Kotak Two Wheeler Insurance

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Kotak Two Wheeler Insurance

Read all about Kotak Two Wheeler insurance / Bike Insurance Plan online on Coverfox.

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.

Types of Two Wheeler Insurance by Kotak General 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.

Key Features of Kotak Two Wheeler Insurance

A: Kotak Long Term Two Wheeler Secure

B: Liability Only - Two Wheeler Insurance

  • Flexibility to select policy tenure of 1|2|3 years. A longer policy tenure lets you avail additional discounts without having the need of policy renewal.
  • There is no increase in third party premium for 2&3 policy year.
  • This policy comes with an inbuilt Personal Accident Cover in order to protect you from the perils of the accident.
  • No Claim Bonus is as 20%, 25%, 35%, 45% & 50% provided the policy is renewed within 90 days from the expiry date of the previous policy.
  • Entitled to additional discounts if you are a member of a recognized Automobile Association of India (AAI).

Key Benefits of Kotak Two Wheeler Insurance

A: Kotak Long Term Two Wheeler Secure

B: Liability Only - Two Wheeler Insurance

  • Loss/Damage Cover: Provides cover against damages arising out of natural calamities (such as; fire, explosion, self-ignition/lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide, etc.) or man-made calamities (such as; burglary, theft, riot, strike, malicious act, accidental external means, terrorist activity, damage in transit by road, rail, inland waterway, lift elevator or air, etc.)
  • Liability to Third Party: Provides cover against legal liabilities arising out of accidental damages to any third party or their property.
  • Note: As per Supreme Court directive, insurance for new two wheelers will have mandatory 5 year third party insurance cover.
  • Personal Accidental Cover for Owner/Driver: Provides a cover of ₹15 lakhs to the individual driver of the vehicle while travelling, mounting or dismounting from the car with an option to include cover for co-passengers as well.

Kotak Two Wheeler Insurance Coverage

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.

Discounts offered by Kotak Two Wheeler Insurance

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.

Exclusions of Kotak Two Wheeler Insurance

  • Normal wear and tear and general ageing of the vehicle.
  • Depreciation or any consequential loss.
  • Damage to/by a person driving any vehicles or cars without a valid license.
  • Damage to/by a person driving the vehicle under the influence of drugs or liquor.
  • Mechanical/electrical breakdown.
  • Loss/damage due to war, mutiny or nuclear risk.
  • Vehicles including cars being used otherwise than in accordance with limitations as to use.
  • Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time, in which case the liability of the company shall be limited to 50% of the cost of replacement.
  • For all rubber/ nylon / plastic parts, tyres and tubes, batteries and air bags - 50%
  • For fiberglass components - 30%.

Kotak Two Wheeler Insurance Customer Care

You can contact Kotak Two Wheeler Customer Care at their toll free number 1800 266 4545 or email them at care@kotak.com.

Claim Process of Kotak Two Wheeler Insurance

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:

  • After initiating a claim, a vehicle surveyor will come to inspect the damaged two-wheeler within 24 hours.
  • You will be required to submit all the necessary documents as requested.
  • The cashless claim settlement will be undertaken at the listed network garage.
  • You can pay the compulsory deductible and take the vehicles once it has been completely repaired.

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.

Reviews of Kotak Two Wheeler Insurance

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.

Frequently Asked Questions

  • Q. What is an endorsement in bike insurance?
    • An endorsement is written evidence of which denotes an agreed change in policy terms.

  • Q. What should the IDV of my bike be?
    • 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.