Shriram Bike Insurance Terminologies

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

Compulsory deductible is also known as compulsory excess in two-wheeler insurance as specified by the IRDAI. The insured has to bear a certain part of the claim amount as deductibles during a claim process

When a two-wheeler insurance claim is made, it impacts the policyholder's no-claims bonus (NCB). It will help to reduce the premium amount offered by the insurer for not making any claims during the previous policy period.

If the claim amount exceeds the IDV, the policyholder will have to bear the additional expenses. It is, therefore, important to set the IDV correctly based on the market value of the bike at the time of policy purchase.

A standalone own damage bike insurance policy covers only your own vehicle against damages and losses.

The Insured Declared Value (IDV) is the maximum amount that a two-wheeler insurance company will pay in case of a total loss or theft of the insured bike.