Buy/Renew Online – Forbes Advisor INDIA

Owning a bike is more than a convenient way to get around today’s fast-paced world—it also represents independence and convenience. But with more and more cars on Indian roads, it’s important to safeguard your valuable assets. To protect your investment, Hero Corp, a well-known brand in the Indian two-wheeler market, provides extensive bike insurance options. 

This guide will examine purchasing and renewing Hero Corp bike insurance online and help you compare plans, alter coverage, and protect your bike from unanticipated events. 

Hero Corp Bike Insurance: An Overview

You have two options for insurance for your Hero bike: comprehensive coverage that covers damage to your bike in addition to third-party responsibility, or third-party liability insurance, which is required by Indian law and covers damages to third parties. 

Comprehensive policies provide roadside help, engine protection, and zero depreciation, just a few of the add-ons that enable a more personalized protection strategy.

When choosing the correct insurance coverage, it’s vital to consider aspects like the bike model, age, usage, and individual riding habits to ensure that your Hero bike is sufficiently covered against a variety of dangers and uncertainties.

Types of Insurance

There are various options available to you for Hero bike insurance, and each one provides varying degrees of protection:

  • Third-Party Liability Insurance: Third-party liability insurance is the simplest and most legally required insurance. It protects against harm or injury your Hero bike causes to other people or their property. However, it does not cover any harm to your personal bicycle.
  • Comprehensive Insurance: This policy provides a wide range of coverage. In addition to covering damage to your bike from theft, accidents, natural disasters, and other unanticipated events, it also includes third-party liability. Comprehensive insurance is advised for protection.
  • Stand-Alone Own-Damage Insurance: If you already have a third-party liability policy, you can get this kind of coverage, which solely covers damage to your bike. This is a smart alternative if you want more coverage than just the minimum third-party insurance.

What’s Covered?

Depending on the policy type selected, hero bike insurance often covers several scenarios to provide financial protection against various risks:

  • Damage to the Bike: Comprehensive coverage cover damage to your Hero bike caused by accidents, natural disasters (such as floods and earthquakes), and man-made events (such as theft, riots, and vandalism).
  • Third-Party Liability: Both third-party and comprehensive insurance cover any legal obligations resulting from injury, death, or property damage caused to a third party by your bike.
  • Personal Accident Cover: Personal Accident Cover protects the rider in the event of injury or death. While it is frequently included with comprehensive insurance, it can also be purchased alone.
  • Theft: Comprehensive insurance policies cover you if your Hero bike is stolen.
  • Natural Calamities: Comprehensive insurance covers damage caused by natural calamities such as floods, earthquakes, and landslides.
  • Man-Made Disasters: Comprehensive insurance cover the damage caused by riots, strikes, and other man-made disruptions.
  • Engine Protection: This extra add-on in comprehensive insurance protects against engine damage, especially useful in areas prone to waterlogging.
  • Roadside Assistance: This add-on provides towing, fuel delivery, and small on-site repairs in case of a breakdown

What’s Not Covered?

While Hero bike insurance offers comprehensive coverage, the policy does not cover some usual exclusions. Understanding these exclusions is critical for policyholders.

  • General Wear and Tear:  The coverage does not cover normal aging or wear and tear on the bike, including depreciation.
  • Mechanical or Electrical Breakdowns: Failures caused by mechanical or electrical faults unrelated to an insured occurrence are not covered.
  • Damages Under Influence: Any damage caused while the rider is under the influence of drink or drugs is not covered.
  • Riding Without a Valid License: Damages caused by someone operating the bike without a valid driver’s license are excluded.
  • Illegal Use: The coverage does not cover damages caused by using the bike for illicit activities or reasons other than racing or commercial use.
  • Unauthorized Modifications: Modifications done to the bike without the insurer’s consent, particularly those that may affect its performance or risk profile, can result in a claim denial.

How To Buy Insurance for Hero Bikes?

To buy insurance for Hero bikes, follow these steps:

  • Research: Compare Policybazaar, Tata AIG, and Acko insurance plans to find the best coverage for your Hero bike.
  • Choose Coverage: You can choose between third-party liability insurance (which is mandatory by law) or comprehensive insurance that covers damages to your bike as well.
  • Add-Ons: Consider add-ons like zero depreciation, roadside assistance, and engine protection for enhanced coverage.
  • Online Purchase: Visit the insurer’s website or mobile app, enter your bike details, select a plan, pay the premium, and receive the policy via email.
  • Claim Process: Familiarize yourself with the claim process for easy access in case of damages or accidents.
  • Renewal: Keep track of your policy expiry date and renew online to ensure continuous coverage.

