Insurance is a technical concept. Thus, most people often end up believing in some common myths associated with a two-wheeler insurance policy. Belief in these myths prevents you from investing in the best 2 wheeler insurance plan.
So, here are seven common myths associated with bike insurance policies which should be avoided at all costs:
- #1. Buying Third-Party Insurance is Enough
- #2. Renewing the Policy is Not Necessary
- #3. Making a Claim is a Difficult Process
- #4. My Bike is Old and So Insurance Coverage is Not Required
- #5. All the Damages are Covered in a Comprehensive Plan
- #6. I Have to Stick with the Same Insurance Company
- #7. Buying Online is Dangerous
- To Conclude
#1. Buying Third-Party Insurance is Enough
This is a very common myth: Third party insurance is enough for your bike, only to reduce the premium outgo. A third party insurance cover is mandatory as per the Act so that at least their third-party liabilities would be considered and so you believe having only third party liability cover would be sufficient.
- What about the damages suffered by your bike itself?
- Would you be able to afford the costs associated with its repairs?
- If the bike is stolen, would you be able to face the financial loss?
Though a third-party policy fulfills the legal requirement, it is suggested to buy a comprehensive 2 wheeler insurance plan.
A comprehensive plan would provide all-round coverage for the bike and would pay for the damages suffered by the bike itself.
#2. Renewing the Policy is Not Necessary
This is another popular myth which is also a grave mistake which most bike owners make. The bike insurance plan comes with a specified tenure and regular renewals are necessary for non-stop coverage.
If the policy is not renewed, it lapses. A lapsed policy is a legal violation as you would face legal consequences if you are caught and the insurance policy is not valid.
Moreover, a lapsed policy also does not provide coverage against the financial loss that you might face in an accident. So, regular renewal of bike insurance plans is a must.
#3. Making a Claim is a Difficult Process
Many of you believe that making a claim in your 2 wheeler insurance policy is a difficult affair.
In most cases, the claim process is actually simple. You just need to know the steps involved in making the claim for getting it settled easily and quickly.
#4. My Bike is Old and So Insurance Coverage is Not Required
Whether you have an old bike or a new one, insurance cover is mandatory as per the Motor Vehicles Act, 1988. If you use your vehicle on public roads then you must have a valid insurance cover or face legal consequences.
#5. All the Damages are Covered in a Comprehensive Plan
A comprehensive bike insurance policy covers the damages suffered by the bike due to natural as well as man-made causes. That is why most of you believe that any possible damage would be covered under the policy.
You are wrong!
There are exclusions in all bike insurance plans which specify the damages which are not covered.
For instance, driving under the influence of alcohol, driving without a license, deliberate accidents, etc. are not covered under bike insurance plans.
#6. I Have to Stick with the Same Insurance Company
It is not necessary that the insurer from whom the policy is bought should be continued throughout the bike’s useful life. You can change insurance companies when you renew your plan.
In fact, at the time of renewals, you should compare the different plans and then choose an insurer offering you the best coverage benefits at the lowest rates.
Sticking to the same insurer is not mandatory and you should explore other options.
#7. Buying Online is Dangerous
Though bike insurance plans are easily available online, most of us are afraid that the online platform of buying the policy is dangerous.
This is also a myth.
The online platform is safe if you choose a reputed and secured website. Moreover, buying online is also beneficial as you can buy the policy instantly after comparing different plans.
So, if you also believe in one or more of these myths, know the reality.
Bust your myths and buy the most suitable two wheeler insurance policy for your bike for good coverage and also for fulfilling the legal requirement.