IFFCO Tokio Two-Wheeler Insurance
Two Wheeler Insurance plan from IFFCO Tokio is designed to protect your two-wheeler from any and every kind of damage and loss. The rapid growing numbers of road accidents, the risk of theft, the loss of vehicle due to various natural and manmade activities, call for a good two-wheeler cover to protect your vehicle, which is what you get at IFFCO Tokio.
Who can take the risk of not insuring your much-loved two-wheeler from these dangers that could happen to anyone at anytime? You may not control the unfortunate events of life or the loss or damage caused to your vehicle during any mishap, but, you can at least stay prepared for those unknown and unfortunate emergency times of life. Two-wheeler cover by IFFCO Tokio helps covers the financial side of expenses when if an accident involving your two-wheeler was to occur.
Moreover, it is mandated by the government of India to buy insurance for your two wheeler. You cannot ride a two-wheeler without a valid bike insurance. Even before you buy your favorite two-wheeler, it is ideal to decide a good bike insurance plan for your vehicle, something which you can do with confidence and assurance at IFFCO Tokio.
Features of Two-Wheeler Insurance Policy
IFFCO Tokio offers extensive and one of the best two-wheeler insurance online. It provides a comprehensive coverage to the vehicle, accident cover to the rider and takes care of the third party liability of the policy proposer. Get your bike insurance price list with IFFCO Tokio. Here are the highlighting features of IFFCO Tokio two wheeler insurance:
- Cashless Claim Service – With this online two-wheeler insurance in India, you can avail cash-free service at any of the 2700 authorized network garages of IFFCO Tokio, across the country.
- NCB – You can avail your no claim bonus at the time of renewal of your insurance policy, provided you renew your bike insurance within 90 days from the day of expiry. The NCB benefit can be as high as 50 percent also.
- NCB Transfer – IFFCO Tokio allows their users to transfer their no claim benefits from previous insurance company to IFFCO Tokio. You can receive all the benefits with this company too if you can produce your last renewal notice, declaration of no claim bonus and documents related to the entitlement of no claim bonus.
- Coverage – Insuring with IFFCO Tokio, you can get coverage for personal accident and for third party liability cover. Moreover, this insurance assures protection of your vehicle from any damage or loss caused by natural calamities and manmade activities like riots, burglary, theft, etc.
Quick Claim Settlement by IFFCO Tokio
IFFCO Tokio has introduced a new way of easy and hassle free claim settlement feature where you can settle your claims via a mobile app. This mobile app provides Quick Claim Settlement (QCS) provision to the users. Here are the features of QCS of IFFCO Tokio:
- Both car and two-wheeler claims are being settled using QCS app.
- For two-wheelers claims within the amount of ₹7 thousand can be settled instantaneously via QCS.
- The damaged vehicle is taken to the network workshops of IFFCO Tokio for repair by the quick claim settlement inspectors.
- The claims made for the damage or loss is instantly settled as soon as the damaged two-wheeler is taken to the workshop for repair. The entire process is completed within a day’s time.
- For availing this quick claim settlement facility provided by the insurance company, you may choose to use the mobile app or call the toll free customer service number for filing your claims.
How to Buy IFFCO Tokio Two-Wheeler Insurance in India?
Purchasing two-wheeler insurance in India from IFFCO Tokio is very easy. There are two ways of buying a bike insurance plan from us:
- Buying Insurance Policy from the Insurance Company Branch – You visit the nearest IFFCO Tokio branch in order to buy two-wheeler insurance. In that case you would need to carry all the important documents related to your vehicle to fulfill the paperwork for your bike insurance.
- Buy Two-Wheeler Insurance Online – You may choose the most hassle free option of buying two-wheeler policy online at IFFCO Tokio, right from the comfort of your office or home. Before buy two-wheeler insurance online, always compare two-wheeler insurance online to find the best two-wheeler policy.
Whatever option you might choose, always ensure that you have gone through all features and benefits of the insurance policy, loyalty benefits (if any), No Claim Bonus allowed, add-ons provided etc. You can only choose the best option for you once you get acquainted with the possibilities of your insurance. Some of this information about your policy could be really useful for you in future.
However, the best option is to purchase bike insurance online. You do not have to trust anyone’s opinion if your two-wheeler insurance online has been compared and bought using online portals of insurance companies.
Buying Bike Insurance Policy Online
Purchasing two-wheeler insurance has become much easier these days as you can now buy your desired two-wheeler insurance online at IFFCO Tokio. You no longer need to pay commission to your insurance broker for the best two-wheeler policy; get it at IFFCO Tokio at the best price online.
Online bike insurance also offers you the same features and benefits as offered by policies purchased through traditional channels. In fact, online bike insurance plans at IFFCO Tokio are easier to handle. You can check your policy status and choose to pay your premium amounts online. Two-wheeler insurance renewal online is also a hassle free task to do. You can take care of your insurance policy all by yourself from IFFCO Tokio’s online portal for customers.
Easy Renewal Process of Two-Wheeler Insurance
At IFFCO Tokio, we offer easy online bike insurance renewal of the insurance policies for two-wheelers as well on out website. For this: -
- Visit the online website of IFFCO Tokio General Insurance company, i.e. ‘www.iifcotokio.co.in’.
- Go to the ‘Motor Insurance’ drop down menu and select the ‘Two-Wheeler Policy’ tab.
- This will open a new page. In this new page select the option ‘Buy/Renew Online’ option. This will again open a new page that displays three other options – ‘Renew Existing Policy’, ‘Renew Non IFFCO Tokio Policy’ and ‘Buy New Policy’.
- For the convenience of our customers, the Chat Widget on the IFFCO Tokio website also has the option to Renew as well as Download Policy.
