The Motor Vehicles Act, 1988 lays down that every vehicle should have a valid motor insurance policy when plying on Indian roads. So, if you have a bike, you must have a two-wheeler insurance policy too. There are many two-wheeler insurance policies available in the Indian insurance market. Iffco Tokio, a leading general insurance company also offers a comprehensive two-wheeler insurance policy. Let us understand what the policy has to offer. But first a word about the company:
Iffco Tokio General Insurance Company Limited
Iffco Tokio was formed in December 2004 when the Indian Farmers Fertilizer Co-operative (IFFCO) with its associates created a joint venture with Tokio Marine and Nichido Fire Group of Japan. Ever since its inception, the company has been engaged in offering different types of general insurance policies, a two-wheeler plan being one of them
Iffco Tokio Two-wheeler insurance plan
Iffco Tokio offers a comprehensive two-wheeler insurance plan which has the following salient features:
- Coverage offered
The plan covers damages faced by your bike –
- Due to natural calamities like earthquakes, lightning, landslide/rockslide, flood, hurricane, storm, tempest, inundation, hailstorm or frost.
- Due to man-made causes like fire, self-ignition or explosion, burglary or theft, riots and strikes, accidental external means, terrorism or malicious acts.
- When the bike is being transported through air, water, road or rail
Other than these, there is also a Personal Accident cover for the driver/owner of the bike when traveling, mounting or dismounting from the bike. It covers accidental death and disability up to a Sum Insured of Rs.1 lakh. The policy also has the mandatory third party liability coverage which covers any financial liability for any bodily harm caused to the third party or any harm done to the surrounding property. Moreover, if the vehicle breaks down and requires towing to the nearest garage, the company covers the towing expenses up to Rs.300.
- No Claim Bonus discount
If you do not make a claim in your two-wheeler insurance policy in any year, you get a No Claim Bonus discount. This bonus discounts the premium payable when you renew the policy next year. Moreover, the rate of discount increases for each successive claim-free year. The maximum discount which you can avail is 50% of your renewal premium. Amazing, isn’t it?
There are some instances where the company does not admit a claim raised in your two-wheeler insurance policy. These instances are as follows:
- When your bike faces any damage outside the geographical area of the country
- When your bike faces any damage when it is driven in violation of its Limitations to Use or without a valid driving license
- Any type of consequential loss suffered by your bike
- Claims which are caused due to any contractual liability
- When your bike suffers damage due to ionization, radioactive contamination, nuclear weapons material, war, mutiny, rebellion, etc.
When making a claim you should remember these exclusions.
How to buy the policy?
Buying Iffco Tokio’s Two-wheeler Insurance Plan is quite simple. You can buy the plan from the company’s website, from the website of an insurance aggregator or from an online broker. Alternatively, you can choose to buy the policy offline through an insurance agent. An online broker is your best bet because the broker has valuable technical knowhow and can assist you in buying the plan.
Even at the time of claim the online broker would help you in getting your claim settled quickly. Coverfox is an online broker which allows you to buy Iffco Tokio’s Two-wheeler Insurance policy easily. You have to simply provide the details of your bike and calculate the premium. Coverfox also has a dedicated claim assistance service which helps you at the time of making a claim.
How to make a claim? Making a claim in your Iffco Tokio’s Two-wheeler Insurance Plan is easy. Though online portals like Coverfox.com would help you at the time of claim (if you have bought a policy from them), you should remember the following steps:
- Any damage or loss incurred should be immediately informed to the insurance company which then forwards you a claim form
- You should fill the form with an estimate of loss and submit it.
- A surveyor would be sent by the company to assess the loss after which repairs are done
- You would have to provide all the relevant documents to get your claim settled.
Iffco Tokio two wheeler insurance plan is a comprehensive plan which not only offers an all-round protection but also settles your claims easily. So, the next time you buy or renew your bike insurance policy you can choose Iffco Tokio’s plan.