Avoiding Pitfalls: Common Mistakes To Avoid When Buying Or Renewing Bike Insurance

Acquiring mandatory annual two-wheeler insurance in India involves registration, a pollution control test, and coverage from an Insurance Regulatory and Development Authority of India IRDA-approved insurer. Despite its routine nature, crucial considerations are often overlooked during the purchase. When obtaining two-wheeler insurance in India, it’s crucial to consider third-party insurance coverage, which is mandatory and protects against liabilities arising from damage or injury caused to a third party during a bike-related incident. #

  • Neglecting Price Comparisons: Many individuals mistakenly assume that insurance must be procured from the bike dealership. However, exploring online options can often provide more cost-effective alternatives. Comparing bike insurance prices from different insurers ensures you get the ideal value.
  • Overlooking The No-Claim Bonus (NCB): Responsible bike owners who refrain from filing claims in the preceding year are entitled to bike insurance online renewal premium concessions through the No-Claim Bonus. It’s essential to ensure that you benefit from this increasing bonus, which can result in significant savings over time. Claims are subject to terms and conditions set forth under the motor insurance policy. ## *
  • Ignoring The Multi-Year Option: Opting for two or three years of insurance coverage instead of the standard one-year policy attracts substantial concessions. If feasible, consistently choosing this cost-effective multi-year online bike insurance can provide financial benefits and reduce the annual hassle of renewal.
  • Underutilising Insurance Declared Value (IDV): Some insurers allow policyholders to select their Insurance Declared Value (IDV), enabling a higher coverage amount with reduced annual depreciation. Despite a potential slight increase in premiums, the additional expense is justified by the enhanced coverage and reduced impact of depreciation.
  • Neglecting Roadside Assistance (RSA): Bike insurance often includes coverage for Roadside Assistance (RSA), offering support during emergencies such as flat tyres. Always include RSA in your insurance package when available, ensuring you have assistance during unexpected roadside situations.
  • Overlooking Personal Accident Coverage (PAC): The Insurance Regulatory and Development Authority of India (IRDAI) recommends obtaining INR 15 lakh in Personal Accident Coverage for at least one owned vehicle. This coverage is crucial for initial bike or scooter owners and provides financial protection in accidents. #
  • Allowing Policy Lapses: Postponing insurance renewal for various reasons can lead to unnecessary complications. Ensuring timely renewal is crucial to prevent policy expiration and maintain continuous coverage.
  • Disregarding Cashless Network Considerations: Choosing an insurer with an extensive cashless network minimises paperwork, reduces claim denial risks, and streamlines the claims process. A robust cashless network ensures a smoother and more efficient claims experience.
  • Neglecting Minimum Co-pay Options: Opting for online bike insurance policy with a minimal co-pay component by slightly increasing the premium can prove advantageous. This approach reduces out-of-pocket expenses during claims and provides greater financial flexibility.
  • Failing To Verify Personal And Vehicle Data: Before finalising the insurance purchase online, you must meticulously check and confirm data accuracy from both your end and the server side to avoid discrepancies that may cause issues during claims processing.

When selecting a bike insurance policy, avoiding these common mistakes is crucial to making an informed decision, especially when purchasing a new bike.

*Standard T&C Apply

#Visit the official website of IRDAI for further details.

##All savings are provided by the insurer as per the IRDAI-approved insurance plan.

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.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button