Kotak Mahindra Two Wheeler Insurance

Every two-wheeler plying on the roads of India has to be insured first, as no owner can ride a bike without insuring it. Apart from the mandatory clause set by the Motor Vehicles Act 1988, without a two wheeler insurance cover, the financial implications of an accident can cost you a bomb. This makes buying insurance imperative. Indian insurance market offers a gamut of two-wheeler insurance policies with attractive features. In this regard, Kotak Mahindra two wheeler insurance is worth your investment!

Benefits & Features of Kotak Mahindra Two Wheeler Insurance

Kotak Mahindra two wheeler insurance comes with the following features and benefits:

  • The policy can be availed online without much hassle
  • It offers coverage against legal liabilities of a third party
  • Own damage cover in case of accident, theft, burglary, flood, storm, earthquake or other related perils
  • The insured can choose between Third Party Liability Insurance and Comprehensive Cover
  • An extensive range of add-on covers to choose from
  • Personal accident cover up to Rs. 15 Lakh covering the owner and driver for accidental injury/death/disability (optional).As per the recent amendment of IRDA, the sum insured for Compulsory Personal Accident cover has been raised by Rs. 15 lakhs. 
  • Loss of accessories inside the vehicle while it is stolen
  • Instant policy renewal

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Why Buy Kotak Mahindra Two Wheeler Insurance?

Your reasons to buy Kotak Mahindra two wheeler insurance include the following:

  • Kotak Mahindra is a well-known brand in the insurance industry, where authenticity is well-assured
  • The Policy can be availed online
  • Two wheeler insurance offered by Kotak Mahindra can be bought with additional coverage as well
  • Cashless services can be availed at network garages throughout India
  • Round-the-clock claim assistance

Types of Kotak Mahindra Two Wheeler Insurance

Kotak Mahindra offers Long-term Secure Two Wheeler Insurance Policy, which is a 5-year policy. The policy coverage can be availed as either Third Party Liability or Comprehensive Insurance.

  • The Third Party Liability Insurance covers the insured for liability expenses arising out of accidental damage, injury or death to a third party, while the insured vehicle is at fault. This policy doesn’t cover the damage occurred to the insured while the compensation for death can be the total sum insured of the policy, the victim party can get compensation up to Rs. 1 lakh for accidental property damage. If you own an old vehicle, third party insurance cover is enough.
  • Comprehensive insurance is extensive in nature and especially recommended for new vehicles. Comprehensive insurance covers the damages to the insured vehicle in case of man-made and natural calamities or due to the collision. This policy further can be clubbed with add-on covers to boost the policy coverage such as Zero Depreciation, NCB Protector, and Road-side Assistance etc.

Kotak Mahindra Two Wheeler Insurance Inclusion

The policy will indemnify the insured for the damage occurred to the insured vehicle whilst thereon

  • By fire explosion, lightning or self-ignition
  • By theft, burglary, housebreaking
  • By terrorism, riot and strike or malicious activities
  • By earthquake
  • By flood, hurricane, storm, typhoon, tempest, hailstorm, inundation, cyclone
  • By landslide rockslide
  • By accidental external means
  • Whilst in transit by road, rail, waterway, lift, elevator or air

Kotak Mahindra Two Wheeler Insurance Exclusions

The insurance provider shall not be liable to compensate under Kotak Mahindra two wheeler insurance in respect of:

  • Normal wear & tear, depreciation with age, mechanical breakdown, failures, consequential loss
  • Damage to tyre and tubes unless the bike is damaged at the same time, however, the company is liable to pay up to a certain percentage only
  • Any accidental damage to the vehicle while the driver is driving under the influence of alcohol or drugs or intoxicating substances
  • If the driver is not carrying a valid driving license while the accident occurred resulting in damages.

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Kotak Mahindra Two Wheeler Insurance Additional Benefits

You can boost the basic policy benefits by opting for any of the following add-on covers:

  • Roadside Assistance
  • Consumables Cover
  • Zero Depreciation Cover
  • Engine Protect
  • NCB Protector

IDV of Kotak Mahindra Two Wheeler Insurance

 The Insured Declared Value stands for the current market value of the two-wheeler. The IDV usually reduces with the age of the vehicle and due to the depreciation. At the time of a claim, the insurance provider only compensates up to the sum insured, which is based on the IDV only. In case the claim amount is over and above, the insured has to bear the additional expenses. However, with a zero depreciation add-on, you can be fully covered as no depreciation is applied.

