Kotak Two Wheeler Insurance is a type of bike insurance offered by Kotak General Insurance. This is 100% owned subsidiary of Kotak Mahindra Bank with 13 branches spread across India and an employee base of 354 professionals.
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
A: Kotak Long Term Two Wheeler Secure
B: Liability Only - Two Wheeler Insurance
A: Kotak Long Term Two Wheeler Secure
B: Liability Only - Two Wheeler Insurance
There are two types of Two Wheeler Insurance offered by Kotak General Insurance.
Note: All product related information has been sourced from the official website of Kotak General Insurance.
The Insured’s Declared Value (IDV) of the vehicle is Sum Insured for the purpose of this tariff and it will be fixed for each one year block at the commencement of contract for each insured vehicle. The IDV of the vehicle (and sidecar/accessories, if any, fitted to the vehicle) is to be fixed on the basis of manufacturer’s listed selling price of the brand and model as the insured vehicle at the commencement of insurance /renewal and adjusted for depreciation (as per schedule specified below). The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss/ Constructive Total Loss (TL/ CTL) claims only.
| Age of Two-Wheeler | Rate of Depreciation |
|---|---|
| Not Exceeding 6 months | 5% |
| Exceeding 6 months but not exceeding 1 year | 15% |
| Exceeding 1 year but not exceeding 2 years | 20% |
| Exceeding 2 years but not exceeding 3 years | 30% |
| Exceeding 3 years but not exceeding 4 years | 40% |
| Exceeding 4 years but not exceeding 5 years | 50% |
IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the Insurer and the Insured. IDV shall be treated as the Market Value throughout the policy period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL) claims.
The Insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and / or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle.
The only form of discount is on premiums for becoming a member of a recognized Automobile Association of India.
Offers a No Claim Bonus discount (NCB) that ranges from 20%, 25%, 35%, 45% & 50% provided the policy is renewed within 90 days from the expiry date of the previous policy.
In order to intimate the process of claim settlement, simply call the customer car at 1800 266 4545 (8 a.m. - 8 p.m.) or send an email to care@kotak.com.
Cashless Claims:
For reimbursement of claims, collect all the bills from the listed network garage and submit the same to Kotak General Insurance. The company will reimburse the claim amount within 7 working days to your account.
Kotak Mahindra Two Wheeler Insurance specializes in providing excellent two-wheeler insurance with great features and benefits along with great customer service. With a national presence of 13 branches and 354 insurance professionals across India, Kotak Mahindra General Insurance has excelled in hassle-free claim settlement. The number of network garages too have made Kotak two wheeler insurance the best in the industry.
An endorsement is written evidence of which denotes an agreed change in policy terms.
This depends on multiple factors such as the manufacturer's listed selling price of the brand and model of the bike proposed for insurance at the commencement of insurance or at renewal. This is further adjusted for depreciation. The IDV of the two-wheeler or accessories, if any, fitted to the bike, but not included in the manufacturer's listed selling price of the bike is also likewise to be fixed.
NCB in bike insurance refers to no claim bonus which is a discount offered on premium on making no claim in a policy year. This discount goes up to 50% for five consecutive claim free years.
Bike insurance premium can be calculated based on the insured declared value of the bike, make and model, year of registration, engine capacity, etc.
Different types of vehicles such as bike, car, minivans, vans, etc. can be insured.
Insured declared value calculator is the calculator you can use to calculate the total value of your bike. The insurance company will compensate you up to the IDV amount in case of total loss or theft of the bike. The IDV calculator works based on the below formula IDV (Insured Declared Value) = (Vehicle’s listed market price – depreciation cost) + (cost of the bike accessories – depreciation value of the parts)
Given below are few of the benefits of purchasing two wheeler insurance online:
Deductible in two wheeler insurance refers to the portion of the claim amount you have to pay before the insurance company pays the amount. The rate of compulsory deductible is fixed by the IRDA. However, voluntary deductible is the amount you can choose to pay at the time of claim. Higher the deductible, lower will be the premium.
Yes, you can purchase a two wheeler insurance company with a modification that you have done recently. However, you need to update the insurance company on all the modifications that you do to the bike.
Yes, policy cancellation is possible in the middle of the policy tenure. However, it is imperative that you insure your bike with a third party insurance policy as it is mandatory as per the law to do so.
