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Thursday, 10 March 2022

6 mistakes to avoid while buying a bike insurance

In India, it is compulsory to purchase motorcycle insurance. However, this isn't the only incentive to invest in a decent insurance coverage. Choosing the correct bike insurance policy comes with a slew of benefits. However, in order to get the most out of your insurance plan, you must avoid the frequent blunders stated below. Take a look to see how you may avoid them and maximize the value of your bike insurance policy.

The following are some of the most common errors that people make:

1. A scarcity of information and research

Bike insurance is a reasonably priced form of auto insurance.

When acquiring a bike insurance coverage for the first time, many consumers spend very little time researching their options. They have a tendency to purchase the first plan they come across, which is the first error to avoid. Spend some time comparing and learning about the various available options, as well as their benefits, and you may be able to acquire ll at a much better rate. Comparing different policies is really straightforward, and you can do it online in a matter of minutes. Comparing the various two-wheeler plans also allows you to learn about the opinions and reviews of other customers

It also assists you in locating the most appropriate features and ensuring that the insurance coverage works in your favor.

2. Choosing the most affordable insurance plan

Another common blunder made by many bike owners looking for a good deal. Many bike owners contemplate purchasing insurance solely because it is required by law. In addition, the cost of the coverage is something that everyone considers. As a result, they choose for the cheapest option. However, if you get the lowest package without doing any research, you may wind up with something that is completely unsuitable for your needs. Even if you have a policy, you may find it quite annoying to make payments out of your own pocket while making a claim, simply because the insurance coverage is insufficient or redundant for you by the time you realize it.

3. Deductibles that are incorrect

A deductible is a part of any auto insurance policy. As a policyholder, you must agree to pay a portion of the expenditures at the time of a claim, with the insurance company covering the rest. The deductible is the term for this amount. You will pay a cheaper premium if you choose a greater deductible. However, you may be unaware that you would be required to make greater payments if you file a claim. So, before choosing the right deductible for your bike insurance plan, make sure to consider all of the elements, including your personal driving skills and the age of the bike.

4. Inattention to the no-claim bonus

Many policyholders are unconcerned about the NCB and do not bother to check whether the bonus has been removed from the premium. Do not make this mistake, as letting go of your NCB can cost you money. A no claim bonus is a discount granted by an insurance company when a policyholder does not file a claim during the policy period. With each year of claim-free service, the incentive grows. When renewing your policy, double-check that the NCB amount has been deducted correctly from the current year's premium. In the event that you decide to change insurance carriers, your NCB can be transferred from one to the other.

5. Allowing the plan to lapse or being oblivious to the fact that your insurance has lapsed

This is a very common blunder that many bike owners make. This should be avoided at all costs, since a lapsed insurance can result in a slew of problems. You will not receive any compensation from your insurance carrier if you crash your bike or it is stolen while your coverage is lapsed. Even if the policy has only lapsed for a few days, this will be the outcome! Then, in order to get the plan reinstated, you will have to pay some additional useless charges and penalties.

By being a little more careful with your bike insurance premium payments and renewals, you may avoid these issues and keep your coverage from expired.

6. Failure to declare the right IDV 

The highest sum assured for your bike that your insurance provider agrees to pay you in the event of theft or total loss of your bike is known as the insured declared value (IDV). After depreciation, the IDV of your two-wheeler is the current market worth.

Some bike owners declare a considerably lower IDV since the lower the IDV of the bike, the lesser the two-wheeler insurance rate will be as well. Simultaneously, be prepared for the possibility of receiving a lesser claim amount in the event of an accident. As a result, it's important to report the right IDV up front to avoid any complications later.

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