Kotak Bike Insurance – Plans, Features & Prices (2022)

Kotak is a famous company in India, and their bike insurance has been getting rave reviews for its affordability and comprehensive coverage. With the growing number of motorcycle enthusiasts in India, Kotak bike insurance has become more sought after than ever before. In today’s blog post, we will discuss what makes Kotak bike insurance so great and some of the benefits it provides to riders.

Kotak two-wheeler insurance is a comprehensive policy that covers riders against damage, theft, and third-party liability. It is one of the most affordable plans on offer in India, with premiums starting at just Rs 500 per annum for bikes up to 150cc capacity (Rs 750 if you want to cover from 151-200 cc).

Benefits & Features of Kotak Bike Insurance

• Kotak bike insurance gives you a vast network of 1,300+ garages
• 24×7 emergency assistance is being offered for policyholders.
• The smooth and prompt claim settlement makes Kotak bike insurance a winner among competitors.
• Allows policyholders to make unlimited claims.
• You can select Kotak bike insurance tenure of 1, 2 or 3 years.
• Personal Accident Cover is included with every Kotak bike insurance policy. 
• No Claim Bonus is provided with the policy if it is renewed within a period of 90 days from the previous policy expiry date.

Kotak Bike Insurance is a comprehensive insurance policy that offers you the flexibility to choose between the third party and full cover. You can also add on covers like Personal Accident Cover, Roadside Assistance or Theft Protection if required.

More things to know

There is a lot more to buying your two-wheeler insurance from Kotak Mahindra Bank than you may think. Check out the extra features that come with your Kotak bike insurance.

Kotak two-wheeler insurance Loss/Damage Cover provides cover against damages arising out of natural calamities (such as; fire, explosion, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, landslide, rockslide, etc.) or man-made calamities (such as; burglary, theft, riot, strike, malicious act, accidental external means, terrorist activity, damage in transit by road, rail, boat, lift elevator or air, etc.)

Liability to Third Party provides cover against legal liabilities arising out of accidental damages to any third party or property.

Personal Accidental Cover for Owner/Driver: Provides a cover of ₹15 lakhs to the vehicle’s individual driver while travelling, mounting or dismounting from the bike with an option to include cover for co-passengers as well.

Kotak Bike Insurance Claim Process

A good two-wheeler insurance policy should have an easy claim process and Kotak bike insurance is no different.

To intimate the claim settlement process, call 1800 266 4545 (between 08:00 AM and 8 PM) or send an email at care@kotakinsuranceindia with your policy number for a quick response from the customer care team within 24 hours! 

Cashless claims can be initiated by following these steps – After initiating any bike insurance claiming procedure, you will have to visit a Kotak network garage in India where they undertake cash-less settlements at their own discretion on behalf as per guidelines issued under Motor Vehicles Act 1988. This is applicable only if there are damages due to human-made calamities such as burglary, theft, riot, strike, , accidental, external means, terrorist activity, damage during transit, etc.

Kotak Mahindra Bank will pay a certain amount of money to help you buy another two-wheeler if your bike gets stolen or damaged beyond repair within 12 months from the purchase date, irrespective of whether it was purchased with cash/loan and without any prerequisites on usage conditions such as mileage restrictions etc., subject only in the case where there are no other valid claims against this policy.

Depreciation costs 

The cost of your two-wheeler starts depreciating from the day you purchase it. This depreciation cost plays a vital role in bike insurance. When you go to renew your insurance policy, the insurer will calculate your bike’s depreciation cost and offer you a new premium.

The following factors (in terms of the age of your bike) are taken into account for calculating this:

• Not Exceeding 6 months = depritiation = 5%
• Depreciation if exceeds 6 months but less than 1 year = 15%
• Exceeding 1 year but not exceeding 2 years = 20%
• Depreciation if it exceeds 2 years but less than 3 years = 30%
• Exceeding 3 years but not exceeding 4 years = depreciation = 40%
• Exceeding 4 years but not exceeding 5 years = 50%

What is not included in Kotak Bike Insurance

• Normal wear and tear.
• The general ageing of the vehicle.
• Damage to/by a person driving the bike without a valid license.
• Damage to/by a person driving the bike under the influence of drugs or liquor.
• Mechanical/electrical breakdown.
• Wear and tear of consumables that include tyres and tubes.

Renewing your Kotak Mahindra Bank Bike Insurance

Renewing your Kotak Mahindra two-wheeler insurance is as essential as buying two-wheeler insurance. Usually, the policy needs to be renewed by the due date or maximum before 90 days of the actual due date. However, if, in any case, you miss the date, an additional grace period is offered. This period is of 30 days within which the policy must be renewed to avoid a policy lapse.