- If you want to renew your IFFCO Tokio insurance policy for two-wheeler then click on the first tab displaying ‘Renew Existing Policy’.
- As you click the tab, it takes you to the new page where you need to fill out the details asked by the website.
- Enter the correct details and then press the ‘Search’ button.
- In the subsequent page fill out the necessary fields to complete the process.
- Once the payment is made towards the renewal of the policy, a receipt is automatically generated to the enrolled email id.
Benefits of Buying Two-Wheeler Insurance Online
Buy two-wheeler insurance online can save both time and money. Here are the benefits of purchasing insurance online for two-wheeler:
- Compare Two-Wheeler Insurance Online – You can compare two-wheeler insurance online plans before you choose the best for your vehicle. It is actually possible to check the features and benefits offered by the best two-wheeler insurance online. You get to know the pros and cons and compare the premium rates of each two-wheeler policies available in the market.
- Unbiased Information – You may not get an unbiased opinion about which insurance policy to choose from your insurance agent but the online comparison results of various insurance plans will always be unbiased. The information you get online shows only the facts and features of particular policy and not the opinion of a person who might have inclination for a particular insurance policy.
- Convenience – Nothing can be more convenient than to buy two-wheeler insurance online. You can choose your desired coverage and premium while sitting at the comfort of your home. You can have the various options for two-wheeler insurance online compared instantly. Moreover, you can make the purchase from any part of the country at any time of the day. Online bike insurance renewal is also quite convenient.
- Direct Transaction with the Company – By purchasing bike insurance online you can avoid paying out some extra amount to the insurance agent or broker. You can directly deal with the authorized professionals of the insurance company. Even if you find any difficulty in proceeding with the buying process you can always avail the company’s customer care service round the clock. The best part is that you do not need to pay any fees to avail these services.
- Payment Security – Apart from the above stated benefits, buy bike insurance online and assure a secured payment mode. You can pay for your new bike insurance via internet banking or mobile banking facility. You will also receive the receipt of your payment at your registered mobile phone number or e-mail id.
- Minimal Documentation – Online purchasing of bike insurance is even more alluring because you do not need to go through huge paperwork. You do not have to produce bunch of photocopies of your two-wheeler documents. You just need to fill up certain basic information about the policy proposer and the bike in the given fields of the insurance company portal in order to get your insurance plan.
- Cost-Effectiveness – You can save a lot of money if you choose to buy two-wheeler insurance online. You do not need to pay to the broker, you do not need lots of photocopies of your bike records, and you do not have to go to the branch of the company or stand in long and tiring queues at the office to submit your application. It not just saves a little more money but also your precious time. You just pay for your insurance premium at the online portal of your desired insurance company and you get your bike insurance activated.
- Keep it Personal – Last but not the least, you can keep the whole procedure of comparing insurances, buying your desired policy and paying for your insurance personal. You do not have to share anything with any other person; the entire process stays between the insurance company and you.
Getting Two-Wheeler Vehicle Insurance Online Quotes
You can generate instant quotes for your new bike insurance policy online at IFFCO Tokio. You do not need much time to get your quotes provided you have entered the correct information related to your bike. Once you get quotes for bike insurance from IFFCO Tokio, you can choose the most suitable insurance policy for your new bike or your existing one. Below stated are a few simple steps of obtaining your new bike insurance policy quotes:
Once the vehicle details are correctly inserted in the bike insurance calculator on the IFFCO Tokio website, it will calculate the premium you need to pay towards your new bike insurance policy and produce the quotes to you. The quotes obtained would help you to make and analyze your bike insurance price list. That in turn will allow you to choose the most suitable two-wheeler vehicle insurance online.
Two-Wheeler Insurance Calculator
With two-wheeler insurance calculator from IFFCO Tokio, you can instantaneously choose among the best bike insurance policies. You can compare the quotes of multiple policies for two-wheeler insurance online with this calculator. Some of its major functions are:
- It calculates the premium of your new bike insurance policy based on the vehicle details of your bike.
- It helps in comparing between multiple numbers of bike insurances online offered by IFFCO Tokio.
- After calculating the premiums, it generates insurance quotes for you instantly.
You can save maximum amount of money on your two-wheeler plans every year by using this premium calculator. Two-wheeler vehicle insurance online calculator is, basically, a premium calculator device that you use online to determine your insurance premium. This device is absolutely necessary for those people who prefer to buy insurance for their vehicle online by themselves. The entire process of purchasing a policy online becomes easier when you get to know your premium instantly and have different two-wheeler insurance compared too. Get various bike insurance price lists with this calculator. Moreover, the premium calculator is even more beneficial because:
- You do not need to go to your insurance agent for purchasing an insurance policy for bike. You can buy an insurance online all by yourself.
- You may not get an unbiased opinion from your insurance agent about which insurance policy is best. But, with bike insurance calculator, you can totally rely on the quotes it generates after calculating the premiums and comparing the best available plans for you. Unlike insurance agent, insurance calculator gives you estimation based on the facts and not opinions.
- Of course, the two-wheeler vehicle insurance online calculator is more without hassle. You do not need to deal with hundreds of papers and documents. Just a few moments of online work and you are ready to get your desired bike insurance price list in front of you.
How Two-Wheeler Insurance Calculator Works?
Nothing could be as simple as using an insurance calculator for two-wheeler insurance online at IFFCO Tokio. Just a few steps and a few valid information about your bike; your insurance quote is ready with online calculator. That said, there are several insurance calculators available online,so you can pick any of them. In order to pick up best bike insurance price list, use the online calculator. All you will need the registration number of your two-wheeler:
How is the Premium Determined for Two-Wheeler Vehicle Insurance Online?
