Common Mistakes To Avoid in Picking Bike Insurance
Updated On Mar 20, 2021
5 Common Mistakes To Avoid in Picking Bike Insurance
Purchasing bike insurance is certainly not only about choosing the one with the lowest premium. Instead, it requires a lot of consideration of other factors as well in order to make the best buying decision. This is because when purchasing bike insurance on the basis of a single factor, i.e. the premium cost may cause you trouble at the time of claim. Situations like these lead to dissatisfaction thereby, creating distrust between the policyholder and the bike insurance company.
But, going after a cheap bike insurance policy is not the only mistake one may make when buying bike insurance. There are a lot more factors that you must consider so that you do not regret them later.
Mistakes to Avoid While Buying Bike Insurance in India
- Select the Right IDV: IDV or Insured Declared Value is the final value of money that an insurance company pays to the insured in case of a theft or total loss of your bike. Simply put, it is the current value of your bike.
- Do Enough Research: People buying bike insurance for the first time often fail to do enough research. But if you are planning to buy a new policy, then you must make sure to do a competitive study on premiums, benefits, insurance companies, of different health insurance plans available in the market, etc. This will save you from buying the wrong bike insurance policy, that too at an affordable premium. To be certain of your decision, you can also go through customer reviews of those who have purchased the policy.
- Opt for Sufficient Deductibles: Many people often choose the small deductible amount when buying bike insurance plans as they think it would be more beneficial. But actually, more beneficial bike insurance plans are those which last longer as compared to one-year bike insurance plans.
- Claim No Claim Bonus (NCB): No Claim Bonus is the discount offered by the insurance company to the insured if they have not made any claim under their previous bike insurance policy. You are eligible for the same when buying or renewing a bike insurance policy. So, consider this whenever you buy a policy in the future.
- Read the Policy Terms And Conditions Thoroughly: One of the most common mistakes when buying bike insurance plans is not reading the policy terms and conditions thoroughly. So, to choose the best bike insurance policy, you must read the policy wording in detail. Also do not forget to read the exclusions under the policy. This will save you from trouble at the time of claim.
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Now that you know some mistakes that you should avoid when buying bike insurance, you must also know how important it is to compare different plans online before investing in anyone. For this, you can use the bike insurance premium calculator available at InsuranceDekho. It is a free tool that lets you compare plans as well as give you an estimate of the premium you will be required to pay for the policy.
Also, make sure to go for a bike insurance policy with maximum benefits and yet comes at an affordable premium. Some common benefits that you can look for in a bike insurance policy include cover for damage from natural and manmade calamities, access to depreciation waiver cover, a wide network of garages where you can avail of cashless services, etc.
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.