Many overlook the importance of good online bike insurance for defending your brand-new two-wheeler against damage and theft.
The Following Blunders Should Be Avoided When Purchasing Bike Insurance:
1) Purchasing a used bike without transferring insurance
With some diligence, you can find the best model at an affordable price. However, many people neglect to change the bike’s insurance from the original owner’s name to their own.
Purchasing a new insurance policy for your used bike is more expensive, and you risk receiving less coverage than anticipated. You must formally change the existing insurance to your name to prevent this. A used bike that was never insured in the first place should not be purchased.
2. Policy lapse
Imagine getting into an accident and learning that your online bike insurance has expired due to late premium payments. It will only worsen your problems because the accident will deplete your savings.
Pay your premiums on time every time. What happens if you are struck by a driver not covered by a policy? A personal accident insurance policy is the solution to that issue. Suppose someone hits your bike without having third-party vehicle insurance. In that case, this policy’s coverage will pay for your medical expenses and repair costs.
3) Failure to maintain no claim bonus (NCB)*
An essential component of a two-wheeler insurance policy is NCB. The NCB is offered if you can keep your bike in good condition for a year and make no insurance claims.*
The NCB provides a premium that is markedly reduced. If you do not submit a claim, the concession rises annually and is 20% for the first year.*
4) Making the incorrect insured declared value (IDV) choice
IDV is the protection the insurance companies offer you in case of a complete loss or theft. When you purchase a bike insurance policy, the IDV is agreed upon. The primary determinant of your premium is the amount you choose. Depending on the bike’s age, the IDV equals the bike’s model’s current market price.
5) Failure to file a claim on time for your two-wheeler
A delayed insurance claim may result in claim denial. Most insurance companies give you a 24- to 48-hour window following a theft or damage to file a bike insurance claim.
It is acknowledged that a more severe incident may cause your claim to be delayed. You should submit the claim, though, as soon as you can.
6) Giving incorrect information
When filing your claim, you must ensure that the policy provider receives the correct information. In the event of an accident with another vehicle, you must provide the information of the third party and your name, address, phone number, insurance policy number, and vehicle registration number.
7) Lack of third-party liability insurance
Sometimes, you have to pay for the other vehicle’s damages if your bike is involved in an accident with them. Most reputable insurance companies include third-party insurance for bikes in their all-inclusive motor insurance policies.
* Standard T&C Apply
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.