Find A Quick Way to Bike Insurance

Find A Quick Way to Bike Insurance

 

Being an Indian, we all understand how easy it is to access the busy roads when we have a bike. The sleek design and compact size of a two-wheeler is perfect to ride in the congested traffic we have to face almost every day. However, most bike owners tend to forget that owning a two-wheeler is a big responsibility. Any vehicle that you ride can be dangerous for you and other riders at times of misfortune. Therefore, it is essential to keep your bike insured and stay safe from any losses.

 

When it comes to purchasing bike insurance, beginners often misinterpret this process as a tedious task. Here are some ideas that can be handy for you to buy the right bike insurance plan.

 

Avoid the Top 10 Bike Insurance Mistakes

If you want to choose bike insurance well, take note of these ten errors that you should avoid when selecting it:

#1 Fall into the trap of offers
When you put yourself to compare your bike insurance and find an offer with a scandalously low premium, do not think that it will offer you excellent coverage.

We know that the cost of private bike insurance is not low, and this is one of the reasons why many people start buying third party liability only policies. However, saving is simpler when you invest in long-term bike insurance policies through a comprehensive bike insurance policy. It may be a little higher in terms of premium, but will keep your vehicle safe from all unknown future casualties. Remember, your bike is not a seasonal thing, especially in India, where riding a bike to work or college is one of the most convenient options. Before signing any contract, consult your trusted broker or go online to compare. This way you may find an offer with exciting discounts for a good comprehensive bike insurance.

Leave the price of the insurance in the background and review what treatments and consultations it includes.

#2 Not knowing the company well
“It is not very expensive”, “they give me a gift when I sign up” – all this sounds good. However, before signing up for a policy for your bike’s health, it is best to ask these questions:

 

  • Does the company have experience in the automobile sector?
  • If you are going to move, do you know if your bike insurance coverage is national, or not?
  • Are they solvent? If something unforeseen happens, will they be able to cover your bike?

#3 Not knowing what bike insurance is all about

To avoid unwanted financial liabilities, it is best to consult with an expert or go online to compare various options. Some insurers are committed to this type of insurance and offer very competitive premiums. Check with a trusted online portal like coverfox.com and do not fall into a pit!

#4 Forgetting what you need
Before choosing your bike insurance, it is important to be clear about the type of bike insurance you are interested in buying and stay well-informed of its modalities, else it can be costly later on. Before you go online and start searching for reliable bike insurance, make a list of things you want your bike insurance to cover.

 

#5 Not checking the contract properly

Before signing your contract, carefully review the fine print, because many low-cost bike insurance policies entail exclusions, penalties or limitations.

What does this mean- simply that the coverage it offers is less than the amount the repair services will cost; which means that even after paying a premium for a long-term, you will not be able to enjoy the benefits at the time of need.


#6 Discard expensive insurance and forget about complimentary services
When it comes to signing your policy, the most common reaction is to run away from bike insurance that has a slightly higher price. In some cases, these insurances include extra services that, in principle, may not fit the ones you need; but do not rush. Check online through a reliable insurance portal, the complementary services that remain attached to the policy. Maybe you are not thinking about 24*7 roadside assistance, accident insurance and more. Those extra expenses can exceed the price your low premium has and cost you even more than what you would have spent on a slightly expensive bike insurance policy.

#7 Not reviewing the waiting periods/coverage start date
Have you checked the “grace periods” for your bike insurance? In almost all insurance clauses, you will find a section on grace periods. These indicate the period in which you cannot enjoy some services included in your policy. For example, if in bike insurance you find a shortage of 6 months indicated until that term has passed, from the time of signing the contract, you will not be able to enjoy certain services.

 

#8 No proper research

One of the most common mistakes every consumer makes is not giving importance to detailed research. Most first-time bike insurance buyers look around for an affordable policy and purchase it. Not exploring all the available options thoroughly and not understanding the core benefits may drag you towards a more significant loss than paying expensive premiums. Always do a comparative study of premiums, benefits, inclusions, and exclusions of different bike insurance policies available in the market. Additionally, look for customer reviews and company reputation to make sure you are investing in the right policy.

 

#9 Not utilising the No Claim Bonus

Many of us are not aware of this fact that if you do not opt for a claim during the term of your bike insurance policy, you are eligible to a no-claim bonus for every claim free year. This helps in lowering your premiums when you purchase a new policy or renew your existing one. By no-claim bonus we mean – a discount saved for the policyholder by the insurance company on the sum of premium you pay for the upcoming year. Hence, do not forget to claim your no-claim bonus while renewing your bike insurance policy or buying a new policy.

 

#10 Not checking the Insurance Declared Value (IDV)

IDV of your bike insurance policy is the maximum amount payable by the insurer as compensation if there is an unfortunate incident like theft or accident. While buying the first bike insurance policy, often we tend to keep our focus on the rate of premium and forget to understand how beneficial the policy will be at the time of need. Although the IDV of your policy depends on the age of your vehicle, do not forget to calculate it in comparison to the market rates of automobile services. It will give you an idea of what your insurance policy covers and how much.

 

The Truth About Bike Insurance In 3 Minutes

Before you start your research and purchase a bike insurance plan, ask yourself, what exactly you need bike insurance for? Is it only because it is mandatory by law or because you need financial security against unexpected mishappenings? The answer to this query will provide an idea about the coverage you need.

 

Once you are sure about your needs, it will be easier for you to judge what your bike insurance plan must cover and what is not really required. If you want to save time and solve your doubts quickly, go to Coverfox.com. Over there, you can compare the best bike insurance companies in India that offer complete financial coverage.

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