Title: 5 Common Misconceptions of Bike Insurance
15 Common Misconceptions of Bike Insurance
2- 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.
3Two-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.
4The 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.
5Third-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.
6Buying 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.
7Once 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.
8- 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.