What Is An Insurance Deductible?
The insurance deductible is the portion of the claim you must pay out of pocket before your insurance provider takes care of the rest. You only have to pay the deductible when you file a claim about your insurance. Consider the cost and two-wheeler insurance coverage when looking for the ideal insurance policy for your motorbike.*
Claims are subject to terms and conditions set forth under two-wheeler insurance policy.
How Does It Function?
After you pay the required deductible, your insurance provider will assist in paying for the cost of damages if you are involved in a bike accident. Let’s use an example to understand the term better: Mr. A was involved in a bike accident, and the bike sustained severe damage. The repair will cost Rs. 10,000. The policy specifies that the two-wheeler insurance deductible is Rs. 1000. You must therefore pay Rs. 1,000 out of your pocket, and your insurance provider will pay the remaining claim amount up to the insurance plan’s specified limits.*
What Does A Bike Insurance Mandatory Deductible Mean?
The portion of the claim amount your insurance provider must deduct from each claim you file is a mandatory deductible for bike insurance. After the compulsory deductible has been subtracted, claims are resolved.*
Claims are subject to terms and conditions set forth under two-wheeler insurance policy.
What You Need To Know About Bike Insurance’s Mandatory Deductible*
Here are the details on two-wheeler insurance’s mandatory deductibles:
- A Required Deductible Is Necessary: Every policy will have a mandatory deductible, which you, as the policyholder, will be responsible for paying while you pay the repair bill.
- Non-Customisable: The mandatory deductible amount in the policy is non-customisable; you cannot alter it in any way.
- Avoids Minor Claims: Since you must pay out of pocket for the required deductible, it discourages you from filing minor claims. The Insurance Regulatory and Development Authority of India (IRDAI) sets the fixed price at Rs. 100 for two-wheelers. #
What Does A Bike Insurance Voluntary Deductible Entail?
The voluntary deductible is not required, in contrast to the mandatory deductible. In addition to the necessary deductible, you voluntarily agree to pay a fixed amount out of your pocket for any additional bike repairs. As a result of choosing the voluntary deductible, you can purchase bike insurance at a lower cost. The out-of-pocket costs are higher the higher the deductible. Please note that the premium does not go down when there is a mandatory deductible.*
A two-wheeler insurance premium calculator is an easy-to-use tool to check your premium.
Comprehending the disparity between compulsory and voluntary deductibles in two-wheeler insurance is vital for making informed decisions as a policyholder. While compulsory deductibles are mandated and non-negotiable, voluntary deductibles offer an opportunity to customise insurance premiums according to individual needs and risk tolerance. Striking the right balance between these deductibles ensures adequate coverage and cost-effectiveness, providing financial security and peace of mind to two-wheeler owners.*
* Standard T&C Apply
# 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.
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.
