Top Myths Prevalent About Bike Insurance

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(Newswire.net — July 28, 2020) — A bike insurance policy is a must as it protects your vehicle against risks and also ensures you follow the law that mandates insurance. When you buy bike insurance online, you need to be aware of certain myths or misconceptions. Knowing the real facts will help you make an informed decision while buying insurance.

The following are top myths about bike insurance with real facts.

  1. Myth: Third party insurance is sufficient.

Fact: Third party bike insurance is the minimum requirement under law. It does not provide you sufficient coverage against all risks. Comprehensive insurance covers you against damage to your vehicle, theft, damage due to natural calamities, etc. 

  1. Myth: Bike insurance is expensive, so I should look for the policy offering the lowest price.

Fact: The lowest price will probably offer you lowest coverage. If you compromise for a few hundred rupees, you will not get adequate coverage for your bike. This will prove to be a problem when you make a claim, as the money you get may not be sufficient to cover your losses. You should look for a policy that offers sufficient coverage and a good price.

  1. Myth: Once you buy a policy from an insurer, you are stuck with that insurer.

Fact: When you renew your insurance policy, you can always change the insurer. If you are not happy with the services of the insurer, you can shift to a new insurer at the renewal time. It is likely that the government will introduce portability, allowing you to change your insurer at any time. 

  1. Myth: If I change the insurer, I will lose the no claim bonus.

Fact: The no claim bonus (NCB) in bike insurance is a reward by the insurer for not making a claim. If you do not make a claim for more than 5 years, you can get an NCB of 50% that will entitle you to a substantial discount. You can transfer the NCB when you buy a policy from another insurer. You can even transfer the NCB to a new vehicle that you buy.

  1. Myth: Any accident will be covered under your bike insurance policy.

Fact: If you are drunk while driving or did not have a valid driving license at the time of the accident, you cannot claim for damages. There are certain exclusions in your policy and you need to be aware of them. 

  1. Myth: It is difficult to buy insurance online.

Fact: This is a misconception. Buying online is easy, safe, convenient, and will help you get the best price for your insurance. You can compare prices online and then buy the best policy.

  1. Myth: Making a claim is difficult

Fact: This is not true! Most insurers allow you to make a claim online. The process is simple and does not involve complicated processes or extensive documentation.

The information on myths about bike insurance will help you get a better understanding of two-wheeler insurance. This will be helpful in buying the best policy.