TVS Motor is a significant two-wheeler company known for producing high-quality automobiles. In addition, the company makes scooters, bikes, electric scooters, three-wheelers, etc. Although motorcycles are noted for their long-lasting architecture and reliability for riding on Indian roads, accidents may happen to anybody at any time. Hence, it is essential to safeguard your vehicle with TVS insurance to save yourself from the financial losses that can be caused due to the occurrence of these kinds of incidents.
Moreover, as per the Motor Vehicle Act, it is mandatory to have two-wheeler insurance to ride your bike on Indian roads. Failure to do so will result in hefty penalties, imprisonment, or both.
Types of TVS Insurance
The organisation offers three types of two-wheeler insurance coverage:
1. Comprehensive Coverage
A comprehensive bike insurance coverage will protect you against financial responsibilities incurred in the event of a mishap or accident involving your vehicle, both to third-party property or people and to yourself.
2. Third-Party Coverage
It is the primary type of bike insurance that is required in India to ride a bike on a public road. It provides you with security against monetary obligations incurred in the event of a bike accident to a third party’s person or property.
3. Standalone Own Damage Coverage
This insurance plan will cover you for expenditures incurred as a result of loss or damage to your own car after an accident or disaster.
Tips to Get the Most Out of Your Policy with TVS Insurance
If you have already purchased or planning to get TVS insurance, here are specific points that will help you in taking more advantage of the coverage:
1. Choose the Right Plan
Consider your options after analysing your requirements. Then, choose one that matches your needs after comparing their pricing and coverages. Finally, identifying the appropriate plan will enable you to reap more rewards because it will save you time and effort.
2. Add-ons
Add-on plans are the best way to extend the coverage of your TVS insurance plan. Pick the add-ons as per your needs and get additional benefits. However, choosing add-ons will increase your premium value, hence, make a choice in accordance with your budget.
3. No Claim Bonus
One of the most effective methods to reduce the cost of insurance is to reap the benefits of the No Claim Bonus in two-wheeler insurance on your renewal price. You can receive a discount on your premium if you avoid filing any claims for the duration of the policy year. Additionally, the incentive might increase to 50% for years that pass without a claim.
How to Buy TVS Insurance
Here are the steps to follow to buy TVS insurance.
- Step 1: Visit the official website of the insurance provider.
- Step 2: Enter your bike details.
- Step 3: Fill in the application form.
- Step 4: Choose the plan.
- Step 5: Pay the premium.
- Step 6: The details of your TVS insurance plan will be sent to your email ID.
Benefits of TVS Insurance
Here are the benefits you will receive with TVS insurance.
1. Protection Against Modest Expenses
The comprehensive TVS insurance plan effortlessly pays for any repairs required due to a collision or unintentional damage to the vehicle.
2. Add-on Benefits
In addition to providing coverage for third-party losses or liabilities, the basic TVS two-wheeler insurance plan also provides you with the option to expand your benefits by adding other features like roadside assistance, NCB, zero depreciation, etc.
3. Digital Process
You are not required to visit any branch as the whole process is digital. You may easily buy a new policy or renew the older one within just a few minutes.
4. Coverage of Digital and Electronic Devices
You can receive coverage and payment for the vehicle’s digital and electrical components, such as the voice assistant, bluetooth speakers, etc.
FAQs
1. Is it mandatory to have bike insurance for my TVS bike?
Yes, as per the Motor Vehicles Act of 1988, having third-party bike insurance is mandatory for riding your bike in India. Failure to do so may result in hefty penalties, imprisonment, or both.
2. What is the penalty for not having valid bike insurance?
For the first offence, operating your bike without valid bike insurance coverage is punishable by a fine of ₹2,000 and/or imprisonment for up to three months. For consecutive offences, the punishment is ₹4,000 and/or up to three months of imprisonment.
3. What is IDV in bike insurance?
The maximum sum that will be paid out in the event of theft or total damage to your bike is known as the IDV or Insured Declared Value.
4. What is the timeframe for filing a bike insurance claim following an incident?
Within seven days of the accident or other catastrophe, you can file a claim for the losses or damages your TVS bike has incurred. However, to validate the time restriction, you must review your bike insurance policy document, as this length may differ from insurance company to insurance company.
