Mahindra Two Wheeler Insurance
Mahindra Two-wheelers Limited has its presence across different countries including India, South Asia, Middle East, Africa, and Latin America. It is a part of Mahindra Group that was founded in 2008. The company offers a range of bike models and has been satisfying the Indian consumers for over a decade now. You can buy a bike of your choice and suitability and is a perfect choice for daily commuting. When you select a bike make sure that you get bike insurance for your Mahindra bike. A minimum of third-party liability Mahindra insurance is required; however, it is recommended that you for comprehensive two-wheeler insurance for your Mahindra bike.
5 Popular Two-wheeler Models with Bike Insurance Price
|Mahindra Bike Models||Estimated Comprehensive Bike Insurance Premium (1-year Policy)|
|Mahindra Mojo XT300||Rs 1935 onwards|
|Mahindra Gusto||Rs 1114 onwards|
|Mahindra Mojo UT300||1965 onwards|
|Mahindra Centuro||Rs 1099 onwards|
Reasons to Buy Mahindra Two-Wheeler Insurance
Though a two-wheeler insurance policy is mandatory it proves to be useful in the following ways:
- It covers own damage and third-party damages
- It offers complete protection to the vehicle and the owner/driver against unforeseen circumstances
- It reduces your out of the pocket expenses
- It can be purchased for one year or multi-year for 2 or 3 years
- The insurer pays for accidental damages, theft, fire and other man-made and natural disasters
- It also saves from the legal troubles
Inclusions of Mahindra Two-wheeler Insurance
- Compulsory third-party liability insurance cover that safeguards against any liabilities arising due to third-party vehicle damage, property damage, bodily injuries and death.
- Comprehensive Mahindra insurance for your bike that covers both third-party damage and own vehicle damage. There is an option to select an annual or a multi-year policy. Own damage cover includes loss or damage caused to the insured two-wheeler due to the following reasons-
- Theft, burglary, strike, malicious act, riots and terrorist activity
- Accidental damage by external means
- Fire, self-ignition, and explosion
- Damage caused to the insured two-wheeler in transit by air, rail, road, inland waterway, and elevators
- Natural disasters like flood, lightning, hurricane, inundation, earthquake, frost, landslide, storm, cyclone and rockslide
- Personal accident cover of Rs 15 Lakh is also provided
Add-on Covers in Mahindra Bike Insurance
Here are some of the additional covers that you can buy along with your basic Mahindra insurance policy for your bike.
- Passenger Cover: Two-wheeler road accidents can be deadly for both bike rider and the pillion rider. In a basic policy, the bike owner is covered against disability and death; however, with an add-on cover, you can get compensation for the passenger as well. Compensation to the pillion rider is provided in the event of accidental death or disability. All that an applicant needs to do is a pay a small amount of extra premium to avail this benefit.
- Accessories Cover: If the bike is fitted with additional accessories (non- electrical and electrical) they should also be insured. With this add-on cover, one can get coverage against any loss or damage that is caused to the costly accessories. The insurer will need the total cost estimate of the vehicle accessories at the time of purchase.
- Roadside Assistance Cover- In case the bike breaks down in the middle-of-the road then emergency roadside assistance offers the necessary help for repair and kickstart.
- Zero/Nil Depreciation Cover: When filing an accident claim, the insurer is required to pay for the depreciation value and the replacement of any spare parts.
If you opt for zero deprecation add-on cover, the two-wheeler insurance company will compensate the claim amount irrespective of the depreciation value.
Exclusions Mahindra Two-wheeler Insurance
Your two-wheeler insurance claims for Mahindra bike will be rejected under the following circumstances-
- Claims arising due to contractual liabilities
- Loss or damage incurred or sustained outside the geographical area
- Claims arising for a vehicle being used beyond the scope of coverage
- A vehicle being driven by other than a driver stated in the driver’ clause
- Claims arising due to consequential losses
- Loss or damage arising from nuclear contamination, ionizing radiations or nuclear weapons material
- Any accidental loss damage and/or liability arising out of war-like conditions, rebellion, civil war, the act of foreign enemies, invasion, hostilities and similar circumstances
How to Buy Mahindra Two-wheeler Insurance?
