Are you considering buying a new two-wheeler insurance policy? Whether you’ve bought a new motorcycle or a scooter, or the time has come to renew your existing bike policy, choosing the best two-wheeler insurance is certainly the next logical step. A bike insurance policy is mandatory by law in India and you could get into trouble if you do not possess an insurance policy for your two-wheeler.
While purchasing two-wheeler insurance is not as thrilling as riding your bike on an open road, it can be thrilling when you realize how much money you could save on insurance. If you keep certain points in mind and avoid mistakes listed below, then you can find a policy which is suitable and covers you financially due to unfortunate circumstances.
Choosing or Buying Only A Low-Cost Insurance:
One of the most common mistakes is the intent to buy only a low-priced insurance policy. There are insurers who offer low-priced bike insurance along with a host of benefits which are beneficial to you. Find a cheaper insurance policy for two-wheelers and it does not compromise on your financial benefit, then you should opt for the same.
While a cheaper insurance premium might save you some money, it might not be a wise move all the time. Some lower-priced two-wheeler insurances might not have accurate coverage and you might end up incurring losses, especially when your vehicle is damaged completely due to an accident. So, choose wisely.
Also, read: Buy/Renew 3rd-Party Two Wheeler Insurance
Not Enough Research Done:
By not researching enough about various policies in the market, you could end up buying an expensive one. By exploring the market and researching policies available, you’ll be aware of different types of plans offered by insurers, and get the most-suitable bike insurance policy in the market.
Not Choosing the Right IDV:
Several insurers offer some of the cheapest premiums for two-wheeler insurance. However, the Insured Declared Value (IDV) of the vehicle is something that you might have overlooked. IDV is the maximum sum insured offered by the insurer for your vehicle. This is the amount you’ll receive in case of total loss or theft of your vehicle.
Certainly, a higher IDV comes with a higher premium; however, vice versa can be true as well. It’s important to choose the accurate IDV so that you’re covered in case of a total loss or theft.
Not Utilising the No-Claim Bonus (NCB):
When you don’t raise any claims during the policy tenure, the insurer offers the No Claim Bonus (NCB) as a reward. It comes in the form of a discount on the premium when you renew the policy. When you’re purchasing a new policy from a new insurance company or renewing your existing one, you’re eligible for the NCB. So, by taking advantage of the NCB, you certainly will benefit from a discount.
Not Entering Correct Personal Information:
For a valid claim or renewal of the policy, it’s of utmost importance to enter accurate personal details. Details such as name, nominee, registration certificate (RC) number of the vehicle, and the last insurance policy details should be entered correctly to avoid any surprises.
Insurers may think that you’re committing insurance fraud if you forget to enter correct details. Make sure your personal information is filled correctly and the policy is error-free so that when you make a claim, you do not end up losing the financial cover.
Also, read: 5 Tips to Extend the Life of Your Two-Wheeler
Letting Your Bike Insurance Policy Expire:
By letting your policy expire, you’re committing an offence in the eyes of the law. Also, if it’s been 90 days since your policy expired, you lose out on the NCB. This feature of NCB is given to you only if you do not make claims during the period tenure. And, it’s always a good practise paying insurance premiums on time to avoid any penalties.
In conclusion, these common mistakes can be rectified easily if you’re more vigilant about the details of the policy and terms and conditions.
Researching, comparing and buying car insurance is easy, thanks to online two-wheeler insurance which has made it easier to find the best new two-wheeler insurance policy in the market.
Read informative Two Wheeler Insurance Articles at Acko.
Read all our insurance & non insurance related articles here.