Bike insurance coverage can be one-, three- or five-year contracts. As a result, the bike owner has to renew it every time it expires. Instead of continuing with the same coverage, the employer has the option to examine the specifics and adjust the plan to meet new needs. This post will tell you about many things you may not know about bike insurance. Knowing these can help you purchase superior bike insurance coverage.
1. You can personalize your bike insurance policy.
Most people know that the cost of bike insurance varies based on the model, engine capacity and year of manufacture. However, specialized bike insurance policies are also available to suit your individual needs. This is possible with the help of add-ons. You can choose only the additional coverages you need.
2. There is a cashless option for bike insurance.
Many people associate cashless claims with health insurance; However, you can also file a cashless claim against your two-wheeler insurance coverage. If the bike breaks down, send it to a network shop for repairs. Since the insurance company is involved with the garage, you don’t have to pay anything.
3. Roadside assistance add-on insurance offers a variety of complementary services.
This is one of the most beneficial add-ons to bike insurance you can get. It offers services like free towing, on-the-spot repairs, gasoline refills, on-call support, etc. If you ever have a bike breakdown, the Roadside Assistance add-on comes in handy.
4. You can file a claim for a misplaced key.
Bike keys have become more expensive as technology has advanced. In the event of theft or damage, the Key Protect add-on covers the cost of the lost key and/or lockset. If your bike is stolen, your insurance provider will replace the lock and key (depending on the terms and conditions of the policy).
5. Bike insurance gives you legal protection.
Being involved in an accident with a third party may have legal consequences. Even the most basic bike insurance policy, third-party bike liability coverage, covers them. In some circumstances, your insurer may also provide legal advice.
6. No need to get motorcycle insurance from dealer.
When buying a new bike, buyers are often requested to get bike insurance. As a result, many people believe that they need to buy bike insurance from a dealer. However, this is not necessary. In fact, if you compare bike insurance policies online, you can get better coverage at a lower price. ACKO, for example, offers smooth claims and hassle-free services at low cost.
7. A basic insurance policy does not cover the engine.
The engine is one of the most expensive parts of a motorcycle. The cost of repairing or replacing engine parts is very high. If you want to insure your bike, you must purchase the Bike Engine Protect add-on.
8. There are methods to reduce bike insurance premiums.
Opt for a voluntary waiver, declare the correct insured declared value of the bike, drive carefully, avoid filing claims for minor damages to receive the no claim bonus and renew the bike insurance plan in time to avoid a lapse.
9. You cannot get bike insurance if you live outside India.
This is one of the most important exclusions in any bike insurance policy. The insurer is liable for losses occurring within the geographical boundaries of India. Any external damage is not covered.
10. If you have lapsed coverage, your bike insurance premium will increase.
It is important to renew your bike insurance plan on time as not only will you be exposed to the financial liability of losses but your rate may also increase. If you do not renew your insurance plan within 90 days of its expiry, you will lose any no claim bonus (if applicable) you have accrued and the cost of the bike insurance will increase.
Also see: 10 Reasons Why Homeowners Need Insurance – A Must-Read Guide
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