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Benefits of Vehicle Insurance:
- Financial protection against accidents
- Coverage for theft or vandalism
- Legal liability coverage
- Peace of mind while driving
- Additional coverage options available
Basic Information about Buying Vehicle Insurance:
Vehicle insurance is crucial for protecting your vehicle and finances in case of accidents or unforeseen events. It offers financial coverage against damages caused by accidents, theft, or natural calamities. In addition:
- Types: Two-wheeler, private car, and commercial vehicle insurance cover different types of vehicles.
- Coverage: It provides financial support for repairs, medical expenses, and third-party liabilities.
- Documentation: You'll need vehicle details, identification, and contact information to buy insurance.
- Renewal: It's essential to renew insurance timely to maintain continuous coverage.
- Compare: Compare policies to find the best coverage and premiums for your needs.
Two Wheeler Insurance Claims Made Simple with Digit:
When we say we’re making claims and well, insurance simple, we truly mean it!
People hate waiting. That’s a fact. That’s why, instead of having you wait aimlessly for surveyors to check for damages during an accident, we let you self-inspect your bike’s damages through our smartphone-enabled app.
With a claim settlement ratio of 97% in two-wheeler insurance claims, you must know that we really love claims and won’t beat around the bush to get your claims settled!
We truly believe in the digital economy. That’s why, even when it comes to claims – no need of hard copies! All you need to do is upload the required documents during claims, and you’re sorted.
Frequently Asked Questions (FAQs):
Q: Is One Digi Point Authorized Entity?
A: Yes, One Digi Point stands proudly as a registered Direct Selling Agent, representing the esteemed partnership between Policy Bazaar and Go Digit Insurance. With a commitment to exceptional service and comprehensive coverage, our Policy Bazar Agent ID- IP52728 and Go Digit Partner ID- 1145857 serve as a testament to our dedication and credibility. As a conduit between these reputable entities, we strive to provide tailored insurance solutions, expert guidance, and a seamless experience for all our clients. At One Digi Point, we prioritize your needs, offering a bridge to reliable insurance products through a partnership built on trust and professionalism.
Q: Why Should you Buy Vehicle Insurance?
A: Do you know, that around 4 Lakh people meet with road accidents every month? A survey was conducted by the World Health Organization Report, which stated that in 2012, India had recorded the highest number of road deaths in the world.
Considering the high number and poor conditions of the road, motor insurance has become a necessity to drive on the Indian roads. Motor insurance gives financial protection not only to you but also covers third party damages. A few private insurers offer a large number of other utilities to the policyholders, like:
Direct settlement or cashless claims at network garages
Depreciation Cover
Engine Protection Cover
24X7 Roadside assistance
Towing Facility
Q: Things to Consider While Buying Motor Insurance Online:
A: It is mandatory to get insured with a third-party insurance plan in India. As the name suggests, a third-party plan provides cover for the third-party liability and comes with a specified set of coverage. But when you decide to purchase a comprehensive insurance plan then it is suggested to consider several things to make the most out of that insurance plan. So here are the things that you need to consider while purchasing a motor insurance plan.
Coverage: While purchasing motor insurance, check if that particular insurance plan is providing you with the coverage you require.
Add-on: If you are not satisfied with the kind of coverage your desired comprehensive insurance plan is providing then you can always consider purchasing an add-on as provided by your insurer.
Personal Accident Cover: Make sure that the motor insurance you are planning to purchase comes with the personal accident cover or not.
Claim Settlement Ratio: Before purchasing a motor insurance plan, check the claim settlement ratio of your desired insurance provider.
Network Garages: Check if your desired insurance provider has a good network when it comes to garages.
No Claim Bonus: Check if the insurance company provides a good no claim bonus or not and also lets you transfer it to your new insurer.
Read Terms & Conditions Properly: Make sure that you read the terms and conditions properly before signing any documents.
Zero Depreciation: As soon as the car comes out of the showroom, its price drops down to almost half the amount you have bought it for. In order to maintain the monetary value of your vehicle, you are suggested to opt for the zero depreciation add-on to get the best coverage amount after the depreciation.
Q: Parameters Affecting Vehicle Insurance Premium:
A: Here are the parameters that can affect the vehicle insurance policy premium.
Make & Model: The premium amount of your insurance plan depends upon your vehicle’s make and model, meaning its cubic capacity, model as well as its variant.
Age: The depreciation value, as well as the insured declared value, depends upon the age of your car.
Engine: The engine type whether it is a petrol engine or a diesel engine will affect the IDV that might increase the premium amount.
Location: The premium amount of your vehicle depends upon the location of the car. For instance, if you live in a metro city then the premium amount of the motor insurance would be higher due to the high risk of an accident.
Add-on: The motor insurance plan comes with a particular set of coverage but the insurance companies also provide add-ons so that you can enhance the coverage in case you are not satisfied with the existing coverage.
No Claim Bonus: The insurance companies provide a discount on the successive year motor insurance renewal for not raising a claim during the previous policy tenure.
Online Purchase: For a hassle-free experience and lower premium rates, it is suggested to purchase the policy online as you can compare different plans and purchase the one that suits your requirement as well as your budget.
Q: Which vehicle insurance plan should I purchase- comprehensive insurance plan or third-party insurance plan only?
A: Having a third-party motor insurance plan is compulsory for all automobiles plying on the Indian roads. This insurance plan provides coverage for injuries or damages caused to other people. The beneficiary is third-party only. The prudent way to get coverage for the losses or damages caused to the insured vehicle is buying a comprehensive motor insurance plan. It provides the coverage for third-party liability along with own damage caused to the insured automobile, such as bikes, scooters, cars, trucks, etc.
