About Kotak Mahindra Bike Insurance
Kotak Mahindra General Insurance is one of the fastest-growing general insurance companies in India. It was incorporated in December 2014 and started its work as an insurer after receiving its IRDA “Certificate of Registration” in April 2015. It has successfully reached out to millions of people by delivering bike insurance, car insurance, and several other products in this short period. The company has marked its presence among one of the leading insurance companies in India, which aims at reaching out to a large number of customer segments digitally with the best quality of bike insurance and other related services at affordable rates.
Kotak Mahindra has its headquarters located in Mumbai and 13 branches spread all over India. It has provided employment to more than 350 people across India. It is a 100% subsidiary of Kotak Mahindra Bank Ltd. It caters to the need of financial security and protection against life’s uncertainties. Kotak Mahindra offers a variety of insurance ranging from health insurance to bike insurance. It strives to reach out to a large number of people with the best quality of bike insurance products and solutions.
Kotak Mahindra Company is determined to connect to people without being restricted to geographical boundaries and thus plan to connect with people digitally. It has come into a field with a well- planned digital infrastructure to offer an array of non-life insurances like bike insurance, health insurance, and so on, to a broad range of customer base. This digitalization of the company is made to ensure flawless processes for bike insurance, car insurance, health insurance and other similar insurance products. With these type of improvisations, the company has reached on the verge to become the first insurance choice for customers.
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Kotak Mahindra Two Wheeler Insurance FAQs
Why do I need to have two wheeler insurance?
As per the Indian Motor Tariff, it is mandatory for all two wheeler owners to have at least a third party insurance for their vehicle. Though comprehensive insurance is not mandatory, it is recommended to purchase one as it provides extensive coverage - coverage for own-damages sustained by insured’s two wheeler in addition to incurred third party liabilities.
What is the tenure of Kotak Mahindra two wheeler insurance policy?
One can opt for a short term insurance of 1 year or a long term of 3 or 5 years. However, as per the regulations of IRDA, a new two wheeler owner is compulsorily required to have a third party insurance for 5 years. One can purchase comprehensive insurance for a tenure of 1 year, 3 year or 5 years as per his/her requirements.
What are the benefits of Kotak Mahindra two wheeler insurance policy?
Kotak Mahindra two wheeler insurance provides a quick and hassle-free claim settlement with their prompt customer assistance. As Kotak Mahindra has a well developed digital infrastructure, one can opt for paperless renewal without stepping out of their house.
What is the coverage amount for the third party under Kotak Mahindra two wheeler insurance policy?
Kotak Mahindra third party two wheeler insurance policy provides compensation up to Rs. 7.5 lakh for property damage. In case of death or bodily injuries of a third party, the amount of compensation is decided by a court of law.
What is IDV? How to calculate it?
The Insured Declared Value (IDV) refers to the maximum amount one can claim from the insurer in case of theft or total loss of the two wheeler. This amount is calculated after the calculation of the depreciation of the vehicle. However, IDV is calculated separately if any modification of the vehicle is done.
IDV is calculated using the following formula:
IDV = (Manufacturer’s listing price - Depreciation) + (Accessories or extra fittings if any - Depreciation)
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This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.