Two-Wheeler Policy MythsWith 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.
Myth 1 - Two-wheeler Insurance is ConvolutedReality – 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.
Myth 2 – Not Having Enough AssistanceReality – 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.
Myth 3 - It’s Unsafe to Buy a Two-wheeler Policy OnlineReality – 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.
Myth 4 – Premium Amount Depends on Credit ScoreReality – 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.
Myth 5 – Two-wheeler Insurance Covers All DamagesReality – 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.
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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.
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