When policyholders buy bike insurance online or offline, they may find it difficult to understand the concept of total loss/constructive total loss. Once they understand the terminologies and components of bike insurance, the total loss concept is simple and beneficial to a policyholder.

Meaning of total loss/constructive total loss

Your insurance company may repair, replace, or reinstate a part of your bike, your entire bike, or certain accessories when needed. Otherwise, you may be reimbursed for the loss or damage caused to your bike. In such cases, the liability of your insurance company shall not exceed-

• The insured’s declared value (IDV) of the bike in the event of a total/constructive total loss.

• In case of a partial loss, the liability of the insurance company will not exceed the actual cost of repair and/or replacement of any bike parts lost or damaged. This amount is calculated after taking depreciation and deductibles into consideration.

Declaration of total loss

You can declare your bike a total loss or constructive total loss when your bike is highly damaged. Such severe damage may have occurred because of events like accidents, fires, or any other calamity. This is when your bike is declared a total loss.

• Your insured vehicle will be treated as a total loss or “constructive total loss” if the aggregate cost of repair and/or retrieval of the vehicle is over 75% of the IDV of your vehicle. This decision is subject to the terms and conditions of your policy.

• If your bike has suffered damage, it is beyond any economical repair.

• Usually, when you declare a total loss, the insurance company considers the scrap value of your vehicle after deducting the mandatory deductibles. These mandatory deductibles are usually mentioned in the terms and conditions of your bike insurance.

Process of a total loss/constructive total loss claim

As a policyholder, you need to follow the claim process thoroughly in the event of a total loss. When the damage to your bike has occurred, contact your insurance company immediately. A total loss is a settlement that takes some time, and you may have to bear the expenses of your daily travel as your bike is damaged.

Once you have filed a total loss or constructive total loss claim for your bike, the insurance company will begin its assessment. Upon checking, if the company finds that the damages are repairable but will cost an amount that is more than the IDV of your bike, your insurance claim will fall under the category of ‘beyond economic repairs’.

If the total cost of repair and/or retrieval of your vehicle is over 75% of the IDV of your bike, your claim will be treated as a total loss/total constructive loss. The categorization of your claim depends upon the terms and conditions of your two-wheeler insurance. * Standard T&C Apply

Remember that after a total loss claim on your two-wheeler, it is mandatory for you to cancel the Registration Certificate (RC) of your bike as per Section 55 of the Motor Vehicles Act of 1988. A total loss claim means that every penny of your bike insurance price is worth it, as it provides you with financial security for any issues related to your bike. Insurance is the subject of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

How To Get My Insurance Copy Of Two Wheeler Online If I Have Lost?

The Motor Vehicles Act of 1988 makes buying insurance for your two wheeler mandatory. As such, carrying your bike insurance policy document on your person is extremely important.

In case you lose your bike insurance papers, what would you do next? You can either contact the branch offline or use an online bike insurance app to get another copy of your insurance documents. In this article, we list down all the procedures to apply for your duplicate bike insurance papers.

Necessary steps to download duplicate bike insurance copy online:

If, by chance, you purchased your two-wheeler insurance online, then it may be easier to get a duplicate copy of the insurance documents. Here are some steps listed below that you need to follow:

• You can visit the official website of your insurance provider or download their online bike insurance app
• Input the type of policy you have and enter other important details like policy number, personal information, etc.
• If required, you may need to verify your profile through an OTP
• Once your verification is complete, you can view your policy documents, download a copy, print a physical copy or get it at your registered email ID

Necessary steps to get a duplicate bike insurance copy offline

If, by chance, you purchased your policy offline, and have lost your bike insurance policy documents, then read the below steps to get a copy of your two-wheeler insurance documents offline:

• Inform and intimate your insurer: You must inform your insurance company if you have misplaced or lost the policy documents. Once you do this, the insurer can initiate the issuing of a duplicate copy to you.
• Submit an application: Write and send a physical application to your insurer and ensure you mention the following details in the application:
• Full name
• Policy no.
• Date of issuance
• Type of cover
• Registration number of the two-wheeler
• File an FIR: The Filing of an FIR (First Information Report) is another significant step that you need to do if you have lost or misplaced your vehicle insurance papers. Ensure you send the FIR copy to your insurer along with your application.
• Sign an Indemnity Bond: It may be mandatory to sign an indemnity bond on non-judicial stamp paper of an appropriate value. It includes the policyholder’s full name and the policy number.

Important tips if you have lost your Bike Insurance Documents:

• Firstly, you must search your house or office thoroughly for the policy documents
• If you are unable to find it, discontinue using that two-wheeler for the time being until you get the duplicate copy.

Without wasting a minute, call your insurer to know the process, as every insurance company demands a different set of documents to issue a duplicate bike insurance policy.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.