Common Misconceptions About Bike Insurance in India
Two-wheeler is one of the primary modes of transportation in India. However, several risks are involved when riding a bike on Indian roads. It is the rider’s responsibility to be alert and drive safely.
But unfortunate events can take place at any time and anywhere. Therefore, it is necessary to protect yourself and your bike against unforeseen mishaps with a comprehensive two wheeler insurance plan.
In this section, we have discussed some common misconceptions associated with bike insurance. Let us begin.
- Buying bike insurance is a time-consuming process.
Sure, the traditional bike insurance buying process was tedious and time-consuming. However, due to the advancements in the technology, and Internet era, the bike insurance buying process has become hassle-free and quick.
You no longer have to visit your insurer to fill in the application form, pay the premiums, or sign the documents. All this can be done from the comforts of your home or on the go. Just simply visit your insurer’s website and buy the bike insurance policy online. Within a few minutes, the policy will be issued.
- Third party bike insurance is sufficient.
Third party bike insurance plans are known to cover third-party liabilities only. So, if your bike is damaged in an accident, the policy will not cover for the damage repair expenses, in this case. The repair expenses will have to be covered from your pocket.
Therefore, it is wise to buy a comprehensive bike insurance plan. The policy covers third-party liabilities and damage to their vehicle as well. Plus, you can enhance the coverage of your comprehensive bike insurance with add-on covers, something that third party bike insurance doesn’t allow.
- Buying bike insurance online is not a secure process.
Many people think buying bike insurance online is not secure. They believe that a person’s personal information is at risk. As a matter of fact, the data you fill in when buying bike insurance online is highly secure.
The insurer does not disclose your information and maintains confidentiality. Also, the premium payment mode is secure and safe for you to make premium payments online.
- You cannot change your insurer.
It is quite common for policyholders to think that they cannot change their insurer. However, that is not true. Two wheeler insurance plans come with a validity of one year. So, after the policy expires or lapses, you can easily switch to a new insurer.
In fact, it is better to get your policy transferred to a new insurer right before or immediately after expiry. That way, you do not lose out on the No Claim Bonus earned over the previous year and still can avail discounts on the premium amount of your new policy.
Know that bike insurance is mandatory under the Motor Vehicles Act, 1988. If you are unable to present a bike insurance plan, you will be charged with a hefty e challan. Therefore, make sure that you have an active bike insurance plan when riding around town on your precious motorcycle.