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Bike Insurance Plans
Kotak Two Wheeler Insurance
Purchasing your dream bike does not end your responsibility, rather, it enlarges your duties towards it as you need to protect your dear two-wheeler from different road risks that it is exposed to. Just like health insurance safeguards you and your family, a bike insurance plan protects you and your hard-earned two-wheeler from adverse situations and offers you financial relief. More than that, according to the Motor Vehicles Act of India 1988, a third-party insurance policy is mandatory if you are a bike owner.
Now, when it comes to two-wheeler insurance policies, we cannot escape Kotak Mahindra General Insurance Company because of its customer-friendly attitude and diversified two-wheeler insurance policies that can cater to the varied needs of individuals. These policies cover bike & scooter losses or damages caused by natural calamities, accidents, theft, etc., along with the vehicle owner against third-party liability claims. To know more about these, have a look at the following mentions.
Benefits and Features of Kotak Two Wheeler Insurance
These policies have come up with a sack full of benefits and facilities. Let us have a look at the key highlights of Kotak Two Wheeler Insurance;
- There are three types of bike insurance available with the Kotak General. So, you can buy the one according to your convenience.
- The Kotak policies are available online. Therefore, you can buy a two wheeler policy at any time according to your pace without any hassle. You can also download and store the document with a few clicks. The paperless procedure also saves time by eliminating the need to organize the documents physically.
- Kotak’s long-term and comprehensive two wheeler policies have come up with the third-party liability cover as an in-built benefit that ensures protection against legal liability due to an accident resulting in the permanent disability or death of a third-party person and damage caused to the third party proper
- You can now choose a policy tenure of 1, 2, or 3 years for an old bike. Choosing a longer tenure means additional discounts & hassle-free coverage without having to renew your policy every year
- There will be no increase in the Third party premium for old bikes – For 2 and 3-year policies.
- Apart from the standard and basic benefits, Kotak General also offers some additional benefits, such as zero depreciation cover, consumables cover, roadside assistance, engine protection, and NCB protector, that can be purchased by paying a little extra premium amount to strengthen your bike insurance policy.
- You can renew the policy online as well instantly and easily.
- It protects the bike & scooter against natural disasters, accidents, theft, man-made calamities, and other similar incidents.
- A personal accident cover offered by the company protects the policyholder if s/he suffers bodily injuries due to an accident while riding the two-wheeler. Coverage of Rs. 15 lakhs for the individual driver of the vehicle is provided while traveling, mounting, or dismounting from the Two-Wheeler Insurance.
- Optional personal accident covers for co-passengers are also available.
- The company also offers protection against burglary, theft, riot, strike, malicious act, accidental external means, terrorist activity, and damage in transit by road, rail, inland waterway, lift elevator, or air.
- If you’re an active member of a recognized Automobile Association of India (AAI), you can enjoy an additional discount on your insurance premiums.
Why Should You Choose Kotak General For Your Two Wheeler?
Kotak Two Wheeler Insurance offers you and your bike overall protection against unforeseen circumstances. If you still have doubts, have a look at the following mentions.
- The foremost important thing is the background of the company. Kotak Mahindra is a well-known, age-old company that has been in existence with prominence. Therefore, once you are insured with Kotak General, you have no worries.
- The whole buying and renewing of the policy online are so transparent that you always have all the details to make an informed buying decision.
- The claim process for this insurer is super easy and hassle-free. Their customer executives are always there for assistance.
- A cashless facility is available with this company. More than 3000 network garages are there. Spread all over the country.
- With this insurer, you can get the benefit of a maximum of 50% No Bonus Claim.
- For any critical or non-urgent circumstance, the company promises you 24-hour assistance.
- With Kotak Long Term Secure, you can enjoy enhanced protection that pays for first-party and third-party damage as well.
What Are The Different Types of Kotak Two Wheeler Insurance?
At Kotak General Insurance, you can get three types of two-wheeler insurance for Bikes & Scooter which include the followings:
Kotak Long Term Two-wheeler Secure (Comprehensive policy):
This bike & scooter policy provides not only comprehensive coverage for you and your bike and but also covers third-party claims. In the case of the new bike, Kotak Long Term Two-Wheeler Secure–Bundled policy needs to be opted for. As a two-wheeler policyholder, you can also enhance the policy with add-ons/riders.
Kotak Long Term Two-wheeler Secure (Liability Only Policy):
This mandatory policy covers third-party liabilities, including damages to third-party property and injuries to or death of a third party. If the bike is new, Kotak Long Term Two-Wheeler Secure (Liability Only) – 5 years policy should be chosen. It is to be noted that as per the Supreme Court directive, insurance for new two-wheelers will have a mandatory 5-year third party insurance cover
Kotak Two-Wheeler Protect (Own Damage Cover Only Policy):
Under this policy, the insured receives protection for their insured bike against any losses or damages incurred due to an accident or mishap. This policy is valid for one year only.
General Exclusions of Kotak Two Wheeler Insurance
Understanding a policy is not completed if you do not go through its exclusions of it thoroughly. Therefore, to avoid future complications, and to offer you a clearer picture of the policy, here are the general exclusions of Kotak Two Wheeler Insurance:
- Normal wear and tear and general aging of the vehicle will not be covered under the policy.
- The policy will not provide any coverage for depreciation or any consequential loss.
- If there is any damage to/by a person driving any vehicles or cars without a valid license, the company will not take any liability.
- Damage to/by a person driving the vehicle under the influence of drugs or liquor
- The mechanical, or electrical breakdown also falls under the category of exclusions.
- The company will not compensate you if your car suffers any loss, or damage due to war, mutiny, or nuclear risk.
- Vehicles including two-wheelers being used otherwise than in accordance with limitations as to use will not be covered by the policy.
