What are the Common Myths About Two Wheeler Insurance?

The number of two-wheeler users in India is gigantic. Although riding a two-wheeler is considered very comfortable and quick, but it is not void from some worries. Safety of the rider is always a topic of worry in two-wheelers. As a result, as per the Motor Vehicles Act, it is mandatory to have valid two-wheeler insurance before plying your bike on the road.

With two-wheeler insurance , the rider can uplift standards of security on the road. It covers the financial liabilities arising from the theft and damage to the bike, injuries/death of the owner-driver and third-party liabilities. But, still, some people hesitate to take two-wheeler insurance as they fall prey to some common myths prevailing about two-wheeler insurance.

Reality – Numerous people still believe that taking two-wheeler insurance is a time-consuming and convoluted process. But, with more and more insurance providers offering online policies, you can seamlessly buy a two-wheeler insurance policy from the comfort of your home.Simply visit the provider’s website, enter all the required details, compare various plans and get an insurance policy within a few minutes.

Reality – Those days are long gone when an insurance taker has to move from one office to another in search of proper assistance and information. Today, most of the insurance companies have trusted round-the-clock customer support through different modes of communication like emails, calls, chats, etc.

Reality – Online two-wheeler insurance is not only safe but also the most preferred modes for buying insurance for your bike. It is a big myth that personal information shared online is not secure. Major insurance providers employ the latest security encryption on their websites and ensure a high level of confidentiality.

Reality – It is a very common myth believed by people that a two-wheeler policy premium amount depends on the policyholder’s credit score. The premium is decided after considering multiple factors like make and model of the two-wheeler, manufacturing year of the vehicle, geographical location, add-ons selected, and discounts availed. A credit score has nothing to do with insurance premiums.

Reality – Unfortunately, no two-wheeler insurance reimburses all the damages. Insurance only covers accidental mishaps, damaged caused by certain man-made or natural calamities, damages caused to third party and injury or death of owner-driver.But if accidents have happened under the influence of alcohol or substance abuse, then insurance won’t cover it. It is imperative to read the policy document carefully for the inclusions and exclusions.

Two-wheeler insurance is important for a variety of reasons. First, it gives you legal protection if you get into an accident while riding. Second, it helps protect your investments if you own a bike. Third, it allows you to keep your bike in good condition and prevent damage from being done to it.Two-wheeler insurance is essential for those who own two-wheelers. In addition to providing financial protection in case of accidents, it also provides coverage for your vehicle in case of theft. Furthermore, it offers financial protection in case your bike gets damaged due to natural and man-made disasters, like earthquakes, floods, theft, etc.

When you are planning to buy a two-wheeler insurance policy , there are a few points that you will have to keep in mind. First of all, make sure that you get a plan that covers you for all the expenses that can crop up while riding your bike, including repairs, replacements, and medical bills.It is also important to select a plan that offers enough coverage for your needs. Finally, make sure to shop around for the best deals before you finalize your purchase.

Some of the most common exclusions that apply to comprehensive bike insurance are listed down below. But the exclusions described are not absolute, and you must investigate your policy thoroughly to understand if exclusions apply to your insurance-

Driving the Bike Without License

It is illegal to ride motorcycles without a valid driver's licence. Thus, your claim can get rejected if you were driving without a license.

Driving Outside the Geographical Limit

Events taking place outside India's territorial boundaries aren’t covered.

Riding Under Influence

Claims from riders that were intoxicated or under the influence of any other drug when driving will be rejected.

Damage Caused Due to Mutiny or War

If the damaged is caused by a mutiny or war, then the claim can get rejected.

Expired Policy

It’s important to ensure the policy is valid. If a claim is made when the policy has expired, then the insurer will reject the claim.

There is no restriction on the number of claims you can make in a year. However, you must keep in mind that claims impact the NCB ( No Claim Bonus ).Furthermore, the premium might also increase at the time of policy renewal if you have made multiple claims in a year. Also, most insurers set a limit on the number of times zero depreciation cover can be claimed.

Bike insurance is a great way to cover the costs of a bike accident. If you’ve met with an accident, then your injuries can be expensive. You might have medical bills that you need to pay for. Bike insurance can help cover the costs of yours. It can also help you pay to repair your bikes.But to get the cover, you need to raise a claim. The process differs based on the type of claim-

How to File a Third-Party Claim-

• Inform the insurance company about the claim.
• The insurer will assess your claim.
• If the insurer approves your claim, then you’ll receive the cover amount.

How to File an Own-Damage Claim-

• Inform the insurer quickly.
• Submit the documents required for the claim.
• The insurer will assign a surveyor to assess the damages to your bike.
• The cover will be provided if the insurer approves your claim.

How to File a Theft Claim-

• Notify the insurance company about the theft.
• Submit the necessary documents.
• Once the claim is approved, the cover amount will be provided.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.