IFFCO Tokio Two Wheeler Insurance

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Iffco Tokio Two Wheeler Insurance Renewal

IFFCO Tokio General Insurance Company or IFFCO Tokio GIC began operations at the culmination of the year 2000. It received IRDA certification number 106 on December 4, 2000.

IFFCO Tokio GIC comprises of an Indian and foreign partner and is a joint venture collaboration between them. The Indian partner is Indian Farmers Fertilizers Association and its associates. The foreign partner is Japan’s largest listed insurance conglomerate Tokio Marine and Nichido Fire Group.

IFFCO Tokio Presence

IFFCO Tokio is present throughout the country and its insurance products have been made available widely in the country, all over India the general insurance company has:

  • Presence in more than 350 towns
  • Rural presence
  • More than 75 strategic business units
  • More than 169 lateral spread centers
  • Around 400 Beema Kendras
  • Robust digital presence

IFFCO Tokio Achievements

  • Over seventeen years of customer driven performance

  • Present Gross Written Premium of Rs. 3537.2 Crores

  • Average Growth in GWP around 104% per year

  • Wholly owned distribution channels

  • Recognized for innovativeness in distribution channels

  • More than 1500 motivated employees

  • High claim settlement records

IFFCO Tokio Customer Focus
IFFCO Tokio GIC is a company driven by customer focus. The company employs external agencies to conduct internal customer satisfaction surveys twice a year.

IFFCO Tokio Two Wheeler Insurance Cover Solution

Most people are dependent on two wheelers. They ride to their workplaces on their two-wheelers and get all their errands completed on two wheelers. For most people, their two-wheelers become an indispensable part of their lives as it provides them swift, convenient and cheap means of transit.

Two wheelers are bought with substantial amount of money and are considered a depreciable asset in any individual’s life. It is important to get your two wheeler insured to enjoy complete peace of mind. IFFCO Tokio two wheeler insurance plan provides the following:

  • Third party liability insurance in accordance with The Motor Vehicles Act
  • Personal Accident insurance cover (including pillion cover)
  • Vehicle damage cover

Third Party liability insurance

IFFCO Tokyo has chalked out its third party insurance plan in accordance with the rules, regulations and stipulations of The Motor Vehicles Act. Third party liability insurance includes:

  • Third party pillion and non pillion cover
  • Third party body injury cover
  • Wholly owned distribution channels
  • Third party disability cover
  • Third party property damage cover

If any person gets injured by a vehicle or his/her property gets damaged by any vehicle then the individual can raise third party claim against the owner of the vehicle. The owner is liable to indemnify the third party up to limits specified under each type of third party liability cover as per The Motor Vehicles Act. If the bike or two wheeler of the owner is insured for third party liability then the indemnification of third party is carried out by the insurer upon receipt of relevant claim documents and application.

Personal Accident Insurance Cover

IFFCO Tokyo two wheeler insurance also provides for personal accident insurance cover for owner/ driver and named pillion. Personal accident cover includes the following:

  • Owner/ driver/ named pillion cover
  • Death cover
  • Disability cover
  • Emergency treatment cover

If person covered by IFFCO Tokio two wheeler insurance policy happens to meet with an accident then he/she can claim up to Rs 1,00, 000 from IFFCO Tokio. In case of death of the person covered, the amount is given to the legal beneficiary or nominee of the individual. The indemnification provided is as per the limits specified for each type of cover in the IFFCO Tokio bike insurance policy document.

Vehicle Cover

In the happening of any unfortunate happening or accident, the vehicle can also get partially or totally damaged. IFFCO Tokio bike insurance plan provides cover against vehicle damage due to accident, fire, self-ignition mob riots, terrorist activities, natural occurrences (earthquake, cyclones, landslides) or during being carried in lifts, ships, carriages. If the carrier meets with an accident or gets damaged due to sudden unfortunate cause and the vehicle inside gets damaged too then in such cases also vehicle insurance cover amount can be claimed from IFFCO Tokio if the vehicle is insured under IFFCO Tokio two wheeler insurance plan.

Apart from vehicle being damaged there is also the risk of it being stolen. IFFCO Tokio provides cover for vehicle theft under IFFCO Tokio Bike Insurance or IFFCO Tokio two wheeler insurance policy.

