Avoid These Simple Mistakes In Buying Bike Insurance Online

Whether you buy bike insurance online or offline, there are a few don’ts that you must avoid. These will ensure that you enjoy your riding experience and are financially secured always.

Here are the top mistakes that you must avoid while buying insurance online.

1. Opting for Low-Cost Insurance

One of the biggest mistakes that you can make when you buy bike insurance online, is to opt for the cheapest insurance out there. A policy that is priced lower than its competitors might be cutting corners in some places.

Thus, instead of saving money, you will end up losing more money in the long run. Instead of looking for the cheapest policy out there, you can opt for a policy that is affordable and offers benefits that you can use.

2. Forgetting to Transfer Existing Policy

This scenario comes into the picture if you are buying a used bike. While buying a used bike, a lot of bike owners tend to forget about the insurance. You can transfer the policy of the previous owner to your name along with the bike. This will ensure that your bike has constant coverage. If due to some reasons, it is not feasible you can buy bike insurance online.

3. Letting NCB Go

Anyone who rides their bike with utmost care and has not met with an accident stands to benefit from NCB or No Claim Bonus. For every year that you do not claim your policy, the insurance company will offer certain discounts.

It is crucial to note that NCB is associated with the owner and not the bike. If you are selling your bike, do not forget to preserve your NCB. You can use the NCB against future policy purchases.

4. Setting Incorrect IDV

In the event of damage beyond repair or loss of the bike, the insurance company will pay you the IDV or insured declared value of the bike. It is the current maximum market price of your bike. Since the insurance premium depends heavily on the IDV of the bike, a higher IDV can increase your policy premiums.

By reducing your IDV you can reduce your policy premiums. However, in the case of a mishap, the mistake can prove to be costly. Due to lower IDV, the claim amount will be lower, and in case of a total loss, you will also receive lower compensation.

5. Letting Your Policy Expire

Letting your policy lapse is a common mistake that most bike owners make. The seemingly small action can have several implications. For starters, it is illegal to ride your bike without insurance.

You can be heavily penalized for the same. More importantly, in the event of an accident, you are entirely exposed to all the financial perils. If you fail to renew your policy within the 90 days grace period, you will lose the NCB as well. Thus, there are more than a few reasons to not let your policy lapse in the first place.

You can compare insurance brokers online before zeroing down on the policy you want to buy. And do not repeat any of the above mistakes.

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