How to Declare Motorbike Modifications to Your Insurer?

Motorcycles are a style statement and a prized possession. To make your bike suit your preference you often make changes to it. You try and add performance boosters or make your bike appealing or simply want to make your bike more secured by adding safety features. Whatever modification you do to your bike, the value of the bike and other aspects also get modified. When that happens, a modification in your two wheeler insurance policy also becomes necessary. In fact, it is advised that in case of any modification done to the bike, the bike insurance policy should also be modified accordingly to ensure complete coverage. Here are the reasons why –

  • Visual modifications increase the chances of theft claims

When you make your bike visually appealing, it might increase the chances of the bike getting stolen. Thus, it increases the probability of theft claim in the bike insurance policy. Therefore, the insurance company should be notified of the visual modifications in the bike. If the company perceives the claim probability to increase, the premium would be increased and you would have to pay the additional premium.

  • Performance modifications increase the chances of accidents

When you add performance boosters to your bike to increase the speed, the chances of accidents might increase. Moreover, there are other performance modifications which make the bike more efficient to use and ride. Such modifications, besides increasing the chances of accidental claims, also increase the value of the bike. The two wheeler insurance policy should, therefore, be modified to have a higher IDV and, consequently, a higher premium.

  • Security modifications make the bike safe

When you add security features to the bike, the bike becomes safer to use and also the chances of theft claims reduce. If you inform the company about it, the company might allow a premium discount on your bike insurance policy.

  • Any other modifications increase the bike’s value

Any other modifications which are done on the bike might increase the value of the bike. For instance, adding a side car or a luggage carrier would increase the bike’s value. Increase in the value means an increase in the IDV of the two wheeler insurance policy. So, informing the insurance company is necessary.

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Informing the insurer

The insurance company should be informed about the modification immediately after the modification is done. You should not wait for bike insurance renewal to declare the modifications. To inform the company you should furnish a written request to the company stating the changes done to the bike. The company would then assess the value of the modification and make changes in the insurance policy. If there is an increase in premium, you should pay the excess premium for the modification. Provide the proof of the costs incurred in modification so that the insurance policy’s IDV can be changed accordingly.

If the policy is not altered based on the modifications done, in case of a claim, the claim payment would be affected. If the modifications suffer any damage, the company would not pay for the repair costs. In extreme situations, the claim might also get cancelled. So, don’t take chances with your insurance policy. When you buy a policy or when you go for bike insurance renewal, you want your claims to be paid. To ensure claim payment, inform the insurance company of the modification and get your policy changed. Usually, the premiums do not increase a lot and they are affordable.

So, if you are a bike enthusiast, make your bike suitable to your tastes but don’t forget the two-wheeler insurance aspect. Keep your policy updated.

Post Author: Johnny R

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