IFFCO Tokio General Insurance Company Limited is a leading general insurance provider in India. The company was founded in the year 2000 as a joint venture between IFFCO (Indian Farmers Fertilizer Co-operative) and Tokio Marine Group. While IFFCO boasts of being the world’s largest co-operative society, Tokio Marine Group is the largest insurance group of Japan which is listed. Both these giants lend their expertise to IFFCO Tokio General Insurance Company making the company a reputed name.
Important things to know about IFFCO Tokio
Here are some important facts about the company which you should know –
- The company offers a range of general insurance products like health insurance, motor insurance, travel insurance and home insurance
- IFFCO Tokio has more than 20,000 agents and branch offices in India
- The company has won various awards like the India Insurance Awards 2016, Private Sector General Insurance Company of the Year Award, P & C Insurer of the Year Award, etc.
IFFCO Tokio two wheeler insurance
Among the list of general insurance products offered by the company, two-wheeler insurance plans are also offered which provide coverage to your bike. The Motor Vehicles Act, 1988 mandates a valid two-wheeler insurance policy on every bike registered in India. Thus, every bike owner needs an insurance cover on his/her bike to drive the vehicle on Indian roads. IFFCO Tokio two wheeler insurance plans offer this necessary coverage to bike owners and take care of their financial security in times of bike-related losses.
Features of IFFCO Tokio two wheeler insurance plans
IFFCO Tokio two wheeler insurance plans have the following salient features –
- Coverage under the plans can be taken only for the mandatory requirement of third party liability or for complete protection of the bike
- The policy can be bought as well as renewed online within a few minutes
- You get a no claim bonus under comprehensive plans if no claims are made in a policy year
- The company has a tie-up with more than 4300 garages wherein you can avail cashless repairs
- There are add-ons under comprehensive plans which increase the scope of coverage
Types of IFFCO Tokio two wheeler insurance coverage
Coverage under IFFCO Tokio two wheeler insurance plans depends on the type of policy that you choose. There are two types of policies and each one has a different coverage structure. They are as follows
- IFFCO Tokio two-wheeler third-party liability policy
- IFFCO Tokio offers different types of third party liability plans which are mandated by the Motor Vehicles Act, 1988. These plans cover only the basic legal liability which you face if you cause any type of third party damage. The possible third party damages which are covered under third party plans include the following –
- Death of a third party
- The physical injury suffered by a third party
- Damage to any property belonging to a third party
Under any of these damages, you face a financial liability to compensate the third party for the loss caused. This financial liability is taken care of by third party liability insurance. In case of death and physical injury, unlimited coverage is provided. However, for property damages, claims up to INR 7.5 lakhs are paid under IFFCO Tokio two-wheeler insurance policies.
- IFFCO Tokio Two-wheeler comprehensive policy
Third-party liability policies do fulfil the legal requirement of bike insurance but they do not cover the damages suffered by your bike. This is where a comprehensive policy steps in. Comprehensive bike insurance plans cover both third party legal liabilities as well as the damages suffered by your bike. Thus, their scope of coverage includes the following instances
- Death of a third party
- The physical injury suffered by a third party
- Damage to any property belonging to a third party
- Damages suffered by the bike due to natural causes like floods, lightning, earthquakes, etc.
- Damages suffered by the bike due to man-made causes like fire, self-explosion, riots, etc.
- Damage to the bike during transportation
- Theft of the bike
There is also a personal accident cover of INR 15 lakhs under both types of IFFCO Tokio two-wheeler insurance plans. This cover is also mandatory and has to be taken either with a third party liability or comprehensive policy. The cover secures the financial loss suffered if the owner or driver of the bike faces accidental death or accidental total and permanent disablement. In such cases, a lump sum benefit is paid to take care of the financial loss suffered.
Exclusions under IFFCO Tokio two wheeler insurance plans
There are some instances of damages and liabilities which are not covered under IFFCO Tokio two-wheeler insurance policies. These are called exclusions and they include the following –
- Driving without a valid driving license
- Driving outside the boundaries of India
- Driving under the influence of liquor, drugs or any other intoxicating substances
- Acts of criminal nature
- Deliberate accidents or damages
- Consequential losses
- Depreciation of the bike
- Normal wear and tear of the parts of the bike
- Mechanical or electrical failure
Types of IFFCO Tokio two wheeler insurance plans offered
IFFCO Tokio offers different types of two-wheeler insurance policies. These types are as follows –
- Annual third-party liability policy
This policy covers only third party liability and is offered for one year.
- Annual comprehensive two-wheeler insurance policy
This is a comprehensive two-wheeler policy which is offered for one year
- Long term third party liability policy
This is a long term policy which is available for three years. Moreover, if the bike is bought on or after 1st September 2018, you can also avail 5-year long term third party coverage. This coverage would offer third party insurance for five years.
