Ex-Showroom Price for Hero Splendor Plus (approximate):
- The ex-showroom price for Hero Splendor Plus typically ranges between ₹75,000 to ₹85,000 in India, depending on the variant and location.
1. Why Insurance is Essential for Hero Splendor Plus
Hero Splendor Plus is a well-established name in the commuter segment in India. Known for its fuel efficiency, durability, and ease of maintenance, it’s a great bike for daily use. However, accidents and unforeseen situations can arise at any time. To ensure that you’re financially protected, having the right insurance is vital.
In India, it is legally mandatory to have at least Third-Party Insurance for all vehicles that are being driven on public roads. This kind of insurance protects you from the financial consequences of damage caused to third parties (other vehicles, property, or individuals).
2. Types of Insurance for Hero Splendor Plus
When it comes to insuring your Hero Splendor Plus, there are three primary types of insurance policies to consider:
a) Third-Party Insurance
This is the minimum legal requirement for any two-wheeler in India. Third-party insurance provides coverage for:
- Damage to third-party vehicles: In case your bike collides with another vehicle, the insurance covers the repair or replacement costs of the other vehicle.
- Injury or death of a third party: If an accident involving your bike results in injury or death to a third party, this insurance will cover the medical expenses or provide compensation to the affected individual or their family.
- Damage to property: In case your bike causes damage to property (like fences, signboards, etc.), the insurance will cover the repair costs.
However, third-party insurance doesn’t cover damage to your own bike or injuries to yourself.
b) Comprehensive Insurance
Comprehensive insurance provides a broader range of coverage compared to third-party insurance. It covers:
- Own damage: Damage to your Hero Splendor Plus, whether it’s caused by an accident, natural calamities (floods, earthquakes, etc.), or vandalism.
- Theft: In the unfortunate event that your bike is stolen, a comprehensive policy will cover the financial loss.
- Third-party liability: It also includes the protection provided by third-party insurance — covering damage to third-party vehicles, injury, or death caused to others.
- Personal accident cover: Some comprehensive policies also include a personal accident cover, which gives you coverage in case of injuries sustained by the rider.
Given the additional coverage, comprehensive insurance is typically more expensive than third-party insurance, but it provides far greater peace of mind.
c) Standalone Own-Damage (OD) Insurance
Standalone Own-Damage (OD) insurance is a newer option. It covers only the damage to your bike and does not include third-party liability coverage. This type of insurance is ideal if you already have third-party insurance but want to add protection for your own vehicle without switching to a comprehensive policy.
3. Factors Affecting Hero Splendor Plus Insurance Premium
The cost of insuring your Hero Splendor Plus depends on a variety of factors:
- Age of the Bike: Newer bikes generally have higher insurance premiums due to their higher market value. As the bike ages, the premium may reduce, but so does its coverage value.
- Model and Variant: The price of the insurance can also depend on the specific model and variant of the Hero Splendor Plus you choose.
- No-Claim Bonus (NCB): If you’ve not made any claims in the previous year, you may be eligible for a No-Claim Bonus, which can reduce your insurance premium.
- Add-on Covers: If you choose to add extra covers (like zero depreciation, engine protection, or roadside assistance), the premium will increase accordingly.
- Rider’s Profile: Factors like the rider’s age, location, and past driving history can influence the premium amount.
- Insured Declared Value (IDV): The IDV represents the current market value of your bike and determines how much you’ll get if your bike is damaged or stolen. A higher IDV results in a higher premium.
4. Key Benefits of Hero Splendor Plus Insurance
Quick Claim Settlement: With a trusted insurance provider, claim settlements are typically fast and hassle-free, ensuring minimal disruption to your life.
Financial Protection: Insurance provides coverage against unforeseen events like accidents, theft, fire, and natural calamities, minimizing your out-of-pocket expenses in case of damage.
Legal Requirement: Having insurance, especially third-party coverage, ensures that you comply with the law and avoid penalties.
No Claim Bonus (NCB): If you don’t file any claims during the policy period, you can earn an NCB, which reduces your premium for the following year.
Peace of Mind: Knowing that your bike is insured offers peace of mind, especially when riding on busy roads or in areas prone to natural disasters.
