It’s a known fact that driving a two wheeler is riskier than driving any other vehicle in India today. A couple of reasons like speeding, not wearing proper safety gears while driving, drink and drive etc., have made bike road accidents more unsafe. People still don’t budge, and avoid buying a Two Wheeler Insurance! It is observed that buying a two wheeler insurance is ignored not only in the 2 or 3 tier cities but also in metro cities. It is just not the lack of knowledge but lack of willingness that has accounted for people not buying a two wheeler insurance. However, insurance as a subject was always surrounded by myths, then how can, one not have some tales attached to a Two Wheeler Insurance! Let us burst 6 most common myths for you. Here is what they are.
- Bike Insurance is Expensive
It is utter rubbish that bike insurance is expensive. In fact, the premium of a two wheeler insurance is cheaper as compared to other vehicles. However, it is even more economical when you purchases online.
- Two wheeler insurance is only for professional motorist and expensive bikes
A two wheeler insurance is not only needed by professional bikers or people who own expensive bikes but to each and every single person who owns a bike. Simply the reason being, they protect you from the financial liability from third party and your loss of your own bike in case of any unfortunate accident.
- People feel inspection is mandatory
It is a misconception. Inspection is mandatorily required for a four wheeler, but one can renew without inspection for a two wheeler vehicle. However, one might require an inspection only at the discretion of the insurer if the insurance is expired more than 6 months to 1 year.
- No claim bonus is not transferable.
This again is a misconception, as no claim bonus is for the policyholder and not for your vehicle. Thus one can definitely transfer the NCB on switching to a new insurer or buying a new bike. However, the NCB is only transferable on non-claim free years.
- Bike Claims are not successful
There have been many fraudulent cases in the past, where claims were passed without proper investigation. Thus nowadays insurance companies only accept genuine and legitimate claims. However, the two wheeler claim ratio differs from company to company.
- Bike insurance is not mandatory
People still assume that bike insurance is not mandatory, the compulsion is only for four wheeler vehicles. The truth lies different, as per the Motor Vehicles Act, 1988 a liability cover or a third party insurance is mandatory for motor vehicles.
Where Can I Find The Best Two Wheeler Insurance?
There are two sources of buying two-wheeler insurance ie Offline (through dealers and agents) and online (through brokers and directly with the insurance company). Since the agents and dealers work on commission basis, they approve of an insurance which they want and not as per your need. Whereas the brokers and insurance companies will provide you unbiased plans as per your requirements.
Let us know the advantages of buying your two wheeler policy online.
- Provides convenience
You are free from the headache of calling the agent home or you visiting their office. The best part about online insurance is that one can look for various plans online when you are home, travelling or at work.
- Provides desirable information
An agent would provide limited information about an insurer or two. However with online insurance one can look for offers, discounts, and gather detailed information about the product or any information related to it.
- Is cost effective
Since there is no middleman involved there is no question of commission. Whereas online brokers or insurance companies involve no agents or dealers. Thus, buying online insurance means saving a good amount of money.
- Provides customer service
Most of the insurance companies and brokers like Coverfox.com have excellent customer service to solve any queries or doubts while buying a policy or after you have bought the policy.
Top Mistakes You Probably Make When Choosing Two Wheeler Insurance Plans
- Searching for cheaper policy options only
This is the most common mistake people tend to do, i.e. they only buy a policy for the sake of buying, as it is mandatory. This should not be the case, insurance policies not only cover the risk for the third party, but also help you financially in case of loss, theft etc.
- Lack of research
The customers who tend to buy policies offline or the newbies, fail to research or explore new options. They would either stick to an insurance company with a reputed name or the one who is offering policies with just one additional feature. However, research will help you to get a step closer to a tailor-made policy for you.
- Selecting unwanted add-ons
Selecting unnecessary add-ons will only add to your cost. Therefore one should only buy an additional cover as and when needed.
Buying an online policy with some research will not only save your pockets from burning out but will be fruitful when needed.