Six benefits of bike insurance policy
by Kanika Shelatkar Insurance ConsultantMany vehicle owners are possessive and attached to their
means of transport. Vehicles are convenient and useful for travelling long
distances or even stuffing and transporting goods from one place to another. Since
many people are fond of automobiles and have a passion for driving, they keep
them in favourable conditions. Maintenance and cleanliness of the vehicle are
one of the most crucial factors for its long life.
They treat their vehicles like a baby and protect them from
dents and damage. There are many methods of bike maintenance, which include
opting for a bike
insurance policy. This policy covers any damage caused to the vehicle due to
accidents, natural disasters, theft, loss, and many other factors. Having this
policy is beneficial for six reasons, as stated below:
Instant policy: During olden days, customers who were
interested in buying or renewing their insurance policy received cover notes.
They received the document with the insurance policy on their email address
much later. With the emergence of technology, policy documents now include
digital signatures and are provided to the policyholder immediately.
Compulsory personal accident cover: Bike owners can
now receive their own accident cover of INR 15 lakh along with the policy.
Owners must pay INR 750 compulsorily as a premium to cover any accidental
damage to the vehicle.
Optional coverage policies: They are available at an
extra cost, but cover personal accidents caused to pillion riders, enhanced
cover for spare parts and accessories, zero depreciation cover, and so on.
However, it is mandatory to file an insurance claim.
Secure transfer of No Claim Bonus: A No Claim Bonus can
be advantageous for drivers or owners who follow safe driving practices and
have not made any insurance claim previously. Any newly purchased vehicle gets
a smooth transfer of NCB discount.
Discounts: Insurers who are approved by the IRDA
provide discounts for anti-theft vehicles, members of recognised automotive
associations, etc. Owners with clean records also receive NCB concessions for
the insurance.
Online policy renewal: Insurance providers also have
websites and mobile applications which help policyholders purchase and renew
their policies. The database has recorded their details like policy claims and
additional information that make policy renewal easier and faster.
Conclusion
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Created on Apr 21st 2020 00:22. Viewed 549 times.