IFFCO Tokio Two Wheeler Insurance policy offers financial protection in case of accidents, loss or damage to the two wheeler. Thus, the plan takes care of the expenses related to such issues. It also bears the expenses for any injury or damage to any third party (person or vehicle) because of the insured vehicle. According to the Supreme Court of India, in India, a 5-year third party liability insurance cover is mandatory for two wheeler.
Types of IFFCO Tokio Two Wheeler Insurance Policy
Third-party insurance: This is a basic cover that protects against any damage or loss to third-party as a consequence of an accident involving the insured vehicle
Comprehensive Insurance: It is the most preferred insurance policy which protects against third-party loss and damage, damage or loss to insured vehicle, along with providing personal accident cover to rider
What all IFFCO Tokio Two Wheeler Insurance Covers?
Loss of two wheeler or damage due to
- Fire explosion, self-ignition or lightning
- Burglary, housebreaking or theft
- Damage due to natural occurrences (earthquake, flood, cyclones, flood, hailstorm frost)
- Damage due to mob activities, riots, terrorist activities
- Damage whilst in transit by road, rail, inland, waterway, lift, elevator or air
Third Party Liability
In case of an accident due to the involvement of the insured vehicle, the insurance company will pay for the following:
- Death of or bodily injury to any person including the pillion rider
- Damage to property other than property belonging to the insured
Add-on coverage are additional benefits availed on payment of extra amount. This is an extension of the existing coverage. Let us look at the some of the add-on covers:
- If you opt for third-party liability cover, you have an option to go for Personal Accident add-on cover. Under this plan, the insurance company provides financial compensation to the family in case of the death of the insured
- In case of a comprehensive insurance cover, IFFCO Tokio offers a variety of add-on covers. On taking a zero depreciation cover, the insurance company does not consider the depreciation costs while calculating the claim amount. In case of medical assistance cover, the insurer pays the medical expenses in case of an accident. In case of roadside assistance cover, the company provides help if the vehicle gets tuck on the road due to reasons like flat tyre, breakdown, etc.
Insured Declared Value for IFFCO Tokio Two Wheeler Insurance Plans
Insured Declared Value, i.e. the IDV is the maximum amount you can claim from the insurance company in case of total damage or theft of the two wheeler vehicle. Speaking in layman terms, IDV is the current market value of the vehicle which directly means list price of the same minus the depreciation. As the years pass by, IDV goes down because depreciation keeps on increasing. Thus the IDV of the two wheeler vehicle is inversely proportional to the age of the vehicle.
How depreciation is deducted:
|Age of Vehicle||Depreciation (%)|
|Between 6 months and 1 year||Nil|
|6 months or more but not exceeding 1 year||5%|
|Between 1 to 2 years||10%|
|Between 2 to 3 years||15%|
|Between 3 to 4 years||25%|
|Between 4 to 5 years||35%|
|Between 5 to 6 years||40%|
than 10 years
How to Apply Online for IFFCO Tokio Two Wheeler Insurance
IFFCO Tokio Two Wheeler Insurance policy can be bought online by following the below mentioned steps:
- Visit the official website of IFFCO Tokio General Insurance iifcotokio.co.in
- Go to the ‘Motor Insurance’ from the drop down menu, and select the ‘Two-Wheeler Policy’ tab
- A new page will open. Here select the option ‘Buy/Renew Online’
- Provide the required details in the form and make the payment through one of the online payment mode
- The policy will be issued on successful payment
Claim Process for IFFCO Tokio Two Wheeler Insurance
- To register a claim with IFFCO Tokio, call its 24×7 Call Centre or visit the nearest IFFCO Tokio branch. You can even send an SMS or register your claim online through the website
- Immediately inform the insurer about any loss or damage. The insurer will forward a claim form
- While intimating them, the policyholder or claimant should provide these details:
- Contact number
- Policy Number
- Name of Insured
- Date & Time of loss
- Location of loss
- Nature of Loss
- Place & Contact Details of the person at the spot where the incident took place
- Submit the claim form along with an estimate of the loss. Furnish loss details such as details of the loss event, location of the loss and of the damaged vehicle, contact numbers
- Policyholder must submit the necessary documents to substantiate the nature and extent of loss
- If the claim is for theft, the policyholder needs to report to the police as well as intimate the same to the insurance company within 48 hours of theft along with submitting the FIR
- Any accident involving third parties must be reported immediately to the insurers
- IFFCO Tokio will arrange for an inspection to survey the damage. In case of major damage, a specialist surveyor is deputed to assess the loss
- IFFCO Tokio has introduced a new way to settle claim – through mobile app called Quick Claim Settlement (QCS). A claim amount of up to Rs. 7,000 can be settled instantly through the app
Documents Required for Claim Process
- Duly filled in and signed claim form
- Copy of the registration certificate of the vehicle
- Copy of the driving license
- Copy of the insurance policy
- FIR, if applicable
- Repair bill in original, cash receipt, and proof of release
- Any other document requested by the insurance company
Time Taken to Settle Claims
On submission of the requisite documents, the claims are usually settled within 7 working days, provided all the documents are in place and further investigation is not required.
