How many times bike insurance can be claimed?
A Bike is a significant purchase in our life. For many, it is perhaps considered a milestone. While purchasing a Bike is a significant milestone, it is important to protect your valuable purchase with Bike insurance. A Bike insurance can go a long way in protecting your car from damages and bodily harm endured to you in an accident. The process of informing the insurance provider about the accident to obtain compensation is termed as raising a claim.
How many Claims are allowed in a year?
Generally, there are no restrictions on the number of claims that you can make in a year. However, raising a claim repeatedly can affect your No Claim Bonus (NCB) component which is an incentive given by the insurance company for not raising a claim.
Moreover, if you have bought a depreciation cover, there might be a limit in the number of times that you raise a claim in a year. Usually, insurance companies allow two claims in these cases per year.
What Happens in the event of raising multiple claims for bike insurance?
Generally speaking, there are no restrictions on the number of claims that you can raise each year. However, you must be careful while raising a claim as these could hamper some of the benefits.
No Claim Bonus – Generally, the insurance companies provide an incentive to the policyholder for every non-claim year in the form of No Claim Bonus. NCB varies from 10% and goes upto 50% depending upon the insurer. In the event you raise a claim between the policy term, you will lose all the accumulated NCB bonus benefits. Moreover, we do not suggest raising a claim for small damages like damage to mirrors, indicators etc. It’s better to buy a NCB protection cover to keep your accumulated bonus on track.
Increase in Premium – If you raise too many claims in an year, then you will be registered as high-risk customer and the insurance company would increase the premium for your policy as you put them under financial strain too often
Deductibles – If your repair bill is lower than the deductibles, then we suggest not to raise a claim. If you press with the claim, the amount you will receive would be insufficient as it is lower than the deductible component in your policy.
When Should you raise a bike insurance claim?
- It is advised not to raise a claim when the NCB bonus amount is more than the repair charge for your bikes
- If your repair expense is less than the deductible as it puts you in a financial disadvantage
- During instances where the third party is liable to pay damage, you need not raise a claim just because there is an option for you
