IFFCO Tokio Bike Insurance

Rajesh, a 21-year-old guy, lived for two things: speed and stories. Every road had its own tale, and his bike? His loyal companion. But let’s be real: no matter how skilled a rider, everyone needs a little backup—that's where IFFCO Tokio Bike Insurance comes in.

It was one of those bright Sunday mornings. The kind that was perfect for a long ride. The sun was shining, and the city was waking up, and there was Rajesh, ready to chase new adventures. It was like a ritual- every weekend, he would first polish his chrome as if it were some trophy (and let’s be honest, it was!). With every swipe, his grin got bigger, and his bike? Extra shiny!

After wrapping up his swipe-and-smirk schedule, Rajesh hopped on his bike, ready to chase freedom, leaving behind assignment deadlines and those overwhelming thoughts constantly playing on loop.

A slick turn, a sudden fall, and there he was- all scratched, shaken, and staring at those damaged pieces of his pride and happiness! This was when realisation struck him—even the most devoted riders are vulnerable to unforeseen circumstances.

At this point, two-wheeler insurance becomes more than just a formality—it becomes a lifeline. It's more than just paperwork; it's the guarantee that you can get back to your riding without being constrained by the expense of repairs or legal issues.

Here's the problem, though:

How can you find a company that genuinely cares about riders?

For riders like Rajesh, IFFCO Tokio Bike Insurance is a policy designed with their needs in mind. With its broad coverage and rider-first approach, it guarantees that the excitement of riding continues despite any setbacks.

Wondering why it's a wise decision? Hold on tight as we explore all the reasons why IFFCO Tokio Bike Insurance can be your ideal travel companion.

What Is IFFCO Tokio Two Wheeler/Bike Insurance Policy?

The IFFCO Tokio Two-Wheeler/Bike Insurance Policy is a contractual agreement between a bike owner and IFFCO Tokio General Insurance Company. Basically, it offers financial protection against damage to the bike, liability to third parties, and even injury to the bike owner, depending on the coverage. This kind of coverage acts as a safeguard against unanticipated events such as theft, mishaps, or natural catastrophes.

The increasing number of bikes on the road has raised the possibility of accidents. In fact, two-wheelers were the cause of the most accidents (63,115) and fatalities (25,228) in 2022.

These numbers demonstrate how important having a reliable bike insurance policy is. It ensures compliance with regulatory standards and provides enhanced financial protection in unexpected situations.

But is that the only reason? Why do you need bike insurance?

Every bike owner in India is mandated by law to maintain at least Third-Party Liability Insurance. All newly purchased two-wheelers must now have insurance, specifically a five-year third-party liability policy, as of September 1, 2018. There may be fines and other legal repercussions for riding without a proper insurance policy.

And is third-party insurance enough?

The choice to purchase a Comprehensive Two-Wheeler Insurance Policy is completely up to the bike owner, even if Third-Party Insurance is mandated by law. The extensive policies provided by IFFCO Tokio are designed to shield bike owners from a range of risks, guaranteeing both peace of mind and financial security.

Why Choose IFFCO Tokio Two Wheeler/Bike Insurance Policy: Features And Benefits

A number of features and benefits are included in the IFFCO Tokio Two-Wheeler/Bike Insurance Policy to give bike owners comprehensive protection and peace of mind. Let's examine some of the primary points in more detail:

• Own Damage Coverage
  A comprehensive insurance policy or a standalone own damage policy covers damage to the insured bike, whether it results from man-made events, natural disasters, or accidents. This guarantees bike owners' financial security in the case of unanticipated events.
   
• Third-Party Damage Coverage
  This coverage helps manage legal and financial risks by protecting against liabilities resulting from injuries sustained by third-party individuals or damage to third-party property.
   
• Comprehensive Coverage
  A comprehensive two-wheeler insurance policy provides comprehensive safety by combining own-damage and third-party coverage, ensuring that bike owners are adequately covered in an array of circumstances.
   
• No Claim Bonus (NCB)
  This type of benefit is given to you for each year that you have had no claims under your policy. Like a small gesture from your insurer to keep motivating you to drive safely. With the potential to save up to 50% on your two-wheeler insurance, this bonus takes the form of premium savings. But it's crucial to remember that third-party bike insurance is exempt from NCB.
   
• Cashless Repairs
  This feature allows you to have your bike repaired at network garages without having to pay upfront. The claims process is made simple by the insurer paying the garage directly. It brings a great sense of relief that you don’t have to stress out on arranging funds for repairs and later getting them reimbursed. This convenience is provided by IFFCO Tokio at more than 4,300 network garages nationwide.

