Your decision to buy a two-wheeler insurance plan is a good one. However, the objectives and procedures of some insurance agents or companies waiting to entrap you may not be equally good. Be careful. As an unsuspecting customer, you may get lured into buying an unsuitable, unwanted, and expensive insurance cover that you may regret in the future.
Reasons to Think Before You Take Two-wheeler Insurance
There are plenty of cases of malpractice and direct cheating that are coming to the fore, especially in case of comprehensive or third party two wheeler insurance policies. Here’s what you need to question yourself to get the right insurance plan for your scooter or bike.
1. Do you own a second-hand bike?
Is your insurance provider insisting that you buy a new policy for the second-hand bike in your possession? Instead of getting headlong into the act, strive to find the status of the existing insurance plan. Is it already transferred to your name? If no, you can get it transferred within the permissible time frame, have it renewed in good time, and make good savings in the process.
2. Has your existing policy lapsed?
If you are whizzing around on your bike with zero valid coverage, courtesy of your lapsed insurance policy, then you need to take requisite actions without any ado. Apart from being a legal offense, you’re driving around with a lapsed policy brings grave financial consequences in the event of an accident. Remember, third party cover is obligatory as per the Motor Vehicles Act, 1988 and should be taken up at the earliest.
3. Have you been asked to furnish all personal details correctly?
Beware! If the answer is ‘No’ then you may qualify as a person attempting to commit two-wheeler insurance fraud. The insurance company dealing with you should not forge or omit to mention any important personal details as you may lose your cover in the long run. Additionally, such circumstances may legally prevent the service provider from attending to your claim application as and when you file one.
Tips for Using Two-wheeler Insurance to Ensure the Best Utilization
Basically, a comprehensive two wheeler insurance policy offers financial cover for all kinds of damages caused to your vehicle due to theft, accident, etc. It also provides third-party insurance coverage to take care of the injuries/death caused to the person accompanying you or involved in the ensuing accident. You also get covered for the damages caused to third-party properties as a result of the accident.
1. Buy the correct insurance for your bike
Gain clarity about the kind of bike insurance you need beforehand. Compare the various policies on hand and know their benefits before saying yes to one. Making an informed selection about a third- party plan or a comprehensive plan is crucial for ensuring optimum utilization of your insurance plan.
2. Get maximum cover at the lowest premium
Certain online insurance aggregators such as Coverfox.com help you with insurance premium with online insurance premium calculators. You may seek the help of their representatives to derive the premium amount that suits your budget and cover requirements. The premium amount would be dependent on the cubic capacity (cc), the insured declared value (IDV), your place of residence, the manufacturing date and model of the two-wheeler, etc.
3. Ask questions, analyse what you are paying for
All that is available online or as word of mouth from offline agents may not be true or applicable to you. Assure yourself that the plan presented to you protects all that you need cover for. In case you do not wish to get cover for add-ons, mention it at the first instance itself to reduce your premium amount.
4. Read the small print thoroughly
Most policy documents are rather long and filled with confusing terms and conditions that may skip your attention. Read closely before signing up for anything, cross-check each point, ask for validations from your agent, and go through a thorough discussion before paying up. Any omittance or negligence in this regard will cost you a great deal in future.
The Last Word
Saving yourself from bike insurance traps is not just about shopping for the best policy or comparing quotes. Therefore, it is a good idea to get in touch with experts in the world of insurance to get the most value for your new or renewed two-wheeler insurance.
Coverfox.com allows you to compare over 100+ products and insurance policies provided by 25 insurers. Get in touch with their experts, today!