IFFCO Tokio Two Wheeler Insurance Features

  • Total Coverage two wheeler insurance plans
  • Cashless repairs in countrywide networked garages
  • Up to 50% NCB
  • All time emergency assistance
  • Online purchase of policy
  • 100% transfer of NCB benefits along with policy

IFFCO Tokio Two Wheeler Insurance Policy Exclusions

IFFCO Tokio two wheeler insurance policy does not provide reimbursement of claims under several situations which include:

  • Involvement in illegal or unlawful acts
  • Participating in activities involving abnormal risks
  • Damage or injury due to war or nuclear weapons
  • Driving under the effect of alcohol or drugs
  • Damage or injury due to crossing normal limitations
  • Damage or injury not within the geographical area
  • Vehicle been driven by person other than owner/named driver
  • Owner/driver not having a valid driving license

IFFCO Tokio Two Wheeler Insurance Policy Claim Process

In the event of occurrence of unfortunate events as covered under the IFFCO Tokio two wheeler insurance policy, the policy holder or person(s) covered under the policy need to immediately inform the insurer after attending to self and third party medical care if required. An FIR should be filed at the nearest police station for major and serious events. If vehicle has been damaged then it can be taken to nearest networked garage where cashless repair services can be availed. In case the repair works have to be carried out in non networked garages then bills for the same need to be preserved and attached along with the claim form and application at the time of raising claim.

Whenever an incident is reported at the claims center of IFFCO Tokio, the company assigns an inspector to assess the nature and degree of loss and the claims raised by the insured are matched with the inspector’s report.

Claim for self, pillion and third party medical care expenses or other injury expenses can be made as per prescriptions mentioned in the two wheeler policy document.

IFFCO Tokio Two Wheeler Insurance - FAQ's

Is Two Wheeler Insurance Compulsory?

Third party liability insurance for two wheelers is compulsory; in fact, third party insurance of all vehicles is compulsory under The Motor Vehicles Act.

What Is Third Party Insurance?

Third party insurance is insurance of third party. Here third party includes any person who is not the owner or driver of the vehicle and neither the family member(s) of the same. Third party can be a person(s) who has been injured due to a vehicle or even the pillion on the vehicle.

How Is Sum Assured Amount Determined?

Insured can claim reimbursement for expenses on covered conditions under the IFFCO Tokio two wheeler insurance cover plan up to the sum assured amount for vehicle damage and up to stipulated amounts for third party indemnification and personal accident recuperation expenses.
Sum assured for vehicle cover is the IDV (Insured’s declared value of the vehicle) at the time of policy subscription or renewal.

What Is Insured’s Declared Vehicle Value?

For a new vehicle, the IDV is the price at which the vehicle was bought from the manufacturer or the selling price of the vehicle after adjusting for depreciation.
At the time of renewals the vehicle becomes older, and its present value has to be assessed by the subscriber, this value should at least be the amount which will be needed to suitably replace the present vehicle should the vehicle be stolen or damaged after adding to it the applicable depreciation amount as that would be deducted by the insurer. The policyholder while renewing the policy can quote this assessed value as IDV in the renewal form.

Are Depreciation Adjustments In IDV Constant?

No, they depend on the age of the vehicle, and as the vehicle acquires age the depreciation adjustment percentage increases.

On What Factors Are IFFCO Tokio Two Wheeler Insurance Policy Premiums Based?

IFFCO Tokio two wheeler insurance policy premiums are nominal and they provide total two wheeler insurance solutions to the policy holder. It is quite simple to get a premium quote for two wheeler insurance from IFFCO Tokio’s online official website. You will need to mention the manufacturer, the cost, the model, registration year and other basic details for arriving at your quote.

What is No Claims Benefit or NCB?

IFFCO Tokyo offers up to 50 % NCB upon two wheeler insurance policy renewals. No claims bonus becomes applicable on policies of policyholders if they do not raise any claims during the policy tenure. As the number of claim free years increases the NCB percentage also increases. The NCB percentage amount is deducted from the policy holder’s premium amount at the time of renewal and the policyholder benefits from total twp wheeler insurance cover at reduced premium rates.

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