Kotak Mahindra Two-wheeler Insurance

Kotak Two Wheeler Insurance is a kind of bike insurance proposed by Kotak General Insurance. This is a 100% possessed subsidiary of Kotak Mahindra Bank with around 13 big branches scattered across India and has an employee strength of nearly 360 professionals. 

Kotak Mahindra bike Insurance is one of the greatest, which is still being extended insurance firms in India. It was comprised in December by the year of 2014 and began its position as an insurer after acquiring its IRDA “Certificate of Registration” in the month of April 2015.  

It has reached successfully billions of individuals by providing bike insurance, car insurance, and many other products in this brief period. The business has marked its existence among the ushering insurance firms in India, which seeks at advancing out to a large digit of customer elements digitally with the most suitable grade of bike insurance and additional related benefits at reasonable rates. 

List of best Kotak Mahindra bike Insurance 

Kotak General Insurance Company presents three significant types of two-wheeler insurance policies that can be chosen on the basis of according to their necessities and allocation.  

Three types of two-wheeler insurance policies proffered by Kotak General Insurance are – 

  • Third-Party

  • Standalone Own-Damage  

  • Comprehensive Insurance policy 

Kotak Two-Wheeler Third Party insurance policy

Will take complete care of your third party liabilities in point of a calamity that results in physical injuries, disability, death, and property harm of the third group. Purchasing a third-party insurance policy is required in India according to the Motor Vehicles Act. 

 If an individual is seen driving the two-wheeler without having a third-party insurance policy, then they must be fined Rs. 2,000 and or detention for up to around 3 months. This kind of two-wheeler insurance approach provides an economic and legal allowance in times of concern. 

Kotak Two Standalone Own-Damage insurance policy 

This provides complete coverage for the harms to the guaranteed two-wheeler in matters of calamity or any other accident. A standalone own-damage policy presents compensation for the harms to the two-wheeler in the chance of theft, destruction, road casualty, and natural or human-made disasters. The standalone own-damages insurance policy provides financial security to the person for any injuries to the two-wheeler in point of any misfortune. 

Kotak Two-Wheeler Comprehensive insurance policy

This plan provides a combination of the third party and thus the standalone own-damage kind of coverage to the client. This kind of insurance policy supplies coverage for third group liabilities like physical injuries, disability, death, or property harm to the third group and even provides coverage for injuries to the two-wheeler that could occur during an accident or some other kind of mishap. 

Kotak Mahindra bike Insurance- Reviews

Kotak Mahindra Two Wheeler Insurance typically specializes in delivering exceptional two-wheeler insurance with amazing features and advantages along with excellent customer service.  

With a national existence of around 13 branches and already has nearly 360 insurance experts across India, this Kotak Mahindra two-wheeler Insurance has actually excelled in hassle-free claim recompense. The digit of network garages has created the Kotak two-wheeler insurance approach the most reasonable in the industry. 

  • Network Garages – 1,300+ 

  • Claim Settlement Ratio–82.81%  in FY20  

  • Emergency Assistance –Available 24/7 

  • Policies Issued–18 lakh+ 

  • Claim Process–Digitally Enabled  

  • Third-Party Cover– Available 

Important Benefits of Kotak Mahindra bike Insurance

Kotak Long Term Two Wheeler Secure delivers a comprehensive cover for the conveyance insured against the casualty or damage deriving from human-made or any natural accidents. This approach also protects third-party liability expenditures. With a long-term plan policy, one can get complete coverage for a more extended tenure of up to a total of 3 years. 

A: Kotak Long Term Two Wheeler Secure 

B: Liability Best– Two Wheeler Insurance 

Loss or the Damage Cover

Provides cover for the damages occurring out of natural accidents (such as; fire, blast, self-ignition or the lightning, quake, flood, storm, hurricane, hail, hurricane, inundation, windstorm, hailstorm, ice, landslide, rockslide, etc.) or any other human-made accidents (such as; burglary, robbery, riot, walkout, malicious action, accidental exterior means, terrorist action, injury in transit by highway, rail, inland channel, lift elevator or aura, etc.) 

Liability to Third Party:  

Provides coverage for all the legal liabilities emerging out of unexpected deterioration to any third party or their belongings. 

Note: As per the Supreme Court ruling, insurance for new or fresh two-wheelers shall have required 5 years. 

Personal Accidental Cover for Owner/Driver:  

Delivers a cover of around ₹15 lakhs to the personal driver of the conveyance while traveling, ascending, or dismounting from the bike with a chance to include covering of co-passengers as well. 

Benefits of Kotak Bike Insurance

  • A vast network of 1,300+ garages 


  • 24×7 emergency assistance is offered 

  • The smooth and quick claim settlement process
     
  • Digitally boosted insurance solutions delivered 

  • Permits policyholders to create unlimited claims. 

Extraordinary Conditions: 

a) For the intention of this Add-on, “Purchase Invoice Price” will certainly suggest the ex-showroom cost of the Insured automobile and includes the worth of factory or car seller accessories that were provided at the time of acquisition. 

b) Purchase Invoice Cost also includes the price of a standard package procedure (without any Add-on covers or guidelines), the amount spent towards enrollment of the Insured vehicle, relevant road tax, and Octroi. 

c) The Corporation shall not tolerate any assertion under this Add-on, where a declaration under Section I of the Procedure is not owed. 

Kotak Mahindra bike Insurance Care Numbers / Contact details

The customer can contact Kotak Two-Wheeler free Customer Supervision at their toll-free numeral — 1800 266 4545 or 

even can reach out to them at their email handle at care@kotak.com. 

Thus, can get in contact with them by:- 

  • 1. Reaching their toll-free number 1800 266 4545 

  • For Road Assistance and any other Health Claims which is 24/7 

  • For other assistance (8 a.m – 8 p.m) 

Features of Kotak Mahindra bike Insurance

  • A: Kotak Long Term Two Wheeler Secure 

  • B: Liability Only – Two Wheeler Insurance 

  • Flexibility to assign policy term of 1|2|3 years. A more extended policy tenure allows one to avail extra discounts without including the need for policy renewal. 

  • There is no growth in third-party compensation for 2 and 3 policy year. 

  • This approach arrives with an inbuilt Personal Casualty Cover in order to save one from the dangers of the accident. 

  • No Claim Bonus is just like as the 20%, 25%, 35%, 45% & 50% delivered the policy is revitalized within around 90 days from the total expiry date of the last policy. 

  • Allowed extra discounts if one is a member of an acknowledged Automobile Association of India (AAI). 

Kotak Mahindra bike Insurance Coverage

The Insured’s Declared Value (IDV) of the authorized vehicle is Sum Guaranteed for the objective of this tariff and this shall be specified for each complete one-year block at the beginning of the contract for the per insured vehicle.  

The IDV of every vehicle (and sidecar or their accessories, if there is any that is being fitted to the automobile) is to be appointed on the grounds of the manufacturer’s detailed selling cost of the label and model as the insured auto at the beginning of insurance /renewal and adapted for depreciation (as per the agenda specified).  

The program of age-wise devaluation as shown down is applicable for the goal of Total Loss(TL) / Constructive Total Loss (CTL) claims exclusively. 

AGE OF TWO-WHEELER     
   RATE OF DEPRECIATION 
Not Surpassing 6 months
5%
Exceeding 6 months while not surpassing 1 year    
15%
Exceeding 1 year while not surpassing 2 years   20 %
Exceeding 4 years while not surpassing 5 years      50% 

IDV of automobiles beyond five years of age and of outdated models of the automobiles  (i.e. ideals which the manufactories have stopped to manufacture) is to be selected on the basis of an agreement between the Insurer and also the Insured. This IDV shall be regaled as the Market Worth throughout the policy term without any additional depreciation for the pursuit of Total Loss (TL) or the Constructive Total Loss (CTL) reasons. 

The Insured automobile shall be feted as a CTL if the aggregate price of return and/or restoration of the vehicle, according to the assigned terms and conditions of the approach, surpasses 75% of this vehicle’s IDV. 

Discounts delivered by Kotak Mahindra bike Insurance

The foremost form of discount is on bonuses for becoming a fellow of an acknowledged Automobile Association of India. 

Presents a No Claim Bonus discount (NCB) that goes from 20%, 25%, 35%, 45% & 50% delivered the policy is restored within the span of 90 days from their expiry date of the aforementioned policy. 

Exclusions of Kotak Mahindra bike Insurance

Usual wear and tear and known aging of the vehicle. 

  • Depreciation or any consequent loss. 

  • Wear to/by a person operating any vehicle or bike without a proper license. 

  • Wear to/by someone driving the vehicle beneath the influence of medications or liquor. 

  • Motorized /electrical breakdown. 

  • Casualty/damage due to conflict, rebellion or nuclear risk. 

  • Automobiles including cars being employed otherwise than in conformity with restrictions as to use. 

  • Wear and tear of things like tyres unless the automobile is harmed at the same period, in which point the liability of the organisation shall be restricted to 50% of the price of substitute. 

  • For each of the used rubber or nylon or the malleable elements, tyres and tubes, batteries and airbags – 50% 

  • For fibreglass parts – 30%. 

How to Claim for Kotak Mahindra bike Insurance

In charge of intimate the method of claim compensation, simply contact customer care at 1800 266 4545 (which is available from 8 a.m. – 8 p.m.) or send an email to care@kotak.com. 

Cashless Claims

  • After creating a claim, an automobile surveyor will arrive to inspect the injured two-wheeler within 24 hours. 

  • One will be needed to submit all the required documents as asked. 

  • The cashless claim compensation will be embarked at the recorded network garage. 

  • One can pay the obligatory deductible and accept the vehicle once it has been ultimately repaired. 

  • For restitution of claims, gather all the bills from the documented network garage and propose the exact to Kotak General Insurance. The organisation will recompense the claim charge within 7 working daytime to the client’s account. 

Procedure to Apply for the Long Term Two Wheeler Policy 

  • The process to apply for the Long Term Two Wheeler Policy is mentioned below: 

  • Visite their Website Scroll downside and just click on the ‘Apply Now button. 

  • On the following page, hit on the button ‘Get a quote. 

  • Next, one will require to write the details of the automobile to apply for the policy for insurance. 

Depreciation expenses

The expense of the two-wheeler begins depreciating from the time that has been purchased. This depreciation price plays a critical role in bike insurance. When one goes to renew their insurance approach, the insurer shall calculate the bike’s devaluation cost and present a new premium. 

The following elements (in terms of the period of the bike) are brought into account for calculating this: 

  • Not Surpassing 6 months = depreciation = 5% 

  • Depreciation if surpasses 6 months but less than 1 year = 15% 

  • Surpassing 1 year but not overreaching 2 years = 20% 

  • Depreciation if it surpasses 2 years but less than 3 years = 30% 

  • Surpassing 3 years but not surpassing 4 years = depreciation = 40% 

  • Overextending 4 years but not overreaching 5 years = 50% 

Renewing the Kotak Mahindra Bank Bike Insurance

Renewing the  Kotak Mahindra two-wheeler insurance is as important as purchasing two-wheeler insurance. Usually, the procedure ought to be renewed by the expected date or max before 90 days of the exact due date. Nevertheless, if, at any point, one misses the date, an additional grace time is delivered. This course is of 30 days within which the procedure must be restored to avoid a plan lapse. 

FAQ’s

Q1. Why does one need to keep two-wheeler insurance? 

Ans – According to the Indian Motor Tariff, it is required for all two-wheeler lessors to have at least third-party vehicle insurance for their conveyance. While comprehensive insurance is not required, it is recommended to buy one as it delivers comprehensive coverage – coverage for own deterioration nurtured by insured’s two-wheeler in expansion to incurred third party liabilities. 

Q2. What is the coverage share for the third party underneath Kotak Mahindra’s two-wheeler insurance policy? 

Ans – Kotak Mahindra third-party two-wheeler insurance provides compensation around Rs. 7.5 lakh for belongings damage. In the point of death or bodily damages of a third party, the charge of compensation is determined by a court of law. 

Q3. What is IDV? How to compute it? 

Ans – The Insured Declared Value (IDV) directs to the maximum share one can claim from the insurer in the circumstance of theft or complete loss of the two-wheeler. This share is calculated after the computation of the depreciation of the conveyance. However, IDV is calculated individually if any change of the vehicle is accomplished. 

IDV is computed using the following formula: 

IDV = (Manufacturer’s listing price – Depreciation) + (Accessories or extra fittings if any – Depreciation) 

Q4. What is an endorsement in bike insurance? 

Ans – An endorsement is documented evidence of which means an agreed difference in policy terms. 

Q5. What should the IDV of my bike be? 

Ans – This relies on multiple elements such as the manufacturer’s detailed selling price of the label and model of the bike offered for insurance at the beginning of insurance or at revival. This is further accommodated for depreciation.  

The IDV of the two-wheeler or supplements, if any, supplied to the bike, but not incorporated in the manufacturer’s detailed selling price of the two-wheeler is also alike to be fixed. 

Q6.What are the laws of Kotak Car Insurance regarding NCB after a policy is expired? 

Ans – The policyholder is qualified to avail advantages of NCB if he renews the procedure within 90 days post the plan expiry period, delivered there is no transfer of right. 

Q7. How long is the insurance cover valid for? 

Ans – Typically, an insurance policy is valid for a duration of one year unless noted otherwise in the terms and conditions of the bought policy which ought to be renewed at infrequent intervals. You can also select long-term policies (if obtainable). 

Q8. What is an endorsement? What is an endorsement? 

Ans – Suppose one wants to add a periodic extra cover on the existing car policy or one wants to do a few differences in that. In such circumstances, they will have to sign this endorsement, which functions as written proof of an agreed modification in policy terms. 

Q9. How many add-on covers for car insurance are offered by Kotak? 

Ans – Kotak General Insurance supplies a range of add-on covers which include Zero Depreciation Cover,  Engine Protect, Consumables Cover, Return to Invoice, Key Replacement Cover, Roadside Assistance Cover, Tyre Cover, NCB Protect, and Personal Belongings Cover. 

Q10. What is Kotak’s General Own damage insurance plan? 

Ans – With the use of Kotak General’s own damage cover, one can efficiently protect their own car from the damages induced to it because of robbery, accident, or some other misfortune. So, the insurance firm will reimburse the policyholder for the damage induced to their automobile. 

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