Oriental Bike Insurance

Oriental bike insurance is a contract between the bike owner and the Oriental Insurance Company Limited, where the insurer agrees to pay for any loss or damage caused to the insured vehicle. This two-wheeler insurance policy covers various mishappenings, including man-made perils, natural calamities, theft, accidents, collisions, explosions, self-ignition, etc. Though the basic Oriental bike insurance plan provides enough coverage, the same can be enhanced by opting for riders on the payment of extra premiums.

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Oriental Bike Insurance Policy - Key Features

Categories Key Features
Two-Wheeler Network Garages 3100+
Claim Settlement Ratio (CSR) 94.0%
Personal Accident (PA) Cover Up to ₹ 15 Lakh
Customer Support Available 24x7

*Disclaimer: The information provided above is for informational purposes only. For exact details, please refer to the Oriental bike insurance policy documents.

Why Choose Oriental Bike Insurance Policy?

Listed below are some of the top reasons to invest in an Oriental two-wheeler insurance policy:

  • Offers a convenient way to buy or renew your bike insurance policy online.
  • Roadside assistance cover is included in the base policy to assist when your insured bike is stuck anywhere during the journey.
  • A dedicated customer support team is available 24/7 to address your questions or concerns.
  • Allows you to customise your bike insurance online with a range of add-ons like NCB protection, pillion rider cover, or engine protection.
  • You can save on renewal premiums with the No Claim Bonus by maintaining a claim-free record.
  • Allows easy access to cashless repairs at more than 3100 network garages across India.
  • Get your bike insurance claims settled quickly.

Types of Oriental Bike Insurance Policy

Oriental Insurance Company Ltd. is a well-established general insurance company in India. Initially, it was a part of The Oriental Government Security Life Assurance Company Ltd and over time, it also became associated with the Life Insurance Corporation of India. Eventually, all company shares were transferred to the Central Government, making it a government-owned company.

The insurer provides different types of bike insurance policies that are included below:

  1. Stand-alone Own Damage Cover - Motorised Two-Wheeler

    This policy provides financial coverage against losses or damages caused to the vehicle insured. It is generally called an own-damage bike insurance policy and is available only if you already have a valid third-party liability insurance policy for your two-wheeler.

  2. Two Wheeler Package Policy

    The two-wheeler package policy is designed for new two-wheelers and combines two types of coverage: one-year protection for damages to your own vehicle and five-year coverage for any harm or damage caused to a third party. Moreover, this policy also includes personal accident cover for the owner-driver.

  3. Two Wheeler Policy – Bundled

    It is a comprehensive bike insurance that covers a wide range of situations. It includes protection against loss or damage to your own vehicle, liability coverage for third-party damages, and personal accident cover for the owner-driver. However, the duration of this policy differs from that of the package policy.

Oriental Bike Insurance Policy Coverage

  • Inclusions
  • Exclusions

Check out the inclusions of the Oriental bike insurance policy:

  • ✅Damage or loss arising due to self-ignition, fire explosion, or lighting.
  • ✅Provides protection against man-made disasters like terrorism, riots, strikes, etc.
  • ✅Covers damage or loss to the insured two-wheeler from natural calamities like floods, earthquakes, hurricanes, etc.
  • ✅Damage or loss caused by housebreaking, burglary, or theft.
  • ✅Provides financial compensation in case of accidental damage.
  • ✅Damage or loss caused to the insured vehicle during transit by air, waterway, rail, road or elevator.

Oriental bike insurance policy does not cover the following:

  • ❌Depreciation and normal wear and tear of the bike over time.
  • ❌Mechanical failures or breakdowns of the vehicle.
  • ❌Accidents that occur while the driver is under the influence of drugs or alcohol.
  • ❌Damages if the driver does not hold a Driving License (DL) at the time of the incident.
  • ❌Indirect or consequential losses related to the bike.
  • ❌Damage to tyres and tubes, unless it occurs along with damage to the bike.

*Disclaimer: The above-mentioned inclusions and exclusions are for reference purposes only. To know more, please read the policy document.

Depreciation Rates for Different Parts of a Bike

The depreciation rates applicable to different parts of the two-wheeler are as follows:

  • Rubber, Plastic or Nylon Parts (e.g., tubes, airbags, batteries): 50% depreciation
  • Paint Materials: 50% depreciation
  • Glass Parts: No depreciation
  • Fiberglass Parts: 30% depreciation
  • Other Parts, including wooden components: Depreciation rates as mentioned in the policy document.

