SBI two wheeler insurance is the one of best insurance services provided by the SBI bank. The Government of India announced a scheme on April 8th that would cover two-wheeler owners insuring their bike with Indian insurance companies. This plan is covered by the National Motor Insurance Scheme, which covers all new vehicles, but aims to make owning a two wheeler easier and more affordable. The scheme is already gaining traction and has set the wheels in motion for good change towards reducing pollution, overall congestion, and traffic accidents involving motorcycles.
About sbi two wheeler insurance
The scheme will be rolled out across India starting February of 2016 as a 12-month pilot program. The cost of insuring a two wheeler is about INR 6000 ($92 USD), which is about half the price of an annual policy for other vehicles. This new insurance scheme will allow two wheeler owners to register their vehicles regardless of their age, and the vehicle does not need to be in top condition, nor does it need any special features like anti-theft systems or alarms. The plan covers personal injury, death, and damage to property only and has no provisions for third party liability or theft.
Benefits of sbi two wheeler insurance
The scheme benefits the two wheeler owners in India in a number of ways. First, because only personal injury and damage to property coverage is offered. There is no need to purchase an expensive or comprehensive third-party liability policy. The cost of these policies can be high and difficult to understand for many people. So this insurance scheme will make owning a new motorcycle considerably more affordable. It also eliminates the need for details about the bike’s specifications on insurance claims forms. Such as engine size and model type. The main goal of this program is to make owning a new two wheeler less expensive and to encourage more people to get bikes out on the road where breathing the polluted air is generally easier than in cars.
Here’s how SBI two wheeler insurance works:
1) A registered owner who uses their bike for personal or business use. They will be eligible for SBI two wheeler insurance provided. They have paid taxes on the bike’s engine capacity of over 2.0-litre.
2) The scheme only applies to new two wheelers with engines under 1,000 cc and not to used two wheelers.
3) The owner must submit their vehicle registration number. As well as proof of tax payment to their respective insurance companies when purchasing insurance.
4) Owners will be able to choose from two options when purchasing SBI two wheeler insurance. The first is a rider which covers all risks associated with accidents or property damage. Or the second is a comprehensive package that also covers medical costs, repair, and maintenance for the bike.
5) The owner’s policy or rider must be renewed after a period of three years. At that time, the insurance company will decide whether or not to renew the policy. Based on the motorcycle’s yearly rides per year as well as any damage reported over the past three years.
6) Any vehicle which has SBI two wheeler insurance can be used in any state. And will receive coverage from all participating insurance companies across India.
This is an important step in making owning a two wheeler in India easier, safer, and cheaper. With India’s population nearing 1.3 billion. Thankfully there is now a larger target audience to promote both safety and lower pollution.