4300 garages cashless garages.
Two Wheeler Insurance
Buy two wheeler insurance online/renew non IFFCO Tokio bike insurance policy
Buy two wheeler insurance online/renew non IFFCO Tokio bike insurance policy
Two-wheeler insurance safeguards you against the financial impact of accidents, natural calamities & other unfortunate events that could harm your vehicle. Having a bike insurance plan ensures that your vehicle is restored to its original condition without putting a dent in your finances.
In case of an accident, you may also inadvertently injure or damage someone else’s property. Fortunately, your motor insurance policy will cover your legal liability to pay for third party losses as well. This means that the insurance company will compensate for the damages and/or injuries caused to others on your behalf.
Lastly, you should know that having bike/scooter insurance is compulsory. As per the Motor Vehicles Act of 1988, you need to have at least a third party insurance plan to use your vehicle in India. Therefore, one must purchase an insurance policy and keep it valid at all times, a task made much easier with online policies from IFFCO-Tokio.
| Key Features | Benefits of IFFCO-Tokio |
|---|---|
| Claim Settlement Ratio | 92.65% Claims Settled* |
| Cashless Repairs | At 4300+ Cashless Garages |
| Easy Claims | App-based Claim Settlement within 4hrs |
| Savings | Get up to 70% discount |
| NCB Benefits | Get up to 50% Discount |
| Claim Assistance | With 24/7 Customer service |
| Own Damage Cover | Available |
| Damages to Third-Party | Available |
*As per Annual Audited Financials, FY'2019.
If you love the freedom of the open road, then you will love the freedom of choices we provide you. We offer easy-to-understand and affordable third party, comprehensive & depreciative waiver or zero-depreciation insurance plans. You can also opt for 5 years of third party cover or a single-year own damage insurance. Or, you could bundle the two together and enjoy better savings. Not to mention, we also provide you with several add-on options to choose from.
As far as protection is concerned, our bike insurance policies provide coverage against accidents, theft, natural calamities like cyclones, floods, storms, lightning, earthquake, landslide, etc. When you ride with us, you get complete protection, on and off the road.
With IFFCO-Tokio, buying or renewing bike insurance online is as easy as twisting the throttle on your motorcycle! You can get instant quotes in a snap! All you have to do is tell us about your bike, the coverage you want, and hit the submit button. We will assess your details and put together the ideal options for you! In addition to the best insurance coverage, your policy also comes with a customer support team that is available round the clock and is as eager to help you, as you are to ride your bike!
Our bike & scooter insurance plans are like an extension of your protective gear. They keep you safe, wherever the road might take you! From the headlight to the tail-lamp, we’ve got you covered!
We use innovation & technology to provide you quicker and more convenient insurance solutions. For example, your policy can be issued instantly through smart phones of our distribution channels. You can also use our QCS App to accelerate your claim process and get up to Rs. 20,000 transferred to your bank account within few minutes - all with just a few taps in clicks on your mobile phone.
With close to 20 years of experience in the insurance industry, we have settled more than 8 lakhs claims (in FY19) with a settlement ratio of 92.65%. This is just one of the reasons why 1,00,000+ individuals entrust us with their bike insurance needs.
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BUY/RENEW POLICY
Third-Party insurance only covers any damage to a third party, including death, bodily harm, injury and damage to a property in case of an accident or collision involving your bike.
Comprehensive bike insurance covers both third-party liabilities as well as own-damage to your bike. It covers both natural and man-made calamities. These plans also allow you to include add-ons for a wider coverage!
You can also include the zero depreciation cover to your comprehensive two-wheeler insurance policy. This will ensure that in case of an accident, you get complete reimbursement for part replacements without any deduction for depreciation. Great isn’t it?
Zero Depreciation Cover pays the entire claim amount without deducting depreciation value at the time of settling the claim.
This add-on keeps your No Claim Bonus safe even if you made a claim in the previous year.
If your vehicle is deemed a total loss, the add-on cover helps you get the original invoice price of the vehicle, including road tax and registration charges.
All two-wheeler insurance plans will have a standard set of exclusions that are not covered by the policy. Some of these exclusions are as follows:
Have you ever wondered why different people are charged different insurance premiums? Well, this is because, the price of your two-wheeler insurance policy is calculated keeping in mind several factors. Some of these factors include
Type of cover
One of the first things that affect the price of your bike insurance is the type of plan you opt for. Third-party plans are the most basic and so cost less but offer limited cover. In case of comprehensive insurance, your choice of add-ons will also influence the cost of the policy.
