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How to Avoid Being Fooled at the Time of Buying Bike Insurance

Two-wheelers are the most convenient mode of transport in the massively clogged roads of India. You can go anywhere with least number of issues. However, the inherent risks one may face while riding a bike can’t be denied. Hence, the Motor Vehicles Act 1988 has declared two-wheeler insurance as a mandatory purchase.  

As insurance is a saviour during a financial crisis, a lot of insurers have introduced their plans and made them attractive in every possible way. This has led to a massive misselling as the costs of plans are decided by the insurance companies and promoted by brokers. But as you can’t expect everything to be hunky-dory, here are some tips to make sure you don’t face this before landing on a plan.

Decide the Plan You Want to Buy

Before you fix an appointment with the insurance agent, make sure you’ve decided on the type of plan you wish to buy. Usually, there are two types of covers offered for two-wheelers: Third Party Insurance cover and Comprehensive cover. Third party insurance is a must buy as it protects the insured from getting bankrupt in case a liability arises out of injury, death, or property damage to a third-party. On the other hand, comprehensive cover secures your vehicles by covering the expense incurred due to damage to the vehicle as well as the third-party liabilities. When buying a plan, you should thoroughly know its benefits, and plan your purchase accordingly.

Know How the Premium is derived

Here you’ll have to be little smart. Possibilities are that the insurance agent will divulge an inflated premium rate owing to the target he needs to meet. These days, insurance companies offer a medium to calculate annual premium termed as insurance premium calculator. You can check for yourself or ask the agent to explain how the premium amount is being calculated. Also, you can ask for a written copy of the calculation. Remember, the premium for your bike is calculated based on certain features like insured declared value (IDV), bike’s age, cubic capacity of the engine and the location where the bike was registered. The agent may charge you a high premium for limited coverage. So, be careful and do your own research as well.

The Agent is Not Always Right

By being inquisitive, you can land on a fair deal. Don’t blindly believe whatever the insurance agent says. You would not want to be in a situation where you get to know about certain important things that are not covered by your policy a month later or worse, at the time of claim. The agent may include things that might not be required by you. Moreover, extra cover means extra premium. Hence, before handing over the premium cheque, always analyse your insurance needs and go for the cover you actually need. This will stop you from overpaying your insurer.

Read and Understand Policy Terms and Conditions

Knowledge is power. More you’re knowledgeable, lesser the chances of you being misled by others. Same goes for insurance. There are many insurance jargons that need your attention. But, owing to the complexity, many tend to ignore them and carry on without reading the clauses. The agent may take this advantage to fool you over some clause. To avoid this, crosscheck the policy document to confirm whatever is being narrated is valid or not. The best way is to download the policy document from the website of the bike insurance company. Mind it; fooling an informed consumer is difficult.

Elucidate the Claim-settlement Procedure

Claim settlement is the most important part of an insurance plan. It also determines the reputation of the company as only claim settlement ratio decides whether the company is worth approaching or not. To speed up the sale, the agent may brag by saying claim-settlement is just a call away or something like that. Don’t be fooled; to avoid future consequences, you should know the proper claim-settlement process of a particular insurer or the documentation required. You never know whether the agent is available or not after the sale is made.

In a Nutshell!

Purchasing bike insurance isn’t as easy and fun as eating your favourite food. But it is can be made simple! There are different channels through which you can make the purchase. But again, which one to approach? Even if you make one-step forward, there is no guarantee that you’re being correctly guided.  With the insurance market flooded with different insurance plans, it is really hard to choose the best plan. The only way is to be informed as much as possible. You can go for online purchase where one can compare the plans as well. This helps you buy a cheap and best plan. Remember, whatever the agent says is not always correct. They may mend the things calculating the profit and present in front of you. So, better you do your own research and buy one!