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Shriram Two Wheeler Insurance

Shriram Group is one of the most prominent names in the business industry of India. Likewise, Shriram General Insurance Company is one of the leading insurance houses in the Indian insurance market, which is famous for its diversified and customer-friendly insurance products to cater to the varied needs of individuals, including bike insurance policies.

In India, under the provision of the Motor Vehicle Act 1988, a Motor Two Wheeler Third Party Liability insurance policy is mandatory for everyone who owns two wheelers and using on public roads. Therefore, even if you do not go for a comprehensive package two wheeler policy, you must have a third party liability only policy to avoid penalties. The bike insurance products of Shriram General are power-packed insurance policies that safeguard your dream two wheeler from the potential adversities and road risks that your bike is exposed to. To know more about these policies, have a look at the following mentions.

Benefits and Features of Shriram Two Wheeler Insurance

The bike insurance policy of this company has come up with the following benefits and facilities:

Comprehensive Cover – The two wheeler policy with comprehensive insurance cover combines third party, own damage, and compulsory personal accident (CPA). It gives you complete protection throughout your tenure.

No Claim Bonus (NCB) – This feature makes the policyholder eligible for an attractive discount on the premium for the next policy year when he/she does not raise claims in the existing policy year. The discount increases on every consecutive claim-free year and extends to up to 50%. This feature can be availed even on new Shriram two wheeler insurance as well as on policies that have been transferred from another insurance company to Shriram two wheeler insurance company.

Third Party Cover – Maximum cover for third-party property damage will be Rs. 1 lakh in the case of two-wheelers. Unlimited “Third Party” coverage due to accidental death or injuries is also included.

Protection Against Personal Accident – It compensates for partial and permanent disability. In case of any physical loss of the owner-driver, they will be recovered by the offered compensation due to an accident.

Premium Cost – The company tries to make its policies consumer-friendly, and therefore, the premium amount that you have to pay for a bike insurance policy under this insurer is also pocket-friendly.

Why Should You Buy Shriram Two Wheeler Insurance?

Apart from the benefits and the facilities offered by the company, there are several other reasons to go for this company. The followings are the reasons.

Direct Buying – You can buy this product directly from the company’s official website. no commission is involved here. Therefore, the company thrives to maintain 100% transparency.

Service Assistance – Their customer executives are there 24×7 round the clock to help you. So, if you face any problem regarding your two wheeler, the company will be there for you.

Hassle-free Claims – The company does not play any claim game. They promise to offer you the best smooth and quick claim service so that their customers get the right and just compensation for their loss and damage.

Online Facilities – To keep pace with the growing digitalization, Shriram General has also come up with a sack full of online facilities like buying a bike policy, renewing that policy, registering a claim, etc. Therefore, you can do almost every work related to your bike policy at your place according to your convenience at any time.

Cashless Garage – The company has a wide number of cashless network garages spread in many cities all over the country. So, you can always find a suitable network garage within your vicinity. More than that, using their garage locator online facility that is available on their official website, you can now find out the nearest network garage of the company.

Types of Bike Insurance Coverage – The two wheeler insurance plans that the company offers to provide several coverages such as personal accident cover, third party liability only cover, own damage cover, comprehensive coverage, etc., to offer your bike overall protection.

Wide Coverage – The plans offer coverage against accidents, natural calamity, theft, vandalism, etc. the plans are specially designed to keep in mind the needs of the individuals, and they can be customized according to your needs.

Add-on Covers – Not only the standard in-built covers, but the company also allows you to opt for add-on covers according to your requirements to strengthen your two wheeler policy and maximize protection.

What Are The Different Types of Covers of Shriram Two Wheeler Insurance?

The company offers various types of two wheeler insurance plans or coverage to safeguard your dream bike. The mentions are as followings.

Two Wheeler Comprehensive Package Policy:

The Company will indemnify the insured against loss or damage to the vehicle insured hereunder and/or its accessories whilst thereon:

  • by burglary housebreaking, or theft;
  • by riot and strike;
  • by an earthquake (fire and shock damage);
  • by flood typhoon hurricane storm tempest inundation cyclone hailstorm frost;
  • by accidental external means;
  • by the malicious act;
  • by terrorist activity;
  • whilst in transit by road rail inland- waterway lift elevator or air;
  • by landslide rockslide.

