How to Avoid Buying A Wrong Two-Wheeler Insurance?

In India, two-wheelers are a popular mode of transport to avoid traffic. To drive a bike on the road, you need to own an insurance policy as a compulsion. Since it is a mandatory thing to own bike insurance, you should buy a plan that has sufficient policy coverage and an affordable price. But, many people fall into the trap of brokers and agents to end up buying the wrong two-wheeler insurance. Let’s discuss a few tips to secure you from falling for a wrong bike insurance policy.

How to Avoid Buying A Wrong Two-Wheeler Insurance?

Here are some points you should follow to save yourself from purchasing a wrong bike insurance plan: 

Select A Policy You Want to Purchase

Before meeting an insurance agent, you should be clear about the types of insurance you want to purchase. You can opt for insurance from a third-party policy or a comprehensive bike insurance policy. The former is compulsory while the latter is optional. The third-party insurance plan gives coverage for your financial liabilities towards a third party while a comprehensive plan provides you with coverage for damage or loss sustained by your bike. Therefore, you should have knowledge about the type of plan to make an informed decision while purchasing a bike insurance policy. 

Understand the Calculation of Premium

The insurance agent or salesperson can offer you a policy with an inflated premium to enhance your sales. But, there is a proper method based on which the premium is calculated by insurance providers. Hence, you should inquire the agent to explain the premium calculation process in printed format. The bike insurance premium is based on features comprising Insured Declared Value (IDV), the engine’s cubic capacity (cc), the age of the bike, etc. With the understanding of premium computation, the insurance agents won’t be able to sell a plan on a higher premium. 

Do No Accept Everything Agent Offers

You should be curious while purchasing a two-wheeler insurance policy. Do not accept everything offered by your insurance agent including policy coverage, economic rates, add-on covers, discounts and rewards, and so on. The agent can put several things before you which may not be any of your use but could increase your premium and his or her commission. So, analyse the policy features you need and benefits or facilities you don’t before finalising a plan and paying for it. 

Read and Understand Policy Document

Every bike insurance policy offers features and benefits based on its policy document. Hence, it is quite important for you to read and understand the jargon and conditions written in it. Many times the insurance agents take advantage of tough clauses of policy documents and manage to sell a wrong and expensive policy to people. To validate your agent’s offer, you should crosscheck the policy document. You can ask him to provide you policy document or you can also download it from the website of your insurer. Go through it properly and make a well-informed buying decision. 

Clarify the Claim Procedure

Every bike insurance company claims to offer the best claim process to its policyholders. To expedite the sale of a two-wheeler insurance policy, different insurance agents claim to provide a fast and easy claim procedure which could be a click or call away. Never accept their offers without clarifying the actual process. Therefore, it is always advised to ask the process to file a claim with your insurance company when the agent is without the assistance of the agent or anybody. Also, get to know the required documents to be attached during the bike insurance claim settlement process.

Take Away

To buy two-wheeler insurance is compulsory as per the law, but knowing how to avoid purchasing the wrong policy is crucial. Due to cut-throat competition, agents of different insurance companies try to sell their policies by promising false benefits and coverage. Hence, in this article, we have mentioned a few points to help you avoid buying the wrong two-wheeler insurance. So, go through the above information and get yourself a suitable and economical bike insurance policy.

Also Read:

Bike Insurance Misconceptions to Be Ignored

Things To Do If Your Bike Insurance Policy Document Gets Lost

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.