Many riders buy their dream bike and make further desired modifications to the same. These modifications can be of any form – either enhancing the performance of the bike or its aesthetics. In simple words, any changes that you make to the original model of the bike bought from a showroom are most certainly considered as modifications.
Now, no matter what modifications you decide to make, be it a new paint job, air filter or exhaust, it tends to add a lot of value to your bike. Hence, it is essential to have them declared to your bike insurance provider. Are you confused about whether or not you should do that?
Well, here are some key pointers that might help you make a decision.
Declare Your Bike Modifications
Making modifications to your bike is not an overnight decision. Since you are planning for a while now, you might as well check with your two-wheeler insurance provider. They will update you on what impact your chosen modifications will have on your bike insurance.
As a matter of fact, not declaring your bike modifications can have some serious impacts. Your insurers might feel that the bike was evaluated incorrectly, mainly because they were not informed about the modifications done. This reason is single-handedly enough for them to refuse your insurance claims.
In case, you have already made modifications to your bike, you can still reach out to your insurer and update them on all the modifications made. Usually, it might cost you some additional insurance premium, but it will save you a lot of trouble in the long-term.
The way an insurer views the modifications made is different for different companies. Your insurance provider will view the changes either as a way of enhancing the performance of the bike or its aesthetics.
If they consider the modifications as performance improvements, it is most likely to impact your insurance premiums. Whereas, aesthetic improvements add more value to your bike, thus making it more prone to theft.
There are insurers who might not accept the modifications altogether and would approve paying for the damages to the stock bike only. The insurer makes the last call on whether or not to accept the modifications for insurance.
Reach Out To Your Insurer
As we mentioned, it is up to your insurer whether or not they want to accept the modifications for insurance. Thus, if you are yet to make any modifications to your bike, it is better to check with your insurer about its impacts on the policy beforehand.
Later, depending on the quotes they give you and their willingness to accepting those changes, you can decide whether or not to modify your bike. Some insurance companies have add-ons for modifications or accessories. You can choose them to make sure the additions made to your bike are safe and secure.
Add-ons are available for electronic as well as non-electronic parts. So, give a call to your provider and check if your modifications are eligible for add-ons.
For people who have already made the modifications to their bike, the best option is to shop around for different plans. Conduct detailed research and choose a policy that best suits your needs. In fact, you can compare different policies online. Chances are that you will come across a great deal that fits your requirements.
No matter what you decide to do, make sure that you are declaring your modifications to your insurer. It is the best way of safeguarding your bike insurance.