This benefit is subject to a deduction for depreciation at the rates mentioned below in respect of parts replaced:

ParametersPercentage of coverage
For all rubber/ nylon/ plastic parts, tires, tubes, and batteries50%
For fiberglass components30%
For all parts made of glassNIL

The rate of depreciation for all other parts including wooden parts will be as per the

following schedule

Age of the two wheelerPercentage of depreciation
Not exceeding 6 monthsNIL
Exceeding 6 months, but not exceeding 1 year5%
Exceeding 1 year, but not exceeding 2 years10%
Exceeding 2 years, but not exceeding 3 years15%
Exceeding 3 years, but not exceeding 4 years25%
Exceeding 4 years, but not exceeding 5 years35%
Exceeding 5 years, but not exceeding 10 years40%
Exceeding 10 years50%

Liability To The Third Party:

The Company will indemnify the insured in the event of an accident caused by or arising out of the use of the insured bike against all sums which the insured shall become legally liable to pay in respect of the following conditions:

  • Death of or bodily injury to any person including occupants carried in the insured vehicle provided such occupants are not carried for hire or reward.
  • Damage to property other than property belonging to the insured or held in trust or in the custody or control of the insured.
  • The Company will pay all costs and expenses incurred with its written consent.
  • The Company will indemnify any driver who is driving the vehicle on the insured’s order or with the insured’s permission provided that such driver will as though he/she was the insured observe fulfill and it is subject to the terms and conditions of the policy.
  • The Company may at its own option:
    1. Arrange for representation at any Inquest or Fatal Inquiry in respect of any death which may be the subject of indemnity under this Policy and
    2. Undertake the defense of proceedings in any Court of Law in respect of any act or alleged offence causing or relating to any event which may be the subject of indemnity under this Policy.

Personal Accident Cover for Owner Driver:

Under this cover, the Company undertakes to pay compensation as per the following scale for bodily injury/ death sustained by the owner-driver of the bike indirect connection with the vehicle insured whilst mounting into/dismounting from or traveling in the insured vehicle as a co-driver, caused by violent accidental external and visible means which independent of any other cause will within six calendar months of such injury result in:

Nature of injuryScale of Compensation
Loss of two limbs or sight of two eyes or one limb and sight of one eye100%
Loss of one limb or sight of one eye50%
Permanent total disablement from injuries other than those named above100%

The benefit is subject to the following conditions:

  • The owner-driver is the registered owner of the vehicle insured herein;
  • The owner-driver is the insured named in this policy.
  • The owner-driver holds an effective driving license, in accordance with the

provisions of the Central Motor Vehicles Rules, 1989, at the time of the accident.

Know the General Exclusions of Shriram Two Wheeler Insurance

Understanding a policy is not completed if you do not go through its exclusions thoroughly. Therefore, to offer you a comprehensive idea of the two wheeler policy of the company and to avoid future complications, here are the general exclusions:

  • The Company will not be liable to make any payment in respect of consequential loss, depreciation, wear, and tear mechanical or electrical breakdown failures, or breakages.
  • In case of damage to tires and tubes the company will not pay any compensation unless the vehicle insured is damaged at the same time in which case the liability of the company shall be limited to 50% of the cost of replacement.
  • Loss of or damage to accessories by burglary housebreaking or theft will also be excluded unless the vehicle is stolen at the same time.
  • Any accidental loss or damage will not be covered suffered whilst the insured or any person driving the vehicle with the knowledge and consent of the insured is under the influence of intoxicating liquor or drugs.
  • In the event of the vehicle being disabled by reason of loss or damage covered under this Policy the Company will bear the reasonable cost of protection and removal to the nearest repairer and of redelivery to the Insured but not exceeding in all Rs.300/- in respect of any one accident.
  • The insured may authorize the repair of the vehicle necessitated by damage for which the company may be liable under this Policy provided that:
    1. The estimated cost of such repair including replacements, if any, does not exceed Rs.150.
    1. The Company is furnished forthwith with a detailed estimate of the cost of repairs.
    1. The insured shall give the Company every assistance to see that such repair is necessary and the charges are reasonable.
  • The company will not pay any compensation for any accidental loss damage and/or liability caused sustained or incurred outside the Geographical Area.
  • Any claim arising out of any contractual liability will not be covered.
  • Any accidental loss damage and/or liability caused sustained or incurred whilst the two wheeler insured is being used otherwise than in accordance with the Limitations as to Use, or being driven by or is for the purpose of being driven by him/her in the charge of any person other than a Driver as stated in the Driver’s clause.
  • Any accidental loss or damage or liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material will be excluded as well.

Online Buying Process of Shriram Two Wheeler Insurance Policy

With this insurer, you can buy a two wheeler policy online smoothly, without any hassles by following the below steps:

  • Go to the official website of Shriram General Insurance Company.
  • On the top of the homepage, there will be the Products tab. Click on that, and from there select the Two Wheeler Insurance option.
  • On the landing page, you search for the Buy Online for New Vehicle option. Click on that.
  • After that, you need to put the bike registration number, and valid mobile number in the right places, and click on the Insure Now option.
  • Give the required details as necessary.
  • Once you are done providing the necessary details, click on the Generate Quote option. For the given credentials, the premium amount that you need to pay will be displayed.
  • If the company asks for any other additional information, provide that too.
  • Go through the details again. If you are satisfied with it, and everything is fair, pay the premium amount availing of the convenient payment method.
  • Upon successful payment, a notification will be sent to your registered mobile number and/or email ID. You will receive the policy document as well. Save it for future reference.