It is always more convenient to buy bike insurance online. While buying two-wheeler vehicle insurance online, you need to make bike insurance check all by yourself. To check between various bike insurances, you need to know certain factors that affect the insurance premium. The insurance premium may differ from one vehicle to another. It is wise to compare bike insurance online beforehand. The major decisive factors of bike insurance premium are:
All the above factors could affect the premium of insurance policy.. So, while buying two-wheeler insurance online at IFFCO Tokio, you need to take care of all the above mentioned factors. Once you have clear idea about these factors and get to check bike insurances via online insurance calculator, you really do not need any insurance agent for getting new bike insurance.
Types of Two-Wheeler Insurance Plans
Even before you plan to bring your favorite bike home, you need to figure out what type of insurance plan you want buy for your vehicle. Considering the requirements of your two-wheeler you can choose the best suited insurance policy for your much awaited bike. Based on the term of the insurance plans for two-wheeler, there are two types of insurance policies – Short Term two-wheelerplan and long term two-wheeler plan. You can find suitable online bike insurance by yourself.
Short Term Two-Wheeler Plan - short term insurance plans are those which come for one year only. However, the online portal of your insurance company allows you to do two-wheeler insurance renewal online. Here are the basic features of short term bike insurance plans:
- Premium Rates – being an annual insurance policy, a short term insurance for two-wheeler shows hike of 10 percent to 15 percent every year. Thus, you can always expect some increase in the amount of the premium of an annual short term insurance policy. However, you can always choose to pay your premium towards two-wheeler insurance online.
- Own Damage Benefit – you cannot expect own damage rebate or benefit when you are insured with a short term annual insurance plan for your bike. Since, you are free to opt a different insurance plan from a different company after a year, no own damage benefit is provided by the short term bike insurance plans.
- Benefit of No Claim Bonus – the annual insurance plans provide the benefit of no claim bonus. No claim bonus suggests the bonus or benefit received by the insured after no claims being made from the insurance policy. These short term plans offer certain amount of bonus for claim free period during the term of the policy.You can avail the benefit of NCB at the time of two-wheeler insurance renewal online or offline.
Long Term Two-Wheeler Plan – Long term two-wheeler insurance plans are those which keep your vehicle insured over a longer period of time. You can have a long term insurance for your two-wheeler for three consecutive years. Unlike short term plans, long term two-wheeler policy renewal online takes place once in every three years. There is always option for two-wheeler insurance renewal online. Check out some of the basic features of long term bike insurance plans:
- Premium Rate – the premium amount is determined at the very beginning of the insurance policy and remains constant for the entire term of the policy. You can stay relaxed with your long term two-wheeler plan for the next 3years from the inception of the policy. The fixed premium rate of this type of plan saves a lot of money and also beneficial for your financial planning.
- Own Damage – every long term insurance come with additional perks. Long term plans offer their insurance holders the benefit of own damage. They offer certain amount of own damage discount for staying loyal to their long term insurance policy. This discount, in turn, reduces the overall price of the premium.
- No Claim Bonus – who does not want some extra advantage over the usual benefits of the insurance policies? Long term two-wheeler insurance online plans offer lucrative percentage of no claim bonus to their policy holders, sometimes as high as 20 percent. For your claim free years of the insurance plan, long term plans provide you no claim bonus.
Remember, no claim bonus can reduce your insurance premium at the time of two-wheeler insurance renewal online or offline, whichever you may prefer. You can avail all the above mentioned benefits with your online bike insurance as well.
Here are the major differences between short term and long term two-wheeler insurances:
|Short Term Two-Wheeler Plan
||Long Term Two-Wheeler Plan
| Short term insurance plans for two-wheeler is beneficial for old vehicles. In case you are not sure about how long you are going to use your old two-wheeler, short term plan is the right insurance option for you. It meets your temporary requirements better than a long term insurance.
|| Long term insurance cover for two-wheeler should be considered for your brand new vehicle. This type of insurance cover is not beneficial for old vehicles which you might not use for next 3yrs.
| Unlike Long term insurance policies for bikes, short term insurances do not promise the same premium rate when the policy is being renewed. Generally, you can expect an increase in the rate of the premium on every two-wheeler insurance renewal of the policy.
|| Long term insurance policies for bike assures fixed rate of premium throughout the term of the insurance plan. You can get all the benefits of your two-wheeler insurance plan at same rate of premium for the next 3yrs from the inception of the policy. You may choose to renew two-wheeler insurance online.
| Short term insurances provide any own damage benefit to the insured.
|| The same applies to long term plans.
| Short term insurance plans are not very cost effective.
|| Long term insurances for two-wheeler are very cost effective and affordable.
| Short term two-wheeler plans offer more flexibility.
|| Unlike short term plans, long term insurance for bikes is not so flexible. You cannot change the features of the policy according to your changing needs.
| Short term plans offer more number of add-on features such as depreciation allowance, personal medical cover, etc.
|| Long term plans, on the other hand, do not offer such great number of additional options.
Why is Long term Insurance Plan for Your Two-Wheeler beneficial?
Buy two-wheeler insurance online or offline only on the basis of your requirements. However, for longer run, Long term two-wheeler insurance plans work better than annual insurance plans for bike. Here are the benefits of long term insurance plans for two-wheeled vehicles:
- Convenience – The foremost reason for availing a long term insurance for your bike is the convenience. These long insurance plans come for either 2years or 3years duration. That means no tension of renewal of the policy at the end of every year. Therefore, you do not need to remember the date for two-wheeler policy renewal online every year. With long term plans you can relax for two or three years from the concern of constant two-wheeler insurance renewal. You can also choose to renew your two-wheeler insurance online. Online bike insurance provides you the most convenient way.
