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CFMOTO bikes are attractive, performance-driven, and durable. If you own such a bike or are thinking of purchasing one, then do factor-in the supplementary costs associated with it as well. For example, you will be required to purchase a CFMOTO bike insurance policy along with the two-wheeler. This is a mandatory requirement in the country. No to insurance means Yes to penalties.
Apart from the compulsion associated with the insurance policy, you should look at purchasing a suitable insurance plan from a financial cushioning perspective. CFMOTO bike’s spare parts are costly. Repairing the damage to a CFMOTO can be expensive. Here's where a wide-ranging policy can come to your rescue and save you from spending an enormous amount on repairing the bike. This article will tell you all you need to know about buying, renewing, and claiming CFMOTO bike insurance online.
Here are some top benefits of buying and renewing your CFMOTO’s Comprehensive insurance.
An active policy will ensure that you do not get penalised by the authorities for violating the mandatory insurance law.
Stay insured against Third-party Liabilities as well as Own Damages throughout the policy period. Renewal before expiry will lead to uninterrupted coverage.
Not only will the insurer take care of major expenses related to bike accidents but also help you out with the basic logistics of how to go about things in case of a bike mishap.
Whether you purchase bike insurance online or offline, you have two options regarding bike insurance. Here they are.
The first type of bike insurance policy is the standard, low-cost, minimalistic Third party Liability Two wheeler Insurance. This is mandatory. It does not cover damages to your bike but insures you in case your bike causes damage to others.
The second option is a wide-ranging one but costlier than the minimalistic cover. It is known as a Comprehensive Cover and includes mandatory insurance coverage. Plus, it offers the Own Damage cover where damages to your bike are also covered.
If you insure your CFMOTO bike with a Comprehensive Plan, you shall benefit from the following policy inclusions. Note that the exact inclusions can vary from one policy to another and it is suggested to read the fine print of the respective policy for specific details. Here’s a generic list of inclusions.
Third-party Liability Bike Insurance Cover
Personal Accident Cover
Cover if the CFMOTO bike is damaged due to fire
Cover if the CFMOTO bike is damaged due to vandalism
Cover if the CFMOTO bike is damaged due to flooding
Cover for theft
Insurance companies have to abide by certain rules when it comes to settling claims. They verify the claim applications and check for fraudulent activities. They have a look at the instance for which the claim is raised and check if it is a part of the above-mentioned inclusions, and if it is not part of the below-mentioned exclusions. Exclusions are instances where the insurer will not be able to settle the claim. The exact list of exclusions can vary, here’s a generic list for an overview.
Consequential damages to the CFMOTO bike.
Using the CFMOTO bike with an expired or invalid Driving License.
Using the CFMOTO bike with an expired or invalid valid insurance policy.
Using the CFMOTO bike in an intoxicated state.
Claiming against instances that are not as per the policy’s terms and conditions.
A Comprehensive Policy has lots of advantages over the basic, Third-party Plan. However, it does get a bit generic. To tackle this issue, you have the option of choosing add-ons. Add-ons are small, additional insurance covers. You can use them to add a touch of personalisation to your bike insurance policy.
Usually, bike insurers offer a variety of add-ons to choose from. Not all insurers might offer all add-ons. But most of them have a sizable bunch. You need to make sure the add-on you are thinking of buying adds value to your cover. Otherwise, you will end up spending a lot on insurance premiums. Here’s a list of prominent add-ons.
Just as a bike owner/rider has a Personal Accident Cover, the pillion rider can also have one with this add-on.
The bike’s value reduces at is ages and it is reflected in claim settlement. However, with this add-on, the depreciation amount shall not be considered while settling claims.
In total loss (bike theft or major bike accident) the insurer settles the claim by paying the Insured Declared Value. With this addon, you can receive the invoice value.
You can safeguard your No Claim Bonus (NCB) benefit with this add-on. Thus, you can raise a claim and still benefit from the applicable discount while renewing the policy.
Major damages to the engine shall be covered with this add-on. Such damages are usually not covered by a Comprehensive Plan.
Here’s a list of advantages associated with insuring your CFMOTO two-wheeler with a Comprehensive Policy from Acko.
The world has come a long way in terms of technology thanks to affordable internet and smartphones. Just as you can order food, buy groceries, and shop online, you can also insure your CFMOTO bike online via www.acko.com. It is a completely online process where you do not have to submit a file of documents or fill forms running into pages. It is simple, easy, and quick.
Insuring your CFMOTO is not just convenient but also inexpensive. Digital-first companies like Acko do not rely on middlemen when it comes to offering policies via the website. Also, the operational cost is reduced due to the online infrastructure and this cost advantage is provided to policyholders in the form of low premiums.
The tech-based set-up speeds up the claims process as well. You can raise claims online and track them. The coordination becomes easy because of the technological intervention resulting in zero-stress claims. Bike insurance claims are settled in a cashless manner for total convenience of the policyholder.
Simply buying insurance from an insurer that offers it in a convenient way is not enough. The real test of this convenience is at the time of settling claims. The smoother the claim settlement process the better. With digital-first insurers entering the industry, the claims process has become quicker. It also varies from company to company. Some might offer a website-based process, others might prefer an app or a calling method. Here’s a generic claim process that is followed in case of claims.
Step 1: Contact your insurance company and register the claim.
Step 2: Share details.
Step 3: Follow the process regarding verification and documentation.
Step 4: Be honest with the claim inspector during the inspection process if any.
Step 5: Settle the claim by choosing a Cashless or Reimbursement method.
Here are some questions and answers that are generally asked when it comes to CFMOTO bike insurance.
The online bike insurance policy is a valid document. It does not need any further validation, make sure you purchase the policy from a certified seller.
You can switch between policies and insurers while renewing your CFMOTO bike’s policy online. Simply visit the insurer’s website (for example, www.acko.com) and renew your policy as per your liking.
Your policy needs to be active to avail an insurance cover. The insurance company will not cover accidents in case of an expired policy.
You can buy multiple add-ons to increase the bike’s insurance coverage. However, note that including add-ons will hike up the payable premium. Thus, buy only those add-ons that add value to your policy.
Yes, you are allowed to make multiple claims during the policy period based on the terms and conditions of the chosen plan.
In case there is a mismatch in the information shared and the information mentioned in the policy document, make sure to contact your insurer and inform them. They will rectify the error and issue a revised copy.
Insurers might take some time to include newly launched bikes in their online policy buying system. If you are not able to find your bike on the insurer’s website, you can call the company and mention that you want to insure your new bike. They will let you know the process.
Bike insurance cover is applicable across the country unless specified otherwise. Thus, your insurer should cover the accident provided you meet the terms and conditions of the policy.
If you own a bike, you should insure it. If not with an all-round cover, then at least with a basic Third-party cover as it is a legal requirement. Considering your bike is not used much, you can opt for a minimalistic cover. However, it is suggested to go for a Comprehensive Cover since the CFMOTO bikes are expensive.
Yes, it is allowed to renew your bike’s insurance policy from an online insurer even though you have not purchased the policy from them. Online insurers offer different means to purchase the policy. You can renew the policy via their website or from their app as well if it is available. If you are stuck and need assistance, you can call them up.
IRDAI Registration No: 157
Category: Non-Life Insurance
The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Save Rs. 45,000 has been calculated on IDV of 20,00,000, 0% NCB and select add-ons. Amount saved is in comparison to Acko's F&U filing. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |
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