Q: How is the motor insurance premium calculated?
A: Motor insurance premium is calculated basis various factors, such as IDV, deductibles, seating capacity, cubic capacity, previous insurance history etc. For comprehensive insurance plans, premium charges vary insurance provider per insurance provider on the basis of the coverage provided. Do compare insurance premium on websites like Policybazaar.com so that you get the best quote. Third-party premium amounts are decided by IRDA.
Q: What is the period of the motor insurance policy?
A: Generally, a vehicle insurance policy is valid for one year and it has to be renewed prior to the due date in order to avoid any lapse in the policy. For a smoother insurance experience, always pay the motor insurance premium before the due date. If your policy has lapsed then your automobile would undergo an inspection. In addition to that, if a comprehensive insurance policy remains lapse for a time period of more than 90 days, the benefit of “No Claim Bonus” isn’t provided.
Q: Is buying motor insurance policy easy?
A: Yes. It is very easy to buy motor insurance for your vehicle, be it a two wheeler, a car or a commercial vehicle. You can get in touch with an insurance agent or visit the branch of the insurance provider. All insurance companies in India also allow vehicle owners to purchase insurance online within a few minutes without any hassles.
Q: Can I renew my insurance online?
A: Yes, most insurance providers offer online renewal services. You can renew your insurance policy by visiting our website or using our mobile app.
Q: Components of a Bike Insurance Premium:
A: Own Damages Cover - Included in Standard/Comprehensive and standalone Own Damage policies, this part of your bike insurance would cover for losses and damages caused to your own bike.
Bike’s IDV - Your bike’s IDV a.k.a the current market value of your bike helps directly determine your bike’s premium.
Add-Ons - Your bike insurance premium will be affected basis the type and number of add-ons chosen.
Third-Party Liabilities - It is mandatory by law to at least cover for third-party liabilities in a bike insurance and the premium based on it is usually determines by the IRDAI guidelines. Therefore, this component of your bike insurance will always remain the same.
Bike Make & Model - Your bike’s make and model directly affects the IDV, cc, and the risks associated with your bike. Therefore, it has a huge impact on your bike insurance premium for any plan you pick.
PA Cover - If you don’t already have one and opt for it within your bike insurance plan, your bike insurance premium will slightly increase by a small margin.
Age of Bike - The older your bike is the lesser will be its premium and vice versa!
Q: What is Insured Declared Value (IDV) in Two Wheeler Insurance?
A: IDV is the maximum amount your insurance provider can give you, in case your bike is stolen or totally damaged. The 2 Wheeler Insured Declared Value and your two wheeler insurance premium go hand in hand. This means, the higher your IDV is, the higher your bike insurance premium – and as your vehicle ages and IDV depreciates, your premium also decreases. Also, when you decide to sell your bike, a higher IDV means you’ll get a higher price for it. Price may also be affected by other factors like usage, past bike insurance claims experience etc. So, when you’re choosing the right two wheeler insurance policy for your bike, remember to make note of the IDV being offered, and not just the premium. A company offering a low premium may be tempting, but this could be because the IDV on offer is low. In case of total loss of your bike, a higher IDV leads to higher compensations. At the time of resale, your IDV is indicative of the market value for your bike. However, if you have maintained your bike really well and is shining as good as new, you can always aim at a price more than what your IDV might offer you. At the end of the day, it all boils down to how much love you have showered on your bike.
Q: What is No Claim Bonus (NCB) in Two Wheeler Insurance?
A: NCB (No Claim Bonus) definition: NCB is a discount on premium given to the policyholder for having a claim-free policy term. A no claims bonus ranges from a discount of 20-50% and is something you earn at the end of your policy period by maintaining a record of making no bike accident claims under your bike insurance policy. This means that you can’t get a no claims bonus when you buy your first comprehensive bike insurance policy – you can only get it on your policy renewal. A No Claim Bonus is meant for the bike insurance policyholder regardless of the bike. This means, even if you switch your bike, your NCB stays with you. If you decide to buy a new bike, you will be issued a new bike insurance policy, but you can still avail of the NCB you accumulated on the old bike or policy.
Q: What is Zero Depreciation Two Wheeler Insurance?
A: Like everything in life, there is a decrease in value of certain parts of your bike, including the bumper or any other metal or fibre glass parts. So, when a damage happens, the full cost of replacement is not given as depreciation is deducted from the claim money. But this addon makes sure there is Zero Depreciation and you get the full value of the cost of repair/replacement provided the vehicle is repaired at Digit Authorized Workshop.
Q: Is it beneficial to buy a motor insurance policy online?
A: Yes. It is extremely beneficial to purchase motor insurance online as it is a faster process, more convenient and paperless. Some insurers also offer discounts to vehicle owners on buying insurance online. Besides, the policy can be issued within a few minutes without the need for you to step out of your house.
Q: Is it possible for me to cancel my motor insurance claim?
A: Yes, you can cancel your motor insurance claim by contacting your insurance provider by calling on their customer care number or by sending an email requesting them to cancel your claim.
Q: Who can get personal accident cover in case of cars?
A: You can buy personal accident covers for the following people under your motor insurance policy:
Owner-driver
Passengers (both named and unnamed occupants)
Paid driver
Q: You may escalate to our Grievance Redressal Officer:
