Debunking 06 Myths Around Two wheeler Insurance

A two-wheeler is a common sight on Indian roads.  The feel of riding a two-wheeler is liberating. Anyone who wishes to have a legal and hassle-free riding experience should consider buying a two wheeler insurance policy. In India, third-party insurance is a mandate. When it comes to buying a two wheeler insurance policy, you might come across certain factors that might not be true. Various factors determine the bike insurance premium cost. It is important to understand that the premium rate differs from insurer to insurer and as per the need. In this article, we have tried to uncover those common myths that will enable you to make an informed decision.

06 Myths Prevalent About Two wheeler Insurance

Let us debunk the following top myths around two wheeler insurance: Myth 1: Private insurance policy covers personal and commercial use of the bike. Truth: Well the truth is it doesn’t. A private bike insurance policy will only cover personal use. If a bike is used for commercial purposes then the owner should opt for a passenger/ goods carrying vehicle insurance. Myth 2: A two wheeler insurance policy can be canceled at any point in time. Truth: Yes, a bike insurance policy can be canceled yet with specific conditions. There are conditions about, which the policyholder needs to be aware. Thirty days before the date of expiry, the policyholder cannot file any claim. In case of cancelation of the bike insurance policy, additional cancelation charges need to be paid by the policyholder. It is important to understand that if an individual does not have a valid or active bike insurance policy then they cannot ply on the Indian roads. Myth 3: A pillion rider is covered under the same bike insurance policy. Truth: Well, a pillion rider is not covered under the same bike insurance policy. This implies that under any unfortunate circumstances if the bike meets with a mishap, the pillion rider cannot claim any incurred hospitalization expenses because of the bodily injury. Yet, if a personal accident cover has been opted, then this issue can be easily resolved. Myth 4: A third party insurance is enough. Truth: One of the most common myths is that having third party bike insurance is more than enough. However, people do not understand that it only covers the risk of damage to a third person. The vehicle owner and any incurred damage are not covered under this insurance. It is recommended to choose the comprehensive two wheeler insurance policy. Myth 5: Bike insurance premium depends on the credit score. Truth: The two wheeler insurance premium is not dependent on the credit score. Anyone who thinks that a good credit score will bring down the bike insurance premium then you are mistaken. There are several factors such as the Make and model of the bike, Insured Declared Value, and so forth that determine the bike insurance premium. Myth 6: Buying bike insurance online is unsafe, expensive, and confusing. Truth: People tend to believe that buying two wheeler insurance online involves hassle and you end up paying more premium. Yet, the best way to ensure the safety of the wheels is to opt for bike insurance online. It does not involve tedious paperwork and is not time-consuming. From the comfort of your home or anywhere, you can select the bike insurance fulfilling your needs.

The Bottom Line

Buying a bike insurance policy is important and should not be overlooked at any cost. With a plethora of insurance options available in the market, it is better to analyze the needs. Choose a suitable plan that fulfills the requirement and fits your pocket. You can enhance your base plan by opting for bike insurance add-on riders. Set aside all your apprehensions and make an informed choice.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.