Incorporated on 4th December 2000, IFFCO Tokio General Insurance works with an aim of providing impeccable customer satisfaction, complete transparency and swift service. One of the leading organisations in the insurance industry, it is a joint venture between the Indian Farmers Fertilizer Cooperative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group. The latter boasts of being the largest listed insurance group in Japan. IFFCO Tokio provides a wide array for insurance products like Motor, Household, Travel, and Personal Accident.
Not only are Indian roads are infamous for being rickety, but are also notorious for unruly traffic. Under these circumstances, two wheelers are extremely prone to accidents and many other risks. IFFCO Tokio is known for providing reliable and comprehensive insurance services to protect your two wheeler from a host of dangers, unforeseen circumstances and accidents.
Features and Benefits of IFFCo Tokio Bike Insurance
Insuring your two wheeler with IFFCO Tokio entitles you to enjoy a host of benefits. The policy has multiple interesting features, as well. They have been listed below.
- Cashless claim facility is available at IFFCO Tokio’s Cashless Garage Network (CGN), across the country.
- If you have not made any claim during the vehicle’s policy period, you are eligible to enjoy a No Claim Bonus (NCB). NCB is offered on renewal of the insurance policy, and is allowed only if the policy is renewed within 90 days of the expiry of the initial policy. The discount can go even up to 50%.
- On shifting your two wheeler insurance policy from any other company to IFFCO Tokio General Insurance, you can transfer NCB with its full benefits. The discount rate remains the same, but this is subject to valid evidence; substantiating the fact that you are entitled to NCB from your previous insurer. The following documents can be furnished for this purpose –
- Renewal notice
- NCB Declaration
- Letter confirming the NCB entitlement. This needs to come from the previous insurer.
IFFCO Tokio Two Wheeler Insurance Policy Coverages
- Personal accident cover: Personal accident cover of Rs. 1 lakh is provided for individual owner driver of the insured bike/scooter. Any accident caused while traveling in, mounting or dismounting from the vehicle is covered under this policy. There is also an option for choosing a personal accident cover for the pillion rider.
- Loss or damage of two wheeler caused due to natural and manmade calamities. These natural calamities include fire, explosion, self-ignition, cyclone, landslide, inundation, hailstorm, frost, lightning, earthquake, typhoon, flood, storm, hurricane and tempest. Manmade Calamities eligible for the coverage include riot, theft, burglary, strike, malicious act, damage caused in transit and accident caused due to external means.
- Third party legal liability: This protects your two wheeler against legal liability arising due to accidental damages, damage caused to the property of third party and permanent injury/ death of a person.
Exclusions in Iffco Tokio Two Wheeler Insurance
Iffco Tokio offers a comprehensive insurance policy for two-wheelers with extensive protection for personal accidents, loss or damages to vehicles and third party legal liability coverage. The company also provides a hassle-free application and renewal process on its web portal. Iffco Tokio customers can make both cashless and reimbursement claims via the portal and also enjoy benefits like No-claim bonus and 24/7 claim settlement assistance services.
The following are not covered by an Iffco Tokio two-wheeler insurance policy.
- Any loss, damage or legal liability occurring outside the geographical area of the policy.
- Claims occurring from contractual liability.
- Any loss, damage or legal liability sustained if the vehicle is not being used within the limitation of usage.
- Loss, damage or legal liability occurring because the vehicle has not been driven by the person specified in the driver’s clause.
- Damages to property or any expenses arising from the damage along with any consequential loss.
- Loss or damages occurring directly or indirectly from ionizing radiation or contamination by radioactive nuclear fuel or from nuclear waste as a result of combustion of nuclear fuel.
- Loss or damages attributed to the materials used in nuclear weapons.
- Loss, damage or legal liability arising from or in connection with War, Invasions or War related operations like Civil War, Rebellion, Mutiny, or usurped power occurrences.
Calculation of IFFCO Tokio Two Wheeler Insurance Depreciation
Insurance companies calculate the value of the vehicle or two-wheeler, in order to judge the amount to be paid as premium. This valuation is called IDV or Insured Depreciation Value and it is very important since the insurance company pays out this specific valuation amount to the policyholder, as coverage, if there is a theft or complete loss of his/her insured vehicle.
IFFCO Tokio calculates the Depreciation of a Two-Wheeler in the following manner:
In case of a deduction for depreciation of the vehicle, the following rates are applicable in terms of parts replaced:
Rubber, plastic or nylon parts, as well as tyres, batteries, tubes and air bags
Parts made of glass
Components made of fiberglass
The rate of depreciation applicable for all other parts such as wooden parts, etc., based on the age of the two-wheeler, will be as follows:
- If the vehicle is less than 6 months old, depreciation is not applicable.
- If the vehicle is more than 6 months old but is not over 1 year old, then the depreciation applicable is 5%.
- If the vehicle is more than 1 year but is not over 2 years of age, then the depreciation applicable is 10%.
- If the vehicle is more than 2 years old but is not over 3 years of age, then the depreciation applicable is 15%.
- If the vehicle is more than 3 years old but is not over 4 years of age, then the depreciation applicable is 25%.
- If the vehicle is more than 4 years but is not over 5 years of age, then the depreciation applicable is 35%.
- If the vehicle is more than 5 years but is not over 10 years old, then the depreciation applicable is 40%.
- If the vehicle is over 10 years of age (since manufacture), then the depreciation applicable on it is 50%.
IFFCO Tokio Two Wheeler Insurance Renewal Process
IFFCO Tokio General Insurance Company lets you purchase and renew two wheeler insurance policies online online and offline in a hassle free manner. If you’re an existing customer of this insurer or hold an insurance from another company, contemplating on switching over, it can be done in easy steps. Renewing online is highly recommended as it saves oodles of time and resources.