- Long term comprehensive two-wheeler insurance plan
This policy is a comprehensive coverage policy which covers both third party liability and the damages suffered by the bike. The policy is available for three years. Moreover, if you bought the bike on or after 1st September 2018, there is also coverage for 5 consecutive years wherein you can enjoy comprehensive coverage for five years without having to renew the plan annually.
- Bundled policy
Under this policy, coverage for third party liability is offered for 5 years and coverage for own damage is offered for one year. This policy is suitable for cars bought on or after 1st September 2018 who need a mandatory third party cover for 5 continuous years.
Add-ons available under IFFCO Tokio two wheeler insurance plans
If you buy comprehensive two-wheeler insurance policies from the company, the company would offer you a choice of add-ons to enhance the coverage. These add-ons include the following –
- Personal medical cover
Under this add-on, if the owner or driver of the bike suffers an accident or injury due to the bike, compensation is paid to cover the financial loss suffered.
- Zero depreciation
The parts of the bike face wear and tear in the normal usage of the bike. This wear and tear is not covered under two-wheeler insurance policies. As such, in case of a claim, IFFCO Tokio deducts the relevant depreciation from the bike’s parts and then settles the claim. The depreciation deducted is as follows
|Parts of the bike||Rate of depreciation|
|Rubber, plastic or nylon parts||50%|
|Tyres and tubes||50%|
|Metal parts||As per the depreciation of the Insured Declared Value of the car|
This depreciation reduces the claim amount and you have to pay the deficit claim yourself. Zero depreciation add-on removes this depreciation deduction. If the add-on is selected, IFFCO Tokio pays the actual cost of the parts which have been repaired or replaced without deducting depreciation. Thus, you get a higher claim pay-out.
Discounts offered under IFFCO Tokio two wheeler insurance plans
Under your comprehensive IFFCO Tokio two wheeler insurance plan you can avail the following attractive discounts
- No claim bonus discount
No claim bonus is allowed when you do not make claims in your policy in a year. This discount helps in reducing your renewal premium. Moreover, if you do not make claims in successive years, the discount goes on increasing. The applicable no claim discount under IFFCO Tokio two wheeler insurance plans is as follows
|Claim –free years||No claim discount|
|One claim-free year||20%|
|Two successive claim-free years||25%|
|Three successive claim-free years||35%|
|Four successive claim-free years||45%|
|Five successive claim-free years||50%|
- If you install safety gadgets in your bike which have been approved by ARAI, you can claim a premium discount
- If you choose a voluntary deductible in your policy, you would get a premium discount. The voluntary deductible represents the amount of claim which you accept to pay from your own pockets. At the time of claim, the insurance company would deduct the compulsory deductible and the voluntary deductible that you have opted and then pay the remaining claim. Both the deductible would, thereafter, have to be paid by you.
- If you buy long term two wheeler insurance plans, you can get premium discounts
Review of IFFCO Tokio two wheeler insurance
IFFCO Tokio offers different types of two-wheeler insurance policies which can be taken by individuals for their bikes. If you want long term coverage the company offers different forms of long term plans. There are third party liability plans as well as comprehensive plans allowing you to decide the type of coverage that you need. The network of cashless garages ensures speedy and hassle-free cashless repairs. Moreover, the premium discounts also work in your favour making the premiums low and affordable.
How to buy IFFCO Tokio two wheeler insurance policy?
If you want to buy IFFCO Tokio two-wheeler insurance policy, there are two main ways of doing so. They are as follows
- Offline mode
You can apply for an IFFCO Tokio two wheeler insurance policy offline in any one of the following ways
- Through the branch of the company
IFFCO Tokio has a widespread network of branches in India. You can visit the branch which is nearest to your home or office and apply for an IFFCO Tokio two wheeler insurance policy from there. You would have to fill up an application form and submit it to apply for the policy. The premium should also be paid after which the policy would be issued.
- Through an IFFCO Tokio agent
Many individuals act as intermediaries and sell insurance policies of IFFCO Tokio. You can find an IFFCO Tokio agent and buy the policy from him/her. Under this process also you would have to fill up an application form and pay the premium and the policy would be bought.
- Through the branch of the company
- Online mode
Another, an easier alternative is to buy IFFCO Tokio two-wheeler insurance policy online. You can simply visit the company’s website at https://www.iffcotokio.co.in/, choose ‘Two-wheeler insurance’ and then choose ‘Buy Now’. Provide the details of your bike to check the premium that you would have to pay. Pay the premium online and the policy would be issued.
You can also buy IFFCO Tokio two wheeler insurance through Turtlemint. Turtlemint is an online platform which is tied-up with IFFCO Tokio and sells its policies online on its platform. Turtlemint gives you the ease of buying a two-wheeler insurance policy. You can also get your queries solved through the company’s executives. Moreover, Turtlemint is tied-up with other different bike insurance providers which allow you to compare the different bike insurance policies and choose the best.
