Bike Insurance

What is Bike Insurance?

Bike insurance technically known as two-wheeler insurance is an insurance policy which covers your bike against damages due to accident, fire, man-made or natural disasters and theft. It is an ideal tool to protect yourself against financial losses that might arise in future due to unfortunate events. Bike insurance also covers bike-related third-party liabilities that may arise due to damages caused to third-party vehicle, property or physical injury. Two-wheeler insurance or bike insurance covers scooters, motorcycles, mopeds, etc.

As per the Motor Vehicles Act 1988, every vehicle should compulsorily have Third Party Liability Insurance. Third Party Liability Insurance covers third-party damages caused to the property or the person. While Third Party Liability Insurance is mandatory as per law, buying own-damage insurance is also necessary. Own-damage bike insurance covers damages caused by man-made and natural calamities, accidents and theft. Both the third-party and own-damages can be brought either separately or under a single policy known as a comprehensive bike insurance policy. New two-wheelers are now mandatorily required to have 5-year Third Party Liability Insurance cover as per the law.

Kotak General Insurance offers Kotak Long-Term Two-wheeler Secure policy in two variants: as comprehensive policy and as liability only policy offering mandatory third-party liabilities for a tenure of 5 years. It also offers Kotak Two-wheeler Protect OD-only policy for individuals who already have a third-party liability policy and want to buy their own damages policy. Kotak Long Term Two-wheeler Secure policy can further be clubbed with optional add-ons to boost its coverage and make it more comprehensive thereby providing all round coverage from all the bike-related liabilities. Know more factors other than premium when purchasing two wheeler insurance.

Key Features of Two Wheeler Insurance from Kotak

Bike insurance offers top-notch features which provide multiple benefits to cater to your varied two-wheeler insurance needs.

• 1.Cashless servicing

  Kotak General Insurance has to tie up with 4000+ cashless garages network across India to provide its customers access to cashless servicing. You just have to take your vehicle to the nearest network garage for repair and the insurance company will take care of the expenses incurred. Know more facts about Kotak General Insurance.

• 2.No-claim bonus discounts and entitlements

  No-claim bonus is an additional bonus which can be availed by the policyholder for every claim-free policy year. It can be availed as a discount at the time of payment of the renewal premium. The discount is usually around 20% for the first year and can go up to maximum 50%s for the next 5 consecutive claim years. No claim bonus is also transferable and can be transferred even if you buy a new vehicle. 

• 3.Premium discounts

  Kotak General Insurance also offers voluntary deductible and anti-theft device discounts on insurance premiums. Volunteer deductible is a deductible limit selected by the policyholder to pay a part of the claim from their pocket at the time of raising a claim. You can get an additional premium discount if you opt for a voluntary deductible. You can also get additional discounts if you install the anti-theft device in your vehicle as approved by the Automobile Research Association of India. 

• 4.AAI Members’ discount

  Active members of the recognised Automobile Association of India can enjoy an additional discount on insurance premiums. 

Additional features of Two Wheeler Insurance

Why do you need a Bike Insurance Policy?

A bike insurance policy provides financial protection and saves your out-of-pocket expenses in case of third-party legal liabilities and/or any damages caused to your bike due to an accident. It is like a safeguard from financial distress in the event of any mishap or unfortunate event involving your bike. Some of the advantages of having a bike insurance or scooter insurance policy are discussed below: 

• Mandatory

  Third-party liability insurance is mandatory under The Motor Vehicles Act, of 1988 and every owner of the bike must buy the mandatory third-party liability policy or else they would be subjected to legal actions. Hence, you need a bike insurance policy to fulfil the legal requirement and to avoid penalties. 

• Cover against natural and man-made calamities

  A comprehensive two-wheeler insurance policy covers natural and manmade calamities that might result in significant repair costs or total loss of your bike. You can get coverage and financial protection against such disasters under bike insurance. 

• Cover against third-party damage

  Bikes are prone to accidents in comparison to cars. Your bike might injure a third party or damage their property thereby raising legal third-party liabilities. Such third-party liability may drain you financially in the absence of a bike insurance policy. You will get coverage up to the legal liability for claims related to bodily injury, death or property damage as per the governed rules and regulations of Motor Vehicle Act

• Cover for thefts of your bike

  A bike insurance policy covers you if your bike has been stolen or lost and gives a lump sum financial compensation for the same. This can help you to buy a new bike for your conveyance needs. Know more about the surprising things covered by motor insurance.

Types of Two-Wheeler Insurance

Kotak General Insurance offers the following types of bike insurance policies:

You can choose any policy depending on your coverage needs and get a wide scope of coverage for your bike.

