What are some of the myths related to two-wheeler insurance?

 


A two-wheeler insurance plays a significant part in guaranteeing that your bike stays safe from on-road mishaps by providing the best financial protection. It also helps in decreasing the strain on your funds when your bike gets damaged. In spite of this, numerous people don't opt for the insurance. A central justification for this is the predominance of different myths with respect to bike insurance. Myths are there to broken, and given below are 4 such myths related to two-wheeler insurance and the facts for those myths, that will especially help potential customers of bike insurance:

1.      Myth: Comprehensive bike insurance is costly due to its coverage

While it is true that the premium cost of comprehensive bike is higher compared to the third-party insurance, there is a reason behind this price disparity. One should remember that the additional cost is due to the extra benefits and features you get in the policy. However, it is possible for you to decrease the price of the policy. When you opt for the comprehensive insurance, buy only the necessary add-ons, avoid filing small claims, and so on. You can also use the bike insurance calculator from the insurer’s website to get a rough quotation for the policy you are want to buy.

2.      Myth: Online two-wheeler insurance is invalid

Some individuals have the misperception that insurance bought online doesn't have the same validity as compared to a policy bought offline. This isn't accurate as both the policies are legally valid as long as the term period is going on. In fact, many insurers urge bike owners to purchase or renew two-wheeler insurance online as it is maintains efficiency and is convenient. It also helps in reducing the cost of the policy for the buyer.

3.      Myth: Third-party bike insurance is not mandatory

As per the Motor Vehicles Act of 1988, it is mandatory for every bike owner in India to possess third-party two-wheeler insurance. This policy makes their bikes eligible to be driven on the Indian roads. Failure to do so could attract hefty fines, confiscation of the bike or cancellation of the license for that respective bike owner. Additionally, you also need to own the personal accident insurance with the third-party policy. This policy financially compensates the family of the policyholder in the event of an on-road accident or death.





Original Content :- What are some of the myths related to two-wheeler insurance?


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