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Imported Bike Insurance in India

What is Imported Bike Insurance?

What Does Imported Bike Insurance Cover?

Imported Bike Insurance vs Normal Bike Insurance

Imported bike insurance is quite different from regular bike insurance. The following table highlights key differences:

Feature Imported Bike Insurance Normal Bike Insurance
Premium Cost Higher because of high-cost, high-value spare parts and high-repair costs. Import duties add to overall costs. Lower costs are due to local parts and repair cost savings.
Coverage Comprehensive features include high repair costs, theft, natural disasters, and custom coverages. Standard types of covers are third-party and own damage covers.
Spare Parts Cost Expensive since parts are imported, leading to delays and higher replacement costs. Less costly because it is locally manufactured.
Repair & Maintenance Needs specialised workshops and skilled human resources; repair is time-consuming and expensive. Repairable at the local workshops by mechanics.
Claim Settlement More time-consuming since it is hard to find spare parts, and repair is costly. Faster due to the quick availability of parts and easy access to service centres.
Risk Factors More, as there is an increased risk of theft, expensive replacement, and fewer repair centres. It is low risk because parts are readily available, and maintenance is cheap.
Import Duties Impact Import duties increase the price of the bike, which in turn increases the premium value. No import duties, leading to more affordable insurance premiums.
Depreciation Rate Higher depreciation due to import factors, expensive spare parts, and a limited resale market. Reduced import-related depreciation because of local production.
Resale & Transfer of Ownership Complex resale process because of specialised demand and high maintenance charges. Simple resale because of the boom in the market and a simple transfer of the insurance process.

Factors Influencing Insurance Premiums for Imported Bikes

Tips for Purchasing Imported Bike Insurance

FAQs about Imported Bike Insurance

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