The Oriental Insurance Company Ltd. The Oriental Insurance Company Ltd., which commenced operations in September 1947, is one of the leading general insurance companies in India. The company offers two-wheeler insurance policies, four-wheeler insurance policies, personal accident policies, etc., as part of its product portfolio. The two-wheeler insurance policy offered by the company provides coverage against losses that you might have to incur in case of an untimely eventuality like an accident, vehicular damage, etc.
Features And Benefits Of Oriental Two Wheeler
||The coverage period for Oriental Two Wheeler Insurance is usually one year, but a policy with a shorter duration can also be availed.
||Oriental Insurance Two Wheeler Insurance
- Accidental loss or damage of two-wheeler
- Third party liability
- Personal accident cover
- Numerous Add on covers
- Loss or damage to two-wheeler caused by accidental external means
- Theft, burglary or house breaking
- Lightening, explosion, fire or self-ignition
- Storm, earthquake, rockslide, landslide, flood, terrorism, strikes, inundation, malicious acts, strikes
- Transit by inland waterways, rail, road, lift or air
- Damage caused by an individual riding without a valid driving license
- Electrical or mechanical breakdown
- Depreciation or any other consequential losses
- Damage caused by an individual riding under the influence of drugs or alcohol
- Damage or loss caused by nuclear risks, mutiny or war
- Damage to tubes and tyres
- Damage caused outside the country unless it is covered for Maldives, Pakistan, Nepal, Bangladesh, Sri Lanka and Bhutan
- Damage or loss caused to accessories of the two-wheeler by theft, burglary or housebreaking
- If the vehicle is used to reward or hire, racing or speed testing, reliability trials, etc.
- Zero depreciation cover
- Cover for loss of private belongings
- Alternative vehicle benefit
- Free benefit of emergency service through TVS
|No Claim Benefit
||In case a customer has not made any claims over the course of the policy term, a discount or bonus called No Claim can be availed on the premium payment applicable to the new policy.
|Zero Depreciation Cover
||In case a two-wheeler incurs partial damages, the policy shall cover the whole cost of the parts that need to be replaced. Devaluation based on the two-wheeler’s age will not be taken into consideration, but deductibles can be made based on the terms of the policy.
||Two-wheeler insurance policies that have been purchased through the company’s online portal can be returned to the Oriental Insurance Company by writing a letter to the relevant office of the company, requesting them to cancel the policy. Once the policy is terminated, the refund will be credited to the credit card of the customer, and refund of premium will be made once applicable cancellation charges have been deducted.
|If Plan Expires
||In case of the expiry of your two wheeler insurance policy, you can renew the policy on the official website of Oriental Insurance Company. The process is quick and hassle free. You will simply have to enter the policy number of the plan that has just expired along with the insured code and policy date. You will immediately receive a digitally signed policy in your registered email id as well as an SMS notification on your registered mobile number once you have made the premium payment. You can choose to download a copy of the policy too if you would like to have a soft copy of the policy.
||Oriental Insurance Company has a wide network of garages across the country to help customers avail cashless services.
Reasons to Choose Oriental Two Wheeler Insurance
Following are the main reasons to purchase Oriental Two Wheeler Insurance:
- Protection – The Oriental Two Wheeler Insurance policy offers comprehensive protection to ensure that customers are financially covered in case of loss/damage to their 2 wheelers.
- Discounts – Customers who purchase the Oriental Two Wheeler Insurance policy can save a good amount of money by making the most of the No Claim Bonus under this plan. Discounts can also be availed upon installing anti-theft devices and by opting for a voluntary deductible.
- Add on Cover – Customers who purchase the Oriental Two Wheeler Insurance policy can purchase add-ons offered by the insurer and receive enhanced coverage.
- Online Renewal – Individuals who purchase the Oriental Two Wheeler Insurance policy have the convenience of renewing their policy from the comfort of their homes once the policy has expired.
- National Presence – Oriental Insurance Company is consistently developing a strong presence across India with over 1,800 offices operating in different cities. With more than 14,000 employees on its workforce and an impressive array of experienced agents, the company has registered tremendous growth over the years.
