Kotak Bike Insurance Review: Fast and East Claim Settlement
Kotak General Insurance does not offer cheap annual premium rates, but they provide a strong scope of coverage for most bikes. Their claim rates are some of the best on the market, and their claims process makes settlements quick and easy.
High-risk riders seeking a strong claim settlement process
Consumers seeking an online policy
Bikes with many accessories in need of coverage
Consumers seeking the cheapest plans
Kotak General Insurance, formerly Kotak Mahindra Insurance, offers two different types of bike insurance: a comprehensive policy with personal accident coverage, and a comprehensive policy without personal accident coverage. Regardless of the make and model of your scooter, motorcycle or moped, Kotak's plans are some of the most expensive on the market and are not suited for two wheeler owners on a budget.
If you're seeking a similarly strong scope of coverage, but with cheaper annual premium rates, you'll want to consider a few alternatives. Edelweiss Insurance, Reliance General Insurance, ICICI Lombard General Insurance, and Bharti Axa Insurance provide great comprehensive two wheeler coverage, and have the four cheapest annual premiums of any insurer in our study.
Comprehensive two wheeler insurance policy is available with or without personal accident coverage.
Great option for consumers who want to quickly purchase a policy online.
Kotak's claim settlement rates are some of the strongest on the market.
Kotak Comprehensive Two Wheeler Insurance Plan Benefits
Kotak's comprehensive policies are some of the most expensive on the market, regardless of the make, model or cylinder capacity of your bike. Annual premiums for a sub-100cc bike, like the TVS Super XL STD, start 16% more expensive than the market average in India, and can reach up to 47% higher than average for a Bajaj Pulsar 220F and 57% higher than average for a Hero Honda Splendor Plus.
Kotak provides consumers with two comprehensive policy options. Their base package does not include personal accident coverage for the owner or rider of the bike, so if you opt for this plan, only your two wheeler is covered in an accident. The rider or owner's medical costs are not covered. United India's comprehensive policy gives you personal accident coverage for a higher annual cost, which most policyholders opt for in an effort to protect themselves in case of injury or accident.
The company provides a very standard, yet strong scope of coverage for their policyholders. Kotak personal accident coverage is insured 100%, instead of only up to the maximum sum insured amount, like some Indian bike insurers offer. Third party losses and liability, accidental damages, theft, fire damage, man-made disaster damage, and damage from natural calamities are also fully covered through Kotak's comprehensive policy.
Kotak also allows their insured riders to enhance their plans through add-ons. They are one of just four companies in our study to offer pillion coverage, which is perfectly suited for those who often ride with a passenger. They also allow consumers to add consumables coverage and a no claims bonus protection to their policy, and are one of just for companies we analysed to offer these features as well.
Zero Depreciation Cover
No Claims Bonus Protection
Pillion Accident Cover
Fuel Kit Cover
Personal Belongings Coverage
Legal Liability For Paid Worker
Passenger Accident Cover
Loss of Accessories
Geographical Extension Coverage
Electrical Fittings Cover
Fibreglass Fuel Tank Coverage
Key and Lock Protection
Invoice Price Cover
Medical Expense Coverage
Kotak's claim settlement rates are some of the best of any bike insurer in our study, and if your top priority is to find a company who will settle your claim in a timely manner, there are few better options available. Not only is Kotak's claim settlement rate an outstanding 97.7% and one of the three-best that we analysed, their incurred claims ratio (ICR) is also in the optimal range for an Indian insurer. The healthy and desired ICR range is 75-90%, indicating a strong ability to settle claims against annual premium collection. Kotak's 76% ICR gives policyholders peace of mind that their claim will be handled without many obstacles in the event of an accident.
The company is one of just three in our study that owns an above-average claim settlement rate and an optimal ICR.
Incurred Claims Ratio
Claim Settlement Rate
InsuranceDekho Star Ratings
4.9 (113 reviews)
4.9 (111 reviews)
One of the few drawbacks, aside from cost, of Kotak's comprehensive policy is their small network of cashless garages. With nearly 2,000 fewer cashless garages than average, policyholders may have trouble finding a convenient repair facility in their area after an accident.
Online Purchasing Platform
Kotak's online quoting tool is modern and includes some helpful features, but takes a long time to calculate your annual premium price. Often, calculation and load times take so long that the page experiences a time-out error and is forced to reload. The tool does explain all the information it requests you to fill in, and details why it's needed and how it factors into your final price, so you'll have a solid understanding of how much you'll need to budget annually for bike insurance. Kotak also offers the option of emailing or SMS messaging you a copy of your quote, in case you need more time before making a final purchase.
Kotak's website and two wheeler insurance information portal is very modern and easy to consume, and they provide a variety of helpful resources. They have a cashless garage locator and an office branch locator, so you can ensure there is a repair facility and a network of Kotak insurance agents in your area, in case of an accident. You'll also find an insurance calculator so you can obtain an estimate of your annual premium price before entering the quoting or purchasing process, and a live chat option, in case you need further assistance from an agent.
Kotak's comprehensive bike insurance policy offers an above-average number of add-ons, most of which are extremely important to most riders. However, there are key exclusions that consumers should be aware of, in case certain features are required to meet your insurance needs.
Many bike insurers in India allow their policyholders to cover such items through add-ons, and while Kotak does offer an attractive list of add-ons, the items on this list are unavailable for purchase.
Claims Process Information
Kotak policyholders can submit a claim using either of two methods. The most popular option is the Cashless Claim Process. In case of an accident, you can call Kotak between 8.00 AM and 8.00 PM to initiate a claim, an inspection will be performed within 24 hours, and your bike will be repaired at any in-network cashless garage shortly thereafter. You'll only be required to pay the deductible and any depreciation value determined by the surveyor.
The other option, the Reimbursement Process, still requires policyholders to submit claims via the phone between 8.00 AM and 8.00 PM. However using this method, you'll be required to pay all repair costs to the garage, and submit all invoices to Kotak for reimbursement. Kotak will complete all payments within seven working days from the completion of the repairs.
Mike Wagenman is a Senior Research Analyst at ValueChampion India, specializing in insurance. He holds a Bachelor of Arts degree in Communication and Business from Rider University, and his prior work experience includes data, revenue, and business analysis in the international travel and technology markets. Mike has worked with clients around the world to help identify financial value and find the most optimal way to achieve success.
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