How To Buy Bike Insurance Without Inspection?
With bike insurance, the insurer promises to provide financial support if you encounter bike-related damage. They will cover your repair costs or provide compensation, depending on the policy terms. Therefore, the insurer needs to gather detailed information about your bike through an inspection. However, there may be times when you prefer to avoid an inspection, such as when you lack the time before the policy expires. In such cases, this article will guide you on how to buy bike insurance without an inspection.
But first, let’s understand what a bike insurance inspection involves.
What is Bike Inspection?
A bike inspection involves assessing the current condition of the bike. Insurers note every minute detail, including scratches, dents, and the state of various parts. A surveyor inspects your bike and sends a detailed report to the insurance company.
The insurer can accept or reject the bike insurance proposal based on the surveyor’s inspection report. Typically, insurance proposals are rejected for bikes that have recently been in a major accident or are very old and in poor condition.
How can you buy Bike Insurance without an Inspection?
An insurance company decides whether to conduct an inspection before issuing a policy. At MyPolicyExpress, we skip the bike inspection before issuing a bike insurance policy. Instead, we consider factors like brand, age, and bike model to determine if we want to insure the bike. Our customer-first policy allows us to give you the benefit of the doubt.
Buying MyPolicyExpress bike insurance is a quick process. Answer a few basic questions, select your bike insurance plan, and complete the payment. Your bike insurance policy will be sent to you within a few minutes. Yes, it is that quick.
Role of Inspection in Bike Insurance Claims
After a claim, we need to inspect the bike and document the extent of the damage. We process the claim based on this inspection report. Inspections before purchasing bike insurance and those after filing a claim are two different processes. Do not confuse these two types of bike inspections.
MyPolicyExpress will inspect the bike when you file a claim. Take pictures of the damage, upload them with the claim, and we will help you understand the policy’s coverages and exclusions.
At MyPolicyExpress, we offer instant claim settlement for minor bike damages. For example, if the mirror of your parked bike gets hit by a speeding car, you can quickly log in to your MyPolicyExpress profile and raise a claim. You will likely receive the claim amount within a few hours. Then, you can take your bike to your favorite garage and use the claim amount to repair the damage.
Why should you renew bike insurance before it expires when MyPolicyExpress has a policy of no inspection for new purchases?
There are several ways you could lose benefits if you fail to renew your bike insurance on time. Inspection is not the sole factor that renders insurance renewal time-sensitive. Here are some facts to help you grasp the importance of timely bike insurance renewal.
Traffic Fines and Challans
Purchasing insurance is a legal requirement. Riding a bike without a valid insurance policy is prohibited by law. Riding with an expired policy is equivalent to riding without any bike insurance at all. Therefore, you may be fined for illegally riding the bike.
No Claim Bonus expires
Failure to renew the bike insurance policy within 90 days of expiry results in the loss of the No Claim Bonus (NCB). NCB is a discount on the premium for not making claims and is applicable to Comprehensive Bike Insurance Plans. Since the discount can increase up to 50% of the Own Damage premium (damage to your bike), you would face a higher premium for policy renewals.
The Bike Owner is not Covered during the Grace Period
After the bike insurance policy expires, the grace period commences. Renewing the policy within the grace period ensures that you do not lose benefits such as the No Claim Bonus. Additionally, during this time, you do not need to purchase a new policy when renewing.
On the flip side, after the expiry date, you do not receive any insurance benefits. Once the policy expires, you cannot file a claim for damage incurred thereafter. Consequently, you subject yourself to financial liabilities associated with the bike, even during the grace period.
Renewing bike insurance on time holds as much importance as initially purchasing a bike insurance policy. Failing to do so will expose you to numerous financial liabilities.
Key Points
Transparency regarding the bike’s condition and providing all necessary details will aid in securing the best insurance plan. It also prevents claim rejections and the subsequent disappointment of financial loss. At MyPolicyExpress, purchasing bike insurance takes just a few minutes, but avoiding last-minute renewals is advisable. This can potentially hinder the claims process. Allow your insurer sufficient time to assess any damages in the event of an accident to accurately calculate the maximum claim amount.