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The Kotak Mahindra standalone bike insurance policy covers the damages incurred by the insured bike in all varieties of circumstances, whether it is artificial or natural, i.e. to say whether it is theft or flood. This policy only covers own damages and not third-party liabilities.
The standalone on Kotak Mahindra two-wheeler insurance policy makes its contribution at those times when the insured bike meets an accident or a mishap. The range of reasons behind such mishaps can be many, for example, loss due to flood or earthquake, a road accident, fire, robbery or theft of the insured bike and many others. When such a mishap occurs, one needs to raise a claim in the name of the insured bike and submit all valid documents and proofs. Once everything is rectified, the claim is settled.
The difference among the above mentioned are as follows –
Points of Difference | Standalone Insurance | Third-party Insurance | Comprehensive Insurance |
Includes | Covers only the insured and his bike against all odds. | Covers only third party liability. | Covers the insured and third party liabilities. |
Necessity | Optional to buy | Mandatory to buy | Optional to buy |
Premium | Low | Low | High |
Add-ons | Multiple add-ons can be added | Cannot be added | Multiple add-ons can be added |
Under the Kotak Mahindra standalone bike insurance policy, the numerous things covered are as follows –
The things that are not included under the Kotak Mahindra standalone bike insurance policy are as follows –
The benefits of having Kotak Mahindra standalone bike insurance policy are as follows –
The Kotak Mahindra standalone bike insurance policy ensures the bike from all kinds of mishaps and makes for a good buy. This is the reason people want to buy insurance from this company. With their strong customer base and reliable services, the company serves all their customers with utmost commitment and dedication. And, ensure to make their insurance buying experience hassle-free.
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.