A two-wheeler brings with itself the freedom to travel whenever and wherever one wants. The cool breeze when travels through the hair imparts a feeling so liberating that we want it to stay intact for as long as possible. From long romantic rides across the coast to thrilling journeys up in the hills, we grab any opportunity to ride that comes our way.
To keep these wondrous moments intact, purchasing two wheeler insurance that protects you and the accompanying rider should be the first step after the purchase. However, to save a few bucks, people often opt for a policy with the lowest premium. But, the goal should be to get maximum value out of the money spent on the premium.
Here is a list of some common mistakes people make at the time of purchasing two-wheeler insurance.
- Picking a Policy Without Proper Research
Even while shopping for clothes, every small detail is compared and checked. However, a similar amount of attention to detail is absent when it comes to purchasing two-wheeler insurance.
People often make sub-optimal decisions while choosing a policy due to lack of proper research and then regret it later. Therefore, before going for the purchase check the past 5-year performance of the company in terms of claim settlement, product benefits, cover amount and others. This research might seem troublesome in the beginning, but will have your back when the need arises.
- Entering Wrong Details
While purchasing the policy, it is essential to submit correct details in the application form. Any wrong information in the application form can lead to rejection of your claim as it can be seen as an attempt of insurance fraud.
So, while filling the form pay close attention to every minute detail. In addition, do not forget to enter the correct nominee and hypothecation details.
- Not Choosing the Right IDV
IDV or Insured Declared Value is the maximum sum assured provided by the insurance company to the policyholder. It is the amount provided to the insured in case of theft or complete destruction of the vehicle. Therefore, the higher the IDV, higher will be the insurance premiums.
Many two-wheeler owners declare lower IDV of their vehicle, to reduce the premium amount. However, it also means that the compensation provided by the insurer will also be low.
- Not Preserving No-Claim Bonus
NCB or No-Claim bonus is a reward provided to the policyholder if no claim has been made in a financial year. It works as a discount and allows you to pat lower premiums.
However, in case the policy is not renewed within 90 days from the expiry-date, NCB expires.
- Looking for a Cheaper Policy
Price is a key concern when it comes to buying a two-wheeler insurance policy. However, making price the only concern can sometimes lead to the selection of a bad plan.
A policy with a lower premium might seem enticing from the savings perspective at first, but that can be folly. Low-premium policies do not offer adequate cover and can result in significant financial losses after an accident. Moreover, if your bike is costly, it is also beneficial to purchase zero-depreciation cover as an additional rider. It will help you avoid paying for the extra wear and tear of your bike.
Purchasing a two-wheeler insurance policy is as important as fuelling your bike. So, pay a little attention at the time of the purchase to ensure that your bike has the protection it needs. We at Bharti AXA GI, offer you a two-wheeler insurance policy that provides a comprehensive cover to you and the bike in case of an eventuality. Our insurance policy gives you benefits like personal accident cover, protection from third-party liability, zero-depreciation cover, low premium rates and 24*7 claim support and service.