Common Mistakes to Avoid When Buying Bike Insurance Online

If you have bought a new bike recently, then this is the right time for you to choose the best bike insurance policy. In order to make the best buying decision, there are certain things that you should consider, and some that you must avoid. This article consists of some common mistakes that you must avoid in order to make the best buying decision. Read them below. 

• Not Doing Enough Research 

One of the biggest mistakes people make when buying bike insurance is not doing enough research. Unless you read about different similar bike insurance plans online, you would not be able to compare their features and decide which one you should opt for yourself. So, it is better to know about different bike insurance plans instead of buying the first plan you read about.  

Also Read: How To Get the Details of Bike Insurance By Registration Number?

• Choosing Low-Cost Insurance

Another mistake many people make is to choose a bike insurance policy solely on the basis of low premiums. They do not consider the fact that a low priced bike insurance policy might not always cover you for a host of benefits as a high priced bike insurance policy will do. But if you find an affordable bike insurance policy that does not compromise on coverage benefits, then you must opt for it. Therefore, choose wisely keeping all the factors in mind and not just one. 

• Not Choosing The Right IDV

Sometimes when choosing a bike insurance policy, one may end up buying the one with lesser IDV. This may happen when they only focus on the bike insurance premium when choosing a policy. IDV is the maximum sum insured offered by an insurance company for your bike. You will receive this amount in case of total loss or theft of your vehicle. Definitely, a bike insurance policy with higher IDV comes at a higher premium, but you should not let go of a policy only because of a higher premium. Focus on choosing the right IDV instead. 

• Giving Incorrect Information

In order to avoid any hassle at the time of claim settlement or policy renewal, you must enter accurate personal details at the time of policy purchase. You must inform the insurance company correctly about your name, Registration Certificate (RC) of the bike, nominee, previous policy details, etc. Many people do not pay attention at the time of filing an application for bike insurance which may cost them a lot in case of any claim in future.  

• Letting The Policy Expire

It would be an offence if you ride a bike without a valid bike insurance policy on the Indian riads. Therefore, you must make sure that your policy is always active and you renew it when the time comes. Also, in case you do not renew your policy on time, then you may lose the accumulated benefits such as the No Claim Bonus. Therefore, do not make the mistake of not paying bike insurance premiums on time. 

Bottom Line

It is recommended to do enough research, compare different bike insurance plans, and then shortlist the most suitable policy for yourself. Also, when buying a bike insurance policy online, you must avoid the above-mentioned mistakes as rectifying them may require more time and effort and you may even lose some policy benefits.

Read Here: How To Get A Duplicate Copy of New India Bike Insurance Documents?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.