Have you ever wondered why your bike insurance plan fails to deliver? You did the needful and bought an insurance cover, but at the time of a claim, you only got a fraction of what you hoped you would get. Why did this happen? Well, the answer is simple – you bought the two wheeler policy without understanding how two wheeler insurance works. Take a look at the common bike insurance misconceptions to avoid making the same errors in the future.
8 common misconceptions about bike insurance
Listed below are some of the most popular two wheeler insurance myths:
- The pillion is covered automatically: The pillion rider is not automatically covered under a bike insurance plan. To get a cover for the pillion, you need to purchase an add-on along with your base plan.
- Every plan is the same:You may have been told that every bike insurance plan is the same. But this is highly incorrect. There are two different types of bike insurance covers – the comprehensive cover and the third party cover. Go over the covers and understand how they work. Then, choose an appropriate plan for yourself.
- Every single add-on is useful: This is also a myth. There are many different add-ons available. All the add-ons may not be of use to you. If you buy too many add-ons, your premium payable will shoot up. So choose the add-on wisely and stay protected in a wholesome manner.
- Credit score impacts the premium: No, it does not. If you have a good credit score, you cannot expect to get a discount on your bike insurance premium. A good credit score helps you get a lower interest rate on your bank loans, but when it comes to insurance, there hardly is any impact.
- NCB is lost when you switch insurers: NCB is a discount that you earn for not making claims on your bike insurance plan. It is a valuable reward that you must be proud of. It is your right as well. So don’t worry, you will not lose your NCB when you switch between two insurance providers. The NCB gets carried forward and you can expect a discount from the new insurance provider as well.
- The lowest cover is sufficient: This is also a misconception, and a dangerous one too. You need to get a sufficient bike insurance cover to ensure your vehicle, you and also the third party insurance is adequately covered. This will help you get the best results from your two wheeler insurance policy.
- Insurance provider can’t be changed: If you are unhappy with your insurer, you can very well change it. If you feel your present insurer does not offer the best features or you feel their customer support is poor, please go ahead and change the insurer when you renew your bike insurance plan. There is no penalty involved and you can easily switch insurers in bike.
- An insurance agent has the best plans:This is the biggest bike insurance myth that you will come across! In today’s highly digitalised world, the online space has overtaken its offline counterpart. So the bike insurance plans you get online are way better than the offline plans. An agent may sell you a plan for his or her own benefit. Also, when buying offline, you end up paying a high brokerage amount. You always find the best bike insurance plans online as you can compare the options, make an unbiased decision and also pay a lower price.
Here’s a quick way to solve the bike insurance problem
Bike insurance is not rocket science and you need not repeat the same mistakes every time. All you have to do is understand how bike insurance works and then get the right kind of cover for yourself. Also, you need to stay far away from the misconceptions surrounding bike insurance. Once you do that, you will have a clearer picture and will be able to find the best and the most suitable plan. Your bike is very precious to you. So you need to find a good insurance cover for it. Keep the points mentioned above in mind and the job of finding a good bike insurance plan will become easier for you.