Shriram General Two Wheeler Insurance

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Shriram General Two Wheeler Insurance Overview

Shriram Group is India’s one of the most strong business house which has several wings starting from Infrastructure and Energy, Industrial Manufacturing, Information technology , Food and Retail etc. Shriram roup is not only a financial Services company but also caters to the non financial needs of an ordinary person. Life Insurance, Retail Stock Broking, Chit funds and Distribution of Investment and Insurance products are also a part of this business group. General Insurance of Shriram Group is another important sector where the company promises to deliver a product which meets the requirements of a common man. Multiple insurance plans like Motor Insurance Plans, Two wheeler insurance plans, Health Insurance Plans, Marine Insurance Plans, liability Insurance Plan, Shopkeeper umbrella package plan, burglary insurance plans Personal Accident Plans, Home Insurance Plans for Individuals and other types of insurance too which are tailor made and customer friendly and completely transparent.

Why Two Wheeler Car Insurance Plans  are necessary?

Two wheeler vehicles are always treated as a important asset of our lives. But again driving a two wheeler is always dangerous and really risky and one has to be careful and cautious always. But accidents might happen at any point of time due to someone else not following the traffic rules or due to some untoward incidents. And that is why one should avail auto insurance plans to protect oneself and to cover from all unexpected expenses. Not only this, but natural calamities can also occur at any point of time and hence protection/ security against such unpleasant incident is also of utmost important. Hence to avail car insurance plan is of utmost important because:

  • Protecting one’s two wheeler vehicle, one of the most important asset and investment.
  • The plans allow the payment of medical bills in case of accident.
  • In case of accident related lawsuit the insurance company will take care if there is a car insurance plan availed.
  • The plan protects the assets which one has worked hard for from being lost due to law suit. And the plans ensure the best to be given to the insured person.
  • The car insurance plan not only pays for accidents and natural calamities but also for theft and vandalism. The plans are very well designed and they are tailor made to take care of the requirements. 
  • Last but not the least; one has the peace of mind when he goes out with his two wheeler. He/she know that he has the car insurance plans which will take care of him and the car in case of any unforeseen circumstances.

Each and every two wheeler owner should have insurance plan which gives the coverage of the third party injury, death or property damage. Hence, Shriram General Insurance provides a comprehensive two wheeler insurance plans which protects the vehicle from any untoward incidents. One should choose the two wheeler insurance plans very carefully so that the plans covers the all the protection that one needs for his vehicle and for oneself.

Why Shriram Two Wheeler Insurance Plan?

Shriram General Two wheeler Insurance Plans have certain unique features and benefits which are as follows:

  • Low cost insurance plans with the best of the tailor made coverages.
  • Fast and hassle free cashless claim service.
  • No Claim Bonus is also available.
  • Swift and faster claim settlement process.
  • Tracking of claim status online.
  • Existing No Claim Bonus can be transferred from any other insurer.

Here we will see an overview of Shriram Two Wheeler Insurance Plan.

Coverages of the plan

Section I – Loss or damage to the vehicle

This plan covers the loss or damage to the insured vehicle and its accessories caused due to the following reasons which are as under:

  • Burglary, housebreaking or theft: This plan covers the expenses which is uncured under burglary, housebreaking or theft.
  • Fire, explosion, self-ignition or lighting: This plan covers the expenses which is uncured under fire, explosion. Self ignition as well as lighting.
  • Malicious Act : The  Plan covers even the Malicious act as well.
  • Terrorist Act : The  Plan covers  the human activity of Terrorist Act also.
  • Riot and Strike : Under this plan, the riots and strike are also covered.
  • Earthquake & Fire : Both earthquake and fire are treated as most common phenomenon in a life cycle and hence this plan covers these two important unpleasant incidents also.
  • Accidental by external means.
  • Natural calamities like flood, typhoon, hurricane, storm, cyclone, hailstorm, tempest and Inundation are also covered under this plan.
  • Landslide or Rockslide are covered under the Package Plan.

