Winter is already here and with it, it will bring the New Year and a brand-new bunch of resolutions. A vital resolution you must make this year is to make better purchases and spend your hard-earned money well. This applies to every kind of investment, even insurance. If you are looking to renew your bike insurance or purchase bike insurance online in 2020, here’s everything you need to know.
For starters, why do you need bike insurance?
For most people in small towns or even big cities, a two-wheeler is the most preferred way of commuting. This is because a two-wheeler is convenient, takes up less space, can be parked just about anywhere and the best part, it is cost-effective. No wonder it is very popular in most parts of India. When you have an asset that precious, you must do everything in your power to maintain and protect it. Also, it is legally required for a bike owner to purchase bike insurance.
Comprehensive bike insurance comes handy in protecting you from incurring hefty expenses should your two-wheeler be damaged in a mishap. Repairing a damaged bike can be very expensive, and it is only wise to protect yourself from unnecessary expenditure with a bike insurance plan that best suits your needs. But the damage is not the only thing covered by insurance. A bike insurance policy can also be claimed if the bike is stolen or if the bike is damaged due to manmade or natural disaster.
What will the bike insurance cover?
Bike insurance can cover expenses from multiple situations.
Bike insurance will cover the cost of repairing damages to your bike in case of an accident. When a claim is made, a surveyor is sent to take note of the damage, and according to the surveyor’s notes, a claim is processed helping you pay for the cost of repairs.
Damages caused to your bike due to events like riots or strikes are also covered under bike insurance. Apart from man-made damages, any damages occurring due to natural calamities like floods, earthquakes, storms, etc., are also covered under bike insurance.
Bike insurance can cover the value of your bike in case it is stolen.
Personal accident cover.
A bike insurance policy will cover the medical costs of the rider in case of an accident.
Add on covers
Add on covers like zero depreciation value, pillion rider cover, towing cover etc. are available with most bike insurance policies at a minimal additional cost.
Policyholders can avail additional benefits while purchasing bike insurance –
Cashless claim service
Policyholders can avail cashless claim services just like in health insurance. A policyholder can take their damaged two-wheeler to a garage in the insurance provider’s network and share their policy details.
No claim bonus
Policyholders can avail of a No Claim Bonus at the time of renewal if no claims have been made in the past year and if the policy is renewed within three months of expiry. Additionally, some bike insurance providers also allow you to transfer your No Claim Bonus when you switch insurance policies.
How to claim bike insurance?
Claiming your insurance is designed to be convenient and hassle-free these days. You can fill up an application online or even use mobile apps provided by insurance providers to notify the insurance provider and make a claim. Generally, damages to a certain amount are settled within 48 hours. Severe damages require the presence of a surveyor who build your case and determines the level of loss and the ensuing insurance payout.
Now that you know everything about bike insurance, we shall leave you with one last top. Bike insurance can even be purchased online with minimal documentation and easy processing.