Live
- 'Spanned political divide': President, PM condole passing away of CPI-M chief Yechury
- Rajasthan school students to get marks for behaviour, planting trees
- 7 in 10 Indians say health cover to all above 70 to significantly benefit elderly: Poll
- India's bio-economy projected to reach $300 billion by 2030: Dr Jitendra Singh
- Impasse continues as junior doctors stick to 'live telecast of talks' demand
- Rahul Gandhi should clear confusion on reservations: Prashant Kishor
- IOA president PT Usha issues show cause notice to IOA treasurer after complaint of violation of National Sports Code
- Odisha Cabinet okays 10 pc quota for ex-Agniveers in uniformed services
- Shooting: Twenty-three member Indian squad named for ISSF World Cup Final, Manu Bhaker opts out
- Senior citizens elated over Centre's move to expand Rs 5 lakh health cover for all aged 70 and above
Just In
Unveil Bike Insurance Secrets: Expert Guide for Indian Riders
![](/images/authorplaceholder.jpg?type=1&v=2)
![Unveil Bike Insurance Secrets: Expert Guide for Indian Riders Unveil Bike Insurance Secrets: Expert Guide for Indian Riders](https://assets.thehansindia.com/h-upload/2024/02/10/1422075-capture-1.webp)
Uncover the secrets and lesser-known facts about bike insurance with our comprehensive guide. Make informed choices while insuring your ride.
Welcome to the intriguing realm of bike insurance—a landscape often viewed as a convoluted maze filled with perplexities and misconceptions. No doubt, it can be quite daunting for theuninitiated, while seasoned policyholders may still find themselves grappling with elusive jargon and complex clauses.
In our journey together, we'll not only navigate through the intricacies of bike insurance but also debunk common myths along the way.
Bike Insurance Secrets: What You Should Know
Dive into the lesser-known aspects of your insurance policy and uncover insider tips that could potentially save you a significant sum while ensuring optimal coverage for your beloved two wheeler:
1. The Untold Influence of Make and Model on Premiums
Did you know that your bike's make and model play a key role in determining your insurance premium cost? High-end superbikes usually command heftier premiums compared to commuter bikes due to their higher repair costs.
2. The Secret Trade-Off Between Minor Claims and NCB:
Consider paying for minor claims yourself. Each claim filed makes you lose out on the No Claim Bonus (NCB) discount offered at renewal if no claims are made during the policy period.
3. How to Save on Bike Insurance Premiums – Expert Strategies:
By installing an anti-theft device or not modifying your bike, to declaring accurate Insured Declared Value (IDV), and timely policy renewals, you could save significantly on your bike insurance premiums.
4. How Claim History Reflects on Your Profile:
An excess of claims during your policy period can label you as a high-risk rider, leading to an increased premium. Conversely, zero claims earn you the safe rider tag and attractive NCB discounts.
5. Navigating the Shift: Transferring NCB While Switching Insurers:
Switching insurers doesn’t mean losing your accumulated NCB. It can be seamlessly transferred to the new insurer who honours this discount.
6. Decoding Add-On Covers:
From roadside assistance to return-to-invoice coverage, add-on covers enrich your standard vehicle insurance policy, albeit at an additional premium.
7. Understanding Types of Bike Insurance Claims:
You can opt for either cashless or reimbursement claims depending on the garage you choose for repairs.
8. The Truth About Modifying Your Two-Wheeler:
Although appealing in terms of looks and features, modifications can increase your premium cost as they may not be covered under a standard comprehensive policy.
9. Insights Into IDV and Its Impact on Premiums:
The higher the IDV declared during policy purchase, the higher the premium. However, under declaring might affect claim amounts in case of total loss or theft.
10. Unveiling the Policy Renewal Mystery:
Renewing policies before they lapse is crucial to maintaining your accumulated NCB discounts. ACKO's instant online policy renewal feature ensures a hassle-free renewal experience right from the comfort of your home.
Conclusion
So there you have it—a deep dive into the lesser-known contours of bike insurance. By shedding light on these 'secrets', we aim to arm you with knowledge that will enable wiser decisions when choosing your coverage options. Remember, understanding these nuances can not only save you money but also ensure that your beloved two-wheeler is optimally protected.
Ready to explore further? Head over to ACKO, where an array of customised bike insurance plans awaits you, each crafted with your unique needs in mind.
FAQs
1. Do I really need add-on covers?
Absolutely! While not mandatory, add-on customise your policy to your unique needs. They offer you extra protection for specific situations, like roadside assistance if your bike breaks down or zero depreciation cover for new vehicles. The key is to select add-ons that fit your lifestyle and riding habits.
2. What happens if I don’t renew my insurance policy on time?
Failing to renew your bike insurance policy on time means you're without coverage—a risky scenario on Indian roads. Plus, you lose out on the accumulated No Claim Bonus discount.ACKO offers quick online renewals, so it's easy to keep your vehicle insurance up-to-date.
3. How does ACKO handle claim submissions and processing?
As part of our customer-centric approach, ACKO has a superfast and hassle-free digital claims process. You can submit claims online 24/7 through our streamlined portal. Our team ensures rapid processing and quick settlements, providing an efficient experience which makes dealing with unfortunate mishaps less stressful.
4. Is it necessary to declare modifications made to my bike?
Yes! Modifications can alter the value and performance of your bike, impacting insurance premiums and claim amounts. It's crucial to declare any modifications to ensure full transparency with your insurer—ACKO included—and maintain the validity of your policy.
5. How can I calculate the IDV for my bike?
IDV is calculated based on the market value of your bike model at the time of policy purchase or renewal, deducting depreciation based on its age
Disclaimer: The information provided in this article is for general informational purposes only. It is not intended as a substitute for professional advice and should not be relied upon as such. The author and the website make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information contained in the article. Any reliance you place on such information is therefore strictly at your own risk. The article may contain links to external websites for additional information, but the author and the website do not endorse or guarantee the accuracy of content on those sites.
![](/images/logo.png)
© 2024 Hyderabad Media House Limited/The Hans India. All rights reserved. Powered by hocalwire.com