We all work hard to keep our bikes clean and shiny. After all, who doesn’t like a flashy bike? However, keeping your bike as good as new for a long time is difficult. No matter how careful you are, your new bike will eventually get minor scratches or dents. It can be especially aggravating if some of those scratches were never your fault.
You cannot control these circumstances, but to protect yourself from sudden losses, you can purchase bike insurance conveniently. Just download an app for bike insurance and follow the easy steps to buy a policy.
Insurance can assist you in recovering the cost of the damage to your bike or car. However, the question is whether you can claim insurance for bike scratches. More importantly, is it worthwhile to file an insurance claim for minor scratches on your bike?
Let us find out the answers to these questions!
Can I get insurance for scratches on my bike?
Bike insurance covers a number of possibilities. These are mentioned in the policy document, and you can use the policy for making claims on the basis of that. Using your insurance provider’s bike insurance online app, you can conveniently file a claim. But the real question is whether claiming insurance for minor scratches is worthwhile.
To put it simply, it will depend on the extent of the damage done to your bike. Furthermore, it is dependent on the type of policy you have.
As an example, if you have a comprehensive policy for your bike, you can claim insurance if your expenses exceed the claim amount. However, if you have third party bike insurance, you cannot claim it because it will not benefit you in renewing your bike. However, it will pay for any damages caused by you to a third party.
What are the benefits of not claiming insurance for minor bike scratches?
It may appear to be an unlikely option initially, but not making a claim for minor damage to your bike will benefit you in the long run. You may wonder how. Well, here are some of the benefits of not claiming insurance:
- No Claim Bonus:NCB is a concession for not claiming insurance in the previous year while renewing your policy. And the amount of this bonus increases with each claim-free year.
One claim-free year can get you a 20% NCB concession.
Two consecutive claim-free years can get you a 25% NCB concession
Three consecutive claim-free years can get you a 35% NCB concession
Four consecutive claim-free years can get you a 45% NCB concession
Five consecutive claim-free years can get you a 50% NCB concession
These values may differ across insurance providers, so it is ideal to confirm it beforehand. So, if you refrain from claiming your insurance whenever possible (but not for large amounts of damage), you will eventually benefit. When you use your insurance, the NCB is reset to zero.
- Low premium:A low premium is one of the advantages of not claiming insurance for minor damage. When you file a claim for bike damage, your premium increases significantly. This, in turn, may hurt your wallet.
Is there a minimum amount for which I should file a claim?
Because no one knows at first how much the damage will cost, you must do the math before claiming your bike insurance. The general rule is that if the total damage amount exceeds INR 6000, then it may be best to seek insurance.
You should calculate the cost of repairing your bike. If repairing is affordable, then you must save your bike insurance for more significant damages. Not making claims for small expenses can be overall beneficial in the long run. Use the app for bike insurance to understand how much you could lose when you make small claims.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.