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Third-party or Comprehensive- Which Insurance is Better for Imported Bikes

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Owning a bike of any particular variant always remains a dream for every bike collector and enthusiast. Such a craze of the collection does not always follow geographical boundaries, and several of them desire to own bikes that are not even manufactured in India, in short, imported bikes. However, owning imported bikes comes with its own pros and cons. Moreover, you have to remember that mere third-party bike insurance is never sufficient for a luxurious imported bike. This article will discuss the intricacies of bike insurance relevant to imported bikes.

What is called imported bike insurance?

It must be made clear in the beginning that there is no such thing as imported bike insurance. Insuring an imported bike is similar to insuring any locally manufactured bike. As the imported bikes are manufactured in foreign lands, maintenance, repair, and replacement costs are typically very high. Because of all these factors, the insurance companies offer those insurance plans that offer comparatively higher premium value than any locally manufactured bike. Since repair and replacement costs are higher, the experts opine that it is wise to include several befitting add-ons to enhance the total coverage limit of a comprehensive bike insurance plan. It proves to be immensely helpful in mitigating the losses incurred under any unfavourable circumstance, which remains uncovered by a basic third-party plan.

Insurance for various imported bikes in India

All Indian two-wheelers must remain insured by the basic third-party insurance, which is compulsory. However, for high-class imported bikes, it is better to opt for a comprehensive plan as it comes with numerous benefits, one of the most essential ones being offering coverage components including both third party and own damage.

Some of the major observations of insurance for imported bikes in India include:

● Choosing comprehensive insurance ensures enhanced coverage

● Including add-ons for enhancing the scope of coverage of the policy

● For a lower premium, try to choose a higher voluntary deductible.

What does an imported bike insurance cover?

The insurance for imported bikes is similar to the domestically manufactured two-wheelers. Although a third-party insurance plan remains a compulsory essential for an imported two-wheeler, a comprehensive bike plan offers benefits of a wider range. Some of the essential coverage details of a comprehensive bike insurance plan are as follows:

● Own damage coverage in case of any accidental circumstance

● Theft of the concerned imported bike

● Any damage that occurred to your imported bike caused due to man-made calamities like riots, vandalism, etc.

● In case of a total loss of the concerned imported bike that goes beyond the repair

● Losses or damages remain covered under any selected add-on coverage.

A comparative study of imported bike insurance and domestic bike insurance

The approximate market value of the concerned two-wheeler vehicle is determined on the basis of the prevalent rate of premium. The insurers mostly emphasize the Insured Declare Value or IDV for determining the cost of insurance for an imported or domestically-manufactured bike. However, there still lies some difference in the nature of the insurance of a normal locally manufactured two-wheeler and an imported bike.

The cost of an imported bike always remains higher as it includes several vital costs for getting it imported to this country. Apart from the cost of the concerned vehicle, you also need to bear the cost of transportation along with the customs duty for importing it to India.

The calculation of the premium value always considers the selling price of the manufacturer and definitely not the overall cost of getting the bike imported. Therefore, you may fail to cover the total cost of getting the concerned bike in India.

The cost of insurance for an imported bike essentially depends on the average approximate market value. As you compare the price with any standard local bike insurance, the insurance cost of an imported bike depends on the IDV rather than the acquisition cost of the concerned vehicle.

How to choose the cheapest bike insurance for imported bikes?

These are some of the techniques with which you can determine how to choose the cheapest deal to ensure optimum befitting coverage for your imported bike:

1. Research the internet to grab the best deal:

Gathering information regarding anything has become a matter of seconds in this digital era. This holds true for buying two-wheeler insurance too. You can search the internet to know the details about befitting insurance plans, the coverage limit, and the add-ons offered and compare these facts and figures with different competent companies. This will ease the process and offer you a clear understanding of the prevalent trend under the current market circumstances, revealing the most cost-effective plan.

2. Retain a practical approach:

You can easily get impressed with a sports bike's sleek, stylish design. However, you must remember that the premium value will remain comparatively higher to insure the concerned vehicle. However, if you still remain allured to owning an imported bike, you may consider not choosing too expensive or a fast model to maintain an affordable insurance premium cost.

3. Ensure security precautions:

When the matter of securing your beloved imported bike arises, you have to walk that extra mile. You can install an advanced anti-theft device to enjoy a special discount on the premium value from your concerned insurer

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Certain tips and tricks before you buy bike insurance for an imported bike in India

In case you are seeking the correct insurance coverage for your endearing imported two-wheeler, these tips and tactics will help you in making the right decision:

1. Select a wide-ranging comprehensive coverage plan, as it competently covers third-party liabilities along with its own damage cover

2. Comprehensive coverage gives you the scope to buy befitting add-ons for increasing the overall coverage of the concerned plan

3. Before you settle for any particular plan, it is best to make a comparative study of different insurance quotes offered by different companies for a clever assessment of optimum coverage for the concerned imported two-wheeler

Conclusion

From the above discussion, it is evident that a comprehensive bike insurance plan is ideal for an imported bike. It offers you enough scope to provide optimum coverage for an expensive imported two-wheeler, where basic third-party bike insurance will fail. Making a clear analysis of all the pros and cons and other associated issues, ensure to clarify all your doubts before the final settlement so that it does not involve any misunderstanding during claim settlement.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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