TWO WHEELER FAQ’s
What is Bike Insurance? - IFFCO-Tokio
Bike insurance refers to the financial protection that the insurer offers for your bike in exchange for annual payments known as premiums. It provides cover against the damages that may occur to your two-wheeler due to an unforeseen event. In case of an accident, the insurer will pay for the repairs of damage to your bike. With insurance, you get cover against natural calamities such as floods, storms, earthquakes, etc. and man-made disasters such as riots, theft, etc.
Are there types of two-wheeler insurance andwhat are they?
Yes, there are two kinds of two-wheeler insurance- third party insurance and comprehensive insurance. Third-party insurance is required by law – without it, you cannot legally ride your bike on Indian roads. Comprehensive insurance is one step above third party insurance – it provides everything that a third party insurance policy does and it also covers damages that occur to your vehicle.
Why do I need Two Wheeler Insurance | Bike Insurance?
Under the Motor Vehicles Act, 1988 it is mandatory to insure your motorcycle with a third-party insurance policy. This type of plan provides compensation for any damages or injuries caused to others in an accident you are part of.
However, besides this mandatory form of protection, you should also get bike insurance to protect you from financial losses caused to your bike due to accidents, theft and other unfortunate events. However, this sort of protection, you will have to purchase comprehensive insurance – it will cover both the third-party and own damage.
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.
What are the benefits of having bike insurance?
Bike insurance protects the policyholder from an unforeseen event such as an accident. The policyholder gets cover against natural calamities such as fire, earthquake, flood, frost, etc. It also offers cover against human-made calamities such as theft, etc. A policyholder also gets financial assistance in case of damage to third-party property.
What are the coverages for bike insurance?
The coverage for bike insurance depends on the type of policy held by the individual. If the person has a third-party policy, it will cover only the damages to the third-party. But, if the person has a comprehensive policy, it covers both third-party liability as well as damages to self. Also, a comprehensive policy provides coverage natural calamities, theft, and man-made situations like riots, etc.
What is the renewal process for bike insurance?
When the bike insurance expires, the policyholder is not eligible to get any benefits, nor can they make a claim. So, it is important to renew the policy on time. It best advised to renew the bike insurance policy online as it is easy and quick. For online renewal, policyholders can visit the insurance company’s website, click on the renewal option, submit the policy details and make the necessary payment to complete the renewal process.
What are the documents required to renew bike insurance online?
The documents needed for bike insurance renewal are personal details, bike’s registration certificate, policy number, etc. The policy gets renewed when the payment is made.
How to renew an expired bike insurance policy?
Bike insurance renewal is important. The policyholder must visit the website of the insurer. Submit personal details and policy number. The renewal of the policy will be done when the payment is made.
How NCB will be computed at the time of renewal?
No Claim Bonus is a discount the insurer offers to the policyholder for not claiming in a year. For every year a policyholder doesn’t make a claim, the insurer offers a deduction in the premium price. The insurer offers 20% to 50% deduction in the premium.
What is a NCB and how does it affect my two wheeler insurance premium?
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 Third-party Bike Insurance?
It is the most basic form of insurance, and as per law, all bike owners must have a third-party cover. Driving with a valid insurance is a punishable offence. Third-party bike insurance covers damages caused to the third-party’s vehicle, physical injuries and personal property.
If the policyholder gets into an accident, then the cost to repair the damage to the third-party property is covered. Third-party bike insurance protects the policyholder against damage to third-party property.
What is a third-party liability in bike insurance?
Is it compulsory to have third-party insurance?
How do I claim for bike insurance online?
To file for a bike insurance claim online, the insured must first inform the insurance company about the accident within 48 hours, and file an FIR at the nearest policy station. The policyholder can then fill a claim form online and submit the relevant documents. The insurer will then send a surveyor to inspect the damage, and upon approval, the damages will be compensated.
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 is the procedure to make a two-wheeler insurance claim?
If the policyholder meets with an accident, then they need to file a two-wheeler insurance claim to get financial assistance to pay for the cost of repairs. The policyholder needs to get in touch with the insurer. Record the details of the other driver and the witnesses. The insurer will get a surveyor for the policyholder, and based on the surveyor report will compensate accordingly.
What is Insured Declared Value (IDV)? How is IDV Calculated?
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.
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.
How is the two wheeler policy premium determined?
Discount on policy premium if my bike has anti-theft?
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).
Can I transfer my accumulated NCB from one insurer to another?
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.
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 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.
Is there a time window for filing a two-wheeler insurance claim?
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 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.