TWO WHEELER FAQ’s
What is Bike Insurance? - IFFCO-Tokio
Bike insurance is an agreement between the owner of a vehicle and the insurance company. Under this contract, the insurance company offers financial protection to the insured in exchange for yearly premiums. The bike insurance protects the vehicle owner against damages incurred in case of an accident or mishap. These damages may include personal, vehicular as well as third-party damages. Bike insurance also financially protects the vehicle owner against natural and man-made calamities.
Are there types of two-wheeler insurance andwhat are they?
Yes, there are two types of bike insurance plans you can buy in India. The first type of plan is known as third party insurance. It is the most basic form of coverage you can buy for your motorcycle and it is also mandatory as per Indian law. Without a valid third party insurance policy, you could face heavy fines and jail time of up to 6 months.
Third-party plans provide only 2 elements of protection - third party liability cover & personal accident cover. Third-party liability cover ensures that you do not have to compensate for injuries or damages that you may inadvertently cause to others in an accident. The second element, which is personal accident cover, provides compensation in case the accident leads to disability or death of the policyholder. However, third party insurance does not offer any cover for your vehicle.
The second type of insurance you can buy for your motorcycle is known as comprehensive insurance. These plans provide third party insurance and also offer cover for your vehicle. They will provide compensation in case of damage or total loss of your vehicle due to accidents, theft and various other natural & man-made calamities. You can also purchase add-ons with a comprehensive two-wheeler insurance policy. Add-ons are optional extras that you buy to widen the coverage of your comprehensive two-wheeler insurance policy.
Why do I need Two Wheeler Insurance | Bike Insurance?
It is mandatory by law in India to have at least third party insurance for your two-wheeler. Without third party insurance, you could face heavy fines & even jail time of up to 6 months. Besides the legal requirement, it is important to have a good two-wheeler insurance policy – it will protect you from the financial impact of accidents and other unfortunate events that can damage or result in total loss of your vehicle.
How do I register a claim under my bike insurance policy?
We understand that you may require immediate assistance during an uncertain event. This is why we, at IFFCO Tokio, provide our customers with easy methods to register their claims. You can call our helpline number or log onto our website to make a claim. You can even walk into an IFFCO Tokio branch that is nearest to you and get your claims settled in no time.
Looking for a faster claim settlement process? Just down the Quick Claim Settlement (QCS) app! This will help you get compensation in minutes – all you have to do is click a few photos of the damaged parts and upload it onto the QCS app. We will analyse the damages and will transfer the repair funds directly to your bank account.
What are the benefits of having bike insurance?
Your bike insurance policy benefits you in the following ways:
- It protects you against third-party damages
- Allows you to legally ride your bike on Indian roads
- Provides coverage against natural calamities like floods, earthquakes, storms, etc.
- Protects the policyholder against man-made calamities like fire, theft, riots, etc.
- Provides compensation up to 15 lakhs in case an accident leads to disability/ death.
What are the coverages for bike insurance?
The coverage of your bike insurance policy depends on the kind of policy you have. If you have a comprehensive policy, it will provide all-round protection against perils on and off the road. You will be protected against several unfortunate events such as accidents, theft, earthquakes, floods, vandalism and many more natural & man-made calamities. However, if you opt for third party insurance, you will only be protected against third party liabilities in case you inadvertently injure or cause damages to others in an accident.
What is the renewal process for bike insurance?
There are 3 ways to renew your bike insurance policy. The first is to walk into your nearest IFFCO-Tokio branch and get the policy renewed with the help of our expert customer support staff. The second way to renew your bike insurance policy is through one of our authorized agents. And finally, if you do not have time to visit a branch or contact an agent, you can opt for online two wheeler insurance renewals. This process is by far the quickest and easiest way to renew your bike insurance policy. Just visit our website, fill in your policy details, make the payment and that’s it! Your coverage will be renewed instantly and the policy documents will be sent to you via email in seconds.
What are the documents required to renew bike insurance online?
You do not really need any documents to renew your bike insurance policy. You can renew your coverage with nothing but your policy number. As such, it is helpful to have the existing policy document in hand when renewing the plan, but it is not at all mandatory.
How to renew an expired bike insurance policy?
You can renew your expired bike insurance policy by logging into the IFFCO Tokio website. We have a straightforward procedure that requires a few personal details and your policy number. After entering all the required information, you will have to make a payment and your bike insurance will be renewed in no time.
How NCB will be computed at the time of renewal?
As you may know, NCB is a discount provided to the policyholder for maintaining a claim-free record against their bike insurance policy. This discount starts at 20% for the first claim-free year and keeps on increasing for every subsequent claim-free year until it reaches its maximum cap of 50%. The below table should help you calculate the NCB applicable on your two-wheeler insurance policy.
No Claim Bonus Rate
After one claim-free year
20% discount on the premium amount
After 2 consecutive claim-free years
25% discount on the premium amount
After 3 consecutive claim-free years
35% discount on the premium amount
After 4 consecutive claim-free years
45% discount on the premium amount
After 4 consecutive claim-free years
50% discount on the premium amount
What is a NCB and how does it affect my two wheeler insurance premium?
No Claim Bonus (NCB) is a discount that is provided to the policyholder for not making a claim during the preceding policy tenure. This discount keeps on increasing after every consecutive claim-free year. As such, maintaining a claim-free record and using the NCB discount helps to lower your two-wheeler insurance premium.
What is Long Term Two-wheeler Comprehensive Insurance?
A long term two-wheeler comprehensive insurance is a policy that offers coverage benefits to the policyholder for more than one year. This way, you do not have to worry about renewing your insurance policy every year. These plans also protect you from yearly price hikes that IRDAI levies on third party insurance premiums.
