Two Wheeler - National Insurance

• Annual package policy
• Annual Liability only policy
• Long term (2 yrs/3 yrs) package policy
• Long term (2 yrs/3 yrs) Liability only policy
• 5 years liability only policy for brand new vehicles purchased on or after 01.09.2018
• 5 years package policy for brand new vehicles purchased on or after 01.09.2018
• Bundled policy (one year own damage & 5 year liability) for brand new vehicles purchased on or after 01.09.2018.

• Annual package policy
• Annual Liability only policy
• Long term (2 yrs/3 yrs) package policy
• Long term (2 yrs/3 yrs) Liability only policy
• 5 years liability only policy for brand new vehicles purchased on or after 01.09.2018
• 5 years package policy for brand new vehicles purchased on or after 01.09.2018
• Bundled policy (one year own damage & 5 year liability) for brand new vehicles purchased on or after 01.09.2018.

Bank of Baroda is authorized by the Insurance Regulatory and Development Authority to act as a Corporate Agent from 01/04/2022 to 31/03/2025 for procuring or soliciting business of Life insurance, General insurance & Standalone Health insurance under Registration Code CA0004". Insurance is the subject matter of solicitation. For more details on risk factors, terms and conditions please read the sales read sales brochure carefully before concluding a sale. The purchase of Insurance products by Bank of Baroda customers is purely on a voluntary basis. The insurance products are underwritten by the respective insurance company. Bank of Baroda does not perform any insurance e-commerce activity on its website. The contract of insurance is between the insurer and the insured; and not between the Bank and the Insured.

Liability Only policies:

The policy covers the vehicle owner's legal liability to pay compensation for:

• Death or bodily injury to a third party person.
• Damage to third party property.

Liability is covered for an unlimited amount in respect of death or injury. Liability for damage to third party property is covered for Rs. 1 lakh for Scooters / Motor Cycles.

Package Policy:

In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to:

• Fire, explosion, self-ignition or lightning.
• Burglary, housebreaking or theft.
• Riot and Strike.
• Malicious Act.
• Terrorist Act.
• Earthquake (Fire and Shock) Damage.
• Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.
• Accidental external means.
• Whilst in transit by road, inland waterway, lift, elevator or air.
• By landslide/Rockslide

No-claim discounts on Own damage premium are available on renewal of Package policy, ranging from 20% to 50%, depending upon the number of consecutive claim free years.

The policy also pays for towing charges from the place of accident to the workshop upto a maximum limit of Rs.300/- for Scooters/Motorcycles. It is also permissible to opt for higher towing charges subject to payment of extra premium.

Add On covers available on payment of Extra premium

• Nil depreciation
• Nil depreciation plus for 2 wheeler
• Invoice protect
• Engine protect
• NCB protect

Compulsory Deductibles (The amount to be borne by insured for each & every claim)

• Rs 100/- for Two Wheelers

DEPRECIATION ON PARTS FOR PARTIAL LOSS CLAIMS

• Rate of depreciation for all rubber nylon/ plastic parts, tyres and tubes, batteries and air bags - 50%
• Rate of depreciation for all fibre glass components - 30%
• Rate of depreciation for all parts made of glass – Nil
• Rate of depreciation for paint material – 50%
• Rate of depreciation for all other parts including wooden parts is to be as per the following schedule

• Wear and tear, breakdowns
• Consequential loss
• Loss when driving with invalid driving license or under the influence of alcohol.
• Loss due to war, civil war, etc.
• Claims arising out of contractual liability.
• Use of vehicle otherwise than in accordance with `limitations as to use ' (e.g. private car being used as a taxi)

How to lodge a claim?

In the event of an incident giving rise to a claim under the policy, the following steps should be taken,

In case of accidental damage to the vehicle:

Step 1: Immediate written intimation to the policy issuing office or nearest office.

Step 2: In case of major loss to the vehicle a spot survey, at the site of accident, would also be arranged by the company

Step 3: Obtain a Claim Form& submit it duly completed along with

• copy of Registration Certificate
• copy of driving license of the driver of the vehicle at the time of accident
• Estimate of repairs.
• Copy of permit & fitness certificate in case of commercial vehicles

Do not start the repair of the Vehicle unless it is surveyed by an IRDAI licensed Surveyor, appointed by the insurance company.

In case of theft of the vehicle:

Step 1: Lodge an F.I.R. with the police immediately.

Step 2: Inform the policy issuing office & concerned Regional Transport Office immediately.

Step 3:Obtain a Claim Form & submit it duly completed

Step 4: Submit the Final Police Report as soon as it is received.

Step 5: Extend full cooperation to the investigator appointed by the insurance company.

In case of third party liability claim:

• Inform insurance company immediately of any incident likely to give rise to liability claim.
• On receipt of summons from Court, the same should be sent to the company immediately.
• Claim Form duly filled in along-with copies of Registration Certificate, Diving License, FIR are to be submitted.

• Two Wheeler Package Policy.Pdf