- No Risk of Lapsed Policy Every Year – You do not need to constantly worry about the expiry of your two-wheeler policy unlike short term annual insurance plans. With a two or three year policy term you can stay insured for a relatively longer period of time. Forgetting annual renewal of the policy may get you into serious trouble. Any damage or loss of your vehicle during the lapsed policy could cost you heavily.
- No Annual Renewals to the Two-Wheeler Insurance –Once you get a long term insurance for your vehicle, you are free from the hassle of yearly renewals.
- Fixed Rate of Premium – The fixed premium amount of the long term two-wheeler insurances make them even more alluring. The premium amount determined at the inception of the insurance policy remains constant throughout the term of the policy. This saves lots of money over long time unlike short term insurance for bike.
- No Claim Bonus Benefit - It seems that long term bike insurance plans are also beneficial in terms of providing NCB or No Claim Bonus. Short term insurance plans for two-wheeled vehicle also offer NCB to the insured but the amount of no claim bonus earned in long term two-wheeler insurances online are greater than that of short term insurances.
Types of Cover Provided by Two-Wheeler Insurance in India
Two-wheeler insurance India can be classified into two categories based on the cover provided by the insurance plan:
- Third Party Liability Cover Insurance for Two-Wheeler – third party cover insurance is also known as ‘Act Only’ insurance which is meant for covering your legal liabilities towards the third party damage during an accident.
- Comprehensive Cover Insurance for Two-Wheeler - on the other hand, comprehensive cover insurance plan, as the name suggests, is the kind of insurance plan that provides an extensive bike insurance coverage to all requirements of the policy holder. This type of two-wheeler insurance covers all the requirements of your own vehicle protects it from loss and damage and also takes care of your liabilities towards the damage of the property of third party. Since, it is an all-inclusive insurance policy type; it is called comprehensive cover insurance.
What is Third Party Liability Cover Two-Wheeler Insurance?
Third party liability cover insurance for two-wheeler is an insurance that covers the damage, loss, injury or death of the third party during any mishap. You can also buy two-wheeler insurance online for liability cover only. This type of insurance cover is meant for the benefit of third party, other than the policy proposer and the insurer. Third party bike insurance check is mandated by the Motor Vehicles Act of India. No two-wheeler vehicle is allowed to run on the road without third party insurance. However, it is to be remembered that this type of insurance does not provide any personal cover. Procuring a third party bike insurance cover is not meant for protecting your own vehicle. This is exclusively designed to take care of your legal liabilities towards the property damage, loss of vehicle or injury and death of the third party caused by your two-wheeler during an accident.
Two-wheeler insurance third party can be further divided into two groups on the basis of liability bike insurance coverage:
- Property Damage of the Third Party – this type of third party cover takes care of any kind of property damage caused by the vehicle of the policy proposer. This compensates the damage or loss of the belongings of the third party.
- Physical Injury or Death of the Third Party – this type of third party bike insurance checks the legal liability of the policy proposer towards the physical injury or death of the third party caused by the insured vehicle during an accident. It bears the costs of hospitalization, medical expenses, loss of job, etc. of the third party.
Although, it is mandatory to have both types of third party bike insurance coverage with you while riding a two-wheeler in India. Third party insurance for bike is readily available with IFFCO Tokio Bike insurance policyat affordable premium. You can buy two-wheeler insurance for third party cover online.
Characteristics of Third Party Two-Wheeler Insurance
A road accident can cause huge damage to your much loved two-wheeler or even complete loss of your vehicle. On the top of it your vehicle can cause harm to other vehicles, property, injury or even death to the people surrounding you. Apart from the cost of repair of your own vehicle, the compensation you might need to pay out for the loss and sufferings of others during an accident is huge, beyond one’s imagination. Without a third party insurance, taking care of your liabilities towards the loss of third party during an accident is unimaginable. This is the reason third party insurance for bike price is affordable for all and mandated by the government. Buy two-wheeler insurance third party and avail the following benefits:
- Third party bike insurance for two-wheeler covers the damage incurred upon the third party by your vehicle. The insurance pays out the claims made by the third party for the loss or damage of property.
- This third party bike insurance checks the legal responsibility of the third party bodily injury during an accident with the insured vehicle. The third party insuranceassures to compensate the expenses of medical assistance, hospitalization and treatment of the third party in case of an accident caused by the insured vehicle.
- Two-wheeler insurance third party also bears the responsibility of the death and partial or complete disability of the third party caused due to the insured two-wheeler during an accident.
However, there are certain limitations in two-wheeler insurance third party claims, they are:
- The third party bike insurance is only valid within certain defined geographical area. If any mishap occurs outside the premises of the defined geographical area, the insurance company is no more liable to bear the claims made by third party. In that case, the two-wheeler owner is solely responsible for paying out the compensation for the loss and damage of the third party.
- Furthermore, the insurance company will not be responsible for paying out your third party liability during an accident if the two-wheeler rider cannot produce an effective driver’s license or driving without license. In that case the owner of the two-wheeler vehicle remains solely responsible for bearing the expenses related to the damage repair of the third party, compensation of the loss, costs of medical assistance and hospitalization and so on.
Just like other two-wheeler insurance plans, third party bike insurance plans can also be purchased through the online portal of your desired insurance company. In spite of rushing to your insurance agent or broker, you can now buy as well as renew your two-wheeler insurance third party online from the comfort of your home.
Validity of Third Party Liability Cover Insurance in India
Previously, third party bike insurance liability cover in India had only one year validity and had to be renewed annually. However, the Insurance Regulatory and Development Authority (IRDA) of India has extended the term of two-wheeler third party liability cover insurance policies to three years. Now, like four wheeler and commercial third party insurance policies, two-wheeler vehicles could also avail long term two-wheeler insurance third party cover.
