Well there is a lot to buying a insurance in India for a superbike and its not because of the non availability of companies but the fact that the luxury segment of the biking world is still raw. While we are in process of understanding the insurance terms and methods in India we wanted to share a few basic yet most forgotten things when buying a insurance for your motorcycle in this country. Here are a few basics and some of the things that are a must.
First of all this is what you may want to insure so the insured cost would be addition of whatever you decide you want included in the insurance. Mind it the actual cost of the replacement products is more than the cost of the bike put together. Common sense but certainly worth a mention:-
- Comprehensive Physical Damage Insurance for the motorcycle :Including the rubber parts, consumables and the accessories
- Accessory Coverage For Motorcycle
- Motorcycle Roadside Assistance
- Collision Insurance for the motorcycles
- Bodily injury for rider and the passenger
The deductible: The amount which you will have to bare when claiming the insurance. You may buy zero deductible but its different than depreciation.
The depreciation: This is default depending on the companies policy. It is standard depending on the age of the vehicle. Things like depreciation on paint, rubber parts, fibre parts, glass parts and what have you. Most companies have a minimum 5% depreciation please be aware that thats something you may have to bare.
The exclusions: Like transit on train, force majure including land slides etc.
Since we are in process of reading the wordings of insurance policies we shall be updating this section as and when we get new info. Please drop a comment if you think something is missing and we’ll add is asap.
Ps:- Please do not break the rules, not only is it obviously detrimental to a lot of things but voids your bike insurance. So does going out of the country.