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Common Mistakes Made While Buying Two-Wheeler Insurance

February 27 2018
Common Mistakes Made While Buying Two-Wheeler Insurance

Considering buying a new two wheeler insurance plan? Keep these points in mind to get the maximum for your money

After the purchase of a motorcycle, two wheeler insurance is the next thing that is needed; it is also mandatory by law to have one. Two-wheeler insurance is mostly viewed as a formality and not much thought is given to the policy while buying one.

The matter is further compounded as the policy wordings are difficult to understand and getting to know the terminologies can also be a tedious task. But, if you keep certain points in mind, and avoid making the below mentioned mistakes, then you are sure to end up with a good two-wheeler insurance plan.

Buying Cheap Insurance

The mistake people make here is that they take only the cost as the primary factor for policy selection. A policy with cheaper premium might seem more enticing from the savings perspective, but that can be a folly. Cheaper policies might not have the appropriate coverage for you and can result in huge losses, when your bike is in an accident.

Due Diligence Not Done

Buying a policy in haste can lead to you purchasing a plan on the expensive side. Before opting for a particular policy, it is best to research and explore all the options available. This exercise will not only help you to be aware of all the plans available in the market, but will also enable you to get more benefits at the most competitive price.

Not Reading Policy Papers

This is a widespread error that is being committed by the majority of policyholders. It is imperative for anyone thinking of buying the policy to read the policy wordings in detail. There is also the need to go through the ‘exclusions’ list.

As it might so happen that the coverage you seek may fall under this. If that turns out to be the case then the benefit you’re seeking in the policy will not be covered. Hence, it is always better to fully understand the pros and cons of the policy before committing to it.

Not Claiming NCB

NCB or No Claim Bonus is the reward that an insurance company gives you for not making a claim during the policy tenure. This reward usually comes in the form of a discount in the policy premium for the coming year.

You are eligible for the NCB when you are buying a new policy or renewing the existing plan. It is a good idea to make use of the NCB benefit, if you are opting for a new plan, as it can get you a good discount.

Related Article:

Know All About Multi-Year Insurance Policies for Your Two Wheeler
Your Guide to Changing Your Two Wheeler Policy Online

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