Most Common Mistakes People Make While Buying Bike Insurance

People spend a lot of time in selecting the ideal bike for their usage. Once they buy a two-wheeler, they need to have bike insurance mandatorily. But not much thought is put into it, and bike owners often complete it quickly as a formality to avoid any penalty in future. They realise their folly only when their bike gets involved in an accident and causes damage to the third party or their motorcycle.

By then, it is too late as they must go by whatever provisions are made available by the two wheeler insurance plan they had opted for at the start. Let us go through some of the common mistakes made are –

Lack of Market Research & Due Diligence

Many bike owners simply go by whatever insurance plan they heard from someone without comparing the same against different insurance policies available in the market. Many insurance companies keep coming up with better offers for first-time bike insurance or even bike insurance renewal. Only by doing proper research will you be able to buy an insurance policy at a competitive price, and not end up paying a high price.

Looking for Cheaper Insurance Policy Options

There is a tendency to consider the insurance policy purchase as a not so important activity, because of which people tend to opt for the cheapest insurance policy that they come across. While they feel that they are achieving good savings by spending less on the bike insurance premium, they do not realise its impact until their bike undergoes an accident and the substantial financial expenditure they have to make without getting a considerable amount covered under the insurance policy.

Not Opting for NCB

No Claim Bonus (NCB) is some sort of a reward that the insurance company provides to the bike insurance policy owner if they do not claim the entire duration of the policy. This reward is offered as a discount on the premium to be paid in the next year. You are eligible to claim this NCB at the time of two wheeler insurance renewal of the existing policy or purchase of a new plan. But many people tend to miss this opportunity because of a lack of knowledge about NCB.

Not Considering the Policy Document Exclusions

Many bike owners tend to make the mistake of not going through the insurance policy document in detail and assuming things. On several instances, few of the stuff that they presume to be included in the insurance cover, are not included. This results in them getting fewer benefits from their chosen insurance policy.

The above mistakes are some of the common ones that bike owners make during the policy. If you can avoid these mistakes, you are likely to get an excellent bike insurance policy that suits your requirements.