Insurance & Finance

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Frequently Ask Questions

  • All about bike Insurance

    What is NCB and how is it calculated?

    A bike owner is eligible for a No Claim Bonus (NCB) in the event he does not stake any insurance claim on his vehicle during the stipulated time of his insurance cover. NCB translates into a discount on the next year's premium and is calculated as under: -

    • 1st year – 0% in Self Damage premium amount
    • 2nd year – 20% in Self Damage premium amount
    • 3rd year – 25% in Self Damage premium amount
    • 4th year – 35% in Self Damage premium amount
    • 5th year – 45% in Self Damage premium amount
    • 6th year – 50% in Self Damage premium amount

    How does the insurance provider calculate depreciation on metal parts?

    Depreciation on all metallic parts is -

    • 0 - 6th months: 0%
    • 7th month - 1st year: 5%
    • 1st year - 2nd year: 10%
    • 2nd year - 3rd year: 15%
    • 3rd year - 4th year: 25%
    • 4th year - 5th year: 35%
    • 5th year - 10th year: 40%
    • After 10th year: 50%

    What is the insurance provision under own bike damage?

    Vehicle repairing cost or Vehicle replacement cost is paid to bike owners who have opted for this cover in their insurance policy.

    When is a vehicle marked under total loss (read scrapped)?

    If after an accident, the repair expenses are in excess of 75% of the Insured Bike Value (IDV), the insurance company scraps the vehicle and pays the entire IDV to the insurer. However, this provision varies from vendor to vendor.

    Under what circumstances are insurance companies not liable to pay full IDV?

    In case the insurer has not reduced the bike's value minimum by 10% on year-on-year IDV, the insurance company is not liable to pay the IDV.

    What is covered under third party insurance?

    Third party insurance provides for compensation in case of an accident, causing damage to a third party. For instance, even if you have smashed the third party vehicle beyond repair, you will not be financially liable to compensate for the damaged third party vehicle.

    How long will it take to settle my insurance claim, in case of theft of my bike?

    To settle a theft insurance claim, there are a few documents which have to be submitted as soon as possible, a "Final Investigation Report (FIR)". Being one. The entire process takes approximately 3-4 months to complete.

    What documents do I need to settle my Bike Theft/Total Loss insurance claim?

    A. Insurers have to furnish the following documents when seeking claims for bike theft/total loss of vehicle:

    • Duly filled Claim Form
    • Copy of Claim intimation given to Company together with xerox of policy & premium receipt
    • Police investigation report
    • Police Panchanama/First Information Report
    • Immediate, on the scene photographs of damaged vehicle highlighting extent of damage
    • To substantiate the quantum of loss, please make available all cash memos, original Bills/ Invoices to the surveyor/investigator
    • A xerox of Driving Licence, along with the original (only for authentication)
    • A xerox of the vehicle's Registration Certificate, along with the original (only for authentication)
    • Keys of the vehicle
  • Bike Insurance Terminology

    IDV - Insured Declared Value - IDV is the maximum value affixed by the insurer, payable in case of total loss or theft of vehicle. In other words, IDV is the judged value paid as compensation in case of loss of vehicle to the owner

    Comprehensive Coverage - Insurance coverage in an event other than a collision, like windstorm, fire or vandalism

    Deductible - The pre-agreed amount owner pays in case of damage, in addition to the insured value paid by the insurer. Deductible is inversely proportional to premium payable

    Zero Depreciation - A special provision where there is no depreciation in the value of parts of a vehicle, despite its condition and age, and is compensated for, in full, in case of damage

    Third Party Cover - The base insurance policy that compensates for any loss cased to any third parties, including damage, theft or loss of vehicle

  • Auto Financing

    What are the eligibility criteria to apply for a Bike Loan in India?

    To get approved for a bike loan in India, the applicant:

    • Must be at least 18 years in age
    • Can be salaried or self-employed
    • Must have a decent credit rating

    What documents would I need to submit while applying for bike finance?

    Bike finance applicants must furnish the following documents:

    • Income Proof: Salaried individuals must produce their latest salary slips and Form 16(a). Self employed applicants must provide Income Tax Return form.
    • Identity Proof: Voter ID card, PAN card, Valid Passport, and/or driving license.
    • Residence Proof: Apart from the documents above, electricity or telephone bill, life insurance policy.
    • Recent bank statements for your current or savings account.
    • Recent photographs (passport size).

    On what basis is my loan eligibility assessed? What is the loan approval time period?

    All financial institutions (banks, private lenders etc.) determine your bike loan eligibility primarily on the basis of your repayment capacity. This is ascertained through factors such as your monthly income, current credit score, vehicle cost, and existing EMIs paid by you. Once you have completed the documentation, private banks normally take a couple of business days to finalize your loan. Government banks, however, typically take about a week's time to approve the loan.

    How do I know what EMIs would I have to pay against the loaned amount?

    99Cars' sophisticated EMI Calculator gives you a detailed, month-by-month breakdown of the EMIs you pay for any ,loan amount, after you submit details for the loaned amount, repayment period and rate of interest.

    Can I avail 100% Finance for my new bike?

    In India, getting 100% bike finance is comparatively rare. However, there are a few financial institutions offering 100% car finance. This lets you purchase bikes without making any down payment to the bank at all. Although, it must be noted that 100% car finance is available for only a select makes and models and is not available on re-finance.

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