Third Party Bike Insurance Renewal
In India, people generally do not pay much attention to the third party liability insurance for their two-wheeler vehicle. Even if they have third party cover plan they do not bother to renew it annually. But dealing with an accident during lapsed third-party insurance could cost you a huge sum. This is the reason why two-wheeler owner end up paying out large sum of compensation in case of a road accident for the damage caused to the other party.
To encourage the timely third party bike insurance renewal and purchase of third party bike cover IRDA has expanded the duration of third party cover. Third party bike insurance renewal has become more convenient with online bike insurance renewal facility. You no more need to go to your insurance agent or wait in the long queues for the insurance renewal. You can renew it right from the comfort of your home. Besides, you can save some extra money by renewing your third party insurance for bike price cover once in 3yrs.
Advantages of Two-Wheeler Insurance Third Party Liability Cover
- Liability only insurances come at very affordable price. You can avail the benefits of this insurance at low premiums.
- Once you have third party liability cover insurance you no more need to worry about the damage compensation of the property of the other party. In case of death or disability of the third party, the insurance has no limits of compensation.
- During an unexpected mishap, the policy proposer does not need to pay out the damage repair expenses from your own pocket to the other party suffered in the accident.
Exclusions of the Two-Wheeler Insurance Third Party Cover
There are a few exclusions in the two-wheeler insurance third party cover plan. Even the best bike insurances have certain exclusions. The exclusions are as follows:
- Always remember that the third party liability cover Insurance plans do not cover the protection of your own vehicle during an accident.
- It does not protect your own vehicle from any kind of damage or loss caused by manmade activities as well as natural disasters.
- It is not meant for covering the injuries incurred upon the policy proposer during an accident.
- Third party cover is not liable to protect your personal belongings. It does not protect your own vehicle from theft and vandalism.
- Third party insurance will not accept any claims if the accident is caused under the influence of drugs, alcohol or any other intoxicating agent.
- Third party liability will not be accepted if the insured vehicle is driven by a driver without a effective license.
Comprehensive Two-Wheeler Insurance Policy
Comprehensive cover insurance policy is an all-inclusive two-wheeler plan that not only protects your own vehicle from damage and loss but also covers two-wheeler insurance third party liability. This type of insurance is also known as ‘package’ insurance. However, in India, comprehensive bike insurance check is optional while third party liability cover is mandated by the government, even for bike insurance renewal. Buying two-wheeler insurance online with comprehensive cover gives complete protection to your favorite bike or scooter.
In this age of growing rate of accidents in India, no one feels safe without an extensive insurance plan for their ride. The comprehensive plan also facilitate the safety of your vehicle from the damage caused by intentional manmade activities and unexpected natural disasters. No vehicle owner wants to take the risk of not insuring their vehicle. Moreover, a comprehensive bike plan pays out the value assured for the policy in case of complete loss of the two-wheeler and compensates the expenses of your vehicle repair while some insurance companies provide cash-free assistance at their network garage. You can avail all these benefits and perks with a good comprehensive bike insurance policy, which come into play at the time of online bike insurance renewal as well.
Why are Comprehensive Two-Wheeler Insurance Plans Beneficial?
Nothing could equal the convenience of an all-encompassing, complete package of insurance plan. You can keep aside your worries regarding the protection of your two-wheeler, safety of the rider as well as the liability towards the loss or damage of third party and third party property with a single comprehensive two-wheeler insurance policy. Here are some of the perks offered by Comprehensive two-wheeler policies in India:
- Protection to Your Own Vehicle – A comprehensive cover plan bears the expenses related to the damage repair of the insured two-wheeler, if the damage incurred upon the vehicle is repairable. In case of complete loss of the bike or if the damage of the two-wheeler vehicle is irremediable then the policy holder can claim the Insured’s Declared Value of the two-wheeler.
- Cover against the Damage of the Two-Wheeler – Comprehensive cover not only protects your own vehicle from the damage caused during an accident but also from the loss or damage of the vehicle caused by other manmade and natural activities.
It protects your vehicle from the loss and damage caused by manmade activities like theft, burglary, riots, etc.
It also covers the loss or harm of the vehicle caused due to natural calamities like flood, earthquake, tsunami, thunderstorm, hurricane, etc.
- Covers Personal Injuries – this type of all-encompassing insurance plans for two-wheelers also provide coverage to personal injuries or injury of the rider of the two-wheeler. The rider may not be the policy proposer. If the rider is carrying a valid driver’s license, the comprehensive plan pays out the expenses for the medical assistance of the bike rider during an accident.
- Coverage to Death or Disability of the Rider - this is the benefit of a comprehensive two-wheeler policy that its inclusions are wide ranging. It not only provides cover to the medical expenses during an accident of the rider of the bike but also gives financial assistance at times of partial or complete physical disability of the rider and also death benefit in case of demise of the rider of the two-wheeler.
- Two-Wheeler Insurance Third Party Cover – apart from all above mentioned benefits, comprehensive two-wheeler policy also encompasses your legal liabilities towards the third party during an accident. It covers both the property damage, loss of vehicle, damage of vehicle parts liabilities of the third party and physical injuries or death of the third party caused by the insured vehicle during an accident.
Two-Wheeler Insurance Third party Liability Only Cover VS. Comprehensive Cover Two-Wheeler Insurance
The differences between third party liability cover and comprehensive cover for two-wheeler are straight and clear. These two types of insurance covers are used for completely different purposes.
|Third Party Insurance Cover
||Comprehensive Insurance Cover
| Third party insurance policies have limited bike insurance coverage.
|| Comprehensive insurance policies provide extensive coverage.
| Aim - Third party insurance is designed to provide coverage to the damage of vehicle, property or person during an accident suffered by the third party.
|| Aim - Whereas, comprehensive insurance plan provides coverage to both third party damage or loss and also the damage incurred upon the insured vehicle or the owner of the vehicle.
| Coverage - This type of insurance cover provides legal and financial help to compensate the damage caused by your vehicle to the other parties during a mishap.
|| Coverage - Comprehensive plan gives protection to your own vehicle from damage or loss caused by natural disasters such as flood, thunderstorm, earthquake, etc., as well as manmade activities like riots, burglary, vandalism, theft, etc.
| Exclusions – Two-wheeler insurance third party does not cover the protection of your own vehicle from damage or loss.