The comprehensive two-wheeler insurance policy from IFFCO Tokio includes a number of add-ons that, in certain situations, provide enhanced safety. Take a closer look at a few of the most important choices:

• • Zero Depreciation Coverage: This add-on guarantees that there will be no deductions for bike part depreciation when your replacement or repair claim is settled. There will be a reimbursement for any depreciation that would normally be deducted from the claim amount, but don’t forget - this is subject to certain conditions.
  • Towing Charges: This add-on ensures you won't be left stranded in the event that your bike breaks down or is involved in an accident by paying for towing or scheduling towing services.
  • Key Loss: Should an attempted theft cause damage to your bike's locking mechanism or should you misplace the key, this rider provides coverage for the loss.
  • Consumable Coverage: This type of coverage pays for consumables that aren't often covered by a basic plan, such as nuts, bolts, grease, engine oil, etc.
  • Electrical & Non-Electrical Item Cover: This add-on provides thorough coverage for a range of components, including both electrical and non-electrical parts of your bike, for increased protection.

Beyond the standard coverage, IFFCO Tokio Two-Wheeler Insurance offers add-ons for greater financial security. These include a personal accident cover for the owner-driver and an additional third-party property damage cover. These add-ons provide extra compensation beyond the standard sum assured, ensuring enhanced protection against unforeseen risks.

IFFCO Tokio guarantees that you have customised coverage with these useful add-ons, shielding your bike against a variety of hazards.

What Are The Kinds Of IFFCO Tokio Two Wheeler/Bike Insurance Policies?

There are three different kinds of two-wheeler insurance policies available from IFFCO Tokio, each of which is intended to satisfy specific coverage requirements. To assist you in selecting the best one, below is an outline:

• Third-Party Bike Insurance
  This is a basic and legally required policy. It covers any harm or loss done to a third party, including personal injury and property damage. It is a fundamental but essential type of insurance coverage, nevertheless, as it excludes coverage for harm to your own car.
   
• Own Damage Bike Insurance Policy
  This policy provides protection against theft, accidents, and man-made or natural calamities in order to safeguard the covered bike. It only covers the protection of your bike, so if you decide to comply with the law, you'll need a different third-party insurance plan.
   
• Comprehensive Bike Insurance Policy
  This type of policy is the best option for comprehensive protection. It provides coverage for personal accidents, third-party liabilities, and damages caused by both natural and man-made disasters. You may also customise this policy with different add-ons to make a customised insurance plan that meets your unique requirements.
   

Every policy type is designed to offer different levels of coverage, so you may select a plan that suits your needs and goals.

IFFCO Tokio Two Wheeler/Bike Insurance Policy: Here’s What Covered

The comprehensive coverage offered by the IFFCO Tokio Two-Wheeler Insurance Policy shields your bike from a variety of risks and unforeseen circumstances. What is included is as follows:

• Damages and Bike Loss
  Own damage coverage, which protects against a variety of damages, is included in the comprehensive policy. These include:
• • Natural Disasters: Provides coverage for losses brought on by cyclones, earthquakes, floods, snowfall, and other natural disasters.
  • Man-Made Damages: Offers protection against harm brought on by terrorist attacks, strikes, riots, and other nefarious acts.
  • Fire-Related Damages: This category includes events that result in fire damage, such as self-ignition, lightning strikes, and explosions.
  • Accidental Damages: Provides coverage for harm brought on by mishaps or while the vehicle is travelling by air, water, train, or road.
     
• Theft Of The Bike
  Comprehensive coverage of the policy guarantees compensation of the bike's current market value in the event that it is stolen or completely damaged (beyond repairable).
   
• Third-Party Liability
  Third-party liabilities are covered by comprehensive and third-party bike insurance policies. This comprises:
• • Damages done to property belonging to third parties.
  • Compensation for a third party's death or physical harm brought on by your car. It also covers legal and financial liabilities to third parties if you cause an accident.
     
• Personal Accident Protection for the Driver-Owner
  • The owner-driver's personal accident cover up to Rs. 15 lakhs is also included in this comprehensive bike insurance policy.
  • This coverage covers the cost of medical care for injuries sustained in an accident.
  • The designated nominee will get the cover amount in the tragic event that the owner-driver passes away as a result of the accident.
     

It is essential to remember that the terms and conditions mentioned in the policy document apply to the coverage, including any add-ons. To completely understand what is covered, consult the policy wordings for exact details.

