Secrets About Bike Insurance Every Policyholder Should Know
Bikes are among the most popular forms of transportation since they make navigating through traffic easier. However, operating a two-wheeler has a unique set of risk factors. The appropriate bike insurance policy is crucial if you wish to drive in India.
Why is Bike Insurance Important?
Purchasing a bike insurance policy can shield you from monetary losses and legal liabilities in an accident. According to the legislation, having third-party insurance for your bike is mandatory. However, you may always opt for a comprehensive bike insurance plan for complete coverage when driving.
There are several insurance secrets that you may not be aware of as a policyholder. If you are aware of these secrets, you may purchase or renew your insurance coverage at a lower cost. Let us know more about them.
Unknown Bike Insurance Secrets That You Must Know
Let us dive deep into some of the essential bike insurance secrets one by one:
1. The two-wheeler insurance policy can be customised
The premium for online two-wheeler insurance is determined by engine capacity, bike type, geographical location, and so on. However, you should be aware that you may always tailor your bike insurance by adding add-ons to it to increase coverage.
For example, if you own an expensive sports bike, you may choose a zero-depreciation add-on cover, engine protection add-on cover, anti-theft device add-on cover, etc.
2. A cashless facility can be availed with your two-wheeler insurance
Many insurers in India provide a cashless option with their bike insurance coverage. This implies that if you get your bike serviced at one of the insurer’s network garages, you will not have to pay anything out of pocket except charges not covered in the plan.
3. Legal protection is available under the bike insurance plan
You may face legal repercussions if your two-wheeler causes damage, injury, or death to another vehicle or person. In such circumstances, third party bike insurance offers legal support. In India, it is mandatory for bikes to have third-party insurance! You may incur fines and penalties if you drive without one.
4. Avoid filing claims for minor damages, pay for minor claims
Making a bike insurance claim may pay the repair expenses, but you may forfeit your NCB (No Claim Bonus) discount. The NCB is just the insurer’s discount for not making any claims throughout the insurance contract term. You will receive the discount when renewing your two-wheeler insurance coverage. Thus, it is preferable to avoid making claims for trivial damages.
5. Filing claims for any damages outside the geographic location (mentioned in the plan) is not allowed
This is one of the most commonly overlooked exclusions. The bike’s online insurance mentions a geographical limit. Claims made outside of the stated geographical region will be rejected. The insurer is only obligated to pay losses within the specified geographical region.
6. You can switch your insurance company without losing “No claim bonus”
As we already know, a “No Claim Bonus” (NCB) is a discount granted by the insurer for making no claims throughout the policy term. You can get this discount even if you move insurance companies. You only need to obtain a transfer letter from your prior insurer and submit it to the current provider. Once the transfer is complete, the NCB discount should be reflected in your insurance policy.
7. There are chances of a rise in the bike insurance premium in case of a policy lapse
To remain protected, your bike insurance renewal on time is essential. If you fail to do so, you will have to cover the cost associated with any damages that occur. Also, your premium might see an upsurge. Moreover, if you do not renew your two-wheeler insurance online within the grace period, you will lose all the bonus that you have accumulated.
8. Complimentary services can be availed under the Roadside Assistance Cover
You can use several complimentary services if you opt for roadside assistance coverage with your bike insurance plan. These services include free towing, on-the-spot repairs, and alternative provision support. Thus, study the inclusions carefully to learn everything about the inclusions in the cover.
Conclusion
Acquiring two-wheeler insurance online is essential for protecting yourself financially while on the road. As a policyholder, you should understand the basics of bike insurance. You should conduct an extensive study before purchasing insurance coverage. Once you understand how bike insurance works, you can select the best insurance coverage for your two-wheeler. Also, if you have any concerns about the coverage, contact your insurer for assistance.