Features of Comprehensive Two-Wheeler Insurance

As its name suggests, comprehensive two-wheeler insurance provides comprehensive coverage to your vehicle encompassing third-party liabilities, own damages, theft and damages rising due to natural, man-made calamities and fire. Here are some of the salient features of a comprehensive two-wheeler insurance policy:

• Third-party injury, death or property damage

  Comprehensive two-wheeler insurance provides all round protection against all legal liabilities arising to the third party in an accident involving your bike or scooter. Moreover, coverage is also granted for third party property damage.

• Own-damages

  Comprehensive Two-wheeler insurance covers damages caused to your bike or scooter which is otherwise not available in a third-party liability-only insurance policy.

• Theft

  You can also file a claim under the comprehensive policy if your bike or scooter is stolen and a lump sum benefit would be paid to help you buy a new bike or scooter.

• Personal Accident Cover

  Comprehensive Two-wheeler insurance also offers personal accident cover of up to 15 lakhs for the owner/driver of the bike. The benefit under the PA cover is paid in case of death or permanent and total disablement of the owner/driver in an accident.

• No-claim Bonus Discount

  If you do not claim your comprehensive bike insurance policy for one year or more, you can claim an NCB discount on your renewal premium of up to 50% depending on the number of claim-free years.

• Different coverage terms

  You can opt for a comprehensive coverage on your bike for different tenures. Kotak offers annual as well as long-term comprehensive plans and you can choose a coverage duration based on your needs.

Features of Third Party Liability Two Wheeler Insurance

Third-party two-wheeler insurance provides mandatory third-party damages coverage. Here are some of the salient features of third-party two-wheeler insurance:

• Third-party death or injury & Property Damage

  Third-party two-wheeler insurance offers coverage up to the legal liability for claims related to bodily injury, death or property damage as per the governed rules and regulations of Motor Vehicle Act in an accident in which your bike or scooter was involved.

• Online availability

  You can buy third-party liability insurance online instantly within seconds and with zero paperwork. The process is pretty simple and quick.

• Premiums determined by IRDAI

  As third-party liability policy is mandatory under law, the premiums of third-party liability insurance are determined and revised from time to time by the Insurance Regulatory and Development Authority of India (IRDAI). IRDAI determines the premiums of third-party liability insurance based on the cubic capacity of the bike.

• Personal Accident Cover

  Personal Accident cover can be brought as an optional cover with third-party two-wheeler insurance. PA cover is available up to Rs.15 lakhs in case of accidental death or disablement suffered by the owner driver.

Features of Own Damage Two Wheeler Insurance

Kotak Two Wheeler Protect - OD Only covers the cost of repair in case of damages caused to your bike or loss incurred due to theft. Here are some of the salient features of own-damage two-wheeler insurance:

• Own-Damage Cover

  Own-damage insurance covers all the losses and damages caused to your bike or scooter be it due to an accident, natural disaster, man-made disaster, theft, etc. It compensates even if your bike or scooter is destroyed in a fire or any other disaster.

• Optional Add-ons

  Kotak General Insurance offers optional add-ons to be brought with own-damage two-wheeler insurance by paying an additional premium. Optional add-ons help you to make your plan comprehensive and customise it as per your needs.

• No claim bonus

  Earn no claim bonus after each claim-free policy year. This bonus allows you to claim a discount in renewal premiums and make the policy more affordable.

• Premium discounts

  You can enjoy premium discounts on your own-damage insurance premium. You can get a voluntary deductible or install an anti-theft device to avail discounts on own-damage two-wheeler insurance premiums.

• Cashless claims

  Kotak General Insurance offers cashless settlement of claims. You can simply take your bike or scooter to the nearest network garage for repair and the insurance company would take care of all the repair expenses and bear all the costs associated with it. Know more about the surprising things covered by motor insurance.

What is covered under Bike Insurance Policy by Kotak

Bike insurance policy offered by Kotak protects your bike from contingencies and covers the following types of damages and losses:

• Third-party damages

  Bike insurance covers damages to the third-party property or injury sustained by a third party. It also includes coverage of legal liabilities that arise in the event of the death of any third party in an accident involving your vehicle.

• Accidental damages

  A bike insurance policy covers the damages sustained by your bike in an accident so that you can replace or repair the parts without bearing the brunch of financial losses. The repair costs are taken care of by a comprehensive bike insurance policy.

• Man-made disasters

  Damages caused due to man-made disasters such as strikes, riots, and terrorist activities are covered. If your two-wheeler is damaged due to these instances, the comprehensive policy will pay for the repairs.

• Natural disasters

  Damages caused to your bike or scooter due to natural-made disasters such as cyclones, floods, earthquakes, etc. are also included. Repair costs are covered under the scope of the policy.

• Fire

  Bike insurance policy also includes all the disasters caused by fire such as lightning, self-ignition, fire explosion, etc.

• Theft

  In case of theft of the vehicle, a lump sum amount is paid as claim so that you do not suffer a major financial loss.

• Personal accident

  Bike insurance policy also offers the personal accident cover for owner driver which covers accidental deaths and permanent total disability. If the owner or driver of the two-wheeler suffers either of these contingencies, a lump sum amount, up to Rs.15 lakhs, is paid.

