Mahindra Bike Insurance
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Mahindra bikes are a part of the Mahindra Group. They go by the name Mahindra Two Wheelers Limited. Together, the group is known as M&M Limited. M&M made their presence felt in the Indian bike industry by entering it in the year 2008 after acquiring Kinetic Motor Company Limited. Their manufacturing unit can be found in Madhya Pradesh. If you are interested in purchasing a Mahindra bike, make sure to purchase a Mahindra two-wheeler insurance policy along with it, as it is mandatory to do so. Read ahead to know more about Mahindra bike insurance.
Benefits of Buying Acko’s Two-wheeler Insurance Policy for your Mahindra Bike
Here are the top benefits of buying Mahindra two-wheeler insurance from Acko.
1. Buy/Renew Bike Insurance Online
Acko’s insurance-buying and renewing processes are completely online. You do not need to worry about filling forms and submitting multiple documents to buy or renew a policy for your Mahindra bike.
2. Zero Commission
With Acko, you can avoid paying commissions and as a result, purchase policies at an affordable price.
3. Prompt Guidance
If you feel you are unable to understand certain terms and conditions or need help regarding purchasing a policy, you can simply reach out to the customer support team for prompt guidance.
4. Hassle-free Claim Settlement
Acko offers the Cashless Claims facility to ensure a quick settlement. Damage to your bike? Login to acko.com and experience speedy claim settlements.
5. Insurance Made Easy
Acko makes the entire insurance experience easy. You can manage your policy by logging in to acko.com or by downloading, installing, and using the Acko mobile application.
Insurance plans for Mahindra Bike
When you are about to buy or renew your Mahindra bike insurance, you will have the following two options to choose from.
1. Third-party Bike Insurance
This is a basic type of bike insurance. It charges a low premium and covers liabilities arising due to damage to third parties and their property. Such a type of cover is compulsory as per Indian laws. The Motor Vehicles Act makes it mandatory for Indian bikers to insure their two-wheelers with at least a third-party bike insurance policy.
2. Comprehensive Bike Insurance
This type of bike insurance is more extensive. That is why it is termed as comprehensive insurance. It comprises mandatory insurance as well as covers damages to the bike. Such type of insurance comes at a higher cost but also offers enhanced cover. You also have the option of purchasing suitable add-on covers along with the Comprehensive cover.
What’s Covered in Mahindra Bike Insurance (Inclusions)
Here are the inclusions of a Comprehensive Two-wheeler insurance policy for your Mahindra Bike.
Third-party Liability and Own Damage cover for the Mahindra bike.
Damage to the Mahindra bike due to natural calamities such as flooding.
Damage to the Mahindra bike due to manmade calamities such as riots and vandalism.
Fire damage cover.
Theft coverage.
Exclusions of Mahindra Bike Insurance
Here are the exclusions of a Comprehensive Two-wheeler insurance policy for your Mahindra Bike.
Consequential damages.
Instances where the rider is riding under the influence of intoxicants.
Instances where the rider is riding without a valid Driving License.
Instances where the rider is riding without a valid insurance policy.
Inadequate supporting documents during claim settlement.
Add-ons for Mahindra Bike Insurance
You can choose to enhance your Comprehensive bike insurance coverage by opting for select add-ons. Not all add-ons might be apt for you. Thus, you must choose the add-ons as per your suitability. These Add-ons will increase your bike insurance premium by a margin but will offer increased protection against financial losses arising out of untoward incidents concerning your bike. Here’s a list of popular add-on covers for your Mahindra bike:
1. Zero Depreciation
With a Zero Depreciation Add-on, the bike’s depreciation amount won’t be taken into consideration and you will receive a comparatively higher claim amount.
2. Pillion Rider Cover
It is like a Personal Accident cover for the pillion rider. This can also come in handy if you frequently go on long road trips with a pillion rider.
3. Invoice Protection
Such an add-on will ensure that you receive the invoice value of your Mahindra bike in case of a total loss. Without this add-on, the insurance company will pay you the Insured Declared Value of your bike in case of a total loss.
4. No Claim Bonus Protect
If you raise a claim, then a No Claim Bonus discount is not applicable. However, with a No Claim Bonus Protect Add-on, you can raise a claim or two and still be eligible for the No Claim Bonus discount.
5. Engine Protection
You can ensure enhanced insurance cover for your Mahindra bike’s engine with the Engine Protection Add-on. This can come in handy if you reside in a flood-prone area.
Claim Procedure
The bike insurance claim process starts with you informing your insurance company about the incident. Once you raise a claim request, they will guide you regarding the rest of the process. Listed below are the steps that will help you in ensuring that your claim process is executed smoothly:
Step 1
Inform the insurance company at the earliest. Delay in informing the company might lead to claim rejection.
Step 2
In cases like a third-party liability claim or a case of theft, you might be required to file a First Information Report (FIR) with the police.
Step 3
After successful claim registration, the insurance company might assign a surveyor to check the extent of the damage. Be truthful and transparent with the surveyor.
Step 4
Choose a Cashless Claim or a Reimbursement Claim process. In case of the prior, the repair bill shall be settled by the insurer. In the case of the latter, you will have to pay the bill and get it reimbursed from the insurer.
Frequently Asked Questions
Listed below are some of the common question and answers associated with buying and renewing Mahindra two-wheeler insurance.
Commonly Asked Questions About Mahindra Bike Insurance
Is it necessary to buy and renew my Mahindra bike’s insurance?
Yes, it is mandatory to buy and renew Mahindra bike insurance to insure your two-wheeler over a period.
Can I buy an add-on with a Third-party Liability policy?
No, add-ons can only be purchased with a Comprehensive policy.
Can my premium decrease if I add an anti-theft device?
Yes, your premium can decrease if you have installed a certified anti-theft device.
Can I purchase more than two Add-ons?
Yes, there is no limit to purchasing Add-ons. However, make sure to buy only those that meet your requirements.
Can I switch from a Third-party Bike Insurance Policy to a Comprehensive Bike Insurance Policy while renewing my bike’s insurance?
Yes, you can not only switch policies but also switch insurers while renewing your bike insurance.
What is a total loss?
A total loss occurs when the bike is damaged beyond repairs or is stolen.
How to get an insurance quote for a Mahindra two-wheeler?
You can get an insurance quote for a Mahindra two-wheeler by visiting acko.com.
What is the simple meaning of IDV?
Insured Declared Value (IDV) is commonly understood as the bike’s market value. It is the amount that the insurance company offers as claim settlement in case of a total loss. In case of online policy purchase, you have the option of selecting your bike’s IDV from a given range. Make sure to select the most appropriate IDV of your bike. If you have any doubts, you can speak to the support team.
What is the offline method of renewing two-wheeler insurance?
The offline process to renew bike insurance involves you visiting/meeting a policy seller and making the transaction. You can renew the bike insurance policy by visiting your insurance agent, bike dealer or insurance company’s employee and following the process mentioned by them. Usually, such a process involves paperwork and form filling.
What is the online method of renewing two-wheeler insurance?
A better way to renew the insurance policy of your Mahindra bike is to do it online. You can log in to your account on your insurer’s website and renew the policy by following the steps mentioned over there. In digital-first companies, such a renewal process shouldn’t take more than five minutes of your time. If your insurance company has a mobile app, your bike’s policy can be renewed via the app as well.
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