Kotak Mahindra General Insurance guards your bike against unforeseen incidents on the road. Whether for work, home, or leisure, you can have joyful and tension-free rides with its long-term policies.
Kotak Mahindra General Insurance provides a digital claim process and settles a large number of bike insurance claims. With around 1300 network garages, its bike insurance policyholders are assured of quality cashless repair services in case their vehicles are damaged.
Let’s look at the advantages of Kotak Mahindra’s long-term bike insurance policy.
Benefits of a Long-term Kotak Bike Insurance Policy
Kotak two-wheeler bike insurance comes with the following advantages:
- It can be availed online and in a hassle-free manner.
- It provides coverage against the legal obligations of any third party.
- The insured party can choose between third-party bike insurance and a comprehensive cover.
- You can get premium discounts at attractive rates.
- You can choose from a wide array of add-on covers.
- It offers instant two-wheeler insurance renewal.
- It offers round-the-clock claim assistance.
Types of Kotak Mahindra Long-term Bike Insurance
Kotak provides a long-term policy of 5 years. Here are its long-term policies:
Third-party Liability Insurance: Kotak third party bike insurance covers the insured against the third party's accidental death, injury or property damage with the insured two-wheeler. The third-party cover is enough for you if you possess an old vehicle.
Comprehensive Insurance: Kotak Comprehensive bike insurance is recommended for new vehicles. It provides coverage to the insured vehicle in case of any man-made or natural calamity and third-party claims. It works in the case of collisions too. You can integrate your policy with add-ons like NCB protector, zero depreciation, roadside assistance, etc.
What is Included in a Long-term Comprehensive Two-wheeler Insurance Policy of Kotak General Insurance?
|Theft||Depreciation, normal wear and tear, mechanical failure, or consequential loss|
|Fire explosion, self-ignition, or lightning damage||Damage inflicted to tires and tubes only, unless the bike is damaged at the same time too. The insurer is obligated to pay only up to a certain percentage.|
|Strikes and riots, terrorism, or any other malicious activities.||Any damage to the insured vehicle due to the consumption of alcohol, drugs, or any other intoxicated material by the driver of the vehicle.|
|Earthquakes||No coverage if the driver does not have a valid driving license upon an accident.|
|Flood, storm, typhoon, cyclone, and hurricane|
|Landslide or rockslide|
|Being in transit via roadways, waterways, railways, airways, and even elevators.|
IDV in bike insurance stands for the insured declared value of the two-wheeler. It generally gets reduced due to the age of the vehicle and on account of depreciation. When you raise a claim, the insurer only compensates up to the amount insured based on the IDV.
The insured will need to bear the extra amount (if any). However, if you avail of an add-on like zero depreciation, you can negate the effect of depreciation and get a higher bike insurance claim amount.
IDV is calculated based on the following formula:
IDV= (Manufacturer’s listing price- depreciation) + (Accessories or extra fittings- depreciation
Read more - Two Wheeler Insurance Premium Calculator
Calculation of Kotak Mahindra Two-wheeler Insurance Premium
The insurer considers the following factors while calculating your two-wheeler insurance premium:
- Make and Model: The premium varies based on the condition of the vehicle, type of engine, ex-showroom price, year of manufacturing, etc.
- Add-on Covers: Bike insurance add-on are optional and come with an additional premium.
- Type of Coverage: The type of coverage impacts the premium rate.
- Age, Gender, and Location of the Buyer: Young people and people from an area that is less prone to accidents can get a low premium.
Additional Benefits of Kotak Two-wheeler Long-term Insurance
Below are some benefits you can add to your Kotak two-wheeler insurance add on cover by paying an additional premium while buying or renewing.
- Engine Protection
- NCB Protection
- Consumables Cover
- Zero Depreciation Insurance
- Roadside Assistance
Besides providing various add-on covers, Kotak Mahindra General Insurance offers other benefits. It has everything from providing online assistance to offering zero depreciation insurance! The company has broadly two types of two-wheeler insurance policies - third-party liability insurance or comprehensive insurance.
These policies have certain inclusions and exclusions. Here, you can choose the best as per your needs!