Common mistakes to avoid when purchasing an online two wheeler insurance
You may be tempted to take your new bike out for a spin. But wait, is it insured? Because if not, you are liable to pay a hefty penalty if you get caught by the police. Moreover, if you get involved in an accident while riding your bike, you may also have to pay a lot for the damages caused to others and your vehicle as well. However, if you have insured your vehicle, your policy provider will legally and financially secure you and your vehicle against such events.
Keeping in mind the busy schedules of people today, many insurance companies have started offering online two-wheeler insurance to make the purchase process quicker & easier. However, if you are buying a policy online without any intermediary help, you may end up making a few mistakes. Read on to avoid them.
- Doing insufficient research
Bike insurance is an important financial product, hence requires thorough research before settling on one. The Internet offers a plethora of policies for one to choose from. However, most people blindly end up buying a policy without shopping around and comparing different insurance plans. If you one of those who are not able to decide, you can simply use an aggregator site that will help you find the right online two-wheeler insurance based on your requirements.
2. Preferring low premium policies
Many people are enticed by online two-wheeler insurance policies that have low premiums. But they fail to understand that with low price comes low /sub-standard coverage. You may have to pay comparatively less, but when in need, your insurance may not be sufficient to financially protect you in case of a bike accident. Instead of only paying attention to the cost, it is important to consider the cover offered by the insurance policy so that your vehicle does not remain underinsured.
3. Setting a low IDV
IDV is the maximum amount the insurance provider will offer in case the vehicle is totally written off. To enjoy a lower premium, you can lower the IDV of your plan. However, lower it too much and you get extremely less compensation in case of total loss of your vehicle.
4. Not paying attention to the fine print
When it comes to buying an online insurance two-wheeler, many people tend to make the hasty decision of not reading the terms and conditions carefully. It is very important to read every detail and get a complete understanding of what’s covered by your policy and what’s not!. Make the decision only if you have a thorough knowledge of your insurance two-wheeler.
Next time you plan to explore online two-wheeler insurance options, make sure to avoid these mistakes to get the best value for money. Hope this has been helpful for you, good luck and happy shopping!
