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Oriental Bike/Two Wheeler Insurance
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The Oriental Insurance Company Limited is a public sector general insurance company of Indian Government. It was formed to carry out general insurance business on 12 September 1947 as a wholly-owned subsidiary of Oriental Government Securities Life Insurance Company Limited. Oriental Insurance is headquartered in New Delhi, India. It offers more than 170 General Insurance products.
The Oriental Insurance offers special covers for large projects such as petrochemical power plant steel and chemical plant. It has developed various insurance covers to cater to the needs of rural as well as the urban population of India. Oriental Insurance has 29 regional offices and over 1800 + operating offices with more than 13500 employees across the country. It has overseas operations in Dubai, Kuwait and Nepal. The gross premium of the insurance company for the year 2018-19 stood at INR 13, 199 crores.
Types of Oriental Two-wheeler Insurance Policies
Oriental insurance offers four basic types of two-wheeler insurance plans which are as follows:
- Third-party liability-only policy-
Third-party liability insurance is mandatory under law. As per the Motor Vehicles Act, 1988, every vehicle owner is required to buy a third-party liability insurance plan before plying their vehicle on the road. Third-party liability only insurance provides coverage against the liabilities arising due to an accident to the third party. It covers bodily injuries, disablement or death of the third party or third-party property damage.
You can buy the third-party liability-only policy in either of the two options offered by The Oriental Insurance:
1. Single year third-party liability only insurance policy-
It covers damages or losses caused to the third-party or third-party property for one year. You can renew the plan annually.
2. Long term third party liability only insurance policy-
It covers damages or losses caused to the third party for a period of 5 years. Long term liability only policy is available only for new two-wheelers.
- Comprehensive two-wheeler insurance policy-
The comprehensive two-wheeler insurance policy provides coverage against third-party liability, accidental loss, damages or theft suffered by your own vehicle. Comprehensive two-wheeler insurance plans are also known as package policy because they provide both third-party liability and own damage cover in a single policy. Oriental Insurance offers one annual comprehensive two-wheeler policy.
- Bundled plan-
Bundled plan covers the liabilities arising to the third party or third-party property for a period of 5 years and all the damages or losses caused to your vehicle for a period of one year.
- Standalone two-wheeler insurance-
Standalone two-wheeler insurance policy can be brought only if you have existing third-party liability insurance which is mandatory under law. Standalone two-wheeler insurance covers damages caused to your vehicle in an accident. This policy does not provide coverage against third-party liability.
Note: It is compulsory as per the latest guidelines of IRDAI to buy a third-party liability policy for a minimum tenure of 5 years at the time of buying a new bike or scooter. You can buy a 5-year third party liability policy and one-year own damages under a bundled insurance policy or 5 years third party liability and one-year own damages cover as standalone plans respectively.
Benefits of Buying the Oriental Two-wheeler Insurance
Benefits of buying Oriental two-wheeler insurance are discussed as follows:
- Online Facility-
The company offers easy and online issuance of the policy. All you have to do is visit the website of the company, enter the details and pay the premium. It is actually very simple.
- Network of Garages-
The Oriental Insurance has a wide network of cashless garages all over the country providing repair service. It has over 3100+ network garages all over India.
- Customer service-
Oriental Insurance has a technically qualified team of customer care professionals to render the best customer service. The insurance company provides round the clock assistance to assist you with any query regarding your two-wheeler insurance claim.
- Emergency service-
Oriental Insurance two-wheeler policies provide emergency assistant services as a free benefit. You are not required to pay any extra premiums for this.
- Quick Claim Settlement-
The company offers its customers to make unlimited claims under the two-wheeler insurance policy. The claim settlement process of Oriental Insurance is quick and reliable. You can avail either cash settlement or reimbursement settlement.
- No-Claim Bonus-
No claim bonus can be availed at the time of renewals of the plan. You can transfer your no claim bonus from or to Oriental two wheeler insurance policy and avail a premium discount.
What does the Oriental Two-wheeler Insurance Covers?
Let’s have a look at what is covered under The Oriental two-wheeler insurance policies:
- Third-party liability-
If the insured two-wheeler causes any injury, death or damage to the property of any third-party, the legal liabilities arising due to the damage would be covered under the Oriental two-wheeler insurance policy.
- Natural and man-made disasters-
You can make a claim to the insurance company for damages or losses arising to your vehicle due to natural disasters such as storm, flood, landslide or rockslide, earthquake, etc. You can also make a claim for damages arising due to certain man-made disasters such as riots, terrorism, strikes or malicious acts.
Damages arising to your bike or scooter due to accidental fire is covered under the two-wheeler insurance policy. The Oriental Insurance also covers explosion, lightning and self-ignition under its two-wheeler insurance.
If your bike gets stolen, you can make a claim on your insurance policy. It also includes coverage of damages to the vehicle due to housebreaking or burglary.
Loss or damage to the bike caused in transit by rail, road, air, land, waterways or lift is covered under two wheeler policy.
- Accidental external means-
Damages or losses to two-wheelers caused by accidental external means or following an accident can be claimed under the two-wheeler insurance policy. Damages such as dents, scratches and broken parts which results following an accident are covered.
- Personal accident if opted-
Personal accident is an optional coverage which can be brought with your two-wheeler insurance policy at an added premium cost. It covers accidental disablement or death suffered by the bike owner or a pillion rider in an accident. You can buy a personal accident cover for both the driver as well as the pillion rider.
What does the Oriental Two-wheeler Insurance Policy not Cover?
In Spite of its wide coverage, Oriental two-wheeler insurance policy does not cover the following situations:
- Driving without a valid licence-
No coverage is offered for damages when a person is driving without a valid driving licence.
- Mechanical or electrical breakdown-
If the vehicle suffers any mechanical or electronic failure or breakdown, then no claim would be entertained by the insurance company for such failure. Mechanical or electrical breakdown is a permanent exclusion under two-wheeler policies.
- Wear and tear-
General ageing, wear and tear and depreciation of the two-wheeler is not covered under two-wheeler policies.
Every vehicle requires regular servicing for smooth functioning and longevity. However, the insurance company does not pay for regular servicing of your vehicle and it is to be borne by the owner of the bike or scooter.
- Man-made disasters-
Damages or losses ascertainable to man-made disasters such as nuclear risk, war or mutiny are not covered.
- Two wheeler accessories-
Damages or losses to the tubes or tyres of the two-wheeler cannot be claimed under two-wheeler policy unless the damages are caused in an accident. Damages to or loss of accessories by housebreaking, burglary or theft are not covered by the insurance company unless the vehicle is also stolen at the same time.
- Limitations to use-
Damages arising due to using your vehicle for reward or hire, racing or speed testing or reliability trials would not be covered. Any damages arising due to using the vehicle for purposes beyond the limitations to using cannot be claimed.
- Drunk driving-
If you drive your vehicle under the influence of drugs or alcohol, then damages arising due to such activity will not be entertained by the insurance company.
- Geographical limits-
Claims of damages suffered outside the geographical limits of India cannot be claimed. If you drive your vehicle outside the Indian borders and any damage occurs then The Oriental Insurance will not be liable to pay for damages.
To ensure that your two-wheeler insurance claim is not rejected, you should keep the above-mentioned exclusions in mind at the time of making an insurance claim.
How to Apply for the Oriental Two-wheeler Insurance Policy?
You can apply for the Oriental two-wheeler insurance policy both online as well as offline. However, the online procedure is much convenient and time-saving. The process of applying for the Oriental two-wheeler insurance policy is as follows:
- Website of insurer-
Start off by visiting the website of The Oriental two-wheeler insurance at https://orientalinsurance.org.in/web/guest/motor-insurance-policy1?isSelected=buy&isRefresh=true.
- Enter vehicle details-
Enter the details of your vehicle such as its type, make and model, variant, manufacturer name, cubic capacity, date of registration and date of purchase along with RTO zone and state of purchase.
- Enter insurance details-
The next step is to enter the details of the type of insurance policy that you want to buy along with some additional cover details. You can choose to buy add-ons along with the two-wheeler insurance.
- Make payments-
After entering all the details, you can calculate the amount of premium and make the payment online. Once the payment is made, the policy will be issued and forwarded to your registered email ID.
The Oriental Two Wheeler Insurance Claim Process
The Oriental Insurance has made efforts to reach a large number of customers by digitising the process involved in the application, claim as well as renewal of two-wheeler insurance. You can apply for the claim settlement process during both offline as well as online as per your preference. The claim settlement process of Oriental Insurance is stated as follows:
- Contact Oriental Insurance-
To intimate your claim, you will have to contact the insurance company within 24 hours of the accident or damages caused to the insured vehicle. You can inform the insurance company by calling on the toll-free number 1800118485 / 011 33208485. You can also initiate your claim by visiting the official website of the Oriental Insurance and logging in with your mobile number or Email Id.
- Register your claim-
After logging into your account, you will have to register your claim by providing the details such as a policy number, location, time of the accident and other related information. After successful registration of your claim, a claim registration number will be allotted to you.
The insurance company will send a surveyor to assess and verify the extent of damages caused to the vehicle in the accident. The surveyor sent by the insurance company will estimate the cost of the repair and collect the duly filled two-wheeler Insurance claim form with other required documents.
- Settlement of claim-
After verification of all the documents and the claim form, the insurance company will confirm its financial liabilities and pay the expenses of repairs either directly to the network garage in case of cashless settlement or by a credit to a bank account in case of reimbursement claim.
Renewing a Lapsed Oriental Two-wheeler Insurance Policy
In order to enjoy uninterrupted coverage and timely compliance of the insurance rules, you are required to renew your insurance policy on time. Renewal of Oriental two-wheeler insurance policy is very simple and has a hassle-free process. You can renew the two-wheeler insurance policy within minutes through the official website (https://orientalinsurance.org.in/web/guest/renew?isSelected=renew&isRefresh=true ) of the insurance company. If you forget to renew your policy on time, it will lapse and the coverage will cease. However, you can renew your policy within the grace period in which the no-claim bonus remains active. If you do not renew your policy even within the grace period, then it can be renewed by contacting the insurance company. The Oriental Insurance will conduct a fresh inspection on your bike or scooter for renewal.
Review of The Oriental Two-wheeler insurance
Oriental Insurance is one of the oldest and most trusted insurance companies in India. Oriental two-wheeler insurance policies can be purchased or renewed smoothly and swiftly through the company’s online portal. The insurance company functions online and makes it very easy and simple for its customers to buy the plans. The Oriental two-wheeler insurance is an ideal choice for people who are looking for two-wheeler insurance of any type.
The Oriental Two-wheeler Insurance Contact Information
Add ons for your Two Wheeler Insurance
Oriental Bike/Two Wheeler Insurance FAQs
1. What are the discounts that can be availed in the premium amount of two-wheeler insurance policy?
You can avail the following discounts in the premium amount of the Oriental two-wheeler insurance policy:
- Discount for the anti-theft device-
If you install an anti-theft device in your vehicle, then you can avail a premium discount as the amount of premium will be lower if your vehicle is safe.
- Voluntary deductible-
A deductible is an amount that you are required to pay at the time of claiming the two-wheeler policy. Voluntary Deductible reduces the amount of premium of your policy. Higher the voluntary deductible, lower will be your premium.
- No-claim bonus-
If you have not made any claim in the previous year or years in the existing policy, then you can avail no-claim bonus on the amount of premium of the new policy.
- Automobile Association Discount- You will be granted a discount if you are a member of the Automobile Association of India.
- Discount for the anti-theft device-
2. What are Oriental two wheeler insurance add-ons?
Oriental two-wheeler insurance offers the following add-ons to be brought at an additional premium cost. You can buy one or more than one of the following two-wheeler add ons:
- Return to invoice cover
- Nil depreciation cover
- Consumable cover
- Accessories cover
- Engine protection
- Loss of personal items
3. How can I renew Oriental two-wheeler insurance policy online?
You can renew the Oriental two-wheeler insurance policy by visiting the website (https://orientalinsurance.org.in/web/guest/renew?isSelected=renew&isRefresh=true ) of the insurance company and entering your existing policy number along with other policy details. After you fill in the details of your existing policy, it will calculate the premium amount. If you find the amount of premium reasonable, you can proceed by entering the customer portal information for renewal of the policy and pay the premium. Your policy will be renewed instantly.
4. What is the Incurred Claim Ratio of The Oriental two-wheeler insurance?
Incurred Claim Ratio refers to the ratio of net insurance claim settled by the insurance company to the net premiums collected in any given financial year. The incurred claim ratio of The Oriental Motor Insurance for the financial year 2018-19 was 112.62%. (Source: https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_NoYearLayout.aspx?page=PageNo3976 )
5. What documents are required for the Oriental Two-wheeler Insurance claim settlement?
You are required to submit the following documents at the time of settlement of Oriental two-wheeler insurance plan:
- Filled & signed claim application form
- A copy of the policy document
- Copy of registration certificate (self-attested)
- Driving licence of the person driving the vehicle at the time of the accident
- Original repair invoice along with repair estimate and the payment received in case of non-cashless claims
- Original repair invoice in case of cashless settlement of the claim
- Copy of FIR (in case of accident, theft)
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