A lack of information can influence your decision-making power when getting two-wheeler insurance. Because an insurance policy is such an important document, you must avoid making any mistakes when choosing the best two-wheeler insurance coverage. Let’s look at some typical mistakes to avoid while getting a bike insurance policy in this post. You can research more on this via the Bajaj Allianz bike insurance app.
Here are a few frequent pitfalls to avoid when looking for the finest two-wheeler insurance policy:
1. Inadequate Policy Research
Customers who buy bike insurance coverage frequently skip the research stage. One should never select a plan without thoroughly researching numerous insurance options and conducting thorough study on the advantages and rates of various plans. It assists you in finding the best coverage by providing identical policy advantages at a lower premium and providing information about the company’s reputation through user reviews.
2. Finding Low-Cost Insurance
Every policyholder is concerned about the cost of their policy. However, selecting decisions solely on price may lead you to select an ineffective solution. You must compare the features and coverage of several insurance plans and select the most cost-effective policy among them. Opting for a bike insurance policy with the lowest cost may appear to be a good idea, but such policies sometimes provide insufficient coverage against significant damage or loss experienced by two-wheelers. Use a bike insurance check app download to get great value.
3. Choosing Selected Low Deductibles
Many people choose a low number of deductibles when acquiring a two-wheeler insurance policy online, believing that lower deductibles are better. On the contrary, the deductible level should be chosen based on the amount and frequency of your claims. A large deductible for minor claims is pointless, as is a low deductible for major claims. As a result, you should choose a claim based on the request of your claim.
4. Failure to Claim The NCB
If you do not file a claim during the duration of your bike insurance policy, you will be entitled for a No Claim Bonus (NCB) benefit from your insurance company as a reward. You can take advantage of the NCB concession granted by your insurance carrier on the next policy year’s premium. As a result, keep it in mind while renewing your bike insurance coverage. NCB and other bike insurance policy features are subject to the standard terms and conditions of the insurance policy. *
5. Failure to Read the Policy’s Terms and Conditions
It is the most common error consumers make when acquiring two-wheeler insurance policies. As a result, you must carefully read the insurance wording and pay attention to the inclusions and exclusions. If you file a claim for an incident that is not covered by the plan, it may be denied. As a result, completely read all of the policy’s underwriting terms and conditions. An app for bike insurance will have all the necessary terms and fine print.
6. Incorrect personal information
This can lead to a huge shock when you actually make a claim as this is a technicality that can be difficult to resolve.
7. Misjudging the use of the bike or scooter
By making a conservative judgement of the use of your bike or scooter, you might not be able to choose a policy or add-ons that really help you.
Every bike insurance policyholder should avoid the pitfalls listed above when purchasing a bike insurance coverage. To choose the finest two-wheeler insurance policy, evaluate multiple policies online on the Bajaj Allianz bike insurance app based on their coverage, perks, and cost. We hope that this post will assist you in avoiding common blunders and selecting the best plan for you.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.