- It is not responsible for covering the bodily injury or death of the insurance holder.
- It does not provide coverage to the damage caused by your vehicle while riding the two-wheeler without valid license, under the sway of intoxication of drugs or alcohol and also if the policy has lapsed.
| Exclusions - It does not cover the usual wear and tear of the two-wheeler.
- It does not cover the electrical or mechanical failure of the vehicle.
- It does not provide coverage to the damage caused by your vehicle while riding the two-wheeler without valid license, under the sway of intoxication of drugs or alcohol and also if the policy has lapsed.
| Add-on - The only add-on feature provided by the third party plan is personal accident cover.
|| Add-on – comprehensive plans offer a wide palette of add-on feature such as zero depreciation, pillion rider , emergency on the spot assistance, medical assistance, etc.
| Price - Since, the coverage area is smaller in third party liability cover the price of the insurance is also cheaper than the comprehensive plans.
|| Price – the premiums are higher than that of third party insurance because the premium rates of comprehensive plans depend upon two factors – the third party liability premium which is regulated by IRDAI and the premium towards personal damage and vehicle cover.
Which Type of Two-Wheeler Insurance Cover is better?
The two types of two-wheeler insurance covers are meant for serving two different purposes. Though third party cover is the cheapest two-wheeler insurance but safety of your own vehicle is also vital. This is why it will be unfair to recommend one over the other. Though, you may compare two-wheeler insurance online but comparing on the basis of coverage is reasonable. The type of insurance cover you seek for your bike solely depends upon your priorities and requirements. If you are not so bothered about the safety and protection of your own vehicle and the rider of the vehicle then you might choose to purchase only the mandatory third party liability cover insurance. You might not have insurance cover for your vehicle but you are bound to have third party insurance while you ride your two-wheeler in India.
However, if you are looking for an insurance plan that covers the safety of your own vehicle, provides you with personal accident cover and at the same time saves your interest from the legal liabilities of any third party damage, then comprehensive plan is the right option for you. Based on your necessities you can choose the types of insurance for your vehicle. Owner of a new bike mostly prefer to go for a comprehensive plan for bike.
Which One is the Cheapest Two-Wheeler Insurance?
In terms of paying premium, of course, the third party liability cover insurance is the cheapest. Since, the third party liability cover is only meant for covering the liability of the damaged vehicle, injury or death of the third party and damage or loss of the property of third party only, it is cheaper than the comprehensive plan which gives all-inclusive coverage to the insured vehicle itself, the rider of the vehicle and also the third party liability. You need to pay out a little more towards a comprehensive plan because its coverage is greater than the third party liability insurance. That said, the coverage that you get in a comprehensive two wheeler insurance plan makes it the preferred choice of the two.
Types of Comprehensive Insurance for Two-Wheeler
Comprehensive Insurance plans also come in two types based on the term of the two-wheeler policy:
- Annual Two-Wheeler Comprehensive Insurance Policy
- Long Term Two-Wheeler Comprehensive Insurance Policy
Normally, when you talk about comprehensive insurance plans for two-wheeler vehicles, it means those annual term policies which provide extensive coverage to the insured vehicle, rider and also takes care of the third party liability. Two-wheeler insurance plans, generally, come with one year term. The annual term comprehensive plans provide almost all the benefits you expect from a comprehensive insurance. But this type of insurance cover only last for a year’s time, so, the user needs to renew the policy once in every year. You can enjoy all the perks of a comprehensive plan such as No Claim Bonus, add-on features, etc. Nevertheless, IFFCO Tokio also offers long term comprehensive insurance plans for the two-wheeler with which you can stay insured for a longer period of time at a stretch. You can always compare two-wheeler insurance online.
You may select comprehensive insurance plan for your two-wheeler for short period i.e. one year as well as for longer time period depending upon your requirements.
Who Needs Annual Comprehensive Two-Wheeler plan?
Since no two persons have the same requirements in life; insurance plans are also designed according to the varied needs of different people. Annual Term Comprehensive plan for two-wheeler vehicles is required at following conditions:
- It is wise to choose a short term comprehensive plan for two-wheeler when you own an old vehicle and not sure about using that vehicle for longer period. In such case you can avail almost all the benefits of comprehensive insurance plan for the limited time of one year only.
- One year comprehensive plans are also suitable for insuring old vehicles because you could cancel your comprehensive policy after one year’s time in case you lose your old vehicle or decide to purchase a new one.
- Along with the extensive two-wheeler protection with your annual term policy, you can have various alluring add-on options too.
Why do you Need Long Term Comprehensive Insurance Plan for your Two-Wheeler?
It is always better to get some more. The all-round safety of comprehensive insurance for two-wheeler along with the ease of long term policy is bliss for two-wheeler owners. A comprehensive long term policy is the perfect package for your two-wheeler. You can feel protected all the time without even worrying about frequent annual renewals of the policy. You just need to renew once in every three years. The following reasons make comprehensive long term insurances lucrative:
- Extensive Cover for Longer Period – no other insurance option could be more lucrative than the long term comprehensive two-wheeler policy. It provides wide-ranging benefits and all-encompassing protection to the bike and the biker over longer period of time. You stay insured for up to 3yrs within this plan. No more anxiety for renewal every year.
