If you are someone who has been purchasing two wheeler insurance for a while now, you will understand the importance of not raising claims for a small amount. It makes sense to ask for compensation in case of huge damages caused to the two-wheeler. Half of the people are left confused as to why one must not raise a claim, as it is the entire purpose of buying two-wheeler insurance, and doing this defies the entire motive of buying an insurance policy. Most of the people usually always have this doubt in mind that why to pay for the repairs from our pockets, if we have an insurance policy?
What you don’t understand is, bike insurance is only a backup plan to save money in case of major damages caused to your vehicle. It is not wise to go for insurance when the accidents has just given a few scratches or dents to your bike. Here, in this article, we shall know more about when to file claims, as well as why purchasing the insurance policy online is beneficial for you.
Reduce Your Bike Insurance Premium by Avoiding Minor Claims
On purchasing a comprehensive bike insurance policy, you receive a list of inclusions that includes damages due to natural and man-made calamity, damages due to an accident, coverage for theft of your insured bike, etc. You must’ve even purchased a bunch of add-ons such as a zero depreciation cover that would help you get the maximum amount of claim when needed. Therefore, many people think that it is beneficial to raise a claim for any kind of damage, without considering its magnitude. However, you are mistaken here.
If you aren’t already introduced to something known as an NCB in motor insurance policy, then one can understand the reason you kept making small claims. It stands for No Claim Bonus and is a concession given to you on your premium amount during renewal if you don’t make a single insurance claim throughout your policy term. Also, this concession is cumulative and keeps increasing with each claim-free year. The maximum it can reach is 50%.
This is a reward offered to you by the insurance company for not raising claims, or you can say for driving safe. But, your NCB will drop to zero if you raise a single claim and the cycle will reset. Small dents and minor repairs can be easily paid for by you, without an insurance policy. But if you decide to raise a claim after maintaining a good record of not raising a claim for five years, your NCB cycle will reset. Also, during two wheeler insurance renewal, the cost of your policy might increase. This will cause even more losses to you than repairing the small damages from your pocket. Therefore, it is advised to raise claims only for major repairing costs, theft or incidents regarding the third-party.
Why purchase a two-wheeler insurance policy online?
Firstly, the operational cost behind the online two-wheeler insurance policy is much less. Second thing, it saves a lot of your time, as well as you don’t have to wait for your policy to arrive by post, which means no delay in riding your bike. You will receive the soft copy of your two-wheeler insurance policy in a few minutes after making the payment. This is if your bike does not require to get inspected.
Another major reason why it is beneficial to buy the policy online is that you get to compare various plans on the web, and can get your hands on the best deal available for you. You can also use a two-wheeler insurance premium calculator to get quotes instantly. The same process, when done offline, will take a lot of time as well as effort and you will have to go through every feature as well as service offered. Therefore, spare a few minutes and get your bike insurance policy online without delaying any further.