When you buy a new bike, it becomes essential for you to get insurance for it. Although, at times, people don’t really understand all the terminologies in two-wheeler insurance. This might lead to people not being able to buy the best two-wheeler insurance policy, as they do not have the knowledge for the same. There are specific demands of motor insurance under the law that are mandatory and make buying insurance a little complicated.
To clear your confusion at the time of purchasing two-wheeler insurance policy, here are some common mistakes to avoid:
- No Research
If you are a first-time insurance buyer, you might skip the researching part. Always make sure to research thoroughly and explore various options. Do a comparative study of benefits as well as premiums of different two-wheeler insurance policies that are available in the market. This might help you in searching for similar benefits at a much more affordable premium rate. Use a two wheeler insurance premium calculator to calculate the premium costs. Also, go through the customer reviews about the policy as well as the company reputation. This will help you in buying the best policy across the market.
- Opting for a Cheap Policy
Price is a point of concern for most of the people out there. You can look for affordable two-wheeler insurance, however, don’t make it your primary concern and deciding factor. You might think that policy which has a low premium is the best option for you. However, these policies do not provide coverage against huge losses or damages to your two-wheeler.
- Choosing Small Deductibles
While buying two-wheeler insurance policies online, there are a few individuals who go for small deductibles because they think that small deductible amounts are more beneficial. But, more profitable policies are the higher voluntary deductibles that help you reduce the two wheeler insurance rate.
- When you don’t claim the No Claim Bonus
If you make no claims during the policy term, then you’re eligible to receive a No-Claim Bonus while buying a new policy or at the time of renewal of the existing one. NCB is basically a concession that is offered to you by the insurer on the premium payable for the next year. Hence, always remember this during your two wheeler insurance renewal.
- Ignoring the Terms and Conditions of the Policy
This has to be one of the most common mistakes made while buying two-wheeler insurance policies. Read the policy wordings carefully and in detail. Also, don’t ignore the list of exclusions of the policy. There is a possibility that an essential type of coverage or benefit that you require is not included in the policy. Therefore, read the terms and conditions thoroughly.
If you avoid the mistakes mentioned above while buying a two wheeler insurance policy, you can find the best policy for your vehicle. Also, make sure to compare various policies online, considering the coverage, benefits, as well as the premium amounts that are associated with each of them.