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.
What is a comprehensive insurance policy?
Comprehensive insurance policy is a type of insurance policy that provides coverage for damage caused to your two-wheeler due to an accident. It is a policy that covers several expenses that may occur due to a mishap. Here’s everything that gets covered under a comprehensive insurance policy:
Damage to one’s own vehicle due to an accident
Damage caused to one’s vehicle due to manmade causes like theft, dents, and so on
Damage caused by natural disasters like floods and earthquakes
What is Zero depreciation cover or bumper to bumper coverage?
Zero depreciation cover, or Bumper to bumper coverage, is a type of coverage add-on that comes along with bike insurance policies. It provides coverage for the damage without considering depreciation cost of the vehicle. This means that one will receive full coverage for all the parts of a vehicle including rubber parts, fibre parts, and other metal part, without accounting for the depreciation cost of the bike.
What happens when I wish to renew my expired policy?
You can renew your expired policy, but it leads to loss of certain benefits. Here’s what will happen if you wish to renew your expired policy:
If you renew it online, then a bike check-up is not mandatory.
If you renew it offline, then you will have to take your bike to the nearest office of the lender, and get it inspected. The policy period will start after 3-4 days of making the payment.
If your policy has been expired for over 90 days, then you will be losing all the NCB benefits.
What happens to my No Claim Bonus while renewing an expired policy?
If your bike insurance policy has been expired for over 90 days, then you will not avail any NCB benefits. No Claim Bonus is a type of benefit that you receive if you have not claimed your policy in the preceding year. It is usually between 20% to 50% discount on the premium payable. It is not a right of the policyholder, but it has to be earned by avoiding accidents and hence, not making too many claims.
How can I reduce my insurance premium?
If you wish to reduce your insurance premium before purchasing a policy, the process is quite easy. You will just have to go through all the insurance policies that are available in the market. If you wish to renew your insurance policy with a reduced insurance premium, then you will have to contact your lender. An endorsement of the existing insurance policy will help you change the details of the policy. Thus, you can take help from your lender for the same. Also, you can reduce the premium amount by using a simple hack. Try to avail as much No Claim Bonus as possible. Avoid getting coverage for small damages like a broken tail light, and so on. This will make you eligible for NCB, which will then provide you with a discount on the premium payable ranging from 20%-50%.
Which documents should I carry while riding my bike?
In India, a bike rider must carry a few documents all the time under the Motor Vehicle Act, 1988. Here is a list of the basic documents that are mandatory, in India, for a driver to carry while riding a bike:
A valid driving license
Vehicle registration certificate
Insurance papers of the bike
What risks are covered under a bike insurance policy?
There are various types of bike insurance policies. There are also several add-ons to these policies that one can opt for to maximize the coverage. However, the most recommended insurance policy for bikes is the comprehensive bike insurance policy. Here’s everything that is covered by the most preferable bike insurance policy:
Damage to one’s own car
Third-party liabilities if any
Damage to one’s car by manmade causes like theft, dents, and so on
Damage to one’s car by natural causes like floods, earthquakes, and so on
What is a Personal Accident Insurance cover?
It is a type of bike insurance policy that covers expenses that are caused by an unfortunate accident. This policy also covers the policyholder’s death. In such cases, a certain amount will be paid to the nominee. It also covers for loss of wages and other medical bills. However, it does not cover third-party liabilities. In comparison to the Comprehensive insurance policy, this policy is not that beneficial.
Does the Two-wheeler model affect the cost of two-wheeler insurance?
Yes, the model of your bike will be a deciding factor when it comes to your insurance coverage. It is one of the several factors that affect the cost of the bike insurance policy. Read on to know more about the other factors that also dictate that cost of the insurance policy:
Type of coverage - Insurance policy terms depend on the type of policy and what it covers. Some policies provide total coverage, some policies do not.
Bike model and bike price - Bike price can affect the terms of the policy, so will the bike model.
Bike modifications if any - Bike modifications also dictate the terms of a bike insurance policy. It can be a factor too depending on the policyholder.
Age of the rider - A 30 years old experienced driver will have to pay less premium than an 18-year-old amateur rider.
Add-on covers - Add-ons will change the terms and conditions of an insurance policy. Add-ons are generally designed in a way that they will give you maximum coverage.
Anti-theft devices - If you fit an anti-theft device in your bike, then you will have to pay less premium, as your bike will be safer.
Which factors will affect/reduce my bike insurance premium quote while buying two-wheeler insurance online?
If you are looking forward to buying a bike insurance policy with a reduced premium amount then there are a few things you need to consider. Following are the factors that affect bike insurance premium quote:
Model of the bike - Bike’s model and bike prices will affect the premium amount.
Year of manufacturing - Bike’s manufacturing year will dictate the premium amount of the bike. A Honda Unicorn, made in 2015, will have a different premium amount that the one made in the year 2020.
Engine Capacity - Engine capacity of the bike is another feature that affects bike insurance premium.
Age of owner - Age of the owner is another crucial factor that affects the premium cost of the bike insurance policy. If a driver is 18 years old and less experienced than a 40-year-old experienced driver, then the 18-year-old driver will have to pay more premium.
Geographic location - Geographic location also matters while buying a policy. If you reside in an area where chances of accidents are high, then you will have to pay more premium.
What do you mean by Constructive Total Loss?
A constructive total loss, for a bike, means that the damage done to the vehicle is so much that the repair cost would equal or exceed the cost of the vehicle, or its insurance coverage limit. Thus, it is better to avoid paying for the existing vehicle and getting a new one. Constructive Total Loss can also be the kind of situation where the insured was paid the full coverage for his asset.
What to do if my two-wheeler is stolen?
One should first file an FIR and then contact the insurance company if their two-wheeler gets stolen. Insurance companies will demand a police report or an FIR copy to start processing. There are a few documents that will be needed to submit to the lender in such cases. Generally, these documents include the basic details of the policyholder, the insurance certificate, Police reports, and so on. One can make a claim online using the official website of IFFCO-Tokio. The claiming process is very simple and will be done without any hassles.
What are the benefits of buying two-wheeler insurance online?
Buying a two-wheeler insurance policy online is much easier than visiting an office. Here are the benefits of buying a policy online for your bike:
The process of buying a policy online is very easy. It can be done just with a few clicks.
When you buy a policy online, there is no need to maintain a paper trail, as all the documents will be exchanged online.
There are no time restrictions or time-windows while buying a policy for your bike online.
Buying a policy online will also act as a COVID-19 preventive measure.
It is much more convenient and economical to buy a policy online as you will avoid travelling expenses.