- No Claim Benefit – you can enjoy a certain percentage of bonuses for every claim free years of the comprehensive long term plan. The accumulated bonus can be beneficial at the time of two-wheeler policy renewal online. Save considerable amount of premium by accumulating NCB for claim free years.
- Frozen Premiums – what makes long term comprehensive plan even more attractive is the fixed premium amount of the policy. This means, once you are insured with this insurance plan, your premium amount gets frozen for the entire term. The amount of premium decided at the time of inception of the policy remains unchanged for the rest of the term of the insurance. Even if there is a hike in the premiums, you pay the same amount throughout the plan. This is, in a way, very cost effective for the two-wheeler owners.
Difference between Annual Term and Long Term Comprehensive Bike Insurance Plans
Choosing the most suitable two-wheeler plan could be a tricky job for the first timers. It is very important to know about the possibilities and advantages of prospective two-wheeler plan for your vehicle. If you are still not sure which type of plan could be beneficial for you, check out the merits and demerits of short term plans and long term comprehensive plans. For better understanding of the annual and the long term comprehensive bike insurance plan, the basic differences and features of each plan has been listed in the following table:
|Annual Term Comprehensive Bike Insurance
||Long Term Comprehensive Bike Insurance
| Bike insurance renewal needs to be done every year.
|| Bike insurance renewal needs to take place once in every three years.
| The premiums contributed towards the annual insurance plans are affected by the premium hikes. The amount paid as premium gets increased every year with the renewal of the policy.
|| The premium remains unchanged for the subsequent 3yrs of the policy term even when there is a hike in the premiums.
| No Claim Bonus is available with annual comprehensive insurances too. But the benefit of the NCB is received according to the tariff at the time of bike insurance renewal.
|| The benefit of No Claim Bonus received by the policy holder for each claim free years of the policy term is utilized at the time of renewal of the policy as an additional benefit. You may receive some deduction on the premium amount during bike insurance renewal.
| The annual term comprehensive two-wheeler plans do not pay out any kind of refund to the policy holder if the policy is cancelled in between the term or before the completion of the term and a claim has already been made to the insurance company.
|| However, certain refund amount is paid out to the insured in case of cancellation of a long term comprehensive two-wheeler policy before completion of the term of the insurance.
Moreover, long term plans come along with some additional perks and discounts that you may not find in short period plans.
Understanding Zero Depreciation Cover for Two-Wheeler
The term depreciation associated with two-wheeler means the deflation of the value of the two-wheeler vehicle due to the natural ageing of the bike with each passing year. You cannot resist or cease the natural ageing of the bike and hence, cannot cease the depreciation of the value of the two-wheeler as well. That is why insurance companies have introduced a new add-on feature along with comprehensive insurance plan which is called “zero depreciation” or “nil depreciation” cover for the two-wheeler. This add-on feature saves your two-wheeler from the deflating factor of your vehicle when you claim your bike insurance plan.
Inclusions of Zero-Depreciation Cover
There is nil depreciation cover at IFFCO Tokio for the nylon, plastic, fiberglass and rubber parts of the two-wheeler. Mostly this add-on feature is allowed to avail if you are seeking insurance for your new two-wheeler. You can only get this add-on facility if the age of the two-wheeler is within 7 years. It is always recommended to go through the entire terms and clauses of any additional cover you want to add with your basic comprehensive plan for two-wheeler. There are certain terms and conditions you need to fulfill for claiming your nil depreciation add-on features:
- Generally, this add-on cover facility can only be availed if the number of claims you made are limited to two. But at IFFCO Tokio, you can make unlimited number of zero depreciation claims, which is a big benefit in itself!
- Zero depreciation can only be claimed after an accident of the two-wheeler if the vehicle is taken to the authorized network garage of the insurance company.
These stipulations are clearly stated in IFFCO Tokio’s policy wordings. Read the information provided for the add-ons carefully before availing them.
Advantages of Nil Depreciation Coverage for your Two-Wheeler
To save huge deflation of the value of your much loved two-wheeler vehicle you should consider providing your bike with this nil depreciation cover. Here are some of the advantages of having nil depreciation cover added to your plan:
- Complete Cash-Free Claim – once you get zero depreciation added to your insurance plan for two-wheeler, you no more have to worry about paying out a penny out of your own. The insurance company will take care of every expense for the repair of the vehicle.
- Total Coverage to the Vehicle – claim settling process gets easier when you no more need to worry about the depreciation of your vehicle. Claim amount will be calculated by excluding any depreciation of the value of the bike once you avail nil depreciation cover in your comprehensive plan.
However, there are certain exclusions in this add-on feature as well. You cannot avail zero depreciation facility if:
- The damage of the two-wheeler is caused due to usual wear and tear of the vehicle.
- There is damage caused to the uninsured parts of the vehicle such as bi-fuel kits and gas kits.
- The damage of the vehicle is due to mechanical failure.
Remember, the nil depreciation cover can only be added to your basic insurance cover at the beginning of the insurance policy or at the time of renewal of the policy only. You cannot add this feature to your insurance plan in the middle of the term of the policy. Compare bike insurance online to get the best add-on facility. Keep renewing your insurance on time to keep enjoying this add-on.
Anti-Theft Device for Two-Wheelers
Anti-theft devices can be easily installed by the professionals and you have the following benefits of anti-theft device in your insurance policy for bike:
- An anti-theft tracking device is a must to have item if you have invested a lot of money on your latest high-tech and fashionable bike. Getting stolen or stealing of the parts of expensive two-wheelers are just nightmares for bike owner. With this anti-theft device installed in your bike you can always feel safe. You will receive alerts even if the slightest thing is done to your much loved two-wheeler. You can keep track of your two-wheeler even if you are away from it.