Depreciation Based on the Age of the Bike

The table below highlights the rate of depreciation on the basis of the bike age:

Age of Two-Wheeler Depreciation Rate (%)
Less than 6 months 0%
More than 6 months but less than 1 year 5%
More than 1 year but less than 2 years 10%
More than 2 years but less than 3 years 15%
More than 3 years but less than 4 years 25%
More than 4 years but less than 5 years 35%
More than 5 years but less than 10 years 40%
More than 10 years 50%

*Disclaimer: The rates of depreciation above are only for informational purposes. Kindly check the policy papers for exact details.

Personal Accident (PA) Coverage for Bike Owners

With Oriental bike insurance, the owner or driver of the vehicle is protected with a personal accident cover of up to ₹15 lakh. The benefit is paid if an accident results in permanent total disability or death. Notably, the payout amount varies according to the extent of the injury, based on a predefined scale included below:

Type of Injury Compensation Percentage
Loss of one limb or vision of one eye 50%
Death 100%
Loss of two limbs or sight of two eyes or loss of one limb & sight of one eye 100%
Permanent total disability from injuries other than above 100%

Important Points to Consider Under Personal Accident (PA) Cover

The personal accident compensation offered by the Oriental Insurance Company Limited does not exceed ₹15 lakh for any policy period and will be paid only for one out of four conditions added in the table above. Additionally, no compensation will be paid if the injury or death arises due to suicide, pre-existing physical problem, self-harm or accident caused when the driver is under the influence of intoxicated substances like liquor or drugs.

How to Buy/Renew Oriental Bike Insurance?

Here's a step-by-step guide on how to buy or renew an Oriental bike insurance policy through Policybazaar.com:

  • Step 1: Open the official website of Policybazaar Insurance Brokers Private Limited, click on the 'Insurance Products' menu, and choose 'Bike Insurance'.
  • Step 2: In the required field, type in your bike's registration number and hit the 'View prices' button. If the registration number is not available, click on 'Bought a New Bike'.
  • Step 3: Proceed further by selecting the correct bike details and clicking the 'View Plans' button.
  • Step 4: Browse the recommended plans and pick any Oriental bike insurance policies.
  • Step 5: Decide whether you wish to purchase a third-party or comprehensive policy.
  • Step 6: Consider adding bike insurance add-ons to your base policy to enhance the scope of coverage.
  • Step 7: Choose the preferred mode of payment and pay the premium amount. After successful payment, the two-wheeler insurance policy document will be sent to your email ID.

How to File an Oriental Bike Insurance Claim?

Different Oriental bike insurance claims can be raised by following the steps below:

  1. For Theft Claim

    Take a look at the steps to raise a theft claim:

    • Step 1: Report the theft at the nearby police station and take an FIR report.
    • Step 2: Send a copy of the FIR report to your insurer.
    • Step 3: An insurance company-appointed surveyor will inspect the case.
    • Step 4: Notify the Regional Transport Office of the theft case.
    • Step 5: Proceed further by submitting the required documents supporting the claim.
    • Step 6: To finalise the claim, obtain an 'untraceable report' from the police in case your bike is not traced within one month.
  2. For Accident Claim

    The steps to raise an accident claim are as follows:

    • Step 1: Share the accident details with your insurance provider and fill out the claim form available on the insurer's website.
    • Step 2: A surveyor will analyse the loss or damage to the insured vehicle by visiting the accident site.
    • Step 3: Gather and submit the required documents.
    • Step 4: If you get your bike repaired in a network garage, the insurance company will settle the repair bills directly. Alternatively, if you send the bike for repairs to any nearby garage, pay the repair cost upfront and then raise a reimbursement request with your insurance provider.
  3. For Third-Party Claim

    Check out the steps to raise a third-party bike insurance claim:

    • Step 1: Inform the insurance company about the accident.
    • Step 2: Next, submit court summons to the insurance provider.
    • Step 3: Submit the duly filled and signed claim form to the insurer.
    • Step 4: Submit the supporting documents.
    • Step 5: After analysing the case, the Tribunal Court will make a decision.