What Is The Claim Process of Shriram Two Wheeler Insurance?

You can register a claim for your two wheeler very easily by following the below steps:

  • As soon as the incident happens, you need to intimate the insurer. For that, you can call on their toll-free number 1800-300-30000 (Monday to Sunday 4:00 AM to Midnight 12:00), or 1800-103-3009 (Monday to Sunday 9:30 am to 5:30 pm). Or else, you can intimate the claim by visiting the official website of the company. apart from these, you can also download MySGI App that is easily available on Play Store or App Store. Using this app, you can register your claim.
  • Inform every single detail that happened on the spot.
  • You can take guidance from their dedicated claim representatives to proceed properly. Ask for the requirement or any other documents to complete the process of claim. They will assist you accordingly to file your claim easily.
  • You can track your claim status and get timely updates.
  •  A surveyor will be assigned to your claim on behalf of the company, and he will contact you to inspect the vehicle or property for assessment of loss. Co-operate with him.
  • Preserve the report of the surveyor for future reference.
  • Submit the required documents along with a duly signed and filled claim form. Do not produce any false documents. Otherwise, your claim may get rejected.
  • The company will verify and evaluate the documents. If no discrepancy is found, the claim will be settled within 7 working days.

Required Documents For a Successful Claim:

  • Two Wheeler Insurance policy with schedule and endorsement/clause.
  • Claim form (signed by the insured person).
  • Registration Certificate of the bike.
  • Valid Driving License
  • Police FIR (If any)

How Can Renew Your Shriram Two Wheeler Insurance?

Now, for renewing your Shriram Bike Insurance Policy, you do not have to visit the official branch of the company physically and stand in a long queue. Rather, you can do it online at your convenience by following the below steps.

  • Go to the official website of the insurer.
  • At the extreme right side of the homepage, there will be the Quick Renewal option. Click on that.
  • On the landing page, put the policy number of your two wheeler insurance correctly in the right place.
  • After that, click on the Proceed option.
  • The renewal amount will be displayed on the screen of your device.
  • Check the details carefully again.
  • If everything is fair, pay the amount by using one of the suitable payment methods available with the insurer. Your job is done here.
  • Once the payment is successful, you will receive a notification regarding this in your registered mobile number and/or email ID.

Frequently Asked Questions

Some of the important parameters that decide the premium are the cubic capacity of the engine, the carrying capacity, age and gross weight of the two wheeler, the Insured Declared Value, location of registration of the two wheeler.

The following add-on covers are available:

  • Electrical and Electronic Accessories
  • Geographical Extension Cover
  • Pillion Cover

If you sell your bike to another person, the company will change the name of the buyer through name transfer endorsement and the policy will be transferred to the new owner. The buyer has to apply for a transfer of Insurance with the insurer within 14 days from the date of transfer of the vehicle in his/her name.

Yes, NCB is transferrable but it can be transferred only from one vehicle to another as long as the policyholder is the same. NCB cannot be transferred from one person to another. You can get the same transferred within 90 days of your previous policy expiry date.

Insured Declared Value (IDV) is considered the current market value of any vehicle that is the maximum sum insured. IDV is one of the essential factors that should be focused on while purchasing two wheeler insurance policy.

For this follow the below table:

Age of the bike

% Of depreciation for fixing IDV

Not exceeding 6 months


Exceeding 6 months, but not exceeding 1 year


Exceeding 1 year, but not exceeding 2 years


Exceeding 2 years, but not exceeding 3 years


Exceeding 3 years, but not exceeding 4 years


Exceeding 4 years, but not exceeding 5 years


IDV of vehicles beyond 5 years of age and of obsolete models of the bikes is to be determined on the basis of an understanding between the insurer and the insured.

No, you cannot pay the premium in installments. As per section 64VB of the Insurance Act, of 1938 no risk can be started unless the premium is received in advance. A full insurance premium is taken before the risk start.

An endorsement is an amendment or addition to an existing insurance contract that changes the terms or scope of the original policy. An insurance endorsement may be used to add, delete, exclude, or otherwise alter coverage.

The modes available with the company currently are as follows:

  • Cash
  • Cheque
  • Internet banking
  • Debit card
  • Credit card

No, there is no such limit available. The insured can claim any amount from the insurer at any point in time within the policy period.

A Compulsory Deductible is also known as Compulsory Excess in motor insurance. It is the part of the claim amount which the insured person will have to bear out of his/her pocket. The amount is decided by the IRDAI.