Oriental Bike Insurance Overview & Details

Oriental bike insurance is an contractual agreement between the person who owns the bike and Oriental Insurance Company Limited, in which the insurer is bound to compensate for any damage or loss that occurs on the insurance vehicle. Two-wheeler insurance policies cover many mishaps including human-made hazards, natural disasters and accidents. It also covers thefts as well as explosions, collisions self-ignition and more. Although the standard Oriental bicycle insurance policy provides suitable insurance, the coverage could be increased by opting to cover riders who pay for additional cost.

Why Choose Oriental Bike Insurance Policy?

Investment in an Oriental two-wheeler insurance policy has numerous advantages. It offers a quick and easy option to purchase or renew the bike insurance policy online with no hassle. It also includes roadside assistance that can benefit those who have insurance become stuck in the middle of a trip.

Our customer support department can be reached 24/7 for all questions and concerns. Personalizing your bike insurance by adding extra features like NCB protection and pillion rider coverage and protection for your engine is also possible.

Having a clear claim history will benefit you save in renewal fees with the no Claim Bonus. In addition, it allows easy accessibility to repairs that are cashless in more than 3,100 garages of the network throughout India in addition to the ability to benefit from quick settlements of insurance-related bike claims.

What are Oriental Bike Insurance Policy Key Features

Categories	Key Features
Two-Wheeler Network Garages	3100+
Claim Settlement Ratio (CSR)	94.0%
Personal Accident (PA) Cover	Up to ₹ 15 Lakh
Customer Support	Available 24×7

Types of Oriental Bike Insurance Policy

Oriental Insurance Company Ltd. is a well-established general insurance company based in India. It was originally part of The Oriental Government Security Life Assurance Company Ltd and, over time it was integrated into The Life Insurance Corporation of India. Then all shares belonging to the business were turned into the hands of The Central Government, making it an official-owned enterprise.

This insurance firm provides different kinds of insurance policies for bicycles as follows:

1. Stand-alone Own Damage Cover – Motorised Two-Wheeler:– This policy is designed to provide the financial security needed to cover damages and losses incurred by an insured car. The policy is often known as an own-damage bicycle insurance policy and is available only if you are already covered by a third-party liability insurance plan on the bicycle you are riding.
2. Two Wheeler Package Policy:- Two-wheeler plans are designed for two-wheelers that are brand new and provide two types of protection, which include one year of insurance in case of damages to the vehicle and five years of protection in the event of an injury or damage caused by a third other. Additionally, the policy offers personal insurance to the driver who is also the owner of the vehicle.
3. Two Wheeler Policy – Bundled:- It’s a complete bicycle insurance that covers an array of situations. This includes protection against loss or damage to your vehicle as well as liability insurance that covers third-party damages, as well as individual insurance for accidents that the owner-driver. The duration of the policy differs from the package of insurance.

Oriental Bike Insurance Policy Coverage

Check out the inclusions of the Oriental bike insurance policy:

Inclusions:

• ✅Damage or loss arising due to self-ignition, fire explosion, or lighting.
• ✅Provides protection against man-made disasters like terrorism, riots, strikes, etc.
• ✅Covers damage or loss to the insured two-wheeler from natural calamities like floods, earthquakes, hurricanes, etc.
• ✅Damage or loss caused by housebreaking, burglary, or theft.
• ✅Provides financial compensation in case of accidental damage.
• ✅Damage or loss caused to the insured vehicle during transit by air, waterway, rail, road or elevator.

Exclusions:

Oriental bike insurance policy does not cover the following:

• ❌Depreciation and normal wear and tear of the bike over time.
• ❌Mechanical failures or breakdowns of the vehicle.
• ❌Accidents that occur while the driver is under the influence of drugs or alcohol.
• ❌Damages if the driver does not hold a Driving License (DL) at the time of the incident.
• ❌Indirect or consequential losses related to the bike.
• ❌Damage to tyres and tubes, unless it occurs along with damage to the bike.

Related read:- AAA Insurance: Overview & Policy Details

Depreciation Rates for Different Parts of a Bike

The depreciation rates applicable to different parts of the two-wheeler are as follows:

• Rubber, Plastic or Nylon Parts (e.g., tubes, airbags, batteries): 50% depreciation
• Paint Materials: 50% depreciation
• Glass Parts: No depreciation
• Fiberglass Parts: 30% depreciation
• Other Parts, including wooden components: Depreciation rates as mentioned in the policy document.

