Oriental Bike Insurance

Oriental Bike Insurance Policy - Key Features

*Disclaimer: The information provided above is for informational purposes only. For exact details, please refer to the Oriental bike insurance policy documents.

Why Choose Oriental Bike Insurance Policy?

Listed below are some of the top reasons to invest in an Oriental two-wheeler insurance policy:

• Offers a convenient way to buy or renew your bike insurance policy online.
• Roadside assistance cover is included in the base policy to assist when your insured bike is stuck anywhere during the journey.
• A dedicated customer support team is available 24/7 to address your questions or concerns.
• Allows you to customise your bike insurance online with a range of add-ons like NCB protection, pillion rider cover, or engine protection.
• You can save on renewal premiums with the No Claim Bonus by maintaining a claim-free record.
• Allows easy access to cashless repairs at more than 3100 network garages across India.
• Get your bike insurance claims settled quickly.

Types of Oriental Bike Insurance Policy

Oriental Insurance Company Ltd. is a well-established general insurance company in India. Initially, it was a part of The Oriental Government Security Life Assurance Company Ltd and over time, it also became associated with the Life Insurance Corporation of India. Eventually, all company shares were transferred to the Central Government, making it a government-owned company.

The insurer provides different types of bike insurance policies that are included below:

1. Stand-alone Own Damage Cover - Motorised Two-Wheeler

   This policy provides financial coverage against losses or damages caused to the vehicle insured. It is generally called an own-damage bike insurance policy and is available only if you already have a valid third-party liability insurance policy for your two-wheeler.

2. Two Wheeler Package Policy

   The two-wheeler package policy is designed for new two-wheelers and combines two types of coverage: one-year protection for damages to your own vehicle and five-year coverage for any harm or damage caused to a third party. Moreover, this policy also includes personal accident cover for the owner-driver.

3. Two Wheeler Policy – Bundled

   It is a comprehensive bike insurance that covers a wide range of situations. It includes protection against loss or damage to your own vehicle, liability coverage for third-party damages, and personal accident cover for the owner-driver. However, the duration of this policy differs from that of the package policy.

*Disclaimer: The above-mentioned inclusions and exclusions are for reference purposes only. To know more, please read the policy document.

Depreciation Rates for Different Parts of a Bike

The depreciation rates applicable to different parts of the two-wheeler are as follows:

• Rubber, Plastic or Nylon Parts (e.g., tubes, airbags, batteries): 50% depreciation
• Paint Materials: 50% depreciation
• Glass Parts: No depreciation
• Fiberglass Parts: 30% depreciation
• Other Parts, including wooden components: Depreciation rates as mentioned in the policy document.

Depreciation Based on the Age of the Bike

The table below highlights the rate of depreciation on the basis of the bike age:

*Disclaimer: The rates of depreciation above are only for informational purposes. Kindly check the policy papers for exact details.

Personal Accident (PA) Coverage for Bike Owners

With Oriental bike insurance, the owner or driver of the vehicle is protected with a personal accident cover of up to ₹15 lakh. The benefit is paid if an accident results in permanent total disability or death. Notably, the payout amount varies according to the extent of the injury, based on a predefined scale included below:

Important Points to Consider Under Personal Accident (PA) Cover

The personal accident compensation offered by the Oriental Insurance Company Limited does not exceed ₹15 lakh for any policy period and will be paid only for one out of four conditions added in the table above. Additionally, no compensation will be paid if the injury or death arises due to suicide, pre-existing physical problem, self-harm or accident caused when the driver is under the influence of intoxicated substances like liquor or drugs.

How to Buy/Renew Oriental Bike Insurance?

Here's a step-by-step guide on how to buy or renew an Oriental bike insurance policy through Policybazaar.com:

• Step 1: Open the official website of Policybazaar Insurance Brokers Private Limited, click on the 'Insurance Products' menu, and choose 'Bike Insurance'.
• Step 2: In the required field, type in your bike's registration number and hit the 'View prices' button. If the registration number is not available, click on 'Bought a New Bike'.
• Step 3: Proceed further by selecting the correct bike details and clicking the 'View Plans' button.
• Step 4: Browse the recommended plans and pick any Oriental bike insurance policies.
• Step 5: Decide whether you wish to purchase a third-party or comprehensive policy.
• Step 6: Consider adding bike insurance add-ons to your base policy to enhance the scope of coverage.
• Step 7: Choose the preferred mode of payment and pay the premium amount. After successful payment, the two-wheeler insurance policy document will be sent to your email ID.

How to File an Oriental Bike Insurance Claim?

Different Oriental bike insurance claims can be raised by following the steps below:

1. For Theft Claim

   Take a look at the steps to raise a theft claim:

   • Step 1: Report the theft at the nearby police station and take an FIR report.
   • Step 2: Send a copy of the FIR report to your insurer.
   • Step 3: An insurance company-appointed surveyor will inspect the case.
   • Step 4: Notify the Regional Transport Office of the theft case.
   • Step 5: Proceed further by submitting the required documents supporting the claim.
   • Step 6: To finalise the claim, obtain an 'untraceable report' from the police in case your bike is not traced within one month.

2. For Accident Claim

   The steps to raise an accident claim are as follows:

   • Step 1: Share the accident details with your insurance provider and fill out the claim form available on the insurer's website.
   • Step 2: A surveyor will analyse the loss or damage to the insured vehicle by visiting the accident site.
   • Step 3: Gather and submit the required documents.
   • Step 4: If you get your bike repaired in a network garage, the insurance company will settle the repair bills directly. Alternatively, if you send the bike for repairs to any nearby garage, pay the repair cost upfront and then raise a reimbursement request with your insurance provider.

3. For Third-Party Claim

   Check out the steps to raise a third-party bike insurance claim:

   • Step 1: Inform the insurance company about the accident.
   • Step 2: Next, submit court summons to the insurance provider.
   • Step 3: Submit the duly filled and signed claim form to the insurer.
   • Step 4: Submit the supporting documents.
   • Step 5: After analysing the case, the Tribunal Court will make a decision.

Documents Required for Raising Oriental Bike Insurance Claims

Here's a listicle of documents required for raising different types of Oriental bike insurance claims:

1. For Theft Claims

   For claims involving theft, you will need the below-mentioned documents:

   • Accurately filled and signed claim form
   • Copy of the bike's Registration Certificate and all original keys
   • Active bike insurance policy
   • FIR related to the theft
   • Driving Licence (DL)
   • 'No-Trace Report' from the police, stating the bike cannot be found

2. For Accident Claims

   In case of accidental claim, you will need the following documents:

   • Filled and signed claim form
   • Repair invoice and payment receipt (if repaired at a cashless network garage, only the invoice is required)
   • Driving Licence (DL) of the person riding the bike at the time of accident
   • Motor Collision Report (MCR) or FIR
   • Original vehicle RC (Registration Certificate)
   • Two-wheeler insurance policy

3. For Third-Party Claims

   For claims related to third-party, you will need to furnish the following documents:

   • Signed claim form
   • Police FIR
   • Copy of the bike's RC (Registration Certificate)
   • Original Driving Licence (DL)
   • Company stamp (if the bike is registered under a company name)
   • Current two-wheeler insurance policy document