How is IDV Calculated?

IDV is calculated by using the below formula:

IDV = (Manufacturer's listing price - Depreciation) + (Accessories or extra fittings if any - depreciation)

IDV Rate of Two Wheeler

Age of the Vehicle

IDV

From 0 to 6 months

95% of ex-showroom value

6 months to 1 year

85% of the ex-showroom value

1 to 2 years

80% of the ex-showroom value

2 to 3 years

70% of the ex-showroom value

3 to 4 years

60% of the ex-showroom value

4 to 5 years

50% of the ex-showroom value


Depreciation Based on Vehicle Age

Age of the Vehicle

IDV

From 0 to 6 months

5%

6 months to 1 year

15%

1 to 2 years

20%

2 to 3 years

30%

3 to 4 years

40%

4 to 5 years

50%


In case of a vehicle more than 5 years old, the IDV is decided based on the mutual agreement between the insurance provider and the insured.

How to Claim Kotak Mahindra Two Wheeler Insurance?

Kotak Mahindra two wheeler insurance can be claimed in the event of an accident or the vehicle is stolen. In both cases, you can claim for cashless claim or reimbursement claim. In case of a cashless claim, the repair expenses are directly paid to the garage, where you can avail the services free of cost. On the other hand, in reimbursement case, you pay for the repair expenses first, then register a claim for compensating the amount. Reimbursement claim is effective if you avail the services form a non-network garage.

Cashless Claims

A cashless claim can be availed only at a network garage, where the insurer settles the repair expenses directly with the garage. In order to claim it smoothly:

  • Intimate the insurer about the incident by calling on the helpdesk and register a claim.
  • Find out a nearby garage associated with the insurer. You can ask the customer representative about this
  • In the case of third party property damage, note-down its vehicle registration number. You should note down the contact details of the witness if any
  • If it is an accidental or theft claim, file an FIR
  • Send the vehicle to the nearest network garage for repair. A surveyor will inspect the vehicle and estimate the repair expenses. Submit the relevant documents to him. After checking the documents, he will give the go-ahead to the garage.
  • Once the vehicle is repaired, the expenses are directly settled to the garage by the insurer
  • The garage will release your vehicle after receiving a Satisfaction Voucher signed by you.

Reimbursement Claims

In case of an emergency, you may find it hard to opt for cashless service if there is no network garage nearby, forcing you to opt for reimbursement claim. Moreover, an accident can happen anywhere and it might not always possible for you to look for a network garage. If you go for reimbursement claim, the repair expenses will be on you initially. However, it will be reimbursed by the insurer later. In order to file a reimbursement claim under Kotak Mahindra Two Wheeler Insurance, follow the below steps:

  • Immediately inform the insurer. You can call on their toll-free number and register a claim under reimbursement category.
  • In case of accidental claim or theft, you will need to file an FIR as well and submit at the time of claim documentation
  • Send the vehicle to the garage. A surveyor will inspect the vehicle and estimate the damage and review the documents
  • The insurer will issue a work order to the garage only after this
  • The repair costs bill will have to be given to the insurer along with the signed Satisfaction Voucher. However, the amount will be paid by you initially.
  • If everything is in order and has been approved, you will receive a reimbursement for your expenses

Documents Required for Claim

Below documents are required to claim Kotak Mahindra Two Wheeler Insurance

  • Duly filled and signed claim form.
  • Copy of insurance policy
  • Copy of driving license (original copy for verification)
  • Repair bills in case of damage
  • RC copy
  • FIR in case of theft or accidental claim
  • Duly signed discharge voucher
  • Original paid bills and receipt (In case of reimbursement claim)

How to Calculate Kotak Mahindra Two Wheeler Insurance?

