Kotak Bike Insurance FAQs
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Which city is your Two wheeler registered in?
When did you buy your Two wheeler?
Why do I need to have two-wheeler insurance?
As per the Indian Motor Tariff, it is mandatory for all two-wheeler owners to have at least a third party insurance for their vehicle. Though comprehensive insurance is not mandatory, it is recommended to purchase one as it provides extensive coverage - coverage for own-damages sustained by insured’s two-wheeler in addition to incurred third party liabilities.
What is the tenure of Kotak Mahindra two-wheeler insurance policy?
One can opt for short term insurance of 1 year or a long term of 3 or 5 years. However, as per the regulations of IRDA, a new two-wheeler owner is compulsorily required to have third party insurance for 5 years. One can purchase comprehensive insurance for a tenure of 1 year, 3 year or 5 years as per his/her requirements.
What are the benefits of Kotak Mahindra two-wheeler insurance policy?
Kotak Mahindra two-wheeler insurance provides a quick and hassle-free claim settlement with their prompt customer assistance. As Kotak Mahindra has a well developed digital infrastructure, one can opt for paperless renewal without stepping out of their house.
What is the coverage amount for the third party under Kotak Mahindra two-wheeler insurance policy?
Kotak Mahindra third party two-wheeler insurance policy provides compensation up to Rs. 7.5 lakh for property damage. In case of death or bodily injuries of a third party, the amount of compensation is decided by a court of law.
What is IDV? How to calculate it?
The Insured Declared Value (IDV) refers to the maximum amount one can claim from the insurer in case of theft or total loss of the two-wheeler. This amount is calculated after the calculation of the depreciation of the vehicle. However, IDV is calculated separately if any modification of the vehicle is done.
IDV is calculated using the following formula:
IDV = (Manufacturer’s listing price - Depreciation) + (Accessories or extra fittings if any - Depreciation)
What documents are required for buying the Kotak third party insurance policy?
The following documents are required for buying the Kotak third party insurance policy:
- Photo ID proof and address proof (Aadhar card, Voter Id, PAN Card or Passport)
- Copy of valid driving license
- Registration number of bike
- RC certificate.
How can I purchase the Kotak third party bike insurance policy?
You can purchase the Kotak third party bike insurance in the following ways:
- Visit the branch
- Go to the official website
- Dial toll-free number 1800-266-4545
- Download the Kotak General Insurance app.
How can I contact the insurer for any queries about my policy?
You can dial the toll-free number 1800-266-4545 for any queries or you can email the company your queries. The mail id is email@example.com.
What should I do if I lose my policy documents?
If you lose your Kotak third party insurance policy documents, register an F.I.R at the nearest police station. Next, submit a written request along with the copy of the F.I.R to the insurer. The insurer will provide you with a duplicate copy after verifying the documents.
How can I get the quote for Kotak third party bike insurance policy?
You can easily get the quote for Kotak third party bike insurance on the official website. You have to click on the “Get a quote” option on the website and fill up the information about your bike.
What are deductibles?
Deductibles are the amount that the policyholder had agreed to pay at the time of claim settlement. Deductibles are deducted from the claim amount at the time of claim settlement.
What are the add-on covers offered under Kotak comprehensive bike insurance policy?
The following add-on covers are offered under Kotak comprehensive bike insurance policy:
- Roadside Assistance
- Consumables cover
- Zero Depreciation cover
- Engine Protect
- NCB Protector.
What are the documents required to purchase Kotak comprehensive bike insurance policy?
The following documents are required to purchase a Kotak comprehensive bike insurance policy:
- 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.
How can I purchase a Kotak comprehensive bike insurance policy?
You can purchase Kotak comprehensive bike insurance policy in the following ways:
- Through its official website
- By calling on its toll-free number 1800-266-4545
- By visiting the nearest branch.
What are the available tenure options for Kotak comprehensive bike insurance plan?
You can choose a tenure of 1, 2 or 3 years for Kotak comprehensive bike insurance plan as per your preference.
Who are best suitable for the Zero Depreciation cover?
The Zero Depreciation cover is recommended for anyone who wants to avoid the depreciation charge as well as the repair and replacement cost. However, it is best suited for the following people:
- New bike owners
- New or inexperienced drivers
- Luxury bike owners
- Owners/drivers living in the accident-prone zone.
What are the advantages of Kotak Zero Depreciation cover?
The Kotak Zero Depreciation cover provides the following advantages to its policyholders:
- Save significant cost on the repairs and maintenance of the depreciated parts of the insured’s bike.
- Ensures full IDV amount as the claim amount.
- Provides free of cost replacement of depreciated bike parts.
Do I have to pay extra for adding the Zero Depreciation to my policy?
Yes, opting for Zero Depreciation cover leads to a slight increase in the premium amount. The rate of increase in premium is based on the model and condition of the bike.
How can I add the Zero Depreciation cover to my insurance policy?
You can add the Zero Depreciation cover to your policy by visiting the official website of Kotak bike insurance or you can dial their toll-free number 1800 266 4545. You can add the Zero Depreciation cover to your comprehensive bike insurance policy at the time of purchase, at the time of the renewal or in the middle of the tenure.