- Wear and tear of consumables like tires and tubes unless the vehicle is damaged at the same time, in which case the liability of the company shall be limited to 50% of the cost of replacement will also fall under the category of exclusions.
Important Terms Related To Kotak Two Wheeler Insurance
IDV in Two-Wheeler Insurance:
The Insured Declared Value (IDV) of a vehicle is the maximum Sum Insured fixed by the insurer at the beginning of each policy period for the insured vehicle. The IDV of the vehicle is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model as the vehicle is insured at the commencement of insurance/renewal and adjusted for depreciation. If the vehicle suffers total loss, the IDV is the compensation the insurer will provide to the policyholder.
No Claim Bonus (NCB):
The No Claim Bonus is the discount on the own damage portion on the premium offered to the policyholder from the insurance company for responsible driving and not filing damage claims during the preceding policy year.
Zero Depreciation Cover:
The Zero Depreciation Cover is an add-on benefit wherein the entire claim amount is settled by the insurance company without factoring in the depreciation value of the insured two-wheeler.
In two-wheeler insurance, deductibles are a part of the claim amount you will pay from your pocket during claim settlement. The rest of the claim amount is paid by the insurance company. There are two types: voluntary and compulsory deductible. A compulsory deductible is an amount you must pay mandatorily whenever a claim is registered. On the other hand, a voluntary deductible is the part of the claim amount you willingly choose to pay at the time of claim settlement. You can also choose not to pay voluntary deductibles by opting for zero deductibles when buying a bike and scooter policy.
How Can You Buy Kotak Two Wheeler Insurance Online?
You can now buy the two-wheelers policy of Kotak General very easily by availing of their online facility. For this, you need to follow the below steps.
- Go to the official website of the company.
- On the top of the homepage, there will be the Two Wheeler Insurance option. Click on that.
- On the landing page, there will be the Get Quote option. Choose that.
- Now, you need to provide the required details as demanded by the company to calculate the premium amount that you need to pay for availing of the benefits of the policy, for your given credentials.
- Once you get the premium value, there will be the Buy Now option.
- If you are satisfied with the policy and the premium amount, you can now buy the policy by paying the sum.
- After successful payment, you will receive a notification regarding this in your registered mobile number and/or email ID.
Renewal Process of Kotak Two Wheeler Insurance
Not only for purchasing but also for renewing your two-wheeler policy from Kotak General, you do not have to go to the official branch of the company. You can do this renewal very easily, at your pace, according to your convenience. The followings are the steps to renew your bike insurance policy online without any hassles.
- Go to the official website of the insurer.
- At the extreme right side of the homepage, there will be the Renewal option. Click on that.
- After that, you need to select your policy from the given options.
- Now, you have to fill in the blanks with the correct information such as your policy number, and registered mobile number.
- Once you put all the required details, the renewal amount will be displayed on your screen.
- Check the details again carefully. If everything seems fine, pay the renewal amount. And, your job is done.
- You will receive a notification regarding this renewal in your registered mobile number and/or email ID.
Claim Process of Kotak Two Wheeler Insurance
This insurer offers both the cashless and reimbursement facility for filing a claim. The followings are the details of these procedures. Follow the below step, to avail of a super smooth claim process.
Cashless Claim Process:
- As soon as the incident happens, inform the insurer using their contact number, 1800-266-4545 (8 am to 8 pm), and provide then the details of your policy.
- Once your claim is registered, the customer support executive of the company will provide you with a Claim Reference Number.
- Now, you need to submit the required documents such as your driving license, RC copy, and police FIR copy, in accordance with the terms and conditions of the company.
- An inspection will be arranged within 24 hours on the behalf of the company if the claim is registered on a working day. In case of a Sunday or public holiday, the inspection will be arranged on the next working day.
- If the company finds no discrepancy, it will approve your claim.
- On cashless facility confirmation, the vehicle can be repaired at a network garage of your choice.
- The payment will be done directly to the garage.
- Here, you only have to pay the deductibles as mentioned in the policy, the depreciation value, salvage, etc., as informed by the surveyor.
Reimbursement Claim Process:
- In this case, as soon as the incident happens, you need to intimate the insurer by calling them at 1800-266-4545 (8 am to 8 pm) along with the details of the policy.
- Repair your car at your preferred garage. It needs not to a network garage of the company.
- Save and preserve all the documents such as receipts, bills, FIR reports, etc. for future reference.
- Once the repair of the two-wheeler is done, submit all the required documents to the insurer along with the policy details.
- The company will verify your documents. If no discrepancy is found, it will approve your claim.
- The company will send the claim amount to your bank account directly within 7 working days of the completion of documentation.
Frequently Asked Questions
For calculating the IDV, the following formula is used:
IDV = (Manufacturer’s listing price – Depreciation) + (Accessories or extra fitting if any – Depreciation).
RTO stands for Regional Transport Office and is a government body responsible for vehicle registration and issuance of driver’s licenses. Also, the RTO in each state is responsible for maintaining the database of its drivers and vehicles.
Follow the below table for this:
|Age of the bike||Percentage of depreciation for IDV calculation|
|6 months or not exceeding 6 months||5%|
|More than 6 months but less than a year||15%|
|More than 1 year but less than 2 years||20%|
|More than 2 years but less than 3 years||30%|
e than 3 years but less than 4 years
|More than 4 years but less than 5 years||50%|
The bike insurance premium calculator helps you determine the premium amount for bike insurance offered by Kotak General Insurance. To use the online tool, you need to provide details of your bike such as make – model, registration date, and registration place. Once you add this information, you will be able to get the premium amount.
To find out the nearest network garage of the company, you can use the Garage Locator facility offered by the insurer. You will get this option on their official website, and from there, you can locate a suitable garage within your vicinity for your two-wheeler.