Buying a suitable bike insurance policy can be a hectic task as many bike owners do not want to get into the hassle of researching the best policy. To save time and effort, many bike owners directly buy two-wheeler insurance from the dealers which might turn into a costly deal in the long run.
A two-wheeler insurance policy is an ideal way to assist a person in dealing with unforeseen events such as theft or an accident. Having an insurance policy gives you the confidence to handle unanticipated circumstances.
Today there are so many different companies offering two-wheeler insurance policies with complex terms and conditions. It’s not wise to fall for the first option that comes across you. It is always advisable to find the best two-wheeler insurance policy while putting a little effort to compare the policies. There are different online platforms such as Coverfox.com that allows you to easily compare two-wheeler insurance plans from different reputable companies.
Steps for putting into action to compare Two-wheeler Insurance
The fastest and easiest way to compare a two-wheeler insurance policy is through online portals. As there are many companies available online which offer the best services that suit your circumstances the most, it becomes a little tough to compare these policies instantly.
These steps can be very helpful to compare two-wheeler insurance policies with less effort:
1. Compare quotes from different companies
This will give you plenty of options based on numbers to have a valuable insight on the pricing being offered in the market.
2. Try to filter out the most reputable firms
Review the user ratings for the firm as it is important when making a claim. Many companies have a poor customer service which makes it difficult when you really want to avail the service.
Also, try to go through the feedback section, if available, which can be very helpful in knowing what existing customers think about the particular company.
3. Extra services and conditions
Reading the terms and conditions being offered is again very important. A company might be offering features which are totally unnecessary for you but have an effect on the quoted price. For example, additional covers for spare parts and accessories. One can exclude all the unwanted options resulting in significant reduction in quoted price.
6 Myths Debunked
Buying two-wheeler insurance is not that easy. It comes with a diverse set of policies and procedures that have given birth to several myths. Some of the myths that are very commonly believed include:
1. Buying insurance from the dealer selling the bike is cheaper than buying it from the insurance market
Sometimes the one-stop shop sells the most expensive insurance solutions which may help you get rid of the hassle to search, but also requires you to pay more from your pocket.
It is always good to explore the market to shop around for the best two wheeler insurance plan.
2. I am a safe rider and I don’t need insurance
This is another type of misconception that people have on their skills of riding. This delusion based on overconfidence often makes a person pay more than required.
3. An older model ride has a costly insurance
Insurance is not only model year dependent but also depends on the age of the rider and the way he/she rides. For example, a number of fines on the license, etc.
4. All insurance policies cover the business use of the ride as well
Many people believe that if they are using their ride for a business purpose, it will also be covered in their insurance, however, plenty of times the quotation that you accept to go forward with has the condition that this is a cover for personal use only.
That’s the reason why it’s important to go over every detail before getting into an agreement.
5. Two-wheeler insurance is for new bikes only
There is a common misconception that only new bikes need insurance. What people do not realize is that in case the ride hits another vehicle on the road which is new and expensive, they will not only be paying for their injuries and repair but also for the third party which is affected by their mistake.
6. If someone borrows my bike and causes an accident then their insurance will cover my bike
There is another myth that insurance covers are rider dependent and not ride dependent; however, it’s the opposite. If someone damages your bike, then the claims will come out of the insurance pertaining to the ride and not the rider. This also affects your insurance rates for years to come.
Ultimately, it is in one’s own hands to spend a little time and effort in comparing and selecting the best insurance plan instead of wasting time in the future with a costly and ineffective insurance policy.