While calculating two wheeler insurance premium for Kotak Mahindra Two Wheeler Insurance, the insurer takes the below factors into account:

  • Make and Model of the Bike: Bike insurance premium vary based on the condition of the vehicle, engine type, year of manufacture, a model of the bike, ex-showroom price etc. hence, it is recommended to fill every detail correctly while buying the policy.
  • Add-On Covers: Add-on covers are always optional, one can buy them or ignore as per his/her requirement. These covers come with an additional premium, so if you buy one of them along with the basic policy, the premium will always at a higher side. Hence, buy it only if you need it.
  • Type of Coverage: The type of cover you choose also influences the rate of premium. Third Party cover comes with a lower premium while comprehensive insurance will cost you a higher premium as it offers extensive coverage. However, you should analyse your needs first. If a third party cover suffices your requirements than buying a comprehensive cover and paying the additional premium doesn’t make sense.
  • Age, Gender, Location of the Buyer: The age, gender and location of the buyer also play an important role. If you are comparatively young with a good driving experience the premiums will be lower than that of a person who has just started driving. Likewise, women drivers are likely to have a lower premium or if your location is less prone to accidents, you can grab a lower premium from the insurer.
  • Previous Claims: At the time deciding the premiums, the insurance company can consider your previous claim history as well. If it by chance indicates you as a person with high risk-appetite or you made frequent claims in the previous years, the insurer will increase the premium.
  • Voluntary Deductible: By opting for deductibles you can lower the premium. A deductible is a portion of the total claim paid by the insured, after which the insurer releases the rest of the amount. Higher the deductible is, the lower would be the premium of bike insurance.

The Rate for Third-Party Insurance for Two-Wheelers

Usually, third-party premiums are decided by the IRDA only. No exception to Kotak Mahindra two wheeler insurance. As per the recent announcement of IRDA, new rates are being applied from April 1, 2018, according to the which, third-party insurance rates are:

Bike Model

Premium

Current Premium(From June 16, 2019)

Up to 75 CC

Rs. 427

Rs. 482

76 CC to 150 CC

Rs. 720

Rs. 752

151 CC to 350 CC

Rs.985

Rs. 1,193

Above 350 CC

Rs.2,323

Rs. 2,323

 

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How to Buy Kotak Mahindra Two Wheeler Insurance?

To purchase two wheeler insurance from Kotak Mahindra, you can either go with online or offline buying mode.

  • To buy Kotak Mahindra two wheeler insurance policies online, visit the insurer’s website and request for an insurance premium by clicking on the ‘Get Quote’ option.
  • If the premium options suit you, next go to the ‘proceed’ option where you’ll need to provide the required details on an online application. Provide the vehicle details along with your personal details
  • You can customise the policy by opting for additional covers as well
  • Lastly, pay the premiums through online payment mode such as Debit/Credit card, net banking etc.via a secured payment gatway.
  • Instant approval on the premium will be sent to your registered mail Id. You can download the policy anytime there

In order to buy Kotak Mahindra two wheeler insurance policy through offline channels, you can directly visit the insurer’s office and buy. Or you can approach an authorised broker to help you through the process of buying.

Documents Required to Buy Kotak Mahindra Bike Insurance

  • Valid Photo ID Proof of the applicant, such as Passport, Voter ID, Aadhaar card, PAN card etc.
  • Valid Address Proof, such as Passport, Utility bills, etc.
  • Copy of valid Driving License
  • Vehicle registration number and RC certificate

Kotak Mahindra Two Wheeler Insurance Policy Renewal

Renewing your Kotak Mahindra two wheeler insurance is as important as buying two wheeler insurance. Without ensuring this, you can't avail the policy benefits continuously. Usually, the policy needs to be renewed before 90 days of the actual due date. However, if any case you miss the date, an additional grace period of 30 days is offered within which the policy must be renewed to avoid a policy lapse. In order to ensure a hassle-free renewal with Kotak Mahindra General Insurance, follow the 3 renewal steps:

  • Renewal at Branch: Like every other insurer, Kotak Mahindra General Insurance Company provides the customers with the facility of renewing the policy at the branch. You can visit the nearest branch and approach the concerned officer. You may have to provide a few details such as name, policy information, vehicle RC number, DL number etc. Once the documentation is done, you can renew the policy by paying the premium by cash or cheque, credit or debit card.
  • Online Policy Renewal: Online renewal is the most popular and convenient way of renewing Kotak Mahindra Two Wheeler Insurance. With this, you can ensure an instant policy renewal even while sitting in the office or lying on your bed at home. Just visit the official website online, click on the respective policy renewal tab, provide the necessary details about the vehicle and policy, calculate the premium and pay through debit/credit card or net banking. The policy gets renewed instantly.
  • Insurer's Apps: In recent times, most of the insurers introduce their apps where post-insurance services can be availed through Smartphone. You just need to install a particular app of the insurer and request for any service. Make sure, your insurer has such app that helps in tracking the policy easily and renew it in the hour of need.

