Insuring Your Bike? Here are 5 Common Errors People Make & How To Avoid Them

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Lack of knowledge can affect your ability to make decisions when it comes to buying two-wheeler insurance. Given how important a document an insurance policy is, choosing the appropriate two-wheeler insurance coverage must be done carefully. In this article, let’s look at some typical errors you should avoid while buying a bike insurance policy. Avoid these blunders when selecting a bike insurance policy.

When selecting the best two-wheeler insurance policy, you should avoid making the following typical mistakes: 

  1. Insufficient policy research 

Customers who purchase bike insurance policies frequently omit the research phase. One should never choose a plan before thoroughly examining all available policy options and conducting an adequate study on the advantages and costs of different plans. Receiving comparable policy advantages at a reasonable cost and learning about the company’s reputation through customer reviews aid in your search for the best coverage. 

  1. Finding a cost-effective policy

Every policyholder should be concerned about the cost of the coverage. However, basing all of your decisions only on price could lead you to choose the wrong plan. You must compare the numerous features and benefits of several insurance plans in order to select the one that is the most affordable. Choosing the most effective bike insurance policy may seem like a good idea, but these policies frequently wind up offering insufficient protection against significant damage or loss suffered by two-wheelers. ##

  1. Choosing specific small deductibles 

Many people choose fewer deductibles when obtaining a two-wheeler insurance plan online because they believe that fewer deductibles are more advantageous. On the other hand, the deductible amount should be chosen based on the frequency and size of your claims. Both a high and a low deductible are ineffective for handling minor and large amounts of claims. As a result, you should choose a claim that meets the requirements of your claim. *

  1. Failure to claim the NCB 

You become eligible to get a No Claim Bonus (NCB) benefit from your insurance company as a reward if you do not submit any claims requests during the length of your bike insurance policy. On the amount of bike insurance premium due for the following policy year, you may use the NCB concession provided by your insurance company. So, when it comes time to renew your bike insurance, keep it in mind. * 

  1. Ignoring the policy’s terms and conditions 

The largest error people make when buying two-wheeler insurance is this. As a result, you should carefully read the policy’s wording and pay attention to its inclusions, exclusions and how to claim insurance for bikes. Any claim you submit for a situation that is not covered by the plan may be denied. As a result, carefully examine the policy’s underwriting terms and conditions. *

When purchasing bike insurance coverage, all policyholders should avoid the blunders described above. You should compare various policies online based on their coverage, perks, and premiums in order to choose the finest two-wheeler insurance plan. We hope that this post will assist you in avoiding frequent errors and selecting the best plan. Insuring your bike is a smart and responsible step to protect yourself and your investment. However, it’s crucial to avoid making common mistakes when choosing a policy, such as neglecting to compare quotes, not fully understanding the coverage, settling for the minimum required coverage, not disclosing all relevant information, and not regularly reviewing and updating your policy.

To ensure you get the best value for your money and the proper coverage for your needs, it’s essential to do your research, understand the options available, and communicate openly and honestly with your insurance provider. With the right approach, you can rest easy knowing that your bike is well-protected.

* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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