A policyholder always emphasizes the coverage, inclusions, or exclusions, benefits of a bike insurance policy. However, there are some facts that you must consider while buying bike insurance. So, there is a list of a few unknown facts about the two-wheeler that you might be unaware of.
You can easily customize your two-wheeler insurance policy
Your two-wheeler policy depends upon the engine capacity, manufacturing year, model and geographical location, etc. However, it is possible to get customize your policy as per your needs with the help of add-ons.
You can claim a lost key
Two-wheeler has become costly nowadays. In case of theft or damage, the Key Protect add-on will cover the cost of a lost key. The company can also exchange the lock and key of your bike.
Avail cash facility
You can raise a cashless claim for your bike insurance policy. You just have to send the bike for repair at a network garage if it gets damaged. As your insurance company will tie up with the garage, you don't need to pay anything except for the costs that are not covered by the insurer.
The engine is not protected under the basic insurance plan
The engine is one of the most expensive components of the bike. You have to buy the Bike Engine Protect Add-on cover to get it insured.
You get legal protection with insurance cover
Most people are not aware of this benefit. If you met with an accident, there can be legal consequences with the third party. That's why a third-party insurance policy provides you legal support in such cases.
You can't claim insurance outside the geographical limit in India
This is one of the important exclusions of your two-wheeler insurance policy. The insurer is responsible for the losses that occurred within the geographical border of India. Any breakdown that is caused outside the region will not be considered.
Your insurance policy increases if your policy lapses
It is very important to renew your bike insurance plan on time as you will be exposed to financial liabilities and resulting in to increase in premium. If you fail to renew your policy after expiry, you will lose all the No Claim Bonus (if applicable).
Use tricks to reduce insurance premium
Few tricks can be used to reduce the bike insurance premium. You can opt for a voluntary deductible, an Insured Declared Value (IDV), renew the policy before the expiry, and accumulate a higher NCB.
Depreciation can reduce your premium
Depreciation is the fall in the market value of your bike. Things like damage, regular wear and tear, claim history, etc. can decrease the value of your bike. While raising the claim, depreciation is considered and can affect the claim amount. So, it is suggested to have the Zero Depreciation add-on cover to increase the claim amount.
We hope that these points will help you in the future. Also, pay little attention to the things like No Claim Bonus (NCB), Insured Declared Value (IDV), and add-on covers.