Bike Insurance Misconceptions to Be Ignored

No matter which two-wheeler you ride, you will have to carry at least a third party bike insurance policy. However, you can also purchase a comprehensive policy that can comply with the legal requirements of the Indian Motor Tariff and can protect your two-wheeler from any damage or loss. This is beneficial for both parties where one is driving the two-wheeler and the other who gets involved in an accident or mishap. Basically, bike insurance ensures a safe ride for bike owners since driving on the road is always risky and anything can happen anytime. However, many people hesitate to buy bike insurance due to some misconceptions about it. Let us discuss some common misconceptions that people have about bike insurance.

Common Misconceptions About Bike Insurance

Here are some misconceptions about two-wheeler insurance and their correct explanations:

1. Buying Bike Insurance is Complicated

Many people think that purchasing a two-wheeler insurance plan is a complicated and time-consuming process. But, it is certainly not the case. Nowadays, buying insurance has become quite easy and fast. Insurance companies are offering the insurance purchase facility online with which you can purchase a bike insurance plan from anywhere. You just have to visit your insurer’s website where you will have to enter the required details, analyse plans, compare policy quotes and opt for the most suitable policy for you accordingly.

2. Third-Party Cover is Sufficient

A third-party insurance policy is a legal requirement that provides basic coverage to policyholders. This cover protects the third party only and is not entitled to cover the damage or loss sustained by your own bike or scooter. It is recommended that you should opt for comprehensive insurance that will give you protection from third-party liabilities and own-damage expenses that occur due to an accident or a mishap.

3. The Insurance Company Cannot Be Changed

It is a common perception among people that once a two-wheeler insurance plan is purchased, the insurance company cannot be changed but it is not true. Generally, a bike insurance plan is valid for one or two years where you need to renew it before that period to stay with the insurance company while you can easily switch the insurance provider as well during the renewal of the two-wheeler insurance policy. If you have earned an NCB from the last insurance company, then you can also enjoy the NCB benefit in the very first year of the policy.

4. Two-Wheeler Insurance Is Expensive 

Many people think it is expensive to purchase a two-wheeler insurance policy. But, it is to be understood that it is a necessity and not a luxury anymore. Many insurance providers offer a range of economical plans where you just have to compare and examine the plans offered by different insurance providers. It is a good thought to buy a bike insurance policy within your budget but is more important to own a policy based on your requirements. In simple terms, two-wheeler insurance is not expensive but costs based on your coverage.

5. Two-Wheeler Insurance Covers All Damages

Two-wheeler insurance protects you from all sorts of unforeseen incidents or mishaps and gives coverage for the same. However, the case is not applicable in every situation. In cases, where accidents or mishaps happen under the influence of drugs, alcohol or any substance abuse. In such circumstances, the insurance company can straightway reject the insurance claim requested by you. Hence, it is always suggested to look through the policy wording thoroughly and properly to understand its features, benefits, inclusions and exclusions, etc under the plan one have purchased.

Conclusion

To buy two-wheeler insurance is a tedious task for many people. Some find it difficult due to a lack of policy understanding while many have some misconceptions in mind that complicate the process for them. Hence, it is better to understand the advantages of purchasing bike insurance that will help you make an informed decision to get the aptest plan. Therefore, it is recommended to be attentive while making the purchase of a two-wheeler insurance plan and be assured until the renewal of the bike insurance policy. Go through the aforementioned points and set aside all your apprehensions pertaining to purchasing two-wheeler insurance.

Also Read:

5 Bikes/Scooters expected to launch in 2021 in India

Is Two-Wheeler Insurance Compulsory For Electric Scooters? 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.