Common Mistakes to Avoid When Buying Bike Insurance  

Buying bike insurance is easy, but many people make simple mistakes that can be avoided. If you’re planning to get two-wheeler insurance, it’s important to know these common mistakes to make a good choice. In this blog, we’ll talk about what to avoid when buying the best bike insurance online.

Not Doing Proper Research

One big mistake is buying insurance too quickly without checking the details. Online research makes it easy to find the right policy for your budget and needs. Don’t pick the first option you see. Take time to compare different plans, coverage, and costs before renewing your two-wheeler insurance.

Not Transferring the Existing Insurance Policy

Many people in India buy second-hand bikes, but they often forget to transfer the bike’s insurance to their name. If you don’t do this, the bike will not be insured. This is against the law. You can therefore avoid problems or fines for driving without valid insurance by checking existing insurance and either transferring it to your name or getting a new policy.

Not Checking What the Policy Covers and Doesn’t Cover

Every insurance policy has things it includes and excludes. It’s important to read the details carefully. Many people don’t know what’s covered or not like some policies might not pay for damage caused by natural disasters. To avoid problems when making a claim, make sure you understand these details before buying a policy.

Not Using the No-Claim Bonus (NCB)

Insurance companies give a No-Claim Bonus (NCB) to you if you do not make any claims within the policy period. This is a discount on your premium at policy renewal. No matter if you are buying a new policy from a new company or renewing your policy, you can use the NCB.

Not Checking your Personal Details

It’s important to check the details on your insurance papers, but many people forget to do it. This can cause problems later. Whether you’re buying bike insurance online or through a broker, always double-check your name, age, address, bike details, and other information. If you find a mistake, tell the insurer and get it corrected to avoid issues when making a claim.

Not Choosing Add-Ons Carefully

Don’t select all the extra cover options without thinking. Check what you really need before choosing add-ons. These extras give better coverage but also raise your premium. Popular add-ons include zero depreciation cover, engine protection, and roadside assistance.

Ignoring the Insured Declared Value (IDV)

Some people lower the IDV to pay a lower premium. But IDV is the amount you get if your bike is stolen or completely damaged. Set a realistic IDV based on your bike’s market value. A very low IDV can result in less money during claims.

Not Choosing the Right Policy Duration

Most bike insurance policies in India are for one year, but you can also buy a plan for 2, 3, or even 5 years. Many people don’t know about these long-term plans and miss out on this option. When comparing bike insurance prices, ask the insurer about long-term plans. Check your needs and choose the policy period that suits you best.

Not Sharing Accurate Information

When filling out your bike insurance form online, it’s important to provide all details honestly. Even small false information can cause problems later. Your claim might be denied, and you could even face legal issues. To avoid this, always share correct and complete information.

Conclusion

You can easily avoid these common mistakes by paying attention to the policy details and terms. With online bike insurance, it’s now simple to research, compare, and buy the best two-wheeler insurance that suits your needs. So buy bike insurance online today with Square Insurance and protect yourself and your bike. 

FAQs

1. What happens if I don’t transfer the bike insurance after buying a second-hand bike?

If you don’t transfer the bike insurance to your name, the bike will not be insured under your ownership. This is illegal, and you could face fines or problems during claims. Always transfer the policy or buy a new one.

2. Why is it important to check what the bike insurance policy covers and doesn’t cover?

Every policy has different rules about what it covers. Some policies may not cover natural disasters or certain types of damage. Knowing these details helps you avoid surprises when making a claim.

3. What is a No-Claim Bonus (NCB), and how can I use it?

The No-Claim Bonus (NCB) is a discount you get on your insurance premium if you haven’t made any claims during the policy period. You can use this bonus when renewing your policy or buying a new one from another insurer.

4. Why should I check my personal details on the insurance papers?

Incorrect details like your name, address, or bike number can cause problems when you make a claim. Always double-check the information and ask the insurer to correct any mistakes.

5. Should I buy all the add-ons offered by the insurer?

No, only choose the add-ons you need. Add-ons like zero depreciation cover or roadside assistance can improve your coverage, but they also increase the premium. Pick them based on your requirements.