Depreciation Based on the Age of the Bike

The table below highlights the rate of depreciation on the basis of the bike age:

Age of Two-Wheeler	Depreciation Rate (%)
Less than 6 months	0%
More than 6 months but less than 1 year	5%
More than 1 year but less than 2 years	10%
More than 2 years but less than 3 years	15%
More than 3 years but less than 4 years	25%
More than 4 years but less than 5 years	35%
More than 5 years but less than 10 years	40%
More than 10 years	50%

Personal Accident (PA) Coverage

With Oriental bike insurance, the owner or driver of the vehicle is protected with a personal accident cover of up to ₹15 lakh. The benefit is paid if an accident results in permanent total disability or death. Notably, the payout amount varies according to the extent of the injury, based on a predefined scale included below:

Type of Injury	Compensation Percentage
Loss of one limb or vision of one eye	50%
Death	100%
Loss of two limbs or sight of two eyes or loss of one limb & sight of one eye	100%
Permanent total disability from injuries other than above	100%

Important Points to Consider Under Personal Accident (PA) Cover

The personal accident compensation offered by the Oriental Insurance Company Limited does not exceed ₹15 lakh for any policy period and will be paid only for one out of four conditions added in the table above. Additionally, no compensation will be paid if the injury or death arises due to suicide, pre-existing physical problem, self-harm or accident caused when the driver is under the influence of intoxicated substances like liquor or drugs.

How to Buy/Renew Oriental Bike Insurance?

Here’s a step-by-step guide on how to buy or renew an Oriental bike insurance policy through Oriental:

• Step 1: Open the official website of Oriental Insurance, click on the ‘Insurance Products’ menu, and choose ‘Bike Insurance‘.
• Step 2: In the required field, type in your bike’s registration number and hit the ‘View prices’ button. If the registration number is not available, click on ‘Bought a New Bike’.
• Step 3: Proceed further by selecting the correct bike details and clicking the ‘View Plans’ button.
• Step 4: Browse the recommended plans and pick any Oriental bike insurance policies.
• Step 5: Decide whether you wish to purchase a third-party or comprehensive policy.
• Step 6: Consider adding bike insurance add-ons to your base policy to enhance the scope of coverage.
• Step 7: Choose the preferred mode of payment and pay the premium amount. After successful payment, the two-wheeler insurance policy document will be sent to your email ID.

How to File an Oriental Bike Insurance Claim?

Different Oriental bike insurance claims can be raised by following the steps below:

1. For Theft ClaimTake a look at the steps to raise a theft claim:
   • Step 1: Report the theft at the nearby police station and take an FIR report.
   • Step 2: Send a copy of the FIR report to your insurer.
   • Step 3: An insurance company-appointed surveyor will inspect the case.
   • Step 4: Notify the Regional Transport Office of the theft case.
   • Step 5: Proceed further by submitting the required documents supporting the claim.
   • Step 6: To finalise the claim, obtain an ‘untraceable report’ from the police in case your bike is not traced within one month.
2. For Accident ClaimThe steps to raise an accident claim are as follows:
   • Step 1: Share the accident details with your insurance provider and fill out the claim form available on the insurer’s website.
   • Step 2: A surveyor will analyse the loss or damage to the insured vehicle by visiting the accident site.
   • Step 3: Gather and submit the required documents.
   • Step 4: If you get your bike repaired in a network garage, the insurance company will settle the repair bills directly. Alternatively, if you send the bike for repairs to any nearby garage, pay the repair cost upfront and then raise a reimbursement request with your insurance provider.
3. For Third-Party ClaimCheck out the steps to raise a third-party bike insurance claim:
   • Step 1: Inform the insurance company about the accident.
   • Step 2: Next, submit court summons to the insurance provider.
   • Step 3: Submit the duly filled and signed claim form to the insurer.
   • Step 4: Submit the supporting documents.
   • Step 5: After analysing the case, the Tribunal Court will make a decision.

Documents Required for Raising Oriental Bike Insurance Claims

Here’s a listicle of documents required for raising different types of Oriental bike insurance claims:

1. For Theft ClaimsFor claims involving theft, you will need the below-mentioned documents:
   • Accurately filled and signed claim form
   • Copy of the bike’s Registration Certificate and all original keys
   • Active bike insurance policy
   • FIR related to the theft
   • Driving Licence (DL)
   • ‘No-Trace Report‘ from the police, stating the bike cannot be found
2. For Accident ClaimsIn case of accidental claim, you will need the following documents:
   • Filled and signed claim form
   • Repair invoice and payment receipt (if repaired at a cashless network garage, only the invoice is required)
   • Driving Licence (DL) of the person riding the bike at the time of accident
   • Motor Collision Report (MCR) or FIR
   • Original vehicle RC (Registration Certificate)
   • Two-wheeler insurance policy
3. For Third-Party ClaimsFor claims related to third-party, you will need to furnish the following documents:
   • Signed claim form
   • Police FIR
   • Copy of the bike’s RC (Registration Certificate)
   • Original Driving Licence (DL)
   • Company stamp (if the bike is registered under a company name)
   • Current two-wheeler insurance policy document

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Final Thought:

Oriental bike insurance provides an extensive and secure solution to safeguard your bicycle from multiple risks such as theft, accidents, and natural disasters. Offering flexible policies like standalone insurance for own damage and bundles of policies Oriental covers a broad variety of requirements.

Additional benefits include 24/7 customer support, repairs that don’t require cash in over 3100 garages that are network-based along quick claim settlements are a practical and cost-effective feature for bike owners. Furthermore, add-ons that can be customized and the savings that could be derived from Claim Bonuses make the insurance more valuable.