What is Third-party Bike Insurance?
Third-party bike insurance is the most basic type of vehicle insurance that is mandatory for every vehicle owner to have. It is a policy that protects the vehicle owner against financial liabilities that arise in a case when the policyholder inadvertently injures or causes damages to a third-party in an accident.
What is a third-party liability in bike insurance?
In case of an accident, you may inadvertently injure or cause damages to others. In this case, you would be liable to compensate for the said injuries & damage – this is known as third party liability. Fortunately, with a third party policy, your insurance provider will cover third party liabilities and provide compensation to the aggrieved individuals on your behalf.
Is it compulsory to have third-party insurance?
Yes, every vehicle owner in India must have a third-party insurance policy. Driving without legitimate bike insurance is a legal offense.
How do I claim for bike insurance online?
Making claims for bike insurance online is very easy. First, you need to report the incident to your insurance provider and then file an FIR at the nearest police station. Then the insured has to fill a claim form and submit the required documents. The insurance company will then send a surveyor to inspect all the damages caused. Once your claim is approved, you will be compensated for the damages and your vehicle will be repaired.
We at IFFCO-Tokio also have a Quick Claim Settlement (QCS) app that our customers can use to make a claim. All they have to do is click photos of the damages and upload the same on the app. We will assess the damages and provide the compensation amount directly to the policyholder. This process can be completed quickly & conveniently!
How do I file for a bike insurance claim?
In case your motorcycle meets with an accident or is damaged due to any other unfortunate event covered by your policy, the first thing you need to do is to immediately inform your insurance provider. Then you will have to file an FIR at the nearest police station. After this, you will have to fill a claim form and provide the required documents. Your insurance company will then send a surveyor to analyse all the damages. Once that is done, you will get a confirmation and your insurance company will compensate for all the damages caused.
What is the procedure to make a two-wheeler insurance claim?
The first thing you need to do when making a two-wheeler insurance claim is to inform your insurance provider about the damages. After this, you will have to file an FIR at the closest police station. Note down the contact details of witnesses and the third-parties involved in the accident (if any). Then the insurance company will send a surveyor to look at the damages caused. Once that is approved, your insurance company will provide compensation for the said damages.
What is Insured Declared Value (IDV)? How is IDV Calculated?
IDV is the current market value of your vehicle. In case of theft or total loss of your vehicle, the insurance company pays out the IDV to the policyholder as compensation. IDV is the ex-showroom price of the vehicle adjusted by the applicable rate of depreciation.
From where can I purchase IFFCO Tokio’s Two Wheeler Insurance?
Purchasing two-wheeler insurance from IFFCO Tokio is very simple. You can either choose to visit the IFFCO Tokio branch and speak with one of our insurance experts or carry out the procedure online. For the online purchase, you will have to visit the IFFCO Tokio website, fill in the required details, and make the payment. You will receive your insurance policy via email and the coverage will begin instantly!
How is the two wheeler policy premium determined?
The premium of a two-wheeler insurance policy is calculated after taking into consideration several factors, some of which include:
- The age of the vehicle
- The cubic capacity of the vehicle
- The IDV
- The city of registration
To get a quick premium quotation for your two-wheeler, simply visit our bike insurance page. Just enter your name & mobile number followed by a few details about your bike and we will provide you with an instant two wheeler insurance quotation! You can even customize the quote by fine-tuning the specifications as per your requirement & including the add-ons you want. The premium amount will be revised based on the changes you make to the quotation.
Discount on policy premium if my bike has anti-theft?
Yes, we at IFFCO-Tokio offer a discount on the premium amount if your vehicle has certain safety features such as anti-theft, GPS, and so on. However, this discount is only applicable if the safety features are endorsed by ARAI (Automotive Research Association of India). You can give us a call or visit one of our branches if you wish to list such safety features and receive a discount on the premium of your bike insurance policy.
Can I transfer my accumulated NCB from one insurer to another?
Yes, your NCB is transferrable and will be applicable when your switch insurance provider. However, you are required to provide the renewal notice, the declaration of NCB, and other relevant documents in order to transfer the NCB to a new plan.
What are some of the additional covers that I can avail along with IFFCO Tokio’s two wheeler insurance?
IFFCO Tokio offers a vast range of additional covers to all their customers that buy two-wheeler insurance policies. These covers include personal accident cover, zero depreciation cover, roadside assistance, consumables cover, engine protection cover, return to invoice, and much more.
What is Quick Claim Settlement by IFFCO Tokio?
The Quick Claim Settlement by IFFCO Tokio allows you to register a claim via their mobile application. The features of Quick Claim Settlement (QCS) are:
- Claims within Rs. 7,000 can be settled quickly using the QCS app
- The procedure takes about a few hours
- The damages can be repaired at the network garages of IFFCO Tokio with the help of QCS inspectors
Is there a time window for filing a two-wheeler insurance claim?
It is advisable to file a claim immediately after the occurrence of the accident. However, IFFCO Tokio provides a time window of 24 hours for the insured to register a claim.
What documents would I need to furnish when registering a two wheeler insurance claim?
While registering a claim, you will have to provide your insurance provider with your policy number, your personal details, the address of the place where the vehicle was damaged, and a brief description of the physical injuries or property damages caused during the accident.
What if my two-wheeler insurance has expired?
If your two-wheeler insurance expires, you will not be able to make claims if your vehicle meets with an accident. Moreover, you will be liable to pay all the expenses from your own pocket and can even face legal troubles. Therefore, it is extremely important that you renew your plan before the expiry date and keep your policy valid at all times.
How do I make changes in my two-wheeler insurance policy details after receiving the policy documents?
The best way to do so is to contact your insurance provider and request the required changes in your two-wheeler insurance policy details.