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  • Oriental Two Wheeler Insurance

    Oriental Two Wheeler Insurance
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    Plan Benefits

    Policy Coverage

    Customer Service

    Claim Experience

    Given how difficult it is to navigate through our roads and find parking space, it's not surprising that most people, especially youngsters, are partial to two wheelers and bikes. Not to mention the fuel efficiency, lower prices and thrill that come with a bike ride! Unfortunately, in spite of the sweats by municipalities to make roads safer, bike riders are still at a huge disadvantage while sharing the lane with other flashy automobiles as well as pedestrians.

    As per the statistics, some of the most devastating injuries we come across usually involve bikes struck by cars, buses and trucks. There is another paradigm shift. The not-so-indiscernible battle being waged among insurance providers to register car, SUV and truck owners, is slowly changing to those of two wheelers and motorcycles. The growing popularity of bikes is evinced not only in the increasing number of two wheeler insurance campaigns but also in the mounting number of motorbike safety endorsements.

    Overview of Oriental Two Wheeler Insurance

    For many of us, a two wheeler might be the first ever motor vehicle we have owned. Even when we move on to bigger and luxurious vehicles, we cherish those crazy rides with a certain fondness.

    As important and convenient it is to own one, you need to go that extra mile to protect it (and yourself) from every road hazard. Hence a suitable two wheeler insurance plan with comprehensive coverage for natural and man-made disasters like fire, quake, flood, theft, riots or any harm to the bike while on road. Oriental Two Wheeler Insurance recognizes these basic requirements and offers all this as well as additional protection including cover for property damage and third party casualty.

    Features & Benefits

    • No paperwork required.
    • You can receive the insurance copy instantly in your email.
    • You will receive notifications via SMS
    • You will be entitled for no claim bonus when you renew the plan if no claim has been made in the previous year.
    • Avail complementary servicing at partner workshops across the country.
    • There is an option to get cover for your co-passenger.

    Insurance Sum:

    The total sum of insurance will be Insured Declared value of the Vehicle (IDV). IDV for two wheelers bought in the last five years is the industry price minus the depreciated value per year. For bikes older than five years of age and outmoded vehicles, the IDV is usually a price jointly agreed by the parties involved.

    Calculation of Sum Assured for Oriental Bike Insurance

    Oriental Insurance is one of the leading insurance providers in India and Oriental two-wheeler insurance is one of the most sought out product in the insurance market. Before applying for a two wheeler insurance, customers should be familiar with the process of calculating the sum assured. Sum Assured or the Insured Declared Value (IDV) is the maximum amount decided by the insurance provider and is offered on loss or theft of the vehicle. For this amount, the customer pays the premium to the insurer. The sum assured is calculated as the manufacturer’s listing price excluding the cost of depreciation. The value of any additional accessories that does not come with the car is also calculated separately at an extra cost if the accessories have to be covered under insurance.

    In short, the formula for calculating sum assured for Oriental two Wheeler Insurance is as follows.

    Sum Assured = (Listed Selling Price of the vehicle - cost of depreciation) + (cost of accessories that are not included in the listed selling price)

    It is important to note that the sum assured excludes the insurance and registration costs. Policyholders must calculate the sum assured before obtaining a policy because it is the amount that you will get in case your two wheeler is lost or damaged.

    Coverage:

    • Loss or damage to the bike due to an accident.
    • Liability to third party victim and personal accident coverage to the rider/ owner.
    • Choose the add-on covers you want by paying additional premium.
    • Loss or damage to the vehicle due to theft, fire, explosion, natural disasters, strikes, spiteful acts, riots, transit and more.

    Exclusions of Oriental Two Wheeler Insurance

    You claim for two-wheeler accidental insurance will be rejected by Oriental Insurance Pvt Ltd. if the following is found:

    • If the damage to the bike or person is caused because the driver doesn’t hold a valid driving license.
    • If the accident occurred due to some electrical or mechanical problem or engine failure.
    • If the driver is found to be driving under the influence of alcohol or drugs.
    • In case of the vehicles value reduction with age or any other resulting loss.
    • If the loss or damage is due to war, civil commotion or risks related to nuclear radiation.
    • If the tyre or its tube is damages gradually (claim will be accepted if it incurred due to an accident and you can claim up to 50 percent of current value).
    • If the destruction occurred outside the country. But you can pay additional premium for neighbouring countries like Sri Lanka, Pakistan, Nepal, Bangladesh, Bhutan & Maldives.
    • If your bike is rented out, tested or used for races or reliability tests.
    • If your vehicle is damaged during attempted burglary unless the bike itself gets robbed.

    Add-on covers from Oriental Two Wheeler Insurance

    • NIL Depreciation Cover

      Even if your bike sustains partial damages, full price of the parts will be covered without applying devaluation based on the age of the vehicle. Nevertheless some deductible can be made as per the policy terms.

    • Cover for Loss of Private Belongings

      Losing personal belongings (barring cash, credit cards, cell phones & personal computers) of prices between INR 5000 and INR 10000 are disbursed as per the damage section of the plan. This too requires an added premium ranging from INR 400 to INR 650.

    • Alternative Car Benefit

      To reduce inconvenience caused due to the absence of your vehicle (due to a mishap), Oriental Insurance offers a substitute vehicle for the time being to its customers for as long as 15 days with per day limit of INR 400 or INR 650 as chosen. Premium is levied accordingly and this perk is available if the bike is unusable.

    • Free Benefit of Emergency Service through TVS:

      If the two wheeler is indemnified through our branches in Delhi & NCR, Haryana, Punjab, Rajasthan, Himachal Pradesh, South Indian States, Kolkata and Mumbai, the Policy gives you emergency services in the event of a breakdown for free. And no, there is no extra premium for this.

