Downtime Allowance in Bike Insurance Add-on
Updated On May 24, 2021
A downtime allowance is an add-on cover bought alongside a comprehensive bike insurance plan. To know more regarding the Downtime Allowance add-on, read on the whole article.
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Buying a comprehensive bike insurance plan has got several benefits, one amongst them is customizing the coverage through various add-ons available. While certain add-ons are helpful in getting direct cash in case the policyholder faces any delay in receiving the services, on the other hand some add-ons offer useful services. There are specific add-ons that lets the policyholder achieve better reimbursements on claim. One amongst such add-ons for bike insurance is Downtime Allowance add-on.
What is a Downtime Allowance Add-on in Bike Insurance?
With the help of downtime allowance add-on, a policyholder receives a fixed amount of money as a transport allowance till their respective bikes get repaired after the mishap. The minimum number of days required in order to avail the benefits under this add-on is dependent upon the insurance company alongside the amount that needs to be offered.
For Example: Mr. Anand Mishra has recently met with an accident wherein somehow he was able to save himself but his bike major damages in the accident. He immediately informed the insurance company regarding the same and arranged for the toeing of his bike. According to the garage owner, the bike would require 12 days to get completely repaired, leaving Mr Anand without any vehicle for commuting daily from home to work. Now, this is when a downtime allowance comes into the scene, where the insurance provider will not just pay for repair but also for an amount for commuting to work. The amount offered is dependent upon the terms and conditions laid down by the insurance company.
This add-on cover is extremely useful for policyholders who would suffer monetary loss in the absence of their bike for the purpose of daily travelling to the workplace.
Benefits of Buying Downtime Allowance Add-on alongside Bike Insurance
The following benefits can be availed by the policyholder at the time of purchasing Downtime Allowance add-on alongside comprehensive bike insurance policy:
- Financial aid offered to the policyholder in case repair of the bike takes longer time than expected.
- Helps in increasing claim amount
- At the time of getting the bike repaired, it helps in reducing other expenses from pocket.
- Helps in staying worry less regarding the cost of travel when a bike is given for repair.
- Coverage under comprehensive bike insurance plan increases
- A policyholder can continue travelling by any preferred means of transport.
How to Claim for Downtime Protection in Bike Insurance?
A policyholder can make a claim for downtime protection by getting into contact with their respective insurance provider as early as possible. After immediately nursing the wounds caused in an accident, the policyholder should in no time contact their insurance company for claim. Given below are the steps to make a claim against the downtime allowance add-on:
Step 1: A policyholder should immediately inform the insurance company regarding the accident with all the details.
Step 2: Get the documents ready according to the list given by the insurance provider.
Step 3: Register for the claim on the official website of the insurance company and upload all the related documents.
Step 4: Provide them with any extra information whenever the insurance company asks.
Step 5: Your claim settlement will be done after verifying all the listed information regarding the accident and claim.
Note: The claim amount offered to the policyholder will include monetary benefit linked with Downtime allowance add-on.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.