Oriental Two Wheeler Insurance

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Oriental Two wheeler Insurance 

Two wheelers now a day are integral part of daily life for most of the Indian families. May it be for commuting or for some leisure, Two wheelers have fulfilled the yearning of having an own means of transport in an economical way. However any mishap or inopportune event can be an outlandish feeling, both in terms of emotion and finance. It is then when two wheeler insurance plans are really ready to lend a hand to the owners of two wheelers.

Oriental Insurance in line with its various protection plan, offers Motor Package Insurance Plans for two wheeler.

The Key Features of the Oriental Two Wheeler Insurance Plan

  • The proficiency of Oriental Insurance in customized protection plans for every need.
  • The Coverage period is for one year; however shorter duration covers are also available under the plans.
  • Online Portal for host of services such as Online Purchase of various plans, Renewal of plans, Migration for 2 wheeler insurance plans.
  • Free Benefit of Emergency Service through TVS without any extra premium.
  • NIL Depreciation Cover in the plan is available on additional premium to cover the full value of parts in claim of Partial Damages to the Vehicle
  • Protection cover for any loss to personal belongings on payment of additional premium of amount Rs. 400 or Rs. 650/- , all included under the plan.
  • The insured decelerated value (IDV), shall be projected as the Sum Insured for the vehicle.
  • Insurance Cover for Any legal obligation to a third party in the event of any Injury/Death and/or Property Damage to a third party caused due to insured vehicle causes,
  • The Insurance amount shall be the Insured Declared value of the Vehicle (IDV). For such vehicle which is less than five years old the Insured Declared value is the Manufacturers listed selling Price adjusted for Deprecation based on age of Vehicle. For vehicles beyond five years of age and obsolete vehicles, the IDV is mutually agreed value and quoted in the plan offer.
  • Oriental insurance offer an assortment of discounts to its customer on the premium towards the two wheeler insurance plan. The discounts are offered basis
  1. Voluntary Deductible  under one or multiple plans
  2. Discount for anti theft Device 
  3. If no claim is preferred in the expiring Plan, a Bonus or Discount named NO CLAIM BONUS is given on the Premium of the new Plan.
  4. Automobile Association discount is also available under two wheeler plan.

Scope of Benefit under the Oriental 2 Wheeler Insurance Plan

  • In the event of any loss or damage caused to the vehicle due to the natural calamities such as  Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide are included in the plan
  • Any loss of damage done due to manmade calamities or any consequential event  such as Burglary, theft, riot, strike, malicious act, accident by external means, any damage in transit by road, rail, inland waterway, lift, elevator or air are duly covered in the plan as well.
  • Post Authorization only towards the repairing of the damaged two wheeler, the insurer shall  do the needful and cover the expense subject to conditions as mentioned below
    • The estimated cost of such repair does not exceed Rs. 150/-
    • The Insurer should  immediately submit a detailed estimate of the cost along with plan documents
    • The Insured shall give the Company every assistance to see that such repair is necessary and the charge reasonable , all in good faith and agreed as per the coverage mentioned in the plan .
  • Other Important extension covers are also available basis additional premium amount paid as per plan.
  • Loss/damage to electrical/non-electrical accessories.
  • Subject to a deduction for depreciation the expenses towards replacement of part due to accident are paid as well. 50% of net expenses for all rubber nylon plastic parts ,tyres and Battery, however nil expense shall be paid for all parts made of glass.
  • In the event of the motor cycle being disabled by reason of loss or damage covered under this  plan ,Oriental insurance under its two wheeler plan shall bear the reasonable cost of protection and removal to the nearest repairers and redelivery to the insured but not exceeding in all Rs.300/- in respect of any one accident.

Expense towards the replacement of parts in the plan is subject to deduction of depreciation value which is calculated as below.

