Kotak Mahindra Two Wheeler Insurance FAQs

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. 

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.  

You should intimate your claim to the toll-free number of the call centre or send an email to the company.

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.

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.

The incurred claim ratio for Motor Insurance Claims of Kotak Mahindra General Insurance Company Limited is 74% for the year 2018-19.

Yes, the policy can be renewed even after the expiry of up to 90 days of grace period. However, renewing the policy before the expiry date is recommended to ensure a smooth and insured ride.

Yes, generally, policies are bought for one year. However, policies with longer insurance periods such as 3 or 5 years can be easily bought from the insurance company. Thus, you can avoid the hassle of yearly renewal. 

There are a number of disadvantages, such as – attracting fines, NCB disagreement, and others.

Yes, new covers can be added to the existing policy during the renewal of the policy.

Yes, a customer is given a 90-days grace period in which he/she can renew the policy.

The claim settlement ratio (CSR) of the Kotak Mahindra two-wheeler insurance company is 98%, which is considered good. 

If the rider makes any claim during the policy period, the no claim bonus becomes zero right away and cannot be claimed.

The FIR copy is needed in cases of theft, robbery or third-party accidental damage. Hence, in the absence of such an important document, the company can reject the claim.

Technically, the policyholder needs to pay only the deductible amount which had been pre-decided while taking the policy. Aside from that, the insurance company pays the network garage directly for the repair work on the insured two-wheeler.

The number of days it takes to settle a claim varies from situation to situation. But generally, claims are squared within weeks of filing with the insurance company.

All one needs to do is visit the company’s website. Then, in the download policy section, enter the details of one's policy and download a copy of the insurance policy online.

An insurance repository is a registered company under IRDAI that can store policy details of various policyholders in electronic form.

The E-Vahan Bima is an IRDAI-approved way of storing one's insurance documents online. The QR code present on the document provided by the insurer can be scanned to obtain all necessary information regarding one’s policy.

Yes, the policy can be transferred in case of transfer of ownership of a bike.

Proof of insurance must have details of the policyholder along with the valid policy number and the details of the insured bike.

The no-claim bonus can be revived up to twice in a policy period with the no claim bonus cover.

The duration is one year for all add-on covers. These can be renewed with the standalone or comprehensive insurance.

The claim settlement follows the same process as a settlement on any other insurance. One just has to call the insurance company to initiate the settlement process.

No, it is not possible to purchase add-on covers with third-party insurance cover.

It is advantageous to have as much coverage as possible; however, buying all add-on covers is not necessary.

The company's policy tenures on their website are – 1, 2 or 3 years.

In case of the death of the person who bought the policy, the claim settlement is made to the nominee of the policy.

The add-on covers that can be purchased along with the policy are roadside assistance, consumables cover, zero depreciation cover, etc.

Yes, the company offers an AAI membership discount.

Yes, policyholders are allowed to cancel their comprehensive policy within the policy duration. For reimbursements in such cases, you will need to contact the company.

One needs to call the helpline to raise the claim settlement. Once the claim is raised, bills are submitted along with the policy details for reimbursements.

The policy needs to be renewed before the expiration date of the policy.

Yes, the policy can be cancelled in the middle of the policy term. One needs to contact the company for details on this subject.

No, the policy itself does not come with any add-ons.

The tenure of the third party bike insurance of a new bike is 5 years, according to the revised rules.

Yes, it has been now made mandatory only to have the third party liability cover; hence one can go on without the zero depreciation cover. However, having the zero depreciation cover has such benefits that skipping it might be worse than paying the little extra premium for it.

No, the company provides no discounts on the premium cover at the moment.

The zero depreciation cover is applied to rubber/nylon/plastic parts, fibreglass parts, and glass parts.

The premium for zero depreciation cover seems quite high to the onlookers. Still, if the bike undergoes any damage, the claim amount will be settled without taking into account the depreciated value of the bike. This will mean that the compensation one receives is much higher than the premium paid.

The approximate cost of zero depreciation cover is 15% of the bike insurance premium.

All factors to consider include the insurance covers declared value of the bike, the engine capacity of the bike, the age of the bike, the no claim bonus, the add-ons purchased, along with standalone policy.

IDV stands for Insured Declared Value. It is the current market value of the insured bike based on which the bike’s premium is decided.

The roadside assistance facility can be bought as an add-on cover along with the standalone policy.

To raise a claim under Kotak Mahindra standalone bike insurance policy, one needs to call the company as soon as possible after the mishap. In case of theft or robbery, one will also need to file an FIR.

There is no fixed duration for claim settlement since one case can be so different from another. However, the company is known for quick settlements, and hence if all goes systematically, the claim is settled within 7 working days.