- Moreover, IFFCO Tokio, on its insurance policy for bike, offers less premium if there is an anti-theft device installed in your two-wheeler. So, you can protect your bike, keep track of it round the clock and can also save a good amount of money by saving premium.
Switching Bike Insurance Policy from a Different Insurance Company to IFFCO Tokio
There are provisions through which you can change your existing bike insurance policy from a different insurance company to IFFCO Tokio.
There are two ways of changing your current two-wheeler vehicle insurance -
- At Renewal – you may choose to renew your bike insurance policy to IFFCO Tokio at the time of bike policy renewal. This can be done online without any hassle.
- In between the Policy Term – changing your insurance policy for bike at the time of renewal is not the only option for you. There is provision, too, to change your bike insurance provider in the middle of the term of the policy. Since, you cannot transfer your bike insurance to other insurance provider; you need to cancel your existing insurance policy to get a new one.
Process of Canceling Bike Insurance Policy
Cancellation of Two Wheeler Insurance Policy
The Company may cancel the policy by sending seven days notice by recorded delivery to the insured at insured’s last known address, and in such event will return to the insured the premium paid less the pro-rata portion thereof for the period the Policy has been in force. The policy may also be cancelled at any time by the insured on seven day’s notice by recorded delivery, and provided no claim has arisen during the currency of the policy, the insured shall be entitled to a return of premium less premium at the Company’s Short Period rates for the period the Policy has been in force.
Where the ownership of the vehicle is transferred, the policy cannot be cancelled unless evidence is provided that the vehicle is insured elsewhere.
For cancellation requests, insured can also contact our Toll-Free number or generate the service request (Contact Us --> Contact Us Form -> Service Requests).
However, it is advisable not to change your two-wheeler vehicle insurance plan just for saving a little extra money. It is advisable to compare bike insurance online before taking such decision. When you decide to switch to a low premium bike insurance plan for your two-wheeler by replacing a high premium policy you should thoroughly check the bike insurance features, benefits, add-on facilities, claim settlement procedure, renewal process, online facilities, etc. It is not wise to switch your to a different insurer just for saving little money with no benefit at all.
1.How is the policy premium determined?
The premium of two-wheeler insurance policy depends on multiple factors, such as –
- Age of Bike
- The IDV (Insured Declared Value)
- Cubic capacity
- Zone of Registration
2.What is a NCB and how does it affect my premium?
NCB or No Claim Bonus is what you earn at the end of a policy year for having made no claims during that year. It is given to the policy holder by IFFCO Tokio. An NCB is generally factored in to provide a lower premium on an insurance policy for the following year.
3.What are some of the additional covers that I can avail along with IFFCO Tokio’s two wheeler insurance?
You can get opt for various add-ons that are available with IFFCO Tokio’s two wheeler insurance. The two most popular add-ons are:-
- Personal Medical Cover – Personal Medical Cover provides compensation for accidental death and bodily injuries to owner or rider
- Zero Depreciation – Zero Depreciation add-on cover gives you the original value of the two-wheeler in case you lose your vehicle during an accident. This helps in checking the depreciation of the vehicle’s value.
4.What is an IDV?
IDV or the Insured Declared Value refers to the maximum sum assured that is fixed by IFFCO Tokio,which is to be provided to you in case of theft or total loss of your vehicle due to accident. Generally speaking, IDV is the current market value of the vehicle. IDV of a vehicle is fixed every year based on the manufacturer’s listed selling price of the brand and model and the level of depreciation.
5.How do I register a claim under my insurance policy?
IFFCO Tokio understands the need of 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 in to your nearest IFFCO Tokio branch. You can even send an SMS or register your claim online through our website.
6.Is there a time window for filing claim?
- You should register a claim right after the incident/accident has occurred
- In case of total theft claims, you must intimate both the Police and the insurance provider (us) within 24 hours of the incident
7.What documents would I need to furnish when registering a claim?
Following are the documents that you need to produce during your claim registration -
- Motor Insurance Policy number
- Insured’s name and contact details
- Complete address of place where damaged vehicle is available for inspection
- Brief description of the nature of loss/physical injuries, if any
8.What is Quick Claim Settlement by IFFCO Tokio?
Quick Claim Settlement by IFFCO Tokio has introduced an easy and hassle free claim settlement feature which allows for claim settlement via mobile app. Some of the features of Quick Claim settlement (QCS) are:-
- Claims are settled using QCS (Quick Claim Settlement) app.
- Claims within amount of of ₹7 thousand can be settled instantaneously via QCS.
- The damaged vehicle is taken to the network workshops of IFFCO Tokio for repair by the quick claim settlement inspectors.
- The entire process is completed within a day’s time.
- For availing this quick claim settlement facility you may choose to use the mobile app or call the toll free customer service number for filing your claims.
9.Can I transfer my accumulated NCB from previous insurer to IFFCO Tokio?
IFFCO Tokio allows transfer of NCB from previous insurance company. A policyholder will continue to receive all the benefits with IFFCO Tokio too if the policyholder can produce last renewal notice, declaration of no claim bonus and documents related to entitlement of NCB.
10.Will there be discount on policy premium if my bike has anti-theft device(s) installed?
IFFCO Tokio provides a discount on the policy if the two-wheeler has anti-theft device, GPS system, safety lock for gears, etc. To avail the discount, you will need to inform IFFCO Tokio of the devices and ensure that the instruments are endorsed by ARAI (Automotive Research Association of India).
11.From where can I purchase IFFCO Tokio’s Two Wheeler Insurance?
To purchase the policy, you can visit the nearest IFFCO Tokio branch with all the important documents related to your vehicle to fulfill the paperwork. You can also choose buy the policy online from IFFCO Tokio’s website. Online buying is a hassle free way to purchase insurance from the comfort of your home.