Nature of Expenses

% of Depreciation

For all rubber/nylon/plastic parts, tyres, tubes, batteries and air bags

50%

For fiber glass components

30%

For all parts made of glass

Nil

 

Rate of depreciation for all other parts including wooden parts will be considered under the plan as per the following schedule

Age of Vehicle

% of Depreciation

Not exceeding 6 months from commencement of the plan

Nil

Exceeding 6 months post commencement of the plan but not exceeding 1 year

5%

Exceeding 1 year post commencement of the plan but not exceeding 2 years

10%

Exceeding 2 years post commencement of the plan but not exceeding 3 year

15%

Exceeding 3 years post commencement of the plan but not exceeding 4 years

25%

Exceeding 4 years post commencement of the plan but not exceeding 5 years

35%

Exceeding 5 years post commencement of the plan but not exceeding 10 years

40%

Exceeding 10 years post commencement of the plan

50%

 

Oriental Personal Accident Cover for Owner/Driver

The oriental two wheeler insurance plan intends to provide accident coverage to the owner-driver of the vehicle in the events of death or body injury (as per the scale mentioned below) while travelling /mounting / dismounting the vehicle. Any such event if results in the below circumstances within 6 months of the incident happening, the scale of compensation paid in the plan shall be as mentioned in the table.

 

Sl no.

Nature Of Injury

Scale of Compensation

1

Death

100%

2

Loss of two Limbs or Sight of Two Eyes or loss of  One Limb & sight of One Eye

100%

3

Loss of One Limb or Sight of One Eye

50%

4

Permanent total disablement from injuries other than above

100%

 

Oriental Two Wheeler Insurance Premium Calculations

The premium for the oriental two wheeler insurance plan is derived through computation of technical  factors such as age and make and  the benefits availed in the plan. The factors determining the premium are:

  1. IDV of the vehicle
  2. Cubic Capacity of the vehicle
  3. Zone of Registration
  4. Age of Vehicle

 Additional Premium for :

  1. Electrical & electronic items
  2. CNG/LPG FUEL
  3. Add on Covers

Exclusions in Oriental Two Wheeler Insurance

The insurer shall not reimburse the expense incurred in below mentioned events.

  • In the event of any loss or damage or liability which has happened beyond the geographic area as  defined in the plan coverage  documents
  • For cases where the loss or damage is due to any kind of contractual agreement.
  • For any claim which has aroused due to the usage of vehicle other than agreed or defined.
  • For any loss or damage in case the vehicle is being driven by any third person other than a Driver as stated in the Driver’s clause.
  • In the event of accident caused under the influence of intoxicating liquor/drugs.
  • Vehicle being driven without a valid license.
  • In the event of any War and nuclear perils.
  • No separate claim shall be reimbursed for any Damage to tyres/tubes unless insured vehicle is also damaged in the same incident. The maximum reimbursement could be up to 50% of replacement cost will be paid.
  • No compensation be payable in respect of death or bodily injury directly or indirectly wholly or in part arising or resulting from or traceable to (1) intentional self injury, suicide or attempted suicide or (2) an accident happening whilst such person is under the influence of intoxicating liquor or drugs,
  • Any liability caused by or due to consequential event due to ionising, radiation or contamination by radioactivity from any nuclear fuel or from, any nuclear waste from the combustion of nuclear fuel. For the Purposes of this exception combustion shall include any self-sustaining process.
  • Any expense or liability which has happened due to either direct impact or consequential event of any war invasion, the act of foreign enemies, hostilities, or War like operations (whether before or after declaration of war) Civil War, Mutiny, Rebellion, Military, or usurped power.
  • In the event wherein the insured is unable to establish with proof , that the loss or liability raised for claim is independent any of the above mentioned situation of any consequential event of such as situation .
  • Mechanical or electrical breakdown, depreciation, wear and tear.