How to Compare Kotak Mahindra Two Wheeler Insurance?

Kotak Mahindra two wheeler insurance can be compared online in order to check if it suits your requirement or not. Online comparison is the best and easy way to avail the right policy as per your needs, only if you compare the right way. While comparing you should consider certain parameters such as coverage offered, premium, claim settlement ration of the insurer, policy benefits etc. If you are an existing customer, at the time of policy renewal by considering these aspects you can have affair idea about what is offered by the other insurers and if the current coverage is enough for you. If not you can switch to another policy or insurer without losing out the existing policy benefits with Kotak Mahindra Two Wheeler Insurance.

Things to know about Kotak Mahindra Two Wheeler Insurance

Apart from the basic policy coverage, the Kotak Mahindra Two Wheeler Insurance also offers additional benefits such as:

  • NCB benefit up to a maximum of 50%
  • Voluntary deductible discount
  • AAI membership discount
  • Portability benefit
  • Cashless services available throughput India

Kotak Mahindra Two Wheeler Insurance - FAQs

  • Q1. What is a deductible in two wheeler insurance? What if I opt for Voluntary Deductible?

    Ans: A deductible is a part of the total claim that is settled by the policyholder, where the rest of the claim amount is paid by the insurance company. This means, if you opt for a deductible, the insurer will not pay for your share. Higher the deductible, the lower your insurance premium will be. Usually, the deductible is of two types; compulsory and voluntary deductible. The compulsory deductible is fixed by the insurer while voluntary deductible is based on the choice of the insured. However, it is advised to choose a deductible that is affordable.

  • Q2. How to deal with a loss of two wheeler insurance policy?

    Ans: In case you have lost your Kotak Mahindra two wheeler insurance, first, register an FIR at the nearest police station. Next, apply for a duplicate policy from the insurer. In order to initiate the process, you will have to submit a written request along with the required documents. After verifying the documents and applying its terms and conditions, the insurer will issue a duplicate insurance policy to you.

  • Q3. How much will the insurance company compensate in case I’ve lost my two-wheeler?

    Ans: In case your vehicle is lost or stolen, you are eligible to claim up to the IDV of the vehicle. The IDV of your vehicle is decided based on the cubic capacity of the engine, location, age of the vehicle etc. If your IDV is higher, you can claim for a higher amount and vice versa.

  • Q4. Can I purchase a two wheeler insurance policy with a modification that was done recently?

    Ans: Yes, you can buy insurance even for modified bikes as well. However, you will have to bear a higher premium based on the type of modification you have done. Premiums are usually higher if the performance of the vehicle is modified. But, if the modification increases the security, then the premium will be at the lower side. A modification like fitting an anti-theft device will lead to a lower premium.

  • Q5. How is the IDV of your two-wheeler determined?

    Ans: The Insured Declared Value is the maximum sum insured or the maximum amount that you can claim. In case of total loss or theft, the insured is compensated up to the IDV. The IDV is decided after calculating the depreciation on the vehicle. In case of modification or accessories, which are not company fitted, the IDV will be calculated separately. Also, a few factors are considered while deciding the IDV such as the type of the vehicle, make and model, the location of registration etc. At the time of fixing the IDV, the insurer ensures that it is close to the current market value of the bike. Higher the IDV, the higher the premium you will pay.

  • Q6. Can I avail some additional discount on two wheeler insurance by installing an anti-theft device?

    Ans: Yes, any modification that ensures safety to the vehicle will lead to a lower premium. Installation of security devices such as anti-theft device helps you avoid theft, thus reduces the risk factor. Just remember to inform the insurer about such modification, if you do it after purchasing the vehicle or it is not company fitted.

  • Q7. Is policy cancellation possible in the middle of the policy tenure?

    Ans: Yes, you can cancel your two wheeler insurance policy anytime. The insurance provider reimburses the proportion of the premium, based on up to how many days or months the coverage was not utilised. The insurer may charge a minimum cancellation charge.

  • Q8. What is the tenure of two wheeler insurance policy?

    Ans: You can avail two wheeler insurance with one-year tenure or for a long term policy. However, according to the recent announcement made by the IRDA, the newly bought bikes will have to insure with a 5-year insurance policy. it is applicable in case of Third Party Liability Insurance, while one can opt for a one-year comprehensive policy.

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