Scooter insurance is generally perceived as a simple product with limited features. Yes, it is a simple product however, there are several features attached to it. When these features are understood, they can help you save money on insurance premium without compromising on the coverage. The Third-party Liability Insurance policy is standard but there is scope for customization when it comes to a Comprehensive Two Wheeler policy. Read ahead to know 5 key features of scooter insurance.
- Making A Choice
Mostly, scooter dealers have tie-ups with brokers or specific insurance providers. As availing Third-party Liability insurance is mandatory, scooter owners sometimes do not think a lot about insurance in detail and just go for it to be on the right side of the law. The joy of purchasing the scooter is so overwhelming that the insurance aspect is overshadowed by it.
Many people are not aware that you can discuss your insurance policy with your dealer and choose as per your requirements. You can also choose not to go through the ‘dealer route’ and purchase scooter insurance online directly from the insurance provider. Investing some time on the internet will give you great insights regarding productive ways to insure your scooter with the appropriate policy.
- Managing Depreciation
A scooter undergoes wear and tear over a period of time. This reduces its market price. Thus, during claim settlement, depreciation is deducted and then the amount is settled. This depreciation is calculated based on the standard depreciation table as per Indian Motor Tariff.
If you avail a Zero Depreciation cover, depreciation will not be deducted during claim settlement. This is also known as Nil Depreciation and Bumper-to-Bumper cover. With this cover, you only have to pay the pre-decided deductible amount, the rest is taken care by the insurance provider.
- Covering Pillion Rider
The Pillion Rider Add-on is designed for the person seated behind the rider. No matter how safe you ride, travelling on a bike is a risky affair. In an unfortunate case of an accident, the person seated behind the rider can also be injured. There is a school of thought that encourages the pillion rider to wear a helmet along with the rider.
This cover is a must-have for those who ride ‘double seat’ frequently. This is a separate Add-on and not a part of the Personal Accident cover for the owner-driver. Return To Invoice and Roadside Assistance are other popular Add-ons that can be purchased along with a Comprehensive Two Wheeler Insurance policy.
- No Claim Bonus
Riding safe can not only save you from accidents but also fetch you a discount on your insurance policy. Insurers provide a No Claim Bonus while renewing your policy if you haven’t raised any claim during the policy period. It can be viewed as a reward for riding safe. If you ride safe, the chances of an accident are reduced and consequently the chances of raising a claim are also minimized.
- Switching Brands
If you are not satisfied with the services offered by your insurance provider you have the liberty to switch brands. The ideal time to do so is while renewing your policy. There are some new-age insurance providers in the market that focus on convenience and there are other brands that offer lower premiums. While purchasing an insurance policy, make sure to give importance to adequate coverage and not just the price.
Scooter insurance is not only mandatory but also extremely beneficial. Make sure to choose suitable Add-ons to strengthen your Comprehensive Two Wheeler policy and keep renewing it in a timely manner.