Important terms and conditions

  • For the personal accident cover, the compensation shall be payable for one event (I.e.  Death or body injury as mentioned in the table) to the owner-driver for one such incidence only during one term of insurance and to the maximum quantum of Rs 1 Lakh.
  • No compensation or claim shall be accepted for any death or body injury arising out of event which is a direct result or consequential event of usage of liquor or drug or any other narcotic substance or an act of self sustained injury or suicide attempt.
  • The Insurance cover is subject to below mentioned conditions
    • The driver-owner should be the registered owner of the insured vehicle.
    • The owner –driver is the insured named in the plan.
    • The driver-owner should a valid driving license as the law of land.            
  • All compensation shall be payable only with the approval of the insured and directly to the injured driver or to his/her legal representatives whose receipt shall be a full and final discharge in respect of the injury to such person.
  • No compensation under this endorsement shall be payable if the driver involved in the accident is otherwise entitled to compensation under Workman’s Compensation Act 1923.
  • The cover for third party legal liability is subject to conditions including the death of or bodily injury to any person including person conveyed in or on the motor cycle
    • Such person is not carried for hire or reward,
    • Damage to property other than property belonging to the insured or held in trust by or in the custody or control of the insured or any member of the insured’s household or being conveyed by the motor cycle.
  • PROVIDED ALWAYS that the company shall not be liable in respect of death injury or damage caused or arising beyond the limits of any carriage way or thoroughfare in connection with the bringing of the load to the Motor Cycle for loading thereon or the taking away of the load, from the motor cycle after unloading there from.
  • The Company will pay all costs and expenses incurred with its written consent.
  • In terms and subject to the limitations of the indemnity which is granted by this Section to the Insured the Company will indemnify any Driver who is driving the Motor Cycle on the Insured’s order or with his permission provided that such Driver shall as though he were the Insured observe, fulfill and be subject to the terms, exceptions conditions and limitations of this plan in so far as they can apply.
  • The Company may at its own option (A) arrange for representation at any Inquest or Fatal Inquiry in respect of any death which may be the subject of indemnity under this Section and (B) may undertake the defense of proceedings in any Court of Law in respect of any act or alleged offence causing or relating to any event which may be the subject of indemnity under this Section.
  • In the event of any person entitled to indemnity under this Plan the company will, in respect of the liability incurred by such person indemnify his personal representatives in the terms of and subject to the limitations of this Plan provided that such personal representatives shall as though they were the insured observe, fulfill and be subject to the terms, exceptions and conditions of this Plan in so far as they can apply.

How to enroll into Oriental Insurance Two Wheeler Plans

  • Online
    • Customer has to logon to www[dot]orientalinsurance[dot]org[dot]in
    • Select Buy Online from the top tab bar menu
    • Select the sub option as Buy new
    • A New pop up window shall give multiple insurance plans
    • Select Vehicle plan and fill up the vehicles details
  • Request Callback– Click the option – “HAVE US CALL YOU”
    • Fill up the required details and the concerned team shall get in touch
  • Visit nearest Branch

Other Online services

Online Premium Payment- Oriental Insurance offers the option to pay the premium of their two wheeler insurance plan premium online in a hassle free way.  For payment of the premium, customers have to register first      

Apart from this, customer may use online platform for other services such as

    • Renewal of Plan
    • Renewal of non Oriental  insurance plan
    • Buy new Plans.
    • Online Premium Calculator                     

You can also check insurance for the following bike models:

Oriental Two Wheeler Insurance- FAQs

1. How to pay a premium? What are the modes of payment available?

The Oriental Insurance Company offers 2 modes of premium payment namely:

  • Cash payment at the branch
  • Online Payment

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Oriental two wheeler insurance?

You can go to the website to check your policy details if registered.

3. What is the policy renewal process for Oriental two wheeler insurance?

You can go for the online renewal on the website of the company. Login with the policy details, select payment mode and finally print/save receipt.

4. What is the company’s process to settle claim for Oriental two wheeler insurance?

To settle the claim you can intimate the company by filling a form online.
For further assistance you can visit your nearest branch

5. What is the policy cancellation process for Oriental two wheeler insurance?

You can submit the policy documents in your nearest branch. The refunds will be directly credited in your bank account, after deducting applicable cancellation charges.

You might be interested following insurance plans provided by Oriental Insurance Company:

 

Oriental Two Wheeler Insurance Reviews

TOTAL REVIEWS (1)
Bhavna
Ooty
May 13, 2016

Awesome

I buy oriental two wheeler insurance plan for my new bike. The policy coverage is high and the claims are good. The service is very good. Large number of garages and tow facilities are available for free. I like the plan.