5 Common Misconceptions of Bike Insurance

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5 Common Misconceptions of Bike Insurance
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• Bike insurance, like any financial tool, can be a
  little difficult to wrap your head around.
  Theres a lot of jargon that you need to decode
  and different types of plans you can choose from.
  All this complexity leaves space for
  misconceptions, which in turn, leads to mistakes
  during the buying process.
• Keeping this in mind, the following article will
  set straight 5 common misconceptions that people
  have about insurance policy for bike. Hopefully,
  this will improve your grasp of the topic and
  help you make sound decisions if and when you
  need to buy a policy for your bike.

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Two-wheeler insurance is expensive

• Many individuals assume that purchasing a plan
  will burn a hole in their pocket. However, this
  is not true. Third-party bike insurance premiums
  start from as little Rs. 482 per year (W.E.F June
  2019)! These days, 2 movie tickets and a tub of
  popcorn costs more than that.

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The policy that comes with the bike is the best

• Sure, sticking with the plan that comes with the
  bike is convenient, but it is not always your
  best option. If you want the best coverage, you
  need to compare plans on your own and choose one
  that satisfies your needs. Remember to evaluate
  plans based on network garages, claim settlement
  ratios, reviews, cost, choice of add-ons, and so
  on.

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Third-party insurance is enough

• While it might be the most affordable option and
  satisfy your legal requirement to ride on Indian
  roads, third party bike insurance is not always
  enough. This is because these plans do not
  provide any coverage for your own bike.
• Therefore, in case of damage or total loss of
  your vehicle due to an accident, theft, acts of
  nature and man-made calamities, third party plans
  will not provide you with any compensation. If
  you want protection from all of these unfortunate
  events, you will have to buy comprehensive bike
  insurance.

6
Buying bike insurance online is not safe

• These days, more and more individuals are taking
  up to online bike insurance. However, there is
  still a large group of buyers who stay away from
  purchasing insurance over the internet. This is
  mostly because they are not comfortable
  transacting on the World Wide Web.
• However, buying a plan online is completely safe
  as long as you choose a trusted, IRDAI-approved
  insurance company. These insurance providers
  usually have extremely secure firewalls and
  payment gateways that should ensure the safety of
  your transaction.

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Once I buy a plan, I cannot change it

• This is another common misconception. Often,
  policyholders stay with a single insurance
  provider, despite poor coverage, thinking that
  they cannot switch plans or providers. However,
  you can always move to a new insurance provider
  if you want better coverage, lower premiums, or
  features that your current insurance provider
  does not offer.

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• These were just 5 of the common misconceptions
  about bike insurance. If you have any doubts that
  are not listed in this article, or always found
  something strange about your insurance policy, it
  makes sense to talk to your insurance provider
  ASAP and get a clearer understanding today!
• Hope this has been helpful, good luck and all the
  best.