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Heavy traffic, lack of parking space, and navigating narrow streets are just a few reasons why people choose two-wheelers over cars each day. A bike or a scooter is a common sight in every household. Buying your first two-wheeler gives you joy like none other. But purchasing a two-wheeler comes with the additional responsibility of maintenance and road safety. Even a small accident can cost you big bucks. So, it is essential to buy two-wheeler insurance before getting your ride on the road. There are plenty of insurance plans available in the market. It can get a little confusing to choose one, leading to mistakes. So, here is a list of common mistakes to avoid when choosing a two-wheeler bike insurance.
Not Doing Enough Research
By not researching enough about various policies in the market, you could end up buying an expensive one. By exploring the market and analyzing the policies available, you’ll be aware of different types of insurers’ plans and get the most-suitable bike insurance policy in the market. The variety of plans available in the market might confuse you to a great extent. Hence, many policy aggregator platforms offer you the option of comparing bike insurance online. Through these websites, you can choose 3-4 policies which suit your needs. Once shortlisted, you can compare them on the platform itself. Their ‘compare’ feature allows you to see a comprehensive table comparing each policy’s benefits and drawbacks. You can easily compare bike insurance and choose the best one for yourself.
Not Choosing the Right Policy Type:
If you are looking to buy a brand-new cover, first understand that motor insurance is divided into two categories. You have comprehensive plans and third-party plans. Understand what each type of two-wheeler insurance policy offers and then choose the right kind of cover. The type you choose will determine the features, coverage, and price of the insurance policy, so make your choice wisely. While third-party insurance is mandatory by the government of India, a comprehensive policy covers all your expenses. So, choose the right policy that covers all your bases.
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. Indeed, a higher IDV comes with a higher premium; however, vice versa can be true as well. It’s essential to choose the accurate IDV so that you’re covered in case of a total loss or theft.
Not calculating the NCB
The no-claim bonus is a very crucial vehicle insurance element. You can get handy discounts on bike insurance quotes with your accumulated NCB. Make sure the NCB is calculated and deducted correctly before you buy a two-wheeler insurance plan in India.
Not choosing the correct policy period
Did you know that bike insurance is available for not just one year but also two and three years? Yes, that is right. You can buy long term vehicle insurance cover and stay protected for a longer time. Many people commit the mistake of not exploring the options as they are unaware of them. Therefore, you should explore all the options in front of you and then choose the correct policy period that suits your requirements.
Not buying the right riders
Bike insurance riders are available aplenty. It would be best if you got a few riders with your primary auto insurance coverage. However, you should not make the mistake of choosing the incorrect pool of riders. Evaluate the different riders and match them against your requirements. You will then find the most suitable option, and your bike insurance cover will indeed become tailor-made for you.
Lastly, you should ensure you fill in all your details correctly. See whether the spelling of your name, your age, your address, etc., are mentioned correctly. If you notice any errors, make the change right away.