Cubic capacity of the bike
The cost of the third party component of your plan depends heavily on the cubic capacity of your bike. The higher the cubic capacity, the more premium you have to pay for third party insurance.
Cost of the bike
The higher the coverage amount (IDV) the higher the cost to insure it! In case of total loss, the insurance company has to provide the current marketing value of your bike (IDV), which is bound to on the higher side for a more expensive motorcycle.
Age
In case of a claim or total loss of your bike, the insurance company provides compensation based on the market value of your bike and its parts. So, when your bike is new, the insurance company is liable to higher payouts and therefore charges you a higher premium. However, as your bike gets older, its market value decreases and so does your insurance provider’s liability in case of a claim. Therefore, as your bike gets older, your insurance premiums also decrease.
Modification
Modifications refer to alterations made to your two-wheeler to improve its performance or appearance. However, these alterations often involve the addition of part or modification of the current parts. This can affect your insurance policy and cause your premiums to rise.
Have you ever wondered why different people are charged different insurance premiums? Well, this is because, the price of your two-wheeler insurance policy is calculated keeping in mind several factors. Some of these factors include
Type of cover
One of the first things that affect the price of your bike insurance is the type of plan you opt for. Third-party plans are the most basic and so cost less but offer limited cover. In case of comprehensive insurance, your choice of add-ons will also influence the cost of the policy.
Cubic capacity of the bike
The cost of the third party component of your plan depends heavily on the cubic capacity of your bike. The higher the cubic capacity, the more premium you have to pay for third party insurance.
Cost of the bike
The higher the coverage amount (IDV) the higher the cost to insure it! In case of total loss, the insurance company has to provide the current marketing value of your bike (IDV), which is bound to on the higher side for a more expensive motorcycle.
Age
In case of a claim or total loss of your bike, the insurance company provides compensation based on the market value of your bike and its parts. So, when your bike is new, the insurance company is liable to higher payouts and therefore charges you a higher premium. However, as your bike gets older, its market value decreases and so does your insurance provider’s liability in case of a claim. Therefore, as your bike gets older, your insurance premiums also decrease.
Modification
Modifications refer to alterations made to your two-wheeler to improve its performance or appearance. However, these alterations often involve the addition of part or modification of the current parts. This can affect your insurance policy and cause your premiums to rise.
Did you know, you can reduce the price of your bike insurance policy without affecting the coverage it provides? Sound impossible right, but it is true! All you have to do is use the simple tips as mentioned below
The installation of a simple handle lock and other such anti-theft devices that are authorised by the Automotive Research Association of India authorised can help reduce the cost of your two-wheeler insurance.
As per the IRDAI, joining a rider’s association like the Indian Automobile Association should help you reduce the premium of your plan.
If you do not make any claims against your insurance policy, you are entitled to a discount. This discount is known as a ‘No Claim Bonus’. Every year you go without making a claim, this discount increases until it reaches a maximum of 50%.
You can offer to pay a portion of the claim amount. This is known as voluntary deductible. You can set a higher deductible to enjoy a lower premium.
There are two ways to purchase a bike insurance policy. You can either visit a branch or you could go online to make the purchase. The second option is fast becoming the ‘go-to’ alternative for many motorists. Let us explore the reasons behind this.
Tell us your name, your number and give us a couple of details about your bike. We will put together quotations on our third party, comprehensive & comprehensive with zero-depreciation covers. You can compare and choose with ease!
One of the main reasons why people buy two-wheeler insurance online is because it is so much easier than buying a plan at a branch. You just have to fill in some simple details, choose the coverage you want, and make the payment!
The online process convenient is also environmentally friendly and just plain simple. When you buy two-wheeler insurance online, you do not have to endure the painful task of documentation. Just type in the details and you’re good to go!
This is another big advantage of buying bike insurance online – you get the policy documents as soon as the payment goes through. This ensures that you do not have to wait before you can legally ride your bike!
When you buy bike insurance online, you can go through our coverage options and opt for the plan that best matches your need, without being influenced by anyone else.