For offline renewals, visit the nearest office in your locality at least 10 days before the expiration date. Carry a copy of your ID proof, the original/copy policy document and your two wheeler.
Online Renewal Procedure
Before initiating the renewal process, ensure you keep handy, a copy of the existing insurance policy, contact and bank details. Log onto the web portal of IFFCO Tokio and use the Buy/Renew Online button to proceed with the renewal. When this button is clicked, the page redirects to a window where you’re required to enter the details below.
- Policy/Cover note number
- Vehicle Registration Number
- Mobile Number
- E mail Id(Optional)
After clicking “Search”, your policy details would populate. Follow the instructions thereafter to complete the renewal procedure.
Renewal for policy provided by a different insurer can also be done on the same page. This procedure requires details of the vehicle, policy information, etc and will take a few more minutes as compared to renewal of the policy issued by IFFCO Tokio. You can also receive a “Quote” to compare the premium and benefits with the existing policy.
Benefits of Online Renewal
- Little paperwork is required since the details of your existing policy is automatically retrieved.
- Saves time as you don’t have to visit the branch. A copy of new policy is instantly available for reference.
- The customer can apply various discounts (if eligible) such as No Claim Bonus (NCB), Voluntary Excess and AAI(Automobile Association of india).
Types of Discounts
- No Claim Bonus: A discount provided on the premium amount for claim free year(s). If you do not make a claim during the policy term, a discount (as high as 50%) is provided during the renewal for next year. The NCB percentage builds over years and is transferrable from one insurer to another. Read the benefits section further information.
- Voluntary Excess:A fixed percentage of the claim you’re required to pay, whilst the larger chunk is settled by the insurer. By Increasing your voluntary excess value (in slabs), a discount is provided on the premium at the time of renewal.
- Members of AAI (Automobile Association of India):If you’re a member of any of the registered Automobile Associations, a discount of 5 %(Maximum of Rs.50) on the Own Damage premium is provided.
Documents Required for an IFFCO TOKIO Claim Settlement:
There are two types of claims that insurance companies encounter. Below are the two scenarios and the list of documents required for each of these cases.
- If the policyholder is claiming insurance for an accident, the documents they need to provide include:
- Proof of insurance: A copy of the policy or the cover a reimbursement is claimed under.
- A copy of the driver’s license—to be submitted with the original—of the person riding the bike at the time of accident.
- An estimate of the total repair costs by a garage where the bike is sent for repairs.
- Repair bill and payment receipt once the vehicle is refurbished.
- Documents that are specified in the AML guidelines.
- Police FIR in case of third party property damage, death, or injury.
Additional documents for theft claim:
- Original policy document.
- Original copy of registration certificate and tax payment receipt.
- Previous insurance details: policy number, name of insurance company, and policy duration.
- FIR and Final Investigation Report.
- Form 28, 29, and 30 signed by the insured and Form 35 signed by the financer.
- Subrogation letter.
- A consent form of the claim settlement amount agreed between the policyholder and the financier.
- Documents as suggested by AML guidelines.
- NOC by financier, if the claims are to be settled against your name.
- Acknowledge copy of letter sent to RTO intimating them about the theft.
- Keys, service booklets, and original invoice and a non-repossession letter from financier.
Cancellation of IFFCO Tokio Two-Wheeler Insurance
IFFCO Tokio Two-Wheeler Insurance also has a cancellation policy in place, which lets both the company and the policyholder cancel the policy. Let’s see how both of these processes work:
Cancellation by the Company:
At any point during the insurance policy term, the insurer—IFFCO TOKIO in this case—has the right to cancel the policy. To do this though, the company will need to send the policyholder a seven day notice. In such a case, the firm will return any premium paid by deducting the amount based on pro-rata for the number of days the policy has been in force. The company will also deduct the short term rates from the premium before returning the amount to the policyholder.
Cancellation by the Policyholder:
Although a direct cancellation of the policy is not possible, a policyholder can however get a cancellation if they can show that they own another two-wheeler insurance policy. This situation only ever arises when the vehicle’s ownership is transferred to a different individual. To start with a cancellation, an individual either need to call the IFFCO Tokio’s Toll Free Number or generate a service request.
Frequently Asked Questions (FAQs)Can I buy IFFCO Tokio two wheeler insurance online?
Yes, IFFCO Tokio encourages customers to buy insurance online to increase their convenience. You can download the motorcycle insurance form from the company’s official website, and fill it up duly to apply for the insurance.What are the benefits of applying for IFFCO Tokio motor insurance, online?
An IFFCO Tokio customer can enjoy the following benefits by applying for motor insurance online -
- Quick approval
- Minimal and easy documentation
- Enables you to analyse the best policies and understand its terms and conditions
- Easy insurance policy renewal for online customers
No, IFFCO Tokio is not liable to cover any accident, damage or loss caused outside the geographical boundaries of the policy registration.Does IFFCO Tokio two wheeler insurance provide cashless claim policy?
Yes, to ensure maximum convenience of customers, the cashless network of IFFCO Tokio two-wheeler insurance across India, provides easy claims settlement assistance services. Customers and choose their preferred mode of payment (online and offline) and enjoy the hassle-free facilities.
Can a policyholder get cashless facility under IFFCO TOKIO?
Yes. IFFCO-TOKIO actually has an extensive cashless service centres under its network. To make use of this, a policyholder needs to find one close to their location and get their vehicle serviced there. Also, the policyholder needs to alert the company of the same before going through with this.
Can I cancel the IFFCO TOKIO Bike Insurance Policy?
IFFCO Tokio technically doesn’t allow a policyholder to cancel their policy. However, it is possible if they provide sufficient proof that they already have an existing insurance policy to begin with.
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