Everyone knows the brand Kotak Mahindra, and it is no secret that it is one of the front-running and reliable names in India and abroad. So, undoubtedly, the same reputation carries forward to their insurance brand - Kotak General Insurance, a 100% subsidiary of Kotak Mahindra Bank Ltd., is regarded as one of the best general insurance companies in the country. Headquartered in the nation’s financial capital, Mumbai, the main objective of founding the company was to help people across the nation solve their issues related to non-life insurance products. The insurance provider has a finger on the consumer’s pulse and provides various non-life insurance products. Kotak bike insurance is one of the best products offered by the company.
So What Makes Kotak General Insurance a Good Choice?
- The company received IRDAI approval to start motor insurance in the year 2015.
- The Kotak General Insurance Company has always been enterprising in its approach and works relentlessly to live up to its customers’ expectations.
- Kotak General Insurance Company’s staff is accommodating, courteous and approachable.
- The Kotak Mahindra Group has been recognised and felicitated with multiple nationally and internationally awards.
- The company won the coveted trophy for Business Leader at the Lakshmipat Singhania IIM Lucknow National Leadership Awards 2017.
Kotak General Insurance Company Limited offers the following:
- Motor Insurance
- Health Insurance
- Group Health Insurance
- Home Insurance
Since we are discussing two-wheeler insurance plans, let’s get straight to the point.
Kotak General Insurance offers three kinds of two-wheeler vehicle insurance policies:
- Third Party Liability Insurance – It covers the policyholder for liability expenses that may occur in accidental damage, death or injury to a third party. The third party, in this case, could be either a person, vehicle or property. However, it doesn’t cover damages to the insured or their vehicle. Remember, it is a third-party cover. The compensation for death is not fixed, and the victim can get up to INR 7.5 lakh in compensation for property damage arising from the accident. If you are an owner of an old vehicle, then going for this insurance policy should suffice.
- Comprehensive Insurance – As the name suggests, it is an all-encompassing cover, including third-party liability and own damage. The policy provides extensive coverage, making it recommendable for those in possession of or planning to buy a new two wheeler. This insurance provides financial protection against damages to the insured vehicle in case of man-made and natural calamities or a collision. What’s more, if clubbed with add-on covers such as zero depreciation, no-claim bonus (NCB) protector, engine protector, and roadside assistance, ensures complete protection.
- Own Damage Policy (OD Only Policy)-With the help of this policy, the insured and his bike receive the protection against various mishaps such as accidents/damages or losses. This policy only covers policyholder and does not offer third-party liabilities cover. Moreover, the policy is valid for 1 year only.
Key Benefits of Kotak Mahindra General Two Wheeler Insurance Plans
- It offers you protection from third-party legal duties.
- In case of natural calamities such as earthquakes, floods, storms etc., the policy covers the damages.
- Similarly, the policy provides financial protection against man-made calamities such as accidents, theft, riots, and terrorist attacks.
- The policy is readily available online, so no paperwork or running around is required.
- The insurer can choose between third party liability insurance or comprehensive cover.
- You can choose from an array of add-on coverages.
- Kotak Mahindra has a vast network of 3000+ garages and workshops across the country for cashless claims.
- Suppose an accident leads to an injury, death or disability. In that case, the insurance plan covers the owner and the driver for up to INR 15 lakhs with personal accident coverage. This is in accordance with a recent change made by the Insurance Regulatory and Development Authority of India (IRDAI).
- If a vehicle’s accessory is lost while it was stolen.
- Over and above the basic coverage, the policy also offers up to 50% no- claim bonus (NCB) benefit.
- Cashless claims can be made from anywhere in India.
- The insured is liable for voluntary deductible discount on premium as based on the selected add-on cover.
Provision of Add-on Covers
- Consumables cover
- Zero depreciation cover
- Roadside assistance
- NCB protector
- Engine protector
Easy Process of Applying for Claims
Kotak Mahindra General Insurance has simplified the process extensively for the policyholders. We all know that applying for claims can be quite a task; hence, the company has seamlessly adopted cashless claims. One can choose cashless claims or reimbursement claims. The claims are applicable in the event of an accident or theft of the vehicle. In the case of cashless claims, the repair expenses can be availed free of cost as the insurer pays this directly to the garage. On the other hand, in reimbursement claims, you’d need to bear the repair expenses first and then file a claim to get compensated. The reimbursement claim, however, will make sense if you avail of the services from a non-network garage. After all, nobody can predict and pinpoint the exact location where an accident can occur. In such a scenario, finding a network garage won’t be feasible.
In both cases, you will have to notify the insurer at the earliest either by calling the helpdesk or registering a claim. Also do not forget to file an FIR, if the claim is being made against an accident or theft.
Simply put, when you shop for two-wheeler insurance policies, you better do all your homework. While comparing different policies, you can weigh in the features Kotak Mahindra General Insurance offers and determine if it meets all your requirements. Be sure to consider multiple aspects such as coverage, premiums, claim settlement percentages and last but not least, policy benefits.
Read more - How to Make a Kotak Two-wheeler Insurance Claim?