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.
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:
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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.
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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.
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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:
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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.
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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.
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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:
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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
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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
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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
Oriental Two-Wheeler Insurance - FAQs
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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.
^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