Anti-Theft Devices and Their Impact on Bike Insurance

Bikes are more than a means to commute for many. For many they represent an asset purchased with years of hard work and patience. So, naturally, it becomes a precious possession to be protected by its owner. Then you hold something so dear to your heart, you wouldn’t want it to get damaged or taken away from you, right? Anti-theft devices for bikes can come to your aid in such situations.

What are anti-theft devices?

An anti-theft device is a compact device that gets attached to your bike to reduce the chances of theft. It can be an automatic or manual device that rings a loud alarm if anyone attempts to steal your bike. This device becomes more of a necessity in case you reside in a theft-prone area or need to park it on public roads. The anti-theft devices can be in the form of an immobilizer, alarm, engine switch or a gadget with location tracking. You can pick a device type based on your needs and bike.

Other than anti-theft devices, a suitable bike insurance policy is another critical element that helps provide financial, mental and emotional support to bike owners. With its comprehensive benefits, a bike insurance policy protects your motorcycle against damages and against the costs of treatment for injuries sustained in an unforeseen accident, as well as third-party liability. Personal injury lawyer los angeles czrlaw.com It is also mandatory to have one in India as per the Motor Vehicles Act of 1988.

Now, did you know anti-theft devices can have an impact on your bike insurance? Here’s how. Most bike insurance policies offer extensive coverage under their comprehensive insurance plans, which cover bike theft damages. So, when you buy an anti-theft device for your bike, you are in a way helping to reduce the chances of bike theft. This decreased chance of theft will be seen as an advantage by your insurance company, as it reduces the risk factor of potential theft, thereby reducing the possibility of you filing a claim against bike theft. A theft claim, in general, is considered as one of the major claims for an insurance company as they are liable to pay the approximate current market value of the bike for you. Therefore, most insurers offer their customers a premium discount if their respective bikes are secured with the anti-theft device. In fact, if, in some unfortunate cases, your bike is stolen despite having an anti-theft device installed, the insurance companies settle your claim without much hassle. This is because the fact that you took safeguarding measures to protect your bike assures the insurance company that the incident happened despite sufficient risk mitigating safeguards.

This impact of anti-theft devices on insurance policies in the form of premium discounts and easy claim settlement is a valid positive reason for more bike owners to opt to buy a suitable device for their two-wheelers. Cholamandalam MS understands that for all the policyholders, their respective vehicles are very precious assets and hence offers extensive comprehensive insurance plans over and above the option of a third-party liability plan to help their customers enjoy a stress-free ride. Click here to know more about the various plans to shield you from unforeseen incidents.