Subject to a deduction of depreciation at the rates as mentioned below with respect to the parts replaced:

  • For all rubber/ nylon/plastic parts, tyres, tubes and batteries- 50%
  • For fibre glass components- 30%
  • For all parts made of glass- Nil
  • Rate of depreciation for all other parts which includes wooden parts as well as per the below mentioned  schedule:

Age of Vehicle

% of Deprecation

Not exceeding 6 months

Nil

Exceeding 6 months but less than 1 year

5

Exceeding 1 year but less than 2 years

10

Exceeding 2 years but less than 3 years

15

Exceeding 3 years but less than 4 years

25

Exceeding 4 years but less than 5 years

35

Exceeding 5 years but less than 10 years

40

Above 10 years

59


The important exclusions are as follows:

  • Consequential loss
  • Wear and tear
  • Mechanical or electrical breakdown failures or breakages.
  • Driving with invalid driving license and with consumption of alcohol.
  • Loss due to civil war, war.
  • Usage beyond private purposes and limits.
  • Usage beyond specified borders.
  • Damage to tyres and tubes unless the two wheeler is also damaged at the same time and under this plan the company will pay only 50% of the cost of replacement.
  • Loss or damage to accessories due to burglary housebreaking or theft.
  • Any accidental loss due to consumption of alcohol, drugs.

This plan covers the towing chares as well from the incident place to the garage or the workshop to the tune of Rs 300/- with respect to any one accident. The company will pay the cost which is reasonable. The insured may authorize the repair of the vehicle provided:

  • The estimated costs of the repair which includes replacement as well do not exceed Rs 15/-.
  • A detailed estimated statement is furnished to the company.

Insured Declared Value (IDV)

IDV or the Insured Declared value is the Sum Insured of a vehicle. The IDV is derived from the producer’s selling price of a car of the similar specifications and from this value the relevant amount of depreciation is deducted based on the age of the vehicle. IDV of vehicles which are beyond 5 years of age and are treated as obsolete models, there the IDV is to be determined on the basis of the consideration between the insurer and the insured.

Schedule of depreciation for fixing the IDV of the vehicle

Age of Vehicle

% of Deprecation

Not exceeding 6 months

5

Exceeding 6 months but less than 1 year

15

Exceeding 1 year but less than 2 years

20

Exceeding 2 years but less than 3 years

30

Exceeding 3 years but less than 4 years

40

Exceeding 4 years but less than 5 years

50

 

IDV of vehicles beyond 5 years is treated as obsolete models and the same is arrived after mutual understanding between the insured and the insurer.

Section II – Liability to Third Parties.

The Coverage of third party liability for bodily injury and or death are also covered under this plan.

  • Death or bodily injury to any person including the occupants in the insured vehicle          .
  • Damage to property other than the property of the insured person or held in trust or in custody or control of the insured.
  • The company will pay all the costs with a written consent.
  • The company will cover the loss for any driver who is driving the vehicle on the insured’s order or permission provided the terms and conditions are met.
  • In the event of death, the company will indemnify the personal/ legal representative.
  • The company at its own discretion may arrange for a representation at any Inquest or Fatal injury with respect to death under this plan. Also the company may undertake the defense of proceedings in any Court of Law.

Section III – Personal Accident Cover for owner driver

The company compensates the loss as per the below grid for bodily injury or death of the owner driver while driving caused by violent accidental external and visible means.

Nature of Injury

Scale of compensation

Death

100%

Loss of two limbs or two eye sights or one limb and one eye sight.

100%

Loss of one limb or one eye sight

50%

Permanent Total Disablement from injuries other than as mentioned above.

100%

 

Provided:

  • The compensation will be payable under any one of the above as listed with respect to the owner diver arising out of any one occurrence, to the tune of Rs 1 lakh during any one plan tenure.
  • No compensation will be entertained due to intentional self injury suicide or attempted suicide physical defect or infirmity and consumption of alcohol or drugs.

Add on Covers

Upon paying the extra premium, one can get the following covers:

  • Personal accident cover under the car plans for
    • Paid driver under the plan.
    • Unnamed Passengers under the plan which includes spouse, children, parents.

The personal accident cover is available from Rs 10000/- to a maximum of Rs 200000/-.

  • Good Feature discount.
  • A detailed cover for electrical/ Electronic/ Non Electrical Fittings in the car like LCD mini TV, music systems, seat covers, fog lights etc.

