5 Common Misconceptions of Bike Insurance

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5 Common Misconceptions of Bike Insurance

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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. – PowerPoint PPT presentation

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Title: 5 Common Misconceptions of Bike Insurance


1
5 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.

3
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.

4
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.

5
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.

7
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.

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.
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