TWO WHEELER FAQ’s

How is the two wheeler 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.

What is a NCB and how does it affect my two wheeler insurance 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 policyholder by IFFCO Tokio. An NCB is generally factored in to provide a lower premium on an insurance policy for the following year.

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 the 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.

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.

How do I register a claim under my bike insurance policy?

IFFCO Tokio understands the need for immediate assistance and support during an unforeseen event and provides multiple avenues to register your claim. To register a claim with IFFCO Tokio, all you need to do is call our 24x7 Call Centre or simply walk into your nearest IFFCO Tokio branch. You can even send an SMS or register your claim online through our website.

Is there a time window for filing two wheeler insurance 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.

 

What documents would I need to furnish when registering a two wheeler insurance 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.

What is Quick Claim Settlement by IFFCO Tokio?

IFFCO-TOKIO Quick Claim Settlement is an easy and hassle-free claim settlement feature that allows for claim settlement via mobile app. Some of the features of Quick Claim settlement (QCS) are:

  • Claims are settled using the QCS (Quick Claim Settlement) app.
  • 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 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.

Can I transfer my accumulated NCB from previous insurer to IFFCO Tokio?

IFFCO Tokio allows the transfer of NCB from a 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.

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 an 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).

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 to 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.

What is Bike Insurance?

Bike insurance is a financial protection that the insurer offers for your bike. It provides cover against the damages that may occur to your two-wheeler due to an unforeseen event. In case of an accident, the insurer will pay for the repairs of damage to your bike.

With insurance, you get cover against natural calamities such as floods, storms, earthquakes, etc. and man -made disasters such as riots, theft, etc.

What is Long Term Two-wheeler Comprehensive Insurance?

Most people don’t remember the expiry date of their bike insurance policy, and consequently, they often fail to renew it on time. This increases the risk of losing out on the coverage benefits. To avoid this, you can buy a long-term two-wheeler comprehensive insurance to get the benefits for more than one year. With a long-term two-wheeler comprehensive insurance, you don’t need to renew your policy every year.

What is a third-party liability in bike insurance?

Third-party bike liability is the amount paid by the insurance company to compensate for the loss caused to the third party due to an accident.

Is it compulsory to have third-party insurance?

Yes, as per the Motor Vehicles Act, every bike owner must have Third-party insurance. Driving without a valid insurance cover is a punishable offence. 

How do I file for a bike insurance claim?

When you meet with an accident, you will have to claim with a certain period as mentioned in the policy document. The process starts with informing the insurer about the accident. You must then file an FIR at the nearest police station from the accident spot. Take note of the names and contact details of the witnesses to testify at the time of filing a claim. Submit the necessary documents along with the claim form. Your insurer will offer a surveyor to know the damage to your bike. You will get the cover after the claim process.

What if my two-wheeler insurance has expired?

When your two-wheeler insurance expires, you will not get any benefits of the policy. You will have to pay for the damages from your pocket. But you can get the benefits if you renew the policy.

How do I make changes in my two-wheeler insurance policy details after receiving the policy documents?

You can contact the insurer and inform them know about the changes you need in the policy.

When shall I file the two-wheeler insurance claim?

You must file for a two-wheeler insurance claim within a specific time as per the insurer.