Documents Required for Raising Oriental Bike Insurance Claims

Here's a listicle of documents required for raising different types of Oriental bike insurance claims:

  1. For Theft Claims

    For claims involving theft, you will need the below-mentioned documents:

    • Accurately filled and signed claim form
    • Copy of the bike's Registration Certificate and all original keys
    • Active bike insurance policy
    • FIR related to the theft
    • Driving Licence (DL)
    • 'No-Trace Report' from the police, stating the bike cannot be found
  2. For Accident Claims

    In case of accidental claim, you will need the following documents:

    • Filled and signed claim form
    • Repair invoice and payment receipt (if repaired at a cashless network garage, only the invoice is required)
    • Driving Licence (DL) of the person riding the bike at the time of accident
    • Motor Collision Report (MCR) or FIR
    • Original vehicle RC (Registration Certificate)
    • Two-wheeler insurance policy
  3. For Third-Party Claims

    For claims related to third-party, you will need to furnish the following documents:

    • Signed claim form
    • Police FIR
    • Copy of the bike's RC (Registration Certificate)
    • Original Driving Licence (DL)
    • Company stamp (if the bike is registered under a company name)
    • Current two-wheeler insurance policy document

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Oriental Two-Wheeler Insurance - FAQs

  • Q1. What is the claim settlement ratio for Oriental bike insurance?

    Ans: The claim settlement ratio of Oriental bike insurance is 94.0%.
  • Q2. Is Oriental Insurance a government company?

    Ans: Yes, the Oriental Insurance Company Ltd. is a public sector insurance company. It is owned by the Government of India and operates under the administration of the Ministry of Finance.
  • Q3. How can I file a claim for Oriental bike insurance?

    Ans: You can file a claim for Oriental bike insurance by calling the customer support team of Policybazaar.com at 1800-258-5881.
  • Q4. How long does it take for Oriental Insurance to settle a bike claim?

    Ans: The Oriental Insurance Company Ltd. aims to settle bike insurance claims as soon as possible. The exact time can vary depending on the complexity of the case and the completeness of the documents provided.
  • Q5. How do I download my Oriental bike insurance policy?

    Ans: You can download your Oriental bike insurance policy either by visiting the official website of the Oriental Insurance Company Ltd. or by logging into your Policybazaar.com account.

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Oriental Bike Insurance Reviews & Ratings

4.8 / 5 (Based on 46 Reviews)
(Showing Newest 10 reviews)
Ish
Howrah, October 09, 2021
No claim bonus
Last week I renewed my Oriental two wheeler insurance policy which i took from Policybazaar and I am happy as I have got a slight discount on the premium rate. i have got no claim bonus for not raising claim request during the policy term.
Aryan
Srinagar, October 09, 2021
Faster claim settlement
I had an accident last month thankfully I had taken the two wheeler insurance from Policybazaar. i applied for the claim settlement and i got cashless repairing as well as cashless treatment of myself. i did not have to pay any charges whether it is repair expenses or medical expenses.
Aryan
Aurangabad, October 09, 2021
Best service
I have taken oriental two wheeler insurance after comparing the benefits on the website of Policybazaar. i had few questions regarding payment processing and I got satisfactory answers to all my questions. i would like to buy more plans from here.
Bhavana
Dhanbad, October 09, 2021
Impressive service
When I was taking oriental two wheeler insurance from policybazaar, I was facing some problem in document process. Policybazaar solved my problem within a minute and I bought my plan very easily. i am really impressed with the service provided by the Policybazaar.
Divjot
Navi Mumbai, October 09, 2021
Road side assistance
Last week i got road side assistance as my bike broke down in the middle of the road. it was twelve at night when i contacted the Policybazaar for assistance. my reliance general two wheeler insurance policy provided me help at midnight.
Divyansh
Allahabad, October 09, 2021
Round the clock assistance
I have got all the facilities from Policybazaar that were promised. I had taken Oriental Two Wheeler Insurance in which the company assured me of round the clock assistance in any difficult situation. a week ago my bike got damaged on the road. I contacted Policybazaar and they provided assistance to me at midnight.
Dhruvi
Amritsar, October 09, 2021
Great customer service
Whenever I needed help from Policybazaar, they were always available for me. I am glad that I have taken oriental two wheeler insurance from Policybazaar as their customer service is very good They will be available to their customer if customer contact them at midnight.
Siddhant
Rajkot, August 18, 2021
Fair rate
i had taken Oriental two wheeler policy from policy bazaar website. i got it at a fair price. i am happy with coverage given under the policy recently i contacted policy bazaar for renewal and that was my first experience of renewal.i would say i had a great and hassle free experience with policy bazaar.
Ashok
Hamirpur, June 04, 2021
Easy to buy
It is very easy to buy Oriental two wheeler insurance online. Since I purchased it through policybazaar, I also got extra discounts. It is a good deal.
Paritosh
Patana, June 04, 2021
Additional benefits
My Oriental two wheeler insurance plan is really good and I found it comprehensive. I have taken some additional benefits to protect me and my bike better. Policybazaar helped me through all of it very smoothly.

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis