In the year 2000, IFFCO-Tokio General Insurance Company Limited was established. The Indian Farmers Fertiliser Co-operative Limited (IFFCO) and the Tokio Marine Group have formed this joint venture. The company has been in existence for 20 years and is one of India’s leading private general insurance companies. The company has a diverse product line across all business areas.
Car insurance, two-wheeler insurance, health insurance, travel insurance, and home insurance are some of their services. IFFCO-Tokio has a strong presence in rural areas as well as Tier 2, 3, and 4 cities. It is the first private insurance company to set up Bima Kendras. In India, IFFCO Tokio was the first business to offer property and liability insurance.
IFFCO Tokio provides several types of insurance, including health, motor, general, travel, and many more. Here we will discuss Motor insurance, especially Bike insurance.
What is Bike Insurance?
A contract between a vehicle owner and an insurance provider is known as bike insurance. The insurance company guarantees the insured’s financial security in the event of a loss. The Two Wheeler insurance protects the owner of the vehicle from financial loss in the event of an accident. Personal, vehicle and third-party damages may be included in these losses.
In the market for two-wheeler insurance, there are several companies. One of India’s oldest and most reputable insurance companies is IFFCO-Tokio. The business has been operating in India for over two decades. Let us now go through the details of this IFFCO-Tokyo bike insurance.
Important Benefits of having bike Insurance
Having bike insurance provides you with plenty of benefits. The following are some benefits of having two-wheeler insurance-
Provide Financial assistance against accidents or losses
You will be financially protected with Two-Wheeler insurance coverage. If your bike is damaged, you may be eligible for financial compensation. It protects you against any loss due to natural or man-made disasters. This will save you money on expenses on repairing of damages.
Stay within the law
According to the Motor Vehicle Act, having at least a basic Third-Party Insurance coverage is required. It is not allowed to ride a motorcycle on Indian roads without this coverage. You won’t have to worry about anything if you have a two-wheeler policy.
Protection from non-natural occurrences
Two-wheeler insurance also protects you against theft, strike, burglary, and war-related losses and damages.
Insurance cover for personal accident
Personal accident insurance was another common element of two-wheeler insurance policies. It protected the rider from any injuries sustained as a consequence of an accident.
IFFCO Two-Wheelers Bike Insurance
Nowadays, in India, it is mandatory to have bike insurance. IFFCO Tokio Two Wheeler Insurance is a one-stop shop for all of your bike insurance needs. They provide low-cost insurance coverage that is affordable to everyone. Third-party liabilities, theft, and physical damage to the car are all covered by the policy.
The insurer also suggests some additional policies to supplement the policy’s coverage. IFFCO offers you bike insurance coverage that is customized to your needs, as well as 24-hour assistance. The corporation has a claim insured ratio of 79 percent. IFFCO has a 95.30 percent claim settlement ratio. IFFCO Tokio offers a wide range of insurance policies to meet your financial protection needs.
List of best IFFCO Tokio bike Insurance
Third-party two-wheeler insurance
One of the most fundamental types of two-wheeler insurance is third-party coverage. Every two-wheeler owner in India is required to obtain third-party two-wheeler insurance. In the event of a disaster involving the insured’s two-wheeler, the policyholder is covered for all third-party obligations. Bodily injury, death, and/or property damage are examples of these obligations.
It provides you with protection at a low cost and is advantageous. In the event of an accident or catastrophe, you may face significant financial liabilities. However, Third Party Two Wheeler Insurance provides you with peace of mind in the face of all odds.
Comprehensive two-wheeler insurance
A comprehensive two-wheeler insurance coverage covers individuals, their bikes, third parties, and property. This is not as same as the third-party liability Two wheeler insurance. It safeguards your bike against natural and man-made calamities, as well as personal injury, theft, third-party liability, and fire.
With this comprehensive two-wheeler liability policy, you may also acquire add-ons. You may also use network garages throughout India for cashless repairs. When policyholders are faced with unfavorable occurrences and hazards, comprehensive two-wheeler insurance protects them from financial losses.
Owner Damage Two-wheeler Insurance
This coverage covers any damage you do to the bike as a result of an incident. It assists you in remaining insured for damage to your bike rather than that of a third party involved in the collision. Own damage insurance is comprehensive, with add-on riders available to supplement the standard insurance plan’s coverage.
This coverage does not cover damage to a third-party vehicle, person, or property. This plan covers damage to one’s car and person as a result of an accident, natural disaster, or man-made calamity. Short-term own damage policies are cost-effective for policyholders.
Benefits of IFFCO Tokio Two-Wheeler Insurance
With IFFCO Tokio, a two-wheeler insurance policy you can enjoy the following perks
IFFCO Tokio has more than 4300 network garages all over India. With a cashless claim option, you can get your bike repaired smoothly in IFFCO Tokio network garages.
Customize your insurance plan
With IFFCO Tokio, you can make a customized insurance plan by adding add-ons. The company offers several add-ons on a Two-wheeler insurance policy. These provide you with better coverage for your Two-wheeler.
Consumers will find the IFFCO Tokio Two Wheeler Insurance coverage to be beneficial. Because they provide their customer’s assistance 24*7. They provide assistance relating to various queries and claims of their customers.
Enjoy the benefit of the no claim bonus policy
The company offers a No-claim bonus in which you get a discount if you don’t claim the money in the current year. We will discuss this later on in the article.
Easy and quick claim settlement
The company has a record of 95.8% of claims successfully settled. They try to complete the claim settlement process within 4 hours. With simple documentation, you can quickly reimburse your claim.
IFFCO Tokio Bike Insurance- Reviews
IFFCO Tokio is one of the oldest insurance companies in the market. Having experience of around 20 years, the company is providing the best services to their clients. They believe in a quick and easy settlement process. However, there can be some limitations as well. But those can be neglected in front of the benefits provided by the IFFCO Tokio bike insurance policy.
IFFCO Tokio bike Insurance Care Numbers / Contact details
To know more about IFFCO Tokio Bike Insurance, contact us via-
Call – 7993407777, 1800-103-5499
Website – email@example.com
Visit our social media handles or download our app to get more information about IFFCO Tokio Bike insurance.
Features of Future IFFCO Tokio bike Insurance
The following are some features of the IFFCO Tokio Bike Insurance policy
- The company’s goal is to provide hassle-free procedures and easy documentation to provide a seamless onboarding experience.
- The IFFCO Tokio bike insurance plan offers a wide range of emergency help services. Along with your current plan, add ‘On-road protection coverage’ for a little additional fee.
- Instant IFFCO Tokio offices, POS offices, and internet purchases all have digitally signed policy documents.
- Web insurance renewal is effortless. Simply go to the online site and renew your coverage whenever and wherever you want.
- Instantly obtain a digital copy of the policy. Obtain the digital policy papers after receiving the policy from the office.
- The organization has resolved over 8 lakh claims in its almost 20-year history in the insurance market (in FY19).
- Officers who are well-trained and will respond to claims quickly. Consult with our experts to determine the most efficient approach for your bike.
- With over 20,000 agents, there are branches all across the country. By visiting the office, you can obtain immediate insurance coverage.
IFFCO Tokio bike Insurance Coverage
IFFCO Tokio bike insurance plan provides you coverage against several losses and damages. The following is the list of losses covered under their insurance policy
Protection against natural calamities
The company protects against several natural calamities such as fire, explosions, lightning, earthquake, cyclone, storm, hurricanes, frost, hailstorms, and many more. It safeguards your vehicle against such calamities.
Coverage against Man-made disasters
Protect your vehicle from any man-made disaster such as burglary, riot, strike, accident by external means, and many more.
Personal Injury Protection
A two-wheeler insurance policy that is comprehensive covers the insured for bodily injury to the rider.
Liabilities to Third Parties
The policy also covers any financial and legal responsibilities incurred by a third party as a result of damage or loss to a third party if or their property.
Coverage for a Rider’s Partial or Total Disability or Death
In the event of an accident that results in the vehicle owner or rider’s injury or death, the insurance company pays the required compensation and covers the medical costs according to the policy’s terms.
If the vehicle is stolen, the IFFCO-Tokyo bike insurance coverage protects the vehicle owner up to the IDV determined.
Any damage to the car caused by a little or big accident is covered under the insurance.
Discounts offered by IFFCO Tokio bike Insurance
IFFCO Tokio offers a plethora of discounts for its customers. They usually provide discounts at the time of special occasions, but they have one special offer. The company provides No-Claim Bonus Discount. Let us tell you about this offer.
No Claim Bonus Protection- If you don’t make a claim, you can obtain a no claim bonus protection. After one year, you can enjoy a 20% reduction on your premium. The No Claim Bonus discount will increase year after year, eventually reaching 50% after five years. The no-claim incentive is a discount on the premium for the next year.
Add-ons offered by IFFCO Tokio bike Insurance
The company provides some add-ons with your insurance cover. These add-ons will provide you with additional benefits on your policy. The following are some add-ons that you can get-
- Zero Depreciation Cover – In most circumstances, when a claim is filed, the depreciation value is taken into account. However, if your two-wheelers are damaged, a zero depreciation policy would cover the whole cost of repairs.
- Return to Invoice – If your two-wheeler is declared a total loss, this add-on coverage must pay you for the two-original wheeler’s invoice price, which includes road tax and registration fees. This is beneficial for those who reside in areas where two-wheeler theft is common.
- Personal accident cover for pillion rider – In the event of injury or death as a result of an accident, this add-on covers the pillion rider for up to INR 1 lakh in personal accident coverage.
- Roadside assistance cover – This add-on covers roadside assistance if the insured car breaks down.
- Cover for engine protection – In the case of damage to the vehicle’s engine as a result of an accident, this add-on extends coverage.
Exclusions of IFFCO Tokio bike Insurance
IFFCO Tokio Two Wheeler Insurance provides risk coverage against several damages and accidents. We have already discussed the coverage under IFFCO Tokio bike Insurance. There are still some risks that are not covered under IFFCO Tokio bike Insurance. The following are some exclusions of the Insurance policy-
- Any electrical or non-electrical equipment you have on your bike will not be covered.
- Damages to a bike caused by the insured’s fault are not covered.
- Losses resulting from regular wear and tear on a two-wheeler are not covered.
- Any damage to the vehicle caused by a rider who does not have a valid driver’s license is not insured.
- Damages to two-wheelers caused by war, invasion, terror attacks, and other events will not be covered.
- Your insurance coverage does not cover mechanical or electrical failures.
- Accidents that occur as a result of a driver under the influence of alcohol or drugs are not covered.
- Any loss or damage to the vehicle that occurs outside of the country’s geographical territory is not covered.
- No claim is made for any loss or damage to the vehicle caused by a rider who does not have a valid driver’s license.
- The insurance company will not be liable for any damages caused by radiation, ionizing radiation, or contamination by radioactivity generated by nuclear materials.
How to Claim for IFFCO Tokio bike Insurance?
The following are the steps to get a claim through this method-
- Notify the firm.
- In the event of an accident, make a note of the vehicle registration numbers.
- Make a police report (FIR).
- Make a list of the witnesses’ names.
- Use your Two Wheeler Insurance coverage to file a claim.
Claim through QCS (Quick Claim settlement) App
The Quick Claim Settlement (QCS) app is just down the road! This will assist you in receiving reimbursement in a matter of minutes. Simply take a few images of the damaged components and upload them to the QCS app. We’ll assess the damage and send the cash for repairs directly to your bank account. To use the QCS service, download the IFFCO Tokio QCS app or call the toll-free customer care hotline to register your claims.
Q1.Do I get full compensation for theft or total loss of the vehicle?
Ans – No, the insurance provider is only obliged to pay up to the vehicle’s Insured Declared Value (IDV) in the event of total loss or theft. The IDV is calculated when a two-wheeler insurance coverage is purchased or renewed.
Q2. How is the premium for a motor insurance policy determined?
Ans – The price of a bike insurance coverage is governed by several factors, including:
A. Type of vehicle
B. Vehicle year of manufacture
C. The vehicle’s reported value as insured
D. Add-on covers
E. The registration zone
F. The vehicle’s cubic capacity
Q3. What is a No Claim Bonus? How do I benefit from it?
Ans – The no-claim incentive is a discount on the premium for the next year. If you have no claims during the year, you will receive a significant discount on the following year’s premium. The No Claim Bonus might be worth up to 50% depending on how many years you have gone without filing a claim.
Q4. What are the benefits of buying IFFCO Tokio Two Wheeler Insurance?
Ans – Buying an IFFCO Tokio Two wheeler insurance, make you eligible for the following benefits-
A. 24*7 assistance
B. Quick and easy claim settlement
C. Easy renewal policy
D. Access to No-claim bonus offer
E. Garages for cashless claims
F. Beneficial add-ons
G. Plans at affordable prices
Q4. Does IFFCO Tokio offer Cashless Claims for Two Wheelers?
Ans – Yes, IFFCO Tokio provides cashless claims for Two Wheelers to the customers. The company has more than 4300 network garages that offer cashless claims services. You can simply visit the garage and get your vehicle repaired under the insurance policy.
Q5. Is there a way of checking my Two Wheeler policy status?
Ans – Yes, you can check your policy status through the IFFCO Tokio app or website. You just need to login on to the website by entering the necessary credentials. By following a few steps, you can track the policy status of the IFFCO Tokio insurance policy.