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Riding a scooter is fun. You can easily navigate via the congested city roads and enjoy the thrill of a smooth bike ride. However, it has its share of danger. A bike accident can be devastating. Such an incident can lead to injuries to self, damage to someone else’s property, and dents on your bike. While insurance cannot undo the incident that caused the damage but it can certainly lend a helping hand when it comes to the money required to manage the damage. If you own the Gusto, opt for Comprehensive Mahindra Gusto Bike Insurance. This article will let you know how to go about the same. Read on.
Here’s why it is important to insure your Mahindra Gusto bike with a Comprehensive Two-wheeler Insurance Plan.
By purchasing an insurance policy for your Mahindra Gusto, you will comply with the requirements of The Motor Vehicles Act and stay safe from non-compliance-related penalties.
If your bike is involved in an accident and harms a third party or disrupts their property, the insurer will offer liability coverage.
With the right kind of cover, you will end up saving a lot when it comes to bike repairs. The insurer will take care of the bulk of the bill and you will just have to pay a fraction of it.
In India, you need scooter insurance for the following four main reasons.
To insure yourself against third-party liabilities.
In case of permanent injuries to self.
To ensure damages to the insured scooter are covered.
For an enhanced cover or services in the form of add-ons.
The first two points are taken care of by a Third-party Two-wheeler Insurance Policy. It costs less and is a mandatory requirement. The premium for this plan is stated by the regulatory body and not by the insurers.
All four points mentioned above are covered by a Comprehensive Two-wheeler Insurance Policy. Such a plan costs more than the Liability Cover. It is not mandatory but comparatively, a better policy in terms of coverage and services. Insurers are free to decide the cost of this plan.
This section is about top policy inclusions of a Comprehensive Bike Insurance plan. Note that the exact list can be different for Mahindra Gusto Two-wheeler insurance policies sold by different insurers. You can check them by going through the Mahindra Gusto Bike Insurance’s Policy Wordings. Here’s the list of instances where the insurer will help you out.
Can avail insurer’s help if the insured scooter injuries/damages third-party person/property.
Can avail insurer’s help if the insured scooter is damaged because of fire.
Can avail insurer’s help if the insured scooter is damaged because of calamities.
Can avail insurer’s help if the insured scooter is stolen.
Can avail insurer’s help if the insured scooter is damaged due to rioting or vandalism.
Policy exclusions are events where the insurance company will not be able to help you out. These are situations that as per the insurance contract are not covered by the insurer. Thus, if you raise a claim against an exclusion, your claim will be rejected by the insurer. Go through the list of exclusions before purchasing a plan and sending a claim application. Here’s a list of top policy exclusions.
Cannot avail insurer’s help if the policy had expired at the time of the damage.
Cannot avail insurer’s help if the scooter was damaged wilfully.
Cannot avail insurer’s help in case of fraud.
Cannot avail insurer’s help if the terms and conditions of the policy are not followed.
Cannot avail insurer’s help in case of Consequential Damages.
The Liability Cover is a simple, straightforward cover. The Comprehensive Plan is a layered and a wide-ranging one. If you want to go a step further and include more insurance covers to the Comprehensive Plan, you can pick from a list of suitable add-ons. Here are the popular ones.
Engine Damage Cover: Better insurance cover for the scooter’s engine.
Pillion Rider Cover: Accident insurance for the pillion rider.
Roadside Assistance: Get prompt help in case of bike breakdown.
Consumables Cover: To cover the cost incurred on consumables during bike repairs.
Zero Depreciation: For receiving a higher claim pay-out by negating depreciation-centred calculations while settling bike insurance claims.
You must have spent a few minutes thinking about why you should purchase the Mahindra Gusto bike. Similarly, you must spend some time thinking about choosing the right Mahindra Gusto bike insurance company. If you are looking for a digital-first insurer that offers convenience while buying the policy and enables stress-free claims, then do consider ACKO. Here are the top benefits of buying a Comprehensive Two-wheeler Insurance Online from ACKO.
The online infrastructure has reduced the turnaround time of several tasks to a great extent. For example, you can pay bills online immediately, invest in mutual funds, and book tickets easily. Similarly, with ACKO, you can buy insurance in no time via the website or the app. With ACKO, your Mahindra Gusto can be insured within minutes.
Insurance has traditionally been associated with a lot of form-filling and heavy documentation. But ACKO has changed this perception. You can insure your two-wheeler with ACKO without any physical form-filling. You are not required to upload a bunch of files as well. Simply visit www.acko.com, share bike-related details, choose your plan, and insure your bike.
Being an online-focused insurer, ACKO does not spend a lot on operational costs. Also, when you purchase a policy directly from the website or the app, there is no dependence on agents or aggregators. These two points help to reduce the overall premium and you get a top-notch insurance plan at an affordable price.
Primarily, the claim process is of two types: Cashless or Reimbursement. The basic difference between the two is that in a Cashless Bike Insurance Process you do not have to arrange cash to pay the entire repair bill. A major part of it is settled between the insurer and the garage. You just have to pay the residual amount.
In the Reimbursement Process, you need to settle the repair bill on your own and then contact the insurer for reimbursing the paid amount. The steps in these processes can vary depending upon the insurance company. Here’s an overview of the bike insurance claim process.
Step 1: Send an email, call the insurer, or visit their website to initiate the claim process.
Step 2: Share essential information about the damage.
Step 3: Arrange for documentation if any. For example, the First Information Report.
Step 4: Discuss the claim process with the appointed insurance executive.
Step 5: Claim processed and closed.
The final insurance bill will depend upon the kind of policy you choose to insure your Mahindra Gusto. If you pick only Liability insurance, it won’t cost much. However, if you pick a Comprehensive Plan with add-ons, the insurance bill will be considerably higher. You shall also receive wide-ranging coverage with such a cover.
Since you already have an existing cover for your sports bike, you will be required to purchase a separate cover for your Mahindra Gusto.
Yes, damages due to tree-fall and other calamities shall be covered by a Comprehensive Plan as per the applicable terms and conditions.
Yes, it is not compulsory to renew via the same route that was used to buy the policy. You are free to buy or renew your bike’s policy with an online insurer directly.
No, there is no such provision concerning a Third-party Liability Two-wheeler Insurance Policy.
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Category: Non-Life Insurance
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