Last Updated on 11 months by admin
Bike insurance, since legally mandated, is a must for every bike owner in India. Bike owners have to have at least third-party liability insurance while taking their vehicles out on Indian roads. However, most people do not give due importance to bike insurance and make several mistakes while buying or renewing it. If you have the right insurance provider, it is easy to find the right plan like comprehensive insurance for two wheeler but when it comes to renewal, you might have to step up. Despite the insurance providers simplifying the process, people commit some common mistakes while dealing with bike insurance. If you plan to buy or renew two wheeler insurance, make sure you do not commit these common mistakes.
Not Comparing Different Bike Insurance Plans:
One of the most common mistakes that people make while buying comprehensive insurance for two-wheelers is not comparing different plans before finalizing one. With growing digitisation, it has become quite easy to compare different bike insurance plans online and choose the best one suiting your requirements.
Buying Insurance for a New Bike Without Comparing Plans:
Most people buy comprehensive insurance for two-wheelers without comparing different plans or understanding their inclusions and exclusions. This may lead to buying an expensive plan with features that are of no use to you. Hence, always compare different plans before buying one. When you renew two-wheeler insurance, it is advisable to reconsider the plans to see if you can afford a better plan or if any features have been added to your current plan.
- Not reading the policy document carefully: Not reading the policy document carefully before buying bike insurance. is another common mistake that people make. The same happens when you renew two-wheeler insurance. It is essential to understand all the inclusions and exclusions of your plan so that you are aware of what is covered and what is not. This will help you to file a claim smoothly in case of an accident.
- Not disclosing all the relevant information: While buying comprehensive insurance for a two-wheeler, you must disclose all the relevant information to the insurer. This includes your age, driving history, etc. By mistake, if you end up furnishing the wrong information, your policy can be declared void.
- Buying insurance for a short period: Many people make the mistake of buying comprehensive insurance for a two-wheeler for a short period of time in order to save money. However, it may lead to problems in case of an accident or own damage. It is always advisable to buy insurance for at least 3 years so that you are covered for a longer period of time.
- Not renewing the policy on time: Many people do not renew two-wheeler insurance policies on time, and as a result, they have to pay penalties. It is well recommended to renew your policy before it expires so that you can avoid such penalties and keep using comprehensive insurance for a two-wheeler.
- Not comparing premiums: When you renew your two-wheeler insurance policy, do not just go with the same insurer. Compare the premiums of different insurers and choose the one that offers the best deal.
- Not checking for discounts: Many people do not realize that insurers offer various discounts on comprehensive insurance for two-wheeler policies. You can check with your insurance provider to see if you are eligible for any such discount.
- Buying insurance without understanding the features: Many people buy or renew two-wheeler insurance without understanding the features and benefits of the policy. This may lead to buying a policy that does not suit your requirements. Hence, always take some time to understand the features of different plans before buying one.
- Failing to keep all the documents ready: In case of an accident, you will have to submit several documents to the insurer in order to claim your insurance. Hence, it is important to keep all the relevant documents ready so that you do not face any problems while filing a claim or when you renew two-wheeler insurance.
How to Avoid Basic Mistakes?
Now that you’ve learned about some mistakes that people often make while shopping for comprehensive insurance for a two-wheeler, let’s find out how you can avoid making those mistakes yourself.
While planning to buy or renew your two-wheeler insurance policy, take care of the following things:
- Before signing up, read the policy document carefully. This will help you understand the inclusions and exclusions of the policy.
- Compare different policies from various insurers to find the best policy for your needs.
- Choose a policy with sufficient coverage. A comprehensive policy is always recommended as it covers third-party liability as well as own damage.
- Do not forget to disclose all relevant details about your vehicle, including modifications, to the insurer.
- Keep your bike in a secure location to avoid any incidents that could lead to a claim.
It is advisable to find the right insurance provider who can offer you the best comprehensive insurance for a two-wheeler policy for your bike as per your individual requirements. Do not go for an insurance policy just because it is cheap. When you are buying a new bike, make sure to get it insured immediately. Do not wait for the renewal date of your old policy to renew your two-wheeler insurance. Keep yourself updated about the various add-ons and benefits that different insurance companies offer from time to time so that you can make an informed decision.
With these tips in mind, you can be sure of making the right decision while buying or renewing comprehensive insurance for two-wheeler . Remember, an uninsured two-wheeler is not only illegal but also exposes you to financial risks in case of an accident. So, always make sure your bike is insured before hitting the road!
These are some of the common mistakes that people make when they buy or renew two-wheeler insurance. Be cautious and avoid making these common mistakes so that you can avail the best benefits from your policy.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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