Mahindra bike insurance is available online on Policy Bazaar’s site. It saves time and effort in going to the insurer’s office. Moreover, it is easier to compare Mahindra two-wheeler insurance policy benefits, premium cost, claim process and required documents on the website of the insurance providers.
People can easily look for a two-wheeler insurance provider, using a laptop from the comfort of their couch. To register online for bike insurance, you just need to fill an online form. Moreover, you can easily provide your documents by uploading the scanned copies. The process may vary from one insure to another, however, to get a Mahindra bike insurance quotation online your need to provide the following details-
- Full name
- Email Address
- Contact Details
- Area of Registration
- Fuel Type
- City of Registration (RTO)
- Cubic Capacity
- Make & Model
- Manufacturing Year
- Seating Capacity
- Policy Duration
- Current Mahindra Bike Insurance Policy Type
- Body type
- Tenure of the previous policy and its expiry date
- Ownership transfer (if relevant)
- Accessories Installed
- Number of Claims
Mahindra Two-wheeler Insurance Renewal
Mahindra Insurance renewal for your bike can be done online in few clicks. To get Mahindra bike insurance quotation online, following information is required -
- Mahindra Registration Number as mentioned on the RC
- Mobile Number
- Policy Number
- You can opt for add-ons at the time of renewal
- Once the premium is paid the policy is mailed to your inbox
Mahindra Two-wheeler Insurance Claims Process
- To file an accidental claim, get in touch with the insurer within 24 hours
- Provide them with your policy number to initiate the claim
- Either you can call at the insurer’s toll-free number or visit the nearest branch and speak to a representative
- After assessing the damage, a list of documents will be provided to you. After submitting those documents your claim process will be initiated
Documents Required for Settling Mahindra Bike Insurance Claims
For Accident Claims Following Documents Are Required -
- Duly signed and filled claim form
- Motor Driving License
- Original copy of the vehicle registration book
- Police FIR report for third-party liabilities, death, fire, and bodily injuries
- KYC details for damage above Rs. 1 lakh
- Estimate for repairs from repairer where vehicle is to be repaired
- Payment receipts and repair bills
- Additional documents required for commercial vehicles such as Load Challan, Fitness Certificate, Permit and Tax Certificate
Additional documents required for Mahindra Two-Wheeler Insurance Theft Claims
- Original RC of the two-wheeler
- Tax Payment Receipt
- Original Mahindra Insurance Policy documents of your bike
- Keys/Service Booklet/ Original Purchase Invoice/ Warranty Card
- Final Investigation Report
- Police FIR
- Non-Traceable Report
- Letter of Subrogation
- NOC from the Financer if the claim is to be settled in the name of the insured. Form 35 signed by the financier is also required
- Form 28, 29 and 30 signed by the policy holder
- Letter of acknowledgement from the RTO intimating the theft and declaring the vehicle as ‘No Use’
Ans: Yes, NCB is earned for not filing a claim during the policy period. And this No Claim Bonus or Discount is accrued at the time of policy renewal. However, it is required to renew your two-wheeler insurance within 90 days of expiry of the previous policy. You can earn up to a maximum of 50% No claim discount.
You can also transfer your No claim discount while switching the insurance provider.
Ans: Rate of depreciation on all the parts of the two-wheeler including wooden parts shall be applicable as mentioned in the table below-
Vehicle Age Depreciation (%) Up to 6 months NIL 6 months to 1 year 5 1 to 2 Years 10 2 to 3 Years 15 3 to 4 Years 25 4 to 5 Years 35 5 to 10 Years 40 More than 10 Years 50
Ans: Voluntary deductibles are opted by the insured to get a discount on the insurance premium. Whereas, compulsory deductibles are made mandatory by the insurance company for the insured to pay off. For example, a voluntary deductible of Rs. 1000 would earn you some discount on the premium. And at the time of claim, you will have to pay Rs. 1,000(voluntary deductibles) + Compulsory deductibles from your own pocket.
Ans: All the changes that are made to your insurance policy are called as an endorsement. Any changes related to the coverage, vehicle, and driver are made in the endorsements.
Ans: Following factors are taken into consideration while calculating the premium for two-wheeler insurance-
- Two-wheeler’s age
- Insured Declared Value
- Cubic capacity (CC)
- Zone of Registration