- Third Party Liability – Third-Party Liability: The Oriental Two Wheeler Insurance policy offers protection against any damages caused to a third party’s assets and bodily injury/death of a third party due to being involved in an accident with the policyholder’s vehicle.
- Personal Accident Cover- The owner/rider/policyholder is offered a personal accident cover, as part of the policy.
- Hassle-free Settlement – The Oriental Insurance Company follows a simple and hassle-free procedure to settle claims.
- 24/7 Customer Service – The Oriental Insurance Company has a customer service team that works round the clock to ensure that customers have access to solutions with any problem or concern they face at any time.
Oriental Insurance Company Two-Wheeler Insurance Plans
The Oriental Insurance Company currently only offers one insurance policy for two wheelers – the Oriental Two Wheeler Insurance policy.
Coverage Offered In Oriental Bike Insurance
Following are the circumstances under which cover will be provided by the Oriental Two Wheeler Insurance Policy:
- Loss of two wheeler – In case of accidental loss of a two wheeler during the policy term, Oriental Insurance Company will pay the settlement to the policyholder.
- Damage to two wheeler – This policy provides coverage against damages caused to the vehicle due to reasons such as theft, burglary or house-breaking Lightening, explosion, fire or self-ignition, storm, earthquake, rockslide, landslide, flood, terrorism, strikes, inundation, malicious acts, strikes, or transit by inland waterways, rail, road, lift or air,
- Personal Accident Cover – Accident coverage will be provided to the owner of the 2 wheeler in case of the demise or injury incurred by an individual while mounting or dismounting the two wheeler, or while travelling.
- Third Party Coverage – The Oriental Two Wheeler Insurance policy covers third-party legal liability.
- Extension covers can be purchased by paying an additional premium in exchange for enhanced protection.
- Loss or damage to electrical or non-electrical accessories.
- Damage to rubber, plastic, or nylon parts and damages to battery and tubes and tyres is covered by the policy.
- In case the two wheeler is non-operational due to reasons covered by the policy, the company will incur the cost of protection as well as delivery to and from the nearest garage, subject to a maximum of Rs.300 per accident.
Note: The cover depends on the policy chosen. Certain benefits are applicable only if the individual has opted for add-on covers.
Exclusions in Oriental Two Wheeler Insurance Policy
Following are the situations under which no settlement will be offered by Oriental Two Wheeler Insurance policy:
- In case of any damage or loss sustained by the two wheeler outside the geographic area covered by the plan.
- In case damage or loss is caused as a result of some type of contractual agreement.
- In case of claims arising out of the vehicle being used for purposes other than those defined or agreed.
- In case of damage arising due to the two wheeler being ridden without a valid driver’s license.
- In case of damage or loss arising due to the rider being under the influence of drugs or alcohol.
- In case of damage or loss arising due to the two wheeler being ridden by another individual apart from a driver as specified in the driver’s clause of the policy.
- In case of any nuclear perils and war.
- In case tubes or tyres are damaged but the insured two wheeler has not incurred any damages in the same accident.
- In case of bodily injury or death arising out of attempted suicide, suicide or intentional self-injury.
- In case of liabilities arising out of or as a result of consequential events resulting from contamination, ionising or radiation by radioactivity from any nuclear waste or nuclear fuel.
- In case of liabilities or expenses arising out of either consequential event or direct impact of any invasion, hostilities, war, acts of foreign enemies, mutiny, usurped or military power, civil war, or rebellion.
- In case the individual cannot provide proof that the liability raised for claim is not dependent on the aforementioned consequences.
- Electrical or mechanical breakdown, wear and tear, and depreciation.
Eligibility To Buy Oriental Bike Insurance
As per the Motor Vehicles Act, 1988, It is mandatory as per government regulations for every two wheeler within the country to be insured. All insurance companies including the Oriental Insurance Company, as a result, takes into consideration certain aspects prior to issuing a bike insurance policy.
- Registration – The two-wheeler must be registered with a Regional Transport Office in India.
- Fitness certificate – The two-wheeler must have a fitness certificate (if applicable).
