It is common to make mistakes when you are doing something for the first time. Similarly, you may make some mistakes while buying bike insurance as well.
In this article, we will discuss these mistakes and how you can avoid them.
Forgetting to analyze your needs
Before you buy two wheeler insurance policy, do not fail to analyze your requirements and then explore numerous choices. Carry out a comparative study of the advantages and premiums of various two-wheeler insurance policies that fit your budget. This could assist you to seek out similar coverages at a far cheaper premium rate. Carrying out research on the insurance company and customer reviews will help you to shop for the most beneficial policy in the market.
Opting for the cheapest option
Price is unquestionably the purpose of concern for each buyer, be it a bike insurance policy or any other product. Particularly for the policy that provides multiple advantages and coverage. The policy with cheap premium may seem to be the most effective choice for you, however, you make be left underinsured in cases of total loss or theft. Continuously hunt for a reasonable two-wheeler insurance policy that fulfills both needs – affordability as well as decent coverage.
Opting for Deductibles
Opting for deductibles may lower the price of your bike insurance policy, however, you will be financially exposed in case of major damages to your bike. This is because opting for a higher deductible will result in a lower claim amount. Paying the compulsory deductible is beyond the control of the policyholder, however paying a voluntary deductible is his/her personal decision.
Not checking the No Claim Bonus
In case you are doing not build any claims throughout the policy term, you’re eligible to receive a No-Claim Bonus at the time of shopping for a brand new policy or at the time of renewal. The No-claim bonus could be a discount offered by the insurance firm to the customer on the premium due for the consequent year. So, keep this in mind at the time of two wheeler insurance renewal your 2 wheeler contract.
Not going through the terms and conditions
This is one among the foremost common mistakes we tend to make when shopping for two-wheeler insurance policies. So, make sure that you read the policy thoroughly and don’t ignore the exclusion list of the policy. It should be that the most vital coverage you are looking for falls in the exclusion list of the policy. Before paying for the policy, do scan the underwritten terms and conditions.
Getting the insurance policy transferred in your name
If you are running tight on the budget or if you are a learner, you might decide on opting for a second-hand bike. In this case, you need to make it a point to get the insurance policy of that bike transferred in your name. If not, you will be completely exposed to financial risks that might arise from an unfortunate event.
Forgetting the expiry of your current policy
It’s quite common to see several bike riders on their bikes with no bike insurance coverage. Without an insurance policy, you may have to burn a big hole in your pocket. Some of the incidents that could financially drain you are third-party liabilities like damage repair, hospitalization costs, and compensation. Other may include damage to your bike due to accidents, theft, calamities, fire, etc. Other than that, it is against the law to ride without insurance and you will be penalized for the same.
How to buy two wheeler insurance?
You can buy two wheeler insurance either online or via offline methods. The process will be easier if you buy bike insurance online as it will save a lot of your time and efforts. To buy bike insurance online simply visit your preferred insurer’s website, navigate to bike insurance, fill your details, select a plan and make the payment.