Like every other vehicle, a two-wheeler is susceptible to risks and damages from unfortunate incidents. During such an instance, an owner has to bear damage repair costs which can substantially increase their financial burden. In order to protect one’s pockets from financial losses, obtaining financial products like insurance becomes essential.
A well-rounded two-wheeler insurance policy covers damages caused to a third party and oneself. Thus, bike owners can curtail financial and legal liabilities by purchasing an insurance plan.
Nevertheless, there are certain facts about bike insurance that are unknown to several owners. Learning about these pointers will help make an informed decision and maximise benefits.
5 Facts You Didn’t Know About Bike Insurance
As per the Motor Vehicles Act, 1988, every vehicle owner must possess at least a basic third-party insurance plan. Driving a bike without valid insurance can result in hefty traffic fines. Similarly, potential buyers must go through various other points before purchasing an insurance policy.
1. Customisation Options
One should note that bike insurance premiums change with the two-wheeler model, engine capacity, or manufacturing year. So, owners have the option to customise their plans as per their requirements. For instance, they can get a zero dep bike insurance add-on against additional charges. Such a cover provides insurance against the depreciation charges incurred by a bike.
2. Cashless Facility
Similar to health insurance, a cashless facility is available for individuals claiming against their two-wheeler insurance. Under this facility, one must get in touch with an insurer-authorised network garage for bike damage repairs and opt-out from paying charges. The insurance provider will settle the payment directly.
3. Claim for Lost Items like Bike Key
A bike insurance policy provides coverage for a vehicle’s lost electrical or non-electrical accessories. For instance, in the case of misplacement or theft of a bike key, a motorist is liable to receive reimbursement under a Key Protect add-on. Additionally, insurers can replace the damaged lock and key of a two-wheeler based on the policy terms.
4. Engine Protection Not Available under a Basic Plan
A basic insurance plan for a bike does not provide coverage against engine damages. In that case, one might need to bear the costs of replacing or repairing a vehicle’s engine. However, in order to reduce financial costs, individuals can buy an engine protection add-on against additional expenses.
5. You can Reduce Bike Insurance Premiums
Another fact often unknown to many policyholders is that they can follow a few tips and reduce their bike insurance premiums. Some of the tips include:
- Choosing a voluntary deductible plan and paying a higher deductible (One should only go for such a plan if they tend to claim less.)
- Selecting the right Insured Declared Value (IDV)
- Raising fewer claims in order to receive No Claim Bonuses
- Renewing bike insurance policies on time to avoid lapses
Further, one should note that a personal accident cover is available for both a rider and passenger if a policyholder chooses an appropriate add-on.
To conclude, it is evident that knowing about these pointers will help make a sound decision regarding an insurance plan for two-wheelers.
Also Read – Why is it important to look for car insurance?