IFFCO Tokio Motor Insurance

IFFCO Tokio is a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO), Nichido Fire Group, and Tokio Marine. The associates of IFFCO are some of the largest listed insurance groups in Japan.

The company has a great reputation in the industry for the transparency with which it operates and quick response time. IFFCO Tokio has a strong IT infrastructure team that has improved the efficiency of the company’s claim settlement process manyfold.

The company offers various types of insurance solutions to customers, including motor, travel, home, health, business, and rural insurance schemes.

Why Should You Buy Motor Insurance From IFFCO Tokio?

IFFCO Tokio offers its customers motor insurance policies with extensive coverage to protect the policyholder from every possible risk. Some of the benefits of buying motor insurance from IFFCO Tokio are:

  • The insurer offers several add-on covers to increase the coverage of the basic motor insurance plan.
  • Policyholders can get cashless claim service at more than 2,300 network garages across India.
  • You can purchase motor insurance effortlessly by logging in to the official website of IFFCO Tokio. It is also possible to renew motor insurance online in a matter of minutes.
  • The insurance company utilises extremely secure systems for online sales. This ensures that your confidential information is not compromised at any cost.
  • You can set policy renewal reminders by filling up an online form at the insurer’s website. This ensures that you never face a situation wherein your policy moves into the expired status for non-payment.
  • The company has a large set of in-house surveyors who attend to claims immediately.
  • The insurer has one of the lowest turnaround time for claim settlement in the industry.
  • IFFCO Tokio offers 24x7 call centre service that attends to claims and queries of customers.

Types Of Motor Insurance From IFFCO Tokio

IFFCO Tokio offers its customers various types of motor insurance policies, based on their specific needs:

  • Car insurance policy- This plan offers complete insurance coverage for private cars in the country. The policyholder gets coverage for physical damages to the insured car, personal accident cover that protects from injuries and death, theft of the insured vehicle, and third-party liability.
  • Commercial vehicle insurance policy - This protects a vehicle used for commercial purposes from various types of external damages. It also offers third-party liability cover and personal accident cover to the driver.
  • Two-wheeler insurance policy - This insurance plan offers protection to two-wheelers from theft and physical damages. The policyholder is also protected from third-party liabilities. This insurance plan can easily be bought online from the insurer’s website.

IFFCO Tokio Liability Only Insurance Policy - Inclusions

This is the most basic form of motor insurance that every vehicle should be equipped with. This is also the minimum level of motor insurance made compulsory by law in India. The liability only plan offers the following coverage:

  • Protection from legal liability to a third party in an accident - This includes coverage for injuries or death of the third party. Third-party property damage is also covered under the plan. Although there is no upper limit for claims related to third-party injuries/death, a third-party property damage claim is capped at Rs.7,50,000. However, the actual amount that is payable is determined by the Motor Accident Claims Tribunal (MACT).
  • Personal Accident Cover for the owner-driver - The owner-driver of the insured vehicle gets a compensation of up to Rs.2 lakh for permanent disabilities/death in an accident involving the vehicle.

IFFCO Tokio Package Policy - Inclusions

The package policy from IFFCO Tokio is a comprehensive insurance cover that includes the following coverage:

  • Losses due to fire, self-ignition, and explosion
  • Damages from floods, storms, hurricanes, lightning, earthquakes, etc.
  • Losses due to theft, strikes, malicious activities, terrorist acts, in-transit damages, etc.
  • Third-party liability
  • Personal accident cover of up to Rs.2 lakh for the owner-driver
  • Reimbursement of up to Rs.1,500 for towing, redelivery, and protection of the insured vehicle after an accident.

The coverage of the package policy can be extended by purchasing add-on covers such as:

  • Personal accident cover for passengers
  • Protection for electrical/non-electrical accessories and LPG/CNG kit
  • Additional legal liability cover for the conductor/driver of the insured vehicle
  • Protection for participation in rallies

IFFCO Tokio Motor Insurance - Exclusions

The following incidents are not offered coverage under the motor insurance policies from IFFCO Tokio:

  • Contractual liabilities
  • Consequential losses
  • Electrical and mechanical breakdown
  • Depreciation of the vehicle parts
  • Wear and tear of the insured vehicle
  • Driving the insured vehicle after the consumption of alcohol/drugs
  • Driving when not in possession of a valid license
  • Using the vehicle beyond limits
  • Nuclear disasters and war
  • Damage to the tubes/tyres unless the insured vehicle is also damaged
  • Theft of accessories, unless the vehicle is also stolen

IFFCO Tokio Motor Insurance FAQs

  1. I have bought a used car. How can I transfer the insurance policy in my name?
  2. You should submit an application to the insurer within 14 days of change in ownership. All relevant documents have to be submitted and fees/additional premium will have to be paid along with the application. The insurer transfers the policy after receiving the required documentation.

  3. How does IFFCO Tokio calculate my car insurance premium?
  4. Under the IFFCO Tokio motor insurance policy, there are two components of premium:

    • Liability premium is a fixed amount that depends on the cubic capacity of the vehicle’s engine.
    • The own-damage premium depends on several factors, such as age, engine capacity, model, area of operation, etc. These factors along with the Insured Declared Value (IDV) of the vehicle decides the own-damage premium.

    Additional premium is also payable for add-on covers that you choose.

  5. Does IFFCO Tokio offer any premium discounts?
  6. You can get discounts on premium for the following events:

    • Getting membership in automobile associations
    • Installing anti-theft devices
    • Opting for higher voluntary deductibles
    • Using No Claim Bonus (NCB)
  7. How much discount can I get through NCB?
  8. You can get up to 50% discount on own-damage premium through the use of NCB. This depends on the number of claim-free years you have observed.

  9. If I change insurance companies, what happens to the NCB?
  10. You can preserve the NCB using an NCB protection certificate from your current insurer. You will have to use this bonus on another motor insurance policy within 90 days.

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