What is Two-Wheeler Insurance by Kotak?
Two-wheeler insurance covers bike & scooter losses or damages caused by natural calamities, accidents, theft, etc. In addition, Kotak's bike and scooter policy covers the vehicle owner against third-party liability claims.
This two-wheeler insurance policy is financial protection for the bike or scooter owner in case of any mishap that leads to partial or total loss of the vehicle. As per Motor Vehicles Act 1988, having third-party insurance is compulsory for all two-wheeler
owners. The third-party insurance covers any damages to the third-party vehicle/ property or the person. While third-party insurance is mandatory, having your own damage insurance is also necessary. Own damage two-wheeler insurance covers losses caused
by accidents, manmade calamities like vandalism, theft, riots, etc., or natural calamities like earthquakes, storms, fire, etc.
Both these types of insurance are clubbed into a single insurance policy known as comprehensive two-wheeler insurance policy. A comprehensive two-wheeler insurance policy protects the insured against any third-party liabilities, i.e., third-party property or third-party person, as well as provides own damage cover. It protects the bike & scooter against natural disasters, accidents, theft, man-made calamities, and other similar incidents. Kotak long term two-wheeler secure, a comprehensive two wheeler insurance policy provides coverage for third party liability and own damage insurance along with personal accident cover if insured has opted for compulsory personal accident cover as well. A personal accident cover protects policyholder if s/he suffers bodily injuries due to an accident while riding the two-wheeler.
Types of Two-Wheeler Insurance by Kotak
At Kotak General Insurance, we offer three types of two-wheeler insurance for Bike & Scooter these include:
Kotak Long Term Two-wheeler Secure (Comprehensive policy): This bike & scooter policy provides comprehensive coverage for you and your bike and covers third-party claims. In the case of the new bike, Kotak Long Term Two-Wheeler Secure –
Bundled policy needs to be opted. 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.
Kotak Two-Wheeler Protect (OD 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.
Note: As per Supreme Court directive, insurance for new two-wheelers will have a mandatory 5-year third party insurance cover. Please call on 1800 266 4545 for more details.
Important terms related to Two-Wheeler Insurance
Two-Wheeler Insurance Premium
The bike & scooter premium is the amount paid by the policyholder periodically to the insurance company towards the two-wheeler insurance policy
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 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.
Coverage in Two-Wheeler Insurance
Coverage is the amount of risk that is covered for the policyholder through an insurance policy.
No Claim Bonus in Two-Wheeler Insurance
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 in Two-Wheeler Insurance
The Zero Depreciation Cover is an add-on wherein the entire claim amount is settled by the insurance company without factoring in depreciation value of the insured two-wheeler
Own Damage in Two-Wheeler Insurance
Own Damage cover protects the insured two-wheeler against the damages caused due to accidents, and man-made and natural calamities such riots, theft, fire, flood, etc.
Comprehensive Coverage in Two-Wheeler Insurance
Comprehensive Two-Wheeler insurance covers a bike & scooter against own and third-party damages. It provides financial help to the policyholder if the insured bike & scooter has sustained damages due to road accidents, natural disasters, artificial
calamities, theft, fire, etc., along with third-party liabilities.
Deductibles in Two-Wheeler Insurance
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 & scooter policy.
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.