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Home Finance

Bike Insurance: Compulsory Deductible and Voluntary Deductible

Acker Palma by Acker Palma
March 26, 2022
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Bike insurance is an important safety measure for every bike owner. If your precious two wheeler incurs damage due to an unfortunate accident, you can be rest assured that its repairs will be covered by a bike insurance policy.

Nowadays, it has become easier than ever to insure one’s bike. One can do so with just a few clicks by buying bike insurance online. Whether you are buying it offline or digitally, you should know about the different aspects of bike insurance to be an aware policyholder. One such aspect is the deductible.

There are two types of deductibles, however: compulsory and voluntary. Let’s get to know them more in this article.

Understanding compulsory deductible

When you raise a claim with your bike insurance provider, you are expected to pay a certain amount, which you are expected to pay before the insurer takes care of the rest of the expenses. This out-of-pocket expense is referred to as the “compulsory deductible.” The amount of this deductible is uniform across all two-wheelers as of now and cannot be customized by the policyholder. IRDAI, the Indian insurance regulator, decides the price of the compulsory deductible. Currently, the mandatory deductible amount for two-wheelers of all kinds is ₹100. You can visit the official website of IRDAI for further details.

One major benefit of the compulsory deductible is that it stops the policyholder from making claims for minor issues, since they are aware that they would have to bear this mandatory out-of-pocket expense. * Standard T&C Apply

Understanding voluntary deductible

Besides the compulsory deductible, you can opt to pay an extra amount as an out-of-pocket expense when you make a claim. This is referred to as the voluntary deductible. Unlike the compulsory deductible, the amount of the voluntary deductible can be decided by the policyholder. Remember, the higher the voluntary deductible, the lower the premium.

However, this does not mean that you opt for a high voluntary deductible just to pay a lower bike insurance price. If the likelihood of you raising a claim is very high and frequent, then it is better to avoid opting for a voluntary deductible or go with a small amount, if you are indeed opting for it.

If you live in an area that is less prone to accidents, or you have a tendency to use your bike in a very safe manner, it would be prudent to opt for the voluntary deductible. The likelihood of you raising a claim is very low, so the chances of you having to pay the voluntary deductible are lower, too, while the bike insurance price you have to pay is comparatively lower.

Note that the voluntary deductible is applicable only to comprehensive bike insurance. You cannot opt for this kind of deductible on two wheeler insurance third party liabilities. * Standard T&C Apply

An example to understand the role of both deductibles:

You bought a bike insurance policy and opted for a voluntary deductible of ₹2,000 and even got a handsome concession on the premium.

During the policy duration, your bike suffers damage and incurs repairs worth ₹10,000. Once the claim is approved, you will pay ₹2,100 considering both the deductibles. The insurer will then pay the remaining amount as per the coverage provided. * 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.

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