Top Reasons To Purchase Bike Insurance At Oriental Insurance

Today, bikes constitute an essential part of everyday life for the majority of Indian families. Whether for commute or pleasure, bikes have economically satisfied the need for one's own mode of mobility. However, any mistake or untimely occurrence may create an absurd sensation, both emotionally and financially. That is when two bike insurance policies really come to the rescue of two-wheeler owners.

Top Reasons To Purchase Bike Insurance At Oriental Insurance

Oriental Insurance's expertise in creating tailored protection solutions for any requirement. Benefits of buying bike insurance from Oriental Insurance -

• The coverage term is one year; however, plans with shorter durations are also available.

• Online portal providing a variety of services including the online purchase of different insurance plans, renewal of existing policies, and migration of existing two-wheeler insurance plans.

• For an extra premium, NIL Depreciation Coverage is offered in the plan to cover the entire value of components in the event of Partial Damage to the bike.

• Protection against loss of personal items upon payment of an extra premium of Rs. 400 or Rs. 650/-, both of which are included in the plan.

• The insured depreciated value (IDV) must be projected as the bike's Sum Insured.

• Insurance Protection for Any legal obligations to a third party in the case of an injury/death or property damage to a third party caused by an insured bike.

• The Insurance premium shall be equal to the bike's Insured Declared Value (IDV). For bikes less than five years old, the Insured Declared Value is the Manufacturer's Recommended Retail Price adjusted for depreciation depending on the bike's age. For cars older than five years and outdated bikes, the IDV is a mutually agreed-upon value that is specified in the plan offer.

• Contribution to a Voluntary Deductible under one or more plans

• If no claim is made under the expired Plan, a Bonus or Discount dubbed NO CLAIM BONUS is applied to the new Plan's premium.

• Bike Association members get a discount on the two-wheeler plan.

What Are The Features Of Oriental Bike Insurance? 

Features Of Bike Insurance -

• Any loss or damage caused by man-made catastrophes or subsequent events such as burglary, theft, riot, strike, malicious act, external means of accident, or damage while in transportation by road, rail, inland canal, lift, elevator, or air are also adequately covered by the plan.

• If the insurance obtains authorization solely for the purpose of repairing the damaged two-wheeler, the insurer must take the necessary action and pay the cost, according to the criteria set out below.

• The repair's anticipated cost does not exceed Rs. 150/-.

• The insurer should provide a comprehensive cost estimate together with the plan papers promptly.

• The Insured shall cooperate with the Company to ensure that such repair is required and the price is fair, all in good faith and in accordance with the plan's coverage provisions.

• Extra important extended coverage is also available upon payment of an additional premium as specified in the plan.

• Electrical/non-electrical accessories are lost or damaged.

• Expenses associated with the replacement of a component due to an accident are also covered, subject to depreciation deductions. 50% of net costs on all rubber, nylon, plastic, tyres, and batteries; however, no expense will be paid on any glass components.

• In the event that the bike is incapacitated as a result of a loss or damage covered under this plan, Oriental Insurance will pay the reasonable cost of protection, transportation to the closest repair shop, and redelivery to the insured, up to a maximum of Rs.300/- per accident.

Take Away

A bike insurance claim is the policyholder's right to reimbursement for expenses incurred due to an unfortunate event involving their insured bike. Following a traffic accident or other event involving their insured bike for which they have financial responsibility, policyholders may file a claim with their car's insurance company. Claiming with Liberty Car Insurance is a fast and straightforward process.

Also Read:

5 Bikes/Scooters expected to launch in 2021 in India

Is Two-Wheeler Insurance Compulsory For Electric Scooters? 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.