IFFCO Tokio Bike Insurance

IFFCO Tokio Bike Insurance Policy - Key Features

*Disclaimer: This table is for informational purposes only. Please refer to the IFFCO Tokio bike insurance policy document for exact details on coverage and features.

Why Choose IFFCO Tokio Bike Insurance Policy?

Here are the reasons that make IFFCO Tokio two-wheeler insurance policy a must-have for your vehicle:

• Easily purchase or renew your bike insurance online.
• Super fast claim settlement process with minimal documentation requirement. .
• Enjoy cashless repair services at over 4,300 network garages across India.
• The team is available around the clock to help with claims and provide support whenever needed.
• Allows you to customise your two-wheeler insurance plan with a set of right add-on covers to suit your specific coverage needs.
• Get up to a 50% discount on your renewal premium with a No Claim Bonus for maintaining a claim-free record.

Types of IFFCO Tokio Bike Insurance Policy

IFFCO Tokio is the first private joint venture between IFFCO and Tokio Marine Asia, with 51% & 49% shareholdings, respectively. This private insurance company in India introduced Bima Kendras to promote insurance in rural areas. They have various plans for different customer segments to cover varied demands.

Currently, the company offers the following types of bike insurance policies to suit different needs:

1. Standalone Motor Own Damage Policy

   The IFFCO Tokio's own damage bike policy is specifically designed to cover only the damages to your insured vehicle caused by accident, theft, fire, floods, earthquakes, etc. It also offers mandatory personal accident cover for the owner.

2. 5-year Standalone Third-Party Long-Term Two-Wheeler Insurance Policy

   This third-party two-wheeler insurance policy covers any injury or damage caused to a third party by the insured bike. It also includes personal accident cover for the owner-driver. As required by law, this policy provides protection for a fixed term of 5 years, making it a suitable option for those looking for long-term coverage.

3. Bundled Cover with 1-year Term for Own Damage and 5-year Third-Party Insurance Policy

   The bundled policy by IFFCO-Tokio General Insurance Company Limited is specifically for new two-wheelers, combining two types of coverage. It offers own damage protection for one year and third-party liability coverage for five years. It also offers personal accident cover.

4. MotorCycle/Scooter B Policy

   MotorCycle /Scooter bike policy is a comprehensive bike insurance policy that provides extensive coverage for your two-wheeler, including protection against loss or damage due to natural calamities like floods or earthquakes, man-made perils such as theft or fire, and accidental damage. This package policy also includes liability coverage for third-party injuries or property damage and offers personal accident cover.

*Disclaimer: The inclusions and exclusions mentioned above are for reference purposes only. Please review the policy document for complete details.

Depreciation Rates for Different Parts of a Bike

The depreciation rates for various two-wheeler parts are as follows:

1. Glass parts: No depreciation
2. Nylon, plastic, & rubber parts (such as airbags, batteries, tyres & tubes): 50% depreciation
3. Paint materials: 50% depreciation
4. Fibreglass parts: 30% depreciation
5. All other components, including wooden parts: Depreciation will be applied as specified in the policy document.

Depreciation Based on the Age of the Bike

The table below shows the depreciation rate for your bike based on its age.

*Disclaimer: The depreciation rates listed are for reference purposes only. Please refer to the policy document for complete terms and conditions.

Personal Accident (PA) Coverage for Bike Owners

IFFCO-Tokio General Insurance Company Limited offers compensation of up to ₹15 lakh to the vehicle owner in case of bodily injury or death resulting from an accident. The payout will be determined based on the following scale:

Important Points to Consider Under Personal Accident (PA) Cover

Personal Accident (PA) compensation will be granted for only one of the conditions listed in the table above, and the insurer's total liability is limited to ₹15 lakh for any policy period. Additionally, compensation will not be provided if the injury or death results from suicide, intentional self-harm, a pre-existing physical defect, or if the accident occurs while the person is under the influence of intoxicated substances, such as drugs or alcohol

How to Buy/Renew IFFCO Tokio Bike Insurance?

