Hero Splendor Two-Wheeler Insurance

Inclusions of Hero Splendor Two-Wheeler Insurance

In the case of a third-party liability insurance policy, the following are included under the cover:

1. Damages or losses caused to a third-party vehicle by your bike.
2. Damages or losses caused to a third-party property by your bike.
3. Damages or losses caused to a third-party person by your bike.

In the case of a comprehensive insurance policy, the following are included under the cover:

1. Damages or losses caused by your bike to a third-party vehicle, property, or person.
2. Damages or losses caused to insured vehicle by natural calamities like flood, earthquake, fire, etc.
3. Damages or losses caused to insured vehicle by manmade calamities like riots, vandalism, etc.
4. Loss of insured vehicle due to theft.
5. Death or disability due to personal accidents to owner/rider of the insured bike.

Exclusions of Hero Splendor Two-Wheeler Insurance

In the case of a third-party liability insurance policy, the following are excluded under the cover:

1. Damages or losses caused to insured vehicle by natural calamities like flood, earthquake, fire, etc.
2. Damages or losses caused to insured vehicle by manmade calamities like riots, vandalism, etc.
3. Loss of insured vehicle due to theft.
4. Death or disability due to personal accidents to owner/rider of the insured bike.

In the case of a comprehensive insurance policy, the following are excluded under the cover:

1. Damages or losses due to normal wear and tear of the insured vehicle.
2. Damages or losses caused to insured vehicle due to electrical or mechanical breakdowns.
3. Damages or losses caused to a third-party vehicle, person, or property due to an accident occurring as a result of riding under the influence of alcohol, drugs, or other substance abuse.
4. Damages or losses caused to the insured bike while riding under the influence of alcohol, drugs, or other substance abuse.
5. Damages or losses caused to a third-party vehicle, person, or property when you were riding without a valid Driving License.
6. Damages or losses caused to your vehicle when you were riding without a valid Driving License.

Note: The inclusions and exclusions listed above are only indicative, it's not an exhaustive list. It is advisable to read the policy documents/brochures carefully to find out all the inclusions and exclusions listed under the chosen policy.

Types of Hero Splendor Two-Wheeler Insurance

General insurance companies in India offer 2 types of two-wheeler insurance policies for Hero Splendor.

1. Third-party liability-only insurance plan: This is a mandatory cover that pays for damage or loss caused to a third-party person, vehicle, or property by your insured bike. The insurance company will compensate for the loss or any third-party (legal) liability that you may face. You don't have to pay out of your pocket. However, it will not pay for your own vehicle damage.
2. Comprehensive insurance plan: This type of insurance policy offers an extensive coverage which includes third-party liability cover, own damage cover, and personal accident cover. The insurance premium of such a policy will be higher compared to a third-party liability-only policy.

Features of Hero Splendor Two-Wheeler Insurance

Whether you're purchasing a new insurance policy for your bike or renewing an old policy, it is important to keep the following in mind:

1. Insurance premium: The insurance premium of third-party insurance is determined by the Insurance Regulatory and Development Authority of India based on the engine capacity of the vehicle. The insurance premium of comprehensive insurance is determined by the insurance company, not the IRDAI. Factors affecting insurance premium include engine capacity, geographical area, make and model of bike, voluntary deductible, age of the vehicle, and insured declared value of bike.
2. Riders/Add-on Covers: Comprehensive insurance doesn't pay for depreciation of the vehicle and several other damages to the insured vehicle. Hence, policyholders can choose to enhance their bike insurance coverage by adding a rider or two to their base policy. Riders or add-on covers that are available for two-wheelers in India are nil depreciation cover, EMI protection cover, daily allowance benefit cover, helmet cover, etc.
3. No Claim Bonus (NCB): The insurance company awards NCB for every claim-free year. The NCB is used to get discounts on insurance premiums at the time of renewal. The NCB keeps increasing each claim-free year until the insurance premium is reduced to 50%. NCB can be transferred to new policies from old policies.
4. Insured Declared Value (IDV): It is the current market value of your bike after deducting the depreciation amount. It is used to determine the insurance premium and claim amount. In the case of theft or total loss of the insured vehicle, the policyholder will be paid the IDV as sum insured.
5. Policy renewal: If the policy is not renewed by the due date or within the grace period, then the policy will lapse. Until such time as the policy is revived by paying the outstanding premium dues and penalty fees, the benefits and coverage offered by the policy will not be valid. You can't make a claim during the period of lapse. In some cases, you may have to buy an all-new insurance policy. Expired policies can be renewed after the insurance company re-inspects the vehicle and you make the necessary premium payments and other charges. Policy renewal can be easily done online through the insurer's website with just a few clicks of your mouse.
6. Compulsory 5-year third-party liability cover: Since policyholders tend to forget the renewal date, in 2018, the IRDAI had mandated that bikes/scooters should be covered by a 5-year long-term third-party liability cover. The premium for 5 years should be paid upfront. This rule has brought down the number of uninsured vehicles on Indian roads.
7. Roadside assistance: Most insurers offer roadside assistance service if your bike breaks down in the middle of the road. The mobile repair unit may fix minor repairs on the side of the road but if the damage is extensive then the bike will be towed to a garage for repairs.
8. Cashless transaction: When you take your bike to a network garage of the insurance company for repairs, you can make a cashless claim wherein the insurance company will settle the bill directly with the garage. You don't have to pay out of your pocket and then later make a reimbursement claim. This cashless transaction facility comes in handy when you don't have ready cash in hand to pay for the repairs.
9. Compulsory and voluntary deductibles: As per the terms, the former is a percentage of the claim amount that you will have to pay from your pocket compulsorily. The latter is a percentage of the claim amount that you volunteer to pay to bring down your insurance premium.

Top Companies Which Offer Hero Splendor Two-Wheeler Insurance

1. Reliance General
2. HDFC Ergo
3. ICICI Lombard
4. Bharti AXA
5. Royal Sundaram
6. Bajaj Finserv
7. Bajaj Allianz
8. Kotak General Insurance
9. Tata AIG General Insurance
10. Acko General Insurance

How to Purchase Hero Splendor Two-Wheeler Insurance?

Purchasing insurance online is not only easy but also beneficial as you may get discounts on premiums. It includes minimum documentation and you can make use of the online comparison tool to choose the right policy for your bike.

Here is a guide to purchasing bike insurance online:

• Visit the official website of the preferred insurer.
• Compare the different two-wheeler insurance policies offered for your vehicle.
• Choose a suitable insurance policy and click on the 'Buy' option.
• Fill up details about your vehicle in the relevant fields.
• Fill up personal details in the respective boxes.
• Scan and upload the necessary documents such as proof of bike ownership, Driving License, bike RC, etc.
• Add riders (optional).
• Add discount, if any is applicable.
• Check the summary of the chosen policy and review its cost.
• If you are satisfied with the terms and conditions, pay the insurance premium.
• Insurance premium payment can be made via net banking, credit card, or debit card.
• Save the payment receipt for future reference.
• Save the policy documents that will be sent to your email ID.

Other methods by which you can purchase a two-wheeler insurance policy for your bike is through a reliable third-party website, an auto dealership, or at the branch office of the insurance company.