• Total loss

  If your bike is damaged beyond repairs, it is called a total loss. In such cases, the comprehensive two-wheeler policy pays the Insured Declared Value of the policy as claim so that you can deal with the financial loss suffered.

What is not covered by Kotak Bike Insurance Policy?

Kotak bike insurance policy offers comprehensive and inclusive coverage but there are certain events which are not covered under the policy and are known as general exclusions. Exclusions are stated in the policy document and should be read before buying the policy to ensure that your claim does not get rejected later. The common exclusions that do not fall under the purview of bike insurance covers are as follows -

• Losses suffered due to depreciation of the bike and its parts

• Losses suffered due to normal wear and tear

• Damages suffered when riding the bike without a valid driving license

• Damages suffered when riding the bike outside the borders of India

• Damages suffered when riding the bike under the influence of intoxicating substances

• Damages suffered when using the bike to engage in hazardous activities, adventure sports or criminal acts.

• Losses or damages suffered due to war, nuclear contamination and related perils

• Electrical or mechanical breakdown of the vehicle

• Consumables like tyres and tubes will be covered only if the vehicle is also damaged. In such cases too, the coverage would be restricted to 50% of the cost of such consumables.

These are the basic exclusions that are applicable under the bike insurance policy. For a detailed list you can read the policy wordings.

Add Ons available with Bike Insurance Policy by Kotak

Add-ons are optional cover available with Kotak’s two-wheeler insurance policy at an additional premium. These add-ons extend the scope of your two-wheeler insurance policy at a minimal premium. It can be brought either at the time of buying the policy or renewing it. Let us have a look at the must have add-ons for bike insurance policy that you can buy with your Kotak two-wheeler insurance policy:

Key benefits of buying Bike Insurance online

• Quick & hassle-free

  Buying a new bike insurance policy or renewing the old two-wheeler insurance; one by doing it online is quick & hassle-free. You would have to answer a few queries about you and your vehicle, and you will be ready to buy new insurance within a few clicks.

• Instant quote & issuance of policy

  You get an instant bike insurance premium quote by clicking on the get quote feature on the website for your vehicle insurance. Due to the digitized buying and renewing process, policy issuance takes place immediately.

• Paperless procedure

  Buying a bike insurance policy online helps you avoid the tedious paperwork you go through. You can also download and store the document with a few clicks. The paperless procedure also saves time by eliminating the need to organize documents physically.

• Transparent process

  The whole buying and renewing of the bike policy online are so transparent that you always have all the details to make an informed buying decision.

• Easy and quick renewal

  You can renew your bike insurance policy in the comfort of your home. Enter the last policy details and renew your plan instantly within a few clicks.

• Checking the credibility of the insurer is easy.

  Online research into a bike insurance provider is more straightforward than offline research. Before buying an online bike insurance policy, you can check the company's website to learn more about its Claim Settlement Ratio, claim filing process, and claim resolution time. To obtain a clearer picture, you can also read reviews left by current or former customers.

Steps to buy Bike Insurance Online from Kotak

Get all-round protection for your precious two wheeler in a few steps. We at Kotak General Insurance understand the value of your time and have simplified the bike & scooter insurance buying process to a few simple steps.

• STEP 1: Click on the "Get A Quick Quote" button on Bike Insurance page.

• STEP 2: Fill in your vehicle details such as registration number, model, make etc.

• STEP 3: Check the quote and fill in your personal details and make the payment online.

How to choose Bike Insurance for a new Bike

Bought a new bike or scooter and looking for a suitable two-wheeler insurance on it? Here are some tips to select a suitable two-wheeler insurance for your bike:

• Select a suitable Insured Declared Value

  Insured Declared Value of your bike or scooter is the maximum amount of cover that is paid or covered by the insurance company in the event of total loss or theft. Hence, its recommended to select a higher IDV at the time of buying the policy to get higher claim pay-outs.

• Opt for a comprehensive policy

  A comprehensive plan offers a wider scope of coverage and pays for the expensive repair costs and theft too. So, while a third-party policy is mandatory, you should opt for a comprehensive plan as the new two-wheeler insurance for maximum protection.

• Add-ons

  Consider buying add-ons to enhance the coverage of your new bike insurance policy to extend the scope of your bike insurance policy so that you don’t have to worry about out-of-pocket expenses.

• Look for cashless garages

  Cashless garages allow easy cashless claims. So, check the network of cashless garages for a hassle-free claim experience.

• Claim the available discounts

  Comprehensive two-wheeler insurance plans allow premium discounts so that your policy becomes affordable. Claim the available discounts to minimize your premium outgo.

• Check the Claim settlement ratio of the insurer

  The ratio denotes the proportion of claims that the insurance company settled v/s the total claims made in it. Check the CSR of the insurer and choose a company that has a high ratio.