- Driver details – The two-wheeler insurance policy buyer should have a valid driving licence.
Payment – Depending upon the two-wheeler that is being insured, a payment will have to be made to purchase a two wheeler insurance policy.
- Modifications – Applications to insure modified two wheelers are often rejected, so make sure that your two wheeler is not modified.
Steps to Buy Oriental Two Wheeler Insurance
While customers can purchase an Oriental Two Wheeler Insurance policy by visiting a branch of the company, the same can also be purchased from the comfort of your home. Following are a few simple steps that can be followed to purchase an Oriental Two Wheeler Insurance policy online:
- Visit the official website of the Oriental Insurance Company.
- Choose the ‘Buy Online’ option from the bar menu at the top of the screen.
- Choose the ‘Buy New’ sub option.
- Multiple insurance policies will appear in a drop-down menu. You will need to choose the plan that you wish to purchase.
- On the redirected page, you will need to key in the required details.
- After entering the details, you can pay the premium online through the insurer’s official website.
How to Raise Claims with Oriental Two Wheeler Insurance
In case of an accident, vehicular damage, or accidental loss, these are the steps that you will need to follow to raise a claim with the Oriental Insurance Company:
- Contact Oriental Insurance Company by calling their 24/7 customer care number immediately and intimate them about the accident.
- Make sure to note down the vehicle numbers of any other vehicles that were involved in the accident, if applicable.You will need to report this to the insurance company. You will also have to register an FIR at the nearest police station.
- Fill in the claim form and submit it to the company after signing. You will also need to submit a copy of the RC, a copy of your driver’s license, and a copy of the FIR, and any other document that is requested by the Oriental Insurance Company.
Documents Required for Making Claims with Oriental Two Wheeler Insurance Company
The following documents will have to be submitted to Oriental Insurance Company, based on the nature of the claim:
If the claim is made due to break-in or theft of two wheeler:
- Duly filled claim form.
- Police enquiry report.
- A copy of the claim notification furnished at the nearest branch of the company.
- A copy of the insurance policy along with premium receipts.
- Videos or photos of the damaged property showing damage caused.
- An original as well as a duplicate copy of your driver’s license.
- Bank statements, asset register and bills to help the investigator from Oriental Insurance Company authenticate the loss incurred.
- Bike keys.
- An original as well as a duplicate copy of the registration certificate.
Third Party Insurance Claims Arising Out of Accidents:
- A copy of the driver’s license and the registration certificate.
- A copy of the claim notification submitted at the nearest branch of the company.
- A copy of the insurance policy along with the premium receipts.
- Driver’s statement regarding the accident.
- Contact information of the individual(s) killed in or maimed by the accident as well as details of the other individuals travelling in either of the vehicles that were subject to the accident.
- Contact details of the hospital and police station where the accident was reported.
- Legal documents duly signed by the rider and owner of the 2 wheeler.
- Valid autopsy report or copies of injury.
- Statement of the rider or owner of the 2 wheeler on charge sheet.
- Details regarding the damage incurred to third party property.
How to Renew Oriental Two Wheeler Insurance Policy Online
The renewal of your Oriental Two Wheeler Insurance can be done by visiting the nearest branch of the company or from the comfort of your home. Thanks to advancements in technology, you can easily renew your bike insurance policy from Oriental Insurance Company by following a few simple steps.
- Visit the official website of the Oriental Insurance Company.
- Click on ‘Renew’ on the top of the page.
- You will be redirected to another webpage, where you will need to specify if you are renewing a policy from Oriental Insurance Company or a policy issued by a different insurance provider.
- Next, enter the policy number of your current insurance policy and then click on ‘Renew Now’.
- You will have to key in certain details, after which you can renew the policy.
Why Deductible Is Important In An Oriental Bike Insurance policy?
A deductible is basically an amount of money that the individual who purchased the policy will have to pay if his/her two wheeler is subject to an accident that requires repairs. Selecting a higher amount as your deductible will make your premium payments lower, and riders who are confident about handling two wheelers responsibly can select a higher deductible to get a discount on the premium.
