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5 Common Mistakes People Make While Buying Bike Insurance

By Finserv MARKETS - Mar 28,2019
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5 Common Mistakes People Make While Buying Bike Insurance

Heavy traffic, lack of parking space and increased petrol prices have enhanced the sale of two-wheeler vehicles in most of the metropolitan cities. Apart from the daily commute, two-wheelers are also the best mode of transportation for shorter distances. According to Indian laws, it is mandatory for two-wheeler owners to purchase third party liability bike insurance. Therefore, this increase in demand for two-wheelers has led to a significant increase in two wheeler policy providers.

Having a bike insurance plan in place is essential as it covers a variety of expenses that you may have to bear in the event of a two-wheeler accident. It also covers your two-wheeler in the event of a theft, fire, malicious act, natural disasters etc. Though there are several benefits associated with two wheeler insurance, most people face a dilemma in choosing the right policy for themselves. Vehicle owners often overlook a few important aspects while purchasing insurance plans. Some of them are mentioned below:

Lack of Research

Customers buying two wheeler insurance policies for the first time fail to research the various options available thoroughly. In order to avail maximum benefits at lower premium rates, it is essential that you make a comparative study of various insurance policies available online.

Looking for a cheaper policy

Though it is always advisable to look for affordable bike insurance, you should not make it your primary concern and the only deciding factor. Many times cheaper policies do not offer adequate coverage for your two-wheeler. Compromising on the coverage and the benefits in order to get a cheaper two-wheeler policy is certainly not a wise option.

Opting for short policy tenure

Long term two-wheeler policies are more beneficial than policies with short tenure. Choosing a long policy tenure will help you save on the premium amount as it remains locked for the duration of the policy tenure.

Not claiming the No Claim Bonus

Bike insurance providers offer a no-claim bonus to policyholders who don’t make any claims during a given policy term. This no-claim bonus can play a significant role in reducing your premium payable for the following policy year. Ensure to make use of the no claim bonus while renewing your insurance policy. Two wheeler insurance policies at the time of renewal can offer NCB of up to 50%.

Not reading the terms and conditions

Lastly, before purchasing a two-wheeler policy it is important to read its terms and conditions carefully. Make sure that you read each and every detail of the policy. Do not forget to go through the exclusion list of the policy.

With leading Non-Banking Financial Corporations, you can buy bike insurance online in a hassle-free manner. Round-the-clock bike roadside assistance, wide coverage and effortless claim processes give Finserv MARKETS an edge over insurance providers available in the market. So why wait? Purchase your two wheeler insurance online on our platform today.

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Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522