3 Myths about buying bike insurance online that you should understand.

 

Getting an insurance policy for bike is a must if you are looking for a legitimate and bother-free riding experience. It helps you in case of an unfortunate incident by providing coverage for any kind of damage to your motorcycle. However, many people come across certain beliefs while selecting bike insurance. These misconceptions make the policy difficult to understand and put customers into a huge dilemma.

Not comprehending these beliefs appropriately may influence your decision while buying bike insurance online and can upset you financially. To make your job easy, we have attempted to expose the top myths related to bike insurances. This will help you differentiate between the fact and the fiction and help you select the right insurance policy for bike.

MYTH 1: Buying third party insurance is sufficient.

Many people have the misconception that third party insurances also provide coverage for them as well as their vehicle. However, this is completely false. The truth is that a third party insurance policy is the basic prerequisite for driving a vehicle in India. So, it saves you from the legal liabilities and provides coverage only if there is any injury to a third person or any harm to other’s property. It does not give cover for any harm sustained by your vehicle. If you wish to include coverage for self-damage and repair of your bike in your policy, you should opt for a comprehensive plan. This will cost you more but will assure you complete security in case of uncertain events.

MYTH 2: You cannot change your insurer once you have bought an insurance policy for your bike.

Many people think that once you have purchased an insurance policy from the insurance company, you cannot change your plan or insurance provider while renewing your cover. But, this is not true at all. A usual bike protection plan lasts for a year or 5 years if you have opted for a long-term plan. After this, if you are unhappy with your current service provider or you find better deals elsewhere, you can always opt for different insurance providers when you renew bike insurance. Additionally, you can carry forward benefits like your No claim and other credits that you have earned from your previous insurer.

MYTH 3: Insurer declared value (IDV) cannot be adjusted.

The insurer declared the value of a vehicle is the current market worth of your vehicle. There is a major misconception amongst people that when you attempt insurance renewal for bike, you cannot change the insurer declared value. However, that’s not true. You can always adjust your vehicle’s IDV according to your preference when you plan to renew your motorcycle insurance. But you should make sure that you are very careful while setting the same. This is because if you set a higher IDV for your vehicle, you will have to pay more premiums for your insurance policy. But, if you set a lower IDV for your bike, you may suffer financial losses when you make a claim.

With these myths debunked, you can now buy an insurance policy for your bike without any hassle.