    Claim Procedure

    In the event of an accident, the insurance claim process is as follows.

    • Note down vehicle numbers, contact info of the parties involved and witnesses. File an FIR with these details as well as the damages incurred.
    • Contact the nearest Oriental Insurance office on their toll free number. A staff will get in touch with you at the earliest and assist you with all the procedures.
    • Submit the necessary documents (claim-form, copy of the RC, Driving License copy, FIR copy) at the garage.
    • The staff will gauge the costs and approve the money (minus the costs not covered), which will be paid to the workshop directly.

    Document Required for Claim of Oriental Two Wheeler Insurance

    Based on the nature of your claim, Oriental Insurance Company requires the following documents in case of damage to your two-wheeler.

    Claim due to Break-in & Theft of Two-wheeler:

    • A duly filled claim form.
    • Duplicate copy of claim notification submitted at your nearest Oriental insurance branch with copy of policy and premium receipts.
    • FIR.
    • Police enquiry report
    • Photos or/ and videos of the damaged property that shows how much damage is done.
    • Bills, asset register and bank statements to help the company investigator authenticate the amount of loss.
    • Driving License (DL) – Original and a duplicate copy
    • Registration Certificate of Two-wheeler - Original and a duplicate copy
    • Bike keys.

    Third Party Claim due to bike accident:

    • Duplicate copy of claim notification submitted at your nearest Oriental insurance branch with copy of policy and premium receipts.
    • FIR.
    • Duplicate copy of Driving License & RC.
    • Driver’s statement about the accident.
    • Contact details of the person(s) maimed or killed in the accident and others travelling in any of the vehicle involved.
    • Contact info of the police station and hospital where the incident is reported.
    • Valid copies of injury/ autopsy report.
    • Legal documents duly signed by bike owner & driver.
    • Info on damage incurred to TP Vehicle or property.
    • Statement of owner/ driver on charge sheet.

    Damage claim to Private Vehicle (Car/ 2 Wheeler) due to accident:

    • Duplicate copy of claim notification submitted at your nearest Oriental insurance branch with copy of policy and premium receipts.
    • Contact info of the Spot Examiner who inspected the accident site.
    • Duly filled Claim Form.
    • Original as well as duplicate copy of Driving License & RC.
    • FIR.
    • Repairs required and bills for them.
    • Proof of Road Tax paid.

    Oriental Two Wheeler Insurance Renewal Online

    Renew your Oriental two wheeler insurance policy on the Oriental Insurance online portal which is quick and fuss free. All you need to do is enter the previous policy number, policy date and insured code on the online portal. The digitally signed policy is immediately delivered on your registered e-mail along with a notification over SMS to your phone, after all the payments towards the premium is cleared by you. You can continue to enjoy all the privileges as the renewed policy gets registered on your personal dashboard. The policy is also downloadable, in case you want to keep a copy for yourself.

    If you have bought policies from other insurers, you can renew them on the online portal of Oriental Insurance. You need to provide all necessary details regarding your previous insurance scheme, including the policy number and make the required payments towards the premium. The renewed policy under Oriental Insurance, digitally signed by you, is delivered to your registered e-mail.

    How to Buy Oriental Two Wheeler Insurance Online?

    For enhanced convenience of customers, Oriental Insurance offers the facility of not just buying, but also renewing insurance policies, online. Customers can easily buy a two wheeler insurance policy from Oriental Insurance, online, by following few easy steps. The process is very quick, simple and hassle-free. This process also enables you to buy the insurance policy, sitting inside the comfort of your home/office, having to provide only some basic information. While buying this insurance from Oriental Insurance online, customers are also provided with the necessary tools to calculate the premium amount.

    Once you have logged on to the company’s official portal, just choose the ‘buy now’ option and select two wheeler insurance. You will be led to the ‘premium calculation’ page. With the help of drop-down menu of options provided, select the correct information required for the premium amount calculation of your vehicle. Once the calculation is done, the final amount to be paid will be reflected on your computer/laptop screen. To proceed with the transaction, just click on ‘buy the policy’. You can choose any mode of payment, according to your convenience, using your debit card/credit card (both Visa and MasterCard are accepted) or Net Banking. Once the payment process has been completed with the help of secured payment gateway, you have successfully bought your two wheeler insurance policy. You will receive a soft-copy of your policy papers, policy number and other necessary documents on your registered email address. An intimation in the form of SMS notification shall also be sent to your mobile number. Please note that at the time of buying the policy Oriental already completes the registration process, automatically. You will also receive the login credentials, for the same, in your mailbox. With such a smooth and quick process, buying Oriental two wheeler insurance is definitely a cakewalk.

    FAQs

    How is the premium estimated?

    The Premium calculation is based on factors such as IDV of the vehicle, its cubic capacity, registration zone, age of bike and add-on covers you want.

    Can I purchase and renew policy online?

    You can buy or renew a current Oriental Two Wheeler Insurance policy by visiting the official website and pay using netbanking or your debit/ credit card.

    How much would the Policy pay in damage due to accident or burglary?

    In case of partial destruction the Repair/Replacement value is conditional on reduction of depreciation and price of wrecked parts. If the bike is stolen, IVD is the amount payable to the customer.

    What is the period of an Insurance?

    Coverage duration is usually for one year. But you can also request for shorter period policies.

    What is not insured under Oriental Two Wheeler Insurance Policy?

    • If you do not have a valid driving license.
    • In case of an electrical or motorized breakdown/ failure.
    • If you are driving under the influence of alcohol or drugs or both.
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