Importance Of Bike Insurance For Imported Bikes
Imported bike insurance does not refer to a specific kind of bike insurance. Insurance for two-wheelers that are imported is comparable to insurance for two-wheelers that are made domestically or locally. Since imported bikes are not made in the nation, their parts must usually be replaced or repaired at a considerable expense. Owing to these requirements, insurance companies might provide policies at a marginally higher cost than a bike made locally.
It makes sense to add worthwhile add-on covers to the Comprehensive Bike Insurance Plan to expand its coverage because replacing or repairing parts now comes with a higher price tag. It assists in reducing losses that are not protected by the main plan. You can manage all aspects of insurance using a vehicle insurance app.
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Insurance For Imported Motorcycles
Every scooter and motorbike must have Third-party liability plan (TP) insurance. As a result, you must obtain third-party bike insurance for your bike. However, because comprehensive bike insurance online includes both the own damage (OD) and TP cover components, it is the ideal option for many reasons. Claims are subject to terms and conditions set forth under the motor insurance policy. *
These are the observations regarding import bike insurance.
- For more comprehensive coverage, choose comprehensive insurance.
- Add-ons should be included to expand the policy’s reach.
- If necessary, select a lower premium with a higher voluntary deductible. ##
What Is Covered By Insurance For Imported Bikes?
Bikes imported are insured in the same way as domestic bikes. Although imported bikes must have Third-party Bike Insurance, Comprehensive Bike Insurance may provide more extensive coverage when you make a Bajaj Allianz bike insurance claim. These are the specifics of the comprehensive plan’s coverage. Claims are subject to terms and conditions set forth under the motor insurance policy.
- Damage sustained in an accident to your scooter or bike.
- Your imported bike is stolen.
- Natural disaster-related damage to your imported bike (earthquakes, floods, etc.).
- Man-made disaster-related damage to your imported bike (vandalism, riots, etc.).
- If the damage is irreparable (total loss).
- Any selected add-on covers may cover losses or damages.
Comparing Import Versus Domestic Bike Insurance
The estimated market value of the bike or scooter serves as the foundation for the premium rates. Known by another name, Insured Declared Value (IDV), it is one of the primary factors insurers use to calculate the insurance cost for a vehicle made locally or an imported bike.
An imported bike usually costs more because multiple expenses are associated with bringing it into India. In addition to the cost of the vehicle, you will also be responsible for the bike’s shipping and customs charges when importing it into India.
The manufacturer’s selling price is considered when calculating the premium, not the total cost of importation. As a result, you might not be able to pay for the bike’s entire transportation to India.
The approximate market value of the bike is the primary factor influencing the insurance cost for imported bikes. When comparing prices, remember that the cost of imported bike insurance is determined by the IDV rather than the vehicle’s purchase price.
Choose comprehensive insurance, including third-party liabilities, for the ideal coverage on your imported bike. Consider add-ons to enhance coverage. Do not forget to renew your motorcycle insurance on time.