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Okinawa is an Indian electric two-wheeler manufacturer, and the company was established in 2015. Okinawa retails three high-speed electric bikes and two low-speed electric two-wheelers in the Indian market. The Okinawa electric bikes produce zero-emission, and the cost of ownership is also less when compared to conventional two-wheelers. This article will provide you with all the details about Okinawa Bike Insurance.
Riding a two-wheeler without valid bike insurance is illegal in India. As per the Motor Vehicles Act, purchasing third-party two-wheeler insurance is mandatory while comprehensive bike insurance is optional. But do note that third-party bike insurance provides limited coverage as it does not offer an Own Damage cover. Below are the benefits of buying two-wheeler insurance for Okinawa bikes:
Coverage Against Own Damage: A comprehensive two-wheeler insurance policy provides coverage against damage to your Okinawa bike. The insurance plan covers accidental damage or damage to the two-wheeler due to natural/man-made disasters. In addition to own vehicle damage cover, the comprehensive insurance also covers injury/accidental death of the owner/rider.
Coverage Against Third-Party Damage: A comprehensive/third-party two-wheeler insurance provides coverage against damage to third-party property. The bike insurance plan also covers injury/accidental death of the third-party.
Coverage Against Loss/Theft: A comprehensive insurance policy for Okinawa bikes provides coverage against loss/theft of the insured two-wheeler. The insurance company will pay you the IDV (Insured Declared Value) of the two-wheeler if your Okinawa bike is stolen or damaged beyond repair.
Add-On Coverage: A comprehensive bike insurance policy allows you to purchase add-ons which enhances the coverage benefits. You can buy add-ons such as Invoice Cover, Roadside Assistance Cover, Passenger/Co-Rider Cover, No Claim Bonus Cover, etc.
Okinawa two-wheeler insurance will provide coverage against the following:
Loss/Damage to the bike due to fire or explosion.
Loss/Damage to the bike due to an accident.
Loss/Damage to third-party property or life.
Loss/Damage to the bike due to natural disasters such as floods, storms, earthquakes, etc.
Loss/Damage to the bike due to man-made disasters such as riots, terrorism, etc.
Injury/Accidental death of the rider/owner.
Loss/Theft of the insured bike.
*Note: Only Comprehensive Bike Insurance provides Own Damage Cover.
Below are the exclusions of Okinawa bike insurance:
Reckless riding/Improper handling.
Repair/Replacement of wear and tear parts.
Riding the bike without a valid driving licence.
Riding the bike under the influence of alcohol/intoxicating substances.
Breakdown of the bike due to electrical failure.
*Note: Depreciation value is covered under the Zero Depreciation add-on cover.
Below are the benefits of buying Acko two-wheeler insurance for your Okinawa bike:
At Acko General Insurance, you can buy Okinawa two wheeler insurance online without any paperwork. You can also register claims online with minimal documentation. Simple process and documentation will save you a lot of time.
Registering a claim at Acko is a simple process as it can be done online. Upon verification and assessment of the damage, the claim will be settled. For minor damages, Acko offers instant claim settlement.
You will get unbiased advice on bike insurance plans from the team of experts at Acko. The customer support team will assist you in buying the right insurance policy for your Okinawa bike.
Acko suggests the optimum IDV (Insured Declared Value) for your Okinawa bike and provides the best insurance plans for your two-wheeler. You can compare the available insurance plans and add-ons before making the final decision.
There are mainly two types of insurance plans for Okinawa bikes: Third-Party and Comprehensive bike insurance. Below are the coverage details of both the insurance plans:
As per the Motor Vehicles Act, it is mandatory to buy third-party bike insurance. However, third party two wheeler insurance provides limited coverage. A third-party insurance plan covers damage to third-party property or life, and it does not provide an Own Damage cover.
In addition to third-party liability cover, comprehensive bike insurance provides Own Damage cover. The insurance plan covers damage to your bike and injury/accidental death of the rider. Apart from that, a comprehensive two-wheeler insurance plan also allows you to buy add-on covers to expand the scope of coverage.
A comprehensive bike insurance policy will allow you to purchase add-ons for your Okinawa bike. Below are the available add-ons for Okinawa bike insurance:
Zero Depreciation cover
No Claim Bonus cover
Return to Invoice cover
Roadside Assistance cover
Loss/Theft of keys cover
Follow the below steps to apply for a bike insurance claim at Acko General Insurance:
Download the Acko smartphone app or visit the website www.acko.com.
Select the ‘Bike Insurance’ option from the Products drop-down menu.
Select ‘Two-wheeler/Bike Claims’ option from the Claims drop-down menu.
Next, log in to your account and enter basic details such as insurance policy number, bike registration number, etc.
State the nature of the damage and upload the pictures of the damaged bike.
Upon assessment of the damage, Acko will transfer the settlement amount to your account.
Major repair work or parts replacement can be done via Acko’s network of cashless garages.
Minor damages will be repaired at your location.
The technical terminologies of two-wheeler insurance can be confusing at times. To make things easier, below are some of the most common queries related to Okinawa bike insurance:
Yes, electric two-wheelers do need a two-wheeler insurance policy similar to conventional vehicles. The Motor Vehicles Act is also applicable to electric two-wheelers.
You can buy two-wheeler insurance online or offline. But it's better to opt for online bike insurance as it will save you a lot of time and money. You can compare different insurance plans online before making the final choice.
Yes, you can renew two-wheeler insurance online, and it will take only a few minutes as the documentation is simple.
There will be no penalty charges if you renew the bike insurance within the grace period provided by the insurer, post grace period you have to pay the required penalties to renew the two-wheeler insurance.
The following documents are required to renew Okinawa bike insurance:
Vehicle registration certificate
The previous insurance policy certificate
NCB is nothing but the discount provided by the insurance company for not making any claims during the tenure of the previous bike insurance policy.
No, buying add-ons is not mandatory for Okinawa bike insurance. But you can consider buying add-ons to enhance the scope of coverage of the comprehensive bike insurance policy.
No, you cannot buy add-ons for third-party bike insurance. Only comprehensive bike insurance allows you to purchase add-on covers.
The cost of Okinawa bike insurance depends on the value and condition of the two-wheeler. The higher the value of the two-wheeler, the higher the cost of the insurance policy.
You can reduce the cost of Okinawa bike insurance by installing anti-theft/security device on the two-wheeler as it reduces the risk of vehicle theft. You can also avoid buying unnecessary add-ons to reduce the insurance premium. Lastly, you can opt for third-party bike insurance to reduce the cost of two-wheeler insurance.