Most people prefer bikes because it is considered one of the most convenient means of traveling for both long and short distances. However, with convenience and benefits comes risks and uncertainty too. Riding a motorcycle on busy roads can be unsafe. Therefore, it is advisable to get a bike insurance cover to safeguard your bike and life.
According to the Motor and Vehicles Act, all vehicle holders must have insurance cover. These policies come with a series of benefits and features that one can avail of offline or online. A recent study by Google shows that many people prefer buying bikes and motor insurance online. The study also reflects that people who shop insurance online are usually of all age groups. However, knowing which bike policy you should apply for is equally important. This blog shares a list of common mistakes to avoid while purchasing bike insurance online.
Inadequate detailed research
It is observed that several people who avail of motor insurance for the first-time neglect performing detailed research and exploring other options. This oversight leads to applying for policies at a higher rate or missing covers with maximum benefits. A comprehensive planning and a detailed study followed by a survey of consumers’ reviews will help you buy bike insurance online at the best price having all features.
Entertaining cheapest policy
Since an insurance policy for your vehicle is mandatory, people look for cheaper policy options online. Buying the most inexpensive plan without prior research can put you into unavoidable situations leading to unmatched requirements. Therefore, it is advisable to compare bike insurance policies online and look for an option covering huge losses at affordable rates. Don’t just go by the cheapest rates, look for bike insurance that offers maximum benefits at the lowest rates.
Fewer deductions & exclusions
People sometimes opt for lesser deductibles, assuming they are more beneficial. However, it suggested that policies that last longer than the traditional one year are more profitable in the longer run. Therefore, when buying bike insurance online, you honestly must analyze your bike’s age along with your driving skills before selecting the correct deductible.
Ignoring No claim bonus
In various cases, people do not bother to check whether the no-claim-bonus has been deducted from the premium or not. Committing this mistake will mean you lose out on the discount offered by the insurance firm for not claiming any dues in the previous year’s coverage. Make sure to compare bike insurance and ensure that your NCB has been deducted for the current year while renewing the annual policy.
Not paying attention to the terms and Conditions of the policy.
Often referred to as one of the most common mistakes committed by people online, this can eventually lead to many unwanted issues. In case your bike gets stolen while the policy is valid and you do not intimate your insurance company about the event within the specified time window, you might end up losing your claim. Hence, it’s wise to read, understand and discuss the terms and conditions with your insurance firm.
Conclusion
Keeping the mistakes mentioned above in mind and then deciding will save your time, effort, and money. To buy bike insurance online, make sure you compare bike insurance policies based on coverage, benefits, and premium amounts associated.