Steps To Renew Hero Corp Bike Insurance Online

Renewing Hero Corp bike insurance online is a convenient and straightforward process that ensures continuous coverage for your two-wheeler. Here are the steps to renew Hero Corp bike insurance online based on the provided sources:

  • Visit the Insurer’s Website: To initiate the renewal process, access the insurance company’s website, such as Hero Insurance broking.
  • Enter Policy Details: Provide essential information like your policy number, vehicle details, and personal information required for renewal.
  • Select Renewal Option: Choose the renewal option on the website, which typically involves clicking on a “renew now” or similar button to proceed with the renewal process.
  • Payment: Make the premium payment securely using the online payment gateway provided on the insurer’s website.
  • Receive Policy Instantly: Upon successful payment, you will receive the renewed policy instantly via email or download it from the insurer’s website.
  • Ensure Timely Renewal: It is crucial to renew your bike insurance policy before its expiry date to avoid losing out on benefits like the no claim bonus (NCB) and having your scooter re-inspected.
  • Additional Steps: Some insurers may send a renewal link to your registered mobile number and email for easy access to renew your bike insurance plan.

Tips for Choosing the Right Coverage

When protecting your Hero bike, choosing the right insurance coverage is crucial. With various options available, it can be overwhelming to determine the best plan that suits your needs and budget. Here are some valuable tips to help you make an informed decision:

  • Assess your requirements: Evaluate your usage patterns, the bike’s age, and your area’s risk factors. If you frequently ride in heavy traffic or cover long distances, a comprehensive plan with higher coverage might be more suitable.
  • Understand the coverage types: Familiarize yourself with the different types of coverage available. Third-party liability insurance is mandatory and covers damages to third parties, while comprehensive insurance protects against own damages, theft, and other contingencies.
  • Consider add-on covers: Explore additional riders or add-on covers offered by insurers. Zero depreciation cover ensures you receive the full claim amount without factoring in depreciation, while engine protection cover safeguards against mechanical and electrical breakdowns.
  • Review the insurer’s claim settlement ratio: Research and compare the claim settlement ratios of different insurers. A higher ratio indicates a better track record of settling claims efficiently, which can be crucial in times of need.
  • Factor in the premium cost: While comprehensive coverage offers more protection, it comes at a higher premium cost. Strike a balance between the coverage you need and the premium you will pay based on your budget.
  • Consider long-term savings: Opting for a longer policy tenure, such as two or three years, can often result in cost savings compared to renewing annually. However, ensure that the policy terms remain favorable for the extended period.
  • Read the fine print: Carefully review the policy documents, including the exclusions and deductibles, to ensure you fully understand the extent of coverage and any limitations or conditions.

Bottom Line

Getting comprehensive bike insurance for your Hero bike is a smart move that will protect your valuable asset and provide you with peace of mind when riding. If you follow the instructions in this tutorial, you can purchase or renew your insurance online with confidence and ease.

Recall that the secret to selecting the appropriate coverage is to thoroughly evaluate your demands, comprehend the possibilities, and balance cost and comprehensive protection. Investigate add-on coverage, get prices from several insurers, and carefully read the policy documents.

In addition to safeguarding your financial investment, protecting your Hero bike with the appropriate insurance coverage guarantees a stress-free riding experience. Accept the ease of doing insurance transactions online and relish the independence of riding the open roads knowing that your bike is protected against unanticipated events.

Frequently Asked Questions (FAQs)

Is it mandatory to have bike insurance for Hero bikes?

Yes, in India, it is mandatory by law to have at least third-party liability insurance for your Hero bike. This coverage protects you against legal liabilities arising from damages or injuries caused to third parties in an accident involving your bike.

Can I customize the coverage while buying Hero bike insurance online?

Most insurers offer the option to customize your insurance coverage while purchasing it online. You can add riders or add-on covers like zero depreciation, engine protection, personal accident cover, etc., to enhance your policy’s protection per your specific needs and requirements.

How can I renew my Hero bike insurance policy online?

Renewing your Hero bike insurance policy online is a straightforward process. Visit the insurer’s website, enter your policy details (policy number, bike registration number, etc.), and follow the prompts. You can review the existing coverage, make necessary changes, and proceed with the online payment. The renewed policy documents will be sent to you electronically or by post, depending on the insurer’s process.

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