Buying two-wheeler insurance online is convenient, quick, and often more affordable than traditional methods. However, it’s easy to make mistakes during the process that could leave you with inadequate coverage or higher costs in the long run.
Understanding these can help you secure the best 2 wheeler insurance that fits your needs and budget. This article will guide you through the five common mistakes to avoid when purchasing the best 2 wheeler insurance online.
Mistakes To Avoid When Purchasing The Best 2 Wheeler Insurance
Mistake 1: Not Understanding the Difference Between Insurance Types
When purchasing two-wheeler insurance, one of the most crucial steps is understanding the difference between third-party insurance for bikes and comprehensive insurance. Third-party bike insurance is legally mandatory and covers damages or injuries caused to another person or their property.
However, it does not cover any damage to your bike. On the other hand, comprehensive insurance provides broader coverage, including third-party liabilities and damage to your vehicle due to accidents, theft, natural disasters, and more.
Many people make the mistake of choosing the cheapest option, often third-party insurance, without realising that it might not offer enough protection. While third-party insurance meets legal requirements, it’s essential to consider whether the limited coverage is sufficient for your needs.
Comprehensive insurance might have a higher premium, but it provides better financial protection, which could be crucial in case of significant damage or theft. Always aim to find the best 2 wheeler insurance that balances cost and coverage effectively.
Mistake 2: Overlooking Add-Ons That Enhance Coverage
Another common mistake people make when buying the best 2 wheeler insurance online is not paying attention to the available add-ons that can enhance your policy’s coverage. Add-ons such as zero depreciation, roadside assistance, and engine protection can provide additional security and peace of mind.
For example, zero depreciation cover ensures that you receive the total value of replaced parts without considering depreciation, which can save you a significant amount of money during claims.
While it might be tempting to opt for the basic coverage to save on premiums, overlooking these add-ons could result in higher out-of-pocket expenses in case of a claim.
Carefully review the add-ons available with your policy and consider your riding habits and the risks you might face. Selecting the right add-ons can offer better protection and ensure you’re fully covered in various scenarios when choosing the best 2 wheeler insurance.
Mistake 3: Not Comparing Insurance Policies
With so many insurance providers offering different plans online, it’s essential to compare options before making a purchase.
Many buyers make the mistake of choosing the first policy they come across without exploring other options that might offer better coverage or a lower premium. Online tools such as premium calculators and comparison websites can help you evaluate different policies based on coverage, cost, and the insurer’s reputation.
By comparing policies, you can find the best 2 wheeler insurance that offers the most value for your money. Look beyond the premium cost; consider the coverage, customer service, claim settlement ratio, and add-ons provided by different insurers.
A thorough comparison will help you make an informed decision and avoid overpaying for inadequate coverage, whether you’re looking at third party insurance for bike or comprehensive plans.
Mistake 4: Ignoring the Importance of IDV
The Insured Declared Value (IDV) of your bike is an essential factor in determining your premium and the amount you’ll receive in case of a total loss or theft of your bike. Some buyers make the mistake of choosing a lower IDV to reduce their premium without understanding that this will also lower the compensation amount they can claim.
Understanding and setting the correct IDV is essential to ensure adequate coverage. A lower IDV might save you money on premiums in the short term but could result in insufficient compensation when needed.
Conversely, setting the IDV too high could increase your premium unnecessarily. Ensure you understand how IDV works and select an appropriate value reflecting your bike’s current market worth when opting for the best 2 wheeler insurance.
Mistake 5: Waiting Until the Last Minute to Renew Your Policy
Procrastination can lead to significant issues when renewing your bike insurance. Waiting until the last minute or letting your policy lapse can result in losing out on benefits like the No Claim Bonus (NCB), which rewards you with a discount on your premium for claim-less years.
Additionally, if your insurance expires and you get into an accident or are pulled over, you could face legal penalties for not having active insurance.
To avoid these risks, set reminders well before your policy’s expiration date and ensure you complete your motorcycle insurance renewal online promptly. Renewing your policy on time keeps you continuously covered. It helps maintain accrued benefits, such as the NCB, which can significantly reduce your premium costs for the best 2 wheeler insurance.
Conclusion
Purchasing the best two-wheeler insurance online offers convenience and potential savings, but it’s important to avoid common mistakes that could compromise your coverage. Whether you’re opting for third-party insurance for your bike or comprehensive coverage, making informed decisions will help you get the most value from your policy and protect your two-wheeler effectively.
*Standard T&C Apply
Claims are subject to terms and conditions set forth under the motor insurance policy.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
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.
