Five misconceptions about Two Wheeler Insurance
Five misconceptions about Two Wheeler Insurance 12thAugust 2021
Whether you decide to buy 2 wheeler insurance online or otherwise, many myths and misconceptions are associated with it. It is important to have all the information about the insurance policy that addresses your requirements before buying two-wheeler insurance.
Having a two-wheeler insurance assures you to handle whatever the road throws at you, giving you peace of mind and letting you enjoy riding without a worry.
Please also remember that as per the Insurance Regulatory and Development Authority of India (IRDAI), every two-wheeler owner must buy a third-party liability insurance for the vehicle.
Here we bring five common misconceptions that often lead you to settle for something less worthy.
1. It is risky and complicated to buy 2 wheeler insurance online:
We agree that buying insurance online can be tricky sometimes. But, not if you purchase insurance from a recognized company that has a good market reputation. It is advisable to do some research on the company, check the credibility and Claim Settlement Ratio (CSR) before purchasing. It is easier to buy two-wheeler insurance online; all you need to do is log on to the insurance provider's website, fill in your and your vehicle's details, select your plan, and you will get a quote for the premium amount. Make the payment through the secure payment gateway provided by the company and receive your policy document online.
2. Third-Party liability cover is enough for insurance:
As mentioned earlier, third-party liability insurance is mandatory in India. However, it does not mean that having only third-party liability insurance is sufficient. It only covers the losses of the third party. Accidents can cost you much more than you can think. Therefore, it is advisable to go for a comprehensive plan. A comprehensive plan not only covers the third party but also the damages to your two-wheeler and your hospitalization costs in case of an accident.
3. The pillion rider is covered under insurance:
People often assume that the co-passengers get protection by the policy too. And it's one of the biggest misconceptions. In case of an accident where the pillion rider faces injuries, their hospitalization charges are rarely covered under insurance. However, there are many add-ons available for personal accident covers to resolve the issue of pillion riders.
4. You can cancel your insurance policy without any consequences:
To some extent, it is true. You can certainly cancel your policy, but some additional cancellation charges/fees apply to it. Also, note that it is illegal to ride a two-wheeler on Indian roads without an active and valid insurance policy.
5. Premium depends upon your credit score:
Many owners feel the need to maintain a good credit score to bring down the premium, which is not true. The credit score is not a criterion as there are many other factors like age, make and model, IDV, previous insurance records to determine the premium rate. So, even if you have a low credit score, you can still get a reasonable low premium.
It is advisable to research on your own before buying any policy. Steer clear of such misconceptions that lead you to make bad decisions.