The Hero Splendor Plus XTEC, especially in the vibrant Sparkling Beta Blue color, is a highly sought-after motorcycle in India due to its advanced features, fuel efficiency, and stylish design. Insuring your bike is not just a legal requirement but also a practical measure to protect against financial loss arising from accidents, theft, or natural calamities. This guide covers everything you need to know about insuring your Hero Splendor Plus XTEC.
Types of Bike Insurance
- Third-Party Insurance:
- Mandatory by law in India.
- Covers damages or injuries caused to a third party or their property.
- Does not cover damage to your own vehicle or injuries to you.
- Comprehensive Insurance:
- Offers broader coverage including third-party liability.
- Protects against theft, damage due to accidents, fire, natural disasters, and vandalism.
- Includes personal accident cover for the owner-driver.
- Optional add-ons can enhance coverage.
- Standalone Own-Damage Insurance:
- Covers damage to your own vehicle but does not include third-party liability.
Factors Affecting Insurance Premiums
- Ex-Showroom Price: The Hero Splendor Plus XTEC has an ex-showroom price ranging between ₹80,161 and ₹83,461, depending on the location and variant.
- Coverage Type:
- Comprehensive insurance has a higher premium than third-party insurance due to broader coverage.
- Add-Ons: Optional add-ons such as zero depreciation, roadside assistance, and engine protection increase the premium.
- Insured Declared Value (IDV): The maximum claim amount that the insurer will pay in case of total loss or theft. A higher IDV results in a higher premium.
- Location: Premiums may vary based on the bike’s registration location. Urban areas with higher traffic typically have higher premiums.
- Age of the Vehicle: Newer vehicles have a higher premium due to higher IDV.
- No Claim Bonus (NCB): A discount offered for every claim-free year, reducing the premium amount.
Essential Add-On Covers
- Zero Depreciation Cover: Ensures that depreciation costs are not deducted from the claim amount.
- Engine Protection Cover: Useful for bikes frequently exposed to waterlogging and other environmental risks.
- Roadside Assistance Cover: Provides assistance for emergencies like towing, minor repairs, or fuel delivery.
- Personal Accident Cover: Mandatory by law, providing coverage for the owner-driver against accidental death or permanent disability.
- Return to Invoice Cover: Ensures you get the full invoice value of the bike in case of theft or total loss.
Steps to Purchase Insurance
- Determine Your Insurance Needs:
- Assess whether third-party coverage suffices or if you need comprehensive coverage.
- Compare Policies:
- Use online comparison platforms to evaluate different insurance providers based on coverage, premium rates, claim settlement ratio, and customer reviews.
- Select Add-Ons:
- Choose add-ons that best fit your usage and geographical conditions.
- Check the Insured Declared Value (IDV):
- Ensure the IDV aligns with the market value of your bike to avoid underinsurance.
- Read Policy Terms:
- Understand exclusions, inclusions, and claim processes.
- Make Payment:
- Pay online or through other available payment methods to receive the policy document.
Renewing Bike Insurance
- Renew Before Expiry:
- Avoid a lapse in coverage by renewing on time.
- Review Your Coverage:
- Evaluate if your coverage and add-ons still meet your needs.
- Check for NCB Discounts:
- Ensure any earned No Claim Bonus is applied to your renewal premium.
- Compare Policies:
- Don’t automatically renew; compare policies for better rates and features.
Claim Process
- Inform the Insurer:
- Report the incident immediately to initiate the claim process.
- Document the Incident:
- Collect evidence such as photographs, police reports (if required), and witness statements.
- Submit Claim Form:
- Fill out and submit the insurer’s claim form along with required documents.
- Inspection and Approval:
- The insurer may inspect the vehicle to assess damages before approving the claim.
- Repair and Settlement:
- Get the bike repaired at a network garage or preferred workshop.
- The insurer will settle the claim either directly with the garage (cashless) or reimburse you.
Top Insurance Providers for Hero Splendor Plus XTEC
- ICICI Lombard
- Bajaj Allianz
- HDFC ERGO
- Reliance General Insurance
- New India Assurance
Tips for Lowering Insurance Premiums
- Maintain a Clean Driving Record:
- Avoid accidents and traffic violations to earn a No Claim Bonus.
- Opt for Higher Voluntary Deductibles:
- Agreeing to pay a higher deductible can reduce your premium.
- Install Anti-Theft Devices:
- Certified devices can qualify for premium discounts.
- Avoid Small Claims:
- Preserve your No Claim Bonus by handling minor repairs yourself.
- Bundle Policies:
- Some insurers offer discounts for bundling bike and other insurance policies.
Conclusion
Securing insurance for your Hero Splendor Plus XTEC (Sparkling Beta Blue) ensures peace of mind while riding and financial protection against unforeseen events. By carefully choosing the right coverage and add-ons, comparing policies, and maintaining a claim-free record, you can maximize the benefits of your insurance policy while keeping premiums manageable. Remember, a well-insured bike not only complies with legal mandates but also safeguards your investment and personal well-being.
