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DHFL Bike/Two Wheeler Insurance
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DHFL General Insurance Limited Two-wheeler Insurance
The DHFL General Insurance Company started off to offer only Home Loans. However, now, it holds a huge stake in the insurance industry as well and offers a whole range of products in its bouquet ranging from Bike Insurance to Car Insurance, Life Insurance to Home Insurance and many others.
DHFL General Insurance Limited is registered with The Insurance Regulatory and Development Authority of India and is one of the insurance companies leading the way from the forefront to cater to the needs of every individual customer as per their insurance requirement. DHFL, among all the other Insurance companies, is the only one which is backed by Wadhawan Global Capital, headed by Mr. Kapil Wadhawan.
DHFL General Insurance Company has bagged innumerable awards for its excellence in service. DHFL had already issued more than 4.1 lakh policies at the end of the financial year 2019, has a high claim settlement rate of 75.66% in FY19 and has more than 1100 network garages under its cover. DHFL offers round the clock service to its customers through its 24/7 emergency assistance call. Headquartered at Mumbai, Maharashtra, now stands at one of the leading insurance brands for two-wheelers.
Types of DHFL Bike Insurance Plans:
1. COCORIDE Third- Party Liability Only Insurance Plan:
Cocoride Third Party Liability only Insurance Plan provides a cover for any expenses arising out of third party liability. In case the damage to the third-party bike, property or death of a third party is caused owing to an accident involving the insured bike, then the expenses to repair the damage of the bike or property or to compensate the third-party loss of life, the company provides a cover for the same. It is mandatory, by the Indian law, to buy a third party only insurance plan for every two wheeler.
The two types of DHFL third party liability only plans are:
- Third-Party Liability Only Plan for 1 year:
This is the plan offering coverage for only a period of 1 year for any Third-Party Liability.
- Long Term Liability Only Plan:
This is the plan covering Third Party Liability for a span of 5 years including third party property damage (of INR 1 Lakh) and third-party liability in terms of death or injuries of the body parts.
For bikes purchased after 1st September 2018, the Indian government has made it mandatory to purchase the Third-Party Liability Only cover for 5 years by all the bike owners.
The Compulsory Personal Accident (CPA) including cover for the owner-driver, comes for an excess amount of premium. A lump sum amount of INR 15 lakhs is provided as compensation to the owner rider or his beneficiary in such a situation wherein he receives any accidental injuries/death in which the insured vehicle is directly involved. This payment is given as per the following chart:
|Situational severity||Level of Compensation|
|Loss of sight of two eyes or two limbs or sight of one eye and one limb||100%|
|Loss of sight of one eye or one limb||50%|
|Permanent Full disablement from other injuries than named above||100%|
2. COCORIDE Two Wheeler Package Policy:
The two-wheeler Package policies of DHFL are all-encompassing in nature. In addition to the benefits provided for the third party liabilities, the package policies also provide protection against personal damage for the owner rider. The comprehensive package policy, as the name suggests extends the cover provided by the plan, manifold for the benefit of the customer. It also comes with an array of add on covers. However, an added amount of premium needs to be paid for each add on cover which is taken up with the basic policy. The customer stands to benefit from the add on covers even though he pays a higher premium as the cover protects against unforeseen instances which might prove to be far more expensive than the hiked premium.
DHFL offers two types of Comprehensive Bike Insurance. They are
- COCO Ride Two-Wheeler Package Policy — Navi General Insurance
Short term Comprehensive Two-Wheeler Insurance Plans:
This plan covers Third Party liability and your Own damage, for a period of 1 year only.
- COCO Ride Long Term Two-Wheeler Package Policy — Navi General Insurance
Long term Comprehensive Plan for 5 years:
This plan covers the Third-Party liability and your own damage for the total tenure of 5 years. This plan also provides protection for your bike against any damage or loss owing to any natural calamities like flood, earthquake, landslide and also, social perils like riots, strike, fire, terrorist activities, theft, etc. alongside the protection against damage of property, death, any permanent disability or bodily injuries of a third party.
3. COCO Ride Two-Wheeler Policy — Navi General Insurance — Bundled (1+5):
DHFL Bundled Cover Plan provides Third Party Liability Cover for 5 years and also against damages to your own bike for a period of 1 year only. This type of policy is available to new bikes.
4. COCO Ride Two-Wheeler Own Damage Policy — Navi General Insurance:
Standalone Own Damage Cover Plan, with effect from 1st September 2019, does not come as a bundled product with third-party liability only plans. A Standalone Own Damage Cover Plan is an option only for the bikes bought after 1st September 2018 who can buy it for the second year.
As it is compulsory for all bike owners to sign up for a 5-year third party liability only plan, the Standalone Own Damage Cover Plan can be taken up now as an optional and independent plan provided you have a valid third-party insurance plan.
Benefits of DHFL Bike Insurance
The DHFL Coco Ride two-wheeler policy issuance or renewal process is a completely paperless procedure. No paperwork is involved in buying or renewing the policy online. This makes the process extremely convenient for the buyer of the policy.
Extensive Range of Add on covers:
DHFL Coco Ride policies offer an extensive range of add-on covers, which allow the policy holders to customise the policy as per their requirements. There are more than twelve add on covers offered by DHFL Coco Ride Bike insurance policies which helps you to extend your bike insurance as you desire. Let us take a detailed look at the add on covers extended by DHFL bike Insurance:
- Zero Dep Cover:
This cover provides you with a relief of up to 50% of the depreciation value of any parts or paint of the bike in the event of any accidental damage to your bike. Thus it provides protection for you to make considerable savings in case your bike meets with accidental damage. It is up to you to make as many numbers of claims to avail this option.
- Consumable Expenses Cover:
This add on benefit provides coverage for any damages caused to all consumables like nuts, bolts, oils, etc. which are a part of the damage you report to the company.
- New Vehicle for Old Vehicle:
This add on benefit comes to your aid in case of total loss or theft of your two-wheeler. In case such a situation arises, this cover provides you with the difference amount between the IDV and the Invoice value of the new vehicle so that you do not face any monetary loss in replacing your bike of the same make and model.
- Engine Protector Cover:
This add on benefit covers the damage caused to the engine and Transmission parts due to leakage of oil, ingress of water or external impact on the two-wheeler. This provides protection against heavy monetary expenses that could be incurred in situations like flooding.
- Enhanced -Owner Personal Accident:
This add on benefit provides an Additional Personal Accident cover up to a limit of the sum insured, in case of partial/ permanent disability, death or loss of any body parts by the owner rider involving the insured bike.
- Enhanced Pillion Rider Personal Accident:
This add-on provides an Additional Personal Accident cover up to a limit of sum insured, to the pillion rider in case of partial/permanent disability, death or loss of any body parts by the pillion rider involving an accident of the insured bike.
- Accidental Hospitalisation:
This provides a cover for reimbursement of hospitalisation expenses incurred either by the owner or the pillion rider for treatment of any bodily injuries sustained owing to an accident involving the insured bike. This benefit is subject to a valid Own Damage Claim for the bike up to the limit of the sum insured.
- Hospi Cash:
The benefit of this add-on is applicable for a valid Own Damage Claim for the insured bike. In case the owner rider or the pillion rider needs to get hospitalised for the treatment of injuries sustained to any body parts for a minimum period of 3 days, a fixed amount on account of each day of hospitalisation per person, up to the seating capacity of the bike, is paid for a maximum period of 5 days.
- EMI Protector:
This benefit provides the facility of the one-time payment of the EMI if the insured is hospitalised for more than 7 days owing to sustained injuries involving the insured bike. The payment is made out as per the following eligibility criteria:
- 8th Day of Hospitalisation: 1st EMI
- Post 1 month of Hospitalisation: 2nd EMI
- Post 2 months of Hospitalisation: 3rd EMI
- Outstanding Loan Protector:
This benefit covers the payment of an outstanding loan of the insured bike, in case of an injury sustained by the rider involving the insured bike, within six months of the occurrence of the which, leads to the insured’s:
- loss of both limbs or both eyes or loss of one limb and one eye
- permanent total disability caused by injuries other than the ones named above
- Roadside Assistance:
This cover provides you with relief from your worries about the breakdown of your vehicle while riding. Roadside assistance team comes readily to your rescue in case you happen to face any such instance. The Roadside Assistance Programme aids you at the time of tyre puncture, fuel delivery, onsite minor repairs, medical coordination or towing the vehicle to the nearest workshop in case of breakdown.
- Simple and Fast Issuance of Policy:
Very simple online steps are to be followed in order to get the policy issued instantly. You have to visit the official website and fill up the details, pay the premium in order to get the policy issued instantly and the document sent on your registered mail id.
- Network of Cashless garages:
DHFL provides a large range of 1100+ network of cashless garages all over the country. This means that you have an option of repairing your own or third-party damaged bike without having to spend any money from your own pocket. These network garages provide the free repair and replacement service to the insured bike. You only have to inform the company to get the service as a cashless settlement from any of these network garages.
Effective and efficient Claim settlement process:
Coco Ride two-wheeler insurance Policies come with a very high reputation of fast, effective and efficient way of claim settlement. The customer is provided all kinds of assistance in order to get the claim settled at the earliest by an efficient team of customer service dedicated to do so.
- Affordable premiums for Coco Ride two-wheeler Insurance Policies:
Coco Ride two-wheeler insurance policies are available at a reasonable and affordable rate of premium as per the market standards. Although the add on covers come for an added premium, the extension of the cover is on the higher ratio to the extra premium that needs to be paid.
What is Covered by DHFL Bike Insurance Plans?
- Coverage for your own vehicle:
DHFL package plans cover the damages caused to third party vehicles and also the damages caused to your own bike. The Comprehensive Plan of DHFL covers the injuries sustained by the rider in a bike accident.
- Third Party Damages:
Any damage sustained by a third-party liability including loss of property or life is covered by the Third-Party Liability Only Policy of DHFL. This is the mandatory coverage of bike plans.
- Accidental Damage:
Damages like dents, broken parts, scratches, caused to the bike due to an accident are covered by the plans of DHFL. You have to take up an easy and effective way to claim for such damages from the company.
- Bike theft:
In India, 3/4ths of the total number of stolen vehicles are two-wheelers. DHFL bike insurance policies cover your losses incurred in case your bike is stolen so that you are able to replace your stolen bike with a new one.
- Coverage against any natural calamity or disaster:
Damages caused by natural disasters like floods, cyclones, earthquakes, landslides or any other natural calamity are covered by the bike insurance plans of DHFL.
- Social Peril coverage or Man-Made Disasters:
Any damages caused and the losses incurred for your bikes or scooters owing to disasters like strikes, riots, accidental fires are all covered under the bike insurance policies of DHFL.
- Optional coverage for Personal Accident:
As a result of a bike accident, if there happens to be a case of death or injury to the body parts of the rider or the pillion rider, the medical bills are covered by The Personal Accident Cover of DHFL Two-Wheeler Insurance plan.
What is not Covered Under DHFL Two-wheeler Insurance Plans?
DHFL Bike Insurance Plans does not include certain claims, which, if you do not remember at the time of placing your claims, then, your claim might get rejected by the company. Let us take a look at such two-wheeler exclusions:
- Regular depreciation and natural wear and tear:
The value of the bikes goes down with passing time owing to regular wear and tear of the vehicle. These losses are not covered by any scheme or plan of DHFL bike insurance. It is the responsibility of the owner biker to maintain the bike by getting regular servicing done on time for it to give smooth on-road experience and high mileage.
- Electrical or Mechanical Breakdown:
No mechanical or electrical breakdown of the bike is covered by any plan of the DHFL bike insurance policy. This is excluded from bike plans.
- Damage due to Drunk Driving:
DHFL Insurance Company does not support Drunken Driving. All claims, whether Third Party Liability or Personal injuries and damages, will be rejected by the DHFL Bike Insurance Company if it is proved that the biker was under the influence of alcohol or any other illegal drugs at the time of the accident or damage.
- Wilful Negligence damage:
Damages caused to the bike owing to wilful negligence of the bike owner, are not covered by the DHFL Bike Insurance policies.
- Damage during Inactive Period of Policy:
If the policy has lapsed or expired or, in case your policy is inactive, no claims for the damage of the vehicle during the period of inactivity of the policy, will be honoured by the DHFL Bike Insurance Company.
- Nuclear Damage or damage due to war:
Compensation will not be provided by the company for any damage to the vehicle or loss of life caused owing to the use of nuclear weapons. The claim will not be considered valid if the claim is even remotely related to any kind of war or hostilities arising out of such situations.
- Damage of the bike for driving without license or underage driving:
DHFL Bike Insurance plans do not entertain any claim for damage whether for the vehicle (own or third party) or personal damage or injuries, in case it is seen that the driver/rider of the vehicle is under the age of 18 years and/ or does not have a valid driving licence.
How to apply for the DHFL Bike Insurance Policy?
Step 1: Visit the official website of DHFL Bike Insurance and Fill the form
You need to visit the official website and pick your choice of plan. Fill up your details (name, address, contact information, etc) and necessary details of your bike (Make, model, registration number of your bike, etc.) in the form and submit.
Step 2: Copy of documents to be submitted online:
Once your form is filled with the necessary details, you need to submit the supporting documents like your KYC document, Id proof, etc
Step 3: Payment of Premium:
You have to ensure that the premium is paid online through any of the online modes available for payment. It could either be paid by the mode of debit/credit cards, net banking or other payment wallets.
Immediately after you make the online premium payment, the online policy document reaches your registered mail Id. No involvement of agencies is required, if the mentioned steps are followed by you, your policy will be issued directly, online.
How to Renew Your DHFL Bike Insurance Policy?
In order to renew your COCORIDE Two-Wheeler Insurance Plan, you can call their Toll Free 1800 123 0004 (From 8 am to 8 pm) or send them an email with your policy details to email@example.com
The following benefits will be received if you renew your DHFL Bike Insurance policy online:
- No paperwork required at all to renew your COCORIDE two-wheeler insurance plan
- You can avail your accumulated No Claim Bonus
- You get legal support in case of an accident
- You get complete support at the time of claims with DHFL cashless garages
- There is no requirement for bike inspection for renewal
- You get access to the nearest garage mentioned in the list of network garages, very easily.
- The soft copy of the policy is always readily available with you in your mailbox.
Claim Process of DHFL Two-wheeler Insurance
DHFL follows an extremely customer friendly process for claim settlement. The step-by-step process for claim settlement of DHFL Bike Insurance are as follows:
Step 1: Register your claim:
You need to register your claim with the company immediately after an accident. To do so, you can contact them at their toll free number 1800-123-0004 or mail them at firstname.lastname@example.org , you could also walk into any of their branches.
Step 2: Survey at the Network Garage:
You need to take your vehicle to the nearest network garage with all valid documents like duly filled claim form, registration certificate of the vehicle, driving licence of the rider, police report of the incident, your KYC documents, etc. An inspection will be conducted by a surveyor to estimate the damage.
Step 3: Settlement of claims:
Once the evaluation of the damage is done at the network garage, the bike is repaired and the final bill is submitted by the garage to the company for a Claim Amount Confirmation. The amount will be settled by the company to the garage within 7 working days.
How to Revive a Lapsed/ Expired DHFL Bike Insurance Policy?
Your DHFL Coco ride bike insurance policy will lapse in case the premium of the policy is not paid within the grace period provided by the company. The grace period is usually for a period of thirty days from the date of expiry of the policy. In case you make the payment of the premium within the grace period, your policy is revived and all the benefits attached to it remains unchanged.
In case your premium is not paid within the grace period, then your policy lapses and all benefits attached to it, ceases to exist. In such a situation, the policy cannot be renewed, a fresh quote for a fresh policy has to be taken after inspection by the company.
Review of COCORIDE Two-wheeler Insurance Plan:
The Indian Government has now made it compulsory to get your bike insured for third party damages. However, opting for a comprehensive bike insurance plan would give you peace of mind as your own bike would also be covered against damages. This is where COCO Ride Two-wheeler policy comes handy. The COCO Ride policies offer protection for the bikes in case of an unprecedented incident, theft or any other natural or man-made disasters. Customers of DHFL Coco Ride are extremely satisfied with the efficient and fast service rendered to them at the time of issuance, renewal of the policy or at the time of claim settlement. The DHFL COCO Ride Bike Insurance Plans provide an assurance of protection to its customers which lessens their worries regarding their two-wheelers.
DHFL Coco Bike Insurance Contact Information:
|Registered Office Address|
Office Nos. 402, 403 & 404, A & B Wing, 4th Floor, Fulcrum, Sahar Road, Next to Hyatt Regency, Andheri (East)
Mumbai 400 099, Maharashtra
For senior citizens
New Customers: 1800-123-0004
(from 8 A.M to 8 P.M)
SMS- DHFL to 56677
You can also visit any branch office of DHFL bike insurance to get your service or get answers to your queries.
Add ons for your Two Wheeler Insurance
DHFL Two Wheeler Insurance FAQs
1. Which Bike Insurance Is better: Comprehensive or Third-Party Liability Insurance?
Third-Party Liability Only Plan comes for a lesser premium amount than the Comprehensive Plan but the latter not only includes the third-party liability cover but also has an own damage cover. It is a good idea to pay up a higher price for more protection.
2. What happens to the accumulated No Claim Bonus at the time of renewal of an expired policy?
DHFL makes a 30 days window available for the renewal of the policy, from the date of expiry. In case the policy is renewed within 30 days, No Claim Bonus will remain active. Once the grace period of 30 days is over and you didn't renew your policy, no benefits of No Claim Bonus will be carried forward to the renewed policy.
3. How does DHFL determine the premium for a bike Insurance policy?
The following factors help to decide the premium amount for a particular policy in DHFL Bike Insurance:
- Age of the bike
- Insured Declared Value of the vehicle
- The capacity of the bike engine and such other parameters
4. What features define a COCO Ride policy by DHFL?
COCO by DHFL provides bike insurance policies which are customer-friendly, pocket-friendly and has no troubles involved. Following are the features of COCO Ride policies:
- No paperwork involved
- Add on covers are more than 12
- Bike insurance plans are affordable
- No Claim Bonus is fully transferable
- Self-Inspection has done instantly, online
- Instant digital policy
little more for bigger protection.
5. What are the add-on covers in two-wheeler insurance?
Add on covers are the additional benefits which stand by us when the need for it arises. Chola MS offers the following add on covers for bike insurance policies:
Provides compensation to the pillion rider in case of death, partial/permanent disability in an accident. Though this comes for a higher premium amount, this add on is highly beneficial.
Zero/Nil Depreciation cover:
The expenses incurred for replacing parts of the bike after an accident can be claimed in totality without deducting its depreciation value by way of this cover. You need to pay a higher premium amount and the company pays for the spare parts and the depreciation value.
This cover protects you against any loss or damage incurred on the expensive electrical and non-electrical accessories installed in your bike. To avail this add on the facility, you need to give an estimate of the value of your accessories at the time of paying a premium.
This covers all kinds of medical treatments related to your accident on your insured bike.
6. What is IDV?
Insured Declared Value is what IDV stands for. The maximum amount up to which the insured can claim during the tenure of the insurance policy of the two-wheeler.
7. What happens to the accumulated No Claim Bonus at the time of renewal of an expired policy?
Chola MS has a validity of 30 days available from the date of expiry of the policy for its renewal. No Claim Bonus will become null and void in case the policy is not renewed within 30 days and no benefits of No Claim Bonus will be carried forward to the renewed policy after the grace period of 30 days.
8. How can you cancel your Chola MS Two-Wheeler Insurance Policy?
You can call up the customer service number and inform them to cancel the policy. You need to submit the original policy document and other relevant documents either on the mail or by visiting a nearby branch office. You can follow-up after 7 days to find out if the policy has been cancelled.
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