When you buy two-wheeler insurance online, you can secure your bike within minutes. To make the process easier, you can follow these simple steps
Try and get a basic understanding of bike insurance. Acquaint yourself with the commonly used terms in motor insurance. Do a little research on things like No Claim Bonus, IDV, the types of insurance policies available and what they cover, etc.
The next thing you need to do is assess your coverage needs. If you want affordable coverage, third party insurance is perfect for you. However, if you want to give your bike comprehensive protection, you’d rather choose comprehensive plans.
Before you can start comparing plans, you need to shortlist a few insurance companies. You can do this based on factors such as network garages, claim settlement ratio, number of customers, reviews, ease of claim process, etc.
Once you’ve shortlisted the best insurance providers, you start getting quotes. This will tell which insurance providers are offering the protection you want at the lowest prices.
Once you find the plan that offers you the protection at the best possible price, all that’s left for you to do is make the plan your own. For this, all you have to do is fill in some simple details, make the payment and you’re done!
Traditional Method
The first method has existed for years and requires you to follow the steps mentioned below:
You can also make a claim using our QCS App
For this, you would have to register your claim by calling the toll-free number or through the app itself. After this, you would have to upload documents, photographs, and videos of the damage caused to your bike. Once the claim is approved, the compensation amount will be transferred to your bank account within minutes. However, you should note that for claims registered through the QCS App, the limit on the compensation amount is Rs. 20,000.
To enjoy continued coverage & to ensure you are legally riding your bike, you must keep your policy valid at all times. For this, you need to renew your plan well before its expiry date. There are several ways to renew your plan. We have explained them below:
Renew your policy online:
The easier option is to renew your two-wheeler insurance online. To do this, all you have to do is visit our website and find the ‘renew online’ option. Once you click on it, you will be asked to fill some simple details such as your bike’s registration number, your policy number and your registered phone number & email address.
Branch visit:
For this, you would have to visit our nearest branch. You would have to carry the policy document of your exiting plan and means of payment accepted by the insurance provider.
Just hand over the policy document to one of the executives along with the renewal payment and they will do the rest. You will be provided with the renewed policy document on the spot, or it may be mailed to your residence in a short while.
The obvious drawback of renewing a plan at the branch would be that you have to physically visit the branch.
The next step to renew two wheeler insurance online would be to make the payment. These days, most lenders accept numerous online payment methods. Once your funds go through, the policy will be renewed and the policy document will be sent to your registered email address immediately! Online two-wheeler insurance renewal is easy and it can be done at any time, from anywhere! It is the most convenient way to keep your policy up to date and active.
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Bike insurance refers to the financial protection that the insurer offers for your bike in exchange for annual payments known as premiums. It provides cover against the damages that may occur to your two-wheeler due to an unforeseen event. In case of an accident, the insurer will pay for the repairs of damage to your bike. With insurance, you get cover against natural calamities such as floods, storms, earthquakes, etc. and man-made disasters such as riots, theft, etc.
Yes, there are two kinds of two-wheeler insurance- third party insurance and comprehensive insurance. Third-party insurance is required by law – without it, you cannot legally ride your bike on Indian roads. Comprehensive insurance is one step above third party insurance – it provides everything that a third party insurance policy does and it also covers damages that occur to your vehicle.
Under the Motor Vehicles Act, 1988 it is mandatory to insure your motorcycle with a third-party insurance policy. This type of plan provides compensation for any damages or injuries caused to others in an accident you are part of.
However, besides this mandatory form of protection, you should also get bike insurance to protect you from financial losses caused to your bike due to accidents, theft and other unfortunate events. However, this sort of protection, you will have to purchase comprehensive insurance – it will cover both the third-party and own damage.
IFFCO Tokio understands the need for immediate assistance and support during an unforeseen event and provides multiple avenues to register your claim. To register a claim with IFFCO Tokio, all you need to do is call our 24x7 Call Centre or simply walk into your nearest IFFCO Tokio branch. You can even send an SMS or register your claim online through our website.
Bike insurance protects the policyholder from an unforeseen event such as an accident. The policyholder gets cover against natural calamities such as fire, earthquake, flood, frost, etc. It also offers cover against human-made calamities such as theft, etc. A policyholder also gets financial assistance in case of damage to third-party property.
