All of us tend to commit mistakes when we are doing something for the first time, even whilst buying a bike or two-wheeler insurance. It is important to learn from mistakes so that the same mistake is not repeated in the future. In this article, we discuss some mistakes that you should avoid when buying a two-wheeler insurance policy and methodologies to avoid them
1. Forgetting to analyze the needs
Buying a dream bike of your choice is half the job done since you need to factor in the cost associated with the insurance premium for your bike. Before buying bike insurance, you should perform a comparative study of various insurance companies, advantages of different insurance plans, and premium of two-wheeler insurance policies that fit your requirements.
Also, look for online reviews about different insurance companies that provide bike insurance especially the time they take to resolve insurance claims.
2. Choosing the cheapest option
Price is undeniably the factor that every consumer/customer looks at when buying a product. However, that should not be only criteria as you might opt for an insurance policy without evaluating from all the angles.
Do not choose the insurance policy with less premium without taking into account the possibility of total loss or theft of the bike. This makes even more sense if you own a high-end bike. Hence, always look for affordability and decent coverage when evaluating different insurance options.
3. Not comparing bike insurance online
With the advent of mobile internet, it is very easy to compare bike insurance online. Whether you should opt for third-party insurance cover or liability to third-parties or some other option purely depends on your requirements.
When you compare bike insurance online, you can understand the different factors that could affect the premium being paid for two-wheeler insurance. You can also make informed decisions since you have to enter every minute detail about the two-wheeler. It also helps in eliminating the commission being paid to the middlemen or agents since they are not at all involved in the online process☺.
Lastly, you can select the right add-ons features so that you can have a bike insurance policy that is customized as per your needs.
4. Getting insurance policy transferred in your name
If you are a learner or running tight on budget, you may want to buy a second-hand bike. You should make a point that the insurance policy is transferred in your name along with all the other important documents about the two-wheeler.
If you do not get this done, you may end up in a big mess as you will be exposed to financial risks that might arise from an unfortunate event.
5. Not checking the Terms & Conditions (T&C)
You may not check the T&C when creating a new email but should always check the T&C when you are buying or renewing two-wheeler insurance. You should never ignore the exclusion list of the policy.
Before you opt for any bike insurance policy, it is always recommended to read the entire document thoroughly and clarify the doubts at that very moment.
6. Not checking the No-Claim Bonus
In case you do not submit any claims throughout the policy term, you are eligible to receive a No-Claim Bonus (NCB) during the time of renewal or buying a new policy. The new insurance firm could offer you a discount on the premium due for the consecutive year.
How to buy bike insurance?
You can buy or renew bike or two-wheeler insurance using the online or offline medium. Doing it online can save you a lot of time and effort as most of the formalities can be completed on the click of a button!