Mistakes you must avoid while buying a bike insurance
Buying bike insurance is not always about choosing one which has the lowest premiums. A hasty decision when it comes to insurance can lead to undesirable, rather disastrous consequences.
The primary motive which you should have behind purchasing two-wheeler insurance should revolve around getting the most value out of every rupee that you spend. With so many companies claiming to provide the best two-wheeler insurance, you must be wary of the lack of value that you could get by falling for the low price tags. Such lack of value becomes evident when you go on to file a claim on your bike insurance — there’s mistrust, nagging, and a lot of hassle
To make sure that your experience is smooth, here are some of the mistakes you should avoid while buying two-wheeler insurance.
Not researching enough
It is common to find people not paying attention to details while shopping for insurance policies online. A lack of information while buying insurance can lead to several complications in the future, such as spending more than what you need to, or compromising on the features. It is important that you pay attention to every detail while buying insurance, and even compare various insurance policies online so that you get the best deal out there. It simply provides you with much-needed financial advantage.
Letting your policy lapse
It is common to find many bikers hitting the road without insurance coverage, and it is scary. In the first place, you are committing a legal offense, and this leaves you exposed to several legal issues. Besides, if you let your policy lapse, you will also lose your accumulated amount on the No Claim Bonus (NCB). An NCB is the discount which your insurance provider gives you if you do not file any claim in a particular financial year.
To stay out of legal trouble and to save on your premiums, you must make it a point to never let your two-wheeler insurance policy lapse.
Not initiating timely claims
If you happen to meet with an accident, it is recommended that you file a claim as soon as possible. Most of the companies have a claim window of 24-48 hours from the time of the accident. To make sure that your claim is approved on time, you must respect the terms and conditions and make no delay in filing an insurance claim.
Not selecting the right insured name
To successfully renew an insurance policy, it is crucial to choose the correct name of the insured as per all the records. If your insurance records don’t match what is given in the vehicle, then your claim might get dishonored. It is also essential that you fill in all the other details such as address and other personal information correctly. With all the details in the right place, filing a claim will be a walk in the park.
Not transferring the details for a used bike
The used bike industry is pretty big in India. However, one of the most common mistakes that used bike owners commit is failing or forgetting to transfer the bike’s insurance details. If you have purchased a used bike, then make it a point to have the policy of the used bike transferred in your name as soon as possible. If you do not do it soon, then your bike will be uninsured. You can also choose to get a new two-wheeler insurance policy to avoid all the unnecessary hassle.
The whole point of buying a comprehensive insurance is to have a pleasant ride. A good bike does ensure an enjoyable ride, but having the right bike insurance ensures safety, which should be the primary motive of any bike rider. If you consider these points before purchasing your insurance, then you can be assured of a pleasant ride along with safety.
Conclusion
If you are looking for the best two-wheeler insurance, then consider buying one on Finserv MARKETS. Bajaj Allianz Bike Insurance on Finserv MARKETS is considered to be the best two-wheeler insurance, and comes with round-the-clock assistance, which means that you will get 24×7 service on your bike, be it any kind of weather. Besides, you also get access to cash-free bike servicing in more than 4,000 garages across India. Even if you go to a garage that does not offer this facility, you can still get a 75 percent discount on your payment.
