Looking at the traffic situation today, it becomes convenient to get anywhere you want if you have a two-wheeler. But, accidents are unpredictable and so it is better to secure your vehicle beforehand with an adequate insurance policy. It is also a compulsion to have at least a third party insurance for bike. People usually don’t think over purchasing bike insurance and take it up only as a formality.
Later, people have difficulty understanding the policy wordings and have a hard time learning all the jargons. But, if you be careful and avoid making mistakes that are mentioned below, you will have an ideal deal.
- Proper Research Not Done
When people buy a two wheeler insurance policy without paying much attention to it, they end up paying more money than they’re supposed to. Firstly analyze what kind of policy you want, after that research well and glance through all the available options out there. This way, you will know all the plans available in the market, and you can get better deals as well.
- Missing out on Claiming NCB
If you do not make a single claim during the policy term, the insurance company offers you a concession on your premium amount during insurance renewal, in the form of No Claim Bonus (NCB). The concession will apply to the premium amount of the coming year. If you are planning to switch your insurance company, the NCB can still be transferred because it belongs to you and not your bike. Ensure that you do not claim for minor damages to save on your premium during two wheeler insurance renewal.
- Purchasing Cheap Insurance and Remaining Underinsured
Most people think that purchasing an expensive policy is a waste of money because they take cost as a primary factor in selecting the policy. You might think that if you purchase a cheap policy, you’ll be saving money as well as have your bike insured. However, to break it to you, this is not how it works. If your insurance policy costs less, you might as well want to check the extent of coverage it has to offer to you. If you buy a two-wheeler insurance policy at cheap price with insufficient coverage, you will suffer huge losses if your bike gets involved in a road accident someday. Therefore, always compare various policies online and opt for the policy that will prove to be sufficient for you. To know the estimated amount of your policy before buying, you can use the premium calculator available online, to do so.
- Ignoring the Policy Document
Most of you make the mistake of not going through the policy papers. Anyone who is planning to purchase a new insurance policy must go through the policy wordings thoroughly. The reason being, it includes the terms and conditions, exclusions and inclusions, etc. of your specific policy that may be, third party insurance for bike or comprehensive coverage that will help you while making claims. There is a possibility that the coverage you’re looking for, falls under the list of ‘exclusions’ and if you realize this while claiming, you won’t be able to benefit from your policy. Therefore, it is suggested that before you make the final decision, understand all the pros and cons of the policy.
Now that you know what mistakes are commonly made by many while buying the two-wheeler insurance policy, you can go ahead and purchase one without making blunders. Also, make sure to buy the insurance policy online, as it will make the entire process quite convenient for you.