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Purchasing bike insurance has two benefits in India. One, it ensures that you follow the law. Two, it extends a layer of financial protection around your bike in case of damages. Without insurance, you can be penalised by the authorities and be vulnerable to financial losses in case of mishaps. If you own an MV Agusta bike, you need a tailor-made MV Agusta Bike Insurance Policy.
Yes, buying insurance for a high-end bike can be expensive. But it is certainly better than paying penalties and bike repairs. If you have a sound idea of what bike insurance has to offer in India, you can make the most of your insurance plan without spending a lot for it. This article will not only inform you about different aspects of bike insurance but also help you make the correct decision regarding your MV Agusta’s Bike Insurance Policy.
Listed below are key benefits of ensuring that your MV Agusta is always covered by a Comprehensive Bike Insurance Plan.
The Indian law requires you to insure your bike if you plan to ride it on public roads. By buying and renewing the bike’s insuring policy, you comply with the law.
Accidentally, your MV Agusta bike can get involved in an accident and injure a third party or cause damage to a third-party’s property. In such cases, you are liable to pay for the injury/damages. However, with an insurance policy, the insurer will manage such liabilities as per the policy’s terms and conditions.
An all-round policy will ensure that your hard-earned money is not spent on repairing your bike. The insurer will take care of repairs.
When it comes to bikes like MV Agusta, it is of utmost importance to opt for an all-round policy. In India, such a policy is known as a Comprehensive Cover. Here’s an overview of the inclusions of such a cover. Note that these inclusions can vary from one insurance company to another. It’s best to check the policy’s inclusions before buying it.
Cover for the MV Agusta bike in case of damage due to fire.
Cover for the MV Agusta bike against natural and man-made calamities.
Theft cover for the MV Agusta bike.
The mandatory Third-party Bike Insurance cover.
Insurance policies do have their limitations. A Policy Document will not guarantee claim settlement. The reason for which you want to raise a claim must be a part of the policy’s inclusions. Also, it should not be a part of the policy’s exclusions. Here’s a list of common exclusions of a Comprehensive Plan. Make it a point to check out the exact list of exclusions before purchasing the plan. Also, go through it before raising a claim.
MV Agusta shall not be covered if the rider/owner does not hold a valid insurance policy.
MV Agusta shall not be covered if the rider/owner does not hold a valid Driving License.
MV Agusta shall not be covered if the rider/owner is found riding the bike in a state of intoxication.
MV Agusta shall not be covered in case of Consequential Damages.
MV Agusta shall not be covered for other instances stated as exclusions in the Policy Wordings.
When you have chosen a reliable brand in the form of MV Agusta for your bike, you must also back it up with other reliable brands when it comes to related services such as insurance. You can consider Acko General Insurance for your MV Agusta because of the following benefits.
There was a time when people had to visit banks for basic tasks. But now, things are easier due to online banking. Similarly, MV Agusta two-wheeler insurance is also available online by visiting www.acko.com. You can insure your MV Agusta bike easily and quickly from the website.
Acko has removed two major impediments when it comes to bike insurance: paperwork and commission. The entire policy purchase process is online so there is no need for lengthy form-filling. Also, since you can directly buy from the website, there is no need for middlemen. As a result, there is no commission. This means low premium.
No one likes a complex claim settlement process. With Acko, you can raise claims online and track them as well. Simply let the claims team know of the damage to your bike, and they will handle your claim request smoothly.
You as an MV Agusta owner have to decide whether you want to go the minimalistic way or choose a more wide-ranging option when it comes to your bike’s insurance. In India, you have the following options for two-wheeler insurance.
The Third-party plan is a basic one. It covers liabilities and does not cover damages to the vehicle. What this means is in case your bike damages someone’s else’s property, the insurer will cover your liability but will not pay for the damage caused to your bike. This is a law-demanded cover so you cannot afford to miss this one. However, you can pick the next option if you want to comply with the law as well as insure your bike against Own Damages.
A Comprehensive Two-wheeler Insurance is an advanced plan. It offers a wide-ranging cover as it offers the Liability-cover and the Own Damage Cover. Plus, you have the choice of including add-ons as well. They are small plans with big benefits. More on them in the next section.
Here’s a section of productive add-ons to be purchased with your wide-ranging two-wheeler insurance plan. Before you read the details of the add-ons, you must know that these optional covers come at a cost. There is no limit to purchasing a particular number but you need to go only for those that offer value to you. Also, such plans cannot be bought with a Liability-only plan.
During the claim settlement, insurers consider depreciation of the bike’s parts as well. This reduces the claim amount. But it can be avoided with this add-on and you can get a higher claim amount.
Such an add-on is a must for those who frequently travel in twos on the bike. This add-on offers a Personal Accident Cover to the person seated behind on the bike.
Want to raise claims without affecting the accumulated No Claim Bonus? This add-on does exactly that.
Receive the bike’s invoice value in the settlement in the unfortunate event of a total loss with this add-on.
Do not let the bike’s heart go uncovered. Major bike insurance policies do not cover engine damages. This add-on does.
This is the most important part of the insurance contract from a policyholder’s perspective. This is where the promise made by the insurer is fulfilled. Therefore, it is of utmost importance to choose an insurer that offers a transparent, smooth, and quick claim process. Usually, the claim process across insurers is the same. However, there can be changes in the process depending upon the insurer’s technology infrastructure and overall strategy. Here’s an overview of the process.
Step 1: Establish contact with the insurance company by the available means.
Step 2: Inform the company about the reason for raising a claim.
Step 3: Submit documents as requested.
Step 4: Answer the questions posed by the insurance company.
Step 5: Choose from the Cashless or a Reimbursement claim settlement method and complete the process.
Yes, the bike insurance premium is dependent on claim history along with other factors. Claim history is crucial to calculate the renewal discount or the No Claim Bonus. Some insurers might also consider the claim history to classify the policyholder as a risky or a non-risky prospect and charge premium accordingly.
Whether you purchase a new bike or an old bike, it needs to be insured. Not insuring it can lead to penalties, monetary expenses to cater to third-party liabilities and repair costs.
Imprisonment in case of an uninsured bike’s accident is a possibility. But it depends upon the details of the case at hand.
A Pillion Rider Cover can only be bought along with a Comprehensive Plan. You can switch to a Third-party Plan without the add-on. It is suggested to continue with the wide-ranging plan for better insurance coverage.
Yes, your accumulated No Claim Bonus should be intact when you switch to a different insurer. This will be subject to the policy’s terms and conditions.
You can browse the website and search for its IRDAI registration number to verify the insurer.
Usually, there is no restriction on the number of times you can claim during the policy period. However, raising claims for minor reasons might not be beneficial always. You have to pay the Voluntary Deductibles and a claim also resets your renewal discount. Thus, you should have a discussion with your insurer before raising multiple claims during the policy period and make an informed choice.
In most cases, insurers have a defined radius in which they offer the Roadside Assistance service. Since this is a specific query, you should get it clarified by the insurer before buying the add-on.
Usually, bike inspection is not needed for new bikes. You can insure your bike under two minutes via the online method.
No, the No Claim Bonus cannot be encashed.
IRDAI Registration No: 157
Category: Non-Life Insurance
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