Raising a claim for a scratch or a dent on your bike may not be the best move 16th February 2023
In a country like India, where rash driving is very common, you must be extra careful about your actions on the road. You need to be familiar with all the traffic rules and regulations. It is because you endanger yourself, your co-passengers, and even the pedestrians on the road while driving. Following traffic rules saves you from unwanted damage and getting penalised. You should also have bike insurance to secure your motorcycle and finances in a crisis.
Although bike insurance is a good investment, what does it cover? Suppose you meet with a small accident. Is it okay to file a claim for minor dents or scratches? We will answer them all for you in this article.
Is it worth it to claim insurance for bike scratches and minor dents?
Bike insurance claims can be tricky. If you are new to the world of insurance, you will find it challenging to decipher everything. You may face difficulties filing a claim for something that is rightfully yours.
Before you file a claim, you must keep a few things in mind. The first is the extent of the damage done to your vehicle. The second is the type of policy that you have purchased. It determines the level of damage it covers.
With a comprehensive policy, you can file a claim for damages that occurred to your bike. However, if you have third-party insurance, the scenario will be different. In the case of third-party insurance, you will not get the cost for all the damages done to your bike as it covers the damages to a third party's vehicle.
So, for your comprehensive motor insurance policy, access the damage done to your bike and the extent of it. If you believe that the damages are beyond regular repair, you can file an insurance claim. However, you should not file the claim if you think the dents and scratches are repairable and will cost you nominal. In such a case, you must save the insurance claim for a future crisis. It is always better to be on the safer side!
What are the advantages of not claiming insurance for minor dents?
There are many hidden benefits of not claiming bike insurance for minor damages to your bike, including
● Low premium:
It is known that the premium will increase significantly when you claim insurance. It can be bothering for you to pay the increased premium after that. To avoid this, you should not claim minor damages as it will keep your finances in control, and you will enjoy a low premium.
● Lack of claim bonus:
The No Claim Bonus feature in bike insurance offers discounts to policyholders when renewing the policy for not filing a claim during the policy period. The discount increases for the years if you do not raise a claim.
Understanding the basics of bike insurance, such as coverage, inclusions, and future implications is a fundamental requirement before deciding to claim bike insurance. It is usually never worth claiming for minor dents as it can be less fruitful in the long run. Do your due diligence before making major financial decisions, such as purchasing bike insurance, raising claims, etc. Wisely utilise insurance benefits to ensure the best compensation for the damages incurred.
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Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.