Exclusions under IFFCO Tokio Two Wheeler Insurance
The insurance company is not liable to cover if the claim has arisen due to the following event/s:
- Consequential loss
- Depreciation due to wear and tear
- Mechanical or electrical breakdown failures
- Driving under the influence of alcohol or intoxicating substances
- Damage due to driving without a valid driving license
- Accidental loss damage and or liability caused sustained or incurred outside the geographical area
- Caused by nuclear weapons
- Driving recklessly or without following standard guidelines
Insured Declared Value
IDV or the Insured Declared Value refers to the maximum sum assured that is fixed by IFFCO Tokio which is to be provided to you in case of theft or total loss of your vehicle due to accident. IDV is the current market value of the vehicle. It is fixed every year based on the manufacturer’s listed selling price of the brand and model and the level of depreciation.
It is important to renew your two wheeler policy on time to be sure you are protected while on road. Below is the process of renewing IFFCO Tokio Two Wheeler Insurance Policy:
- Visit the official website of IFFCO Tokio General Insurance iifcotokio.co.in
- Go to the ‘Motor Insurance’ drop down menu and select the ‘Two-Wheeler Policy’ tab and further select the ‘Renew’ option
- A new page will open that displays three other options – ‘Renew Existing Policy’, ‘Renew Non IFFCO Tokio Policy’ and ‘Buy New Policy’
- Click on the first tab displaying ‘Renew Existing Policy’ and fill the required details
- Click on ‘Submit’ and pay the required premium. A receipt will be generated and sent to the registered email ID
IFFCO Tokio Two Wheeler Insurance Cashless Garages
This policy comes with the cashless claim facility. The policyholder does not need to pay for any service at any of the 4300+ authorised network garages of IFFCO Tokio across the country.
Advantages of IFFCO Tokio Two Wheeler Insurance
Main benefits of buying IFFCO Tokio Two Wheeler insurance are:
- This policy comes with the No Claim Bonus benefit which can be as high as 50 percent at the time of renewal of your insurance policy provided you renew your bike insurance within 90 days from the day of policy expiry
- it allows its users to transfer their no claim benefits from previous insurance company to IFFCO Tokio
- You get coverage for personal accident and for third party liability
- Policy provides access to Zero Depreciation Cover as many times as you want
Q1. Will there be discount on policy premium if my bike has anti-theft device(s) installed?
Yes. To avail the discount, inform IFFCO Tokio about the devices and ensure that the instruments are endorsed by ARAI (Automotive Research Association of India).
Q2. Can I transfer my accumulated NCB from previous insurer to IFFCO Tokio?
IFFCO Tokio allows transfer of NCB from previous insurance company. A policyholder will continue to receive all the benefits with IFFCO Tokio too if the policyholder can produce last renewal notice, declaration of no claim bonus and documents related to entitlement of NCB.
Q3. Is there a time window for filing claim?
You should register a claim right after the incident/accident. In case of total theft claims, you must intimate both the police and the insurance provider within 24 hours of the incident.