Debunking Top 11 Myths About Bike Insurance
Suppose you bought your favourite bike and are ready for a perfect ride. You then purchase a bike insurance policy, believing you are adequately protected. However, it's important to understand the full scope of your coverage and avoid common misconceptions about bike insurance.
Misconceptions like "insurance covers all damages" or "you cannot switch insurers" often lead to confusion and can prevent you from making the most of your policy. Read to learn the truth behind common myths about comprehensive bike insurance and make informed decisions for a worry-free ride.
11 Myths About Comprehensive Bike Insurance Debunked
Here is a list of common misconceptions about comprehensive bike insurance that you must be aware of:
1. Third-Party Liability Only Provides Adequate Protection
As we know, every bike holder in India must get at least third-party bike insurance. Nevertheless, the simple availability of third-party coverage is not appropriate. This policy only covers the damage caused to a third party, leaving your vehicle unprotected.
It is highly recommended that you opt for a comprehensive two-wheeler insurance plan to fully protect your bike and third parties in the event of a road accident. This plan will provide coverage for your own vehicle and any damage caused to third parties.
2. Two-Wheeler Insurance Protects Against All Forms of Loss
One of the leading myths is that a comprehensive bike insurance policy shields your bike from all kinds of harm and losses. While it is true that comprehensive insurance protects your bike from various risks such as accidents, theft, natural disasters, and third-party liabilities, it is not all-encompassing. There are certain exclusions.
For example, if your bike is damaged while you are under the influence of alcohol or other intoxicating substances, your insurance policy will not cover the costs. It is crucial to thoroughly review the policy documents and understand what is covered and what is excluded before purchasing your bike insurance.
3. Pillion Riders are Automatically Covered under Bike Insurance
Another myth is that the person accompanying the bike rider, a pillion, is protected by the two-wheeler insurance policy. This is not the case. In a bike accident, if the pillion rider is injured, they will not be compensated under the standard comprehensive bike insurance policy.
This means that to get coverage for the pillion riders, one must purchase extra coverage. Using this add-on, the comprehensive bike insurance policy shall cover your pillion rider.
4. There is No Reliable Customer Support for Bike Insurance
In the past, buying motor insurance meant limited customer support, often leaving you alone to figure things out. Today, however, nearly all insurance providers offer reliable, round-the-clock customer support.
This makes it easy to get the answers you need regarding your two-wheeler insurance policy anytime, ensuring a smoother and more convenient experience.
5. You Cannot Switch Insurers after Buying a Policy
Many believe that once they purchase a two-wheeler insurance policy, they are locked into that insurer. This is not true. You can switch insurers anytime, whether for an annual or long-term policy.
Suppose you have accumulated a No Claim Bonus (NCB) in bike insurance with your current insurer. In that case, you can transfer it to your new policy, ensuring you continue to enjoy the benefits of your clean claim history.
NCB is a reward for claim-free years, offering discounts on premiums for policyholders who have not made any claims during the previous policy period. This can significantly lower your premiums, helping you save money while maintaining comprehensive coverage.
6. Buying Two-Wheeler Insurance is Complicated
Many people think that buying bike insurance is a long and complicated process. However, that is no longer the case. Nowadays, renewing or buying two-wheeler insurance is straightforward.
All you need to do is visit an insurance lending platform, enter the required details, compare different quotes, and choose the best option without hassle. The process is quick and can be done online from the comfort of your home.
7. Two-Wheeler Insurance Covers Commercial Use
Another myth is that a standard two-wheeler insurance policy covers your vehicle when used for commercial purposes. All these policies only offer protection for the private use of the bike in question. You will require a commercial vehicle insurance policy for your two-wheeler, which you intend to put to commercial use.
8. E-Bikes Do Not Need Insurance
Most e-bike owners believe that this kind of vehicle does not need insurance. However, if you operate an electric scooter or bike registered with a registration number and your vehicle has a top speed of more than 25 km/h, you are required by law to take insurance from an insurer.
Like normal bikes, it is mandatory to insure your e-bike under the right insurance policy for the safety of both the rider and other road users.
9. Online Purchase of Bike Insurance is Not Safe
A common misconception is that purchasing two-wheeler insurance online is unsafe. In fact, purchasing a bike insurance policy through the Internet is safe and secure. Insurers' websites are designed to protect your personal data, ensuring that it remains confidential and safe from fraudulent activities.
Purchasing insurance online means that the operation is guarded with the help of certain systems and encryptions.
10. Bike Insurance Premium Depends on Credit Score
A popular misconception is that your credit rating determines your bike insurance premium. However, this is incorrect. The amount you pay depends on parameters like the make and model of your bike, year of manufacture, engine capacity, etc. The premium charged for the two-wheeler insurance does not depend on your credit score in any way.
11. Buying Two-Wheeler Insurance is Not Necessary
Some feel that insurance on two-wheelers is not required or useful, which is perhaps why insurance companies' involvement is minimal. But this is a very dangerous myth. Insurance is not a leisure; insurance is a necessity.
It may sound like a tiny expenditure, but bike insurance can save you greatly in the event of an accident or damage to the bike. It is a small price to pay to avoid stress in the future.
Now, you clearly understand the myths and misconceptions surrounding comprehensive bike insurance. Many arise from simple misunderstandings, while others stem from a lack of awareness. To ensure the best protection for your two-wheeler, you must separate facts from myths and thoroughly understand your insurance policy.
Doing so lets you make informed decisions, maximise your policy benefits, and ride with confidence, knowing you are fully covered.
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