Registration, PUC certificate and an insurance policy are three critical vehicle documents that you need to have besides your driving license. When you buy a new bike, the vehicle dealer helps in getting your vehicle registered, whereas there is no requirement for a PUC certificate for a new bike for up to one year. However, there is an option when it comes to a bike insurance policy. The dealer might offer a couple of alternatives, but you are free to pick an insurance plan of your choice.
When you buy an insurance plan, an inspection is required. A bike inspection is carried out to verify the existence of the documents and the bike itself. During this inspection process, the vehicle is checked for the specification provided at the time of application, along with any accessories fitted thereon. This way, any fraud or concealment of information regarding the vehicle can be avoided by the insurance company.
When is a bike inspection carried out?
Primarily, a bike inspection is made when you buy a two wheeler insurance
for the first time. It is not the only time when such an inspection is made. Renewal of your bike insurance policy is another situation when an examination is done. Such verification is done in situations where there is a lapse in coverage for a significant duration. Thus, in the situation of continuous policy renewal, no inspection is required.
Further, if there is a change in policy coverage, insurance companies carry out a scrutiny. This is generally done when you upgrade your policy from third party bike insurance
to a comprehensive plan. As third-party premiums are regulated by the Insurance Regulatory and Development Authority of India (IRDAI), the premium is fixed based on the engine capacity. However, for comprehensive plans, the age of the vehicle, its insured declared value, the coverage opted, and any accessories fitted or modifications made, are essential considerations to determine the risk for the insurance company. Hence, the verification is also done in the said period.
Another situation when an inspection is conducted is when an insurance claim
is raised. This is done to verify the extent of the damage to your bike and the estimated cost of repairs. Without the surveyor’s approval, no repairs can be carried out in case of a cashless insurance claim.
Does vehicle inspection impact the insurance premiums?
Bike insurance helps define the right amount of insurance claim in the following ways:
- The inspection lowers the chances of a false insurance claim.
- The probability of an accident reduces when a well-maintained bike is used.
- An assessment by the insurance company helps to know the exact risk factors, thereby pricing the premium adequately based on the policyholder’s coverage requirements.
What is the process of inspection of your bike?
The bike inspection process is simple and straightforward, where the vehicle documents are verified with the actual condition of the bike. Here, the information on the registration documents is checked, photographs from different angles are taken, and any dents and scratches to the bike are noted. In addition, any additional accessories fitted are also taken on record during such inspection.
Inspection is an essential process of bike insurance and is primarily done to avoid fraudulent insurance claims and lower the losses for the insurance company. But in addition to that, it has its own advantages, helping you set the right premium for your policy. 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.