Isaiminia World Breaking News & Top Stories
Are you looking to get bike insurance? Bike insurance policies have many variable aspects that are adjustable according to your needs. It’s important that you’re aware of the most critical questions asked while applying for the policy.
1. Who owns the bike?
Bike Insurance companies typically ask about owner details. It’s a simple process to identify the owner details and adjust the policy details accordingly. Every insurance policy will have different schemes available based on the policyholder.
2. What are the details of your two-wheeler?
Details such as the manufacturing year of the bike, manufacturer, bike model, etc., are important. This information will help in pricing the insurance policy better.
- Manufacturing year – Helps determine the age of the bike.
- Manufacturer – To understand the brand of your bike. The more premium the brand, the higher the insurance policy amount.
- Bike model – Helps calculate the bike’s engine cubic capacity (cc) for pricing the insurance policy. The higher the cc, the higher the premium amount.
- Modifications – Insurers ask this to understand if you wish to insure any modified bike items.
- Ex-showroom price – Helps calculate the Insured Declared Value (IDV) of the bike if you’re looking to purchase comprehensive bike insurance.
3. What is the primary use of your bike?
Typically there are two uses for your two-wheeler; personal and commercial. When this information is collected, the insurer will then be able to provide you with the terms and conditions regarding the respective policies.
Commercial insurance will have additional terms and conditions, so it’s essential to understand every aspect of the kind of insurance you are looking to purchase.
4. What are your contact details?
This is an important question as it depicts all your details. This way, the insurance company will be able to understand your requirements and offer you better policies depending on your needs.
5. Does your bike have an anti-theft device?
An anti-theft device is a handy tool for your vehicle. It keeps the two-wheeler safe and helps reduce your insurance premium. This way, your policy can be more economical for you.
6. Have you made any claims in the past five years?
Your bike insurance company will certainly ask this question when buying a Comprehensive Bike Insurance policy. Based on your response, the insurer will determine the No Claim Bonus (NCB) applicable (if any) for your policy.
A No Claim Bonus, commonly known as NCB, is a discount on premium for not raising any claims during the policy period. You usually get this discount at the time of policy renewals. The number of claim-free years will be taken into consideration to calculate the amount of discount. The maximum will be a 50% discount for five consecutive years of no claims.
The points mentioned above are a few of the most critical questions you must be aware of before proceeding with insurance. All bike insurance companies have a varied set of policies that are available for your needs. At Chola, we understand your requirements and can provide a comprehensive bike insurance policy to protect you and your two-wheeler.