IFFCO Tokio provides a comprehensive approach to protection with these characteristics, meeting both legal standards and individual safety needs.

IFFCO Tokio Two Wheeler/Bike Insurance Policy: What’s Not Covered?

Even though IFFCO Tokio Two-Wheeler Insurance offers a wide range of coverage, some circumstances and conditions are not covered. It's vital to comprehend these restrictions in order to prevent unpleasant surprises when filing a claim. The following are not covered:

• Substance Misuse
  The coverage will not pay for any losses or damages if an accident happens while the rider is impaired by drugs or alcohol.
   
• Driver’s Negligence
  Events brought on by carelessness, such as disobeying traffic laws or engaging in risky riding techniques, are not covered. In these situations, the rider is solely liable for any harm or damages.
   
• Wear And Tear
  This excludes normal wear and tear, which includes regular maintenance and the ageing process of parts. Unlike unintentional damage, this exclusion covers slow deterioration over time.
   
• Mechanical Or Electrical Breakdown
  The insurance policy does not cover loss or damage brought on by mechanical or electrical failures, such as wiring problems or engine breakdowns. Non-accidental mechanical problems are not covered by the policy.
   
• War And Similar Circumstances
  Incidents like war, civil unrest, nuclear accidents, or other comparable exceptional circumstances are not included. Damages brought on by these severe circumstances are not covered by the policy.
   

These exclusions are broad and could change based on the policy's particular provisions. Check the policy wordings for a comprehensive list of exclusions and conditions.

How To Buy IFFCO Tokio Two Wheeler/Bike Insurance Policy From SMC?

The process of buying an IFFCO Tokio Two-Wheeler Insurance Policy through SMC is simple. To guarantee your coverage, take these actions:

• Go To The Official SMC Website:
  To begin the procedure, visit SMC's official website first.
   
• Find The Two-Wheeler Insurance Section:
  Click on the two-wheeler insurance section under the General Insurance menu.
   
• Enter The Specifics Of Your Car:
  To continue, enter your car's registration number. You can also enter your bike's brand, model, fuel type, variant, RTO information, etc., if you don't have the registration number on hand.
   
• Fill Out The Necessary Information:
  Fill out the form with the required details, including ownership information (i.e., whether the bike belongs to an organisation or an individual).
   
• View Quotes:
  You will be taken to the Quotes page after entering the information. Quotes from different insurers can be compared here.
   
• Choose Your Plan:
  Select the plan from IFFCO Tokio that best meets your needs. For more comprehensive coverage, you can also choose add-ons.
   
• Payment:
  Finish the transaction by completing the online payment using preferred payment methods.
   
• Collect Documentation:
  For future reference, make sure you obtain your policy documentation and the payment acknowledgement.
   

You may easily and quickly get your IFFCO Tokio bike insurance coverage with SMC by following these easy steps, which will provide you with financial security and peace of mind for your two-wheeler.

How To Renew IFFCO Tokio Two Wheeler/Bike Insurance Policy From SMC?

It's straightforward and simple to renew your IFFCO Tokio Two-Wheeler Insurance Policy with SMC. Here's how to accomplish it:

• Check For The Renewal Link:
  SMC Insurance may send a renewal link to the email address you registered or to your text message.
   
• Select The Link For Renewal:
  To access the insurer's site, click the provided link.
   
• Enter Policy Information:
  On the gateway, enter your policy number along with any further information that may be needed.
   
• Make Necessary Changes (Optional):
  Update or modify your existing policy information and personal details to reflect any modifications, if necessary.
   
• Examine Policy Details:
  Before continuing, carefully check the data you have supplied to make sure it is accurate.
   
• Complete Payment:
  Use an online payment method to safely make the payment.
   
• Get Confirmation:
  You will receive an email and text message with your registered contact information as soon as your payment is successful.
   
• Download Your Policy Document:
  Your registered email address will receive the revised policy document in PDF format for convenient access.
   

By following these easy steps, you can renew your bike insurance policy with SMC and guarantee continuous coverage and peace of mind.

How To Claim IFFCO Tokio Two Wheeler/Bike Insurance Policy From SMC?

It's easy to use SMC to claim your IFFCO Tokio bike insurance coverage. Here's a detailed guide to assist you in getting through it without any problems:

• Filing A Claim Request: Go to SMC's official website and fill out the claim form.
• Share Details: Your personal information and the particulars of the claim problem you're having will be noted by the SMC staff.
• Forward To The Insurer: The insurer will review all the received information for further processing of the claim.
• Insurer Review And Action: The insurer will review the provided papers and the claim request. They might provide cashless or reimbursement approval or ask for more actions based on the review.
• Get Updates: SMC will walk you through the next steps in the claim settlement process and notify you of the insurer's decision.
• Address Dependencies: SMC will notify you of any outstanding requirements, and after they have been resolved, SMC will notify you of any pending dependencies and forward them to the insurer.
• Notification of Claim Approval: Whether the claim is cashless or reimbursement-based, you will be informed of its approval after the process is finished.

