If you have been purchasing two-wheeler insurance for a while, you may have heard someone advise against filing claims for small sums of money. Additionally, if the cost of repairing your damaged two-wheeler is high, you should use your two-wheeler insurance to get reimbursements for repairs. Many may need clarification on why experts advise against using your policy for small damages to your bike. When they have insurance, policyholders frequently ask themselves, “Why should I pay for the damage out of my pocket?”
Make sure you are familiar with the process of how to claim bike insurance.
How Can You Lower Your Bike Insurance Premium By Staying Away From Small Claims?
- Add Ons- An impressive list of inclusions is available when you purchase a comprehensive bike insurance They cover a variety of expenses, such as the price of repairing damages caused by accidents, fires, or other natural or man-made disasters, as well as coverage for two-wheeler theft. Additionally, you may purchase a zero-depreciation add-on to help you get the highest claim payout in the event of damage. This may lead you to believe it is advantageous to file a claim for any damages, regardless of their severity. This is not the case, though.
- No Claim Bonus – The largest concession you could receive on your bike insurance premium is what’s known as NCB in the world of bike insurance. It is an acronym for no claim bonus in bike insurance. This concession grows each year you do not make a claim because it is cumulative.* Claims are subject to terms and conditions set forth under two-wheeler insurance policy .As the name implies, it is a concession the insurance company gives for not filing a claim. Therefore, your concession will become zero when you file a claim, and the NCB cycle will start over. For instance, your car is over three years old, and you have yet to file any claims. You raise a claim because you want to fix all the scratches and tiny dents from recent minor accidents, not realising that doing so will restart your NCB cycle. When your policy is up for renewal, you notice that the cost has increased. Therefore, you only need to file a claim for significant repair costs, theft, or incidents involving third parties.*
Claims are subject to terms and conditions set forth under two-wheeler insurance policy.
Note that NCB has no impact on the cost of third-party two-wheeler insurance. This is so because third-party two-wheeler insurance does not cover damage to the insured bike. ##
Why Is It Advantageous To Purchase Two-Wheeler Insurance Online
You can save more money by purchasing a two-wheeler insurance policy online. This is so because an online two-wheeler insurance policy tends to be relatively less expensive. Due to lower operational costs, the same insurance provider can offer the online policy at a lower price. ##
Another significant benefit is that purchasing two-wheeler insurance online takes little time. You don’t have to put off riding your bike while you wait for your insurance to arrive in the mail. If no inspection is necessary, you receive a soft copy of your bike insurance policy here minutes after making the payment.*
Standard T&C Apply
All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
