Oriental Bike Insurance
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Oriental Two Wheeler Insurance

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 only policy, which is a mandatory policy covering liabilities towards third parties.
  • Package policy for two-wheelers that cover:
    1. Damage or loss to the two-wheeler due to the accident.
    2. Personal accident cover to the owner/driver with third party liability.
    3. Damage to your two-wheeler caused, by any external means.
    4. Add-on covers on payment of additional premium.

Highlights

Liability for Death or permanent disablement

Full compensation

Liability of loss of one eye or one limb

50% compensation

Customer Service

24/7 Service

How To Renew an Oriental Two Wheeler Insurance Policy?

Company Website:

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:

  1. You need to click on the following link for quick renewal of your policy:
    https://orientalinsurance.org.in/web/guest/renew?isSelected=renew&isRefresh=true
  2. Once on the link, there is an option to renew an Oriental or a non-Oriental insurance policy. Click on the Oriental Insurance button.
  3. Now enter the Two Wheeler existing policy number and click on 'Continue'.
  4. You will be presented with the details of your policy, the premium amount, and the terms and conditions of the new policy.
  5. Make the payment and the policy document will be mailed to you promptly.

PolicyX.com:

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:

  1. The webpage will provide a form where you will be requested to fill the personal details of your vehicle such as your RTO Code, Year of Registration, and the two-wheeler makeup.
  2. After you enter these details, click on the 'Renewal' button, and then hit 'Continue'.
  3. The next webpage will give a list of all the quotes from two-wheeler insurance companies, from which you can choose Oriental two-wheeler plan.
  4. You will be taken to the company's website to make your premium payment.
  5. Once the payment is processed, the policy document will be generated and sent to your e-mail ID.

Oriental Two Wheeler Insurance Features

  1. The plan provides an extensive cover that protects your two-wheeler from the following damages:
    • External accidents
    • Theft or Burglary
    • Fire, explosion, Lightening, self-ignition
    • Transit by road, rail, air, life, or waterways
    • Natural disasters such as heavy rains, floods, storms, landslides, etc.
    • Manmade acts such as terrorist attacks, riots, strikes, or other malicious acts
  2. The plan also provides a third party liability coverage under which if loss or damage occurs to the third party due to your insured vehicle, the damages and the legal liabilities will be taken care of by your policy.
  3. While the normal policy coverage is for one year, policies for smaller covers are also available.
  4. The company will also provide the transport cost of up to Rs. 300 and a repair cost of Rs. 100 for your vehicle under the two-wheeler insurance policy.
  5. Under the personal accident cover for this policy, 100% compensation will be paid for the following nature of injuries and fatalities:
    • Death
    • Loss of two limbs or sight of both eyes
    • Permanent total disablement due to accident

Oriental Two Wheeler Insurance Discounts

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

Add-ons Benefits

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:

  • Damage or loss of ATM cards, Jewelry, money, etc.
  • Damage or loss to goods carried for business.
  • Damage or loss to mobile phones and laptops.

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.

Oriental Two Wheeler Insurance Premium Calculation

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.

Premium Table:

Two Wheeler Model

Price of the Two Wheeler

IDV*

Zero Depreciation (Add-on)*

Premium*

Activa 5G (110cc)

Rs.63,815

Rs.41,104

Rs.246

Rs.3,946

Suzuki Access DISC-CBS (125cc)

Rs.81,527

Rs.47,117

Rs.282

Rs.4,003

Yamaha FZS FI (149cc)

Rs.1,02,000

Rs.50,043

Rs.60

Rs.3,559

*The values are calculated on the basis of the city of Delhi and year of registration (2020).

Oriental Two Wheeler Insurance Claim Process

Accident Claims:

Claim Intimation:

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:

  1. Contact number
  2. Policy details
  3. Vehicle registration copy
  4. Driver details
  5. Accident date, time, and place
  6. Vehicle inspection address

Claim Survey and Estimation:

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

Repair work:

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.

Theft Claims:

Lodging an FIR:

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:

  • Acknowledged copy of a letter addressed to RTO intimating theft and making vehicle "NON-USE".
  • Blank and undated "Vakalatnama".

Claim intimation:

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.

Survey and Approval:

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):

  • Original Registration Book/Certificate and Tax Payment Receipt.
  • All the sets of keys/Service Booklet/Warranty Card.
  • Letter of Indemnity and subrogation.

Note- For more information, reach out to the customer care team of Oriental Insurance Company.

Oriental Insurance Contact Details

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:

Postal Registered Office:

Oriental House, A-25/27, Asaf Ali Road,

New Delhi - 110002

Phone No's: 011-43659595

CIN: U66010DL1947GOI007158

Toll-free number: 1800118485 Or 011- 33208485 (Normal Charges Apply)

Email ID: motorinsurance@orientalinsurance.co.in

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.

Contact through Policyx.com:

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:

Email: helpdesk@policyx.com

Toll-free number: 1800 4200 269

FAQs

1. purchased a vehicle from my friend last week. While I transferred all the RTO records, is it imperative to transfer the insurance too?

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.

2. I was riding my bike with a friend and travelling to another city when I met with a minor accident. We want to file a claim but we are in another city. Can I still file the claim?

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.

3. I want to renew the insurance policy for my bike, but now I am residing in a different city. How can I proceed?

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.

4. What are the exclusions under the Two Wheeler Package Policy?

The following exclusions apply for the policy:

  • Damage done by a driver who doesn't have a valid driving license or is driving under the influence of alcohol.
  • Damage due to a mechanical breakdown.
  • Damage due to normal depreciation and wear-and-tear.
  • Damage due to war, mutiny and nuclear risks.
  • Damage to tyres and tubes.
  • Damage was done to the vehicle while it is outside India.
  • Damage is done when the two-wheeler is used for racing, speed testing, or hire and reward programs.
  • Damage to the vehicle done during a theft, unless it is stolen at the same time.

5. How is the IDV of the vehicle calculated if the vehicle is more than 5 years old?

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.

6. How much time does it take to settle the theft claim for my stolen vehicle?

The settlement of the theft claim may take anywhere between 3 months to 6 months.

7. What documents should be submitted at the time of claim?

The following documents need to be submitted during the claim:

  • Claim Form
  • Policy Copy/Cover note Copy
  • Copy of RC book, a Tax receipt (Original for Verification)
  • Copy of the driving license of the person driving at the time of the accident (Original for Verification)
  • FIR, if Bodily injury/Death
  • Estimate of repairs
  • Repair Bill / Payment Receipt
  • KYC, AML documents

Last updated on 06-07-2020