Your IFFCO Tokio two-wheeler insurance claim will be resolved promptly and clearly with SMC's assistance as the claims procedure is expedited.

Need Help in Settling Claim? SMC Is Here To Help!

SMC offers vital support when you need it most by bringing experience and dependability to the claim settlement process. This is how SMC can help:

• Demonstrated Experience
  SMC is a reliable partner for seamless claim resolution with an impressive track record of successfully assisting with over 2.04 million claims.
   
• Helping You Through The Process
  SMC offers detailed support to help you comprehend the claim process and collect the required paperwork for a smooth experience.
   
• Round-The-Clock Assistance
  Their 24-hour assistance guarantees that any issues or enquiries you may have throughout the claim settlement procedure will be swiftly resolved.
   
• Simplifying The Procedure
  You may confidently handle the frequently difficult and unpleasant claims procedure by utilising SMC's experience. They strive to guarantee that you obtain the benefits to which you are legally entitled under your IFFCO Tokio two-wheeler insurance policy.
   

When SMC is on your side, the claim settlement procedure becomes easier to handle and less intimidating, giving you comfort during trying times.

Documents Required To Claim IFFCO Tokio Two Wheeler/Bike Insurance

To guarantee a smooth process, you will need to provide certain documents in order to start a claim with IFFCO Tokio. This is a list of what is usually needed:

• Properly Signed Claim Form: In order to formally start your claim, this document is required.
• Copy Of Driver's License: To confirm the driver's qualifications, a copy of their current driver's license is required.
• RC (Registration Certificate) Copy: This attests to the insured vehicle's ownership and details.
• Copy Of Insurance Document: To verify coverage details, you must have a copy of your current insurance policy document.
• FIR (If Applicable): An FIR can be necessary if the claim includes death, serious injury, or substantial damage.
• Repair Documents: To support repair expenses, include the original repair invoice or repair estimate slip.

Important Note: Depending on whether the claim is for own damage or third-party liability, different documentation may be needed. The claim settlement process can be streamlined, and delays can be prevented by making sure all required documentation is ready in advance.

Two-Wheeler Insurance Policy—Depreciation Rates Of Various Parts

After deducting depreciation using the following rates for the replaced parts, the insurer pays for the covered vehicle's loss or damage when a claim is made under a two-wheeler insurance policy:

• Rubber, nylon, plastic parts, tires, tubes, and batteries are all subject to a 50% depreciation rate.
• A 30% limit is placed on depreciation for fibreglass components.
• There is no depreciation deduction for components composed completely of glass.

You may better predict how much will be reimbursed and what expenses you might incur during claims involving part replacements by being aware of these rates.

Two-Wheeler Insurance Policy: Depreciation Based on The Vehicle Age

The age of the vehicle has a major effect on the depreciation rate, which establishes the covered value, in two-wheeler insurance coverage. This is how it is computed:

• No depreciation is applied to vehicles less than six months old, making the depreciation rate nil.
• The depreciation rate is set at 5% for vehicles that are more than six months but less than a year.
• Depreciation rises to 10% after one year but not more than two.
• 15% is the depreciation rate for ones over two years but under three years
• It increases to 25% depreciation for over three years but under four years.
• The percentage is 35% for over four years but under five years.
• The depreciation rate is 40% for those going over five years but not over ten.
• Depreciation reaches a maximum of 50% after ten years.

These rates help you understand the age-based depreciations and guarantee transparency in estimating the insured value of the vehicle.

Summing Up

Every journey has a backstory, and IFFCO Tokio Bike Insurance makes sure that yours is one of perseverance and exploration rather than tragedy. Imagine Rajesh was going on the twisting roads of Manali, meeting with an unanticipated accident, but got prompt help. IFFCO Tokio claims to provide you with that peace of mind.

While you park your bike today and make plans for your ride tomorrow, keep in mind that while surprises are a part of life, being unprepared is not. IFFCO Tokio safeguards not just your bike but also your freedom to travel, dream, and ride without fear. Thus, while the road continues on, choose wisely—insure your ride, drive without concern, and allow each mile to contribute to your journey's wonderful experience.

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