Buying a two-wheeler in today’s day and age is no luxury but a mere matter of convenience. Convenience from hassles of public transport. But whichever two-wheeler you ride, having an insurance cover is mandatory as per the law. The Motor Vehicles Act lays down this need for compliance failing which, attracts hefty penalties.
Your search for a bike insurance policy may be supported by suggestions from friends, family and even your peers. But during the lookout for a suitable policy, there are various misconceptions that you mustn’t believe. Here are some of those misapprehensions you need to stay away from to make a prudent choice of bike insurance policy.
- Two-wheeler insurance is complicated
There are a myriad insurance plans to choose from and all of which are loaded with different jargons and terminologies. This makes most buyers believe that two-wheeler insurance plans are complicated in nature. However, that isn’t the case. The jargons and terms used in the policy documents and brochures only create such an impression but in reality, it is simple and straightforward once you breakdown those terms. Moreover, with the advent of internet technologies, bike insurance renewal and its purchase can be made seamlessly online. All of it at the convenience of your couch. So, the next time you hear that two-wheeler insurance is a complicated process, trust no one because it is easy and straightforward.
- A third-party policy provides sufficient coverage
Many buyers of bike insurance plans overlook the importance of a policy that offers 360-degree coverage. Thus, they opt for only a third-party policy. Such third-party plan, although suffice the legal requirement of a two-wheeler insurance policy, often falls short of its coverage when it comes to protecting against own damages. Thus, the misconception about a third-party policy being enough must not be believed in. In fact, you must opt for a policy that offers comprehensive coverage. This way, any damages sustained by your bike during an accident or due to natural calamities or other man-made perils can be covered under your insurance policy’s scope. * Standard T&C Apply
- Your insurer cannot be changed or switched
Two-wheeler insurance plans are valid for a specified tenure, which is generally for a period of one year. After such tenure, you need to renew the insurance coverage wherein you can opt for additional or delete covers, or even opt for an ungraded insurance policy. Not just that, you can even change your insurance company and transfer accumulated benefits like the no-claim bonus too. Moreover, such transfer is possible even during your policy tenure, however, it isn’t advisable to switch mid tenure unless there are some serious coverage flaws. You can visit the official website of IRDAI for further details.
- Two-wheeler insurance provides for all damages
A comprehensive two-wheeler insurance plan protects your bike from different perils which otherwise are excluded from third-party policy’s scope, but just like all insurance policies, it has its share of limitations. Cases like riding under the influence of an intoxicating substance isn’t covered under any insurance policy. The insurance company straight up reject such claim applications. Hence, you need to be aware of the inclusions and exclusions of your policy and ensure you follow the law to have protection from damages.
- Buying two-wheeler plans is an expensive affair
Lastly, it is commonly believed that two-wheeler insurance plans are expensive. While in reality, economical plans are also available. While add-ons to a comprehensive plan can increase the premium, offloading those that do not add any value can help you save on premiums. In this process, tools like two wheeler insurance premium calculator come handy.
With the common misconceptions cleared about two-wheeler insurance plans, you can make a smart decision the next time you are buying one. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.