Oriental Insurance Company Limited was established on 12th September 1947. It is a provider of a range of insurance products such as motor, personal accident, health, marine, etc. Its portfolio has been designed meticulously to cater to the needs of the Indian consumers of all backgrounds and sections of the society. Originally established as a general insurance company under The Oriental Government Security Life Assurance Company Ltd, it became a subsidiary of the Life Insurance Corporation from 1956 to 1973 before its shares were transferred to the ownership of the Central Government in 2003. It is headquartered in Delhi and has 29 regional offices and more than 1800 operating offices across India.
Oriental Insurance provides two types of two-wheeler insurance policies:
Liability for Death or permanent disablement
Liability of loss of one eye or one limb
Table Data updated on 02-09-2020
Oriental Insurance has designed a simple process to help customers renew their policy without wasting their precious time. Following are the steps that need to be taken:
You can also renew your policy using Policyx.com, which is an IRDAI approved insurance platform that helps you compare, choose, and renew your insurance policies in a simple and effective manner. If you want to renew your policy, then scroll up to this page, and click on the "Get Two Wheeler Insurance Quotes Online" button on the top of the page. Once you click on it, you need to follow the steps as outlined below:
Oriental Insurance provides attractive discounts to make policies more affordable. Following discounts are granted:
Voluntary Deductible, under which if you agree to bear a certain amount of loss that occurs to your vehicle, a reduction in premium is allowed.
Anti-theft Device Discount, under which a discount of up to 2.5% is provided if the vehicle is fitted with an anti-theft device.
No Claim Bonus, under which a discount is given on a new plan if no claim is submitted in the existing plan.
Automobile Association Discount, which is provided to vehicle owners who are the members of an accredited automobile association
The following add-ons are available for two-wheeler policies, which form a part of the overall motor insurance package policy:
Zero Depreciation Add-on: Under this add-on, in the event of any damage or loss occurring to the two-wheeler, the company will compensate the owner for the full value of the damages without applying the depreciation to it.
Personal Effects Add-on: Under this add-on, the company will compensate the insured for the loss or damage to his personal effects to the tune of Rs. 5,000 or Rs. 10,000, as per the choice of the insured. The add-on will not cover:
Personal Accident Cover: According to IRDAI, each two-wheeler owner is mandated to avail of a personal accident insurance cover unless he has a standalone personal accident cover of Rs. 15 lakhs.
Electrical/Electronic Fittings Add-on: Under this add-on, the company will provide the necessary cover for damage or loss to the electronic and electrical fittings of a two-wheeler due to accidents. However, the company will not be liable for the damage done due to mechanical breakdown.
Insurance providers consider a number of factors while calculating the premium for two-wheeler insurance policies. These calculations are done as per the guidelines set by the IRDAI and are subject to change every year. The prominent factors in the calculation are:
IDV of The Vehicle: The Insured Declared Value (IDV) is the maximum amount that the insurance provider will pay if the vehicle suffers any damage or loss. The IDV is calculated on the basis of a number of factors, and the value keeps falling every year in tandem with the depreciation.
Cubic Capacity: The Cubic Capacity refers to the engine volume or capacity, that determines how powerful the engine is and how it performs. The capacity ranges from 50cc to 1500cc, and greater the cc, greater is the value of the vehicle and the premium.
Zone of Registration: India is divided into zones and tiers, which have a veering on the insurance premium that we pay. If we live in a zone that is more prone to accidents, thefts, and damages, the premium will be higher. At the same time, if our vehicle is registered in tier-2 cities, the premium will be lower.
Add-on Covers: Many insurance providers offer a variety of add-ons to help defray costs that would normally not be covered by your motor insurance policy. These add-ons are optional and beneficial, and including them comes at a higher premium cost.
Manufacturing Year of The Vehicle: If you have recently purchased your two-wheeler, then the IDV of the vehicle and the premium will be higher, and you will be getting a higher cover. However, if your vehicle is old, the IDV will be lesser due to depreciation, and the premium will low.
Two Wheeler Model
Price of the Two Wheeler
Zero Depreciation (Add-on)*
Activa 5G (110cc)
Suzuki Access DISC-CBS (125cc)
Yamaha FZS FI (149cc)
Table Data updated on 02-09-2020
*The values are calculated on the basis of the city of Delhi and year of registration (2020).
The intimation of the claim should be done as soon as possible through phone, email, online claim intimation, or by visiting the nearest branch. To register your claim, the following details need to be provided to the company:
Based on the details shared with the company, a survey and estimation will be done to ascertain the loss or damage to the vehicle. The surveyor will need the actual DL/RC and you will need to be present during the survey. The repair work will not start unless the survey is done by the surveyor. The surveyor will give an estimate of the repairs and what will be covered under the policy and what won't be covered. During the estimation, the completed claim form, and all other requested documents will be submitted to the surveyor
Once the survey is done, the repair work will start on the vehicle at your consent. If the vehicle has suffered major damage, the survey will be done on the spot and then arrangements will be made to tow the vehicle to the nearest garage. You will have to pay the cost of expenses not covered under the policy and then can take the delivery of the vehicle.
The first and foremost step is to lodge an FIR with the police station about the theft of your vehicle. The FIR and the Final Police Report should be submitted to the company along with the other requested documents. Some important documents that need to be submitted are:
Once you have the documents ready, you need to immediately inform the insurance company about the theft and submit the claim form. You can intimate through phone, email, online claim intimation, or by visiting the nearest branch.
The insurance company will appoint a surveyor who will go through all the relevant details and once your claim is approved, you will need to submit the following documents to the company (apart from other documents as requested):
Note- For more information, reach out to the customer care team of Oriental Insurance Company.
If you need to contact the company to know the policy status, intimate or inquire about your claim, you can contact through the following means:
Oriental House, A-25/27, Asaf Ali Road,
New Delhi - 110002
Phone No's: 011-43659595
Toll-free number: 1800118485 Or 011- 33208485 (Normal Charges Apply)
Email ID: firstname.lastname@example.org
Branch Locator: If you want to locate an office of Oriental Insurance Company, you can go to this link, where you can select the 'State', 'City' and a list of offices in that city will be displayed. You can contact using the details given on the list. Alternatively, you can enter your mobile number in the field below the list and click on 'Send SMS' and you will be contacted by the company.
You can also contact PolicyX.com to know details about insurance policies and clarify any queries that you may have. You can use the following details:
Toll-free number: 1800 4200 269
Yes, it is important that the registration of the vehicle and the Insurance be in the same name. If not, then the claim cannot be processed in case of accidents.
Yes, you can still file a claim at the nearest Oriental Insurance company in the city and the customer service agent will guide you with the formalities.
It is possible to renew your policy even if you are in a different city. You will need to fill a fresh proposal form and the company may decide to inspect your vehicle before renewing the policy.
The following exclusions apply for the policy:
If the vehicle is more than 5 years old, the IDV is calculated on the basis of a mutual agreement between the insured and the insurance company.
The settlement of the theft claim may take anywhere between 3 months to 6 months.
The following documents need to be submitted during the claim:
Last updated on 02-09-2020