Once you have finalised the choice of two-wheeler, next step is buying an insurance policy. It is important to select the right two-wheeler for comfort and at the same time meet your usage requirements. Similarly, it is crucial to select the right insurance cover too. Initially there are two broad categories from which you can select – comprehensive or two wheeler insurance third party policy. But these categories have several plans available to choose from. This is where the confusion begins. With myriad options to pick from, it can often be a perplexing decision. This article elaborates on the commonly overlooked aspects of buying the right two-wheeler insurance.
Inadequate research: The number one mistake is to not conduct adequate market research. With a plethora of insurance plans to choose from, browsing limited options will not be sufficient. You need to look beyond the options suggested by your friends and family for the right insurance coverage. No plan can be right for different requirements. Thus, the more your research, the better suited option you can get. A thorough research can also help find an alternative that is either offers better features at a similar premium or exact same features for a cheaper price. Browsing different plans is even more convenient when buying a two wheeler insurance online. At the convenience of your home, you can look-up and compare the different plans from various insurance companies.
Opting for a cheaper alternative: Another common oversight when buying a two-wheeler policy is selecting a plan purely based on the cost. A policy with lower premium may be more inviting, but its features may not be at par with a moderately priced plan. While you pay for it regularly, when the times comes to offer coverage, it might exclude many events that will result in a financial loss. To avoid this situation, it is advisable to not choose the policy with the lowest premium but balance the cost and benefits and then select one.
Not reading the policy terms and conditions: Familiarising yourself with the policy terms and conditions need to be done without fail. Ignoring this bit will make you uninformed of the crucial terms that you ought to know when buying an insurance policy. The insurance companies enlist essential exclusion that can be a deal breaker for you. Moreover, the events in which the insurance policy will offer its coverage is also listed here. So, before you finalise on a policy purchase, make sure you thoroughly read these terms.
Not utilising the no-claim bonus facility: No claim bonus is the facility where the insurance company reduces your two wheeler insurance prices for not raising any claims during the policy tenure. This benefit is only applicable for comprehensive policies and starts at 20% of the own-damage premiums. Since it offers a significant concession, make sure to avail this facility at the time of bike insurance renewal.
Simply avoiding these mistakes will help you get an all-round coverage without any blind spots in your policy coverage. Having a well-crafted insurance cover that checks all the right boxes will save you from financial hassles at the time of repairs to your bike.