Oriental Bike Insurance Review: Not For Riders on a Budget
Oriental Insurance is one of the most expensive two wheeler insurance companies on the market for any model of bike. Their scope of coverage is strong, but their claim settlement rates are sub-optimal.
Riders looking for unique add-on coverages
Consumers seeking personal accident coverage options
High-risk riders with a long claims history
Consumers looking for cheap annual premiums
Oriental Insurance offers two different types of bike insurance: a comprehensive policy with personal accident coverage, and a comprehensive policy without personal accident coverage. Their plans are the most expensive of any insurer we studied regardless of make, model or cylinder capacity, and are not recommended for riders who are trying to stick to 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.
Oriental has a unique add-on that covers and replaces your personal belongings.
Drivers can purchase a comprehensive policy online.
Oriental Comprehensive Two Wheeler Insurance Plan Benefits
Oriental Insurance does not offer cheap annual premiums for any model of bike under their comprehensive policy. Bikes from 100cc to 200cc are the most affordable to ensure, but prices still start 29% more expensive than market average for a Hero Honda Splendor Plus.
Annual premiums for mopeds and other low-power bikes, like the TVS XL Super, can be over two-times more expensive than average.
Oriental 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 motorcycle, scooter or moped is covered in an accident. The rider or owner's medical costs are not covered. Oriental'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.
If you opt for a comprehensive plan with personal accident coverage, you'll be covered for 100% of costs resulting from injuries or death. Some companies in our study do not provide full personal accident reimbursement, so this is a redeeming quality of Oriental's policy.
Unfortunately, Oriental provides a limited selection of two wheeler add-on coverages, but does offer a unique loss of accessories coverage. In the event of an accident, if any personal belongings are lost or damaged, Oriental will reimburse you for the full value. This is only offered by one other insurer that we analysed in India.
Loss of Accessories
Electrical Fittings Cover
Zero Depreciation Cover
Personal Belongings Coverage
Legal Liability For Paid Worker
Passenger Accident Cover
Pillion Accident Cover
No Claims Bonus Protection
Fuel Kit Cover
Key and Lock Protection
Invoice Price Cover
Medical Expense Coverage
Oriental is one of the four-largest bike insurers in our study, so policyholders can be confident that so many other riders trust their coverage. They're also one of the best-reviewed insurers online, receiving a 4.9-of-5 stars on PolicyBazaar and a perfect 5-star rating on InsuranceDekho.
Incurred Claims Ratio
Claim Settlement Rate
PolicyBazaar Star Ratings
4.9 (26 reviews)
4.6 (37 reviews)
InsuranceDekho Star Ratings
5.0 (72 reviews)
4.9 (111 reviews)
The comprehensive plans offered by Oriental come with a few unfortunate drawbacks, like their sub-optimal incurred claims ratio (ICR). A healthy ICR for an Indian insurer is 75-90%, indicating a strong ability to settle claims against annual premium collection. Oriental's weak 113% ICR misleadingly sounds like it exceeds expectations, but actually indicates that a large portion of annual premiums are used to cover risk transfer. So, policyholders should be cautious of a tumultuous claim settlement process.
Oriental also has one of the five-weakest claim settlement rates of any bike insurer we studied, so consumers should be aware that claims may not be settled in a timely fashion. The company also has just 1,000 in-network cashless garages, which is under one-third the average number. While finding a garage willing to perform repairs after an accident won't be an issue, finding a convenient one in your area with so few options may present a challenge.
Online Purchasing Platform
Oriental's online quoting and purchasing tool is one of the worst of any offered in our study. Both the website and the quoting tool are outdated, overwhelming and user-unfriendly.
They do not offer the option to email, SMS or WhatsApp you a copy of your quote, nor do you have the option to retrieve an old quote. So, unless you're prepared to make a purchase decision immediately, you'll need to re-do the process again when it's time to buy. The page-load times are slow, and the quote tool presents too much information and too many fields to fill in at once.
One of the positive aspects of Oriental's online experience are that the quoting tool offers a detailed premium breakup, so you can see exactly how much each aspect of your policy costs.
Oriental's website provides consumers with the fewest number of resources of any insurer we analysed as well. They do not have a garage counter or locator, a branch locator, a two wheeler insurance calculator, or any live chat assistance, so it's likely that potential consumers will be confused and forced to call a branch office or agent.
Oriental's comprehensive two wheeler insurance plan offers few very add-ons to enhance their standard scope of coverage. There are also key exclusions that consumers should be aware of before committing to a year-long policy.
Not only does Oriental refuse to cover many other items like fuel kits, bike accessories, keys and locks, and engines, but it also doesn't allow users to protect them through add-ons. By comparison, many of the other insurers we analysed do allow you to add coverage for such items.
Claims Process Information
Oriental Insurance does not have an app to submit instant claims from. Instead, policyholders must log in to their website or call their dedicated agent to submit a claim. They do not make any guarantees on how long it takes to process or settle claims, but they do have a portal with the required documents you'll need to successfully submit a claim.
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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