Oriental Two-Wheeler Insurance

Oriental Two-Wheeler Insurance recognized the basic requirements of the customers and offered comprehensive and third-party insurance for their protection.

Features of Oriental Two-Wheeler Insurance

• Fewer hassles of paperwork.
• The policyholder can receive the insurance copy instantly in the email.
• The customer gets notifications via SMS.
• The company no claim bonus when you renew the plan if no claim has been made in the previous year.
• Avail the complimentary servicing at partner garages across the country.
• There is an option to get cover the co-passenger.

Insurance Amount

The total amount of insurance claim paid will be Insured Declared value of the Vehicle (IDV). IDV for the two-wheelers bought in the last five years is the industry price of the vehicle minus the depreciated value/year of the vehicle. For bikes that are older than five years of age, the IDV is decided by agreement of the parties involved.

Calculation of Amount Assured for Oriental Bike Insurance

The Insured Declared Value is the maximum sum which is determined by the insurer and is offered on the loss /theft of the vehicle. For claiming this amount, the customer pays the premium to the insurer.

The formula for calculating the amount assured is as follows.

Sum Insured = (Listed selling price of the vehicle as per the manufacturer- depreciation cost) + (cost of accessories which are not included in the listed selling price of the vehicle)

It is noteworthy that the amount assured excludes the costs of insurance and the registration. The policyholders must calculate the sum assured before buying a policy as it is the amount that they will get in case the two-wheeler is lost or damaged.

Oriental Two-Wheeler Insurance Coverage

• Damage to the two-wheeler due to an accident.
• Liability to the third-party victim and personal accident coverage to the rider.
• Add-on covers can be availed by paying an extra premium.

Inclusions

Damage or loss to the vehicle due to natural and human-made disasters such as strikes, malicious acts, riots, transit, theft, fire, explosion, and natural disasters.

Exclusions

• Damage caused to the bike by the driver who doesn't have a valid license.
• The accident of the vehicle occurred due to electrical and mechanical breakdown.
• If the driver does an accident under the influence of alcohol/drugs.
• In case the value of vehicle depreciates with age or any other consequential loss.
• If the loss/damage to the vehicle is due to war, civil commotion or risks related to nuclear radiation.

Add-on covers

• Zero-Depreciation Cover
  Even if your bike sustains partial damages, the full price of the parts will be included without applying the devaluation based on the vehicle's age.
• Cover for Loss of Personal Belongings
  Personal belongings(such as barring cash, credit cards, cell phones & the personal computers) of an amount ranging between INR 5000-INR 10000 are disbursed as per the damage section of the insurance plan. This cover requires an additional premium ranging from INR 400 to INR 650.
• Alternative Vehicle Benefit
  To assist in the inconvenience caused due to the absence of the two-wheeler, Oriental Insurance offers a substitute vehicle to its customers for maximum 15 days with per day limit of INR 400 -INR 650 as selected. The premium is levied accordingly, and this perk is only available for the new bikes.
• Free Benefit of Emergency Service through TVS:
  If the two-wheeler is bought through the company branches in Delhi & NCR, Haryana, Kolkata, Punjab, Rajasthan, Himachal Pradesh, South Indian States, and Mumbai, this plan gives you the provision of using emergency services for free, in the event of a breakdown. Moreover, there is no extra premium for this.

FAQs

Q1. How is the premium calculated?

The insurance premium calculation is based on factors such as IDV of the vehicle, its cubic capacity, a registration zone, the age of the bike and add-on covers required by the customer.

Q2. Can I purchase and renew the policy online?

Yes, you can buy or renew the current Oriental Two-Wheeler Insurance policy by visiting the official website and pay using the net banking or through your debit/ credit cards.