Exclusions under Shriram Two Wheeler Insurance Plan

There are a few general exclusions which are there in Shriram General Two Wheeler Insurance Plan. The company will not be liable to grant cover in any of the following events or incidents happening:

  • Any loss or damage and liability caused to the vehicle due to willful negligence.
  • Any loss or damage and liability caused to the vehicle outside the geographical boundary as laid down in the policy document
  • Any claim arising due to a contractual liability.
  • Damage/ loss caused or liability incurred  due to
    • The insured vehicle is driven or being used outside the limitations mentioned  in the plan                  or
    • Being driven by an unauthorized person other than the Driver as stated in the Driver’s Clause.
  • 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 or nuclear waste or materials.
  • Accidental loss/ damage/ liability due to war or war like activities, hostilities, invasion, civil war, military power, mutiny rebellion, acts of foreign enemies and events arising out of the mentioned occurrences.
  • Consequential loss, depreciation, wear and tear, mechanical or electrical breakdown.

Claim Process:

The claim service of the company is highly efficient and of high standard. One can make 24x7  claims notification. Timely customer service and assistance along with survey and further assistance within a day. Simple claims procedure and ensuring high customer satisfaction.

  • Call at the toll free no and lodge the claim. The following informations are to be provided:
    • Policy Numbr.
    • Date and time of accident.
    • Estimated loss/ description.
    • Survey location where vehicle can be surveyed by our loss assessor.
    • Name of the driver with contact no and his/ her driving license details.
    • Insured Contact Details.
    • The claim intimation sheet can be downloaded from the website and can be sent to chd[at]shrirami[dot]com. Claim representative will contact the insured person for further process.
    •  Claim representative will provide the claim reference number for future reference.
    • After the claim gets submitted and the same is approved, a text message will be sent intimating the surveyor details.
    • A Surveyor is appointed to assess the loss of the insured vehicle and inspection of the same. Post which the approval is given and the insured is intimated about the claim status.
    • The Surveyor will contact for suitable time for survey and will conduct the survey.
    • After this, one can contact at CHD / Surveyor when the vehicle is ready for inspection.
    • The claim status can be tracked from the official website of www[dot]shriramgi[dot]com Claims .

Documents needed to register a claim

Documents which are to be submitted at the time of registering a claim are as under:

  • Duly Filled Claim Form.
  • Copy of Driving License.
  • Certificate of Registration.
  • Police FIR.
  • Motor Insurance Policy with schedule and endorsement/ clause
  • Copy of the plan and receipt of payment of premium.
  • Fitness certificate( Commercial Vehicles only)

Contact

  • One can also email at customer[dot]care[at]sbigeneral[dot]in
  • Individuals can also opt for “Contact Us” option where after filling up few simple details a call back will be made from the Company.

Shriram General Two Wheeler Insurance - FAQs

1. How to pay a premium? What are the modes of payment available?

Shriram General Insurance Company offers 5 modes of premium payment namely;

  • Auto debit
  • Cash/Cheque payment
  • Credit card/Debit card
  • Online –Net Banking


2. How can I check policy status for Shriram general two wheeler insurance?

For checking the policy status you can dial the toll free number of the company. The customer service associate will provide you the status of your policy upon confirmation of your details.


3. What is the policy renewal process for Shriram general two wheeler insurance?

Please visit your nearest branch to proceed with the renewal payment process, Upon duly filling the renewal form and payment of premium, you will renew the existing policy.
Alteratively, contact the customer service to inquire about the renewal process.
If you had filled in a debit mandate form initially at the time of policy signup, your premium will be automatically debited.

4. What is the company’s process to settle claim for Shriram general two wheeler insurance?

You can proceed with the claim settlement by calling the customer helpdek. You must have the following details handy.

  • Policy number
  • Contact details of insured
  • Date and time of accident
  • Description of estimated loss
  • Location of the accident for the surveyer to inspect
  • Driver’s DL details including name and contact details

5. What is the policy cancellation process for Shriram general two wheeler insurance?

  1. Please visit the nearest branch with your policy documents and a duly filled surrender form to submit it at the counter. Upon satisfactory check of documents by the office, the policy will be cancelled and the refund will be directly credited in your bank account.

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Shriram General Two Wheeler Insurance Reviews

TOTAL REVIEWS (1)
Rahul
Rampur
May 16, 2016

Good Plan

I own shriram two wheeler insurance plan which is very nice and good benefits. The tow facility is free. Large number of garages are working with company and providing good service. The policy coverage and claims are high and the premium is low. Good behaviour of the executives with clam nature. I like the policy.