Oriental Two-wheeler Insurance: Coverage, Claim & Renewal

Updated: 01-09-2023 06:45:57 AM

Oriental Two Wheeler Insurance is a type of motor insurance policy that financially protects you from any damage to your two wheeler or loss or theft of the vehicle. It also offers third party liability protection which covers the damage or bodily injury caused to a third party due to the insured vehicle.

Types of Oriental Two Wheeler Insurance Policy

Oriental Insurance provides 2 types of two wheeler policy. They are:

Two Wheeler Package Policy: It is a comprehensive insurance which provides coverage against third-party liability and any damage or loss or theft of the insured vehicle.

Third-Party Liability Coverage: It is a compulsory insurance cover which protects any

loss or damage to another property or vehicle, or any bodily injury to another person due to the involvement of the insured two wheeler.

What All Oriental Two-wheeler Insurance Covers?

Loss of or damage to the two wheeler caused by:

• Fire, explosion, self-ignition or lightning
• Burglary, housebreak or theft
• Damage due to earthquake, flood, cyclones, flood, hailstorm, frost
• Damage due to mob activities, such as riots, terrorist activities
• Damage during transit by road, rail, inland, waterway, lift, elevator or air

Liability to Third Party: It provides coverage to the policyholder from any legal liability due to an accident or property damage to a third party caused by the insured vehicle. It provides coverage in the following cases:

• Death or bodily injury to any person, including the pillion rider
• Damage to property other than property belonging to the insured

Personal Accident Cover for Owner-driver: This cover will compensate up to Rs.1 lakh in case of bodily injury/death sustained by the owner-driver of the vehicle due to an accident.

Nature of Injury	Scale of Compensation
Death	100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye	100%
Loss of one limb or sight of one eye	50%
Permanent total disablement from injuries other than named above	100%

Add-on Covers

Oriental Insurance offers add-on covers as part of the two wheeler insurance. These additional benefits, enjoyed by payment of little extra amount, enhance the coverage of the insurance policy. Some of them are:

Roadside Assistance: Under this coverage, the insured gets emergency assistance in case of any problem while travelling. These issues can be breakdown, flat tyre, etc.

Zero Depreciation Cover: Over the time, the value of various parts of the two wheeler depreciates. This amount is usually deducted while calculating the claim amount. However, as part of this cover, the insurance company does not deduct any depreciation amount in case of replacement of damaged parts, subject to terms and conditions

Passenger Cover: In

case of an accident, both the rider and the pillion can sustain serious injuries. Under this rider, the insurer covers the rider against death and disability. And on payment of some extra amount, even the pillion can be covered for such issues.

How to Apply Online

• Visit the official website of Oriental Insurance and click on sidebar
• Select the ‘Buy Online’ option and click on ‘Motor Insurance Policy’
• A new page opens, enter your personal and vehicle details
• Select add-ons if want to, otherwise click ‘calculate premium’
• This will take you to the main premium calculation page. Here you will know the premium amount to be paid
• Select pay now and make the payment via choosing one from the available modes of payment
• On the completion of the payment, you will receive a copy of insurance policy on your mail ID and an SMS for the same

Claim Process for Oriental Two Wheeler Insurance

• In case of any need of claim, immediately inform the insurance company
• While intimating the insurer, following details should be kept handy:

• • Name of the insured person
  • Insurance policy number
  • Contact number
  • Date, time, and location of the accident
  • Brief description of the accident
  • Address and contact details of the insured person in case a claim is notified by a person other than the insured vehicle owner
• In case of major accidents, keep your two wheeler at the same spot where the accident occurred so that a surveyor can inspect it
• An official will get in touch with you within 24 hours of registering the claim to assist you with the claims process
• On completion of the initial formalities, the two wheeler can be taken to an authorized workshop
• One has the option to take the vehicle to one of the network garages to avail cashless facility. Here the company directly pays the bills to the garage
• If the policyholder get it repaired from somewhere else, s/he pays the bills and gets them reimbursed by the insurance company

Also Read: Oriental Insurance Renewal Process

Documents Required for Claim Process

Following are the claim documents to be submitted to the insurance company for timely claim process:

