Benefits Claiming Two-wheeler Insurance Policy with Low Premium

Third-party two-wheeler insurance is mandatory by law in India. If you own a two-wheeler, it is compulsory to have valid third-party insurance. In case you are caught without a valid insurance policy, you will have to pay hefty penalties. 

Many bike owners in India purchase a low premium two-wheeler insurance policy only to comply with the traffic laws. Rather than filing a claim, they prefer paying for the damages from their own pockets. But this practice not only results in financial losses but you also end up losing several valuable benefits like- 

1. Get High-Quality Service from Authorised Garages

If you are planning to get your bike repaired on your own after accidental damage, you'd want to get the repair work done at the most economical rate. For this, you might select any standard roadside garage famous for cheap but mostly, substandard work. But know that low-quality work can impact the performance and shelf-life of your bike.

If you have valid two-wheeler insurance and you file the claim, you need not worry about the expenses as the insurer will be liable to pay for the damages. This allows you to select a reliable and authorised repair workshop known for quality work. 

2. Get Original Parts

If any of the bike parts are damaged beyond repair in an accident, you will then have to get them replaced. As genuine bike parts are often expensive, many prefer purchasing duplicate parts. But just like substandard service, duplicate parts too will significantly impact your bike and its performance.

A smarter option is to file a bike insurance claim and make the insurer pay for the original part. An insurance policy helps you to save money on repairs/replacement since the expenses for the service is borne by the insurer.

3. Maintain High Resale Value of Your Bike

When you get your two-wheeler repaired at authorised garages, and it only has genuine parts, it will be better able to maintain its resale value. It shouldn't be difficult for an experienced rider to differentiate between a bike that has regularly gone through cheap repair work and one that has genuine parts and is carefully maintained.

So, if you do have plans to sell your two-wheeler in the future, file insurance claims and let the insurer pay for quality repair work and genuine parts. This will help you fetch a higher price for your vehicle in the future. 

4. Avail Cashless Facility

A lot of people avoid filing bike insurance claims as they believe that the claim filing process is complicated and time-consuming. But while this might have been the case in the past, things are different now. Most of the insurers now have network garages where you can make use of cashless claims. 

This eliminates the need for you to pay the repair costs first and then get the amount reimbursed from the insurer. Most top insurers now have thousands of network garages all over the country to offer enhanced convenience to the bike owners.

5. Not Just Mandatory but Can Save You Money Too

If you have paid a two-wheeler insurance premium, so why not take advantage of the policy? Rather than purchasing bike insurance with the sole goal of complying with the traffic laws, understand its effectiveness and how it can help you save a considerable amount of money.

When Is It Right To Not File a Two-Wheeler Insurance Claim? 

There are a few scenarios when it is wise not to file a claim. For instance, you can do it to preserve your accumulated NCB.

For instance, if you have not file any claims in the last three years, you are entitled to receive an NCB bonus of 35% when you renew the policy for the fourth year. In such cases, it is alright not to file a claim in case of small damage. In other words, if the repair cost is considerably lower than the NCB discount you will be getting in the following year, retain the NCB by not filing the claim.

Enjoy the Benefits of Filing Two-Wheeler Insurance Claims

A two-wheeler insurance policy is not just a piece of paper that you can show to the traffic cops. It is a feature-packed product that could help you save a lot of money in case of an accident while also offering other benefits as discussed above.

So, make sure that you purchase two-wheeler insurance from a reputed insurer and renew the same before its expiry so that you have valid insurance at all times. You can also consider two-wheeler insurance renewal online as it eliminates all the paperwork and is quick and easy. Most of us don’t want to pay high premiums but opting out on insurance policies that can save a lot of money may not be wise. Don’t miss out on the benefits of insurance and stay secured.