When it comes to ensuring the security of your two-wheeler, having a vehicle insurance policy is more than just a legal requirement. Apart from providing you with a legal grant for driving on the roads of the country, it also enables you to become financially empowered during vehicle-related emergencies.
Therefore, you must be cautious enough while selecting a two-wheeler insurance policy for your vehicle to ensure you do not make any mistakes in purchasing the right plan.
Keep reading this blog till the end to find out everything in detail.
What are Common Mistakes You Should Avoid While Selecting Two-Wheeler Insurance?
To ensure you purchase the right two-wheeler insurance plan for your vehicle, you need to be careful regarding a few things. Go through the following points to learn about the common mistakes you must avoid while two wheeler insurance check:
● Not Paying Attention to the Terms and Conditions
All vehicle insurance policies come with different types of terms and conditions, which are usually set by the insurance company. Rushing through the process often leads to overlooking the applicable conditions of an insurance plan, which can later become a big deal during the claim settlement process.
It is highly imperative to thoroughly review such terms and ensure everything is set at your convenience. Therefore, take your time and read the terms attached to your plan before purchasing it.
● Not Verifying Personal Details
Whether you are purchasing your two-wheeler insurance policy online or from a broker, double-checking the information is a must for every individual. Purchasing a bike insurance plan requires you to provide a few personal details, which include your name, age, address, registration number of your vehicle, etc.
All these are crucial details that play a significant role in processing claims and identifying the insured vehicle. Therefore, go through the details you provide to, ensure an error-free application.
● Not Determining Suitable IDV
IDV stands for the Insured Declared Value, which refers to the maximum sum that an insurance company agrees to pay during unfortunate events like theft or loss of your bike. You must remember that the insurance providers determine the IDV as per the current market value of your two-wheeler after deducting its depreciation rate.
Hence, you need to ensure you do not entirely depend on your provider to determine the IDV of your vehicle and do the necessary calculations from your side as well. It will boost your confidence to negotiate for the best.
● Ignoring the Additional Benefits
Vehicle Insurance policy often comes with add-on options or additional benefits that further enhance your existing coverage. These also include NCB or No Claim Bonus, through which you get to accumulate bonus points for each claim-free year. Also, by accumulating such bonus points you can get access to various benefits to enhance your insurance coverage.
Thus, make sure to inquire about the same while purchasing your vehicle insurance plan and include the necessary ones as per your requirements.
● Not Selecting the Right Policy Period
Usually, a two-wheeler insurance plan lasts one year, after which it lapses, and policyholders need to renew it. However, several plans offer long-term or short-term insurance for your vehicle, ensuring your safety according to your needs and budget. You need to assess your vehicle’s requirements and financial stability to determine the right policy period.
Also, insurance policies with larger tenures tend to have higher premiums and other terms attached to them. Hence, it is crucial to evaluate your needs, inquire about the details, and opt for the policy period that works best for you.
● Not Mentioning the Nominee’s Name
In case the policyholder or the vehicle owner meets with an accident, the only way to get hold of the financial assistance of your insurance is through the nominee. Therefore, it is important to mention the name of a nominee during your bike insurance application.
You must remember to carefully select someone who can initiate the claiming process on your behalf and proceed accordingly with purchasing your two-wheeler insurance policy.
Final Words
To sum it up, selecting the right two-wheeler insurance plan is one of the crucial things to ensure the security of your vehicle and financial stability. Therefore, policyholders should be careful while determining their insurance plans. Thus, make sure to follow the points mentioned in the blog, assess your requirements thoroughly, and choose the policy that can provide you with the best coverage.
