Buying insurance is much more complex than selecting a vehicle of your choice. To start purchasing a car, you at least know what you are looking for. But all these boring policy papers are somewhat challenging to comprehend, and one mistake can make you select a bad policy that doesn’t even pay off the money you spend on the annual premiums.

So, (I) it is not about selecting the one policy with the lowest premium, (II) an expensive policy is not an indicator of a reasonable policy either.

In a hurry to buy a new policy or on the expiry of the previous one, many two-wheeler owners make bad (should be read as worst) purchase decisions. Ideally, the goal is to buy two-wheeler insurance to get maximum value for every penny you spend on the annual premium. There is a whole breed of insurers out there, and they have an array of policies to satiate your needs. All you need to do is find the one approach to ensure your vehicle's maximum value.

What does the law say about it?

Well, the law doesn’t entail buying insurance from a particular insurer. But it indeed forces you to get an insurance plan. It has been made mandatory by the Indian Government to get your two-wheelers insured, whether you are buying a new vehicle or using an old one. This makes it essential, now than ever before, that you get a two-wheeler insurance policy for your new and old cars.

Buying a vehicle comes with a responsibility; it’s a relationship with some commitments. You are entirely responsible for your car and the damages they incur during any mishap or accident. Since it is so much more important, we decided to introduce you to significant mistakes made by any ordinary person can commit while buying an insurance policy for two-wheelers:

#1 Research and comparison of policies-

Do thorough research about insurance policies, and compare different plans. Upon researching, check what other companies are offering. Often, people mistakenly choose a procedure with a high premium rate even when various insurance providers offer a similar approach at a much lower premium. Comparing policies while researching can save you from buying expensive insurance policies.

#2 Cheap policy and loss cover

A cheaper policy with a lower premium is good, but you should be aware that sometimes a more affordable policy does not cover the enormous loss. So, something being “cheap” should not be a deciding factor when buying an insurance policy; it is simply not a good approach.

#3 Unaware of No-Claim bonuses

While having a two-wheeler insurance renewal, you must confirm from your policy provider if you are eligible for no-claim bonuses. No claim bonuses are offered by the insurance provider to you as a discount on payable premiums and a good money saver.

#4 Cutting premium prices by Small Deductibles

People often choose small deductibles in policies, which affects the return while claiming. Long-lasting policies are more profitable than traditional one-year or two-year policy plans.

#5 Ignoring Terms and Conditions

If you, too, ignore the almost invisible 5-6 liner content below any policy with the headline saying “T&C”, STOP that immediately. You must carefully read the terms and conditions of your policy and be attentive to what it is saying and every clause you are about to agree to. Reading policy allows you to check the coverage it offers in different conditions.

Benefits of having two-wheeler insurance-

Questions like “Is it essential for you to have two-wheeler Insurance?”, “Why is the government bothering you to have Insurance for your motor vehicle?” can be answered by a long list of benefits you get by having Two-wheeler insurance.

Having insurance for the motor vehicle and being up-to-date with your two-wheeler insurance renewal saves you from many unforeseen events and ensures the safety of your property. The insurance policy covers damages that occur due to
  • Natural disaster- Natural disasters such as fires, earthquakes, floods, landslides, storms, etc., damage people's lives and properties. Insurance comes in handy if you deal with such unpredictable forces.
  • Accidents- No one can tell you if you will have an accident; we all witness accidents daily. No matter how cautious you are while driving, you are equally accident-prone when an accident occurs, either by a misjudgement made by you or others. An accident can cost a considerable sum in the form of repair of your vehicle.
  • Theft/burglary- Insurance policies cover damage caused by robbery or burglary; either repair cost or replacement cost is paid drrepair or replacement costs are paid during thefore two-wheeler insurance renewal
There are lists of things to check before renewing your insurance policy.
  • Check and compare the policy you are renewing and check if your condition and demands are fulfilled by another approach at a lesser premium.
  • Read about the last renewable date to avoid extra charges or late payment fees.
  • Ask your insurer for a non-claim bonus; if you are eligible, the rewards will be deducted from the cost of your premium.
  • Growing competition in the insurance market is a massive benefit for you, as you can choose from many policies before renewing your current plan. There is a high chance of getting a better approach with a lower premium rate than the existing one.

Peace of Mind

A Two-wheeler insurance policy empowers you with a sense of security. Life is unpredictable. The only thing you can be assured of in life is ‘change’. It is impossible to know if you will be prone to accidents and natural disasters. Why not be prepared for any mishappening which can come in our unpredictable life. You can think of insurance as a cost you pay to have peace and assurance in your life.