Why is Bike Inspection Necessary for Insurance?
Bike inspection is a process which is done for the verification of the existence and the documents of a bike. While inspecting the bike, the condition of the bike, accessories and the present options are checked. Bike insurance frauds, in order to make financial gains, have become very common now but the bike inspections become a deterring factor.
In the present times, it has become very simple to do an insurance fraud and this leads to the misuse of insurance policies. Insurance companies do not want to suffer losses on account of frauds The two-wheeler insurance premium calculator takes this risk factor into account and helps you calculate the two wheeler insurance premium amount.
Some instances of frauds that happen in bike insurance are:
- Claiming a loss of a non-existent bike
- Filing a claim for a damage that had happened before the insurance policy was purchased
- Buying a two wheeler insurance for a bike which has been salvaged
Does Inspection Reduce Insurance Premium?
The bike inspection reduces the premium for the insurance in the following ways:
- Inspections reduces the number of false claims.
- The chances of an accident reduce when well-maintained bikes in good working condition move on the road.
- When an insurance company inspects a bike, they can assess the risk factor and once they are satisfied, the premium of the bike can be customized to suit individual needs.
When Is a Bike Inspection Required?
At the time of a buying a new bike insurance policy or at the time of renewal, the inspection process is carried out. Some other times when the inspection is done are:
At the time of two wheeler insurance renewal online or offline, if there has been a break in insurance policy leading to a lapse of coverage, the insurance company wants an inspection done.
If there is a change in the policy type, a bike inspection is done. Also if new accessories or equipment have been added or the ownership is changed, the insurer prefers an inspection before making the changes to the existing policy.
The insurance company also conducts an inspection when a claim has been registered for any damage. The surveyor, in this case, inspects the car and ascertains the extent of damage and gives an estimated cost of repairing the bike.
The insurance companies sometimes charge for the inspection whereas there are some who provide free services and the inspection of the bike is done at the doorstep of the insured. Many companies do not conduct an inspection at the time of two wheeler insurance renewal online when there has been no break in the policy. If only third-party insurance is bought by the insured, the insurance company does not need an inspection.
The Inspection Process
The inspection process is carried out to check the physical existence of the bike and also to see the existing damage so that no false claims for repairs of these damages are done at a later date. The following things are checked at the time of the bike inspection:
- Vehicle registration number of the bike
- Photograph from various angles
- Chassis number of the bike
- Any dents and damages are recorded and noted separately
- Listed Accessories
Inspection is an important part of bike insurance. Though it is essentially done to avoid fraud claims and ensure fewer losses for the insurance company, it also has its own advantages for the insured. The two-wheeler insurance premium calculator takes into account several factors. After an inspection, the risk for the insurance company is less, thus the premium reduces. Inspections are for the good of the insured and thus, one must never try to avoid them. With the advent of technology the system has become easier and faster making it more convenient for the insured and the insurer.
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