6 Silly mistakes to avoid while buying a bike insurance - Greyfont

6 Silly mistakes to avoid while buying a bike insurance


It is mandatory to buy a bike insurance in India. However, that is not the only reason why you should opt for a good insurance policy. Opting for the right bike insurance poicy has a lot of advantages. But, to get the best out of your insurance plan, you need to avoid making some of the common mistakes listed below. Take a peek so as to know how one can avoid them and get the most out of your bike insurance policy.


Listed below are some of the most common mistakes one may tend to make:


1. Lack of knowledge and research

Bike insurance is not a very expensive form of motor insurance.Many a times people buying a bike insurance policy for the first time, tend to spend very little time doing research when purchasing a plan. They tend to buy the first plan they see and this is the first mistake one must avoid. Spend some time to compare and know the various available options, the benefits  and probably one may get ll at a much better rate. It is really simple to compare the various policies and you can do it online in just a couple of minutes. Comparing the different two-wheeler plans also helps you know other customer pinions and reviews .It also helps you find the most suitable features and  and makes the insurance policy work out best in your favour.


2. Opting for the cheapest insurance plan

Another common misake made by many bike owner seeking a poicy. Many bike owners consider buyig a bike insurance only because it is a legal mandate. To add, price of the policy is something that matters to all.This makes them choose the cheapest plan. But if you buy the cheapest plan without doing a any research, you may end up buying something that is totally not sitable or does not match your requirements.  At the time of making a claim you may find it very frustrating to make payments out of your pocket even aftr having a policy, simply because the insurance cover is insufficient or redundant for youby then its aldready too late to realise . So do not settle for a plan that is cheap as that may not turn out to be the best option for you in the long run- As they Say “Pennywise Pound Foolish”


3. Incorrect deductibles

Every motor insurance plan has a deductible component. As a policyholder, you have to promise to pay a part of the bills at the time of a claim and the insurance provider will pay the balance. This is known as the deductible. When you choose a higher deductibe, you will have a lower premium to pay. However not realising, that  at the time of a claim, you will have to make a higher payments too . So be sure to examine all the factors, honestly analyse your own driving skills and also the age of the bike before you select the correct deductible for your bike insurance plan.


4. Carelessness about the no claim bonus

Many bike owners holding a policy are very casual about the NCB and do not bother to check whether the bonus has been deducted from the premium or not. Do not make this mistake, as letting go of your NCB can cost you money, as the no claim bonus is a discount offered by the insurance firm when one does not claim insurance during the policy period. The bonus accumulates with every claim free year. Ensure the insurance provider has deducted the correct NCB value from the premium of the current year while renewing your policy.Your NCB can be transferred  from one insurance provider to the other in case you decide to switch insurance companies.


5. Allowing the plan to lapse/ being casual on your policy getting lapsed

This is a really silly mistake that many bike owners tend to make. One should be careful to avoid this as a lapsed policy can lead to many unwanted issues. If you happen to crash your bike or it gets stolen while the policy is lapsed, you will not get a single penny  from your insurance company. This will be the result even if the policy stays lapsed for a couple of days! Then, you will have to pay some additional unnecessary charges and fees to get the plan restored. Hence avoiding  these problems by being just a little meticulous about your bike insurance premium payments and renewals and prevent your policy from getting lapsed.


6. Failing to declare the correct IDV

Insured Declared Value (IDV) is nothing but the maximum sum assured for your bike that your insurance company agrees to pay you in case of theft or total loss of your bike. IDV is the current market value of your two wheeler, post deducting depreciation.


Some bike-owners declare an IDV which is much less, This is because the lower the IDV of the bike, the lower would be the premium of the two-wheeler insurance too. At the same time, be prepared as the chances of getting a lower claim amount too is possible in the event of an accident. Therefore, it is best to declare the correct IDV to avoid any hassles later.


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