Maintaining your bike free of dents and scratches is one of the essential bike maintenance tips for extending the life and improving the performance of all bike components. No matter how careful you are, your brand-new bike will likely sustain tiny dents or scratches over time. Nonetheless, the issue that arises in the mind of a bike owner is, “Should I file a claim for bike scratches under my bike insurance policy?” Let’s find out!
Should I File Claims for Bike Insurance Scratches?
You can file a claim for scratches on your bike insurance, but you must have a comprehensive policy. It would help if you strived to preserve your bike free of dents and other damage. Nonetheless, it is necessary to maintain its cleanliness and lustre.
Why Should You Not File a Claim for Small Damages?
When you get a comprehensive bike insurance policy, you are protected against various hazards, such as the cost of damages caused by an accident, natural or man-made disasters, theft, etc. If you do not file a claim on your bike insurance coverage for minor losses, you will receive the following benefits:-
- No Claim Bonus
NCB is a concession provided by the insurer for not filing a single claim during the duration of the policy. If you file a claim, your concession percentage will be reset to 0%, and the NCB concession cycle will begin again. *
If you file a claim for minor blemishes or scratches, you will discover that you have incurred more significant financial losses than the cost of repairs at the time of renewal. Thus, you must understand that you should constantly attempt to file claims for significant damage or theft.*
Getting an NCB protection cover is one of the significant investments that will aid you even if you file claims for tiny scratches or damage. It costs 5-10% more than the usual bike insurance coverage, but the NCB remains intact even if you file a single claim. Moreover, the NCB protection plan is advised for owners of expensive motorcycles or superbikes due to the high cost of repairing minor scratches, which could cause financial hardship. *
You can also refer to the table below to determine how the bonus sum increases each year for not filing a claim:
Count of Claims Unpaid Years vs Proportion of NCB Rebate*
1 year without a claim, 20%
2 consecutive years without claims 25%
3 consecutive years without a claim 35%
4 consecutive years in a row account for 45% of the policy’s total value.
5 consecutive years without a claim of 50%
- Lower Bike Insurance Premium
The insurance company will offer a lesser rate if you do not file claims for every minor loss. It is because every time a claim is filed for damages to a motorcycle, the insurance rate increases dramatically.
When and how to claim insurance for a bike?
There is no such restriction on filing claims under your motorcycle insurance coverage. You may file many claims during the duration of a policy. But it will impact your other perks, such as NCB. *
It is recommended to only file a claim under your bike insurance policy when the NCB concession is within damage repair costs. Additionally, if the repair cost is less than the deductible amount, don’t claim. While a third party is responsible for paying accident-related losses, you should never brag about paying alone and taking advantage of the situation.*
It is usually a good idea to purchase bike insurance since it will protect you financially in the event of severe damage. However, filing a claim if your bike sustains minor scratches or dents is not advised.
*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.‘