Do I need to renew the Zero Depreciation cover every time I renew my Kotak comprehensive bike insurance policy?
Yes, you need to renew the Zero Depreciation cover every time you renew your Kotak comprehensive bike insurance policy provided it satisfies the conditions of Zero Depreciation cover at the time of renewal.
What is Claim Settlement Ratio?
Claim Settlement Ratio refers to the ratio of the number of claims settled by the insurer against the number of claims received. It reflects the effectiveness of the insurance company to settle claims efficiently.
What coverage amount would I get in case of theft?
The insurer provides the calculated Insured Declared Value (IDV) of the bike deducting the depreciation and deductible in case of theft of the insured’s bike.
Can I register a claim in case of the total loss of the insured’s bike?
No, you cannot register a claim in case of a total loss of the insured’s bike. Kotak bike insurance does not provide coverage for the total loss of the insured’s bike.
Can I register a claim in case of consequential damage under Kotak bike insurance policy?
No, you cannot register a claim under Kotak Insurance for consequential loss or damage of the insured’s bike as it is not covered under this policy.
How should I contact Kotak Insurance in case of roadside emergency?
You can contact Kotak Insurance for a roadside emergency by dialling their helpline number which is 1800-266-4545.
When do I need to renew my Kotak bike insurance policy?
You can initiate the renewal of Kotak bike insurance when you are nearing the expiry date of the existing policy. It is recommended to renew the policy before the expiry date as a penalty will be charged if caught without a valid policy. You can also get your policy renewed within 90 days of its lapse but in such cases an inspection is required.
Can I transfer the No Claim Bonus of the previous insurer to Kotak at the time of renewal?
Yes, you can transfer the No Claim Bonus of the previous insurer while renewing Kotak bike insurance.
How do I change the personal details at the time of renewal?
You can provide your updated personal details to the insurer while renewing your Kotak bike insurance policy.
Can I include the consumable cover to my policy while renewing it?
Yes, you can opt for the consumable cover to the renewed Kotak bike insurance policy with a slight increase in premium.
From where can I get more information about Kotak bike insurance policy?
You can get more information about Kotak bike insurance policy by the following means.
- Through its official website
- By calling on its toll-free number 1800 266 4545
- By visiting the nearest branch.
What factors determine the premium of a bike insurance policy?
There are various factors that affect the premium of a bike insurance policy such as Engine’s Cubic Capacity, Insured Declared Value (IDV), No Claim Bonus (NCB), Anti-Theft Devices, the City of Registration, Number of Add-Ons, Age of the Owner, and so on.
Can I use the premium calculator to calculate the premium for my old bike?
Yes, the premium calculator will assist you in finding the premium offered by different insurance providers for new as well as old or used bikes.
Where can I find the bike insurance premium calculator?
You can find the best bike insurance premium calculator to compute the premium and IDV at the official website of InsuranceDekho, i.e., www.insurancedekho.com.
Why should I use a bike insurance premium calculator?
The bike insurance premium calculator will help you find the accurate premium for your bike insurance policy, get the correct IDV of your bike, and pick an affordable bike insurance plan with right decisions about the bike insurance plan.
What details should I enter in the bike insurance premium calculator?
You will be required to enter details like make of the bike, model of the bike, RTO location of the bike, registration year of the bike, etc., to find the right premium offered by the insurers for a bike insurance plan.
With which bike insurance policy can I buy an add-on cover?
You can purchase the bike insurance add-on cover with own-damage bike insurance or comprehensive bike insurance. You can not buy add-on covers with a third party bike insurance plan.
Is it compulsory to own a two-wheeler insurance add-on cover?
No, the add-on covers are optional covers that are not mandatory to be owned by every policyholder. Since it expands the bike insurance policy coverage, so you should opt for it as per your requirement and budget. Therefore, it is completely up to policyholders to purchase it or not.
Can I add more than one add-on cover to my bike insurance at a time?
Yes, you can opt for more than one bike insurance add-on cover. In fact, you can add as many add-ons as you want to your two-wheeler plan at a time. No limitation is attached to the addition of add-on covers to policy and you can opt for them as per your requirements and budget.
Will I have to pay an additional premium to avail of add-on cover?
Yes, you will have to pay for an additional premium amount to include add-on covers to your bike insurance plan along with your standard bike insurance policy premium.
When can I buy Kotak bike insurance add-on covers?
You can purchase the Kotak bike insurance add-on covers during the time of policy purchase or during the renewal process. It can not be included to dropped in between the policy year, therefore, you should pick an add-on cover strictly in accordance with your requirements.
Explore Kotak Bike Insurance
Must Read Articles before buying Kotak Bike Insurance
- Read this article to know about several advantages of applying for bike insurance with Kotak General Insurance.
- Read this article to know how to make a two-wheeler insurance claim at Kotak General Insurance.
- Read this article to know about Kotak’s third-party bike insurance policy in detail.
- Read this article to take note of the benefits of purchasing a long-term bike insurance from Kotak Mahindra General Insurance.
- Read this article to understand how you can renew your bike insurance policy online with Kotak Mahindra General Insurance.
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