To buy IFFCO Tokio two wheeler insurance policy through Turtlemint, here are the steps
- Visit https://www.turtlemint.com/two-wheeler-insurance and enter in the registration number of your bike
- Thereafter you would have to enter the details of your bike like the make, model, variant, manufacturing year, registration year, place of registration, etc.
- Once all the details are entered, you would be able to see the different policies which offer you two-wheeler insurance
- Select IFFCO Tokio two wheeler insurance plan or any other policy that is best
- Pay the premium online and your policy would be issued instantly
How to renew IFFCO Tokio two-wheeler insurance?
Renewal of IFFCO Tokio two wheeler insurance policies can also be done in the same manner as buying the policy. Here’s how
- Visit the nearest branch of the company, provide your policy number and pay the renewal premium. Your policy would be renewed instantly
- Get in touch with your IFFCO Tokio insurance agent and get your policy renewed through him/her.
- Visit the website of the company https://www.iffcothttps://www.iffcotokio.co.in/okio.co.in/, choose ‘Two-wheeler insurance’ and then choose ‘Renew Online’. A new page would open wherein you should enter the type of policy you have, your registered email address, registration number of the bike and the existing policy number. Once the details are provided, you would be able to check your policy details and the renewal premium. Pay the premium online and the policy would be renewed instantly.
- If you have bought the IFFCO Tokio two wheeler insurance policy through Turtlemint, you can log into your online Turtlemint account and choose to renew the policy from there itself. You would just have to pay the renewal premium online and the policy would be renewed instantly. If you want, you can also switch your IFFCO Tokio two wheeler insurance policy to another policy at the time of renewal. You can compare the available plans on Turtlemint’s platform and if you find a better deal you can buy that policy and your coverage would be renewed.
How to make a claim under IFFCO Tokio two wheeler insurance plans?
You face a two-wheeler claim when your two-wheeler is damaged or stolen or when you face third party liability. The claim process which you should follow for these contingencies is as follows –
- In any type of claim, you should inform IFFCO Tokio immediately of the claim
- If it is a third party claim file the claim at the police station and make an FIR. The claim would, then, be taken to the motor accidents tribunal. The tribunal would rule the amount of liability that you face. Based on this ruling IFFCO Tokio would pay the compensation to the third party
- If your bike has been stolen, police FIR is necessary. If the police are not able to trace the location of your bike, they would issue a non-traceable certificate. Submit this certificate to the insurance company and the company would, then, pay the claim
- If your bike is damaged the insurance company would tell you the nearest preferred garage for cashless repairs
- Take your bike to the cashless garage and the insurance company’s surveyor would visit the garage for assessing the damages
- The surveyor would assess the damage and prepare a claim report which would be submitted to IFFCO Tokio
- The company would approve the claim and the repairs on your bike would start
- When the repairs are completed you can take delivery of your bike and the company would settle the repair costs with the garage
Alternatively, if you have bought your IFFCO Tokio two wheeler insurance policy from Turtlemint, you can inform Turtlemint and the company would get your claim settled easily. Just call 1800 266 0101 or send an email to email@example.com. The company would, then, handle your claims and get you a settlement at the earliest.
Documents required for making claims
To get the settlement of your IFFCO Tokio two-wheeler insurance policy, submit the following documents to the company
- RC Book of the bike
- Driving license
- Claim form
- Policy bond
- Police FIR, wherever required
- Any other document required by the company
Under comprehensive two-wheeler insurance policies, the sum insured is called the Insured Declared Value (IDV). IDV is determined by deducting depreciation from the market value of the bike. Depreciation depends on the age of the bike and is deducted at the following rates
|Age of the bike||Depreciation rate|
|Up to 6 months||5%|
|More than 6 months but less than 1 year||15%|
|More than a year but less than 2 years||20%|
|More than 2 years but less than 3 years||30%|
|More than 3 years but less than 4 years||40%|
|More than 4 years but less than 5 years||50%|
After deducting the depreciation, the value that you get is the IDV of the policy.
A compulsory deductible is the amount of claim which you have to pay yourself every time when a claim occurs. This deductible is fixed for all two-wheeler insurance plans.
The premium for IFFCO Tokio two wheeler insurance policies depend on the following factors –
- Type of policy that you buy affects the premium. Third-party premiums are lower than comprehensive premiums
- If the IDV of the bike is high, the premium would also be high
- Age of the bike affects the premium. The older the bike is the lower would be the premium
- If you choose add-ons, the premiums would increase
- If there are discounts which you can avail, the premium would decrease
- Long term policy premiums are dearer than annual premiums