Understand Why Inspection Is Necessary For Bike Insurance?
With the growing number of two-wheelers on Indian roads, ensuring proper financial protection for you and your bike from on-road mishaps has become a necessity. This protection is provided in the form of two wheeler insurance. Apart from offering financial assistance for damages and injuries suffered during the accident, an insurance policy is also mandatory under the Motor Vehicles Act. One of the steps that are a part of the policy purchase process, is bike inspection.
What exactly is bike inspection? Why is it required? Keep reading to know more about this.
What is bike inspection?
When you opt to purchase bike insurance, your insurer is required to complete certain steps before the process is complete. One of these steps is the inspection of your bike. Whether your bike is brand-new or old, your insurer is required to do a thorough inspection of your bike. This helps your insurer thoroughly check the condition of your bike and its parts. They also check if there are any damages present on your bike. They may also check all the relevant documents about your bike’s upkeep.*
When is it required?
The instances when a bike inspection is required by your insurer are:
- If you have purchased a brand-new bike and are looking to purchase bike insurance for it. The inspection is carried out to assess the value of your bike and its parts. On the basis of this inspection, your insurer will give you a price quote for the policy.*
- If your existing policy has expired and you are looking to renew the insurance policy, an inspection might be required. The inspection will be carried out if you are renewing the policy after the grace period (if any) ends. This allows the insurer to get an idea about how much of the value of your bike has depreciated. They also check if there are any problems in the functioning of your bike, which then can be immediately repaired. Inspection for renewal is mandatory for both comprehensive and third party bike insurance.*
- If your bike is damaged in an accident and you file a claim, the insurer will inspect the extent of the damages mentioned in the claim. This helps the insurer in verifying whether your claim and all the information mentioned on it are genuine or not.*
How does it help the insurer?
One of the main reasons why insurers insist on inspecting your bike is to reduce the number of frauds being committed against bike insurance policies. These frauds include providing false information on the claim form to gain higher compensation than the actual value. As such frauds cause the insurer huge losses, they insist on conducting an inspection, be it either for purchase, renewal or claim of bike insurance.
Conclusion
The above information gives an idea as to why bike inspection is necessary. It can also help in the reduction of your bike insurance price.* Be sure to get in touch with your insurer’s advisor to know more about this.
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.
*Standard T&C apply
