Given the current traffic conditions, having a two-wheeler makes it possible to reach any place you want. However, accidents are unexpected, so it is best to secure your vehicle ahead of time with an adequate insurance policy. It is also mandatory to obtain at least third-party bike insurance. People frequently don’t give bike insurance much thought and merely purchase it as a formality. Two-wheeler insurance third-party insurance choices can help you make better decisions.
Later on, people have difficulties understanding the policy wordings and absorbing all of the jargon. However, if you are cautious and avoid the pitfalls listed below, you will have a fantastic deal.
- Proper research was not carried out.
When people purchase two-wheeler insurance coverage without paying close attention, they wind up spending more money than they should. First, determine what type of policy you want, then conduct thorough research and review all accessible possibilities. This way, you’ll be aware of all the plans on the market and will be able to receive better concessions. Make sure you understand the items that are covered under a third-party policy and what is covered under a comprehensive policy.
- Missing Out on NCB Claims
If you do not file a single claim during the policy period, the insurance company will give you a concession on your premium amount when you renew your policy, known as a No Claim Bonus (NCB). The concession will be applied to the upcoming year’s premium. If you change insurance companies, the NCB can still be transferred because it belongs to you, not your bike. To save money on your two-wheeler insurance renewal, avoid filing claims for small losses. These things, such as minor scratches, can be paid for out of pocket. * ##
- Buying Only Less Expensive Insurance and Being Underinsured
Most consumers believe that acquiring an expensive policy is a waste of money since they base their decision on price. You may believe that by purchasing low-cost coverage, you will save money while also insuring your bike. However, I regret to inform you that this is not how it works. ##
If your insurance policy is less expensive, you should investigate the scope of coverage it provides. If you choose only an economical two-wheeler insurance policy with insufficient coverage, you will suffer significant damages if your bike is involved in a traffic accident someday. As a result, constantly evaluate numerous policies online and choose the insurance that will be adequate for you. You can use the premium calculator provided online to estimate the cost of your coverage before purchasing it. An online calculator will help you understand the difference between an economical-only policy and one with real value.
- Disregarding the Policy Document
Most of you make the error of not reading the policy documents. Anyone considering purchasing a new insurance policy should properly read the policy wording. The reason for this is that it contains the terms and conditions, exclusions and inclusions, and so on of your individual policy, which could be third-party insurance for bikes or comprehensive coverage that will assist you in how to claim two-wheeler insurance. There’s a chance that the coverage you’re looking for is on the list of ‘exclusions,’ and if you discover this while claiming, you won’t be allowed to use your policy. As a result, it is recommended that you comprehend all of the policy’s benefits and cons before making a final selection.
Now that you know what frequent mistakes people make when purchasing a two-wheeler insurance policy, you can go ahead and acquire one without making any mistakes. Also, make sure to purchase your insurance coverage online, as this will make the entire process much easier for you.
* 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.