The steps to buy/renew the IFFCO Tokio bike insurance policy are as follows:

• Step 1: Open Policybazaar.com, navigate to 'Insurance Products' and select 'Bike Insurance' from the dropdown list.
• Step 2: Enter your bike's registration number and click 'View Prices'. If you don't have a bike number, select 'Bought a New Bike' to continue.
• Step 3: Select the necessary bike-related details, such as the variant, city, model, RTO, etc., and tap on the 'View Plans' button.
• Step 4: From the available options, choose the IFFCO Tokio bike insurance plan that suits your needs.
• Step 5: Choose either third-party coverage or comprehensive coverage.
• Step 6: If needed, select additional covers, such as roadside assistance, zero depreciation cover, etc., to enhance the coverage of your bike insurance policy.
• Step 7: Complete the purchase process by paying for the policy using any preferred payment method.The policy document will be sent to your registered email address upon successful payment.

How to File an IFFCO Tokio Bike Insurance Claim?

You can file the IFFCO Tokio bike insurance claim by following the steps below:

1. For Theft Claim

   If your bike is stolen, follow these steps to make a claim:

   • Step 1: Report the theft to the nearest police station and obtain an FIR (First Information Report).
   • Step 2: Send a copy of the FIR to your insurance company.
   • Step 3: The insurer will assign a surveyor to assess the situation.
   • Step 4: Inform your local RTO (Regional Transport Office) about the theft.
   • Step 5: Collect and submit all the necessary documents to file a claim.
   • Step 6: If your bike is not found within a month, obtain an 'untraceable report' from the police, which will help finalise your claim.

2. Accident Claim

   To file a claim for an accident, follow these steps:

   • Step 1: Contact your insurance provider immediately and complete the claim form on their website.
   • Step 2: The insurer will send a surveyor to the accident site to inspect the damages caused to your two-wheeler.
   • Step 3: Submit all the required documents to process your claim.
   • Step 4: For a cashless claim, get your bike repaired at a network garage, and the insurer will pay the repair costs directly to the garage. If you prefer reimbursement, you get your bike fixed at any garage, pay the bill yourself, and then request a refund from the insurer. The insurer will reimburse the bill amount at your registered bank account.

3. Third-Party Claim

   Following are the steps to raise a third-party claim:

   • Step 1: Inform your insurer about the accident details.
   • Step 2: Submit any court summons you receive to your insurance company.
   • Step 3: Fill out and sign the claim form.
   • Step 4: Provide all the necessary documents for the claim.
   • Step 5: The Tribunal court will review and decide the case.

Documents Required for Raising IFFCO Tokio Bike Insurance Claims

To file a bike insurance claim in different scenarios, the following documents are necessary:

1. For Theft Claims

   If your bike is stolen, the following documents are required for raising a claim:

   • Signed claim form
   • RC copy of the vehicle, along with all original keys
   • Original bike insurance policy document
   • FIR detailing the theft
   • Driving Licence (DL)
   • A 'no-trace report' from the police confirming that the stolen vehicle cannot be located.

2. For Accident Claims

   To raise a claim for damages due to an accident, you will need:

   • Completed and signed claim form
   • Original copy of the vehicle's RC
   • The vehicle owner's original Driving Licence (DL)
   • Copy of the first two pages of the bike insurance policy
   • Motor Collision Report (MCR) or First Information Report (FIR)
   • Original estimate for repairs
   • Repair invoice and payment receipt (if the vehicle is repaired at a cashless network garage, only the invoice is required).

3. For Third Party Claims:

   For claims involving third-party damages or injuries, you must provide:

   • Signed claim form by the insured
   • Police FIR
   • Original driving licence
   • Active bike insurance policy document
   • RC copy of the bike
   • A stamp is required if the bike is registered under a company name.