Buying online insurance for a bike may not be as exciting as riding your bike on a wide-open road, but it can be exciting when you realise how much money you could save on insurance. You can discover an appropriate policy that provides financial protection in the event of unfavourable events if you keep a few things in mind and avoid the pitfalls described below. ##
- Selecting or purchasing only low-cost insurance: Choosing or purchasing only low-cost insurance is one of the most frequent errors. There are insurance companies that provide reasonably priced bike insurance along with several advantages that are advantageous to you. If you can find a two-wheeler insurance plan that is less expensive while still protecting your financial interests, you should choose that one. ##
- Lack of study: If you don’t do enough study on the many policies available, you can wind up purchasing an overpriced one. You may learn about the many types of plans provided by insurers and choose the best bike insurance policy available by investigating the market and looking into the policies that are currently offered.
- Making the incorrect decision IDV: For two-wheeler insurance, a number of insurers provide some of the most affordable premiums. You might have forgotten about the vehicle’s Insured Declared Value (IDV), though. IDV is the maximum amount of insurance that the insurer will provide for your car. If your vehicle is stolen or completely lost, you will receive this sum. *
- Not using the no-claim bonus (NCB): The insurer offers the No Claim Bonus (NCB) as a reward when you don’t file any claims throughout the policy’s term. When you renew the insurance, it takes the form of a concession on the premium. You are qualified for the NCB if you are buying a new policy from a different insurance provider or renewing your current one. Therefore, by utilising the NCB, you will undoubtedly save money. ## *
- Not entering correct personal information: It is crucial to enter accurate personal information to submit a legitimate claim or during bike insurance renewal. To prevent any surprises, information such as the name of the nominee, the vehicle’s registration certificate (RC) number, and the specifics of the most recent insurance policy should be entered accurately.
- Letting your bike insurance policy expire: According to the law, you are breaking a rule by allowing your policy to expire. Additionally, you forfeit the NCB if it has been 90 days since the expiration of your insurance. You are only eligible for this NCB feature if you refrain from filing any bike insurance claim during the duration. Additionally, paying insurance premiums on time is always a smart idea to prevent any fines. *
In conclusion, if you’re more attentive to the specifics of the policy and terms and conditions, you can quickly fix these common blunders. Online two-wheeler insurance has made it simple to find the best new two-wheeler insurance policy on the market, making it easier to compare, research, and purchase online insurance for bikes.
* Standard T&C Apply
## 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.