What to do after expiry of an Oriental Two Wheeler Insurance Policy?
It is a punishable offence to ride a two wheeler without a valid insurance policy. Thus, it is essential for all two wheeler owners to ensure that their two wheeler insurance policies remain active at all times. Expired policies must be renewed immediately to avoid legal complications. A large number of insurance companies, including the Oriental Insurance Company offers reminders to policyholders to renew their policy before it expires.Since the renewal of lapsed policies is often subject to physical inspection of the two wheeler in addition to other formalities, renewing your plan before it expires will ensure that there are no hassles to deal with. Your Oriental Two Wheeler Insurance policy can be renewed online over the company’s official website.
Oriental Insurance Company Customer Care
The Oriental Insurance Company Ltd. is home to a 24/7 customer service team that can be contacted for any queries or concerns regarding your Oriental Two Wheeler Insurance Policy. To contact the registered head office of the company in New Delhi, call 011-43659595. For guidance or queries, call the toll free number on 1800118485 or 011-33208485. Grievances and complaints regarding your insurance plan or claims can be sent to firstname.lastname@example.org. Grievances and complaints regarding your online insurance plan can be sent to email@example.com.
Oriental Insurance Company Frequently Asked Questions:
1.Will the insurance plan offer coverage if I do not have my driving license?
Claims will only be honoured if the policyholder possesses a valid driving license on their person at the time of an accident.
2.How long does the Oriental Two Wheeler Insurance policy last for?
The Oriental Two Wheeler Insurance policy has a tenure of one year, but policies can also be purchased for shorter durations.
3. How is the premium payment towards the Oriental Two Wheeler Insurance calculated?
The price of an Oriental bike insurance policy is calculated based on a number of factors like the Insured Declared Value of the two wheeler, its cubic capacity, the age of the two wheeler, the registration zone of the vehicle, the add-on covers availed, etc.
4.Is it safe to pay the premium online through the Oriental Insurance Company’s official website?
Yes, paying the premium online through the insurer’s official website is secure.
5.How is the sum insured calculated for an Oriental Two Wheeler Insurance policy?
The sum insured, also known as the Insured Declared Value or IDV, will be calculated by the insurance company by taking the vehicle’s current selling price into account and adjusting this sum for depreciation.
6.What are the benefits of purchasing a comprehensive two-wheeler insurance policy?
Individuals who would like to avail higher coverage should, ideally, opt for a comprehensive two-wheeler insurance policy. Comprehensive two-wheeler insurance policies provide coverage against third-party legal liability, accidental death/disability of the policyholder/rider of the two-wheeler, vehicular damages caused due to manmade events, natural calamities, and accidents, and total loss. Further, policyholders can also customize their policy with add-ons. Insurance companies also offer a No Claim Bonus to policyholders with comprehensive two-wheeler insurance policies if they don’t raise any claims during the policy term.
7.What is a ‘deductible’?
The deductible is a certain percentage of the claim amount that will have to borne by the policyholder. Deductibles can be voluntary or compulsory. The compulsory deductible will be levied by the insurer for all claims and policyholders will have to pay this amount. On the hand, policyholders can opt for a voluntary deductible, if required.
8.Can I renew a lapsed two-wheeler insurance policy?
It is always advisable to renew your two-wheeler insurance policy before the policy expires since it is mandatory to have a two-wheeler insurance policy at all times, as per the Motor Vehicles Act, 1988. However, if your policy has lapsed, you can renew it within a period of 90 days to get your No Claim Bonus. If you don’t renew your policy within 90 days, you will lose your accrued No Claim Bonus. Also, you might need to get your two-wheeler inspected if you don’t renew your policy within the specified due date.
9.What is ‘Constructive Total Loss’?
If the cost of getting your two-wheeler repaired/serviced amounts to more than 75% of the vehicle’s Insured Declared Value, the insurance company will term it as a Constructive Total Loss.
10.Can I transfer the No Claim Bonus from one insurer to another?
Yes, you can transfer the No Claim Bonus from one insurance company to another. However, if you don’t renew the insurance policy within 90 days from the renewal due date, the No Claim Bonus will lapse.
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