Bike insurance coverage are one-, three-, or five-year contracts. As a result, the bike owner must renew it each time it expires. Instead of continuing with the same coverage, the owner has the option to go over the specifics and adjust the plan to meet new needs. This post will educate you on several aspects of bike insurance that you may not be aware of. Knowing these might assist you in purchasing superior bike insurance coverage.
1. You May Personalize Your Bike Insurance Policy.
Most people are aware that the cost of bike insurance varies depending on the model, engine capacity, and year of manufacture. However, specialized bike insurance policies that are tailored to your individual needs are also available. This is possible with the aid of add-ons. You can select only the additional coverages that you require.
2. There Is A Cashless Option For Bike Insurance.
Most people associate cashless claims with health insurance; however, you may file a cashless claim against your two-wheeler insurance coverage as well. If the bike is damaged, all you have to do is send it to a network shop for repairs. Because the insurance company will have a relationship with the garage, you will not be required to pay anything.
3. The Roadside Assistance Add-on Insurance Provides A Variety Of Complimentary Services.
This is one of the most beneficial add-ons to bike insurance that you can get. It provides services such as free towing, on-the-spot repairs, gasoline refills, on-call support, and so on. If you ever have a bike breakdown, the Roadside Assistance add-on will come in handy.
4. You Can File A Claim For A Misplaced Key.
Bike keys have gotten more costly as technology has advanced. In the event of theft or damage, the Key Protect add-on will cover the cost of a lost key and/or the lockset. If your bike is stolen, your insurance provider will replace the lock and key (depending upon the terms and conditions of the policy).
5. Bike Insurance Provides You With Legal Protection.
Getting into an accident with a third party might have legal ramifications. Even the most basic bike insurance policy, the Third-party bike Liability coverage, covers them. In certain circumstances, your insurance may also offer legal counsel.
6. It Is Not Required To Get Motorcycle Insurance From A Dealer.
When purchasing a new bike, buyers are frequently requested to get bike insurance. As a result, many individuals believe that purchasing bike insurance from a dealer is required. It is, however, not required. In reality, if you compare bike insurance policies online, you can get a better suited coverage at a lower cost. ACKO, for example, offers smooth claims and hassle-free services at a lesser cost.
7. A Basic Insurance Policy Does Not Cover The Engine.
The engine is one of the most costly components of the motorcycle. The expense of repairing or replacing engine parts can be rather considerable. If you want to insure your bike, you must purchase the Bike Engine Protect Add-on.
8. There Are Methods For Lowering Bike Insurance Premiums.
Choose a voluntary deductible, declare the correct Insured Declared Value of the bike, drive cautiously, avoid filing claims for small damages to receive No Claim Bonus, and renew the bike insurance plan on time to prevent a lapse.
9. You Cannot Obtain Bike Insurance If You Live Outside Of India.
This is one of the most significant exclusions in any bike insurance policy. The insurer is responsible for losses that happened inside India’s geographical borders. Any outside damage may not be covered.
10. If You Have An Expired Coverage, Your Bike Insurance Premium Will Rise.
It is important to renew your bike insurance plan on time since you will not only be exposed to financial obligations for damages, but your rate may also rise. If you do not renew your insurance plan within 90 days of its expiration, you will forfeit any collected No Claim Bonus (if applicable), raising the cost of bike insurance.
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