Common Mistakes To Avoid When You Buy Two-wheeler Insurance

Once you have bought the brand new bike or scooter, or you are looking forward to getting your current bike insurance plan renewed, selecting the best two-wheeler insurance should definitely be the next wise decision. As per the Indian Motor Tariff Act, having at least a third party bike insurance plan is mandatory in order to ride your bike on the public roads in India without paying any penalty upon getting caught by traffic police during checking.

Mistakes You Should Avoid Making while purchasing a Two-Wheeler Insurance Plan  

Highlighted below are some of the common mistakes made at the time of buying a two-wheeler insurance plan:

• Lack of Proper Research

The first time buyers of two-wheeler insurance plans fail to do adequate research and analyze different options carefully. In case, you too are planning to buy a policy, then ensure that you conduct good research at the planning stage itself. Make sure to do a proper comparison of different insurance plans on the basis of various parameters like benefits, coverage, premium etc before deciding upon a specific insurance plan.

• Not Using Accumulated Bonus

If no claims have been raised by you during the policy duration, then you are allowed to get No Claim Bonus while purchasing a new insurance plan or getting the current plan renewed. It is basically a discount offered to the policyholder towards the premium payable against renewal of the insurance plan. Therefore, the next you go for renewal of your existing plan, do not forget to avail No Claim Bonus.

• Ignoring the Terms and Conditions of the Insurance Plan

While buying a two-wheeler insurance plan, most of the people generally forget to read the complete terms and conditions mentioned in the policy document. So, next time ensure that you are reading the entire policy document in detail and also carefully read the exclusions of the plan. This is because it might be possible that the coverage or benefit you are seeking falls under the exclusion list. Prior to making any decision, remember to once go through the underwritten terms and conditions properly.

• Searching for a Cheap Insurance Plan

For a majority of us price is said to be an important deciding factor while buying an insurance plan. It is important to look for an economical plan, however, do not compromise on your coverage needs and benefit in order to buy a cheap insurance plan as in the long run it would be of no use. As many a times, cheap two-wheeler policy fails in covering the policyholder against huge damages or losses caused to the two-wheeler.

At the End

In order to buy the best two-wheeler insurance plan, consider the following points and avoid making these common mistakes at the time of buying a two-wheeler insurance plan. Moreover, make comparison of different insurance plans based upon various factors like benefits, coverage and premium amount related with each of the plans.

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.