Next LOL – Get Everyday Updates on Any Topic
Finance

Know About Zero Depreciation, NCB Protect and Other Add-ons Under Bike Insurance

In India, having a bike insurance policy is a requirement if you own a motorcycle. You need third-party two-wheeler insurance in order to operate a vehicle on the road.

The terminology employed by the insurance firm is not well known. It would be simpler to select the policy for your two-wheeler if you understand what they mean and how they may help you.

Essential phrases for two-wheeler insurance

  • Zero Depreciation Zero depreciation is a crucial concept in New Bike Insurance because it will shield you from the bike insurance’s value dropping when you file a claim. Depreciation occurs to all vehicle spare parts, which over time decreases the worth of the two-wheeler. You can shield yourself from depreciation when filing a claim if you have a zero depreciation cover. You can acquire it as an add-on by paying an additional premium sum. The insurance provider will not factor in the two-diminished wheeler’s worth as a result of depreciation when you file a claim. *

Read this article for more advice on filing third-party insurance. As a result, you will be able to claim a larger sum and the two-decaying wheeler’s value won’t be factored into it.

  • No Claim Bonus (NCB) Another key phrase that is part of the foundational idea of a vehicle insurance policy is NCB. This is a concession that you can take advantage of if you wait a certain amount of time before filing a claim.
    In the second year of the two-wheeler insurance renewal, if you don’t file any claims while the policy is in effect, you’ll be eligible for an NCB. A certain amount of the policy’s coverage is yours to use each year. *

Important add-ons for motorcycle insurance

Never purchase the low budget two-wheeler insurance you can find. Before making a choice, it is a good idea to evaluate the various insurance companies and the plans they have to offer. For complete protection, add-on covers are perfect.

You will receive an additional cover through add-ons at an additional premium cost. There are numerous additional add-ons to your plan that you can select in addition to the zero depreciation protection described above.

  • Cover for Accessories You must purchase this add-on cover if you own two-wheelers with high-end accessories. It will cover any loss or damage to the accessories. When purchasing the policy, you will be required to provide an estimation of the cost of the accessories.
  • Care Coverage One of the most significant covers is this one. At the time of an accident, medical aid is essential, and frequently, medical bills might be extremely expensive for you. This insurance will pay for a variety of accident-related medical procedures.
  • Customer cover In the majority of insurance, the passenger is not protected against passing away or disability. In the event of an accident or incapacity, the pillion passenger will also be compensated with a passenger cover. It is a really advantageous policy cover.

When you renew your bike insurance policy, you can select an add-on. You cannot avoid the reality that you need to make an immediate investment in two-wheeler insurance. Use the online calculator for two-wheeler insurance to select the best option. You can get an idea of the premium payment for the policy using the calculator.

Long-term cost savings will come from zero depreciation cover. The Bajaj Allianz General Insurance Company offers a zero depreciation policy that includes useful features and attractive options. The no-claim incentive is crucial in lowering the cost of two-wheeler insurance. As the NCB feature can result in a large reduction in your OD rates, it is a wonderful approach to keep the premium amount under control during the bajaj allianz bike insurance renewal. *

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Subscribe to Bajaj Allianz General Insurance YouTube Channel here!

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.

Related posts

Things to keep in mind before investing in Post Office Fixed Deposit scheme

Roberts Lam

Insuring Your Bike? Here’s 5 Common Errors People Make & How to Avoid Them

Roberts Lam

5 Traits Fantastic Auto Insurance Agents Have

Roberts Lam