Bike-the first thing you probably buy when you start earning. Most likely the first vehicle in your family. So isn’t it just obvious that you need to take proper care of it?
Just as you would buy health insurance for family members, it’s imperative to take up a good Bike Insurance Online to safeguard your bike.
Iffco Tokio Bike Insurance is one such trustworthy insurance that you can invest in.
Why Bike Insurance from Iffco Tokio?
There are many Bike Insurances available online, vying for the customers’ attention.
But the following critical features from the Iffco Tokio bike insurance company make it a go-to go:
- A vast network of Cashless Garages all over India so that you can easily avail cashless claim facility.
- No Claim Bonus of up to 50% because you’ve been a good driver.
- If you’re already holding two wheeler insurance from IIfco Tokio, you can renew the same online.
What All The Insurance Covers?
- Personal Accident: You can be assure of a compulsory cover of Rs. 1 lakh.
Is your bike lost or damaged? Do not worry as Iffco Tokio bike insurance covers that too. - Third party cover: Keeps you protected against legal liabilities that could arise due to an accident.
- Depreciation add-on cover.
So what is all this depreciation about?
- Just as how your age, your bike does too.
- We all know how difficult it is to part with your beloved bike. But, the moment your bike is out of the showroom, its value starts decreasing. That’s depreciation.
- So it’s necessary to have a complete depreciation cover for your bike.
Depreciation guidelines set by IRDAI
These rules set down by Insurance Regulatory and Development Authority of India (IRDAI) is to be followed by every insurer.
The depreciation rates for the corresponding bike parts are as:
- Rubber, Plastic parts – 50%
- Tubes & tyres – 50%
- Fibreglass – 30%
- Glass – 0%
- Metal – As per IDV
The Insured Declared Value (IDV) is the amount that a vehicle is insured. To calculate them, guidelines are set by IRDAI to determine the vehicle's total depreciation value.
The older your bike is, more will be the depreciation, you get back less for part replacement.
Calculation of IFFCO Tokio Bike Insurance Depreciation
In the event of theft or loss of one's vehicle, the insurance company has to shell out the specific depreciated value of the bike to the policyholder.
This value calculation is called IDV and is thus vital to the company.
At IFFCO Tokio, two wheeler depreciation value is calculated as below:
- For the replacement of parts, following rates apply:
- Rubber, plastic, tyres, tubes and batteries – 50%
- Components made of fibreglass – 30%
- No claim can be made on glass.
As for other parts like metal or wooden components, the rate of depreciation depends upon the age of two-wheeler.
- Vehicle < 6 months old – no depreciation
- Vehicle > 6 months, but not over one-year-old – 5%
- Vehicle > 1 year, but not over two years old – 10%
- Vehicle > 2 years, but not over three years old – 15%
- Vehicle > 3 years, but not over four years old – 20%
- Vehicle > 4 years, but not over five years old – 25%
- Vehicle > 5 years, but not over ten years old – 40%
- Vehicle > 10 years – 50%
How Zero depreciation benefits you?
Zero depreciation is an add-on feature that most insuring companies offer, which comes with an extra amount.
With this, you can save more as no depreciation costs would be charged while making a claim.
Moreover, in case of damage to the vehicle, the insurer will pay for the replacement of damaged parts.
How to claim IFFCO Tokio Two Wheeler Insurance Policy?
At times, accidents are inevitable. So if you do get into any series of unfortunate events, first attend to the people affected.
Next, if the accident is covered under the IFFCO Tokio Bike Insurance policy, then be sure to inform the insurer as soon as possible. You can contact them through their toll-free number.
If the vehicle is damaged, take it to the nearest cashless garage.
Finally, submit the required documents at the website of IFFCO Tokio Bike insurance, along with your claim form and relax!
IFFCO Tokio Bike Insurance Renewal Process
You can quickly renew your IFFCO Tokio Bike Insurance Policy in 2 ways:
Hassle-free online renewal process makes it the most preferred.
But if you want to go offline, then visit the nearest office at least ten days prior the expiration date.
Why is Bike Insurance important?
Apart from the fact that two-wheeler are more prone to accidents, buying yourself bike insurance online can have long-term benefits.
So be sure to invest in a good policy like the IFFCO Tokio Bike insurance.
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