Given the fact that the traffic jams leave people on the roads for an extended period of time, many consider bikes as the most convenient mode of commuting. Thus, it is of supreme importance to protect your two-wheeled beauty. In this regards, IFFCO Tokio Bike Insurance provides rewarding two-wheeler insurance plans that ensure all your two-wheeler needs are taken care of.
Founded in the year 2000, the name of IFFCO Tokio General Insurance is taken among the renowned Indian insurers. It is a joint collaboration of Indian Farmers Fertilizer Cooperative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group. The insurer offers a wide range of insurance products ranging from Motor, Health, Travel, Home and Personal Accident. From providing you with the much-needed bike insurance coverage to a hassle-free claim-settlement, the company truly lives up to your expectations.
IFFCO Tokio Bike Insurance Features
- Cashless Claim Service
With IFFCO Tokio Two Wheeler Insurance, you can avail cashless services at over 2700 authorized network garages across India.
- No Claim Bonus
You can enjoy No Claim Bonus at the time of renewing for not claiming the policy up to 50%. The only condition is that you will have to renew the policy within 90 days of expiry.
- NCB Transfer
The insured allows the customers to transfer their earned no claim bonus from the previous insurer to IFFCO Tokio with this, you can receive all the benefits associated with NCB clause, provided you need to produce your last renewal notice, NCB declaration and documents related to the right of NCB.
IFFCO Tokio Bike Insurance Coverage
With IFFCO Tokio, your vehicle is fully insured against personal accident and third-party liability. Moreover, it also covers your bike for any loss or damage owing to natural or man-made calamities.
The various features of IFFCO Tokio Two Wheeler Insurance include:
- With this policy, you can use Zero Depreciation Cover for multiple times whenever required.
- Can avail discounts like No Claim Bonus up to the maximum of 50%.
IFFCO Tokio Bike Insurance Plans
Basically there are two types of bike insurance plans under IFFCO Tokio General Insurance. Which are mentioned below:
Short-Term IFFCO Tokio Bike Insurance Plan
Short-term two-wheeler policies are designed for a short period where the policy needs to be renewed once in a year. You can renew the policy online as well. Some basic features of this policy include:
- Premium Rates: The premium of a short-term policy may face a hike of 10-15 per cent every year. Thus, you can predict some increase in premium annually. You can choose to pay the premium online as well. The renewal premium rate also depends on your claim history.
- Own Damage Benefit: With a short-term policy you shouldn’t expect the benefit of own damage. Since you are open to switching to a different insurance plan, no own damage cover is offered under the short-term
- No Claim Bonus: Short-term policies offer a certain amount as no claim bonus to be earned for not claiming your insurance. You can avail this bonus as a discount on your next year policy premium and this can be availed at the time of renewal only.
- Refund Clause: No refund benefit is offered in case you cancel the policy in-between the policy tenure.
Long-Term IFFCO Tokio Two Wheeler Insurance Plan
With a long-term two wheeler insurance, you can keep your vehicle insured for a longer period. These plans come with 3-years renewal term which eliminates the hassle of renewing policy every year. Some of the basic features of long-term insurance include:
- Premium Rate: The premium rate is decided at the time of buying a plan, which remains the same throughout the policy tenure. This allows you to be relaxed for another 3 years and save money as well.
- Own Damage: Long-term policies come with additional perks. The policyholders are offered with own damage cover and own damage discount of staying loyal to the insurer. This discount additionally reduces the rate of premium.
- No Claim Bonus: Two-wheeler insurance policies come with extra benefits as well. You are entitled to a bonus called NCB for not claiming your policy. Sometimes it can be as high as 30-50%. This way you can earn a huge discount on your premium by collecting NCB bonus annually. NCB benefits can be avail at the time of renewal only.
- Refund Clause: A certain amount of refund is offered in case you discontinue the policy in the middle of the tenure.
IFFCO Tokio Two Wheeler Insurance Claim Process
IFFCO Tokio has introduced a hassle-free claim settlement as the entire course of action is done through a mobile app. Known as Quick Claim Settlement (QCS), this app ensures speedy settlement. Let’s know about the settlement process of the insurer:
- The insurer settles both car and two-wheeler claims via QCS app
- In the case of two-wheelers, up to Rs. 7000 can be settled immediately through QCS.
- After registering the claim, the damaged bike is taken to a network garage for quick inspection and repair
- The damage or loss claim is settled as soon as the bike is taken to the garage for repair. The whole process is done within a day.
- For availing the facilities of this app, you may choose for a mobile app or contact to the customer care for filing a claim.
IFFCO Tokio Claim Settlement Document Requirement
Below are the documents that you need to submit during your claim registration –
- Two Wheeler Policy number
- Name and contact details of the insured
- Complete address of the garage where the damaged bike is available for inspection
- The brief explanation of the nature of loss/physical injuries, if any
IFFCO Tokio Two Wheeler Insurance Renewal Process
At IFFCO Tokio, you can experience an easy online bike insurance renewal. You just need to follow the steps right:
- First, visit the official website of IFFCO Tokio bike Insurance company
- Go to the drop-down menu of the insurer and look for ‘Motor Insurance’ and click on ‘Two-Wheeler Policy’ tab.
- This will lead you to a new page with the options ‘Buy/Renew Online’. Click on ‘Renew’ button.
- This will again lead to a page with three other options- ‘Renew Existing Policy’, ‘Renew Non-IFFCO Tokio Policy’ and ‘Buy New Policy’.
- If you want to renew your IFFCO Tokio bike insurance, then click on the tab ‘Renew Existing Policy’.
- Enter the relevant details and then click the ‘Search’ button.
- In the subsequent page fill the necessary fields to complete the process.
- For the convenience of the customers, the insurer has made available a renewal option with the Chat Widget on the website of IFFCO Tokio
- After you make the payment towards the renewal, a receipt generates digitally and you get mail
IFFCO Tokio Two-Wheeler Insurance Premium Calculator
Usually, two wheeler insurance premium calculation depending on multiple factors like:
- The Insured Declared Value
- Age of Bike
- Cubic capacity of the bike
- Location of Registration
However, with IFFCO Tokio bike insurance premium calculator you can calculate your premium, compare the various quotes and can instantaneously select the best two wheeler insurance policies.
How does IFFCO Tokio Bike Insurance Premium Calculator Work?
The major functioning of premium calculator includes:
- It calculates the premium of your bike insurance based on the details provided
- It helps compare various insurance plans online
- After calculating, it also generates insurance quotes for you as per your insurance requirements.
- You do not need to go to your insurance agent for buying insurance for your vehicle. Bike insurance calculator provides you with various bike insurance policies to choose from.
- While you can’t completely rely on an agent, you can get an unbiased opinion about a policy with a premium It gives you an estimation based on facts
- Online calculator helps you find a hassle-free insurance process, which requires no or less paperwork. You can avail a plan within a few clicks.
IFFCO Tokio Bike Insurance FAQ’s
What is NCB in Iffco Tokio Bike Insurance?
No claim discount or bonus is accumulated every year, and more the number of claim-free years, more is the discount. You can save between 20 and 50 percent on your bike insurance premium with a no-claim-discount. Also, know that:
- No-claim-bonus will be nullified once you have filed a claim
- You can avail it at the time of Iffco Tokio Two Wheeler Insurance Renewal.
- It is valid for 90 days from the Iffco Tokio two wheeler insurance policy expiry date
- You can also transfer your NCB when you switch your insurance policy from another insurer to Iffco Tokio.
What is IDV for Iffco Tokio two wheeler insurance?
IDV is the prevailing market value of your two-wheeler. It is important because Iffco Tokio two wheeler insurance (every other insurance company) will consider it and then decide the sum insured amount.
You will be paying an extra premium if you choose a sum insured that is more than the market value and vice versa.
What is the difference between comprehensive and third-party Iffco Tokio two wheeler insurance policies?
There are two types of two-wheeler insurance policies that bikes, scooters, and mopeds can avail-
Third-party Two Wheeler Insurance Policy: Iffco Tokio 3rd party bike insurance is designed to safeguard the interest of pillion riders, and any other third-person, vehicle or property.
The motor insurance company will recompense the third-party damages incurred from your vehicle. And this one is mandatory for all the bike owners/drivers.
Comprehensive Two Wheeler Insurance Policies: Iffco Tokio comprehensive two wheeler insurance covers third party as well as own damages to your two-wheeler from natural as well as man-made calamities including accidental damages, fire, flood, earthquake etc.
This insurance policy also compensates for damages and loss incurred due to theft, terrorist activities, burglary etc. The cost of the premium is slightly higher than the liability insurance policy.
Should I buy a comprehensive or a third party vehicle insurance policy?
A minimum of third-party motor insurance is mandatory, however, it is recommended to purchase a comprehensive bike insurance policy.
What is the difference between comprehensive insurance and zero depreciation cover?
There are various add-on covers that are available in a comprehensive two wheeler insurance policy. And zero depreciation cover is one of the additional benefits that you can opt for with your basic bike insurance policy.
By opting for zero depreciation cover you can get full compensation for the damage without deducting the depreciation value on the parts. All you need to do is pay an extra amount of premium to avail the same. You cannot opt for zero depreciation cover in a third-party insurance policy.