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Some people might look at bike insurance as an avoidable expense. On the contrary, bike insurance can be a saviour when it comes to expenses. Major bike repairs can be costly. But with the right insurance policy, you do not have to worry about the repair bill. Insurance is crucial, especially for electric bikes because repairing such bikes can be costlier than repairing the average fuel-driven bike. Thus, if you own a 22Kymco Bike, do not forget to buy adequate 22Kymco Bike Insurance for it. Not sure about how to go about doing so? This article will guide you. Read ahead for detailed information.
Here are the most important benefits of insuring your 22Kymco electric bike.
Bike accidents can be dangerous for the rider as well as others on the road. If you injure someone on the road or damage their property, you are legally liable to compensate them. With the Liability Insurance Cover, the insurer will help you in such circumstances.
Insurance companies assist during tough times. It is never a good sight to watch your bike in a damaged state. The cost of repairs can be sky-high if the parts are not readily available or if they cost a lot. Thus, the Comprehensive Cover’s Own Damage component comes in handy as insurers compensate you for most of the repair bill.
Being cautious is necessary but worrying about what-if scenarios is not. Let the insurance company manage tough situations while you enjoy stress-free riding.
There are two types of risks covered by bike insurance policies. One is the liability risk and the other is the damage risk. If you just want to cover the liability risk, you can opt for the Third-party Bike Insurance Policy. This policy is of no use if your bike is damaged in an accident or due to flooding and other such instances.
The damage risk is covered by a Comprehensive Plan. Here you not only cover the damage risk but also cover the liability risk. Such a plan comes with the liability-cover and you can buy add-ons as well.
It is a good practice to check out the 22Kymco bike insurance policy’s inclusions before buying the plan. These are situations that shall be covered by the insurer in the case of a 22Kymco two-wheeler insurance Comprehensive Plan.
Coverage for instances where the 22Kymco bike has inured a third-party or damaged their property.
Coverage for instances where the 22Kymco bike is damaged due to natural calamities.
Coverage for instances where the 22Kymco bike is damaged due to vandalism.
Coverage for instances where the 22Kymco bike is stolen.
Coverage for instances where the 22Kymco bike was damaged due to tree-fall, fire, etc.
Just as there are inclusions where the insurer offers coverage, there are instances where the insurer is not liable to offer the coverage. Such instances are known as policy exclusions. Here are some common ones about a Comprehensive Plan.
Not liable for coverage if the 22Kymco bike’s rider was under the influence of intoxicants.
Not liable for coverage if the 22Kymco bike’s insurance policy had expired at the time of damage.
Not liable for coverage if the 22Kymco bike is damaged in a location beyond the country’s geographical border.
Not liable for coverage if the 22Kymco bike’s policy’s terms and conditions are in violation.
Not liable for coverage in the case of 22Kymco bike’s Consequential Damages.
As mentioned above, you can buy add-ons with a Comprehensive Two-wheeler Insurance Plan. Insurers might offer other add-ons as well. Some might include them in their services or mention them as a part of the Comprehensive Cover. Here’s a list of popular add-ons that can be purchased by paying the corresponding insurance premium.
Pillion Rider Cover Add-on is a dedicated accident cover for the pillion rider.
Zero Depreciation Add-on gets you better claim settlement as it does not consider depreciation.
No Claim Bonus Add-on lets you raise a claim without messing up the renewal discount calculation.
Invoice Protection Add-on gets you the bike’s invoice value if it is damaged beyond repair.
Usually, there are two ways to go about raising a claim against a Comprehensive Bike Insurance Policy. These two ways are dependent upon the chosen claim settlement process. You have the option of a Cashless Process or a Reimbursement Process. The Cashless Process is a modern and convenient method for settling claims. The exact steps involved in the following processes can vary as per the insurer’s technology, strategy, and infrastructure.
Step 1: Lodge a claim by contacting the insurer.
Step 2: Share details such as the policy number.
Step 3: The insurance company will assign a claims executive who will either inspect the damaged bike at the accident location or the garage where you have taken the bike.
Step 4: Once you, the claims executive, and the mechanic agree on the extent and the cost of damage, the bike shall be repaired and you will have to pay the entire repair bill.
Step 5: After you have settled the bill, you will have to apply to the insurance company for the reimbursement of the bill.
Step 6: The insurance company will go through your application and will settle the claim by making the applicable payment.
Step 1: Inform the insurer via the website, call, app, or email.
Step 2: Upload photos of the damaged vehicle.
Step 3: Wait for the claims team to verify your claim request.
Step 4: The insurer may or may not assign a claims executive for inspection. If assigned, the inspection can happen at the accident spot or the garage that has a tie-up with the insurance company.
Step 5: The bike’s repair bill will be settled by the insurance company. You will have to pay for the Deductibles or other extra charges.
Here’s a list of questions and answers that are frequently asked about bike insurance. If you have specific questions about your 22Kymco Bike, you can speak directly with the insurer or read the respective Policy Wordings.
To be certain, you can speak with the bike dealer or the insurer and ask them about it by sharing your bike’s name and model. They will tell you about the mandatory nature of insurance and the cost of insuring your bike with a Third-party Liability policy.
Yes, the bike insurance policy covers the entire country, unless specified otherwise in the terms and conditions.
Yes, you can switch to a different insurer in this case.
The insurer will take care of the repair charges only if the reason for damages is covered by the policy and is not mentioned as an exclusion. You can check out the policy’s inclusions and exclusions by going through the Policy Wordings.
Since electric bikes are yet to become common in terms of usage, all insurers might not offer all add-ons as of now. It is best to check the availability of the add-ons for electric bikes by browsing the insurer’s website or calling the customer support team.
A Third-party Cover does not feature coverage for the insured bike. It does not offer Own Damage cover. Thus, such damages will not be covered. However, vandalism is covered under a Comprehensive Plan.
You can insure your bike with a Comprehensive Plan as it covers bike theft.
Yes, IRDAI states the Third-party Rates for insuring electric bikes. However, the insurers are free to decide the payable premium in case of Comprehensive Plans.
The policy document sent by the insurer via email or made downloadable after making the payment is a valid document. You can take a printout of it if you want to. Some insurers might not even send physical copies. Please speak to your insurer directly to know the exact number of days in which they will send the physical policy.
22Kymco does not offer insurance. You will have to buy it from an insurer.