Accident claim

• Duly filled in claim form
• Policy document
• Copy of claim intimation given to the insurance company
• Name, address, phone no. of spot surveyor who visited the site of accident
• Original driving license/ Registration certificate (RC)
• Estimate of repairs from repairer
• Repair invoice and payment receipt
• FIR in case of third-party property damage
• Verification of road tax

Claims related to third party

• Duly filled in claim form
• Policy documents
• Copy of claim intimation given to the insurance company
• Copy of FIR charge sheet
• Copy of driving licence
• Name & address of person injured & killed in accident
• Address of police station where accident is reported
• Details of loss to third party vehicle

Theft claims

• Duly filled in claim form
• Policy document
• Copy of claim intimation given to the insurance company
• Driving license copy
• RC Copy of vehicle
• Policy investigation report
• Photographs of damaged property showing extent of damage

Note: This is not an exhaustive list.

Time Taken to Settle Claims

Reimbursement claims get settled within 3-30 days, provided the documents are in place and no further investigation is needed.

Exclusions under Oriental Two Wheeler Insurance Policy

Insurance is not liable to pay if the claim arises because of the following event/s:

• Driving without a valid license
• If the damage is caused due to electrical or mechanical errors
• If the driver was under the influence of drugs or alcohol
• If the vehicle was being used for non-private purpose
• Damage due to war, mutiny or nuclear hazards
• General wear and tear

Renewal Process

Below are the steps for the renewal of the two wheeler insurance policy:

• Visit the official website of Oriental Insurance and click on ‘Renewal’ tab
• Then click on the ‘Renew Online’, enter your policy number and click ‘Renew Now’
• You will be directed to the premium page where after the calculations, pay the premium
• After making the payment, you will get a confirmation mail on your mail id that was used for registration

Insured Declared Value (IDV)

Insured Declared Value (IDV) is the maximum amount your insurance company will pay in case of total loss claim. It is the sum insured which is fixed at the beginning of each policy period for the insured vehicle. For e.g., if your two wheeler is damaged in an accident beyond repair or stolen, the sum insured you are subject to receive will be equal to the IDV of the vehicle.

Age of Vehicle	% of depreciation
Not exceeding 6 months	Nil
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%

However, if the vehicle is five years old and obsolete, IDV would be determined on the basis of an understanding between the insurer and the insured.

Oriental Two Wheeler Cashless Garages

Oriental Insurance provides cashless claim facility. This can be availed at any of their 1100+ network garages without having to shell out money from your own pocket.

Advantages of Oriental Two Wheeler Insurance

• Offers long term two-wheeler policy to save on premium
• Offers discount on premium for No Claim Bonus (NCB) for every claim-free year
• Quick and hassle-free claim settlement ratio
• Discount on premium if you are Automobile Association member or have installed anti-theft device in your vehicle
• Insurance policy also available for less than 1 year
• Has wide network of garages across India

FAQs

Q1. How is the premium calculated for two-wheeler insurance policy?

The premium amount is based on many factors like IDV of the two-wheeler, registration zone, and cubic capacity of the vehicle, depreciation/vehicle’s age and add-on covers.

Q2. Does this policy offer any discount?

Yes, a policyholder gets discounts on a two-wheeler insurance policy under the following situations:

• If the vehicle has an anti-theft device, a policyholder gets a 5% discount on premium

• Members of the Automobile Association of India get discount on premium
• In case no claim is filed in the previous policy year, No Claim Bonus (NCB) discount is offered on the premium

Q3. What should I do if my two wheeler is lost in a city other than the policy issuing city?

If any incident such as accident, theft takes place in a different city then the policyholder needs to approach the nearest Oriental Insurance office and they will guide you regarding outstation claims.

Q4. What is cashless garage facility?

They are authorised garages by the insurance company wherein the policyholder can get their vehicle repaired without paying any cash after the claim has been approved by the  insurance company.

Q5. What is Voluntary deductible?

It is the amount that a two wheeler owner agrees to pay at the time of claim.

Q6. What is Total constructive Loss?

When the vehicle has suffered damage that is beyond repair is called Total Constructive Loss. In such a scenario, the insurance company pays full IDV to the policyholder.

Q7. What should I do if I have lost my two wheeler Insurance policy?

If you have purchased your policy online, you can retrieve your policy document by login to the account online with your registered online Email ID.