Several terms used in two-wheeler insurance are unfamiliar to the average person. The policy wording could be more precise for the user and easier to understand by these terminologies. Continue reading to learn about 5 common mistakes to avoid when selecting the ideal bike insurance policy:
1. A Lack Of Study
People purchasing two-wheeler insurance policies for the first time frequently need to investigate all of their options thoroughly. It is advised to conduct thorough research if you are also looking for a bike insurance plan. Before moving on to the inclusions and exclusions of the policy, you must first determine the type of coverage you require. Always compare the advantages and costs of the various two-wheeler insurance policies offered in the market. This might enable you to find comparable benefits at a much lower premium cost. Additionally, you can look up customer reviews of the policy and the company’s standing, which will assist you in finding the ideal policy available.
2. Never Choose A Low-Cost Policy
Price is undoubtedly a factor to consider, particularly for a policy that offers a variety of benefits and coverage. Typically, people look for “cost-effective bike insurance policies,” but this is the wrong approach. Instead, constantly seek affordable bike insurance, but avoid making this your primary concern and determining factor. The lowest premium policy may seem ideal for you, but these policies do not cover significant losses or damages to the insured vehicle.
3. Making Mistakes As You Enter Your Data
Entering incorrect personal information or using a misspelt name is another significant error that could impact your policy benefit. Legal difficulties are present in all claims made in this situation. As a result, when filling out the forms, you must double-check all the personal information with your ID.
4. Failing To Use The No Claim Bonus
When purchasing a new policy or renewing an existing one, you may be eligible to receive a No-Claim Bonus (NCB) if you do not file any claims during the policy term. The No-claim bonus is a reduction in the policyholder’s annual own-damage premium that is due. Therefore, bear this in mind when you do the process for bike insurance renewal of your two-wheeler insurance coverage. Many people opt for lower deductibles when purchasing a bike insurance online policy online because they think the lower deductible amounts are more advantageous. In actuality, though, choosing a higher voluntary deductible lowers insurance premiums. ## *
5. Failure To Read The Policy’s Terms And Conditions
One of the most frequent errors people make when purchasing two-wheeler insurance policies is this one. Remember to thoroughly read the policy wording and pay attention to the exclusions. The policy’s exclusion list might cover the most significant protection or benefit you seek. Please carefully read the written terms and conditions before taking any action. It would help to compare various policies online based on their coverage, benefits, and premium costs before you buy bike insurance online.
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## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.