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 18 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 for 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 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 this type of improvisations, the company has reached the verge to become the first insurance choice for customers.
Kotak Mahindra Bike Insurance
Kotak Mahindra General Insurance offers its customers three main types of two-wheeler insurance to choose from, this includes third party insurance, standalone own-damage insurance and comprehensive insurance. The three types of insurance are divided according to the coverage they provide. Third party insurance takes care of third party liabilities in case of a mishap inclusive of bodily injuries, death and property damage. Purchasing third party insurance is compulsory in India and failing to do so can lead to heavy fines of Rs 2,000 and/or imprisonment for up to 3 months. If you want coverage for own-damage costs you can purchase a standalone own-damage cover, this will cover the cost of damage to your two-wheeler in case of a mishap. Own-damage covers offer compensation in cases of a road accident, theft, cases of vandalism, fire and damage caused due to natural or manmade calamities. The third type of two-wheeler insurance available is the comprehensive insurance cover, this type of insurance will cover both third party liabilities and own-damage costs under a single premium.
You can also purchase add-on covers which further enhance the coverage of the standard two-wheeler insurance. Add-on covers are available with every own-damage cover and can be selected as per your requirements. Make sure to select the right add-ons as they can make a considerable difference in your claim amount if chosen correctly. Some add-ons you should definitely check are the passenger assistance cover, key loss cover, roadside assistance cover and engine safe cover.
Besides the add-on covers Kotak Mahindra also offers a No Claim Bonus for claim-free years for customers with own-damage covers. Moreover, they have a good track record for their claim settlement procedure for being quick, efficient and customer friendly.
Significant Points of Kotak Mahindra Bike Insurance
Third Party Insurance- Property Damage
Up to Rs 1 Lakh
Own Damage Cover
Depends on the IDV of the Two-wheeler
Personal Accident Cover
Up to Rs 15 Lakh
Assistance for Claim Settlement
24x7 Helpline Available
What is your bike's brand?
Benefits of Kotak Bike Insurance
- A wide network of 1,300+ garages
- 24x7 emergency assistance is offered
- Smooth and prompt claim settlement process
- Digitally enabled insurance solutions provided
- Allows policyholders to make unlimited claims.
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Kotak Bike Insurance User Reviews
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Kotak Mahindra Bike 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 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 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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Add-ons For Your Kotak Bike Insurance
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.