Quick Guide to Understand Imported Bike Insurance
Many bike enthusiasts in India wish to own a specific model or variant that may not be sold or manufactured in India. Irrespective of the high bike cost and the additional expenses like the import duty, many people purchase imported bikes. So, if you want to own such a bike, you must know that these bikes must be compulsorily insured before you take them out on the road. If you are not sure about buying bike insurance for an imported bike, the following guide will help you get all the necessary details.
Insuring Your Imported Bike
Buying a bike insurance policy for your imported bike is the same as insuring the locally-manufactured bike. Since the cost of replacing the parts and repairing these bikes are high as they are manufactured in India, the insurance company may charge a higher premium for insuring imported bikes.
Apart from buying regular bike insurance coverage, it is prudent that you purchase add-ons to enhance coverage and get additional financial protection. The add-ons may also help you cover specific risks that may not be covered under the standard policy.
What does the imported bike insurance cover?
The insurance for imported bikes sold in India are similar to the standard policy for locally-made bikes. The coverage depends on the type of policy you purchase. For example, if you have a third-party liability policy, it will cover only the damage caused to other vehicles and assets.
If you have a comprehensive bike insurance policy, it will cover third-party liabilities and damages to your bike and physical injuries you may suffer due to an accident. Some of the common inclusions under a comprehensive plan, include:
Tips to buy insurance for imported bikes
When you are looking for the best bike insurance for your imported bike, it is advisable to compare the different plans from different insurance companies online. Do a thorough comparison in terms of the benefits offered, coverage options, CSR (Claim Settlement Ratio) of the insurance company, and choose a policy from a reputed insurer that is cost-effective.
If you want to reduce the premium for your imported bike insurance, you can opt for a higher voluntary deductible. It essentially means, when you raise a claim, you will pay a specific percentage of the repair cost from your pocket, and the insurer will pay the rest. Higher the deductible, lesser the premium.
Another effective way to reduce the premium for imported bikes is to install security features like anti-theft system, theft alarm, disc brakes, etc. These devices reduce the chances of your bike being stolen and subsequently the chances of you filing a claim. With these devices in place, the insurer may offer you a discount on the premium.
Imported bikes cost a bomb, hence it is paramount that you insure with a robust bike insurance. You can consider buying the Kotak Long Term Two Wheeler Secure insurance from Kotak General Insurance and be assured that all your rides to work or for joy are secured. You can visit our website to know more about this plan, its features, benefits and premium.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.