follow these steps:
- Step 1: Inform the insurer about the road accident.
- Step 2: Submit the court summons to the insurer.
- Step 3: Submit the filled & signed claim form to the insurer.
- Step 4: Submit all the required documents asked by the insurer.
- Step 5: The Tribunal court will handle the adjudication of the case.
Documents Required for Filing National Insurance Two-Wheeler Claims
There are three different sets of documents for various situations, explained below:
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For Theft Claim
The following documents are required for filing a theft claim:
- Completed and signed claim form
- 'Untraceable Report' from the police
- Vehicle Registration Certificate (RC) with all original keys
- Driving License
- Police FIR
- Bike insurance policy
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For Accident Claim
The following documents are required for filing an accidental claim:
- Completed and signed claim form
- Registration Certificate (RC) of the bike
- Driving License (DL) of the rider at the time of the accident
- Bike Insurance Policy
- First Information Report (FIR) or Motor Collision Report (MCR)
- Original repair estimate
- Repair invoice and payment receipt
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For Third-Party Claim
The following documents are required for filing a third-party claim:
- Completed and signed claim form
- Driving License (DL) of the policyholder
- Original bike insurance policy documents
- Vehicle Registration Certificate (RC)
- Police FIR
- Stamp for company-registered vehicle documents
National Bike Insurance Policy- FAQs
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Q. How do I pay a premium? What are the modes of payment available?
Ans: TheNational Insurance Company Limited offers the option to pay the premium in cash or online via UPI and debit/credit card. -
Q. How to claim National insurance for bikes?
Ans: You can file a national insurance claim for a bike through Policybazaar.com by calling or emailing them. -
Q. What is the policy renewal process for National two-wheeler insurance?
Ans: Registered policyholders of Policybazaar.com can renew their policy online in 3 easy steps:- Step1. Enter your bike number and continue with a price.
- Step2. Re-check your vehicle details along with the Insured Declared Value (IDV).
- Step3. Pay the bike insurance premium online and get a policy using your registered email ID.
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Q. What is the company's process for settling the claim for National two-wheeler insurance?
Ans: You must complete the claim form and attach relevant documents online. After a satisfactory evaluation, the claim will be fully settled within a few days. -
Q. What is the policy cancellation process for National two-wheeler insurance?
Ans: Walk into your nearest branch with your policy documents and a duly filled surrender form for the bike insurance policy cancellation. Upon successful acceptance at the counter, your policy will be cancelled, and refunds will be directly credited to your bank account.
^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis