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Kotak Mahindra Bike/Two Wheeler Insurance
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Kotak Two Wheeler Insurance Highlights
Kotak General Insurance, a subsidiary of Kotak Mahindra Bank Ltd., offers a wide range of non-life insurance products such as vehicle insurance, health insurance, etc, to tap into the emerging protection needs. Its strong management practices and a team of experienced professionals have allowed it to insure 45 lakh+ customers till September 2021.
Claim Settlement Ratio
-Door step repair & spot settlement option for small claims in metro cities
-Door step repair & spot settlement option for small claims in metro cities
Since 1996, Kotak Mahindra has been in place, taking a stake in Ford Credit Kotak Mahindra Ltd., to finance Ford vehicles. Kotak has evolved through the years by becoming India’s first non-banking finance company (NBFC), later converted to a commercial bank in the year 2003.
We all know how India changed digitally within less than a decade, Kotak is perhaps listed amongst the top 10 companies that launched banking digitally, besides utilizing social media platforms. Innovative solutions such as Jifi and kayPay were launched in the year 2014 to make banking easier and provide unparalleled convenience.
Kotak successfully acquired BSS Microfinance Private Limited in the year 2017, besides introducing the 811 accounts. It has successfully reached out to millions of people by delivering bike insurance, car insurance, and several other products in this short period.
Types of Two-wheeler Insurance Plans
Kotak Mahindra two-wheeler offers the below two types of two-wheeler insurance plans to cover all the needs regarding the vehicle
Kotak Two Wheeler Secure Plan: This is a comprehensive insurance plan for your two-wheeler. The plan covers all the damages to the insured vehicle arising out of man-made, natural calamities or if the vehicle suffered a collision. The plan provides coverage for the financial liabilities to the “Third Party” as well as “Own Damage” of the insured’s bike.
There are 3 variants available for this plan based on the tenure.
1. Kotak Two Wheeler Secure Plan
This is a comprehensive two-wheeler insurance plan which offers third-party liability coverage as well as own damage coverage for your own bike.
2. Kotak Two Wheeler Long Term Secure- 5 years
This is a 5 year comprehensive policy for your two wheeler wherein you get a 5 year coverage of third-party liabilities as well as 5 year coverage for your bike’s own damage.
3. Kotak Two Wheeler Long Term Secure Plan
This is a comprehensive two wheeler insurance plan which can be taken for a tenure of 2 or 3 years wherein there would be own-damage coverage along with third-party liability coverage for the entire tenure.
Third-Party Liability Insurance
Third-party liability Bike insurance mainly covers all the expenses coming in light due to any accidental damage, injury, or death to a third party where the insured vehicle is at fault. This plan does not cover the bike’s own damage.
There are 2 variants of third-party liability coverages offered to your two-wheeler by Kotak Mahindra General Insurance such as:
- Kotak Long Term Two Wheeler Secure(Liability only) Plan
This is a long term plan for third party liability only which can be availed for 2 or 3 years. This plan does not cover the bike’s own damage.
- Kotak Long Term Two Wheeler Secure (Liability Only) Plan for 5 years
This is a long term plan for third party liability only and it is valid for a tenure of 5 years . However, this plan does not cover the bike’s own damage.
Kotak Long Term Two Wheeler Secure -Bundled Plan: Bundled(1+5) Insurance Plan for your new bikes
This is a Two Wheeler Insurance plan for new bikes with a one year coverage for Own Damage and a Five Year coverage for third-party liabilities only.
The Motor Vehicles Act of 1988, makes it a mandate for all the two-wheeler owners to sign-up for a third-party two-wheeler insurance policy. According to the Insurance Regulatory and Development Authority of India (IRDA) and the Supreme Court directive, the insurance companies are instructed to offer third party liability coverage for 5 years, in case of any new two-wheelers.
Kotak Two Wheeler Protect -OD Only Plan
This is a two-wheeler plan for your bike’s own damage only. However, this plan can be availed only if you have a valid third-party liability coverage plan.
Personal Accident Cover (if opted)
Personal Accident Cover is usually for the insurer driver. The plan provides coverage of up to INR 15 lakhs for the driver. Below is the table describing the percentage of compensation provided to any losses faced by the insurer.
|The Severity Of The Situation||% of Sum Insured payable as a claim|
|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%|
Key Benefits for Kotak Mahindra Two-wheeler Insurance Plans
The following benefits are the ones to consider when making a choice from the list of insurances provided by the Kotak Mahindra Two-wheeler Insurance.
- Online Instant Policy
The total process of issuance of the online policy for any two-wheeler insurance is absolutely simple and instant in Kotak Mahindra. To get your insurance issued online you would need to visit the official website of Kotak Mahindra Two-Wheeler Insurance, fill up all the stated generic details, choose the plan from the list offered and you can also add up from the list of add-ons.
The policy is issued instantly, and the e-policy document is sent through an email to the definite email id. The payment can be initiated using any preferred mode of online payment modes like debit or credit card, net banking, Google Pay, UPI, or through online wallets like Paytm and others.
Plan renewal or any enhancement of the plan, checking the status of the insurance, initiating the claims all is like a cheesy affair online.
- Hassle-free and High Claim Settlement Ratio
The claim Two-wheeler insurance settlement is processed online without any hustle. The two wheeler insurance claim is digitally enabled and thus makes it very easy to handle for the customers. When the customers go in for any claims, it is usually because they are in the most stressful situation, so it is kept in mind to keep the claim settlement easy.
On the other hand, in case of reimbursement of all the expenses, you must inform the insurer within 24 hours of the accident or the damage that happened by sending them clear pictures of the damage.
The claim will be reimbursed after the correct assessment of the damages. In case of cashless claims in a network garage, after you contact the insurer, they will contact the garage and clear all the dues. The claim settlement ratio is 81.70% as of FY19.
- Large Network of Cashless Garages
Kotak Mahindra offers a large range of cashless garages across India which sums up to 1300+. You would need to inform the insurer about the damages and take your vehicle to one of the listed garages in the network and the expenses would be taken care of by the insurer to the garages directly.
Wide Range of Add on Covers
Kotak Mahindra offers a large range of add-on covers from which you can choose according to your need for your Two-Wheeler insurance.
- Emergency Assistance and Helpful Customer Service
- Kotak Mahindra policy offers emergency assistance 24/7 which you can call in for assistance irrespective of the hour of the day or night. The toll-free number is available for your queries regarding claims, emergencies, or any questions related to your insurance.
- Inclusions Under Kotak Mahindra Two-Wheeler Insurance Plans
- Third-Party Losses
Kotak Mahindra Two-Wheeler Insurance covers any third-party liability such as damages caused to the third-party vehicle, person or any property.
- Cover for the Own Vehicle
The Comprehensive Two-Wheeler insurance plan covers the third party liability as well as damages occurred to your own bike are also covered. Hence, comprehensive policy provides full coverage.
- Accidental Damages
The Comprehensive Two-Wheeler insurance plan covers the damages caused to your bike due to accidental by external means such as dents, scratches, broken parts, etc.
- Theft and Burglary or Housebreaking
In India about 75% of the stolen vehicles are two-wheelers. As we choose any of the insurance plans offered by Kotak Mahindra, the company pays for the losses in case the two-wheeler is stolen.
- Natural Disasters
The insurance takes care of the losses incurred to the two-wheeler due to any natural disaster such as lightning, flood, hurricane, storm, typhoon, tempest, hailstorm, inundation, cyclone, landslide or rockslide, earthquake, tsunamis, etc.
- Man-made Disasters
The comprehensive policy covers most of the man-made disasters too such as fire explosion, self-ignition, terrorism, riots, strikes, or any malicious activities.
Exclusions of Kotak Mahindra Two-wheeler Insurance Plans
Kotak Mahindra Two-wheeler Insurance Plan has certain exclusions in the policies offered which shall always be taken note of before deciding on the plans to choose from.
- Damage Due To Drunk Driving
The accident caused due to the intoxication of the driver of any alcohol or other banned drugs or medicine the damages caused to the bike and the rider will not be reimbursed and thus no claim shall be processed.
- Driver Underage Or Driving Without A Valid Licence
In case of any severe damage to the bike or injuries to the rider due to an accident by the rider who does not have a valid license or is under 18 years of age, no claim shall be processed keeping aside the fact, it is own or third party.
- Depreciation / Regular Wear And Tear
The cost of regular servicing of the two-wheeler to ensure its smooth run expenses are borne by the owner of the bike. Any two-wheeler faces losses due to depreciation or any regular wear and tear thus these losses are not covered in the Kotak Mahindra Two-Wheeler Insurance policies.
- Mechanical Or Electrical Breakdown
Mechanical or Electrical breakdowns of the insured two-wheeler are not covered under Kotak Mahindra Two-Wheeler Insurance policies.
Damages When The Policy Is Inactive
In case the policy is inactive, or the policy has lapsed or expired then no claims shall be processed. The policy will not cover any damage occurring either to the vehicle or the rider.
How to Apply for Kotak Mahindra Two-wheeler Insurance Policy?
The following simple steps need to be followed to apply/purchase a Kotak Mahindra Two-wheeler Insurance Policy
Step 1. Visit the Kotak Mahindra website
Visit the website of Kotak Mahindra Insurance, explore the available plans, choose a plan as per your requirement, get through the prices, and settle for the best-suited policy for your two-wheeler. You can also choose add-ons as per your requirement.
Step 2. Fill in Your Details to Apply
Once the selection of the perfect plan is done, you need to fill in the important generic details such as your name, address, contact number, email-id, etc. Some basic details of the vehicle like the make, model, and a number of your bike also needs to be typed in.
Step 3. Submit Your Documents
Your ID Proof and a KYC document are the only requirements to be uploaded for issuance of the policy.
Step 4. Payment of Premium
Pay your premium for the selected policy via any suitable mode like net banking, debit/credit cards, UPI, Google Pay, or through online wallets like Paytm or others.
Once the premium is paid successfully, the Kotak Mahindra e-policy document is sent to your registered email id, instantly. No middleman or an insurance agent needs to be involved in the process of purchasing your Kotak Mahindra Two-wheeler policy. It can be done directly online, following the mentioned steps, very conveniently.
Kotak Mahindra Two-wheeler Insurance Claim Process
Following are steps to process claims:
Step 1. Inform The Insurer
You need to inform the insurer about the damage and the need for the repair, within 24 hours of the accident.
Step 2. Click And Upload Photos
You need to click and upload clear pictures of the damage along with all the required documents such as insurance policy document, properly filled and signed claim form, driver’s license, registration certificate, copy of FIR (if any) etc. to make your claim valid.
Step 3. Sending The Vehicle To A Network Garage
After all the documents are verified and the damages in the vehicle are assessed, you need to send the vehicle to a network garage for evaluating the cost of repair of the damages. In case the damages are found suitable and within the coverage limits, the company will make a direct payment to the garage for the repairs, in case of a cashless claim.
In case of a Reimbursement claim, once your documents and photos are found suitable and the expenses incurred are within the limits of the policy, the amount will be reimbursed to your bank a/c after you have borne the expenses from your pocket.
Assessment of Damage: Assessment of the damage and the evaluation of the cost of repair essentially must be done from a network garage to get a claim. If the repairs are done from a local garage that is not on the list of network garages of Kotak Mahindra Insurance, then the claim will not be valid.
In case, you incurred an expense higher than the evaluated amount by the network garage, then the additional amount will have to be borne by you. Also, you will not get the claim if the amount of expense for repair exceeds the actual value of your bike.
Reviving a Lapsed/Expired Kotak Mahindra Two-wheeler Insurance Policy
In case you fail to pay the premium on time despite the repeated reminders from the insurer company, then your two-wheeler policy might lapse or expire. If it is within the grace period, then you can simply pay the premium and revive the policy.
In case the grace period has lapsed, you would need to get in touch with your insurance company as your policy has lapsed and cannot be reinstated. They will re-evaluate the condition of your vehicle and offer a new quote for the premium of a new policy.
Kotak Mahindra Two-wheeler Insurance Review
Kotak Mahindra Insurance Company Limited is one of the premium general insurance companies in the country. Kotak Mahindra General insurance company has been one of the fastest-growing general insurance companies.
The headquarters is in Mumbai and has over 18 branches all over India. It is a 100% subsidiary of Kotak Mahindra Bank Ltd. Kotak Mahindra’s online services have been phenomenal and it never forgets to strive through a large list of people.
Kotak Mahindra has successfully bought many new plans and services that have changed the dynamics of the banking and insurance sectors. The company has won the #IndiaInvited ‘Best Integrated Campaign category.
In 2018, Kotak Life Insurance Company won the Asiamoney Brokers Poll and in 2019 has won the India Digital Media Awards. In 2017 too, it has successfully bagged the award of Best Insurance Provider.
Kotak Mahindra Two-wheeler Insurance Customer Care Number
Kotak Mahindra Two-Wheeler Insurance Company can easily be reached out at 1800-266-4545. This toll-free number is (8 a.m. – 8 p.m.) available at your service.
Kotak Mahindra Two-wheeler Insurance Contact Information
|Registered Office Address|
Kotak Mahindra General Insurance Company Ltd.
27 BKC, C 27, G Block,
Bandra Kurla Complex, Bandra(East),
Mumbai - 400051
Add ons for your Two Wheeler Insurance
Kotak Mahindra Bike Insurance FAQs
1. Does the premium amount increase for my policy after a claim is processed?
The change in premium amount does not depend solely on claims. It also depends on other factors like the model of the vehicle, the nature of the policy, etc.
2. How do I get the claim form and the cashless list of garages?
You need to visit the website ( www.kotakgeneralinsurance.com ) of Kotak Mahindra to avail of the claim form and the detailed list of cashless garages is also found on the website.
3. How can I register my Two-Wheeler Insurance claim?
You should intimate your claim to the toll-free number of the call centre or send an email to the company.
4. Are Add-ons available with the Two-wheeler insurance plans?
Yes, add-ons are available with the two-wheeler insurance plans. You can opt for depreciation cover, personal accident cover, etc. You must remember that each add-on comes at an additional cost.
5. What is No Claim Bonus (NCB) in Long-term Two-Wheeler Policy?
No Claim Bonus accumulates in case the policyholder does not make any claim. This accumulated NCB offers you a lucrative amount in the policy premium of two-wheeler insurance if not claimed.
6. What is the Incurred Claim Ratio for Kotak Mahindra Two-Wheeler Insurance Plans?
The incurred claim ratio for Motor Insurance Claims of Kotak Mahindra General Insurance Company Limited is 74% for the year 2018-19.
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